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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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,295,000
2 Beds
3 Baths
2,294 SqFt
Status Active
MLS # 6681501
Property Type Apartment
Price Type --
This unique loft style home features 10' ceilings in the living area with spacious indoor/outdoor living and a lower garden/yard. This home is exceptional with its soaring ceilings and phenomenal views of Camelback Mountain. Featuring 1 bedroom, 2 full baths, a den and 2 reserved parking spaces. Tucked at the base of Camelback Mountain, Ascent is a new, private gated residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resorts. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, stacking door systems opening to a large outdoor patio with fire feature and BBQ Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, hardwood floors, .....

5000 N Camelback Ridge Road Unit 107 Scottsdale, AZ 85251

$3,295,000
2 Beds
2.5 Baths
2,859 SqFt
Status Active
MLS # 6673780
Property Type Apartment
Price Type --
Simply amazing opportunity to be in by mid November 2024. Ascent at The Phoenician Mountainside is one of the best locations in the development. This ground level unit with outdoor patio backs to the iconic Camelback Mountain. Walk out your private patio to the Mountain Club with private pool/fitness center. The highest end finish package show cases this 2 bedroom, 3 bathroom plus den open floor plan.

5455 E Lincoln Drive Paradise Valley, AZ 85253

$3,290,000
3 Beds
3 Baths
3,015 SqFt
Status Active
MLS # 6748220
Property Type Apartment
Price Type --
Why go on vacation when you can LIVE like you're on vacation? Welcome to life lived easy at Mountain Shadows Resort. This sleek, modern double unit features 3 bedrooms, 3 bath with impeccable designer finishes, wood floors, floor to ceiling sliding glass doors, and so much more. Gourmet kitchen with oversized waterfall island, Wolf and SubZero appliances, wine fridge and ample amounts of storage. Spacious primary suite with spectacular large walk-in closet. Relax on your patio and take in the breathtaking surrounding mountain views. Enjoy the fabulous amenities that Mountain Shadow Resort offers including dining, golf, pool, gym and spa. Your vacation life awaits!

4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,275,000
2 Beds
3 Baths
2,510 SqFt
Status Active
MLS # 6681495
Property Type Apartment
Price Type --
Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.

13240 N 60th Street Scottsdale, AZ 85254

$3,275,000
5 Beds
5.5 Baths
5,022 SqFt
Status Active
MLS # 6750225
Property Type Single Family Residence
Price Type --
Move into this stunning NEW build by Thomas James Homes by the end of the year! Sitting in the highly desirable Scottsdale neighborhood, this beautiful 5 bedroom, 5.5 bathroom transitional style 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, 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.

1894 E Myrtlewood Court Unit 151 Flagstaff, AZ 86005

$3,275,000
5 Beds
4.5 Baths
5,303 SqFt
Status Active
MLS # 6741367
Property Type Single Family Residence
Price Type --
Welcome to your next home located in the coveted Pine Canyon community. This custom home is the perfect opportunity for a mountain retreat to entertain family and friends. At 5,303sqft this home includes 4 bedroom, 4 full, and 2 half baths, large flex room, plus a massive walkout basement, and is perfectly situated in the heart of Pine Canyon. lot is currently split from adjoining lot and can be purchased with a separate transaction. (May not be reflected on county records yet). Park your vehicles and fun toys in this oversized 1,000sqft 3 car garage, equipped with EV charger. Walk inside to a large mud/laundry room filled with additional storage. Hang a right and enter your primary suite where you are greeted with a beautifully curated on-suite bath with dual vanity, soaking tub, large walk-in closet and an elegantly tiled floor to ceiling walk-in shower. The primary bedroom offers a wrapped stone fireplace reaching up to a wood beam ceiling, and private access to the main level deck. As you enter the main level living area you must stop and admire the stunning chef's kitchen with dual islands, Cove dishwasher, wine fridge and a Wolf Subzero appliance package that is sure to impress. If you can take your eyes off of the kitchen, take a minute to appreciate the large living area with stone floor to ceiling fireplace, hickory wood floors, and multiple pocketing sliders leading out to a built-in BBQ which is anchored by a gorgeous Trex deck with custom iron railing. Add on a beautiful entry foyer with custom arched front door, powder bath, and an additional on-suite guest room to round out this magnificent main level. If that wasn't enough head downstairs to a large walkout basement that is a party planners dream. Featuring a custom stamped concrete floor, wet bar with cooling drawers and pantry, large living area, powder bath, and two additional on-suite bedrooms. Add on an additional flex room located strategically off of that massive family room and the options are endless - game room, study, office, library, man cave, you pick it and make it your own. Additional features include: security system with hard wired cameras, two-way Hunter Douglas blinds, downstairs closet equipped for stackable washer/dryer allowing for a 2nd laundry space, two tankless gas water heaters with recirculating pumps and soft water system, two furnaces, two air condensers. Golf cart and Most furniture and furnishings available on a separate bill of sale or included with acceptable offer.

5825 E Cochise Road Paradise Valley, AZ 85253

$3,250,000
4 Beds
4.5 Baths
3,729 SqFt
Status Active
MLS # 6747881
Property Type Single Family Residence
Price Type --
Desert contemporary 2024 new build! Experience Paradise Valley's resort style, tranquil living in this 4 bed, 4.5 bath estate. With natural light beaming in through 2 walls of sliding doors, home boasts modern and clean design elements with open concept great, dining, and kitchen. Custom two-toned wood cabinets, oversized 2-tier kitchen island, and with stainless steel Wolf appliances, including gas cooktop, multiple ovens, coffee bar, and a wine fridge, creating a chef's dream kitchen. Primary suite includes private sliders to the backyard, dual sink vanity, soaking tub, oversized shower, enclosed toilet, and incredible walk-in closet with custom cabinetry. Entertain family and friends in the backyard with custom pool with expanded pool deck, built-in BBQ, covered patio, turf and desert landscaping or front yard with additional covered patio perfect for lounging and dining. Additional features include 3 en suite guest bedrooms, 4 car garage, RV gate, and builder warranty. Located minutes away from Paradise Valley and Scottsdale's top resorts, golf, dining, and shopping.

36133 N 24th Avenue Phoenix, AZ 85086

$3,250,000
4 Beds
4.5 Baths
5,249 SqFt
Status Active
MLS # 6719921
Property Type Single Family Residence
Price Type --
A remarkable opportunity to enjoy your own custom slice of paradise in the coveted gated preserve enclave awaits, no vacations needed! Builders bespoke meticulously crafted home with upgrades from the foundation up. Large private courtyard and abundant backyard are an entertainer's dream yet allowing for serene private enjoyment. From the outdoor kitchen & living room, to the statement fireplace, to the infinity edge pool straight from your Pinterest board. This oasis has uncompromising quality and attention to detail throughout. Expansive Designer Chefs kitchen. 2 room Casita w/ full kitchen and separate entrance keeps guests close while ensuring privacy for all. The upgrades are too great to list, come see this stunner in person today!

10512 E Cortez Drive Scottsdale, AZ 85259

$3,250,000
5 Beds
4.5 Baths
5,015 SqFt
Status Active
MLS # 6748941
Property Type Single Family Residence
Price Type --
* SCOTTSDALE STUNNER * CACTUS CORRIDOR GEM * BELLA MONTAGNA BEAUTY * 0.86 ACRE LOT * 5 BED * 4.5 BATH * 5,000+ SQ FT * HIGH-END STAINLESS STEEL APPLIANCES * NEW VINYL FLOORING THROUGHOUT * NEW MAPLE HARDWOOD CABINETS THROUGHOUT * NEW TAJ MAHAL QUARTZITE COUNTERTOPS THROUGHOUT * REDESIGNED KITCHEN * FRESH INTERIOR PAINT * FRESH EXTERIOR PAINT * PRIVATE SPORT/TENNIS COURT * RESORT-LIKE POOL * SPLIT FLOORPLAN * TOWERING COFFERED CEILINGS * 3 CAR GARAGE * EXTRA EXTRA PARKING * CIRCULAR DRIVEWAY * OWNED SOLAR SYSTEM * NEWER ROOF * CLOSE TO MAYO * CLOSE TO HONOR HEALTH * CLOSE TO BASIS SCOTTSDALE * CLOSE TO 101 * GET IT BEFORE ITS GONE! *

35425 N 37th Street Cave Creek, AZ 85331

$3,250,000
4 Beds
5 Baths
5,724 SqFt
Status Active
MLS # 6761079
Property Type Single Family Residence
Price Type --
This exquisite custom-built luxury home in Cave Creek, nestled on a 4.55-acre lot backing onto serene BLM land. This 4-bedroom, 5-bathroom masterpiece, built in 2014, boasts meticulous attention to detail and upgrades throughout. Custom iron doors, rich wood and travertine flooring, and Cantera stone accents. The gourmet kitchen features a Wolf appliance package, granite countertops, a built-in sub-zero fridge/freezer, & an expansive island. The bar/theatre room is a true entertainer's dream with a keg, ice machine, beverage fridge, & double bifold doors opening to the patio. Rooftop deck w/hot tub, outdoor grill, fireplace, and RV pad with dump station. Oversized 4-car air-conditioned garage, 4 Trane AC units, water softener, and foam under roof insulation. The lot is thoughtfully landscape with an irrigated garden, a chicken coop, and fully established citrus trees. Ready for a pool with plumbing and electrical in place. Despite its secluded setting on 4.55 acres, offering unparalleled privacy and natural beauty, this luxury home is less than a mile from Carefree Highway and just minutes from Cave Creek's vibrant shopping and dining options.

29906 N Miradar Court Scottsdale, AZ 85262

$3,250,000
4 Beds
5 Baths
5,684 SqFt
Status Active
MLS # 6651364
Property Type Single Family Residence
Price Type --
Spectacular luxury living in this meticulously designed Spanish Ranch home, nestled in Granite Mountain Ranch, North Scottsdale's only gated equestrian estates. Gorgeous Four Peaks mountain view estate is on almost 5 acres (2 lots) located at the end of a large cul-de-sac. Sale includes two parcels totaling 4.803 acres - parcels 219-40-083 and 219-40-082.The property's circular driveway and stone gate house create a grand entrance with a fountain and gas fireplace that welcomes guests with a sense of luxury and prestige. An architectural masterpiece, this four-bedroom custom home with attached casita was originally crafted for the architect himself, and exudes sophistication and attention to detail at every turn. The interior is captivating with elegance and warmth, and has four distinct shapes of large tumbled travertine, laid in a Versailles pattern throughout main living areas and extending gracefully to the outdoors. Pillars and niches adorned with ambient lighting create a timeless look. Main living area has amazing views to the outdoors with a massive cantera stone gas fireplace. The kitchen is a chef's delight, equipped with a warming drawer, appliance garage, a new ASKO dishwasher and a huge center island with granite slab countertops. The Wolf built-in cooktop and oven are propane gas and the range hood is accentuated with faux painting. The SubZero double refrigerator and two dishwashers ensure efficiency. The separate bar seats five and is granite-topped with ice maker and wine chiller. This residence is a showcase of thoughtful features, including a central vacuum system, four AC zones, an AV closet and a beautiful powder room. The den, complete with wood-beamed ceilings offers versatility with its closet, potentially transforming it into a bedroom. A four-car garage with epoxy floors and a spacious in-garage storage room. The utility closets house a water softener, 4 HVAC air handlers, and two hot water heaters. The primary suite on the same side as the den invites tranquility, with wood flooring, knotty alder cabinets and doors, and a gas fireplace. The primary bath is a spa-like retreat, featuring a coffee bar with built-in SubZero refrigerator, jetted soaking tub, separate closets with custom built-ins, and an indulgent six-shower head experience. Enjoy the breathtaking view of Four Peaks from the primary bathroom, complemented by a travertine outdoor shower. Your visitors will love the guest amenities, with two spacious guest suites on the opposite side of home with private baths and large walk-in closets. A 400 sq ft casita with a kitchenette, SubZero fridge, walk-in closet, and full bathroom provides your guests a private retreat. Technology seamlessly integrates with luxury in this property, with Control 4 system, managing 4 outdoor security cameras, music with in-ceiling speakers throughout the house and back patio, weather, and six mounted TVs which convey to the buyer. A formal dining room with a bricked ceiling and double doors opening to the front courtyard sets the stage for intimate gatherings around the gas fireplace and courtyard fountain. The outdoor space is an entertainer's dream. The backyard oasis offers unobstructed Four Peaks and Matzatzal mountain views, with a Jacuzzi and pool that can be controlled from inside the home. Owned solar system heats the pool for extended enjoyment in the fall and spring. A built-in grill and bar, wood-burning fireplace and firepit complete the entertainment amenities. Granite Mountain Ranch is the only gated equestrian community in Scottsdale where each homeowner can have up to 4 horses per lot. It has 100 home sites spread across 315 acres, 15 acres of equestrian facilities including 2 large arenas and 2 round pens, paved and lighted streets, underground utilities and a private water resource. It's adjacent to the McDowell Sonoran Preserve. You'll have easy access to unlimited riding trails, hiking, biking & fishing. Within a 10-to-30 minute drive are many of Arizona's top golf courses.

25002 N Quail Haven Drive Rio Verde, AZ 85263

$3,250,000
6 Beds
6.5 Baths
6,868 SqFt
Status Active
MLS # 6707772
Property Type Single Family Residence
Price Type --
If you are looking for peace and serenity and room to breathe, this is the house for you! Don't miss this rare opportunity to own a piece of paradise in the wonderful Rio Verde golf community. Situated on over 1.5 acres (17,598 sq ft adjacent lot included) and bordering The McDowell Mountain Park, this privately gated property offers ultimate privacy. The main house features two primary suites and three secondary en-suite bedrooms. The spacious kitchen with a butler's pantry is a chef's dream. A double-sided fireplace separates the large great room and dining area. Additional highlights include a 1,073 sq ft guest house, a 2,300 sq ft pool house with a 980 sq ft heated pool and spa, nine patios including a rooftop patio with 360-degree views, and multiple desert gardens. The custom exterior lighting package ensures you can enjoy the entire property at all times. The adjacent lot, also included in the sale, can be sold and built on. The Rio Verde community offers a golf course, state-of-the-art community center, tennis courts, restaurant, Community Church, and post office. This is truly a unique and exceptional property!

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