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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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.

16522 N 109th Street Scottsdale, AZ 85255

$1,650,000
4 Beds
3 Baths
3,597 SqFt
Status Active Under Contract
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!

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.

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.

26223 N 113th Avenue Peoria, AZ 85383

$1,650,000
4 Beds
4 Baths
3,550 SqFt
Status Active
MLS # 6743360
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis in the desert! This exquisite custom-built home, nestled on a sprawling 2.5-acre lot in the highly desirable area of North Peoria, offers the perfect blend of luxury, space, and privacy. This smart home is more than just a place to live - it's a lifestyle. Oversized RV garage boasts enough space for up to 9 cars or store your RV and still have plenty of room for additional vehicles, tools and toys. Home also has 3 additional attached garage spaces. Resort Style outdoor living with private serene courtyard entrance to this home and your backyard features a gorgeous pool and spa with waterfall, grotto, and slide; outdoor kitchen and dining with an oversized bbq and wood fired pizza oven; built in gas fire pit; along with a large fenced in area that's perfect for enjoying the Arizona sunsets. Very well appointed interior includes a gourmet kitchen that really is the heart of the home featuring top of the line appliances, custom cabinetry, gorgeous countertops, large center island with seating and butlers pantry. Ceiling beams accentuate the great room space with large open windows and an eye catching entertainment area. Luxurious master suite with fireplace, spa like bathroom, on trend shower, dual vanities, jetted tub and walk in closet with built in cabinetry. This home is very efficient with features including solar system, private water well, pressure tank in insulated room in main garage, home fully spray foam insulated including garage, attic and RV garage. 250 gallon buried propane tank, 1500 gallon concrete septic tank. Amazing RV garage space is 40'x75' (3,000 sf). 14'x14' RV door. 10'x10' rear door with concrete pad out back. 10'x7' door on the front with an air conditioned room above the large walled off single car stall. RV garage has several 220v outlets for welders and/ or air compressors. Hardwired 2 post lift with additional 30 amp RV outlet. 1/2 bath in RV garage. Utility sink. This unique home has it all and then some.

16101 E Powderhorn Drive Fountain Hills, AZ 85268

$1,649,000
4 Beds
4 Baths
4,109 SqFt
Status Active
MLS # 6734548
Property Type Single Family Residence
Price Type --
Welcome to your Custom Italian Villa! This one of a kind home is nestled on a 3.3 acre lot in the McDowell Mountains & offers tons of privacy w/ serene Four Peaks views. Upon entry you are greeted by a grand spiral staircase, large picturesque windows, & the homes high attention to detail. Kitchen boasts Viking Stove, Sub Zero Fridge, granite, & butlers pantry. In addition to a Split Master Suite w/a 2-way fireplace & Lanai Pocket Doors that open to the luxurious pool area, the home offers a Mother in Law suite or casita with separate entrance & bathroom, perfect for a man cave or home based business. Home has been updated w, bathroom fixtures, new interior & exterior paint, landscaping, Jacuzzi, pebble tec & heater & more!

3353 E Gemini Court Chandler, AZ 85249

$1,649,000
6 Beds
5.5 Baths
5,388 SqFt
Status Active
MLS # 6744220
Property Type Single Family Residence
Price Type --
Beautiful home in the sought after Bela Flor custom neighborhood. 6 bed, 5.5 bath with basement, private pool and basketball court. Vaulted ceilings through out. Custom gourmet kitchen with top of the line cabinets, granite countertops and premium wood floors. Huge island, breakfast bar, stone backsplash and upgraded appliances. Designer accents throughout with cantera columns, stone arch ways, wood beam ceilings and premium wood floors. Amazing den/office with private exit to front yard, formal dining with designer tray & brick ceiling details, large family room with fireplace. Huge open basement with 3 bedrooms and 2 bathrooms downstairs. Entertainers backyard with the large patio cover, built in BBQ, pergola, pool, court area and large turf area. Come see this home for yourself!

14605 S Presario Trail Phoenix, AZ 85048

$1,649,000
4 Beds
5 Baths
3,666 SqFt
Status Active
MLS # 6754083
Property Type Single Family Residence
Price Type --
Welcome to this stunning custom home in the exclusive GATED SUMMERHILL community. This beautiful 4-bedroom, 5-bathroom plus executive office home spans 3,666 square feet livable, and 5688 Under Roof! This Custom home built by Forte Homes offers luxurious living at its best! One of the newest homes built in Summerhill in 2018 includes newer components like roof, A/C units, stucco, paint, insulation, and appliances, all 2018. The property is situated on a 1.35-acre mountainside lot and provides breathtaking mountain views and high-end features. The large great room boasts stained exposed wood beams, 15-foot ceilings, and large windows showcasing stunning mountain views. The gourmet kitchen has top-of-the-line stainless steel appliances, including a Sub-zero built-in refrigerator, a Wolf gas range with double ovens, and two dishwashers. The kitchen also features a large island with double sinks, a breakfast bar with sink and chilled RO system, custom alder cabinetry, and a walk-in pantry. Dramatic entry, formal dining room, neutral flooring throughout, custom window treatments, granite counters, solid 8-foot doors, Star dual energy dual pane windows, smart home technology, and a large laundry room are just some of the upscale features. The Elegant primary suite wing features a private exit to the patio, a spa-like bath with double sinks, a huge walk-in closet, a jetted tub, and Incredible views from every window! Adjacent to the Primary is an Executive Office and Powder Room. Three secondary bedroom suites include neutral tile in common areas, carpet in bedrooms, private baths with granite and custom fixtures, and walk-in closets. The 5-car garage is a massive 1325 square feet with air conditioning, insulation, custom 10-foot doors, and built-in cabinetry, providing ample space for vehicles and storage. The backyard is ideal for entertaining and offers stunning mountain views and amazing sunsets. The expansive covered patio with paver flooring is perfect for entertaining, complete with built-in gas heaters, ceiling fans, and a pool bath. Enjoy the natural gas-heated pool and spa, surrounded by a travertine deck and multiple seating areas. It includes a custom heated pool and spa with deck jets and a spillway. The custom natural desert design landscaping, a turf side yard, and a paved driveway enhance the property's curb appeal. This home is a masterpiece, offering luxury, comfort, and breathtaking views. Don't miss the opportunity to make it yours!

17667 E Cindercone Road Rio Verde, AZ 85263

$1,649,000
4 Beds
3.5 Baths
3,243 SqFt
Status Active
MLS # 6713753
Property Type Single Family Residence
Price Type --
Refined bespoke luxury, this 2022 built soft contemporary designed residence is perfectly located in one of the valley's most scenic locations in the world class Trilogy community. This highly coveted Orion floor plan with rare 4th Bedroom Option and luxurious appointments is simply exquisite. With 4 BEDROOMS, 4.5 bathrooms and DEN or office AND a FLEX/MEDIA ROOM including a luxurious primary suite, there's plenty of room for everyone in the family. You'll love the soaring ceilings, and a Chef's dream kitchen with a massive center island for entertaining, high-end THERMADOR appliances and custom cabinets. The striking open floor plan includes upgraded wood flooring, custom lighting and 15ft wall of glass opening to outdoor living perfect for quiet moments of reflection or joyful enterta ining, the resort-like south facing backyard rests along a tranquil NAOS area with stunning views of Four Peaks. An expansive covered patio includes an outdoor fireplace with oversized TV & barbeque, perfect for al fresco dining or entertaining. It is an ideal spot to relax, unwind, and soak up the natural beauty that surrounds you. Don't miss this opportunity to own a truly remarkable property in the prestigious Trilogy at Verde River.

20668 E Natalie Way Queen Creek, AZ 85142

$1,649,000 - 4Br/4Ba -  for Sale in Pecan Lake, Queen Creek
Open House
$1,649,000
4 Beds
4 Baths
3,947 SqFt
Status Active
MLS # 6678539
Property Type Single Family Residence
Price Type --
Welcome to 20668 E Natalie Way, nestled in the highly sought-after Pecan Lake community of Queen Creek, AZ. This luxurious abode boasts 3,947 square feet of meticulously designed living space, featuring 4 bedrooms and 4 bathrooms, ensuring ample space and comfort for you and your loved ones. Step inside to discover a culinary enthusiast's dream kitchen, complete with a vast kitchen island adorned with elegant quartz countertops. Equipped with top-of-the-line Wolf 6 burner double oven, a built-in refrigerator and freezer, and custom cabinetry, this kitchen is both functional and stylish. The focal point of the kitchen is the gas fireplace, adding warmth and charm to the heart of the home. The allure continues with engineered hardwood flooring gracing the entire residence, adding a touch of sophistication to each room. The expansive master bedroom suite offers a peaceful retreat, featuring a spacious walk-in closet and balcony access overlooking the lush backyard oasis. Indulge in the luxurious master bathroom, showcasing a large walk-in shower with dual shower heads, a deep soaker tub, and dual vanities. Outside, you will find a brand new pool and hottub with low maintinence turf hardscape! Immerse yourself in the serenity of the Pecan Lake community, surrounded by natural beauty and an array of amenities. Enjoy leisurely strolls through Queen Creek Botanical Gardens, entertainment at Pecan Lake Entertainment Center, thrilling events at Horseshoe Park & Equestrian Centre, or a fun-filled evening at Fat Cats. Experience the epitome of luxury living in Queen Creek, with this stunning residence offering unparalleled comfort, style, and convenience. Don't miss your chance to make 20668 E Natalie Way your new home sweet home.

37181 N 103rd Street Scottsdale, AZ 85262

$1,645,000
4 Beds
3.5 Baths
3,952 SqFt
Status Active
MLS # 6659778
Property Type Single Family Residence
Price Type --
Located in the luxurious gated community of Cresta Norte, this 4 bedroom, 3.5 bathroom, 3 car garage Toll Brothers masterpiece is nestled in a private cul-de-sac with unobstructed views of Pinnacle Peak Mountain. Expansive courtyard with solid redwood doors leads to a dramatic entry. An entertainer's dream, this back yard contains an amazing 1200 sqft putting green, pool with cave waterfall, spa with glass fire pit, 2 covered patios, built in grill and countertop and a bar just steps inside the door. Inside, this split floor plan is ideal for any family or visitors alike. The master suite resides on one wing of the house bosting its own fireplace (1 of 3 in home), his and hers walk in closets, his and hers sinks, double shower, and jetted tub. The other wing has 3 large bedrooms all with en suite bathrooms. Amazing eat in kitchen with granite & stainless steel throughout and island. Bonus game room, custom wine cellar, amazing views, new AC units, tankless hot water heater. This property has been meticulously maintained by these second owners since 2007. Truly has it all.

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