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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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.

12970 E Cibola Road Scottsdale, AZ 85259

$3,350,000
4 Beds
4.5 Baths
7,303 SqFt
Status Active Under Contract
MLS # 6670958
Property Type Single Family Residence
Price Type --
This beautiful custom home sits at the end of a cul de sac in prestigious Sabino Norte in North Scottsdale. a+ curb appeal combined w/a flawless floor plan make this a premium offering. Layout features formal living/dining rooms, massive family room adjacent to the chef's kitchen & wet bar, media room, 4 en suite bedrooms, exercise room, and home office. High ceilings throughout w/beams, coffers, & many other custom details. Upgrades are everywhere from the stone & hardwood floors, custom alder cabinetry, slab granite counters, Viking Pro appliances, 1000 bottle wine room, Canterra fireplace surrounds & columns, barreled ceiling w/brick inlay, custom light fixtures, too much to list. Other under the skin updates include all new Trade AC units in 2020, new roof in 2019, & owned solar system. Back yard features a massive covered patio overlooking large pool & spa w/boulder water fall, grassy play area, fire pit, fireplace, paver deck, b-in bbq, and awesome mountain & sunset views. Ideal location minutes to Basis & Desert Mountain High School as well as Mayo Clinic & shopping/dining options. This home has to be seen in person to appreciate as it is a fantastic package for the list price.

2150 E Belmont Avenue Phoenix, AZ 85020

$3,349,995 - 3Br/4Ba -  for Sale in Biltmore Highlands, Phoenix
Open House
$3,349,995
3 Beds
3.5 Baths
4,716 SqFt
Status Active
MLS # 6643007
Property Type Single Family Residence
Price Type --
Biltmore Highlands, located on a hillside bordering the Phoenix Mountain Preserve Piestewa Peak. This residence combines nature's tranquility with urban convenience, offering breathtaking & unobstructed mountain, and city views! Minimalist-style kitchen with ample storage, and a complete butler pantry. The primary bedroom has a sizable walk-in closet w/built-ins and a lavish ensuite with dual sinks & soaking tub. The upstairs laundry room is complete with sink & cabinetry. Discover the entertainer's backyard, where an elevated negative edge pool awaits for refreshing swims, or chill and take in the mountain views. The rooftop party deck is an excellent spot to savor those amazing sunsets complete with an outdoor kitchen. You have a private gate to access the Phoenix Mountain Preserve! The scrim that covers the front and east side of the home creates a solar passage, increasing efficiency, privacy, and once it rust it will allow the home to blend with its desert surroundings. Enjoy a massive rooftop party deck with an outdoor kitchen overlooking the preserve. A huge covered patio in front of the home allows you to enjoy indoor-outdoor living when opening your matching 4-panel pocket doors and 8 pivot doors, doubling your space for entertaining. World-class hiking right out your back gate! Just Minutes from Old Town Scottsdale, Sky Harbor Airport, and downtown Phoenix. Located near the 51 freeway, without the noise, that gets you to the 10 or the 101 freeways in minutes.

9068 E Rimrock Drive Scottsdale, AZ 85255

$3,349,900
4 Beds
4 Baths
3,352 SqFt
Status Active
MLS # 6752751
Property Type Single Family Residence
Price Type --
This modern luxury estate is the result of a two-year like new, complete remodel on a 1.5-acre view lot! Future expansion survey and drawings offer an incredible opportunity to double the size of this home. The stunning new design created a fabulous, open great room featuring a modern see-through gas fireplace and a gourmet chef's kitchen boasting all new Viking appliances, custom cabinetry, quartz countertops, and an oversized island with bar seating. The split primary suite is the ultimate retreat featuring an expanded shower, a new tub, and custom walk-in closet. Two bedrooms are ensuite and a full bath was added across from the third bed. The backyard oasis features a brand-new heated pool, spa, white travertine, artificial grass, mature trees and picturesque McDowell mountain views!

20007 N 96th Way Scottsdale, AZ 85255

$3,349,000
4 Beds
3.5 Baths
4,661 SqFt
Status Active
MLS # 6691184
Property Type Single Family Residence
Price Type --
Fully remodeled GEM in the heart of DC Ranch, within the coveted Desert Haciendas enclave, where homes rarely come to market, and quickly sell. From the backyard of this large, corner lot (which feels much larger due to the surrounding NAOS) you'll enjoy sweeping 180 degree views of Scottsdale's McDowell Mountains, as well as city lights to the south. The popular Camelot Homes design features 4 bedrooms, 3.5 baths, a huge game room, and separate office/den. Exquisite, recent upgrades adorn: solid plank oak floors, Manhattan Marble, quartz countertops, white shaker cabinetry with rubbed bronze pulls and knobs, and more. The chef's kitchen offers top-of-the-line appliances from Thermador, Sub Zero and Miele. Recent additions also include state-of-the-art tankless hot water system, comprehensive whole-house filtration, water softener, HVAC units (3) and variable speed pool pumps. Abundant grassy back and side yard, guarded by towering mesquites, provides plenty of space for a swing-set, games, or simply throwing a ball for a dog. This home is central to all the elements of DC Ranch, including the newly renovated community center, and the marvelous restaurants, bars, and shopping of nearby Market Street. Just a short distance away is access to the community's sprawling trail system, which also provides easy walking access to Scottsdale's highly ranked Copper Ridge School.

5959 E Pershing Avenue Scottsdale, AZ 85254

$3,325,000
5 Beds
5.5 Baths
5,071 SqFt
Status Active
MLS # 6730071
Property Type Single Family Residence
Price Type --
This stunning NEW build by Thomas James Homes is ALMOST complete! Move in before the holidays! We have added some show stopping features to this home! This exquisite 5-bedroom, 5.5-bathroom modern farmhouse offers an unparalleled blend of sophisticated design and superior craftsmanship. As you step inside, you're greeted by wide plank European Oak hardwood floor and captivating ceiling and wall treatments, including light walnut beams and wood paneling. Custom lighting accents every space, highlighting the impeccable millwork, stone, and tile details throughout. A striking floor-to-ceiling El Dorado Tundra brick chalk dust fireplace. The heart of the home boasts a spacious great room and a gourmet kitchen, complete with SUBZERO and WOLF appliances, a large quartz countertop island, matte black island pendants, castle brick white herringbone backsplash, maple range hood and shaker repose gray cabinetry. The luxurious grand suite features a generous walk-in closet with upgraded built ins and a spa-like bathroom with a freestanding soaking tub and walk-in shower. Each additional bedroom enjoys the convenience of an en-suite bathroom. Beyond the bedrooms, find added comfort and versatility with a private office, gym, and a kitchen prep area adjoining a generous bonus room. Outside, the fully landscaped front and back yards feature a sparkling pool and spa, ideal for enjoying Arizona's outdoor lifestyle. Conveniently located just minutes from top-rated dining, shopping, and entertainment, this home offers the epitome of luxury living in a prime Scottsdale location.

8867 N 63rd Place Paradise Valley, AZ 85253

$3,325,000 - 4Br/4Ba -  for Sale in Camelback Country Estates Unit 5, Paradise Valley
Open House
$3,325,000
4 Beds
4 Baths
6,298 SqFt
Status Active
MLS # 6702331
Property Type Single Family Residence
Price Type --
Fabulous location in Paradise Valley! Recently updated large areas of the home so if you have seen this home in the past, please revisit! Great floor plan with primary suite downstairs and split secondary bedrooms, Primary suite has a bonus room for additional closet, nursery, office or studio. Upstairs is a large bonus room for media, playroom, office or hang out room. Spacious main living space has a stunning kitchen with dining and large family room area. Outside is a haven for entertaining with both gas and wood grills, dining gazebo, pool with waterfall, hot tub, bocce ball court, horseshoes and a great play area. Five car garage is split into 3 attached at the main house and an additional detached 2 car garage. Make this home yours!

Forest Road 193 Street Flagstaff, AZ 86001

$3,300,000
5 Beds
3 Baths
1,748 SqFt
Status Active
MLS # 6706061
Property Type Single Family Residence
Price Type --
NEVER BEFORE LISTED. EXPERIENCE THIS 43-ACRE LEGACY PROPERTY BORDERED BY THE NATIONAL FOREST ON THREE SIDES. THIS PROPERTY OFFERS THE VERY BEST VIEWS FLAGSTAFF HAS TO OFFER, AS WELL AS THE IDEAL TOPOGRAPHY FOR A RANCH OR LARGE FAMILY COMPOUND WITH TONS OF FLAT MEADOWS. EXISTING STRUCTURES INCLUDE A NICE 5 BEDROOM 3 BATH HOME AND CHAPEL. THE PROPERTY HAS A WELL, 3000 GALLON FRESH WATER STORAGE TANK, NEW SOLAR POWER SYSTEM, AND SO MUCH MORE. CALL TODAY FOR MORE INFORMATION.

10723 E Tamarisk Way Scottsdale, AZ 85262

$3,300,000
3 Beds
4 Baths
3,452 SqFt
Status Active
MLS # 6761453
Property Type Single Family Residence
Price Type --
Enjoy magnificent views from this premier lot in the desirable community of Cochise Ridge. The southern outdoor living area is ideally oriented to enjoy panoramic sights of Cochise golf course, mountains, sunsets, and city lights. This property has been thoroughly reimagined under the watchful eyes of designer Laura Weaver and Zobec Construction. The interior layout was redefined to embrace today's lifestyle. Enjoy a large gourmet kitchen with Wolf/Sub Zero appliances centrally located to entertain your guests. The three bedroom redesign also features a home office and a coffee/wine room as additional living spaces. There are two primary suites in the main house and a separate guest casita. Also featuring a fully renovated pool and spa. Rare upgradable DM Lifestyle Membership available.

4536 N Arcadia Drive Phoenix, AZ 85018

$3,300,000
5 Beds
4 Baths
5,447 SqFt
Status Active Under Contract
MLS # 6712360
Property Type Single Family Residence
Price Type --
This beautiful Arcadia home has breathtaking views of Camelback Mountain through the 16-foot windows in the living room. Originally built in 1974, it was remodeled with a large addition in 1990 and partially rebuilt in 2009. There are five bedrooms and four bathrooms; the master bedroom has cathedral ceilings and is split from a two-bedroom children's wing and two guest rooms. There are two adjoining family rooms (one could be converted into a sixth bedroom), a library/den, and three fireplaces. The bedrooms are carpeted and the remainer of the house has travertine flooring. The kitchen has a large island, granite countertops, an oversized refrigerator and an oversized freezer that are separate units, a beverage counter refrigerator, two microwaves, a double wall oven, a separate cooktop, a warming drawer oven, and a dishwasher. The kitchen has a large separate eating area and there is also a separate dining room. The home is U-shaped and surrounds the pool. Outside there is a ramada, a porch, a fountain, and a lighted sports court.

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