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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4106 E San Miguel Avenue Phoenix, AZ 85018

$3,400,000 - 4Br/4Ba -  for Sale in Marion Estates Replatted 2 Lots 73-116, Tr A & B, Phoenix
Open House
$3,400,000
4 Beds
3.5 Baths
3,844 SqFt
Status Active
MLS # 6748744
Property Type Single Family Residence
Price Type --
Blue Sky's newest build in the coveted Marion Estates is ready for its big reveal! Buyers will be wowed by each detail of the property, which features a Lutron smart home control center that services lights, TVs, music, a security system and shades, all from the touch of a button. The thoughtful floorplan contains four bedrooms, including two spacious suites and a flex room. The entertainer's kitchen showcases Energy Star top-rated appliances, custom cabinetry and a generous kitchen island. The outdoor ambiance, which includes a rooftop patio, will captivate owners and guests alike with landscape design by Creative Environments that boasts a sparkling pool, spa, built-in BBQ and an expansive fire pit. Plus, it's impossible to miss the stunning views of Camelback Mountain & Piestewa Peak

28047 N 96th Place Scottsdale, AZ 85262

$3,399,000
4 Beds
4.5 Baths
5,448 SqFt
Status Active Under Contract
MLS # 6615585
Property Type Single Family Residence
Price Type --
Nestled within the prestigious Estancia Golf Club, this captivating Old World Spanish-style residence is a testament to timeless elegance and architectural craftmanship. With 3 bedrooms ensuite, plus an additional bedroom, or two offices, this home is a haven for those seeking classic charm and breathtaking natural beauty. Interior spaces are adorned with exquisite slate stone and wood plank flooring, brick feature walls and beamed ceiling detail lending an air of rustic authenticity. The heart of the residence is the spacious living area, with a centerpiece fireplace, adjacent to wet bar and wine cellar. The primary bedroom suite is a private retreat with cozy fireplace, exercise room and spa-like bathroom. Outdoor living spaces are remarkable with multiple seating areas and fireplaces with panoramic views of Pinnacle Peak and breathtaking sunsets. Enveloped in lush landscaping, the home provides privacy and tranquility.

8518 E Wood Drive Scottsdale, AZ 85260

$3,399,000
5 Beds
4.5 Baths
4,931 SqFt
Status Active Under Contract
MLS # 6722523
Property Type Single Family Residence
Price Type --
Incredible SoHome Scottsdale Designed Custom Home on a Full Acre Lot, Fresh Remodel From Floor to Ceiling. 5 bedrooms plus a bonus/playroom plus office & workout space, 4.5 baths 3 car garage move in ready and no HOA! Some of the amazing upgrades include: 3 large Andersen Multi slide door, new Milgard windows throughout, new roof, all new flooring, fresh paint inside/out, quartz countertops, new plumbing fixtures, carpet, cabinets, custom front metal door, light fixtures, hardware... everything is new. Open floor plan has lots of natural light and open entertaining spaces. Large kitchen with 11 foot island, and gas (propane) cooktop. Laundry Room with doggy spa. Full acre lot with mountain views and mature landscaping, new sod and lots of room to build garage or guest house.

9020 N Flying Butte -- Fountain Hills, AZ 85268

$3,399,000 - 4Br/6Ba -  for Sale in Eagle Mountain Parcel 4, Fountain Hills
Open House
$3,399,000
4 Beds
5.5 Baths
7,000 SqFt
Status Active
MLS # 6664428
Property Type Single Family Residence
Price Type --
Golf course community! Welcome to this immaculately SPOTLESS home and prepare to be blown away by VIEWS from every room! 4 En-suite bedrooms, +Office +Theater +Gym +5 Car garage =100% Wonderful! Huge kitchen with 2 islands, 2 dishwashers, gas cook top, natural light convenient dumb-waiter from garage to pantry. ** MILLION DOLLAR VIEWS!** 100% move in ready! *Perfect split floor plan! Upon entering this custom home, you are greeted by an awe-inspiring natural splendor. Host unforgettable gatherings in the grand open family room (35 X 30), where guests can mingle effortlessly amidst the backdrop of panoramic mountain vistas and city lights. Don't miss the opportunity to make this unparalleled oasis your own. First time on the market!

24614 S 183rd Place Gilbert, AZ 85298

$3,396,000 - 7Br/6Ba -  for Sale in Custom Homes On Acres, Gated Community, Gilbert
New
$3,396,000
7 Beds
6 Baths
7,076 SqFt
Status Active
MLS # 6765928
Property Type Single Family Residence
Price Type --
Experience luxury in this custom-built 7-bed, 6-bath estate on a one-acre lot within a gated community, offering breathtaking San Tan Mountain views. The 5,876 sq.ft. MAIN HOUSE features 5 spacious bedrooms, a game room, and an office, while the 1,200 sq. ft., 2-bedroom GUEST HOUSE is ideal for visitors or extended family. Step inside to find luxury at every turn, from the grand iron glass door to the sleek 100'' electric fireplace, wine cellar, 10'x16' pocket patio door, and windows with dual-shade blinds THE CHEF'S KITCHEN is designed for culinary excellence, with Thermador appliances, a Sub-Zero fridge, 3-slab quartzite countertops, a walk-in pantry, large storage, and a separate BUTLER'S KITCHEN. THE MASTER RETREAT includes a large sitting area, a spa-like bath with a freestanding soaking tub and walk-in shower, and a custom-designed closet with a marble-topped island, soft-close drawers, and a washer/dryer hookup. All large bedrooms feature walk-in closets, with one offering an ensuite. The laundry room is prepped for a dog-wash station. The backyard boasts an oversized POOL, heated spa, and firepit. THE 4-CAR GARAGE includes an electric vehicle charging station, epoxy floors, and tall roll-up doors. With space for additions like an RV garage or sports court, this estate offers endless potential. Conveniently located near top-rated schools, Seville Golf Community, San Tan Loop 202, and Gilbert Regional Park, this luxury home is a one-of-a-kind opportunity.

1275 Dry Creek Road Sedona, AZ 86336

$3,395,000
6 Beds
5 Baths
6,414 SqFt
Status Active Under Contract
MLS # 6747035
Property Type Single Family Residence
Price Type --
This sprawling West Sedona Estate is amazing for so many reasons! The main home is spacious and has 4 bedrooms, 4 ensuite baths on 2.09 fabulous acres with expansive 360 views overlooking so many of Sedonas' landmark red rock mountains in an amazing location with no HOA. The outdoor entertaining areas are ample with plenty of room to relax and unwind including a putting green, multiple fireplaces, hot tub and pool. This home has an oversized 4 car detached garage with room for a workshop, 2 driveways, a separate guest house featuring 16-foot ceilings, 2 bedrooms, living area, kitchen with an attached climate-controlled RV garage. This extraordinary retreat is currently functioning as a successful short-term rental. This property has produced 350k in gross revenue in its first year, comes fully furnished but would also be a wonderful home for your family or great second home. The main house is 6,414 square feet with 4 spacious bedrooms 4 ensuite bathrooms and the primary Bedroom is on the main level and is huge with a stacked stone rock wall to add to its ambiance. Walk out to the expansive rear patio and enjoy morning coffee while admiring some of Sedona's most iconic rock formations. The kitchen has a Cambria Quartz Island and countertops. NXR chef grade range with a 6 burner gas cooktop, wine fridge, plenty of space to cook and entertain with multiple options for casual dining including a charming out door pergola with a large dining area, an outdoor fireplace and 2 outdoor fire pit areas, surrounded by lush greenery and mature fruit trees. There are so many outdoor entertainment areas it will be hard to choose where to be, the upper level which boasts a large living room/game room, fireplace and two huge decks. The views are unobstructed, you can see all the way to Mingus Mountain and the twinkling lights of Jerome. Cockscomb, Doe Mesa, Bear Mountain and Boynton Canyon to the West and Lizard, Chimney, Thunder Mountain to the East. Come see this in person, it is truly spectacular. Allow time to take it all in. New wine fridge, new roof, expanded new septic, new water heater, new washer and dryer, both in main house and guest house, refurbished putting green, ev charger and fully furnished.

11142 N Viento Court Fountain Hills, AZ 85268

$3,395,000 - 3Br/3Ba -  for Sale in Crestview At Fountain Hills, Fountain Hills
New
$3,395,000
3 Beds
3 Baths
4,100 SqFt
Status Active
MLS # 6762634
Property Type Single Family Residence
Price Type --
This property is the perfect soft contemporary, empty nester, ONE LEVEL home you've been waiting for. Absolutely captivating and unobstructed airliner views from Four Peaks, to the Fountain to Camelback Mountain and city lights galore! This tastefully designed ridgetop 2022 build is a manageable and beautiful 3 bedroom, three bathroom open concept (great room) layout perfect for those seeking a fabulous entertaining space without superfluous square footage. Gorgeous kitchen and finishes, with a stunning 20-foot beamed ceiling and 20' retractable slider in the great room for views and indoor/outdoor living. See the 2-car garage and a massive 35' deep RV / boat garage perfect for the toys. The travertine pool deck, hot tub and negative edge pool maximize the sunset view experience.

8537 E Los Gatos Drive Scottsdale, AZ 85255

$3,390,000
5 Beds
4.5 Baths
4,590 SqFt
Status Active
MLS # 6714679
Property Type Single Family Residence
Price Type --
Experience luxury living in the exclusive gated community of Los Gatos, North Scottsdale. Designed by renowned builder Geoffrey Edmonds, this home features a charming front courtyard and a meticulously crafted floor plan that provides an open and flowing main living space, ideal for daily living and entertaining friends and family. The light-filled interiors boast expansive windows with views of the landscaped backyard. The large eat-in kitchen is equipped with wood floors, wood beams, an island with a sink, extensive granite countertops, six-burner gas range, side-by-side refrigerator and freezer, and a warming oven, all seamlessly connecting to the family room with a fireplace. A formal dining room offers additional dining options. The principal suite, located apart from the ... three guest bedrooms, includes a sitting area with a fireplace. A separate casita with a refrigerator and microwave enhances guest privacy. Large multi panel glass doors lead to patios, both covered and uncovered, perfect for Arizona's outdoor living lifestyle. The sprawling backyard features lush green grass, a pool with a water feature, a spa, an outdoor kitchen with a built-in BBQ and refrigerator, and a gas fire pit. The north/south orientation boasts a panoramic view of the McDowell Mountains and captures sunsets and city lights.

5635 E Lincoln Drive Unit 4 Paradise Valley, AZ 85253

$3,390,000
3 Beds
3.5 Baths
2,945 SqFt
Status Active Under Contract
MLS # 6690385
Property Type Single Family Residence
Price Type --
Nestled within the guard-gated enclave of Mountain Shadows East, this property presents a rare chance to indulge in prime Paradise Valley living. Boasting an open floor plan and fully renovated features, this home is ''like brand new!''Step inside and notice where the owner practically rebuilt the entire floorplan, including raised ceilings, widened hallways, new sewer lines under slab, new plumbing, new electrical, and new roof. High quality custom millwork throughout, White Oak hardwood floors that grace the expansive living spaces, providing a seamless flow for entertaining and everyday living along with a wet bar. The Primary Suite offers luxurious marble and ceramic tile bathroom, with custom vanity and spacious custom closet. Incredibe Mountain views are from almost every window and definitely framing the entire backyard. Three en-suite bedrooms and a powder room, is ideal for guests or family accommodations. Enjoy the convenience of walking distance to Mountain Shadows Resort for golf, fitness, and lap pool, El Chorro Lodge, Camelback Inn, Santuary for tennis & pickleball. Inquire about the MS Citizen's Club.

10629 E Troon North Drive Scottsdale, AZ 85262

$3,380,000
5 Beds
7 Baths
7,443 SqFt
Status Active
MLS # 6666657
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis in the heart of the luxurious gated community of Talus at Troon North. This stunning Italian-inspired Custom Home is a masterpiece of architectural elegance and timeless design. Nestled on an expansive ~1-acre corner lot, this home enjoys the utmost privacy within a serene cul-de-sac setting. As you approach the residence you are greeted by a grand gated entry courtyard adorned with two majestic fountains and lush landscaping, setting the tone for the opulence that awaits inside. With a spacious 7,443 SF of living space, this five-bedroom, seven-bath estate offers an impressive array of features and amenities. The main level of the home boasts a functional & well-thought-out floor plan. Three generous bedrooms PLUS 420SF Casita plus Office (CLICK ''MORE'')... Four bedrooms on main level plus a stunning ensuite office w/ closet, private patio and calming water feature, all ensure ample space for family and guests. The upstairs area is dedicated to entertainment, featuring a media/game room with an exterior balcony that provides breathtaking views. This upstairs compound has bath, deck, closet & kitchenette= BR5. For those seeking additional privacy, an ensuite guest casita with a kitchenette, closet and private entrance can be found off the charming front courtyard. This home is a paradise for those who love to entertain. The kitchen seamlessly connects to the family room, complete with a wet bar and convenient access to the wine cellar, which is large enough to accommodate a tasting table. The kitchen itself is a chef's dream, featuring top-of-the-line appliances, including a Viking gas cooktop, two Wolf wall ovens, two Asko dishwashers, three sinks, and dual Sub Zero fridge/freezers. The master suite is a sanctuary of luxury, occupying its own private wing of the home. It includes a cozy sitting room with a fireplace, a sumptuous bathroom highlighted by a sunken jetted tub framed with Cantera stone columns and an inviting fireplace. Additionally, there is a safe room and even a hookup for a washer/dryer in one of the three walk-in closets, providing ultimate convenience. Every inch of this residence exudes elegance and sophistication. It is loaded with first-class amenities, including fresh interior paint and new carpet, a domed entry ceiling, an exotic pool and spa surrounded by travertine pavers (recently refinished), a three-car garage with an extra detached bay for a total of four car garages, and a total of five fireplaces throughout the home for added warmth and charm. Cantera stone accents adorn both the interior and exterior, while polished travertine flooring and electronic shades add to the overall sense of luxury. This home is simply impressive and offers a lifestyle of grandeur, elegance, and sophistication. Don't miss the opportunity to make this exquisite Italian-inspired residence your own, and experience the epitome of luxury living in the exclusive Talus at Troon North community.

6436 E Clinton Street Scottsdale, AZ 85254

$3,371,250
5 Beds
5.5 Baths
5,071 SqFt
Status Active
MLS # 6716201
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, great schools and great views. Sitting in the highly desirable Scottsdale neighborhood, this beautiful 5 bedroom, 5.5 bathroom 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, shaker 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 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 and a game room. Home will feature fully landscaped front and back yards with a pool and spa, providing great Arizona outdoor living space. Expected completion in Summer of 2025.

13023 N 68th Street Scottsdale, AZ 85254

$3,350,000
5 Beds
5.5 Baths
5,071 SqFt
Status Active
MLS # 6752069
Property Type Single Family Residence
Price Type --
Unique opportunity to unlock the advantages of buying an in-progress home built by Thomas James Homes. When purchasing this home, you will benefit from preferred pricing, design personalization, a guaranteed delivery, and more. Estimated home completion Spring 2025. Great address, great schools! Sitting in the highly desirable Sweetwater Corridor in Central Scottsdale, this beautiful 5 bedroom, 5.5 bathroom modern farmhouse 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, shaker 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, gym and a kitchen prep area adjoining the dining room and a bonus room. Home will feature fully landscaped front and back yards, providing great Arizona outdoor living space. This home is minutes from dining, shopping and more.

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