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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7702 N Moonlight Lane Paradise Valley, AZ 85253

$3,195,000
5 Beds
6.5 Baths
6,214 SqFt
Status Active
MLS # 6745821
Property Type Single Family Residence
Price Type --
THE MOST STUNNING VIEWS IN PARADISE VALLEY! Seize the extraordinary and rare chance to own a prime 1.2-acre hillside lot offering sweeping, awe-inspiring views of Camelback Mountain, Mummy Mountain, the McDowell Mountains, Pinnacle Peak, and the shimmering city lights below. This hilltop sanctuary is nestled in the prestigious Tatum Canyon enclave in the heart of Paradise Valley. Privately gated and situated at the end of a tranquil cul-de-sac, the property currently features a livable soft contemporary-style home. Its prime location is just moments from the Paradise Valley Golf and Country Club, the new Ritz Carlton Resort, Camelback Inn & Spa, and a variety of upscale shopping and dining options. Remodel the existing 6,200 SqFt home or create the estate of your dreams— no HOA restrictions.

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.

6097 N Paradise View Drive Paradise Valley, AZ 85253

$3,195,000
4 Beds
3.5 Baths
4,605 SqFt
Status Active
MLS # 6742365
Property Type Single Family Residence
Price Type --
Welcome to Paradise! Nestled in the heart of Paradise Valley, this hillside home seamlessly blends serene luxury living and sweeping Camelback Mountain views with functionality. Built by the award-winning Cullum Homes, this residence sets the standard for quality construction, offering the latest in design and prime location. Features of note include stunning views of Camelback Mountain from every room, walls of glass, a spacious, open floor plan, an open and bright kitchen, and en-suite bedrooms. The large primary suite features an expansive closet and a versatile flex space, ideal for a workout room, study, or nursery. The outdoor entertainment spaces are perfect for hosting gatherings or simply to enjoy the tranquility of nature. With multiple covered patio areas, a stunning pool with a custom waterfall, spa, and a tranquil grassy space, this home truly has something for everyone. Offering the perfect size in the ideal location at an exceptional price. It is sure to impress even the most discerning buyers.

3905 E Sierra Vista Drive Paradise Valley, AZ 85253

$3,195,000 - 3Br/4Ba -  for Sale in Paradise Reserve Replat, Paradise Valley
Open House
$3,195,000
3 Beds
3.5 Baths
4,363 SqFt
Status Active
MLS # 6755127
Property Type Single Family Residence
Price Type --
This all one level, custom home is situated at the end of a cul-de-sac in the guard gated Paradise Reserve community. This home boasts a split floor plan with 3 bedrooms, an office, and multiple living spaces. When you enter your new home you will be greeted with soaring ceilings, beautiful woodwork, and a lot of natural light. The finishes from Cullum Homes are absolutely timeless and of the highest quality. Enjoy the beautiful Arizona weather in your spacious backyard with amazing views of mountains and the downtown skyline. The oversized 3 car garage makes plenty of room for your beautiful car collection. Come and see this one of a kind gem!

10648 E Greythorn Drive Scottsdale, AZ 85262

$3,180,000 - 4Br/7Ba -  for Sale in Pinnacle Canyon At Troon North Phase 2 Unit 2, Scottsdale
Open House
$3,180,000
4 Beds
6.5 Baths
7,000 SqFt
Status Active
MLS # 6759774
Property Type Single Family Residence
Price Type --
Extraordinary desert estate w/ home theatre situated along the 14th fairway of Troon's prestigious championship golf course in gated Pinnacle Canyon. With dramatic drive-up appeal set against a picturesque Sonoran boulder backdrop, this home boasts breathtaking panoramic mountain & golf course views. Gourmet kitchen equipped w/ premium Viking appliances, granite counters, large center island, custom cabinetry, & walk-in pantry.Occupying the entire top floor, the primary suite offers a luxurious escape w/stunning views from the wrap around balcony, separate His and Her walk-in closets & spa-like bathrooms, a private office & elevator. Impressive family room features a custom gas fireplace, fridge, entertainment center & retractable slider wall that opens to the exterior. Step outside to your private paradise, complete w/heated pool, spa, BBQ & captivating boulder formations. This serene space is perfect for relaxation or hosting gatherings against the backdrop of the desert landscape. 3 additional well appointed en-suite bedrooms provide comfort & space for family or guests. The lower level features a dedicated home theater,exercise area, & steam shower w/convenient half bath. This extraordinary estate is not just a home; it's a lifestyle defined by elegance, comfort, and breathtaking natural beauty. Nestled in one of Arizona's most coveted communities, you'll enjoy unparalleled access to world-class golfing, fine dining, and outdoor adventures.

9197 E Bajada Road Scottsdale, AZ 85262

$3,175,000
4 Beds
5 Baths
4,244 SqFt
Status Active
MLS # 6749901
Property Type Single Family Residence
Price Type --
Membership available- Updated by Dick Lloyd Custom Homes, this single level jewel box desert retreat is located on a private cul de sac in Desert Mountains Village of Gambel Quail- featuring incredible sunset and surrounding mountain views, and some golf and night light views. Traditional Sante Fe-style exterior architecture melds with a contemporary interior including pristine travertine flooring, marble bathrooms, art spotlights, custom cabinets in kitchen and much more. The heart of the home is the large and open great room floor plan blending together lounging, dining, and gourmet kitchen with Miele appliances for all your entertaining spaces. The indoors spills out through large sliding glass doors to the outdoor living and dining room with 85 outdoor TV with heaters and kiva fireplace for cooler desert nights. Backyard also features large plunge pool, spa, pool bath, turf area, three-hole putting green and lush mature desert vegetation for a tranquil outdoor experience for all. The bedrooms offer privacy and space for all with master suite on one end of the home and three additional guest suites and office located on other wing. Entire home is wired for AV capabilities in all bedrooms and full home automation AV, lighting, cameras, garage doors. Home is equipped with solar and Tesla battery storage as well as large three car climate-controlled garage with plenty of storage. Home has been meticulously cared for with updates and warranties in place for roof, fridge, and HVAC. Truly a lock and leave home that can be accessed from any smartphone or iPad to open up or shut down. Please inquire for full list of updates. The location within Desert Mountain is ideal with close proximity to the front gate for easy access into town, as well as access to all other world-class amenities, including 7 golf courses, 7 clubhouses, and 20 miles of private hiking trails, promising an unparalleled lifestyle of luxury, leisure, and serenity. Embrace the Desert Mountain experience and make this extraordinary property your own.

18720 N 101st Street Unit 2012 Scottsdale, AZ 85255

$3,150,000
3 Beds
4 Baths
3,157 SqFt
Status Active
MLS # 6576548
Property Type Apartment
Price Type --
**NEW CONSTRUCTION** The best opportunity to be inside the gates of Silverleaf at a competitive price. 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.

35097 N 83rd Place Scottsdale, AZ 85266

$3,145,000
4 Beds
5.5 Baths
4,341 SqFt
Status Active
MLS # 6697384
Property Type Single Family Residence
Price Type --
Nestled on nearly an acre in North Scottsdale's Reserve at Black Mountain, this Toll Brothers marvel spans 4,341 sq. ft. The home features 4 bedrooms and 5.5 baths, each crafted for luxury living. The heart of this abode, a great room with soaring 17' vaulted ceilings, seamlessly integrates with a kitchen boasting Wolf/Sub-Zero appliances! Imagine entertaining as spaces flow outdoors to a grand covered patio. The charm extends to a detached casita with 90-degree doors, blending the indoors with the outdoors. Nice! The primary suite, a haven of tranquility, offers a custom closet. Two ensuite bedrooms encircle a bonus room, each with courtyard access. Unleash your creativity to sculpt the landscape, pool, and spa in this canvas of luxe, set against the dramatic Black Mountains.

3711 N Hawes Road Mesa, AZ 85207

$3,145,000
5 Beds
5.5 Baths
7,371 SqFt
Status Active
MLS # 6745053
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Las Sendas Mountain Estates community, this stunning estate epitomizes luxury and tranquility. Offering seamless access to the Las Sendas Clubhouse & Golf Club and set against the dramatic backdrop of Tonto National Forest, this property is a showcase of exceptional design and refinement. Upon arrival, the grand entry gate and desert-accented motor court lead to a Cantera Stone courtyard, where a custom tile fireplace and elegant fountain set a sophisticated tone. The expansive covered patio and backyard invite you to revel in breathtaking west-facing views of the Arizona skyline and majestic mountain ranges beyond. Step inside to discover a blend of opulence and functionality: soaring 20-foot ceilings, honed stone flooring with herringbone accents, and a gourmet kitchen outfitted with a Wolf & Subzero appliances, multiple ovens, and two Miele dishwashers. The primary suite is a serene retreat with a hydro system jetted tub, complemented by an exercise room with a steam sauna. Unlock true entertaining for few or many with this estate's cinema screening room, dedicated wine room, and guest casita suite. This residence masterfully integrates indoor and outdoor living with retractable glass walls and a negative-edge pool and spa that enhance the outdoor experience. Car enthusiasts will appreciate the 4-bay garage, while the meticulously landscaped grounds provide a serene setting. Architectural details include domed and barrel ceilings, brick accents, and Venetian plaster interiors, all highlighted by Cantera stone pillars and metal bonnets. Spanning over 7,300 square feet, the estate is equipped with an advanced Control 4 home system, automatic Hunter Douglas blinds, and an intercom system for effortless living. The guest wing features en-suite bedrooms, walk-in closets, and a versatile common flex space. An optional Golf Club or Social Membership at Las Sendas adds to the allure. Experience unparalleled East Valley living with panoramic sunrises over Tonto Preserve and dazzling city sunsets.

6311 E Phoenician Boulevard Unit 21 Scottsdale, AZ 85251

$3,135,000 - 2Br/3Ba -  for Sale in Ascent At The Phoenician Golf Villas, Scottsdale
New
$3,135,000
2 Beds
2.5 Baths
2,245 SqFt
Status Active
MLS # 6766726
Property Type Townhouse
Price Type --
This BRAND NEW, never occupied, single level townhome sits at the base of the iconic Camelback Mountain. Ascent at the Phoenician Golf Villas is a private 24/7 guard gated community situated next to the Phoenician Resort. This meticulously custom designed and upgraded 2-bed, 2.5 bath villa is truly a one of a kind. The living room boosts a Basalt stone wrapped fireplace with beautiful lighted shelves and a 288-bottle temperature-controlled wine wall. The kitchen features a Bulthaup kitchen with quartz counters and Sub Zero Wolf appliances. Provenza wood floors and Rift oak doors throughout. Upgraded polished nickel kitchen and bath fixtures. Enjoy seamless indoor-outdoor living with custom sliding glass doors leading to a large, tiled patio with BBQ and grass yard with desert landscape. Take in the magnificent golf course views in every direction! The spacious upper-level covered terrace provides panoramic views of Camelback and Papago Mountains, along with the 1st and 9th holes on the Phoenician golf course. This Villa features 10-foot ceilings and with its modern elegance and breathtaking surroundings make it one most sought after luxury destinations in Arizona!

290 Thompson Road Sedona, AZ 86336

$3,125,000
8 Beds
7 Baths
3,645 SqFt
Status Active
MLS # 6742008
Property Type Single Family Residence
Price Type --
The Sedona Beach House.. Nestled where Oak Creek and Munds Creek gracefully converge, The Sedona Beach House offers a unique escape into nature's serene embrace. Imagine waking up to the soothing sounds of cascading mini waterfalls right outside your window. Below these gentle falls, the creeks merge into a clear, refreshing swimming hole, creating your own natural ''beach.'' - Approximately 105 feet of PRIVATE creek-front property right in your own backyard, mere steps from your back patio. The uniqueness of this arrangement, with 3 separate parcels and 3 separate homes, opens up a plethora of opportunities and uses for the new owner. These homes are all behind a power gate for even more privacy and seclusion. This is a stunning chance to own an escape in coveted Oak Creek Canyon! Surrounded by a lush canopy of trees, this haven is perfect for those seeking tranquility and a touch of adventure. Whether you're swimming in the crystal-clear waters, lounging by the creekside, or simply soaking in the serene ambiance, The Sedona Beach House promises a retreat like no other. Experience the beauty and peace of this hidden gem, where nature's soundtrack sets the tone for unforgettable memories. This sale includes 3 total parcels of land, each with it's own dwelling, for a combined total of 3645 sqft, 8 beds and 6 baths. The two main homes are connected via a breezeway, both with stunning matching decks that overlook the water. Each of these 2-story homes are equipped with full kitchens, living rooms, primary suites, additional downstairs living quarters with private entrances, separate laundry rooms, and utilities. No HOA. These homes were all designed with nature in mind, featuring open floorplans, pitched ceilings in the living rooms, and walls of glass to fill your home with light and color. Open the doors or windows and listen to the creeks meander down Oak Creek Canyon. Enjoy an evening sitting by the creekside fireplace, gathering with friends and family, or relax in privacy while having a soak in your hot tub. These homes are just walking distance from the Indian Gardens Cafe and Market, serving fresh sandwiches, salads, coffee, groceries and more! Anglers! Grab your fishing poles and drop a line in the creek in your backyard and fish for trout, stocked regularly in the summer months, just north of the property upstream. The possibilities are endless with a property of this caliber and certainly poised to create lasting memories. A small private family wedding was also held on property at one point.. Imagine the awe on your guest's faces! There is also a cozy guest cottage on property complete with it's own living space, amenities, and parking. It's not uncommon to wait YEARS for a property like this to pop up for sale, don't miss your chance at this one-of-a-kind oasis. The current owners and their family have loved this retreat for many years, and they are excited to share this opportunity with a new buyer. Call for more detailed information or to request a private visit.

42398 N 102nd Street Scottsdale, AZ 85262

$3,125,000 - 5Br/7Ba -  for Sale in Desert Mountain, Scottsdale
Open House
$3,125,000
5 Beds
6.5 Baths
9,411 SqFt
Status Active
MLS # 6752312
Property Type Single Family Residence
Price Type --
AUCTION BIDDING OPEN: Bidding ends 10/17. Previously Listed $5.999M. Current High Bid $3.125M. OPEN Thurs, Sat & Sun 2-5p. No reserve. The pinnacle of desert luxury awaits. Thoughtfully designed to blend into the beauty of the landscape that surrounds it, The Chiricahua Estate enjoys expansive views of the iconic Sonoran Desert, endless city lights, colorful sunsets, and sits above 18th green of the Chiricahua Golf Course. Abundant windows and French doors connect the common areas with the terrace for the ultimate indoor-outdoor lifestyle. The interior spaces flex from formal and distinctive to casual and inviting. Surrounded by gorgeous native plants and shade-giving trees, the estate's primary terrace begs to be shown off. Invite guests for a refreshing swim or hot tub soak See MORE. before sunset happy hour and a gourmet meal under the stars. At night, The Chiricahua Estate offers a truly spectacular view of the night sky and Scottsdale's glittering skyline. Enjoy a glass from the cellar by the fire, or relax in the serene primary suite with a balcony for two, a perfect spot to take in the clear desert air, bright blue skies, and the striking Saguaros below. Available Golf Membership.

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