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.

What‘s 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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5145 E Kathleen Road Scottsdale, AZ 85254

$1,600,000

4 Beds

3 Baths

3,032 SqFt

Status Active

MLS # 6754984

Property Type Single Family Residence

Price Type --

Stunning and completely renovated home in a well established neighborhood in 85254, close to fabulous schools, parks, freeways and the best of shopping/entertainment that Scottsdale has to offer. Walls removed creates soaring ceilings and dramatic lifestyle as a canvas for your best life. Features highly upgraded flooring, a chefs dream new kitchen, flowing into the spacious great room as well as a 4th bedroom and 3rd bath on the main floor. Custom wine cooler completes the ''NOW'' lifestyle. Upstairs has a large and wonderful main bedroom/bath you will love, enhanced by views of your resort yard and pool, framed by views of Camelback mountain! Don't miss this elegantly casual home and live the dream!!

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242 W Royal Palm Road Phoenix, AZ 85021

$1,600,000

4 Beds

3 Baths

3,457 SqFt

Status Active

MLS # 6751140

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury living at 242 W Royal Palm in the prestigious Royal Palm neighborhood of Phoenix. This home, masterfully reimagined and exudes timeless elegance and modern sophistication. The home's interior is enriched with Bentley White Oak flooring, and beautifully honed natural stone infusing warmth and natural beauty into the home . Locally curated iron work adds a unique, artisanal touch which includes six exquisite French doors, a charming Dutch front door, and custom gates. Standout features include a grand living room with a soaring 19-foot ceiling, second-floor balcony with views of Piestwa Peak , and the two fireplaces create cozy focal points. Enjoy Arizona living at its finest with a wrap-around covered patio, a fire pit for evening gatherings, and a spacious corner lot in lush North Central Phoenix. This home also boasts a downstairs bedroom, perfect for guests or multigenerational living, and the freedom of no HOA restrictions.

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9695 E Addy Way Scottsdale, AZ 85262

$1,600,000

3 Beds

2.5 Baths

3,558 SqFt

Status Active

MLS # 6763072

Property Type Single Family Residence

Price Type --

Gorgeous home in the private Montecito at Mirabel gated community, available fully furnished, features incredible resort-like backyard, spacious cul-de-sac lot of nearly one acre, spectacular mountain views! Comfortable, spacious family room w/ fireplace & large sliding doors to patio, ideal space to relax & entertain while taking in tremendous views. Elegant eat-in kitchen, gleaming SS Wolf & Sub-Zero appliances, rich espresso cabinetry, granite counters, custom backsplash, huge island w/ bkfst bar, convenient butler's pantry. Luxurious primary suite, gorgeous bathroom, dual vanities, 2 walk-in closets. Backyard is a peaceful outdoor paradise w/ sparkling pool & water feature, spa, covered patio, gorgeous travertine pavers, 2 raised seating areas, firepit, outdoor BBQ station, more... Bright, open layout of this home is very warm & inviting w/ high ceilings & lots of natural light. Entire exterior of the home has been newly repainted. Rich wood-look plank tile flooring in living areas, and quality plush carpeting in bedrooms & dens. Two secondary bedrooms both very light & spacious each w/ walk-in closets w/ beautifully appointed bathroom in between. Two dens at the front of the home, each could be an amazing home office. The larger of the two dens could easily be converted to a 4th bedroom, or could be a home theater, game room, or second family room. The other den could also serve as a convenient dining room. Endless possibilities for both spaces! Two 2-car garages offer plenty of parking and storage space. Large front courtyard w/ stacked stone fireplace offers another private space to relax & enjoy your beautiful surroundings. Plenty of room in this courtyard space to add-on or build a separate casita if desired. This is truly a magnificent property offering some of the finest mountain views in all of Mirabel. Don't miss the opportunity to view this beautiful home today.

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5000 E Lake Country Road Flagstaff, AZ 86004

$1,600,000

5 Beds

3.5 Baths

4,473 SqFt

Status Active Under Contract

MLS # 6702676

Property Type Single Family Residence

Price Type --

Luxurious Tudor Estate with Casita in Lakeside Acres, Flagstaff, AZ Welcome to 5000 E Lake Country Dr, an exquisite Tudor-style residence nestled on a sprawling 1-acre parcel within the highly coveted Lakeside Acres community in Flagstaff, Arizona. This classic Tudor home offers a unique blend of timeless elegance, modern amenities, and a detached Casita that redefines the concept of comfortable living. Main Residence Features: Spacious Living: The main house boasts a generous 4,473 square feet of living space, providing ample room for all your needs. Bedrooms & Baths: Discover 5 beautifully appointed bedrooms, with 3 full bathrooms and 2 half baths. The versatile 5th bedroom is currently utilized as a charming library, perfect for book lovers. Primary Retreat: The downstairs primary bedroom offers a tranquil oasis with a dual sink vanity, an expansive walk-in closet, a cozy gas fireplace, and a private patio exit. Gourmet Kitchen: The well-appointed kitchen features a gas range, built-in refrigerator/freezer, and an inviting eat-in dining area that opens to a delightful patio. Entertainment Hub: Entertain in style in the expansive family room with a vaulted ceiling, fireplace, and a wet bar. This space opens to another patio, making indoor-outdoor gatherings a breeze. Second Story Delights: Upstairs, you'll find 3 additional bedrooms, a loft area, and not one but two spacious entertainment rooms. One of these rooms is equipped with a bar and can accommodate your poker nights, ping pong tournaments, pool table challenges, and air hockey showdowns. Detached Casita: Above the separate 2-car garage, you'll discover a 521 square foot Casita offering versatile living options. This standalone retreat includes a bedroom, a 3/4 bathroom, and a well-equipped kitchen with a gas range. Outdoor Paradise: The 1-acre parcel offers plenty of room for outdoor activities, gardening, or simply relaxing in the serene surroundings. Enjoy privacy and tranquility on multiple patios, including one accessible from theprimary bedroom and family room. Location: Lakeside Acres is renowned for its desirable, upscale community feel, offering a peaceful retreat while still being conveniently located near Flagstaff's amenities. Flagstaff, Arizona, is known for its stunning natural beauty, recreational opportunities, and a vibrant cultural scene. This is a rare opportunity to own an elegant Tudor estate with a detached Casita in the esteemed Lakeside Acres community. Embrace the best of Flagstaff living in this remarkable home where timeless architecture meets modern comfort.

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3546 E Norwood Circle Mesa, AZ 85213

$1,600,000

7 Beds

6.5 Baths

5,156 SqFt

Status Active Under Contract

MLS # 6702922

Property Type Single Family Residence

Price Type --

Beyond the community gates, nestled on a serene cul-de-sac lot, awaits a residence that epitomizes space and luxury. From the first glance, you'll be captivated by the array of amenities that this home offers, including a brand new guest house. This radiant ranch-style home welcomes you with an array of inviting spaces, including a formal dining area, living room, and a versatile den. The kitchen, recently remodeled to perfection, exudes magazine-worthy charm with its floor-to-ceiling white shaker-style cabinetry, a spacious wood-tone island with bar seating, luxurious quartz countertops, and top-of-the-line GE Cafe appliances including an oversized built-in fridge and freezer. Seamlessly integrated with the family room, adorned with a cozy gas fireplace and a built-in beverage center, the kitchen is an entertainer's dream. Boasting not one, but two owner's suites, thoughtfully separated from the other three bedrooms, this home offers unparalleled comfort and privacy. The primary suite spoils with dual vanities, a generously-sized tub, a walk-in shower, and an expansive walk-in closet. The second suite also impresses with its own walk-in closet and double vanities. The remaining bedrooms are equally spacious and enjoy the luxury of their own bathrooms. A newly constructed guest house beckons, boasting two bedrooms, two bathrooms, an open kitchen with a central island and new stainless steel appliances, a walk in pantry, garage, and a covered patio. Outside, the sprawling lot is a lush oasis, featuring citrus trees, a sparkling pool and spa, a built-in barbecue area, a sports court, a large covered patio, and ample space for outdoor enjoyment.

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17871 E Paria Canyon Drive Rio Verde, AZ 85263

$1,599,999

3 Beds

3.5 Baths

3,249 SqFt

Status Active

MLS # 6758076

Property Type Single Family Residence

Price Type --

This Gorgeous Never before lived in New Build at the Trilogy Verde River Community is sure to delight! Enjoy Resort Style living with Three spacious bedroom suites, a Den, a 4-Car Garage and Luxurious upgrades throughout. Walk in the front door and experience an Open Concept with a Massive great room, Stunning 12' Ceilings, a Fully Equipped Gourmet Kitchen with a Beautiful expansive center island and attached Dining Room... an Entertainers Dream! The Master Suite has a Beautiful Full Glass Shower, Soaking Tub, Dual Vanities, and a HUGE walk-in closet. Enter the backyard through a 20' multi-slide door to your expansive patio, built in grill area, fireplace and sweeping Mountain Views. Verde River Golf and Social Club includes Golf, Tennis, Pickleball, Spas, Pools & More

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37325 N 29th Avenue Phoenix, AZ 85086

$1,599,999

6 Beds

4.5 Baths

3,636 SqFt

Status Active

MLS # 6759908

Property Type Single Family Residence

Price Type --

Stunning Custom Hillside Luxury Home with Unparalleled Privacy and Views Seller paid interest rate 2:1 buy down now offered! Experience ultimate privacy and breathtaking views in this custom, privately-gated hillside home. Nestled atop a mountain in the exclusive Desert Hills community, this spacious residence offers a seamless blend of indoor and outdoor living spaces, perfect for entertaining or enjoying tranquil solitude. Perfect for multi-generational living, this home offers versatility and comfort for all family members. On the main level, you'll find the updated kitchen with extensive custom cabinets, granite countertops, high-end appliances, and plenty of storage, including a huge walk-in pantry. The views are stunning from the dining room, family room and master bedroom with a luxurious ensuite and walk-in closet. Bedrooms two and three each with generous walk-in closets complete the main level with direct entry from the extra deep 3 car garage. The lower level provides 3 additional bedrooms and recreational spaces, ensuring ample room for everyone. It includes a theater room with stadium seating for 9, full gym/ exercise room, and bonus/game room, providing ample space for relaxation and recreation. Additional storage closets on both levels add to the convenience. The property has a whole house H20 Concepts water system, owned propane tank and private commercial grade gated driveway. Lighting, garage doors and commercial quality gate are all app / Wifi controlled. 2000sf graded pad to east of home ready for future projects. Triple pane windows by Pella, eight-foot solid core interior/exterior doors and ten-foot ceilings throughout, including vaulted ceilings in select areas. Over $250k has been invested in upgraded landscaping and improvements, enhancing the beauty and functionality of the 2.4-acre private hillside lot. This home is extremely well-insulated, with power bills averaging less than $300 a month, an amazing feat for a home of this size. Conveniently located between Anthem and Tramonto, east of I-17, this home offers spectacular views over Anthem, Scottsdale, and Cave Creek, extending to the Four Peaks mountain range over 50 miles away. Enjoy the added bonus of watching the Anthem 4th of July fireworks from the comfort of your patio.

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5632 E Emile Zola Avenue Scottsdale, AZ 85254

$1,599,999

4 Beds

3 Baths

2,934 SqFt

Status Active

MLS # 6758030

Property Type Single Family Residence

Price Type --

High end Luxury home totally remodeled in highly sought after 85254. Enter into Great room with vaulted ceilings and wood beams. Chef's kitchen boasts custom cabinetry, island, walk in pantry, quartz countertops, and premium appliances while overlooking the sparkling pool. Spacious Primary suite with dual sinks, walk in shower, free standing tub, his/hers closets and private patio and exit to back yard . Additional en suite bedroom, Resort style yard with sparkling pool and extensive entertaining spaces, low maintenance with turf. NO HOA, RV gate. Easy access to freeways near upscale dining, shopping and golf, Kierland, Scottsdale Quarter, and minutes to the TPC Phoenix open and PV Mall revitalization. Schools are highly rated Paradise Valley School District.

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104 W Night Glow Drive Phoenix, AZ 85085

$1,599,900

5 Beds

4.5 Baths

4,454 SqFt

Status Active

MLS # 6698967

Property Type Single Family Residence

Price Type --

Super amazing over the top acre plus custom home with really spectacular views south of carefree highway. This home has it all, including attached RV garage, movie theater ,8 foot knotty alder doors through out, tumble chiseled travertine and all the finishes you would come to expect for a hillside compound with this location , Adjacent to the Phoenix Sonoran Preserve so lots of biking and hiking trails for miles right off of your property. The most impressive part about this property is the location, perched at the top of the hill south of carefree highway boasting some of the best views the north valley has to offer. Amazing brand new pool and spa just built, including salt water, fire pots and multiple water features. Buyer to verify all information. Just reduced 100kon 09/09/2024

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12411 E Troon Vista Drive Scottsdale, AZ 85255

$1,599,900

4 Beds

4 Baths

2,722 SqFt

Status Active

MLS # 6652528

Property Type Townhouse

Price Type --

Brand new in Sereno Canyon, North Scottsdale! This stunning residence offers breathtaking views and nature trails, featuring an open contemporary design with approximately 2722 sq. ft. of luxury. The kitchen is a culinary masterpiece with a large island, Sub-Zero fridge, Wolf range & double oven. Enjoy the living area with a 60'' linear fireplace and 12' ceilings, creating a bright and inviting space. Three bedrooms, each en-suite, provide comfort. A separate casita with a 4th bedroom and full bath ensures flexibility for guests. Guard-gated community surrounded by McDowell & Troon Mountains, offering peace of mind and exclusivity. Minutes away from North Troon Golf Club, Pinnacle Peak Park, and more. Ideal The fabulous community clubhouse and pool, now open and within walking distance, provide a perfect retreat for relaxation and socializing. Open contemporary design HOA maintains front yard landscape, roof replacement, exterior Maint. of Unit. Excellent lock and leave.

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N Chuckwalla Trail Queen Creek, AZ 85144

$1,599,000

5 Beds

3 Baths

3,605 SqFt

Status Active

MLS # 6623600

Property Type Single Family Residence

Price Type --

HILLSIDE VIEW LOT with new home to be built. 5/3 or could be 4+den, NO HOA! Standard features include covered patio, 4-car garage, granite throughout, tile surrounds, stainless appliances,10' ceilings and more! Buyer to select flooring, paint, cabinets, appliances, granite, etc. Floor Plan is flexible and can be changed or modified. Completion time is 9-10 months from ground-breaking. ALL photos are of a recently completed version of this plan. Drive by only at this time. Come see the views from this hillside property overlooking the SouthEast Valley. Builder sign on property.

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5120 E Paddock Place Scottsdale, AZ 85254

Open House

$1,599,000

4 Beds

3.5 Baths

3,643 SqFt

Status Active

MLS # 6751557

Property Type Single Family Residence

Price Type --

Welcome to your dream home in a brand-new, exclusive gated community sprawled across 121.7 acres of modern luxury and top-notch amenities! This stunning residence, built just 18 months ago, sits on a generous 10,000-square-foot lot and boasts a thoughtfully designed floor plan perfect for contemporary living. Step inside to discover an expansive great room that forms the heart of the home, featuring a sleek linear gas fireplace and a large kitchen island that's ideal for both cooking and entertaining. The home's large glass doors and windows invite natural light and seamlessly connect you to the beautifully landscaped backyard, outfitted with low-maintenance artificial turf for year-round enjoyment. Versatility is a hallmark of this property, with a spacious bonus room ready to be transfo

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