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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5543 E Olesen Road Cave Creek, AZ 85331

$1,415,000
4 Beds
3.5 Baths
3,038 SqFt
Status Active
MLS # 6659555
Property Type Single Family Residence
Price Type --
Ready for move-in! Contemporary NEXTGEN Builders home: 4BD +office/den, 3.5BA, high-quality luxury with many upgrades. See attached for included features. Oversized 2-Gar with attached 46' RV Gar with 12x14 RV door, on 1+ acre. No HOA, paver front sidewalk & driveway apron, large kitchen island, upgraded SubZero/Wolf appliance Pkg:, Gas Range, Microwave Drawer, 48'' Subzero Refrig, Quartz counter tops throughout. Many upgrades, all bedrooms have walk in closets. Owner's bath has large entry shower with standalone tub and double sinks. 8' doors throughout, nicely finished. Energy efficient Spray foam insulation, 2x6 framed and fully sheathed exterior, post tension foundation, Pictures are from recently completed model home. Buyer to verify all facts.

4525 N 40th Street Unit 6 Phoenix, AZ 85018

$1,408,000
3 Beds
2.5 Baths
2,400 SqFt
Status Active
MLS # 6671015
Property Type Townhouse
Price Type --
VIP Homes is Arizona's premier builder specializing in quality construction with state of the art features. Very rare to find something this highly upgraded in the highly desirable location of the Biltmore and Arcadia!! . This 3 Bed, 3 Bath, 2 Car Garage Condo has gorgeous wood floors, thermador appliances, incredible kitchen and tons of upgrades. Other models also available for your client to purchase!! Come see this today!

43712 N Acadia Way New River, AZ 85087

$1,407,900
3 Beds
2.5 Baths
2,455 SqFt
Status Active
MLS # 6758310
Property Type Single Family Residence
Price Type --
Former gorgeous model home! Welcome to The Tierra Hacienda, a distinguished single-story residence that exemplifies luxury and thoughtful design. Spanning 2,455 square feet, this home offers 3 spacious bedrooms, 2.5 bathrooms, and a 2-car garage, all nestled on a sprawling 16,800 sq ft homesite with breathtaking mountain views. Included is a 50 x 16 RV Garage: Ample space for your recreational vehicle and additional storage. Plus a 280 sq ft Casita with Kitchenette. Every detail of The Tierra Hacienda has been meticulously crafted to offer a refined living experience. This residence is designed for both grand entertaining and serene living.

103 E Quartz Rock Road Phoenix, AZ 85085

$1,400,000
4 Beds
3.5 Baths
3,200 SqFt
Status Active
MLS # 6656213
Property Type Single Family Residence
Price Type --
MODEL HOME ... NEVER LIVED-IN ... 1.5 Acres ... Move-in Ready ... Mountain Views in a quiet neighborhood, yet just 5 minutes from the 101, I-17 & Norterra ... Just 2 blocks from the Sonoran Preserve ... No HOA ... Gourmet kitchen consists of quartz countertops, premium appliances, luxury backsplash, massive island, veggie prep island and custom coffee bar/butler area ... Two Master Bedrooms with en-suites ... Primary MBR includes a clawfoot soaking tub with chandelier, oversized shower with rain head and deluxe walk-in closet ... Accordion patio door fully opens to the backyard ... Oversized garage ... Smart Home compatible ... Stone highlights the contemporary exterior ... Luxury finishes throughout ... The estate-sized lot is ideal for an RV garage, workshop or guest house.

16919 E Nicklaus Drive Fountain Hills, AZ 85268

$1,400,000
5 Beds
3.5 Baths
6,228 SqFt
Status Active
MLS # 6754221
Property Type Single Family Residence
Price Type --
Starting bid for Live Auction is $1,400,000. Home comps at $1,900,000. Zero fees for buyers to bid, simply upload proof of down payment. Exquisite luxury living awaits in this stunning 5 bedroom plus den contemporary golf course home completely remodeled. There is a location already designated for an elevator if you want to put one in. As you enter the main floor you are wowed by the vaulted ceiling family room with a custom built in bar. Main floor offers everything you need with the primary suite, two more guest bedrooms, secondary TV area, custom-designed kitchen with top of the line appliances and a large laundry room. All this walks out onto your private balcony overlooking the pool and golf course with views of Red Rock. The walk-out lower level adds versatility, providing additional space for relaxation or entertaining. Downstairs you have another guest room, office, media room, pool table, full bath, flex room that is currently used as a gym but let your imagination make it work for your needs. Everything from top to bottom is brand new and can be set up as a smart home if you would like! NO HOA and a quiet neighborhood near Shea makes this the perfect location as it's close to middle of Fountain Hills and within minutes you are over the hill and back in Scottsdale or down the 87. Live the lifestyle you deserve in this unparalleled residence. Harcourts Auctions Certified & Transparent Non-Distressed Auction Platform! Luxury Live Auction! Bidding to start from $1,400,000.00! Live Auction Oct 10, 2024 at 12pm PT. No Buyer Premium. All Property, Seller Reports/Disclosures completed. All offers encouraged. Submit offer to stop auction; loan or cash. Once you register you will have access to sellers disclosures and inspection. Sellers repaired 90% of inspection items.

35203 W Indian School Road Tonopah, AZ 85354

$1,400,000
3 Beds
2 Baths
2,520 SqFt
Status Active
MLS # 6742738
Property Type Single Family Residence
Price Type --
Lot 2 and 5 is a total of 11.40 level acres of land being split from 504-10-003-B with a 3 bedrooms and 2 bathroom home, private well and room to expand! There is a large enclosed hall that can be used for gatherings, storage and more. The covered storage area offers its own possibilities for an income producing venue with the start of 9 individual rooms and three bathrooms along with one large central space that could be a centralized kitchen or living space. Private well and three separate septic tanks make the possibilities of this property endless! Near the future Belmont Master Planned Community and soon to break ground Desert Studios. 20 min to Buckeye Equestrian Center, 35 min to Wickenburg, Stone's throw from Teravalis, Desert Whisper, Tartesso etc. Easy access to Interstate I-10, MC-85, Loop 202 & 303. Close to the proposed I-11 freeway, connecting Arizona, Nevada & California. Early-stage planning efforts for I-11 to become a trade route connecting Canada & Mexico. Providing Arizona with access to regional & international markets, jobs & economic growth. Possible seller carry back with large down payment. You won't want to miss out on this property and all that it offers!

8982 E Rusty Spur Place Scottsdale, AZ 85255

$1,400,000
3 Beds
2 Baths
2,062 SqFt
Status Active
MLS # 6733023
Property Type Single Family Residence
Price Type --
What an incredible opportunity to live in one of the most desired master planned communities in the entire valley of the sun, where active lifestyles meet modern day convenience. Welcome to DC Ranch, a magnificent 4,400 acre upscale master planned community consisting of 4 incredible villages featuring 26 unique neighborhoods with over 28,000 homes and 7000 plus DC Ranch residents. DC Ranch offers a diverse collection of architecture, resident amenities and outdoor experiences including 47 parks and over 50 miles of lush scenic paths and trails that safely guide you through this incredible community. The McDowell Sonoran Preserve surrounds much of DC Ranch and is considered by many residents as the ''backyard'' to the community. The McDowell Sonoran Preserve is the *(Click More)* nation's largest urban land preserve, encompassing 36,000 acres, one-third of the City of Scottsdale totaling 57 square miles. Enjoy hiking and biking? You'll enjoy exhilarating hikes, along with miles and miles of mountain and road biking with endless opportunities to truly enjoy the beautiful Sonoran Desert. The scenic paths and tranquil trails are truly breathtaking! They safely and conveniently connect neighborhoods and guide residents through a collection of exceptional interactive and scenic walkways linking the neighborhoods to the incredible parks, enchanting gardens, grassy play areas, playgrounds, wildlife viewpoints, community pools, recreation areas, award winning schools and Market Street! Market Street is right around the corner, just a minutes' drive, a short walk or bike ride. Market Street at DC Ranch is an upscale, mixed-use lifestyle center nestled within the DC Ranch community. Spanning approximately 37 acres, this vibrant destination boasts a main street theme, characterized by 15 architecturally unique buildings. Visitors can explore a diverse array of distinctive shops and boutiques, savor culinary delights at various restaurants, and enjoy neighborhood conveniences along with live music, all within this charming setting. Additionally, Market Street features office spaces, making it an ideal location for both leisure and business activities. A few of the amazing eateries and numerous local hot spots include Vic & Ola's, Flemings, Grimaldi's, All American Modern Sports Grill, Jalapeno Inferno, Eggstacy, Liberty Station, The Living Room, and Pescada. Residents of The DC Ranch have access to two recreation centers, offering year-round activities to get fit, stay fit and enjoy a healthy lifestyle. The Homestead Community Center and the Desert Camp Community Center blend nicely with community parks providing a ton of amenities including vine covered ramadas, BBQ grills, fire pits, seat walls, shade canopies, adventure playground, grassy play areas perfect for picnics, a heated pool open year-round, splash pad and lighted tennis, pickleball, softball, baseball and basketball courts. The Homestead Playhouse community theatre includes Indoor and outdoor event facilities complete with a commercial kitchen. The opportunities to have fun in the parks, playgrounds and open spaces are truly endless. The perfect place for an evening stroll, bike ride, hike or jog with your friends, family and neighbors. DC Ranch offers a wide variety of classes to help you meet your fitness goals and help you connect with other residents including all levels of yoga, strength and balance, health and wellness and aqua fitness classes. Just a short 30 minute drive to Barlett Lake Recreation Reservoir. It's an outdoor enthusiast's dream destination for action and adventure. With more than 2,815 acres of open water and beautiful, unblemished lush desert landscape. Enjoy kayaking, fishing, scuba diving, camping, stargazing and some awesome off roading. Catch a D-backs spring training game, the stadium is a quick and easy 20 minute drive. DC Ranch is perfectly placed in North Scottsdale with quick and convenient access to the loop 101 freeway. Just 15 minutes to Scottsdale Airpark and 30 minutes to Sky Harbor and downtown Phoenix. This home is carefully set on one of the most amazing lots in the DC Ranch Villas! It's private, with only one neighbor. It's perfect, with incredible orientation for mountain views with no other homes directly in front or behind you. It's oversized, with a big backyard and side yard built for entertaining and surrounded with spectacular scenery and gorgeous views of the McDowell Mountains. This popular single level split floor plan is versatile and currently set up as a 2 bedroom with the Master Suite split to one side and the guest bedroom and den, office or bonus room on the other side. The inviting courtyard welcomes you to a dramatic entry that's light, bright and open featuring soaring ceilings with gorgeous hand scraped Hickory wood flooring, beautiful solid wood Alder doors, rounded corners, art niches, custom window covers, ceiling fans, designer two tone paint and upgraded lighting, hardware and fixtures with decorator touches throughout. The architectural detail is sincerely remarkable and incorporates attention to detail along with wonderful lighting and beautiful lines that create a modern and warm feel and flow. The great room is expansive, cheery, airy and warm with abundant natural lighting, soaring ceilings, a magnificent marble fireplace, custom built in media niche all surrounded by walls of scenic glass inviting the outside in creating an incredible extension of living space to this fabulous floor plan.Like to cook? Enjoy preparing lavish meals and memories in your wonderful open concept chefs kitchen featuring upgraded raised panel maple cabinets with gorgeous beveled edge granite slab countertops surrounded by a decorative backsplash. The kitchen includes a huge breakfast bar, double under mount sink, nice walk-in pantry, scenic picture windows and upgraded appliances complete with a KitchenAid stainless steel refrigerator, 5 burner gas cook top, custom stainless vent hood and built in microwave. The kitchen features a ton of great counter and cabinet space along with a wonderful private patio featuring a Dutch door that allows you to enjoy Arizona's wonderful weather inviting in a cool breeze and some AZ sunshine into your home. Formal dining offers a wonderful seating area showcasing floor to ceiling windows overlooking the scenic natural wash area full of lush desert plantings and stunning views of the McDowell Mountain Preserve. The dining area features an impressive chandelier and offers plenty of space to accommodate large dinner parties as well as intimate gatherings for a wonderful dining experience. Enjoy good food, great friends and memorable dinner parties. You will love this floor plan, it is spacious, yet efficient and combines quality and elegance, perfect for entertaining or a quiet night at home. Just off the hallway is a custom built media niche, perfect for a home office, hobby area or just surfing on the web. It includes rich maple cabinets with ample storage and natural wood countertops, a built-in desk and scenic picture window of the courtyard. The secondary bedroom is good sized with oil rubbed Hickory flooring, nice closet space, a remote ceiling fan, custom window covers and abundant natural lighting. The den, office or bonus room is truly a flex space, just perfect for that extra room or space that you're always looking for. It includes double entry doors, a private patio with mountain views, gorgeous Hickory wood floors, remote ceiling fan and custom built-in Alder cabinets featuring a work station with additional storage, display shelving and a built-in Murphy bed for an additional overnight guest, if ever needed. The hall bath has been meticulously remodeled with beautiful marble flooring, solid maple hardwood cabinetry, upgraded undermount sink and gorgeous marble slab countertops. It includes upgraded lighting, hardware and fixtures and a large and oversized marble finished shower with glass enclosure. The laundry room is perfectly placed within the floor plan for convenience and includes custom cabinets, rich marble flooring and a farmhouse sink complete with an decorative marble backsplash. The Seller is also including the existing front load washer and dryer. Now relax and retreat to the spacious master suite complete with high plate ceilings, warm wood Hickory flooring, custom window covers, remote ceiling fan, scenic mountain view windows and glass doors leading to your private patio for those late night dips in the hot tub. The spa inspired master bath update is fabulous including gorgeous maple cabinets, elegant marble flooring, an oversized double vanity with makeup station, dual sinks and a large wall to wall mirror. Enjoy the soothing garden soaking tub, walk-in closet, private toilet room and upgraded lighting, hardware and fixtures. The expansive marble shower features a rainbird head, shaving bench and custom glass enclosure. Want to get away...Grab a good book and glass of wine and head out to the cozy covered patio and enjoy Arizona's outdoor living at its finest. This backyard is ABSOLUTELY AMAZING and laid out perfectly for efficiency, relaxation, fun and entertaining. Turn on the water feature and step inside to soothing spa and let the stress just melt away. This is truly the place to relax, exhale and unwind while soaking up the incredible Arizona weather and the mesmerizing mountain views. Here you'll spend countless hours enjoying the classic southwest Saltillo tiled patio surrounded by towering trees, flowering bushes and shrubs all secured by rod iron view fencing. The patio includes a nice BBQ island along with ample seating areas for entertaining and family gatherings. The indoor & outdoor living spaces blend seamlessly to create an entertainment masterpiece perfect for large parties, intimate gatherings and outdoor living. Truly an entertainer's paradise and absolutely breathtaking! Both the front and backyard landscape watering systems are on a timer with auto watering. The home includes a soft water and R/O drinking water and security system. The spacious 2 car garage includes a garage keypad for convenient access. All of this and award winning DC Ranch schools, two world class country clubs and multiple recreation centers. DC Ranch is truly the number one the place to be for active lifestyles! Looking for a peaceful and tranquil place to unwind, relax, exhale and escape the daily pressures of our daily lives, this is it! This quality crafted move in ready home includes an impeccable selection of luxurious appointments and fine finishes that blend quality and attention to detail throughout this spectacular one of a kind opportunity. Better Hurry on this one!

9665 N Stagecoach Drive Williams, AZ 86046

$1,400,000
3 Beds
3.5 Baths
3,326 SqFt
Status Active
MLS # 6760623
Property Type Single Family Residence
Price Type --
Welcome to your serene ranch retreat, sprawling across nearly 29 acres with stunning mountain views. Perfect for equestrians, the property includes a 2500sqft barn + 2000sqft covered paddock & 5 acres of fully fenced land. Nestled in nature, the estate is a sanctuary for local wildlife like elk and deer, all surrounding a 3,300+ sqft custombuilt home. With seamless indoor-outdoor living, each of the 3 spacious bedrooms offers an ensuite bathroom and access to covered patios, indoor&outdoor fireplace blending luxury with the beauty of the outdoors. This property is fully equipped for modern convenience and adventure. A 2000sqft RV shed with a full bath provides extra space for guests or storage, while a 2000sqft workshop with a rainwater collection system *NEW METAL ROOF being installed greenhouse caters to projects and hobbies. The barn features horse stalls, a tack room, and hay storage, while the 5-acre fenced arena and paddock complete the equestrian setup. Located just 30 miles from the Grand Canyon and minutes from Williams, you'll enjoy endless outdoor activities like hiking, biking, and kayaking at nearby Kaibab Lake. Entering through a secure electronic gate, you're greeted by a grand custom Italian wrought iron door, leading to heated tile floors, rock archways, and crystal chandeliers inside. The chef's kitchen is fully equipped, while the three master suites offer luxurious en-suite bathrooms and fireplaces. This estate is the perfect blend of comfort, privacy, and adventureyour peaceful, luxury ranch awaits.

954 E Beck Lane Phoenix, AZ 85022

$1,400,000
3 Beds
5.5 Baths
4,347 SqFt
Status Active
MLS # 6763687
Property Type Single Family Residence
Price Type --
Spectacular luxury home with city light views throughout the home. Home features 3 bedrooms plus office and 5 1/2 baths, including a full pool bath and steam shower in bedroom #2. Kitchen features Bosch appliances, sub zero refrigerator, tons of cabinets and storage. Spacious family room with tall ceilings and views to the backyard which is an entertainers delight. Exterior features include pool, spa/hot tub, gazebo, fireplace and built in BBQ. Check out the floor plan under the document tab

15743 E Sunflower Drive Fountain Hills, AZ 85268

$1,400,000
6 Beds
4 Baths
3,301 SqFt
Status Active
MLS # 6753886
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury in this beautifully updated custom home featuring exquisite designer details, N/S Exposure & STUNNING VIEWS of Mountains & iconic Fountain. Enter through custom etched glass door to bright open great room w/expansive new windows & soaring ceilings. DREAM KITCHEN features smart tech appliances including a sleek induction cooktop, custom white cabinetry & striking quartz waterfall island. Split floorplan offers privacy w/luxurious primary suite on one side & additional well appointed bedrooms on other. Enjoy gorgeous VEIWS from one of the multiple outdoor patios, swim in the sparkling pool w/serene water feature, or sit & take in the surroundings by the exterior gas fireplace. Casita w/private entrance off lower level backyard. The PERFECT home exists!! Must see to appreciate all of the fine details.This home is the epitome of modern luxury in an unbelievable location just over the mountain from Scottsdale and close to some of the best hiking trails, and a short drive to downtown Fountain Hills.

9441 N 80th Place Scottsdale, AZ 85258

$1,400,000
4 Beds
3 Baths
2,944 SqFt
Status Active
MLS # 6763355
Property Type Single Family Residence
Price Type --
From Frank Lloyd Wright's Architects and one of only two subdivisions from Fellow John Rattenbury. Exuding serenity while integrating seamlessly into the streetscapes of the neighborhood was Rattenbury's primary goal for his Mountain View East project within McCormick Ranch. Utilizing principles of Taliesin West, these homes are simple, while elegant, sophisticated, and spacious. This model features 2 master suites split from each other while also split from 3rd and 4th bdrms. Wright-inspired design features of multi-level ceilings with clerestory windows and skylights keep the home awash in natural lighting and visual interest making it architecturally unique. Lush & mature landscaping, relaxing pool and a patio with commercial misting draws one to outdoor living and entertaining.

16623 E Emerald Drive Fountain Hills, AZ 85268

$1,400,000
4 Beds
3 Baths
2,749 SqFt
Status Active
MLS # 6752009
Property Type Single Family Residence
Price Type --
Contemporary Southwest Retreat sitting on 1.013 acre offers sweeping views of Redrock Mtn, the Superstitions looking down a peaceful arroyo. Gracious courtyard entry welcomes guests and opens to an elegant great room. Gorgeously updated features vaulted ceilings, walls of massive windows with tons of space for friends and family. Chef's kitchen is designed for a crowd, offers granite island w/ breakfast seating, top-of-the-line appliances, tons of cabinetry, is dine-in, and allows the chef to be part of the celebration. Space for a dining room. Large primary suite plus 2 additional bedrooms, which one is ensuite, plus a den or 4th bedroom. Nice big 3-car garage with a separated bay that can also be a ''private space.'' Heated pool and Spa!

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