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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865 E Monte Vista Trail Wickenburg, AZ 85390

$3,500,000
5 Beds
7 Baths
7,880 SqFt
Status Active
MLS # 6659880
Property Type Single Family Residence
Price Type --
Experience luxury & sophistication gated community! Integrating indoor & outdoor living. BREATH TAKING VIEWS! Nestled in the heart of Wickenburg, this stunning custom home has 5 bedrooms, 7 baths & theater room. Entering thru this grand entrance you are greeted w/a water feature & expansive living spaces. Gourmet kitchen is a chefs dream. Featuring top-of-line appliances, custom cabinetry, 2 warming drawers, 3 ovens, & a spacious island. Custom built bar. Relax by one of 5 fireplaces. Your master suite is a private sanctuary boasting a spa-like feel, fireplace, Large walkin & jet tub. Stepping into your private backyard oasis offers total relaxation. Negative edge pool/spa, built in b-bque, ramada, steam room & lush landscape is your ideal entertainment. The spacious 3200 sq ft RV garage. Spacious RV garage with a drive through RV Stall, can hold 8+ vehicles. Until you see this amazing property in person, you will not appreciate the value. This custom home was built by Tom Hogue and used as his personal home. From the grand entry way, rocked pillar, fountain water feature, floor to ceiling retractable glass doors, workout room, sauna and so much more. This is a MUST SEE!!!

3428 S 159th Street Gilbert, AZ 85297

$3,500,000
5 Beds
5.5 Baths
10,171 SqFt
Status Active
MLS # 6712293
Property Type Single Family Residence
Price Type --
Experience livable luxury in this stunning iconic colonial style home ideally located across the street from the LDS Temple in the heart of Gilbert. The architectural masterpiece combines historic elegance with modern amenities, offering an unmatched lifestyle. Designed for both comfort and entertainment, this nearly 11,000 square foot home features a beautiful front porch and balcony straight out of the movies, grand foyer, 20 ft. vaulted ceilings, extensive molding and trim work, expansive living and dining areas, a huge entertainer's kitchen with hidden walk-in pantry complete with a commercial grade walk-in refrigerator, indoor pro racquetball court, theater room and serene library. Majestic kitchen features a two tier island with breakfast bar and large dining area with the temple as a backdrop out every window. The home boasts 5 spacious bedrooms and 5.5 bathrooms, extended 3 car garage on one side of the house and an additional 2 car garage on the apartment side of the home. Enter the master bedroom through a large sitting room with fireplace and front porch access. Large master has built in bookshelves, bay window with temple views, and large ensuite bathroom complete with his and hers sinks, expansive walk in shower/steamer and walk through master closet. Relax in the upstairs loft, on the balcony or with your favorite movie in the theater. Large laundry room is equipped with 2 sets of washer/dryer, center island surrounded by cabinets and more storage. The separate apartment is perfect for guests, in-laws or rental income. RV gate with RV pad. 32kW paid off solar system with battery backup. With no HOA restrictions, you have the freedom to truly make this home your own. Embrace the perfect blend of historic charm and contemporary luxury in a location that offers top-rated schools, easy access to the 202 freeway, Mercy Hospital, San Tan Mall, dining, entertainment, shopping and community events. Too much to list here, this home is a must see.

8332 E Sand Flower Drive Scottsdale, AZ 85266

$3,499,995 - 4Br/4Ba -  for Sale in Reserve At Black Mountain, Scottsdale
Open House
$3,499,995
4 Beds
4 Baths
4,297 SqFt
Status Active
MLS # 6734396
Property Type Single Family Residence
Price Type --
MOVE IN READY beautiful pre-designed home with luxurious upgrades inside and out. The award winning Mayne Modern home design was made for entertaining. This single-level home showcases an open floor plan with elevated ceiling heights in the main living spaces. The Gourmet kitchen is a chef's delight with upgraded maple cabinets and designer stainless steel appliances included a Wolf 48'' Rangetop w/Griddle, Pro Hood, Micro Drawer, Pro Double Ovens, and Cove Dish Washer. Spacious great room features a 60'' primo fireplace and 20' multi-stacking door open to covered patio. Oversized bonus room with wet bar and direct access to large covered patio. Attached casita with living area and full bath. Price includes full landscape and pool. THIS IS A MUST SEE!

6413 E Ashler Hills Drive Cave Creek, AZ 85331

$3,499,900
4 Beds
5 Baths
4,057 SqFt
Status Active
MLS # 6762063
Property Type Single Family Residence
Price Type --
Stunning rustic contemporary home on a private road with no hoa. Home sits on 2 1/2 acres fully fenced with rear yard that has capabilities for adding another 10,000 of casita, garage and or under roof if desired. Home surrounded by beautiful cave creek desert mountain views, as well offers privacy and while being close to shopping and schools. The chefs kitchen boast twin Subzero 736 refridgerators and Wolf oven and range top, large walk in pantry, prep and primary sink on dual islands, hidden accessories, quartzite countertops. Home has City of Scottsdale water, 2 stage water filtration, a water softener and 2 RO systems for drinking water and ice. Back patio boast tv sitting area, 48 inch firepit, built in BBQ and sink, bar island and mister system. Buyer to verify all information.

9591 E Havasupai Drive Scottsdale, AZ 85255

$3,499,000
5 Beds
5 Baths
5,240 SqFt
Status Active
MLS # 6719082
Property Type Single Family Residence
Price Type --
Located in one of the finest private communities in Scottsdale, this luxurious home sits on THE BEST lot in La Strada. Surrounded by mountain views & city lights while still in the heart of the city, this stunning & spacious home features all the amenities including 5 bed, 5 bath, 4 car gar, office/den, walk in wine cellar w/Subzero fridge by Cellar, casita, courtyard, & sport court. Resort-style backyard with amazing views is private & features a negative edge heated pool, spa, & outdoor kitchen area. The indoors are just as inviting with a recently remodeled chef's kitchen equipped with Wolf & Subzero appliances, steam oven, and other high-end finishes. A dream home on a quiet & private cul-de-sac just minutes from the 101, DC Ranch Marketplace, Kierland, & all the Valley has to offer.

7155 E Navarro Way Scottsdale, AZ 85266

$3,499,000
4 Beds
4.5 Baths
5,084 SqFt
Status Active
MLS # 6742165
Property Type Single Family Residence
Price Type --
WOW! Just WOW! Nestled on a sprawling 1.882-acre cul-de-sac lot within the prestigious Turquesa Equestrian Estates, this majestic property offers a serene desert oasis. The residence greets visitors with a beautifully landscaped desert yard, enhanced by stone accents on the facade, a spacious 4-car garage, and extensive parking spaces. A large, inviting courtyard offers the perfect spot for enjoying morning coffee in tranquility. Step inside to discover a stunning interior adorned with wood floors and pre-wired surround sound, creating an ambiance of both luxury and comfort. The expansive living and dining area features a cozy fireplace and glass doors that seamlessly blend indoor and outdoor living... The bright great room is an ideal setting for creating cherished memories with loved ones. The sleek kitchen is a chef's dream, equipped with stainless steel appliances, dual wall ovens, granite counters, a mosaic tile backsplash, a walk-in pantry, and two large center islands. A dedicated room with built-in wine racks adds a touch of sophistication, perfect for the connoisseur. Retire to the rich main suite, which offers direct backyard access and a lavish bathroom complete with dual vanities, a standalone tub, a makeup vanity, and a spacious walk-in closet. Additional living spaces include a cozy den accessed through double doors, and two bonus rooms that can serve as a media center or additional bedrooms. Outside, the expansive backyard is a private paradise, featuring a covered patio, built-in BBQ, gazebo, refreshing spa, sparkling pool, lush grassy areas, and a captivating water feature, all set against a backdrop perfect for a variety of outdoor activities. This property is more than just a home, it's a lifestyle. Don't miss the opportunity to experience the grandeur for yourself!

4615 N 61st Place Scottsdale, AZ 85251

$3,495,000 - 3Br/4Ba -  for Sale in Phoenician Parcel F, Scottsdale
Open House
$3,495,000
3 Beds
3.5 Baths
3,609 SqFt
Status Active
MLS # 6762363
Property Type Single Family Residence
Price Type --
This is an exciting opportunity to live in a gated, resort-style community with views of Camelback Mountain and access to The Phoenician®. The new subdivision offers an impressive lifestyle ideal for empty nesters or someone interested in a second home in the spectacular Valley of the Sun. This is one of only two opportunities remaining that is sure to move quickly. It has 3 bedrooms, 3.5 bathrooms, and 3,980 square feet of luxurious, state of the art, contemporary living space. There's also a fabulous guest casita and gorgeous finished landscaping. The setting is stunning, the amenities are outstanding, and the design is exceptional. This home is move-in ready.

8579 E Nightingale Star Drive Scottsdale, AZ 85266

$3,495,000
5 Beds
5 Baths
5,349 SqFt
Status Active
MLS # 6756874
Property Type Single Family Residence
Price Type --
Welcome to this exquisitely stunning updated custom home on a large cul-de-sac lot in the gated community of Sierra Boulders North. Main house boasts Three spacious Ensuite Bedrooms, additional Fourth Bedroom (opt office) with walk in closet. Wood beams grace ceiling in Great Room and are accentuated by European White Oak Hardwood floors. Culinary enthusiasts delight in large Island with Taj Mahal QUARTZITE countertop, WOLF, Sub Zero, Cove stainless steel appliances, custom wine cooler. Extraordinary 1,171 sq ft detached guest house features elevated finishes to impress most discerning buyers updated 2019. Stunning rooftop deck, Entertain in style on covered veranda with outdoor gourmet kitchen, equipped with Mugnaini wood fired pizza oven imported from Italy, Control 4 automation syst Fire Magic BBQ grill, warming drawer, beverage cooler, sink with disposal, and misters that keep you cool all summer long. Cozy up by the outdoor fireplace while roasting marshmallows and telling stories. An outdoor oasis includes a generous Pebble Tech Pool with upgraded Pop up Cleaning System and a Spa that comfortably seats nine. The lush yard is adorned with vibrant green turf, ideal for children's play, yoga sessions, or soaking up the sunshine while playing catch with your furry four legged friends. Over $250,000 was recently invested in updates. No expense was spared in creating this masterpiece with over one acre of privacy, a stunning separate guest house and a truly spectacular outdoor space. Outside, fresh herbs and vegetables are easily accessible from three beautifully constructed raised bed gardens. For car enthusiasts or those with a passion for hobbies, the Four Car garage with epoxy floor, built in cabinetry, Charging Station, and organization System, offers ample space for vehicles and toys alike. This property is a true gem in today's market. Make it your dream home today!

39395 N 105th Street Scottsdale, AZ 85262

$3,495,000
5 Beds
5.5 Baths
4,730 SqFt
Status Active Under Contract
MLS # 6522391
Property Type Single Family Residence
Price Type --
Fantastic brand new home in Grey Fox at Desert Mountain. Completion expected in the Fall of 2024. Interior finishes are being installed and should be completed by mid-August. Exterior work including the new pool, is well underway. This home from Sierra Custom Homes offers a fantastic floor plan, impeccable finishes and fixtures and a beautiful setting on this great corner lot. With 4 or 5 bedrooms, a separate office, great room and fantastic indoor/outdoor living, this home will live and entertain exceptionally well. The huge covered patio opens to the pool and spa. There will be many new and impressive features and details in this home. This home will be ready for occupancy by its new owner this Season!

7148 E Valley Trail Paradise Valley, AZ 85253

$3,495,000
5 Beds
5.5 Baths
5,178 SqFt
Status Active Under Contract
MLS # 6753089
Property Type Single Family Residence
Price Type --
Discover luxury living in this stunning 5-bedroom, 5.5-bathroom home nestled within the gated community of Cheney Place in the heart of Paradise Valley! Located in an exclusive enclave of 19 homes and just off Scottsdale Road and Cheney Dr. This residence offers a prime and walkable location to restaurants, boutiques, hiking and biking trails and so much more. With a four-car side entry garage, this corner 1 acre + property boasts generously oversized rooms featuring spacious closets and 4, Ensuite bedrooms. Enjoy expansive open living spaces with large windows that provide wonderful natural light and an entertainer's dream single-level floor plan. You'll notice other homes under complete renovation upon entering making this an even more desirable gated community when completed.

30 E Glendale Avenue Phoenix, AZ 85020

$3,495,000
6 Beds
4.5 Baths
6,564 SqFt
Status Active
MLS # 6720436
Property Type Single Family Residence
Price Type --
Lined Palm trees frame this Spanish Colonial Estate and embrace this luxurious villa settled on over an acre in the heart of North Central Phoenix, within walking distance to Murphy Bridle Path. Filtered through oak and orchid trees, light flickers over the elegant central courtyard with a decorative fountain, lush landscape, and a paved roundabout. The formal entry includes beautiful hardwood floors and a gorgeous chandelier, as dramatic 20-foot beamed ceilings, crown molding, embellished corbels and hardwood floors move you through 4,290 sq ft of living space, seamlessly. A jaw-dropping dining room with a coffered ceiling opens up to an incredible terrace. Beautiful newer 2000+sqft ft guest house included in overall square footage..guest house can easily be connected to main house. Continuing with gathering spaces, the impressive kitchen with vaulted ceilings, high-end stainless-steel appliances, a 20-foot skylight, built-in China cabinets, and a spacious eat-in area create a warm and impressive atmosphere. The primary bedroom, on the main level, features a large walk-in closet, complemented by solid core doors and a glorious ensuite bath. Add another bedroom on the main level and two upstairs, both opening onto private balconies. Outside, the back patio features a fireplace, and overlooks a sprawling backyard enveloped by majestic mature trees and boasts an opulent pool adorned with a captivating water feature, fountain, and spa. Adding to this estate's allure is an incredible 2274 square ft guest house, showcasing 22-foot vaulted ceilings, a spacious family room, two bedrooms, eat-in kitchen, and entertainment area. This invigorating dwelling is move-in-ready, offering a blend of elegance, comfort, and perfection.

10430 N Crestview Drive Fountain Hills, AZ 85268

$3,495,000 - 4Br/5Ba -  for Sale in Crestview At Fountain Hills, Fountain Hills
Open House
$3,495,000
4 Beds
4.5 Baths
4,415 SqFt
Status Active
MLS # 6753304
Property Type Single Family Residence
Price Type --
The Crestview House. Rarely does a home like this become available. Single level, no steps, with unobstructed jetliner views. Featured in House Beautiful Magazine. ''The concept was to create a harmonious interior landscape that blends seamlessly with the view''. Light and contemporary art inspired, with warm tones, rich textures, an inviting color palette, and thoughtful attention to detail at every step. Interior by TOM Interior Design Studio. The home is being sold just as you see it. Each piece of art, accessory, and all furnishings that were specifically hand selected for this property are included. 2.3+ acres, in this gated community, overlook the valley below. Mountain vistas and city lights from almost every room. This exquisite mountainside home is a must-see work of art

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