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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Prescott AZ 86305

$2,999,999
3 Beds
3 Baths
3,586 SqFt
Status Active
MLS # 6609583
Property Type Single Family Residence
Price Type --
Less than 25 miles from downtown Prescott, AZ awaits a truly special equestrian treasure - Happy's Dream Ranch. Designed for the pleasure of humans and horses alike, this beautiful property set in Long Meadow Ranch features a warm yet elegant modern 3586 sqft. farmhouse with a 1-car attached, and 2-car detached garage. Beyond the home, the property includes a hay barn w/ bunkhouse, a tiny home, and two airy barns with tack rooms and a total of 20 stalls. Perimeter fenced and cross fenced, there is ample room to train, ride, and run on the magnificent 36.46 acre property - including in a 120' x 240' arena, and an electric Eurociser. With a backdrop of majestic Granite Mountain and stunning 360 degree sweeping views, Happy's Dream Ranch provides the quintessential Arizona ranch lifestyle!

2659 E Maplewood Street Gilbert, AZ 85297

$2,999,999
5 Beds
3.5 Baths
4,031 SqFt
Status Active
MLS # 6717424
Property Type Single Family Residence
Price Type --
PERSONALIZE YOUR DREAM HOME & CHOOSE YOUR FINISHES! Gilbert's Landmark at Somerset, spanning 4,031 sq ft - nestled by the park on .54 acres with a 4-car garage & storage room. A large courtyard welcomes you, while inside, 5 bedrooms, including a luxurious primary suite & a full guest retreat & playroom, await. The heart is the open kitchen, great room, & nook area, perfect for gatherings. Retreat to the primary bedroom oasis with a spa-like ensuite, large walk-in closet & large walk-in shower with benches on both sides & a separate soaking. A large, covered patio & a N/S lot orientation. Don't miss out on this opportunity to own a custom-built masterpiece in Gilbert's Somerset. Skip the lengthy design & construction process! ESTIMATED COMPLETION QUARTER ONE 2025!

2402 E Esplanade Lane Unit 902 Phoenix, AZ 85016

$2,999,999
2 Beds
3 Baths
3,542 SqFt
Status Active
MLS # 6738813
Property Type Apartment
Price Type --
Nestled in the heart of the prestigious Biltmore area of Phoenix, this luxurious ninth-floor condominium residence offers over 3,500 square feet of contemporary elegance. The expansive floor plan features impressive entertaining spaces with breathtaking views to the downtown Phoenix skyline and beyond. Floor to ceiling windows plus two oversized balconies highlight these vistas and provide ideal natural light. As expected, top-of-the-line finishes and modern design elements abound, from beautiful light real oak wood floors to Wolf, Subzero and Miele appliances. Twp private and separated en suite bedrooms plus a dedicated office/study and powder room complete this perfect home. Esplanade Place offers true luxury lock and leave living along with the highest standards for residence security, including on-site guard, controlled garage and floor access, on-site valet, full exercise gym and steam rooms, large club room for entertaining with catering kitchen, roof-top pool, gas grills for residents plus a dedicated dog run area. Condominium residences of this size and level of finish are difficult to find in the greater Phoenix/Scottsdale market. This offering is truly a gem!

12037 E Yucca Street Scottsdale, AZ 85259

$2,999,995 - 5Br/4Ba -  for Sale in Sendero Highlands Replat, Scottsdale
Open House
$2,999,995
5 Beds
3.5 Baths
4,615 SqFt
Status Active
MLS # 6715754
Property Type Single Family Residence
Price Type --
Welcome to this beautifully updated 5-bedroom,3.5 bathroom home with high ceilings and wide hallways .From the curb to the back wall, nothing was missed - including turf in the front yard, along with new hardscaping, stucco, new roof, new exterior lights and exterior paint.The gorgeous iron and glass front door brings you into the foyer, where you'll see a soaring ceiling with a stunning chandelier. New wood floors seamlessly bring the rooms together, the color being the perfect backdrop to all the amenities and the style of this beautiful home. The formal dining room is highlighted with an amazing artistic piece of backlit onyx displayed on the back wall of the chilled wine closet. The translucent quartz has been backlit with LED lights for the perfect ambience as you entertain your gue and family and will be a showstopper every time you flip the switch! The kitchen is the perfect blend of functionality and beauty, featuring all new GE appliances, a Miele coffee center and buffet in the eat-in area and a 46 gas cooktop. Both islands feature tons of storage, full-sized sinks, lots of counter seating and trash bins for optimal hosting when you have those big get-togethers. The large family room pocket sliders open to the kitchen and the living room where you will see a gas fireplace with a charming brick finish. Need more storage? There is a built-in credenza that accents a large wall where you could hang a massive 80 TV, with room to spare. Walking into the Primary bedroom, you'll notice solid core doors on all the interior doors, and another beautiful gas fireplace with matching brick finishes as the family room. Opening the custom barn door, you will access the massive primary bathroom. This bathroom is what you would find in the most luxurious homes, complete with 2 seperate showers with a soaking tub in between. Getting ready for the day will be a breeze with the oversized walk-in closet, complete with a dresser island finished with a gorgeous quartz countertop. The rear living area will be a favorite family hangout spot with a sparkling pool complete with LED mood lighting, landscaping (including privacy hedges) and new BBQ. New HVAC units will keep you and your family comfortable year round as you all enjoy the amenities and finishes of this home. You will find beautifully finished garages with new epoxy floors, electric openers, and insulated doors to help keep the heat out. In the laundry room, the washer and dryer are included and are ideally located next to the new utility sink for those messes that need to be cleaned out right away. This one of a kind home is close to shopping, dining, golf, hiking, schools, parks and so much more we can't list it here! The unique finishes, quality workmanship and luxury amenities are the best you will find at this price, so don't wait to see this amazing home before it's gone!

7180 E Kierland Boulevard Unit 1218 Scottsdale, AZ 85254

$2,999,990 - 2Br/3Ba -  for Sale in Optima Kierland Center 7180 Condominium Amd, Scottsdale
New
$2,999,990
2 Beds
2.5 Baths
1,838 SqFt
Status Active
MLS # 6765853
Property Type Apartment
Price Type --
Discover the height of luxury living in this breathtaking contemporary penthouse 2-bedrooms, 2.5 baths with floor to ceiling windows throughout with open concept living room and dining room area for entertaining and be blown away by the stunning city views of Kierland, Paradise Valley, and Camelback Mtns. Entertain with a view in the contemporary gourmet kitchen. Designed to impress guests with a large island, custom cabinetry, gas stove, Bosh appliances, and wine fridge which leads into an elegant dining room with stunning views of the city and mountains. The spacious primary bedroom suite with breathtaking sunset views Unit includes 2 reserved underground parking spaces. Enjoy the buildings state of the art design and amenities, which include; a resort style rooftop pool, large sitting area with firepits, saunas, steam rooms, several BBQs, full size kitchen, party room, full size gym, yoga room, full racket court, game room, full size basketball court, pickleball court, golf simulator, business office, and dog park. Enjoy the convenience of being minutes away from the retail shopping at Scottsdale Quarter and Kierland

10460 E Quartz Rock Road Scottsdale, AZ 85255

$2,999,900
4 Beds
4.5 Baths
5,112 SqFt
Status Active
MLS # 6755408
Property Type Single Family Residence
Price Type --
This beautiful recently updated home is located in gated Troon Fairways which is adjacent to private country club or Troon featuring a Tom Weiskopf championship golf course. The home features spectacular view of Pinnacle Peak, Troon & McDowell Mountains as well as city lights. The 5,112,sf, 4 bedroom en-suite home is all on one level except for a lower level home theater and wine storage. Nearly every room has been updated with the finest finishes and features including updated baths, white oak wood and Travertine floors, new stainless-steel appliances, two dishwashers, center island kitchen, walk-in pantry, Lutron lighting, new pool equipment, home water filtration system, view deck, new roof, new low-e windows, new HVAC, epoxy coated oversized 3 car garage and much more.

33799 N 84th Street Scottsdale, AZ 85266

$2,999,900
4 Beds
3.5 Baths
4,985 SqFt
Status Active
MLS # 6657379
Property Type Single Family Residence
Price Type --
Fresh exterior paint and massive price reduction! This luxury desert oasis has 360 Mountain Views. Never miss a sunset or city lights with 2 scenic patios. Custom owners closet, temp controlled wine cellar, Control 4 automated, 1-touch throughout, multiple outdoor tvs, built in bbq, heated pool and spa with spillover. Resort style backyard customized only for this home with reflection fountain, splash pad, palapa, playset, putting green. Oversized epoxied garage and extended driveway perfect for RV parking. Custom pendant lighting, accent wall with reclaimed wood and steel. Kitchen features 3 ovens, 8 cooktop with pot filler. A pass-through window opens to the backyard patio. See extensive list of upgrades. No HOA.

7150 E Sierra Vista Road Cave Creek, AZ 85331

$2,999,500
4 Beds
4.5 Baths
3,490 SqFt
Status Active
MLS # 6737874
Property Type Single Family Residence
Price Type --
Almost 50 acres on one of the highest view parcels North of Cave Creek. Pristine high desert vegetation and incredible 360 degree views from the mountaintop. Rare opportunity and stellar home will be sure to woo you with the peacefulness, privacy, and setting. Vacant land parcel is 38.5 acres plus the home is on 9.9 acres. This home is priced right and ready to sell. Nothing in the area compares and homes rarely come on the market in this area. Remodeled in 2017 w/high-end modern finishes while preserving the integrity of the original homestead built in 1975. Massive great room/dining room overlooking view/pool with extensive patios. The 676 sqft casita has 1 bdrm & bath, kitchenette & great room w/deck. Don't miss an opportunity to own this one of a kind property!

10 Ranch House Circle Sedona, AZ 86336

$2,999,000
5 Beds
5 Baths
5,580 SqFt
Status Active
MLS # 6756415
Property Type Single Family Residence
Price Type --
Welcome to Doodlebug Ranch, the First of Three Historic Properties Homesteaded in Sedona & Featured on TV! No HOA and STR Friendly, this is truly a one of a kind spectacular setting on 1.25 acres & stroll to Oak Creek! Relive history in this Rustic Rambling Ranch Home and a Cowboy Bunkhouse built in 1936 with river rock harvested from Oak Creek and Wood Beams brought in on Horseback from Oregon! The Massive Covered Front Porch beckons you to cool off and rejuvenate in the oversized Adirondack Chairs listening to the melodies of the creek and wind blowing through the massive oak and sycamore trees. Step back in time and marvel at the craftsmanship of the rock walls, multiple fireplaces and varied rich textures of wood and stone. Sellers Modernized the Lodge 2022. Main house sleeps 10 & features two Primary Bedrooms. Main Level Primary is spacious and secluded at one end of the home. Upper level Primary features a HUGE walk-in closet, Clawfoot Tub, Balcony, Skylight over the Bed for Stargazing as you fall into a peaceful slumber. Play some darts during Happy Hour in The Bourbon Lounge. Magical memories gatherings happen in the Open Kitchen Dining Combo with two-story high ceilings which seats twelve comfortably on the natural flagstone floor. Chef's kitchen boasts butcher block Island to prep your favorite culinary delights and finish them off on the Forno 5-burner gas cooktop. Be blown away by the design of the Massive River Rock Fireplace and the intricate floor to ceiling tree trunk support beams. Just steps away is Cowboy Bunkhouse which sleeps four and features two separate cozy and comfy dwellings. Guests will experience the simplicity, privacy and tranquility that generations before have enjoyed. Other than a few modern additions, this cabin-like treasure is the real deal! When it's time to celebrate life, congregate with guests in the massive lush green backyard and let the fun begin. While the chef is preparing the BBQ feast, take a stroll over to the creek or around the grounds to admire the metal sculptures and gardens, play croquet, backgammon, hide 'n seek, or take a snooze in the shade under one of many towering trees. Be sure to look for the first boulder excavated from Chapel Of The Holy Cross site, which can be admired and awed forever in the backyard. At night, relax and rejuvenate in the hot tub while gazing into the dark celestial skies of Sedona. This amazing property also has a three-car garage with laundry/utility station. As if this lifestyle couldn't get any better, membership is available next door at Poco Diablo Resort where you and your guests can enjoy the resort amenities. Or visit their restaurant as an additional dining option. Be sure to order one of their famous Bee Sting Cocktails at the bar! This may be a once in a lifetime opportunity to own a historical property in beautiful Sedona. Coconino Parcel 40144047 included in sale. Won't last long so make it yours today!

14225 N River Ridge Road Coolidge, AZ 85128

$2,999,000 - 5Br/6Ba -  for Sale in S7 T5s R9e, Coolidge
New
$2,999,000
5 Beds
6 Baths
7,312 SqFt
Status Active
MLS # 6765271
Property Type Single Family Residence
Price Type --
Stunning one of a kind custom home featuring quiet living and space! This 7200 square foot home sits on 12 secluded acres of beautiful desert landscaping with views of the Superstition Mountains. Immediately fall in love as you enter the large arched door that opens to a gorgeous open floor plan highlighted with sprawling ceilings, copper fireplace, and the largest kitchen island you've ever seen! Features include large sparkling pool, travertine floors, beautiful balcony, basement, screened in back porch, guest quarters with kitchenette, butlers pantry, 2 laundry rooms, 2 soaking tubs, celestial windows, real wood floors, custom real wood doors, tons of storage, air conditioned garage with 3-16ft doors, two wells, and a guest home! And so much more!

6924 E Stagecoach Pass Carefree, AZ 85377

$2,999,000
3 Beds
3.5 Baths
4,400 SqFt
Status Active
MLS # 6755398
Property Type Single Family Residence
Price Type --
On the southeast side of Carefree's Black Mountain. This hillside landmark residence was designed by the legendary Carefree architect Gerry Jones. One of a kind desert contemporary home with stunning views of the Boulder pile, Pinnacle Peak, McDowell Mountains, and city lights. Only a block from the Boulders resort. Private gate. No HOAs. Nestled in the boulder outcroppings. You will find the pool and outdoor spaces in the most private setting with amazing mountain and city lights views. The home has been designed with such harmony w/ nature and seamlessly blending the living space to the outdoors. Lots of recent upgrades & improvements. You will be impressed and captivated. Rare opportunity to own an iconic residence. Perfect private vacation golf getaway or year-round residence

20202 N Las Vegas Road Prescott, AZ 86305

$2,999,000
2 Beds
3 Baths
2,440 SqFt
Status Active
MLS # 6762627
Property Type Single Family Residence
Price Type --
''Las Vegas Ranch Estates will astound you w/ it's wide open views of mountain peaks, cattle and abundant wildlife. Enjoy room to roam on nearly 40 ac. that backs to Nat'l forest at Boot Creek Ranch. Large main house has vaulted ceilings w/ abundant natural light showcasing the many details from wood beams to a grand stone fireplace. Main & Guest home = 3400 sq.ft, incl. gourmet kitchen w/ oversized island, 2 living rooms overlooking 2 covered patios & an inviting guest house w/ full kitchen and separate office space attached to an oversized 3 car garage. Soak in the Cowboy luxury tub on the backyard patio w/ hot & cold water. Watch as the cattle graze on the surrounding hills w/ daily sightings of wildlife. Walking or bike riding on paved roads are a delight to this gated community.

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