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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3368 S Clubhouse Circle Flagstaff, AZ 86005

$3,100,000
4 Beds
3.5 Baths
4,465 SqFt
Status Active
MLS # 6715531
Property Type Single Family Residence
Price Type --
Timeless estate built of quality finish and heart of homeownership. Stunning home with breathtaking views surrounded by serene pine trees and wildlife. This exquisite home blends craftsmanship and meticulous attention to detail throughout. Enjoy fabulous views of a nearby lake, the picturesque 11th hole, majestic mountains, and lush trees from nearly every window. The residence features an abundance of natural light, dual primary suites, two additional bedrooms, a study adjacent to the spacious loft, providing ample space and versatility. The beautiful hickory floors complement the rustic elegance of stone fireplaces and art niches, creating a warm and inviting atmosphere.The gourmet kitchen is a chef's dream, complete with top-of-the-line Wolf and Sub-Zero appliances, a stone countertop, and a large island. This home is a true mountain oasis, offering luxury living with unparalleled views and premium amenities.

8366 E Old Paint Trail Scottsdale, AZ 85266

$3,099,995 - 4Br/5Ba -  for Sale in Reserve At Black Mountain, Scottsdale
Open House
$3,099,995
4 Beds
4.5 Baths
3,236 SqFt
Status Active
MLS # 6537091
Property Type Single Family Residence
Price Type --
Days on market include build time****MOVE IN READY HOME New Construction Home in the gated community of Reserve at Black Mountain. Gourmet kitchen includes maple cabinets and designer appliances including a Wolf 48'' Rangetop with Griddle, Pro Hood, Micro Drawer, Pro Double Ovens and Cove Dishwasher and overlooks the expansive main living area with soaring 17' ceilings and a 24' Multi-Stacking Door with pocket, opens on to a large covered patio. This home is an entertainers delight. Secluded office or 4th bedroom at the rear of the home with access to the backyard. Full landscape and pool are included in this price.

18720 N 101 St Street Unit 4003 Scottsdale, AZ 85255

$3,097,000
3 Beds
3.5 Baths
3,170 SqFt
Status Active
MLS # 6756705
Property Type Apartment
Price Type --
Membership available separately. Additional fees apply. Here's your chance to own a penthouse with a pool view in the exclusive 24-hour guard-gated community of Silverleaf at DC Ranch. This stunning residence features professional interior design, including elegant white cabinetry and Provenza white oak wood floors throughout. The entertainer's kitchen boasts Taj Mahal Quartzite countertops, an oversized island with storage on both sides, and top-of-the-line Sub-Zero Wolf appliances, including a dual-zone wine fridge. The home also includes built-in cabinetry in the home office. An upgraded Crestron smart home system offers automated shades, a security system, and more.... Enjoy a large private deck, semi-private elevators, and a spacious layout of 3,170 square feet with 3 bedrooms, an office, and 3.5 baths. The community provides resort-style amenities such as walking paths, trails, parks, and community centers.

28011 N 109th Way Scottsdale, AZ 85262

$3,095,000
4 Beds
4.5 Baths
3,730 SqFt
Status Active
MLS # 6655624
Property Type Single Family Residence
Price Type --
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model A has a 3 car garage and available only on lots, 7, 11, & 18 (Model A with 2 car garage only on lots 2, 4, 6 & 16). Base price shown does include lot premium and includes a 25K pool and a 25k landscape allowance, Subzero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene..

3709 E Hazelwood Street Phoenix, AZ 85018

$3,050,000
5 Beds
5.5 Baths
4,298 SqFt
Status Active
MLS # 6749650
Property Type Single Family Residence
Price Type --
Step into unparalleled luxury in this exquisitely renovated single-level home nestled in the heart of Arcadia Lite! With 5 bedrooms, 5.5 bathrooms, & a generous bonus space, this stunning home seamlessly blends modern elegance & comfort, creating the perfect setting for both serene evenings & lively gatherings. As you arrive, a charming flower-lined walkway guides you to the inviting front patio with Camelback Mountain Views, setting the stage for the beautifully crafted interior. Inside, the gourmet kitchen is a chef's dream, boasting Wolf/Sub-Zero stainless steel appliances, panel-ready cabinetry, two expansive islands, Taj Mahal quartzite countertops, & custom cabinetry that elevates both style & function. Retreat to the primary suite, a true sanctuary with its own cozy fireplace, doors to patio, custom wallpaper, designer finishes, a luxurious soaking tub, and an impressive closet complete with a washer and dryer for ultimate convenience. The outdoor oasis in the backyard boasts lush landscaping, a heated pool/spa, low-maintenance turf, a putting green, a firepit, a large covered patio with misters & a built-in BBQ, and so much more! This home also boasts an oversized 2.5-car garage and an RV gate with ample parking, offering plenty of space for vehicles, recreational toys, & all your storage needs, perfectly blending functionality with convenience & style. Located in the heart of Arcadia Lite, you're just minutes away from LGO, Kachina Park, The Global Ambassador, and all the Arcadia hot spots. This home is a must-see!

26727 N Boulder Lane Scottsdale, AZ 85262

$3,050,000
3 Beds
4 Baths
4,309 SqFt
Status Active
MLS # 6732548
Property Type Single Family Residence
Price Type --
Nestled in North Scottsdale within an intimate gated setting in Boulder Ranch, this home offers expansive single-level living on 3/4 acre lot against a backdrop of mountain & Sonoran Desert views! Priced below current appraisal this home offers a private haven with multiple spaces to entertain, relax indoors & out. The open-concept kitchen features custom quartzite counters with island, Wolf and Sub-Zero appliances, custom cabinets and a secondary prep kitchen for entertaining! Family room has wood beamed ceiling and fireplace that create a warm & inviting atmosphere. Stunning views from many windows! Exceptional master suite w/beautiful large soaking tub, oversized marble shower, dual vanities w/ marble counters, custom designed closet w/amazing built-ins! Restoration Hardware lighting! Relax in the game room while having a glass of wine that's kept cold from the Sub-Zero wine fridge. Guest will enjoy the attention to detail in their private casita or it can be used as an office/studio. As you approach the home, you're greeted by a professionally designed and landscaped front yard featuring a paver drive leading to the three-car garage. This homesite offers the most privacy in the community! The front exterior showcases natural stone accent walls, travertine hardscape, water and fire pit features and low-maintenance desert landscaping, creating an inviting curb appeal for this Mediterranean Mayne floor plan. Step inside, & you'll find a home that effortlessly blends luxury and functionality. Welcome to Boulder Ranch Scottsdale's finest! Experience the beauty of the natural landscape from your own backyard and beyond with exquisite views and extensive hiking and biking trails nearby.

30508 N 64th Street Cave Creek, AZ 85331

$3,050,000 - 5Br/5Ba -  for Sale in Custom Luxury Home, Cave Creek
Open House
$3,050,000
5 Beds
4.5 Baths
5,653 SqFt
Status Active
MLS # 6730262
Property Type Single Family Residence
Price Type --
Step into true desert luxury. This custom home takes comfort and convenience and seamlessly integrates with style and sophistication. An open layout that makes entertaining a breeze. Stunning finishes throughout. Resort style pool with reflection fountain and a backyard oasis that turns even the hottest AZ days into the coolest of experiences. Surround sound, home theatre, oversized office, a split primary suite with dual walk-in closets and see-through fireplace two additional bedrooms with ensuites. There is even a pet wash station and dog run. Walk into your new home and have people over as soon as you get the keys. Home furnishings are also available for purchase to make your AZ move a breeze. Your exquisite desert oasis is in the prestigious town of Cave Creek, just outside Scottsdale, Arizona. This unparalleled luxury residence offers a sophisticated blend of modern amenities and timeless elegance, designed to captivate discerning home buyer seeking the ultimate in high-end living. Exceptional Features Include: Master Suite: Indulge in the opulence of the master suite, featuring a jetted tub with a see-through fireplace, his and hers walk-in closets, and two luxurious laundry rooms. Wine Enthusiast's Dream: Savor your finest vintages in the temperature-controlled wine cellar and beverage center, complete with marble countertops, dual drawer refrigerators, and two built-in ice and water dispensers. Gourmet Kitchen: The main kitchen is a chef's delight, showcasing white marble countertops, an island with stunning granite, built-in appliances, a walk-in pantry, and a convenient pass-through window to the outdoor patio. Entertainment Haven: Host unforgettable gatherings in the resort-style backyard, boasting a reflection fountain, a sparkling pool, a sunken hot tub, and an outdoor kitchen with a fire table. Enjoy the seamless indoor/outdoor living experience facilitated by the impressive 20-foot pocket door. Custom Interiors: The great room features high ceilings with faux wood beams, custom pendant lighting, a striking gas fireplace with stone veneer and fiberoptic twinkling lights, and engineered wood floors. Executive Office: A spacious executive office accommodates two workspaces, perfect for those working from home. Pet Paradise: Pamper your pets in the dedicated dog room with a shower, leading to an outdoor dog run enclosed by block walls with deep footers and a steel mesh view fence. Smart Home Features: Enjoy the convenience of motorized shades both indoors and outdoors, wood casement double-pane windows, and comprehensive home automation systems. Energy Efficiency: Benefit from spray foam insulation, three tankless water heaters, whole house filtration, soft water system, hot water recirculation, and three HVAC units with air scrubbers and humidifiers. Safety and Security: Peace of mind is ensured with surveillance cameras, an alarm system, fire sprinklers, and a 500-gallon LP tank. Garage and Storage: The oversized three-car garage includes an electric vehicle charger and a storage room, providing ample space for all your needs. This magnificent property offers breathtaking sunset views from almost every room, mature date palm trees, a large artificial grass area, a stereo system, and a misting system for year-round outdoor enjoyment. This spectacular estate embodies the essence of luxury living and is a must-see for those seeking the finest in desert living. Experience the epitome of luxury in Cave Creek.

8217 E Del Cadena Drive Scottsdale, AZ 85258

$3,050,000 - 4Br/5Ba -  for Sale in Island At Mccormick Ranch, Scottsdale
Open House
New
$3,050,000
4 Beds
4.5 Baths
2,783 SqFt
Status Active
MLS # 6765782
Property Type Single Family Residence
Price Type --
*Easy to show - contact listing agent* This beautifully rebuilt McCormick Ranch home, completed in 2024 by a luxury custom builder, is a true gem. The meticulous attention to detail is evident in every corner of this property. Boasting four ensuite bedrooms, including two primary suites in the main house and a two-bedroom guest house, this charming residence has been impeccably reinvented. The renovation spared no expense, featuring stunning wood floors, custom cabinetry throughout, top-of-the-line Wolf and SubZero appliances, exquisite lighting and plumbing fixtures, all-new doors and windows. and bathrooms adorned with impressive tile work. Major enhancements include a new roof, plumbing, electric, HVAC, stucco, paint, landscaping, paver driveway, and garage doors.A large covered patio spanning the length of the home looks out onto sparking pool situated between the main and guest house. Rarely does a home of this caliber come onto the market, it is turnkey, completely redone and ready to move in.

10249 E Joy Ranch Road Scottsdale, AZ 85262

$3,000,000
3 Beds
5 Baths
3,850 SqFt
Status Active
MLS # 6734554
Property Type Single Family Residence
Price Type --
Discover this contemporary masterpiece, a meticulously crafted 3-bedroom, 5-bathroom home. Upon entry, floor-to-ceiling glass doors invite you into a space defined by modern elegance. Entertain effortlessly with a built-in wet bar featuring a wine fridge, complemented by a double waterfall kitchen island, White Oak cabinets, and concrete countertops. The kitchen seamlessly flows into the main living area, where natural light enhances the sleek design. Storage is abundant with a walk-in pantry adorned with custom cabinets and shelves, while each bedroom boasts its own walk-in closet with built-in cabinetry. A dedicated office space doubles as an additional bedroom, ensuring versatility. Integrated speakers in every room enhance the ambiance, while the master suite offers a retreat-like experience with a massive walk-in closet, a separate shower, and a unique standalone tub. Floor-to-ceiling sliding glass walls provide direct access to the backyard from the master bath, merging indoor and outdoor living. Step outside to discover a Pebble Tech pool and a convenient pool bathroom, perfect for entertaining and relaxation. Every detail of this home is custom-made, promising luxury and comfort in every corner.

25572 N 113th Way Scottsdale, AZ 85255

$3,000,000
3 Beds
6 Baths
5,593 SqFt
Status Active
MLS # 6726576
Property Type Single Family Residence
Price Type --
Spectacular luxury home located in coveted guard gated Troon Village, w/ dramatic drive-up appeal & picturesque Sonoran boulder setting, boasts panoramic mountain views. Architectural masterpiece w/ fine details & thoughtful home design, this great room split bedroom plan with exquisite indoor outdoor AZ living is an entertainer's dream.Luxurious kitchen with expansive eat-in island, Wolf gas range & electric ovens, SubZero fridge/freezer, opens to inviting family room with charming stone fireplace, slate floors, rich wood planked ceiling accented with stunning beams, opens to outdoor living with retractable glass & screen slider & dine in style with Four Peaks views & seated wet bar with access to downstairs tasting room and 500 bottle temp-controlled wine cellar. Executive office with custom built-ins, Owner's retreat with flex exercise/office opens to private patio and backyard outdoor living space and pool/spa. Ideal ensuite secondary bedrooms with private entries and expansive wrap around balcony with fireplace. Downstairs hub with an impressive in-home theatre with wet bar plus flex room that could serve as a bunk room/office/exercise room with half bath. Spacious 1200 SF air-conditioned extended three car garage is fit for a king with half bath, motorcycle lift ,work benches, air compressor lines and easy access elevator lift to main level. G5 automated system, owned solar panels, 5 new AC units, pool equipment and appliances. A sanctuary in the Sonoran desert.

758 Southlake Road Lakeside, AZ 85929

$3,000,000
6 Beds
7 Baths
5,793 SqFt
Status Active
MLS # 6745246
Property Type Single Family Residence
Price Type --
This beautiful LAKE property in the perfect Arizona picturesque landscape, boasts a 3,398 SF Main house and a 2,394 SF Guest House. Tucked in a private portion of the lake, it is a serene escape into mountain living. The property sits on a stunning ¾ acre lot & offers a unique blend of comfort & eligance, with its log-sided architecture and FULLY furnished interiors. Surrounded by tons of trees & beautiful neighboring homes, this property stands out w/ its private gated entrance & private boat dock, perfect for fishing or kayaking adventures, on this exquisite & rare lakefront property. The promise of peaceful days amazing sunsets & starry nights is a reality here, w/ amenities such as a truly HUGE back deck, outside fireplace plus a lower firepit and BBQ area enhancing outdoor living! Imagine a grand log home where the great room, with its expansive floor-to-ceiling windows, offers a panoramic view of a serene lake. This home has one of the BEST views of Rainbow Lake! The heart of the home features a large rock fireplace, perfect for gathering around on chilly evenings. This fireplace has a gas starter for easy to light wood fires, or it could easily be converted to a ornamental gas fireplace. Both the interior and exterior fireplaces on the main house have gas starters. The ceilings boast beautiful tongue-and-groove woodwork, complementing the rich wood flooring that extends throughout the space. The ceilings throughout the main house, including the carport, and the wall under the stairs are a stunning cedar. An open chef's kitchen, complete with a rock-sided island and stone countertops, invites culinary adventures. The chef's gas commercial grade stove is fantastic. Lots of counter space and a custom made live edge wood island and breakfast bar. A custom pizza, by the fireplace, that you can cook with gas or wood is fun and creative for any setting. Imagine cooking looking out to the lake. The guest 1/2 bath on the main floor has a custom made cypress vanity that is one of a kind that adds rustic elegance. The Primary suite is a luxurious retreat, with its own stunning lake views, an ensuite that includes a soaker tub, double vanity, and a custom tiled shower designed for warmth with radiant floor heat and relaxation. The main floor also houses a cozy guest suite that basically mirrors the Primary and it too has heated radiant floors in the bathroom. Upstairs is a third bedroom with an accompanying bathroom awaits, alongside an open loft that's perfect for hosting additional guests. ALL bedrooms plus the loft have astonishing VIEWS of the lake. This log sided home is a harmonious blend of rustic charm and modern comfort, creating a space that's as inviting as it is beyond impressive. Photos can't begin to embrace it beauty and magic. The SIX car garage adds additional features like a car lift with an air compressor. The garage is 25X60 with an office and storage area above that is 15X60 with a 1/2 bath offers flexibility for work or play. Additional features are fully enclosed fenced property, smart home with cameras and alarms, plus a surround sound system cater to both convenience and entertainment. The electronic hub, cleverly concealed under the stairs in a built-in bookshelf, speaks to the thoughtful design of the home. A dog shower in the mudroom/laundry adds a touch of consideration for pet owners. The gated entrance ensures privacy and exclusivity, making this property a secure haven. For those drawn to the charm of lakeside living, this home on Rainbow Lake is a rare find, promising a blend of relaxation, recreation, and potential revenue. It's an invitation to embrace the tranquility of nature while enjoying the comforts of a well-appointed home. At the back of the property there is a beautiful guest home that offers the epitome of spacious living, with a split bedroom floor plan that seamlessly connects the living room with a wood burning fireplace, to an inviting front deck and an open kitchen. Large windows flood the space with natural light, creating an airy and welcoming atmosphere. The primary suite provides a private retreat, while two additional guest rooms ensure comfort for visitors. This home, with its thoughtful design and ample amenities, represents the ideal guest house for those who value both comfort and style. The landscaping on this property is stellar and the photos can't begin to show it's beauty. The circular driveway is incredibly appointed for ease and ample parking. This property must be seen to understand how fantastic it is. In addition, this property is beyond rare here in Arizona. It truly is so unique and the location on the lake is absolutely one of the very best available. The views are STELLAR. The sunsets are picturesque and the sunset cruises are a must! Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

750 Rhapsody Road Sedona, AZ 86336

$3,000,000
4 Beds
4 Baths
4,125 SqFt
Status Active
MLS # 6734090
Property Type Single Family Residence
Price Type --
Adjacent parcel #408-24-510 available for purchase WITH the home, not in advance of home sale.

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