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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7726 N Foothill Drive Paradise Valley, AZ 85253

$3,480,000
5 Beds
4 Baths
4,676 SqFt
Status Active
MLS # 6632404
Property Type Single Family Residence
Price Type --
VIEWS, VIEWS, Stunning elevated Mummy Mountain Hill Side VIEWS, stretching +40 miles of mesmerizing changing colors of the southwest landscapes, and serene city lights, after sunset. The converging of several factors and circumstances, make this, a unique estate lot, unquestionably, one of the best P V lots, worth their value, with discernible and quantifiable features. Specifically, the extended footprint of the current dwelling, driveway and pool area, provide an existing building envelop that is an owner's dream for a generational home and paves the path of a smoother and faster permitting process, while providing an architect, limitless possibilities for a legacy masterpiece design, and importantly, facilitating the builders' challenges to minor landscape disturbances, avoiding delays and costly excavations. Included are, a complete design and construction plans for approx. 8000 SF home, developed with Hillside Requirements in mind. Unlimited options and BEST LOCATION IN PARADISE VALLEY!

27974 N 96th Place Scottsdale, AZ 85262

$3,450,000
4 Beds
3.5 Baths
3,948 SqFt
Status Active
MLS # 6711953
Property Type Single Family Residence
Price Type --
ESTANCIA GOLF MEMBERSHIP AVAILABLE SUBJECT TO BOARD APPROVAL. Single-level home on a 1.3 acre lot with south-facing views of Pinnacle Peak from the great room and master bedroom. This custom home has an open floor plan with large kitchen that flows seamlessly to the living and dining areas. Interior features include stone flooring, wood-beamed ceilings, custom cabinetry, stainless steel kitchen appliances, stone fireplace surrounds, 700-bottle wine room & adjacent wet bar. Exterior living area offers a large covered patio with TV area, gas fireplace, heated spa, built-in BBQ station, many mature citrus trees, and a rooftop deck plumbed for a bar with stunning panoramic views. Large solar panel system is owned. Oversized 3-car garage includes an electric vehicle charger. With all the features, views and Golf Membership... this home will sell fast!

12020 N 68th Place Scottsdale, AZ 85254

$3,450,000
5 Beds
5 Baths
5,022 SqFt
Status Active
MLS # 6752052
Property Type Single Family Residence
Price Type --
NEW from Thomas James Homes with an opportunity to select some interior finishes during early stages of construction! This house has a great address and great schools. Sitting in the highly desirable Scottsdale neighborhood, this beautiful 5 bedroom, 5.5 bathroom this contemporary home is the definition of exceptional design. Wide plank wood flooring, decorative ceiling and wall treatments, including beams and wood paneling, impressive custom lighting, outstanding millwork, stone and tile accents, a gorgeous floor to ceiling fireplace, flat panel cabinetry and a 4-car garage are just a sampling of the outstanding finishes going into the home. The large single story open concept floorplan is expertly crafted for modern living with a large interior courtyard leading to the home's entrance. Inside you'll find a large great room and luxury kitchen joined by a large quartz countertop island. The grand suite hosts a large his and hers walk-in closet and a spa like bathroom with a freestanding soaking tub and walk-in shower. The secondary bedrooms throughout the home have en-suite bathrooms. In addition to the bedrooms, you'll find ample added living space with a private office and a kitchen prep area adjoining a bonus room. Home will feature fully landscaped front and back yards with a pool and spa, providing great Arizona outdoor living space. This home is minutes from dining, shopping and more. Expected completion Fall 2025.

3040 S Solitaires Canyon Drive Flagstaff, AZ 86005

$3,450,000 - 4Br/5Ba -  for Sale in Estates At Pine Canyon 5, Flagstaff
Open House
$3,450,000
4 Beds
4.5 Baths
3,832 SqFt
Status Active
MLS # 6760314
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Pine Canyon community of Flagstaff, AZ, this exceptional home offers a unique blend of luxury and natural beauty. Spanning 3832 square feet on a 0.33-acre lot, this SMART HOME wired residence captures the essence of mountain living with a contemporary twist. Surrounded by the tranquil pines and backing onto the National Forest, the home offers breathtaking views of the San Francisco Peaks, blending seamlessly with its environment. Designed with both elegance and comfort in mind, the architectural details of this custom home create a harmonious balance between modern mountain aesthetics and industrial chic. High ceilings, exposed beams, and expansive windows flood the interiors with natural light, while reclaimed materials, oak floors, and (Continue) Elevator, high ceilings, exposed beams, and expansive windows flood the interiors with natural light, while reclaimed materials, oak floors, antique steel add a touch of rustic charm. The open floor plan flows effortlessly from the spacious living room, featuring a custom reclaimed steel fireplace, to the dining area and chef's kitchen, which is equipped with stainless steel appliances, a functional island with seating and storage, a pantry, and a wet bar with a wine fridge. The master suite is a true retreat, complete with a cozy seating area, fireplace, and a full bathroom that exudes spa-like luxury with a resort-style shower, double sinks, and a soaking tub. Each of the remaining three ensuite bedrooms offers comfort and space, with full bathroom

35670 N 85th Street Scottsdale, AZ 85266

$3,449,000
3 Beds
3.5 Baths
4,828 SqFt
Status Active
MLS # 6732527
Property Type Single Family Residence
Price Type --
Step into a world where decadence meets contemporary elegance in this exceptional masterpiece nestled behind the coveted gates of Rosewood Ranch Estates. Surrounded by Breathtaking, UNOBSTRUCTED PANORAMIC,MOUNTAIN VIEWS OF BLACK MOUNTAIN, ELEPHANT MOUNTAIN,AND THE CONTINENTAL MOUNTAINS on OVER AN ACRE-MOST PRIVATE & LARGEST LOT IN NEIGHBORHOOD! This CUSTOM Home is low maintenance & meticulously crafted by the Award-Winning Rosewood Homes celebrated for design and innovative style. Built in 2020, designed for those with the most discerning tastes, this Exquisite Contemporary Custom Home boasts soaring 12-foot Ceilings, Elegant Wood Accent Beams,Upscale Tile Hardwood Floors, Entertainer's Dream Kitchen WOLF, SUB ZERO, FISHER PAYKEL, Resort Style Backyard with Swim UP BBQ Island, Bocce Ball and MORE! Wow, the Designer Custom Oversized Kitchen Island are just a few of the features of this designer kitchen, equipped with a Sub Zero custom refrigerator and freezer, a six-burner Wolf cooktop, and Fisher Paykel dish drawers. The stylish culinary island and designer backsplash create an inviting space for gatherings, making it the heart of the home. Unwind in the Luxurious Great Room, featuring a Sleek Linear Gas Fireplace, Large Picture Window perfectly framing Elephant Mountain and the Continental Mountains, or retreat to the versatile Den/Media Room, perfect for a Private Office, Gym, or Home theater. The Primary Suite serves as a Private Sanctuary, boasting a Spa-like bathroom with a generous Walk-in Shower, beautiful Freestanding Tub, His and Her Vanities, complemented by Oversized Designer His and Her Closets. Guest comfort and privacy are paramount, with generously sized Ensuite Guest Suites with Walk In Closets, thoughtfully located on the opposite side of the house with the Split Floor Plan Design. Embrace seamless Indoor-Outdoor Living with Two Walls of Disappearing Glass that open to a Spectacular Private Inner Courtyard, the perfect place to entertain family and friends or curl up with a book and enjoy solitude. The Resort Style Backyard is complete with a Large Custom Pool featuring an Oversized Bahia Shelf with Ledge Loungers for the Ultimate in Relaxation Poolside, a Designer Poolside Ramada and Gourmet Outdoor BBQ kitchen perfect to swim up to and enjoy fabulous mountain views, sunsets, drinks, and dinner! After dinner enjoy a friendly game of Bocce Ball on your very own Bocce Ball Court for endless entertainment! Gather around the Gas Fire Table under the star-filled desert sky, Star Gaze, Roast Marshmallows, Tell Stories and Create Wonderful Memories to Last a Lifetime! Situated on over an Acre this gorgeous Home boast the Largest, Most Private Lot in the neighborhood and offers ample space if one wanted to add a Separate Guest House ,a Pickleball Court, Putting Green, Yoga Shala, or Simply Room to Run and Play Football or catch with your Best Friend. The Four-Car Garage provides plenty of storage for all your Cars, Recreation Vehicles and Toys. This impeccable home presents an unparalleled opportunity for luxurious living in North Scottsdale. Don't miss your chance to experience luxury at its finest, book your private tour today and step into the lifestyle you've always dreamed of!

18720 N 101st Street Unit 2019 Scottsdale, AZ 85255

$3,400,000
3 Beds
4 Baths
3,239 SqFt
Status Active
MLS # 6635492
Property Type Apartment
Price Type --
The FINAL and much anticipated phase of the highly successful Icon project now available with construction well underway and estimated completion in 2024. This is not only an opportunity for extraordinary views and new construction , it also continues to be the best opportunity to be inside the gates of Silverleaf. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private resort community of Silverleaf. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

10626 E Palo Brea Drive Scottsdale, AZ 85262

$3,400,000
3 Beds
3.5 Baths
4,160 SqFt
Status Active
MLS # 6761265
Property Type Single Family Residence
Price Type --
This stunning, timeless residence in Turquoise Ridge is nestled on a private cul-de-sac along a serene greenbelt, offering sweeping views of Cochise golf course, city lights, and both sunrise and sunset. Santa Fe accents add warmth and charm to this beautifully designed home, where style meets comfort at every turn. With GOLF MEMBERSHIP available to the exclusive Desert Mountain Club, you'll enjoy world-class courses and luxury amenities just moments away.Inside, the open-concept layout flows seamlessly from the gourmet kitchen to the spacious Great Room, featuring rustic beams, soaring ceilings, and expansive windows that flood the home with natural light, framing breathtaking desert vistas. The kitchen is a chef's dream, complete with high-end appliances, custom Alder cabinetry, and a convenient serving window to the outside pool patioperfect for entertaining. The office is beautifully designed, ideal for working from home, while the oversized three-car garage provides ample space for vehicles and storage, including a wine cellar. The home boasts three luxurious suites, each with its own private patio for quiet relaxation. The large primary suite has direct access to the pool and spa, offering the ultimate retreat. Multiple patios provide additional areas for guest entertaining, while the sun-soaked backyard, with a sparkling pool and shaded al fresco dining space, invites you to bask in the Arizona sunshine. For those seeking the best views, the upper patio delivers panoramic vistas, showcasing vibrant sunsets and the twinkling cityscape. This is a home where every detail has been thoughtfully crafted for both elegance and functionality, making it the perfect desert escape.

744 Woodridge Lane Prescott, AZ 86303

$3,400,000
4 Beds
6 Baths
5,897 SqFt
Status Active
MLS # 6662096
Property Type Single Family Residence
Price Type --
One of the premiere homes in Hassayampa Village boasting unparalleled quality, workmanship and amazing long distance views. Located within the main gate of Capital Canyon Golf Club, one of Arizona's top rated private gated golf course communities, this very special home offers main level living with Great Room, Kitchen, DR & LR on main floor with Master on the entire 3rd floor with wine room, Office and 3 Ensuites on lower level. Features include Stone Exterior, hardwood flooring, granite counters & metal roof. 3rd car garage is currently being used as a professional workshop with a half bath. Detached utility shed is great for extra storage. Parcel can be expanded to include lots on either side of home for more privacy. Additional features include: Beamed ceilings, built-in niche book

1402 E Coral Cove Drive Gilbert, AZ 85234

$3,400,000
8 Beds
7.5 Baths
11,705 SqFt
Status Active
MLS # 6719083
Property Type Single Family Residence
Price Type --
Magnificent lakefront 2-story basement estate on rare Peninsular lot w/approx 239' (2 sides) of lakefront nestled on a cul-de-sac lot in the prestigious, gated West Lake Estates Val Vista Lakes water-wonderland Community. Approximately 8,429sf above grade & 3,276sf of beautifully finished basement w/ living quarters, wet bar/kitchenette, 720 btl wine room & gym; a bright upper level attached full Guest Quarters w/sep. entrances; nearly new roof, HVAC & OWNED solar! Thoughtful design w/ superior function, energy efficiency & a flowing floor plan for easy living & entertaining. Timeless architecture, stunning water views & mountain vistas - a lifestyle second to none. Lavish community amenities w/ convenient location to shopping, dining & easy highway access; minutes to airport! SUPPLEMENT: Amenities and updates abound in this luxurious lakefront residence! 1.

23238 N 94th Place Scottsdale, AZ 85255

$3,400,000
4 Beds
4.5 Baths
4,837 SqFt
Status Active
MLS # 6762057
Property Type Single Family Residence
Price Type --
Beautiful custom residence with incredible views at Pinnacle Peak Vistas. 3 bedrooms plus office/ 3.5 bath located in 3863SF main house. Guest House boasts 974SF 1bd/1ba with full kitchen. Over 3/4 of an acre tucked into cul-de-sac lot with private circular drive. Updated kitchens and baths in both the main and guest houses with new cabinets and appliances. Primary bedroom includes private exit near spa and completely updated ensuite bath. Outdoor entertainment spaces include: double grills, dining spaces, misting system, elevated spa, infinity edge heated pool, and pet yard with 10ft fence for their safety. This well maintained home has new flooring, high efficiency water heater in main house and tankless water heater in guest house, new water softener, and central vacuum.

19947 N 94th Way Scottsdale, AZ 85255

$3,400,000
5 Beds
4.5 Baths
5,702 SqFt
Status Active
MLS # 6758877
Property Type Single Family Residence
Price Type --
LOCATION & VIEWS. Enjoy luxury living in the highly desired gated community of La Strada : one of Scottsdale's best-kept secrets adjacent to DC Ranch. Next to Market Street and minutes from all of North Scottsdale's best dining and hot spots, golf, hiking or biking trails. EXQUISITELY REMODELED. Most recently, a full-remodel of the primary bathroom & closets. All new Wolf appliances and a large, workable kitchen is great for the chef or novice cook. Remarkable home design with impressive resort style outdoor living spaces. Expansive glass pocket doors and wall of elegant French doors paired with soaring cathedral ceilings with a grand living area allows for seamless indoor/outdoor luxury living & effortless entertaining. All while enjoying the fabulous view of the McDowell Mountains.

10025 N 78th Place Scottsdale, AZ 85258

$3,400,000
4 Beds
4.5 Baths
4,483 SqFt
Status Active
MLS # 6738053
Property Type Single Family Residence
Price Type --
Showcasing over $350,000 in recent enhancements, this 4 bed/4.5 bath home, with additional large bonus/flex/game room, is located in the gated North Meadow I section of Gainey Ranch. Set on a prime golf course lot with stunning views of the 6th hole of the Dunes course, this property epitomizes luxury living. The gourmet kitchen is a chef's paradise, featuring high-end appliances and custom cabinetry. Step outside to discover a beautifully landscaped oasis that includes a sparkling pool, hot tub, fire bowls, built-in BBQ, and outdoor patio. Residents also enjoy access to the Gainey Estate Club, which offers state-of-the-art fitness equipment, pickleball, tennis, lap pool, and spa facilities.

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