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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160 Pinon Valley Drive Sedona, AZ 86351

$1,749,900
3 Beds
3.5 Baths
2,352 SqFt
Status Active
MLS # 6680660
Property Type Single Family Residence
Price Type --
Pull into your private retreat situated in a cul de sac at the end of a private road and NO HOA!! Sea of pavers allow for plenty of parking for guests as well as RV parking on side of home with 220 plugin. Plenty of room for entertaining in great room with 18+foot ceilings and views of Courthouse Butte. Chefs kitchen with oversized Monogram gas range and large built-in fridge. The 3 bedrooms all have their own full bathrooms. Outdoor entertaining with a front courtyard and rooftop walk deck with views of Courthouse Butte. On the rear patio enjoy evenings in front of a wood-burning fireplace underneath a large separate covered patio.

504 E Linda Lane Phoenix, AZ 85086

$1,749,500
4 Beds
4.5 Baths
3,530 SqFt
Status Active
MLS # 6689742
Property Type Single Family Residence
Price Type --
**33K ANNUAL INCOME FROM INTERNET LEASE, 3 YEAR CONTRACT, RENEWABLE. This magical 5-acre property sits high on the hill boasting epic mountain &/or City views in every direction. This high-quality luxury home was made to take in unobstructed mountain views from every window. The perfect Great Room-split bedroom floorplan- Kitchen open to the great room with massive wrap around island & ample cabinet/counter space. This gourmet kitchen includes a walk-in Pantry, granite counter tops, high-end stainless-steel appliances including double oven & built-in oversize refrigerator. The spacious owner's suite with separate walk-in shower & tub & large walk-in closet. & upgraded fixtures. This home has an enormous back patio with recessed lighting, propane patio heaters & fire tables. The views are endless & the Sunsets are EPIC. The garage can easily be converted to living space-complete with spray foam insulation, electrical & ceiling fan box. There is an additional 200amp breaker at the East side of the house so you can add whatever you like. Back-up generator runs on propane. The roof was recently recoated, 5 year warranty. PRIVATE WELL with 6,800 gallon holding tanks & 5 year warranty on the well pump. 2 water softeners with filter at the main line. Room to park 15 cars! Security gate with remote access. No one has a home like this on a large parcel like this one. Even though it is hillside, there is plenty pf space down below for another home, a horse set, a workshop/additional garage, whatever your dream is. The Maricopa Trail & Preserve is right outside your back door for adventure & exploration. Close to the new TSMC Chip manufacturing plant. Easy access to the I17 & Carefree Hwy, Grocery, Retail, banking & more. **Since every home has its own private bath & you have a private studio, this home would make a great Vacation rental, multigenerational home or full-time residence. **

12418 E Troon Vista Drive Scottsdale, AZ 85255

$1,749,000
3 Beds
3 Baths
2,224 SqFt
Status Active
MLS # 6750353
Property Type Townhouse
Price Type --
Welcome to your dream home in the heart of Sereno Canyon a premier Luxury Guard Gated Community in North Scottsdale! This breathtaking single-level Luxury home has it all! The spacious split floor plan with 3 upscale bedrooms boasts a gourmet kitchen with SS appliances, and a large island that's perfect for entertaining. You'll appreciate the attention to detail and luxurious touches throughout that make this home truly special. Custom finishes throughout including wood look tile floors, built in wall unit, extra cabinets, stunning lighting fixtures, and custom window treatments. The primary is a true oasis of comfort and sophistication, featuring dual vanities, and a large walk-in closet. True privacy and convenience abound - this home is fit for comfort and luxury, and includes spectacular spaces, including the retractable glass door to covered patio, a built-in BBQ, Gas Fireplace and Firepit for an effortless outdoor dining experience and relaxation. Enjoy just a few minutes' walk to the Club House, where exceptional Living, Social Life and health and wellness intersect.

3910 E Sheila Lane Phoenix, AZ 85018

$1,749,000 - 3Br/3Ba -  for Sale in Villas At Baker Park, Phoenix
New
$1,749,000
3 Beds
3 Baths
2,346 SqFt
Status Active
MLS # 6762088
Property Type Single Family Residence
Price Type --
Welcome to the serene, gated community of The Villas at Baker Park, the former grounds of the historic Baker Nursery. Designed to maximize the sky-high ceilings and the abundance of natural light this luxurious 3 bedroom 3 bath open-concept floor plan seamlessly blends all living spaces, creating a vibe that's light and airy. Beautiful wood floors, custom built-in cabinets, handmade ceramic pendant lighting and soft linen window coverings are just a few highlights that show off the home's character and sophistication. The bonus room is ideal for an office, game room or can be used as a 4th bedroom. The expansive family room, with 16ft ceilings, large windows and sliding glass door, allows for natural light to flood the room. The chef's kitchen features a professional Wolf 36 Gas Range, Sub-Zero appliances and an oversized Quartz Island. The primary bedroom entices with its generous size, en-suite bathroom, and large walk-in closet. Step outside to the low maintenance backyard featuring high quality turf and a limestone paved patio. The community offers a range of amenities, including a resort like swimming pool, spa, BBQ, dog park and green space providing a convenient and luxurious lifestyle. Within walking distance, you can enjoy some of Arcadia's best coffee shops, bakeries and restaurants including La Grande Orange. This house won't last long, given its thoughtful design, attention to detail and prime location. Don't miss this opportunity to make it yours!

9219 E Los Gatos Drive Scottsdale, AZ 85255

$1,749,000
4 Beds
3 Baths
3,794 SqFt
Status Active Under Contract
MLS # 6759565
Property Type Single Family Residence
Price Type --
Remarkable custom home on nearly an acre with beautiful mountain and city lights views, backing to natural wash. Foyer has stunning round skylight, elegantly appointed, creating a dramatic entry space. Primary Bedroom is split and boasts a huge walk-in closet and has its own private Patio. Interior is spacious, bright and beautiful, but could use some updating and is priced accordingly (would be $1,995,000). Make sure to check out the VIEWS from the Balcony Deck up the Spiral Staircase!

18206 W San Miguel Court Litchfield Park, AZ 85340

$1,749,000
4 Beds
3.5 Baths
3,873 SqFt
Status Active
MLS # 6751277
Property Type Single Family Residence
Price Type --
This stunning home is located in the gated community of Russell Ranch. As you enter through the gated courtyard you will appreciate the bright open concept split plan residence that flows from the front to the rear of the home through the 12' sliding pocket door. The beautiful gourmet kitchen offers 2 dishwashers, 60'' wolf range, built in column refrigerator/freezer, extra-large quartzite island and counter tops. Separate area for coffee bar and large pantry, wet bar includes icemaker and beverage cooler with a bifold window that opens to the outdoor entertaining patio. The dining room features a 9' x 12' temperature-controlled wine display. Enjoy the relaxing and incredible master suite with elegant soaking tub, steam shower and marble counter tops. This a 4 bedroom, 3.5 bath with extr large bonus room. The extra deep 3 car garage with built-in cabinets and RV garage provides plenty of space for all of your vehicles and toys. Home was professionally designed and has top of the line features throughout. This home is an Entertainers Dream!!!

35624 N 86th Place Scottsdale, AZ 85266

$1,749,000
3 Beds
3.5 Baths
4,001 SqFt
Status Active Under Contract
MLS # 6643477
Property Type Single Family Residence
Price Type --
Remarkable Southwest style meets Tuscan elegance in this splendid home nestled within the intimate gated community of Cantada in North Scottsdale. Beautifully designed with every detail well thought out for the ultimate in impression, sophistication and livability inside and out. Sited on almost an acre, the location offers privacy and the supreme Sonoran Desert lifestyle with scenic vistas in every direction. Approaching the home, the meticulous craftsmanship is evident in the smooth stucco, Pueblo roof lines and the captivating circular entrance portico featuring a tiled roof. A grand double door iron gate opens to the entrance courtyard. The striking Alder-wood arched front door framed by Cantera stone welcomes you into the epitome of sophistication. The casual yet elegant lifestyle emanates with the spacious, great floor plan with; the high-ceilinged great room with fireplace and picture windows, the sizeable gourmet kitchen with mitered windows to outdoor living, the casual dining space with patio access and the comprehensive wet bar with bar sink and inset wall wine rack. For formal occasions the dining room with whimsical star ceiling detail and windows to front courtyard take you to another realm. The WOW factor of the distinctive use of limestone, granite, marble, glass, unique ceiling applications, Venetian finished walls and ceilings, interesting light fixtures, and 2 notable fireplaces is felt from head to toe. The exterior seamlessly integrates with the interior creating a harmonious blend of outdoor and indoor living. A luxurious oasis awaits in the backyard, complete with a pool, boulder waterfall feature, multi-level sunning patios, covered living and dining spaces, outdoor kitchen and lush Sonoran Desert landscaping. For business matters retire to the arched double doored office, warmed with low pile carpet, built-in shelves and cabinets, windows to the front courtyard and closet for supplies. When entertainment beckons head to the incredible media room with 100 screen with step up theater seating for 4, wall sconces and an ensuite luxury bath. The primary suite is a sanctuary unto itself. The massive size with picture window and slider to extended outdoor patio, the dramatic fireplace with curved stone hearth and low pile carpet is the perfect back drop for relaxation and privacy. For further luxury, head to the ultimate spa bath. The double vanities with make-up space, inviting spa tub with windows to the outside landscape, walk-in shower and enlarged water closet with bidet provide hours of sumptuous tranquility. The double-sided immense designer closet adds even more luxury. Guests enjoy privacy in the tastefully appointed ensuite, providing direct access to the outdoor entertainment area. The 4-car garage, a work of art in itself, is impeccable finished with a generous storage room. Precision-built and meticulously maintained, this home offers an aesthetically refined yet casually luxurious lifestyle. The North Scottsdale location ensures privacy, space, beautiful sunsets and starry night skies, all while being conveniently close to Pima Rd for shopping dining and more outdoor activities. Immerse in the epitome of Scottsdale living, where every detail is a testament to quality and style.

5960 E Pershing Avenue Scottsdale, AZ 85254

$1,749,000
4 Beds
2 Baths
2,750 SqFt
Status Active
MLS # 6736871
Property Type Single Family Residence
Price Type --
Complete remodel with the finest finishes. 4/2 plus den, & event room 6 burner stove/oven with pot filler, griddle and wok, full extension soft close cabinets, quartz counters, 6 person island seating, custom red brick back slash, farm sink, Plank Tile Floors, high end luxury custom lighting throughout, double opening slider for indoor/outdoor living, pebble flooring in master rain shower, deep soaking tub, double sink, custom built in walk in closet, private master patio, gold luxury lighting, complete interior and exterior paint, travertine tiled patio, extended patio covering, outdoor kitchen and sink, on demand hot water tank, all new windows, two large custom pergola gazebos with curtains and lighting, high end turf, waterfall and rock designed pool with shallow ''kid'' area, CLICK M huge covered parking and triple wide gate for toys and cars, 4 storage sheds, extended event space, media room, bar with quartz, custom cabinets, wine fridge, new HVAC, insulation, electrical, new hardware through out, new doors, custom window insets and front door installed, a true paradise for living, entertaining and running a business from your very own home

4530 E Yucca Street Phoenix, AZ 85028

$1,749,000 - 3Br/3Ba -  for Sale in Lynn-lea Heights, Phoenix
Open House
$1,749,000
3 Beds
3 Baths
3,296 SqFt
Status Active
MLS # 6723041
Property Type Single Family Residence
Price Type --
Stunning single story, PV executive home. Quiet Lynn-Lea Heights, N/S Exposure, 85028 zip. ~ 3,300 sq.ft. living area, almost half acre, 3/3. Expansive Primary with ensuite, sitting area, fireplace, walk in closet. Oversized 2nd bd with ensuite/walk in closet. Large 3rd bd. -Murphy bed/office combo. Family room gas fireplace. Skylights. Gated, covered front courtyard. Custom cabinets, stone counters, stone, and hard flooring throughout. Wet bar. Chef's kitchen, dual oven. 2 walk in pantries. Private resort backyard, mature landscaping, outdoor kitchen, fireplace, garden room, large covered back lanai, pool/hot tub, gazebo. 2 oversized 2 car garages one 220v-EV fast charger ready. Covered/gated RV pad. Quick access to the 51 and all of valley. Walk to fine dining/shopping. Chaparral HS.

18114 E Parker Creek Road Rio Verde, AZ 85263

$1,746,000
3 Beds
3.5 Baths
3,004 SqFt
Status Active
MLS # 6736596
Property Type Single Family Residence
Price Type --
Discover the best-kept secret in the Scottsdale area with this immaculate and practically new built home in the breathtaking community of Trilogy at Verde River. Are you looking for all the luxury and perks of a new build without the wait? Seeking unparalleled value in an extraordinary community? Step into this magnificent home, featuring the highly desirable Orion floorplan and you will instantly see all of the little details that set it apart from the rest. With its incredible layout, this home includes 3 bedrooms, 3.5 bathrooms, plus an office and a separate den. No detail was overlooked, and no expense was spared with an incredible designer touch that meticulously flows inside and out! The gourmet kitchen is a chef's dream, with top of the line GE Monogram stainless-steel appliances, stunning granite countertops, endless custom cabinets, and a spectacular kitchen island with an extended breakfast bar. The soaring ceilings in the great room and multi-panel sliding door seamlessly blend indoor and outdoor living. And you definitely won't be disappointed when you step outside. Relax with a cocktail in the shade and enjoy the incredible mountain views, or jump in the refreshing crystal blue pool to cool off. For those chilly winter nights, you can cozy up with a glass of wine by the custom built fireplace and be mesmerized by the vast views of the Mazatzal Mountains changing colors right before your eyes as the sun goes down in the evening. This extraordinary community offers a resort-style pool, world-class golf, and incredible mountain views in every direction. Live the resort lifestyle at the Verde River Golf and Social Club, and feel like you're on vacation every day. From delicious 5 Star dining at Needle Rock Kitchen and Tap, to the laid back atmosphere at Eddie's Poolside Bar, it's the amenities here that truly set this community apart. Endless activities and opportunities await, from bocce ball, pickleball, and tennis to hiking and mountain biking in the surrounding Tonto National Forest. There's something for everyone to enjoy. Come see what makes this one-of-a-kind community so special and start living the good life today!

7454 E Cochise Road Scottsdale, AZ 85258

$1,740,000
4 Beds
3.5 Baths
2,992 SqFt
Status Active
MLS # 6731909
Property Type Single Family Residence
Price Type --
This home is a hidden gem! Scottsdale Road and Shea. Secluded gated community offering private pool, spa AND community pool. Kitchen has GE Monogram DBL ovens, gas cook top and bar. Kitchen is perfect for entertianing friends and family. 2 gas fireplaces, 15 ft vaulted ceilings, north / south exposure. Corner lot. 3 car garage with built in storage cabinets. Split floorplan, numerous glass doors to pool, spa and back yard space. Open, bright and light. Warm and inviting with plenty of space to relax and enjoy. Close to numerous fantastic restuarants, theaters, resorts, spas, parks, green belt, golf, hospitals and freeway. ,Hyatt Resort. Gainey Ranch shopes and dining are minutes away. This property is truly a must see to appreciate!

7705 E Doubletree Ranch Road Unit 19 Scottsdale, AZ 85258

$1,739,000 - 3Br/3Ba -  for Sale in Parcel 26 At Gainey Ranch Lot 1-61 Tr A, Scottsdale
New
$1,739,000
3 Beds
3 Baths
2,052 SqFt
Status Active
MLS # 6764873
Property Type Single Family Residence
Price Type --
This exceptional 3-bedroom, 3-bath golf course property in Arroyo Vista Gainey Ranch is a true oasis, complete with a charming separate casita for guests. Nestled on the 7th hole, it offers stunning views that will take your breath away. As you step inside, you're greeted by a warm and inviting atmosphere, highlighted by beautiful wood windows, doors, and trim that flow seamlessly throughout the home. The open floor plan is perfect for both relaxation and entertaining. The chef's kitchen is a culinary dream, featuring rich Alder cabinetry, soaring beamed ceilings, gas cooking, grand luxurious granite countertops. The immense island provides ample space for meal prep and casual dining, while the high-end Subzero refrigerator/freezer and multiple wine and beverage refrigerators ensure you have everything you need for hosting gatherings. Additional highlights of the home include spacious bedrooms with, ample natural light, and a well-designed layout that maximizes both comfort and functionality. Step outside to your outdoor oasis, where you can enjoy the serene views and lovely Arizona sunsets. This property is not just a home; it's a lifestyle. Don't miss the chance to experience all that this stunning residence has to offer!

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