What’s Ahead For Mortgage Rates This Week – September 19, 2016

Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.

Retail Sales Slip as Consumer Prices Inch Up

Retail sales dipped into negative territory in August with a reading of -0.30 percent as compared to expectations of -0.10 percent and July’s reading of +0.10 percent. Retail sales excluding auto sales were better at +0.30 percent. Analysts expected a reading of +0.20 percent based on July’s reading of -0.40 percent. August’s negative reading for retail sales was the first negative report since March.

Inflation fared better than retail sales with August’s Consumer Price Index reading at 0.20 percent. Analysts expected a reading of 0.10 percent; July’s reading was flat. Core Consumer Price Index readings for August are less volatile, as the Core CPI does not include readings for food and energy costs. August’s Core CPI reading was 0.30 percent. A reading of 0.20 percent was expected; July’s reading was 0.10 percent. It appears that inflation is creeping upward, but remains well below the Fed’s target reading of 2.0 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates across the board last week. The average rate for a 30-year fixed rate mortgage rose six basis points to 3.50 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.76 percent and the average rate for a 5/1 adjustable rate mortgage rose one basis point to an average of 2.82 percent. Average discount points were 0.50 for 30 and 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Low mortgage rates have helped home buyers, especially first-time and moderate income buyers, meet affordability challenges. Home prices have risen due to low numbers of available homes and high demand for homes. If mortgage rates continue to rise, fewer buyers will be able to qualify for mortgages and or afford asking prices for available homes.

Next week’s meeting of the Fed’s Federal Open Market Committee is expected to bring news of a Fed decision on raising the target federal funds rate. If the Fed raises its rate, consumer interest rates for mortgages, vehicles and other goods can be expected to increase as well.

Whats Ahead

This week’s economic news includes the NAHB Housing Market Index, Commerce Department reports on housing starts and building permits issued and a Fed Statement at the conclusion of its Federal Open Market Committee meeting on Wednesday. Fed Chair Janet Yellen is also slated to give a press conference after the FOMC statement. The National Association of Realtors will also release a report on sales of previously owned homes.

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360 S Falling Leaf Road Show Low, AZ 85901

$1,750,000
5 Beds
3.5 Baths
3,649 SqFt
Status Active
MLS # 6748746
Property Type Single Family Residence
Price Type --
Experience luxury living in this exquisite 5-bed, 3.5 bath home nestled among the serene pines of the Torreon Community. With a prime location on the 14th green of the Tower Course, this spacious residence offers a perfect blend of elegance and comfort. Upgraded features throughout the property add a touch of sophistication, making it a dream home for those seeking a higher standard of living. Enjoy the tranquility and beauty of nature while indulging in the exclusive amenities that Torreon has to offer. This gorgeous custom build sits on one of Torreon's largest lots at 1.49 acres, providing lots of privacy. The modern exterior with black and natural siding as well as stone, pops among the pine trees. The main entrance has double doors that swing open to take in the large living room. The large windows flood the home with natural light and accentuate the gorgeous finishes. The home features a chef's kitchen with 2 islands and high end appliances that include 3 freezers, 2 refrigerators and a wine fridge. The 2 islands provide lots of storage and extra seating for large gatherings. You and your guests alike will enjoy the view of the large covered deck from the dining room. The deck features tongue and groove ceiling, built in speakers and cable/steel railings. The main floor has 2 primary suites with double vanities in the bathrooms and vaulted tongue and groove ceilings in each. Upstairs is a large bunk style room also with vaulted tongue and groove ceiling. The home also has an oversized 3 car garage. We can't wait for you to experience mountain living at it's finest in this gorgeous Torreon home!

5730 E Cielo Run Cave Creek, AZ 85331

$1,750,000
3 Beds
3.5 Baths
2,638 SqFt
Status Active
MLS # 6708103
Property Type Single Family Residence
Price Type --
This awesome horse property sits on nearly 4 acres of pristine Sonoran desert in the community of Arizona at Rockaway Valley in north Cave Creek. A stones throw away from a wash that will take you straight to the Spur Cross preserve w/thousands of acres of riding trails this single level home is pristine & move in ready. The home is both modern & rustic w/split floor plan & features a great room w/3 beds + 3 baths, cozy fireplace, and a 3 car garage. The interior boasts wood-look tile floors, barrel ceilings w/solid wood Vegas, quartz & granite countertops, stainless appliances, white-washed hickory cabinets, high ceilings, & lots of windows. The back yard features a sparkling p-tec pool w/boulder waterfall, tons of cool deck, huge covered patio, & tons of space for toys. The horse set up features a tack shed, a mare motel w/runs, hay shed, large round pen, and an arena. Every area of the property has fantastic views of saguaro studded mountains and native desert flora. The sellers also have owned solar with dual zones AC/heat so super low electric bills. Almost no noise too as all surrounding homes are on large lots and away from any major streets so this home is quiet and serene. Great value as rarely do I see horse properties where the property, horse set up, and home are all great so put this at the top of your list to see.

6213 W Saguaro Park Lane Glendale, AZ 85310

$1,750,000
4 Beds
5 Baths
5,984 SqFt
Status Active
MLS # 6642897
Property Type Single Family Residence
Price Type --
Welcome to the prestigious gated community of Tuscany Hills, where luxury living meets panoramic perfection. This meticulously remodeled custom home offers a refined retreat in the scenic foothills, commanding awe-inspiring views of both the majestic mountains and the glittering city below. Step through the custom door into the grandeur of the great room, adorned with intricate column details and featuring a bespoke wine room that sets the tone for sophisticated entertaining. The gourmet kitchen is a culinary masterpiece, boasting high-end quartz countertops, a tasteful tile backsplash, and state-of-the-art Wolf appliances. Dual kitchen islands, a spacious pantry, and a charming breakfast nook add both functionality and style. In the dining room, an oversized custom window captures the essence of the breathtaking views, creating an enchanting backdrop for your dining experience. The master retreat is a haven of indulgence, complete with an attached exercise room, a two-way fireplace, and a spa-like ensuite featuring a custom large step-in shower and a luxurious slipper tub. The walk-in closet is a fashionista's dream, equipped with secondary laundry facilities and a private covered deck space. This residence offers three additional en suite bedrooms, each designed for comfort and privacy, along with a dedicated office space featuring elegant ceiling details. The lower level is an entertainment haven, boasting a vast game room and bar for memorable gatherings. Convenience is elevated with the inclusion of an elevator, newer wood flooring, plantation shutters, and two distinct laundry areas. The three-car garage is not only impeccably finished with epoxy flooring and ample storage but also houses newer A/C units and a roof. High-end upgraded lighting throughout the home adds a touch of sophistication. Experience the allure of the outdoors on the extensive decks enveloping the home, providing the perfect vantage point for enjoying the captivating mountain and city views. With meticulous attention to detail, this one-of-a-kind luxury estate epitomizes the epitome of upscale living in the heart of Tuscany Hills. This residence is a rare gem that seamlessly combines opulence, functionality, and breathtaking surroundings. Welcome to your new home, where every detail exudes elegance and every moment is immersed in the beauty of Tuscany Hills living.

1844 Palmcroft Way Phoenix, AZ 85007

$1,750,000
5 Beds
4 Baths
3,510 SqFt
Status Active
MLS # 6702755
Property Type Single Family Residence
Price Type --
OWNER MOTIVATED TO SELL. Ask your agent about lower historic district taxes. No HOA! Nestled in Phoenix's prestigious Encanto-Palmcroft Historic District, this gorgeous 5 bed/4 bath domicile attracts with informal grace. No detail is unchecked. Everything is impeccably replaced, remodeled, redesigned. This lovely neighborhood surrounds Encanto Park, the golf course and Enchanted Island children's park. Friendly neighbors plan block parties, have regular ''Sunday Schmoozes,'' and enjoy incredibly planned annual activities. The whole property shouts ''comfort & quality.'' Inside, ceiling beams, artisan 5'' solid oak flooring, floor to ceiling gas fireplace, media & bonus bookcase walls command attention. A vaulted wall of windows offers fun-loving pool scenes. Intimate dining is accented by recessed ceiling, buffet w/mini fridge, & attractive view of outdoors. Chef's kitchen dazzles with illumined cabinetry, dimensional backsplash, ample pantry space, workstation sink, superior Café & ZLINE SS appliances & filtered water system. Laundry also provides built-in ironing system, folding station & additional cabinetry housing security technology. Owners' Ensuite w/ceiling beams & 12' walk-in closet has private access to lush patio. Quartz bathroom counter offers LED mirrors, wide benched shower & abundant storage. Large southern bedroom has built-in media center w/private patio entry. Bright spacious basement Ensuite has bath/laundry combo & LVP flooring while the carpeted living area features wired technology, electric fireplace, split A/C dehumidifier, copious storage & beverage center. Recessed lights supplement natural light from two generous window wells in these happy quarters. Redesigned travertine patio & large pebble finish pool include deck jets, gas firepit, Sunbrella spa gazebo, dining counter, & breezy redwood pergola. The twin cedar gates are enhanced by a long wall of sun-loving orange trumpet vines. Adorable, detached guest house suite offers lively kitchen entry, full kitchen w/SS appliances, Italian quartz counters, vast pantry, bath/laundry combo, and dining/workspace counter. Sliding entry opens to generous living area w/pool view. Outdoors a solar lit sunken travertine patio offers quiet repose. Adjacent is a picture-perfect A/C Tuff Shed with easy clean LVP flooring.

12178 E Palomino Road Scottsdale, AZ 85259

$1,750,000
4 Beds
3 Baths
3,625 SqFt
Status Active
MLS # 6708772
Property Type Single Family Residence
Price Type --
Welcome to an exquisite luxury custom home situated on almost an acre in the prestigious community of Stonegate Estates off the Shea Corridor. This al fresco retreat is an idyllic backdrop for intimate gatherings or grand-scale entertaining. Formal dining, a spacious great room with expansive windows showcasing sweeping desert and city views, fireplace with custom mantel wall, chef's kitchen with top-of-the-line appliances and Quartz countertop. The primary suite features a spa-like bath with Carrera marble, free-standing tub, a private patio w/views and walk-in closet with custom cabinetry. The resort-style lap pool, multiple lounging areas, all framed by the tranquil privacy of lush desert landscaping and expansive views capturing authentic Arizona scenery There is an ample three car garage for car lovers and plenty of storage. No Hoa. Close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. World class shopping, restaurants, museums and nightlife right outside your doorstep! Plus quick access to freeways for easy commuting.

10065 E Charter Oak Road Scottsdale, AZ 85260

$1,750,000
4 Beds
3.5 Baths
3,841 SqFt
Status Active
MLS # 6718416
Property Type Single Family Residence
Price Type --
A rare opportunity to own a premium luxury estate in a private suburban setting, situated near the heart of Scottsdale. This spacious single-level custom home sits on a fully utilized 0.4 acre cul-de-sac corner lot; a recent and complete exterior renovation blends elegant outdoor amenities with expansive recreational space. Inside, raised/vaulted wood beam ceilings give distinct character to an extreme-split floorplan. The owner-suite is isolated at the NW elevation, while the private guest BR wing is situated off a massive kitchen at the opposite corner. In between are generous and flexible living spaces, drenched in natural light. This one is just a couple interior cosmetic updates away from being BEST IN CLASS. That's quite a distinction in a community as exclusive as Powderhorn Ranch. Above-ground spa will convey with premises; chandelier in dining room will not.

710 N Bullmoose Drive Chandler, AZ 85224

$1,750,000
5 Beds
4.5 Baths
4,350 SqFt
Status Active
MLS # 6679883
Property Type Single Family Residence
Price Type --
LOCATION! LOCATION! LOCATION! One-of-a-kind property with 2.5 acres in the heart of Chandler. Close to fways, shopping, dining, schools, Intel and other major employers. Combined PASTURES are 1.5 acres, quiet and serene, SRP irrigated, Corral, room for horses/animals. CAR ENTHUSIAST! Has Garage parking for 7 vehicles, has high ceiling, oversized door, Prof vehicle lift, Evap Cooling, Half Bath, sink, W/D, Micro, soft water plus 50-foot RV Carport and Trailor Parking. BACKYARD is perfect for entertaining with large, covered Patio, Pebble Tech Pool/Jacuzzi/BBQ/Fireplace and artificial grass HOME is well maintained, true Territorial style with 5/Bdrms, 4.5 Baths. MBR is on main level, 2 secondary Bdrms have on- suite Baths. BASEMENT is large with 2 Bdrms, cool in summer. LOW PROPERTY TAXES

6348 E Wildcat Drive Cave Creek, AZ 85331

$1,750,000 - 3Br/2Ba -  for Sale in None, Cave Creek
Open House
$1,750,000
3 Beds
2 Baths
2,054 SqFt
Status Active
MLS # 6760821
Property Type Single Family Residence
Price Type --
Experience the epitome of equestrian luxury at this exquisite horse property that perfectly melds modern comfort with rustic charm. Equestrian enthusiasts will be thrilled with the barn, stables, multiple arenas, and a dedicated tack room. A detached, air-conditioned garage/workshop provides ample project space, while slab parking accommodates RVs, horse trailers, and multiple cars. Step inside to discover a beautifully renovated kitchen and bathrooms featuring high-end finishes and modern fixtures. The cozy living area, complete with a wood-burning stove, creates a perfect retreat on cooler evenings. For comfort and efficiency, the home is equipped with solar power. Outdoor living is effortless here, with inviting spaces including a wood-burning fire pit, cafe lights, built-in BBQ... swimming pool, dog run, and alfresco dining areas. Proximity to Cave Creek's top-rated schools, Dynamite Arena, Scottsdale, and the quaint Western town of Cave Creek ensures convenience and a rich local culture. Enjoy nearby golf, hiking, outdoor activities, and quick access to TSMC and the Loop 101. Living here is about becoming part of a vibrant, friendly community surrounded by the serene beauty of the Arizona landscape. Don't miss out on this unique property & experience the best of Cave Creek living! ASSUMABLE LOAN $700,000 - 2.875% FIXED RATE - 27 YEARS REMAINING - WAC

7705 E Doubletree Ranch Road Unit 32 Scottsdale, AZ 85258

$1,750,000 - 2Br/2Ba -  for Sale in Parcel 26 At Gainey Ranch Lot 1-61 Tr A, Scottsdale
Open House
$1,750,000
2 Beds
2 Baths
2,232 SqFt
Status Active
MLS # 6751773
Property Type Single Family Residence
Price Type --
Stunning remodel in gated Gainey Ranch! Extensive renovations in this 2 bedroom + den home feature a fabulous chef's kitchen with brand-new cabinetry, quartz countertops, state-of-the-art appliances, and island with waterfall edge and seating area. Luxurious bathrooms have been completely upgraded, showcasing slab quartz showers, new cabinetry, and quartz countertops, with the main bath offering a spacious tub. Enjoy fresh flooring and paint throughout the entire home, along with a two-way fireplace adorned with a new surround seen from living, dining, great room and den. The laundry room has also been updated with new cabinetry and a quartz countertop. The living space opens to a beautiful, resort-like backyard, complete with a new private pool and spa, refreshed landscaping, and extensive travertine pavers. Resort living at the Gainey Ranch Estate Club includes tennis & pickleball courts, state-of-the-art gym, 25-meter pool, clubhouse and more. Located in a prime Scottsdale area, close to shopping and dining.

1621 W Lynx Way Chandler, AZ 85248

$1,750,000 - 4Br/3Ba -  for Sale in Ocotillo Lakes Parcel I, Chandler
Open House
$1,750,000
4 Beds
2.5 Baths
3,023 SqFt
Status Active
MLS # 6763746
Property Type Single Family Residence
Price Type --
What a RARE find! Gated~Waterfront~Single Level~4 bed 2.5 Bath~Incredible pool/spa/outdoor kitchen, Dock, putting green, bridge, swim up dining, waterfall, huge covered patio~Great curb appeal with a manicured landscape, lush lawn, & a 3-car garage w/cabinetry. Fabulous Open Floor Plan~LOADS of Natural light filled the spaces, complemented by tall ceilings, plantation shutters, neutral paint, and tile & carpet. You'll love the large open layout paired with surround sound & multi-sliding doors to the back! The inviting living area offering a fireplace & media niche, and the cozy dining space features a dry bar w/wine fridge & rack. The gourmet kitchen boasts sleek SS appliances, solid-surface counters, recessed & pendant lighting, plenty of cabinets, and a 2-tier peninsula w/breakfast bar. Enter the double-door main bedroom to find outdoor access and an ensuite with two vanities, a soaking tub, & a walk-in closet. The two secondary bedrooms shared a Jack & Jill bathroom. The 4th bedroom, with a walk-in closet, can be an office as well. Laundry room with a sink & cabinetry. But the true highlight is the RESORT-STYLE backyard! This space promises year-round enjoyment, featuring a covered patio, built-in BBQ, well-laid flagstone, multiple seating areas, grassy area, putting green, and a negative edge pool w/sitting area & swim-up bar. The serene lake views provide an amazing backdrop to your living experience. As a resident of Ocotillo Lakes, you'll also benefit from the community's premium amenities! Scenic lakes & walking trails, parks, playgrounds, tennis & pickleball courts, a golf course, swimming pools, spas, and beautifully landscaped common areas. Close to schools, shopping, restaurants, high-tech companies, and freeways. See it! Love it! Live it!

10468 E Quartz Rock Road Scottsdale, AZ 85255

$1,750,000 - 4Br/4Ba -  for Sale in Troon Fairways Lot 1-107 Tr A-d, Scottsdale
Open House
$1,750,000
4 Beds
4 Baths
3,691 SqFt
Status Active
MLS # 6746155
Property Type Single Family Residence
Price Type --
A true Troon oasis! This beautiful custom home was perfectly designed to gaze directly upon Troon Mountain. Enter through the front courtyard and imagine yourself relaxing in the pool, or sitting on the patio with one of Scottsdale's most picturesque mountains as your backdrop. Step inside, where you'll find a living room with a wall of windows, again designed with the specific goal of soaking in those majestic views, topped by clerestory windows for abundant light. Subtle southwest details add tons of charm, like saltillo flooring, soft-edge niches and fireplace surrounds, and vega beam accents inside and outside. Continue to the kitchen, with gorgeous granite counter tops, stone accent backsplash, stainless appliances, and a generous pantry. Here you'll also find the comfortable sitting room, with a second fireplace and warm wood accent ceilings. The bedroom layout is ideal. The primary suite has access out to a private patio and an ample ensuite bathroom with separate shower and tub, as well as two walk-in closets. Also within the main house are two large guest bedrooms, each with walk-in closet and ensuite bathroom. Don't miss the casita, this fourth bedroom is a complete setup for your guests, with plenty of space for a bed and seating/office area, a niche for the mini fridge, and of course full bathroom and walk-in closet. The garage is huge, with more than enough space for two cars plus almost one full-size car space on the side for storage, workshop, bikes, golf cart, and more. Imagine having all of this in a gated community within Troon, one of Scottsdale's most renowned neighborhoods. Not just that, but in the center of Troon, walking distance to your morning hike at the Pinnacle Peak Mountain or lunch at Pinnacle Grill, or grab your bike and continue to the Four Seasons Resort for dinner at Proof Canteen, Talavera Steakhouse, or just enjoy a massage at the spa. The list is practically endless for golf, fine dining, shopping, hiking, everything that north Scottsdale has to offer, just minutes away. Come see this amazing home today.

10634 E Sheena Drive Scottsdale, AZ 85255

$1,750,000 - 4Br/4Ba -  for Sale in Mcdowell Mountain Ranch, Scottsdale
Open House
$1,750,000
4 Beds
3.5 Baths
3,466 SqFt
Status Active
MLS # 6741510
Property Type Single Family Residence
Price Type --
Welcome home to this recently remodeled golf course and mountain facing gem in the highly desirable gated community of McDowell Dowell Mountain Ranch. Home wows with upgraded flooring and fixtures throughout. Chef's kitchen w/ breakfast nook that opens to family room boasting wet bar and cozy gas fireplace perfect for entertaining. Bedroom with en-suite, half bath and laundry 1st floor. Upstairs primary bedroom wows with resort style bathroom and exit to private patio overlooking the golf course. 2 additional bedrooms, full bath and loft space upstairs. Backyard oasis with low maintenance turf and private pool and spa. Hiking and biking trails.

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