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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3817 E Hiddenview Drive Phoenix, AZ 85048

$1,650,000
4 Beds
2.5 Baths
3,083 SqFt
Status Active
MLS # 6761480
Property Type Single Family Residence
Price Type --
This stunning 4-bed, 2.5-bath modern home offers 3,083 sq. ft. of luxurious living space, fully remodeled to perfection. The gourmet kitchen features a sleek 10ft island, quartz countertops, and top-of-the-line appliances, ideal for culinary enthusiasts. Enjoy an airy, open-concept layout that seamlessly connects living spaces with breathtaking lakefront views from multiple rooms. Step outside to your private oasis with a brand-new PebbleTec pool, perfect for entertaining or relaxing. Every detail of this home blends modern elegance with timeless charm, making it a must-see in the Lakewood Estate community.

5054 E Yucca Street Scottsdale, AZ 85254

$1,650,000
4 Beds
3 Baths
2,934 SqFt
Status Active
MLS # 6753416
Property Type Single Family Residence
Price Type --
Located in the sought-after community of Eagle's Eyre, centered around a private park, with tennis, pickleball & basketball courts. Bordered by the Stone Creek golf course, is a true neighborhood where holidays are celebrated and people know one another. This gorgeous renovated home on a sprawling near half-acre of lush landscaping, shade trees, with an enormous sparkling pool, also has an RV gate. Classic timeless hardwood floors throughout & dramatic vaulted ceilings add volume. Multiple glass doors offer outdoor access points, creating the ideal Arizona lifestyle. The redesigned kitchen is highlighted by upscale stainless steel appliances, fresh white cabinetry, a custom coffee station and Cosmic Black granite with striking silver, gold & copper veining against a deep black background.

9602 E Allison Way Scottsdale, AZ 85262

$1,650,000
5 Beds
4 Baths
4,004 SqFt
Status Active
MLS # 6695491
Property Type Single Family Residence
Price Type --
Welcome to this private cul-de-sac home in the gated community of Mirabel Village! Experience this stunning property with a short film (not a photo slideshow - 2nd image click play) showcasing the elegant interior and resort-like grounds. After, further explore this impressive home with a full interior 3D walk-through. Tour this home at your own pace. New roof underlayment completed 07/2024. 1.2 acres featuring a newly resurfaced heated pool, spa, fire pit and BBQ pergola. Expansive private courtyard with fireplace and access to attached casita. Iron entry door opens to a foyer and formal living room with fireplace. The main home features 4 bedrooms, 3 full bathrooms, a total of 3 interior fireplaces, stacked stone accent walls, window shutters, soaring ceilings and built ins throughout

22415 N La Senda Drive Scottsdale, AZ 85255

$1,650,000
3 Beds
3.5 Baths
3,717 SqFt
Status Active
MLS # 6755685
Property Type Single Family Residence
Price Type --
Looking for privacy? Nestled in the gated community of Pinnacle Peak Country Club Estates, this charming 3 BR/ 3.5 BA desert retreat is situated on a quiet, private half acre corner site. You will immediately feel the tranquility & peace of this property due, in part, by the mature ficus & citrus trees. This home features 2 BR with Office/Den & 3 BA in the main house as well as a beautiful, detached 738 SF Casita which can be used for extended family or guests, as a home office, gym or studio.The gorgeous estate features Saltillo tile, wood beams and ceilings throughout, 4 fireplaces, & French doors opening from each room to covered patios for true Southwestern indoor/outdoor living. A large, sparkling pebble tech pool invites complete relaxation and a backyard just perfect for pet lovers. Enjoy the outdoors against the backdrop of Arizona's stunning landscape. The property truly embodies the essence of upscale desert living in the prestigious Pinnacle Peak community.

11691 E Turquoise Avenue Scottsdale, AZ 85259

$1,650,000
5 Beds
3.5 Baths
4,004 SqFt
Status Active Under Contract
MLS # 6760615
Property Type Single Family Residence
Price Type --
Pride of ownership is shown in this enchanting Custom home featuring a sprawling corner lot in Stonegate! Fall in love with an exquisite interior showcasingbountiful natural light, soft carpets, surround sound, soothing color palette, and recessed lighting. Delightful fireplaces complemented the inviting living/dining room and thedesirable great room. Stunning chef's kitchen is ready for you to cook your favorite meals, offering gray cabinets adorned with crown moulding, granite counters, SS appliancessuch as a wall oven & electric cooktop, a center island, a peninsula with a breakfast bar, and a breakfast nook with a lovely bay window. Grand owner's retreat boasts privateoutdoor access, a spotless ensuite with two vanities, make-up area, a relaxing jetted tub. H2O water concept throughout the house installed in 2020. Interior has solid core doors, custom baseboards, newer paint and many many upgrades. Newer roof approx 3 years old, Newer AC units, that are 16.5 SEER with Variable speed fans / two 5 ton units and pool was recently refinished along with cool deck and and patio. 3 car garage has plenty of storage, including an air conditioned storage area. The incredible backyard is an entertainer's dream, complete with a covered patio, manicured landscape, & a crystal-clear swimming pool with a spa & a stone waterfall! No neighbors behind for privacy and a great view of the Arizona sky! Buyer is required to pay pre payment of two months HOA dues and a property Transfer fee of .005 of the full sales price

4201 N 42nd Place Phoenix, AZ 85018

$1,650,000
4 Beds
3 Baths
2,920 SqFt
Status Active
MLS # 6754896
Property Type Single Family Residence
Price Type --
Experience luxury in this 2016 COMPLETE NEW BUILD nestled in sought-after Arcadia with no HOA! Upstairs, the master suite & loft create a serene retreat, complete with sauna, fireplace & deck offering stunning mountain views. Pamper yourself with 2 walk-in closets & lavish master bath. Downstairs offers bedroom with full bath enhancing modern living. Entertain in formal living & dining rooms, seamlessly connected to the dream kitchen boasting a waterfall island. Enjoy seamless indoor-outdoor living with 4-pane slider. Step outside & unwind in resort-style, low maintenance, backyard with pool, hot tub, fire-pit & built-in grill. Feel great pulling into 3-car garage using pavered driveway.

14715 N Adero Canyon Drive Fountain Hills, AZ 85268

$1,650,000
2 Beds
2.5 Baths
2,222 SqFt
Status Active
MLS # 6656006
Property Type Townhouse
Price Type --
This newly built 2023 Toll Brothers lock-and-leave home defines contemporary opulence within a gated community with mountain views and located on a quiet cul-de-sac flanked by multi-million-dollar properties. Located just a short distance from the Adero Canyon's hiking trails, the Adero Scottsdale Resort and Spa, vibrant downtown of Fountain Hills and Scottsdale's renowned golf courses and dining establishments. The interior and exterior showcases attention to detail relative to design, lighting fixtures, marble and granite accents throughout with featured designer fireplaces. The private patio with awesome mountain view offers indoor/outdoor living via expansive patio doors. The builder's ''Caullins Model'' has an open split floor plan with an area that may be utilized as an office, den/study, exercise, or 3rd bedroom with modifications, etc. The kitchen, a haven for culinary enthusiasts, features stainless steel high-end appliances and custom cabinets with modern lighting, with built-in microwave - open concept to the great room and dining areas. The laundry room offers a large pantry/storage area with attention to details depicting custom marble tile on the wall leading to the glass doors in the 2-car garage. The builder's selected upgrades were utilized in the construction while over 6,500+ photos were captured during the entire construction's phases of the home. This is the lifestyle that you have waited for in Adero Canyon's prestigious gated community. Furniture is available under separate bill of sale for a seamless transition to living the Adero Canyon's lifestyle! Opportunity awaits!

37143 N Greythorn Circle Carefree, AZ 85377

$1,650,000 - 4Br/3Ba -  for Sale in Reserve At Tranquil Trail Unit 2, Carefree
New
$1,650,000
4 Beds
2.5 Baths
3,400 SqFt
Status Active
MLS # 6757711
Property Type Single Family Residence
Price Type --
Wow! Views! Very rare opportunity to own in The Reserve at Tranquil Trail. This spectacular 4 bed, 2.5 bath home sits on an oversized corner lot with impressive desert landscaping & 3 car garage. Stunning interior boasts a library/den/office, bright & inviting living room and dining area. The fabulous kitchen offers SS appliances, espresso cabinets, speckled granite counters, island, and breakfast bar. The primary bedroom retreat has a sliding glass wall that seamlessly connects to the outdoors and a luxurious ensuite with his & her sinks, soaking tub and a bountiful walk-in closet. Stunning backyard offers super private, quiet & secluded patio & a new contemporary pool and spa, built-in grill. True entertainers dream! Walking distance to Carefree shops and restaurants. A must see!! Another bedroom features direct access to the pool, which is ideal for guests! You will fall in love with this gem! Additional Home Features: Speakers in the main living area, the outside back patio and pool area, installed by Best Buy in fall 2021. Rear patio Awnings installed were over the two pool patios for additional shade in early 2023. The salt water pool was completed in the fall of 2022 and designed/installed by Presidential Pools. Home and systems have been regularly maintained on a scheduled basis. Amazing flowering cactus and roses throughout the yard. There is a pomegranate tree just outside the dining room window. A rosemary bush provides year-round fresh herbs.

17425 E Brantley Drive Fountain Hills, AZ 85268

$1,650,000
3 Beds
3.5 Baths
3,701 SqFt
Status Active
MLS # 6739897
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Fountain Hills! This stunning luxury residence features 3 bedrooms and 3.1 bathrooms and is conveniently located just minutes from shopping, dining, and the picturesque Fountain Hills Park. The home has recently undergone a complete remodel.On the first floor, you will find 2 bedrooms, 2 bathrooms, a powder room, an open floor plan with tiled floors, a fireplace, and a bar area. The gourmet kitchen, is perfect for entertaining, a gas stove, a large stainless steel Sub-Zero refrigerator, and a granite island. The second floor is home to the primary suite, which includes a balcony with breathtaking views, a double sink, tub, private toilet room, shower, ample closet space, and its own washer and dryer. The family room has a custom bar, fireplace.

6501 E Gary Road Scottsdale, AZ 85254

$1,650,000
4 Beds
3 Baths
2,832 SqFt
Status Active Under Contract
MLS # 6708933
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning residential property boasts a spacious three-bedroom, two-bathroom main house with vaulted ceilings, creating an open and airy atmosphere throughout its generous 2,832 square feet. The freshly painted interior and exterior enhance its modern, well-maintained look. The master bedroom features a luxurious seating area, perfect for unwinding after a long day, and a spacious walk-in closet for all your storage needs. Step outside into your private paradise, complete with a newly built guest house in 2022, offering 1,200 square feet of comfortable living space, perfect for visitors or as an income-generating rental. Additionally, there's an 800-square-foot workshop, ideal for hobbyists or those needing extra space for projects... Conveniently located in central Scottsdale, this property provides easy access to all the amenities the area has to offer, including shopping, dining, and the Paradise Valley Mall revamp. This large property, just under an acre, even has access to a bridal path, perfect for romantic strolls or horseback riding adventures. Imagine relaxing by the shimmering pool on sunny afternoons, surrounded by lush landscaping and swaying palm trees. Entertain friends and family in the charming gazebo area, perfect for outdoor dining or simply enjoying the tranquil surroundings. Located in a desirable neighborhood, this home offers both comfort and luxury, providing an ideal retreat from the hustle and bustle of everyday life. Don't miss out on the opportunity to make this your forever home! *Photos to be added the week of June 10th.

16522 N 109th Street Scottsdale, AZ 85255

$1,650,000
4 Beds
3 Baths
3,597 SqFt
Status Active
MLS # 6724674
Property Type Single Family Residence
Price Type --
Beautifully Renovated 4 Bed, 3 Bath Expanded Floorplan Home in McDowell Mtn Ranch. Open floor plan with a Huge Entertainment area encompassing the Kitchen, Dining and Family Room. Renovated Kitchen with 8 Burner Meile Range with Double Oven, 3rd Oven/Microwave Combo, Upgraded Professional Rangehood, Dishwasher, New Refrigerator, Quartz Countertops, Farm Sink, RO, Full Pantry, Full Tile Backsplash, Under-cabinet Lighting, Renovated cabinets, Beverage Center w/Wine Refer, Huge Quartz Island with seating, Wide Plank European Oak, 3 Renovated Baths in the Contemporary Style, Master Bath Features Matte Marble Tile with Wainscot, Forced Air Kohler Tub (no tubes) His and Hers Walk in Closets, Separate Water Closet, Huge Master Bedroom with Seating area, Wood Shutters, Electric Shades in Family Electric Shades in Family and Front Room, Office with Wall to Wall to Wall built-ins, Large Den with Built in Guitar or Art Case with Accent Lighting, Lush Back Yard that Borders NAOS, Huge Free-Form Pool, Extended Covered Patio, Seating area with Firepit and BBQ and City Light Views. Seller will pay off Solar Lease at COE and Buyer will have payment free, warrantee'd solar service for the remaining length of the lease (aprox 8 years) at which time Buyer can cancel and have the system removed free of charge or continue as they wish!

35519 N 87th Place Scottsdale, AZ 85266

$1,650,000
5 Beds
5.5 Baths
4,132 SqFt
Status Active Under Contract
MLS # 6712568
Property Type Single Family Residence
Price Type --
A very rare opportunity for the most discerning of buyers. This Amazing home was the only Model Home for this gated community of 16 lots. Welcome to Baraca Estates! On almost an acre you will find a stunning home (3740 sq ft) that has 4bd/ 4.5 bath, Den, Living Room, Family Room with the a Private Detached Casita with full bathroom (additional 392 sq ft). Start by walking through the gate into your private courtyard & through the Custom Cantera Iron & Glass Door where the Beautiful Finishes start & don't seem to end! This open floor plan has a Gourmet Kitchen that showcases high-end Appliances, Upgraded Cabinets, a Huge Island, dedicated Wine Fridge and Built-In Wine Rack! Your Spacious Primary bedroom has a sliding door opening to your back patio. The Primary bathroom has dual vanities, granite counters, two separate walk-in closets, huge jetted tub, large walk-in shower with dual shower heads. The 4 bedrooms of the main home each have their own dedicated full En Suite & walk-in closet. The Large Great Room opens to the backyard with 20 Foot telescoping sliding glass doors for those wonderful Arizona evenings! The detached Casita features a full bathroom, kitchenette, & 14' sliding door that opens to the courtyard. The resort-like Backyard offers Travertine, Sparkling Heated Pool, Spa, Gas Firepit, Built-In Gas BBQ, & unique waterfall feature standing under the pergola next to your outdoor dining area. Garage is a full 4 car garage, custom cabinets and epoxy floor. This home encompasses all the best of Arizona living! New HVAC on Main home 02/2024. Casita HVAC unit works great. New Hot Water Heater 05/2024. New Kitchen Refrigerator 09/2023. New pool/spa natural gas heater 11/2023. Furnishings available on separate bill of sale.

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