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.

What‘s 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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1575 S 155th Street Gilbert, AZ 85296

Open House

$3,200,000

5 Beds

7 Baths

5,667 SqFt

Status Active

MLS # 6754626

Property Type Single Family Residence

Price Type --

Luxurious newly built & professionally designed masterpiece! This stunning home offers 5 generously sized bedrooms & 7 exquisite bathrooms, including a unique 5th bedroom w/ a private outside entrance, perfect for guests/extended family. The state-of-the-art kitchen is a culinary dream, featuring top-of-the-line Wolf & Sub-Zero appliances, complemented by elegant finishes & ample counter space. A dedicated teen room adds versatility, while foam insulation ensures exceptional energy efficiency. Step outside to your own private oasis, complete w/ two sophisticated firepits, a sprawling pool & a rejuvenating spa. The meticulously landscaped front & back yards create a seamless blend of beauty & functionality. Located near major roads & highways, this home offers easy access to key amenities. Enjoy proximity to vibrant downtown Gilbert, renowned for its dining, shopping & entertainment options. Additionally, nearby facilities include top-rated schools, scenic parks & recreational areas. This residence combines opulence w/ convenience, making it the ultimate retreat for both entertaining & relaxing.

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26782 N Donna Place San Tan Valley, AZ 85144

$3,200,000

3 Beds

2 Baths

2,577 SqFt

Status Active

MLS # 6679447

Property Type Single Family Residence

Price Type --

Some properties have to be seen to be believed. Welcome to The Arthouse, the Valley's best kept secret. Having operated as a luxury destination wedding venue in recent years, this home presents an exceedingly rare opportunity to enjoy modern living among natural, undisturbed desert. Winding desert roads scattered with saguaro cacti and picturesque mountain views lead you through San Tan Mountain Regional Park, to a property where peace, calm and serenity envelop all who enter. At this one-of-a-kind retreat, the current stewards have lovingly and carefully crafted every inch of this property's 3.3+ acres to maximize desert dwelling in a secluded setting surrounded by untouched state park land - offering privacy that no other property in the Phoenix metro area can come close to. Each evening, painted skies abound for you to enjoy sunset from the wraparound deck - this property has been designed for those who simply cannot compromise on the joys of outdoor living. The interior of the home is the ideal blend of comfort and cozy with a South Western twist. Prepare meals in the gourmet kitchen - complete with butcher block island, modern cabinetry and farmhouse-style sink. The exclusive owner's retreat will rejuvenate your soul - gas fireplace and soaking tub. In addition to the main home, don't miss the separate suite plumbed for a bathroom with it's own private entrance, which has in recent history served as a bridal suite. You will not find a home that soothes you in a way that The Arthouse does, while offering all the indulgences of modern living.

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25505 N 114th Street Scottsdale, AZ 85255

$3,200,000

4 Beds

4.5 Baths

4,113 SqFt

Status Active

MLS # 6565469

Property Type Single Family Residence

Price Type --

New custom coming in Troon Mountain Estates! This gorgeous, soft contemporary home to-be-built has approximately 4113 square feet, 4 bedrooms, 4.5 baths, including a 679 square foot one bedroom/one bath separate casita, plus an open kitchen with butler's pantry, a great room, game room/den and walls of glass overlooking spectacular views of the McDowells, 4 Peaks and city lights from the top of a 20,000+ sf lot in gated Troon Mountain Estates. The main house is all on one level/no stairs, including the 3 car garage, except for steps down to the casita, infinity pool and spa.

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5593 E Edward Lane Paradise Valley, AZ 85253

$3,200,000

3 Beds

3.5 Baths

3,620 SqFt

Status Active

MLS # 6755781

Property Type Apartment

Price Type --

Camelback View. Enjoy resort living w/ full amenities at adjacent Mountain Shadows resort combined with distinct architectural designs. Enjoy views from 800+ sq. ft. outdoor deck. This Villa has 20 ft. high entry foyer with private elevator/stairs to living level. Luxurious designer features include, Wolf combo dual fuel range oven and microwave, Sub Zero refrigerator, Asko dishwasher, Zephyr hood,10 ft. high ceilings, 9 ft. bi-fold doors to deck, 9 ft. bi-fold from primary suite to deck, indoor/outdoor fireplaces, Savant smart home, lutron lighting, motorized shades, surround sound, 24 hr guarded entry, & more! Includes membership in Citizen's Club at Mountain Shadows - fitness center, classes, signing privileges, golf, discounts on all retail services, including food, rooms, golf.

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23205 N Church Road Scottsdale, AZ 85255

$3,200,000

4 Beds

4.5 Baths

5,654 SqFt

Status Active Under Contract

MLS # 6724654

Property Type Single Family Residence

Price Type --

Privately gated Custom home on 2.7 acres with 360 degree views of the McDowell mountains as well as sunset views and city lights. The primary suite is upstairs with a separate office , sitting area and fireplace, spa like bath, two closets and private balconies to enjoy the views. Guest house for privacy. Cook's kitchen completes this luxurious home.

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6615 E Shea Boulevard Scottsdale, AZ 85254

$3,200,000

5 Beds

6 Baths

5,908 SqFt

Status Active

MLS # 6731750

Property Type Single Family Residence

Price Type --

This custom-built home epitomizes expansive luxury and is designed to accommodate the grandest lifestyles. Upon entry, you are greeted by a spacious great room and kitchen, featuring large sound-deadening windows that ensure a peaceful ambiance. The home boasts a fireplace, built-in bookcases, and extensive travertine finishes. Rich knotty maple woodwork complements the white island with Rainforest Brown marble, a farmhouse sink, and dark chocolate brown solid travertine countertops. Professional-grade appliances, designer lighting, and eight-blade fans enhance the overall aesthetic. Each bedroom is an en-suite, offering the utmost in privacy and convenience. The home includes a versatile kosher kitchen or mother-in-law suite. A 50-foot RV garage is ideal for a custom coach or car collection. The property features a comprehensive solar system with full battery backup, including a Tesla charging station. This system powers the entire house, eliminating electric bills and providing annual refunds from APS. The detached office/casita includes a full bath, and the extensive outdoor kitchen on the expansive covered patio is perfect for entertaining. The fully landscaped grounds feature pavers and turf throughout, with ample parking available. Additionally, an 804 square foot guest house, included in the total square footage, ensures your guests are comfortably accommodated. This home is designed to fulfill every desire and entertain lavishly.

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8130 E Vista Bonita Drive Scottsdale, AZ 85255

$3,200,000

4 Beds

3.5 Baths

3,800 SqFt

Status Active

MLS # 6516110

Property Type Single Family Residence

Price Type --

This stunning contemporary modern luxurious home is almost completed being renovated!! Walking in your greeted with a sprawling open floor plan featuring exquisite luxury finishes throughout. This home showcases a spacious lot (almost an acre) with breathtaking mountains views overlooking the golf course. Brand new Pickel Ball court is perfect for entertaining. This home is located in the gated PINNACLE PEAK ESTATES. *Seller agent has ownership in property

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6101 E Larkspur Drive Scottsdale, AZ 85254

$3,200,000

5 Beds

5.5 Baths

5,055 SqFt

Status Active Under Contract

MLS # 6700067

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 bathroom modern 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. 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. This home is minutes from dining, shopping and more. Expected completion date of early 2025.

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8535 E Regina Circle Mesa, AZ 85207

Open House

$3,200,000

5 Beds

5 Baths

6,025 SqFt

Status Active

MLS # 6722214

Property Type Single Family Residence

Price Type --

Hillside mountain masterpiece home that is beautifully situated on a cul-de-sac lot featuring 5 bedrooms and 5 bathrooms. This amazing layout has two master suites. The Gorgeous remodeled gourmet kitchen features a walk in pantry, built in appliances including a 48 inch gas cook top, dual wall ovens, built in ice maker and so much more. Enjoy the media room, office and huge family room with wall of glass to the back yard. You will love the Soaring 20+ foot ceilings, plus the beautiful stone and brick accents throughout. This open floor plan has new large format porcelain floors, all new base boards plus all new bathrooms. This home has a fabulous layout for entertaining! The backyard features a mosaic tile pool and spa, plus a huge outdoor kitchen with built in bar and BBQ. Enjoy sunsets and the putting green plus fabulous mountain views. front courtyard offers amazing sunsets and city light views plus a beautiful fireplace and don't forget the loft offering beautiful views of the valleys. so much to see and enjoy and plus this home is MOVE In READY!

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9125 N Lava Bluff Trail Fountain Hills, AZ 85268

Open House

$3,200,000

4 Beds

4.5 Baths

4,253 SqFt

Status Active

MLS # 6632276

Property Type Single Family Residence

Price Type --

***PRICE REDUCTION $550K***BREATHTAKING VIEWS of Four Peaks & surrounding mountains, this STUNNING FireRock home is ideally situated looking out over 2 golf course fairways & a LAKE! The ULTIMATE in soft Contemporary living w/a GREAT Room highlighted by 14ft beamed ceilings, a 2-way Stone Fireplace & floor to ceiling windows to enjoy EXTRAORDINARY VIEWS all around! Main house is approx. 3,851sf PLUS approx. 402sf in a GUEST CASITA. This den could be a media/theater room! This Chef's kitchen boasts Quartz countertops, Custom Designed Cabinetry, & a Wolf induction Cooktop & Oven. A gorgeous spacious Primary Suite which has dual vanities, a sep. shower & tub & a customized walk-in closet. EPITOME of RESORT STYLE LIVING w/ OUTSTANDING VIEWS, pool,spa & built-in BBQ! Beautiful Porcelain 24 x 48 tile floors have now replaced the carpeted secondary bedrooms and all porcelain 24 x 48 tile floors throughout refinished 6/24. Additionally, there is an anti-crack membrane to help prevent the porcelain tile floors cracking or breaking!

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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,195,000

2 Beds

3 Baths

2,594 SqFt

Status Active

MLS # 6681503

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.

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525 W Berridge Lane Phoenix, AZ 85013

$3,195,000

5 Beds

4.5 Baths

6,349 SqFt

Status Active Under Contract

MLS # 6742844

Property Type Single Family Residence

Price Type --

Not many opportunities like this come available. Here's your chance to own this beautiful estate home in N. Central Phoenix. This home sits on a jaw dropping 1.4 acre irrigated lot. Situated on prestigious Berridge Lane. Surrounded by multi-million dollar estates. N/S exposure. 6349 sf of living space while maintaining minimal lot coverage. Massive front/rear yards. Original home was built in 1946 and expanded in 3 separate phases. Home maintains all the classic characteristics, yet modernized. 5 beds/4.5 baths+half at caba. Full in-law suite/guest quarters with private entrance, kitchen, living, and bed/bath. Multiple living areas t/o home. Sitting area off kitchen w/wainscoting & classic wood trimmed pillars. Living room w/fireplace & oversized beamed ceilings looking out to backyard Family room w/10ft+ flat ceilings, original bee-hive fireplace, and french doors to front sitting area with gas fireplace(3 interior fireplaces/2 exterior). Updated kitchen w/farmhouse sink, custom tile backsplash, gas range, B/I fridge/ice maker(24), and drawer micro. Wood floors t/o. Tile at baths. Primary bedroom has an attached office w/fireplace, walk-in closet, and classic bay window. Primary bathroom was renovated in 2018. Oversized walk-in shower, dual vanity, and water closet. All secondary bedrooms are very large in size. 2 of the secondary rooms share an adjoining bath. Farmhouse floating sink, partitioned shower, toilet, and urinal. Expansive rear patio w/separate exits off living and family rooms. Soaring vault w/exposed tung/groove. Beautiful diving pool and cabana was just renovated. New pebble sheen, pool equipment, and tile. Custom decking/outdoor barbecue. Cabana features a renovated half bath, full bar setup, and custom cabinetry. Sour orange trees recently added for privacy. Multiple trees surround the perimeter of the yard. The 2 car garage is tandem setup. Could accommodate up to 4 cars. RV hookup off front drive. New custom all steel front door. New exterior paint and custom metal chimney caps. Classic crank style dual pane windows. Sprinklers/drip front/back(portion). Plenty of room for potential garage, sport court, or additional detached guest quarters. Convenient to downtown, freeways, and all of Uptown's popular eateries. Don't miss this opportunity.

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