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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2000 Promontory -- Prescott, AZ 86305

$1,500,000
3 Beds
3 Baths
4,173 SqFt
Status Active Under Contract
MLS # 6726704
Property Type Single Family Residence
Price Type --
Jaw-dropping panoramic views, Craftsman quality and ultimate privacy on .57 acres high up in Forest Trails, one of Prescott's finest communities. Built of Insulated Concrete Forms creating a quiet environment and long-term energy cost savings. Rare 4 car heated garage with epoxy floor and large, level circular paver drive framed by lush landscaping and an impressive rock wall. Exterior has hand-carved volcanic Cantera stone window surrounds, cement tile roof, real stone details and dramatic architectural styling. Main level features living room with ceiling-to-floor fireplace, stone tower and stairway, also built of Cantera stone, spacious dining area that flows to a massive deck with views from the San Francisco Peaks to the Granite Dells to Thumb Butte, radiant tile floor and built-in heater to allow four season entertaining, engineered hardwood floors, tinted windows with custom shades, solid wood doors, high-end hardware, a chef's kitchen with Subzero fridge, Miele double wall oven and dishwasher, GE Profile cooktop, Kitchenaid microwave, Venetian plaster range hood, slab granite with chiseled edge and glass-fronted cabinets, a casual dining room, laundry with storage cabinets and utility sink, den with wet bar, primary suite with luxurious bath and door leading to private viewing deck, and two more bedrooms with ensuite baths and sliders to private decks. Lower level is an ideal separate living quarters with family room leading to a large covered deck with turf for a deluxe dog run, office, gym with cushioned floor, huge bonus space for kitchen, bath and multiple bedrooms. Whole house air filtration and humidifier, reverse osmosis and water softener. Entire interior, including the garage, was just painted a fresh neutral color and engineered floors were refinished. Walk to Prescott National Forest offering 950 miles of hiking and biking trails. Minutes to Dignity Health medical center, public and charter schools, historic downtown Prescott's shops, restaurants and events.

4601 E Desert Forest Trail Cave Creek, AZ 85331

$1,500,000
5 Beds
3.5 Baths
4,379 SqFt
Status Active
MLS # 6703015
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Desert Forest South, this exceptional 5 bedroom, 3.5 bath custom home offers a spacious 4,379 square feet of flexible open living space on a sprawling 1.182-acre horse property with an RV gate and circular drive, all without the confines of an HOA. This home offers energy efficient features for comfort year-round with 12 inch thick walls, upgraded Sierra Pacific clad windows, and a double foam roof. Step inside to discover a neutral color palette, arched entries, skylights flooding the space with natural light, and a welcoming formal living room and dining area. The well-appointed eat-in kitchen boasts stainless steel appliances, including a gas cooktop and warming drawer, Sub Zero refrigerator, trash compactor, ample cabinet and counter space, and gorgeous chiseled edge granite slab countertops. A desirable oversized center island with a breakfast bar opens to the dining space, ensuring effortless entertaining. Flow seamlessly into the cozy family room, complete with a fireplace and wet bar featuring a wine cooler and sink. A double glass slider provides easy access to the backyard desert oasis, where upgraded decorative stone flooring sets the stage for relaxation and entertainment. Enjoy ample patio space, a soothing water feature, and a desirable resistance swim spa while soaking in the breathtaking Sonoran desert and distant mountain views. Retreat to the spacious Owner's suite, highlighted by soaring ceilings and an ensuite bathroom featuring dual sinks, a separate vanity space, a lavish custom tiled walk-in shower, a fabulous custom walk-in closet, and two private access points to outdoor spaces. A second primary or guest quarters offers its own separate entrance and an ensuite bathroom with custom tile and a deep soaking clawfoot tub with a shower option. Three remaining bedrooms, two of which share a double French door on the common wall, provide flexibility for use. Additional highlights include a guest bath, powder room, private office, and spacious laundry room. Don't miss the opportunity to experience luxurious desert living in this remarkable home. Submit your offer today!

12498 E Troon Vista Drive Scottsdale, AZ 85255

$1,500,000
2 Beds
2.5 Baths
2,155 SqFt
Status Active
MLS # 6751182
Property Type Townhouse
Price Type --
Located in the prestigious guard-gated community of Enclave at Sereno Canyon, this exquisite home boasts a premium corner lot, offering unobstructed views of the majestic McDowell Mountains including Tom's Thumb, and the Four Peaks vistas. This contemporary masterpiece is designed for luxury living, featuring a host of upgrades that elevate every aspect of the home. The kitchen is a chef's dream, equipped with Wolf cooking appliances, a built-in 48-inch counter-depth refrigerator, gas stove, ample cabinetry and countertop space and a stunning quartz waterfall island with seating. The Kitchen Elegance package, paired with above and under-cabinet lighting, creates a sophisticated ambiance that is perfect for entertaining. The great room & dining area, with their coffered 12-foot ceilings, are the epitome of elegance and open living, complemented by a striking floor-to-ceiling stone fireplace, two sets of nearly floor-to-ceiling four-panel sliding doors creating seamless indoor-outdoor living spaces, and custom paint throughout. The sliding doors lead to the perfectly sized and easy care covered back patio space which includes pavers, well-designed landscape, multiple lounge and dining areas, pre-plumbed gas line, and, of course, the views! The primary suite offers a serene retreat with private entry, 12-foot ceilings, and a dream bathroom complete with a separate shower and soaking tub, custom designed closet storage, and dual vanities. One additional ensuite bedroom, a private office with a large storage closet, a separate powder bath, and an oversized laundry make up the remaining living spaces. Solid core doors and plantation shutters throughout the home, upgraded tile and carpet, along with the steel and glass front door, add a touch of luxury and functionality. Extended paver patio at the front entry allows for neighborhood enjoyment and direct views of Tom's Thumb. Only steps away from the Mountain House Lodge and world-class amenities including fitness, dining, and pool. The epoxy-coated garage floor, ceiling storage racks, and walk-in storage closet provide ample space for organization. Experience the ultimate in luxury living with stunning views, contemporary design, and an array of high-end finishes.

2841 Thunderbolt Circle Overgaard, AZ 85933

$1,500,000
4 Beds
3 Baths
4,032 SqFt
Status Active Under Contract
MLS # 6669701
Property Type Single Family Residence
Price Type --
Motivated Sellers!! Attention all discerning buyers seeking a luxurious escape in the breathtaking White Mountains - get ready to be amazed! Step into this exquisite home nestled in the coveted Mogollon Airpark (AZ82) and prepare to be swept off your feet. Boasting a spacious 4032 sq ft interior with a stunning modern update, along with a 2304 sq ft hangar, this property has everything you've been dreaming of. The living space is perfect for entertaining, with a loft/apartment above the hangar providing ample room for family, guests, or even rental income. Indulge in the luxury of two dining areas, a kitchen island that seats 10, and a private balcony with sweeping views from your large primary suite featuring a steam shower, soaking tub, fireplace, and... coffee/wet bar. The hangar, 48' x 48' (43' opening), w/a Schweiss hydraulic door, plus an extended 3 car garage, and additional workshop space, offers plenty of room for your plane, vehicles, and hobbies. Enjoy direct Taxiway access for ultimate convenience. Mogollon Airpark (AZ82) is a vibrant private airport community with a 3436' asphalt runway, hosting exciting events like BBQs, happy hours, breakfast fly-ins, and soon, a Pickleball court! Located in Heber/Overgaard at 6658' elevation, just 90 nautical miles northeast of Phoenix, you'll experience mild summers and winters. The area is ATV-friendly, with forest access roads and lakes for fishing less than 30 minutes away in every direction. Don't miss out on this incredible opportunity to live the high-flying lifestyle you've always wanted!

3428 E Clarendon Avenue Phoenix, AZ 85018

$1,500,000
4 Beds
3.5 Baths
2,741 SqFt
Status Active
MLS # 6737229
Property Type Single Family Residence
Price Type --
Welcome to this exceptional home in the desirable Pomelo Park neighborhood! This beautiful property offers 4 bedrooms, a versatile bonus room perfect for an office, gym, or playroom, & 3.5 bathrooms. The home features a split floorplan, elegant fixtures, & shutters throughout, The gourmet kitchen opens to a stunning family room with 20-foot ceilings & a dramatic stacked stone fireplace. It boasts high-end cabinetry, a large kitchen island, quartz countertops, a stylish backsplash, a walk-in pantry, & Viking & KitchenAid appliances. The front yard features low-maintenance artificial turf, while the private backyard is an entertainer's dream with an outdoor kitchen, gas BBQ, expansive covered patio, misting system, & a putting green. Plus 2 Trane HVAC units installed 2023. This is the one!! All of this & so much more plus located near all of the Arcadia Hot Spots! Centrally located with easy access to downtown Phoenix, Bitmore, Arcadia, Scottsdale and the airport. Walking & biking distance to LGO, Ingos, Postinos, Trevors, and so much more!

7042 E Orange Blossom Lane Paradise Valley, AZ 85253

$1,500,000 - 3Br/3Ba -  for Sale in Camelback Park Estates, Paradise Valley
Open House
$1,500,000
3 Beds
2.5 Baths
2,726 SqFt
Status Active
MLS # 6761631
Property Type Single Family Residence
Price Type --
Experience timeless luxury in this stunning 3-bedroom, 2.5-bathroom home nestled in the coveted Paradise Valley, offering breathtaking views of Camelback Mountain! Recently updated with fresh paint and new flooring, the open floor plan is both airy and inviting, blending cozy comfort with modern style. The spacious bedrooms provide ample retreat, while the kitchen delights with granite countertops, a walk-in pantry, and a central island. The dining options included a breakfast bar and a sunlit breakfast room. The primary bedroom showcases a walk-in closet with built-ins and a luxurious ensuite bathroom that is a true spa-like retreat. Outdoors, indulge in a private oasis complete with serene water features, a built-in BBQ, and a cozy fire pit. The ramada overlooks a beautifully landscaped yard with synthetic grass, desert plants, and lush greenery, creating an ideal setting for relaxation or entertaining. Conveniently located near Scottsdale Fashion Square Mall, vibrant Old Town Scottsdale, fine dining, and Phoenix Sky Harbor Airport, this home offers both luxury and accessibility.

43 E 14th Street Tempe, AZ 85281

$1,500,000 - 4Br/4Ba -  for Sale in University Park Addition, Tempe
Open House
New
$1,500,000
4 Beds
4 Baths
3,410 SqFt
Status Active
MLS # 6758777
Property Type Single Family Residence
Price Type --
One of the most desired locations in all of Tempe!! Mid-century stunner in coveted University Park. Walk to ASU campus! 4 bedrooms plus and office and 4 full bathrooms Grand luxury mid-century resort style heated pool. Designer landscaping, newly added over-sized 2.5 car garage (Man Cave) with separate AC / vaulted ceiling, epoxy, full bath, tankless hot water heater, large outdoor stainless steel sink. Originally renovated in the 1960's by renowned architect and Frank Lloyd Wright enthusiast, Bennie Gonzalez. Homes like this rarely hit the market, what an opportunity to own a piece of history in the heart of Tempe.

7016 E Grand View Lane Gold Canyon, AZ 85119

$1,500,000 - 4Br/4Ba -  for Sale in Superstition Highlands Unit 3, Gold Canyon
Open House
$1,500,000
4 Beds
3.5 Baths
3,821 SqFt
Status Active
MLS # 6723961
Property Type Single Family Residence
Price Type --
MOUNTAIN VIEWS in this desert paradise custom built for the entertainer, cook, or outdoor enthusiast (a quick hike to the Broadway Trailhead)! Enjoy rooftop sunsets, relax in your soaking tub next to the two-way fireplace, take a shower in the moonlight, or kick back with a cocktail from the built in wet bar. Guests will love the huge casita with full bath or secondary owner suite, and the yard is built to enjoy w/ outdoor fireplace and 5 covered patios! Gourmet kitchen w/ 2 dishwashers, 2 sinks, Wolf Gas French Cooktop, 2 wall ovens, Sub Zero Frig & Freezer Drawers, Built in Coffee / Espresso, cast iron farmhouse sink, & massive island. Southwest style handmade Mana Pottery tiles, Travertine, 2x6 construction, spray foam attic, fresh exterior paint! Huge lot with room to customize!

9698 E Peak View Road Scottsdale, AZ 85262

$1,500,000 - 4Br/5Ba -  for Sale in The Monument At Troon North, Scottsdale
Open House
$1,500,000
4 Beds
4.5 Baths
4,000 SqFt
Status Active
MLS # 6713281
Property Type Single Family Residence
Price Type --
Positioned on the 4th hole of the award winning Monument Golf Course sits this remarkable home with a versatile floor plan measuring 3400 square feet and an additional exquisite 600 sq ft Casita. This totals 4000 sq ft under roof with a total of 4 Bedrooms, 4.5 Bathrooms, separate Office and oversized bedrooms. Outside you'll enjoy the openness of being on the Golf Course, tasteful landscaping and added front walkway/ patio pavers. New Iron Doors installed on main Home and Casita. You'll have your own putting green, Hot Tub, built in BBQ and fireplace. The gourmet Kitchen opens to the Great Room and has New Double Wall ovens, New Convection/ Microwave oven, Wolfe Induction Cooktop, Sub-Zero refrigerator and slab granite. The spacious Master Bedroom has a sitting room and captivating views to the backyard and Golf Couse. The sizeable Master Bath has an installed Steam Shower with quick heat, separate Jacuzzi Jetted Tub, Dual vanity Sinks and a huge walk-in closet. Move in ready with full roof completed last year, A/C units installed 2015/2016 and New Tankless Gas water heater installed in 2019. This is your chance to reside in a terrific community having social events and nearby fine dining.

37760 N Concho Drive Carefree, AZ 85377

$1,500,000 - 3Br/3Ba -  for Sale in Carefree Fore, Carefree
Open House
$1,500,000
3 Beds
2.5 Baths
2,807 SqFt
Status Active
MLS # 6690630
Property Type Single Family Residence
Price Type --
Iconic Fred Linn Osmon design featuring his superlative architecture with original details intact & some lovingly restored. Welcoming courtyard & artistic front door are your first glimpse of the treasure within. Situated on a corner lot capturing mountain & desert views, the architect has perfectly positioned the residence to enhance your visual pleasure inside & out. Featuring 3 bedrooms + den with 2 ½ baths the home exudes a character that is impeccably ''Osmon''. Numerous patios scattered around the home complement memorable entertaining & enhance the joy of AZ sunshine, a sparkling pool or simply stargazing in Carefree's dark skies. Own a piece of architectural history in a community that enjoys tranquility, natural beauty, and a lifestyle that is truly Carefree.

238 Paramount Drive Sedona, AZ 86336

$1,500,000 - 4Br/4Ba -  for Sale in Broken Arrow Hills, Sedona
Open House
$1,500,000
4 Beds
4 Baths
2,700 SqFt
Status Active
MLS # 6688113
Property Type Single Family Residence
Price Type --
Embrace Sedona's unrivaled charm with this exclusive turn-key mid-century heritage estate, uniquely embodying charm with timeless architecture and craftsmanship. Featuring a 3 BD main house and fabulous guest house, both exquisitely renovated, perched on over an acre of elevated living with unparalleled views of Red Rock wilderness. This retreat boasts a petite vineyard, resort-style patios, hot tub, natural stone waterfall, 3 outdoor fire-pits in a spectacular setting of stunning red rock panoramas. Enjoy modern comforts with recent energy-efficient HVAC, new upsized septic system, and more. A timeless home, designed to live large, awaits to enrich your life with its history, beauty, and panoramic views. Situated near the historic Broken Arrow trail, it's a property steeped in magic! ADDITIONAL FACTS: - This iconic area of Sedona's Broken Arrow emerged as a standout hit of the 1950s, notable for one of the most popular 1950 movies, known for its groundbreaking depiction of the sympathetic perspective of American Indian life. The movie was called Broken Arrow. This home is historical to Sedona. - Quality furnishings available outside of escrow with a bill of sale: Enjoy a turn-key move in ready experience by purchasing furniture, art, décor, housewares (includes dishes, flatware, etc). - Main House Renovated: 3 Bedrooms; 3.5 Baths; 1,900 SqFt - Guest Cottage/House Renovated: 1 Bedroom; 1 Bath; Living Area; Full Kitchen; 800 SqFt. - Outdoor space designed with peace and relaxation in mind - 3 Fire-Pits - Heated Hot Tub - Water Features - BBQ hooked up to natural gas - Style: Updated & renovated Mid-Century charm crafted with the distinctive technique of weeping mortar, a testament to meticulous construction and timeless architectural elegance. - Primary newer improvements made: New Energy efficient Heating and A/C in main house; new A/C & heating in guest house; new alternative septic system (up-sized the system and leach field. Main House offers its own Alternative septic system & the Guest House offers a conventional septic system); newer guest house roof; new recessed lighting throughout; electrical upgraded; added retaining wall; added pavered steps onto outdoor fireplace patio off main house - 3 Carports; No Garage - Ample Storage - Natural gas cooktops - Natural gas furnace for main house. Heat pump for guest house. - Amazing storage room with temperature-controlled cooling; perfect as a wine cellar - No HOA: There is a VOLUNTARY property owners association. The CCR's (deed restrictions) prohibit short term rentals (less than 30 day rentals) & also restrict renting the guest house, ensuring a serene environment to this special neighborhood. - Broken Arrow Hiking: Experience the thrill of Sedona's Broken Arrow offering an unmatched rock-crawling journey through iconic red rocks with breathtaking 360-degree wilderness views. Local mountain bikers love the dramatic descent down the Road of No Return, promising an unforgettable adventure.

8619 N 192nd Avenue Waddell, AZ 85355

$1,499,999
3 Beds
3 Baths
3,485 SqFt
Status Active
MLS # 6724959
Property Type Single Family Residence
Price Type --
This custom-built home is located at the base of the White Tank Mountains in the prestigious Sonoran Ridge Estates. It is a stunning, well-maintained 3-bedroom 3-bathroom home that blends modern luxury and serene living. Nestled on a spacious 1.4-acre lot with breathtaking views of the White Tank Mountains from the front with a peaceful, unobstructed, dwelling-free natural landscape from the rear. This property provides a unique opportunity to enjoy the best of Arizona's natural beauty while close to schools, shopping, and thoroughfares. As you step inside, you'll be greeted by a bright and open floor plan with high ceilings and large windows that flood the space with natural light. The gourmet kitchen is a chef's dream, featuring top-of-the-line stainless steel appliances, granite countertops, a large center island with a cooktop, a built-in warming station, and more than ample cabinet space. The adjoining dining area and living room are perfect for entertaining guests or enjoying family time. Special touches include artistic ambient theater-like ceiling lighting, whole house music speakers, and a living room with a dramatic back-lit custom-built interpretation of the nearby White Tank Mountains! The master bedroom suite is a true retreat with a walk-in closet and an en-suite bathroom that includes 2 separate sinks and cabinets, a large jacuzzi soaking tub, and a large, tiled snail shower. The additional 2 bedrooms are generously sized and offer plenty of closet space. There's also a large executive office with 2 built-in desks, multiple built-in cabinets, and shelving that can easily support any in-home business. The office also has a built-in Murphy bed that can be used for guests or as a 4th bedroom. Step outside to your gorgeous fully fenced private backyard oasis. It has 2 covered patios, lush mature landscaping, and a built-in stone island featuring a gas barbecue, sink, and refrigerator. Walk down the lighted grand staircase that leads to a low-temperature concrete walkway and a large custom-built saltwater swimming pool. Additional features of this exceptional home include a large three-car garage with a dedicated workspace for auto and hobby enthusiasts, a laundry room with storage, and energy-efficient upgrades. Located in a peaceful neighborhood with convenient access to schools, Arizona state Route 303, shopping, dining, and recreational activities like the newly opened restaurant The Corral which offers music events and delicious food. Once outside the estate gates, the entrance to the White Tank Mountains Regional Park is a few minutes up the road. Visitors can hike, walk on dog-friendly trails, view ancient petroglyphs, and view hundreds of species of plants and animals that include thousands of gorgeous flowering Sonoran Saguaro cactus. This is the perfect place to call home. Don't miss out on the chance to make this beautiful property yours!

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