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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10958 E Taos Drive Scottsdale, AZ 85262

$2,995,000
5 Beds
3.5 Baths
5,554 SqFt
Status Active
MLS # 6740654
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the heart of Scottsdale, where comfort and style meet in perfect harmony. This stunning residence offers a blend of classic elegance and serene living, ideal for those seeking both relaxation and convenience. Spacious Interior: Step into a beautifully designed open floor plan that maximizes space and natural light with soaring high ceilings . The generous living area features high ceilings and large windows, creating a bright and airy atmosphere perfect for entertaining or unwinding after a long day. Gourmet Kitchen: The chef's kitchen is a true centerpiece, boasting sleek granite countertops, stainless steel appliances, and ample cabinetry. A center island provides additional prep space and a casual dining option, making it a great spot for both cooking and casual meals. Luxurious Master Suite: Retreat to the expansive master suite, complete with a private en-suite bathroom featuring dual vanities, a soaking tub, and a separate shower. Enjoy the convenience of a large walk-in closet, attached gym or flex space and direct access to the outdoor living space. Outdoor Oasis: The beautifully landscaped backyard offers a serene escape with a covered patio, ideal for alfresco dining or relaxing with a good book. The lush greenery and well-maintained garden provide a picturesque setting for outdoor activities and gatherings. A view deck with panoramic views of the mountains and city lights, gas fire place, putting green, baja deck in the pool, and so much more. Additional Features: This home also includes a versatile den/office space, perfect for working from home or as a guest room. The attached four-car garage offers ample storage and convenience, as well as a detach 5th car garage for extra storage or toys. Prime Location: Situated in a desirable North Scottsdale yet with no HOA, you'll enjoy easy access to top-rated schools, upscale shopping, dining, and recreational amenities. With its proximity to major highways, commuting and exploring the vibrant Scottsdale area is a breeze.

500 N Skyview Street Flagstaff, AZ 86004

$2,995,000
4 Beds
3 Baths
3,747 SqFt
Status Active
MLS # 6711474
Property Type Single Family Residence
Price Type --
ORSE PROPERTY IN FLAGSTAFF CITY LIMITS!! Indulge in the serene beauty of Lakeside Acres with this exquisite home nestled on 3 lots spanning over 4.35 acres. Meticulously remodeled to perfection, this residence boasts unparalleled craftsmanship and attention to detail. Embrace the tranquility of the picturesque surroundings while enjoying the convenience of modern amenities. The home has not been lived in since its remodel. Just a snippet of the remodel: Beautiful, Upgraded Kitchen, Entertainment Bar, Entire home sprayed with Foam Insulation, All Interior Walls Painted and Retextured with Smooth Finish. With two primary suites and two additional bedrooms this home is ready to accommodate full-time, vacation or multi-generational living. Perfect for horse enthusiasts as the property... fe

10040 E Happy Valley Road Unit 243 Scottsdale, AZ 85255

$2,995,000
3 Beds
2.5 Baths
4,320 SqFt
Status Active
MLS # 6737328
Property Type Single Family Residence
Price Type --
Step into elegance with this beautifully remodeled home featuring three significant upgrades. A long, private driveway welcomes you to an open-concept space with soaring 30 ft. ceilings, large windows, and sliding glass doors that frame breathtaking mountain views. The property includes two custom-designed water features and a spacious deck, perfect for entertaining. The Desert Highlands community offers unparalleled amenities, such as a Jack Nicklaus signature golf course, a comprehensive tennis center, pickleball courts, a fitness center, and a luxury country club.

39742 N 103rd Way Scottsdale, AZ 85262

$2,995,000
3 Beds
3.5 Baths
4,108 SqFt
Status Active
MLS # 6755023
Property Type Single Family Residence
Price Type --
The ultimate in serenity, privacy and exquisite vistas of open desert, sunsets, and city lights in Desert Mountains village of Turquoise Ridge! This lovely home embraces Arizona architecture seamlessly blended with a modern interior. Sited on a cul-de- sac with north/south solar orientation, it overlooks expansive natural open space area offering a slice of paradise with breathtaking views. On approach the lengthy driveway reaches the motor court, 3-car finished garage and gated front courtyard with authentic banco seating, mature vegetation and double arched double door entry. Step into the expansive great room adorned with high white walls, the circular sun ray viga ceiling design and an abundance of picture windows framing the natural Sonoran Desert. A floor-to-ceiling stone fireplace anchors the space, creating a cozy ambiance complemented by the circular dining room with its chandelier, cove lights and unique niches a perfect setting for intimate dining experiences. Flowing into the streamlined kitchen any chef would be delighted with the spacious island with sink and bar seating, Alder wood cabinets with Quartz counters, high-end appliances, viga ceiling detail, casual dining space and outdoor access. The new spacious walk-in pantry is to die for, the comprehensive laundry and powder with wood plank wall detail provide living necessities first-rate. The refined adjacent den with modern kiva fireplace, banco seating, viga and latilla ceiling detail and large picture window invite casual comfort and leisure. The west side of the home unveils the luxurious Primary suite, boasting viga ceiling details, a modern style kiva fireplace, wide plank wood flooring and newly remodeled bath with a free-standing tub, walk-in steam shower and large designer closet. An adjacent open space with picture windows offers versatility for an office, fitness area or studio.The second Primary bedroom, a unique haven, showcases viga wall decor, wood plank floors, built-in wood desk space and a luxury bath with a double vanity, walk-in shower and soaking tub.The new spacious designer closet provides ample luxury and storage.The third ensuite bedroom on the east side, ensures comfort and privacy, with decorative details and an ensuite bath with granite counter and a whimsical walk-in snail shower. Indulge in the spectacular vistas around the outdoor oasis with a pool, spa, water feature and a spacious covered patio. The negative edge pool and raised spa, accompanied by a boulder water feature, offer hours of enjoyment. Multiple areas for conversation, sunning and dining create the perfect backdrop for intimate gatherings or large get togethers. Wind down the day sitting by the fire pit, appreciating the sunset and night lights magically become the twinkling stars of the dark sky. Located in the prestigious Desert Mountain community, enjoy proximity to the Sonoran Club for pickleball, tennis, fitness classes and more. Explore the seven golf courses and scenic trails bordering the Tonto National Forest. This residence is not just a home; its a lifestyle a harmonious blend of elegance, comfort and the allure of the desert landscape. Welcome to your desert sanctuary.

24882 N 124th Street Scottsdale, AZ 85255

$2,995,000
3 Beds
3.5 Baths
3,939 SqFt
Status Active
MLS # 6761816
Property Type Single Family Residence
Price Type --
Discover your dream home in the prestigious Troon North, renowned for its exceptional desert golf experience. This stunning newly built residence boasts 3,939 sqft of sophisticated living space on a sprawling 1.68-acre cul-de-sac lot. Step inside to find an expansive open floor plan featuring a great room setup, ideal for modern living and entertaining. The layout includes 3 bedrooms with on-suite luxurious bathrooms, with upgraded tile flooring and exquisite cabinetry. The chef's kitchen is a culinary haven, equipped with a Wolf stove, a Subzero fridge and a butler's pantry with a bar counter right next to the dining room perfect for creating gourmet meals while enjoying the company of family and friends. The master suite is a true sanctuary, featuring a custom closet and an a master bathroom that has been thoughtfully designed with a separate tub and walk-in shower. Additional features include a bonus room that could also be used as a bedroom, with at attached den. Enjoy the practicality of an oversized garage with epoxy flooring, added garage closets, and a convenient drop zone. The professionally landscaped backyard is a private oasis, complete with a sparkling swimming pool, BBQ area, and extensive hardscape for entertaining.

36975 N Mirabel Club Drive Scottsdale, AZ 85262

$2,995,000
4 Beds
4.5 Baths
4,002 SqFt
Status Active
MLS # 6764283
Property Type Single Family Residence
Price Type --
VERY RARE 4 bed, 4.5 bath plus flex room golf villa in the Mirabel Club w/ an even more rare 3 car garage and access to a FULL GOLF MEMBERSHIP per club bylaws & application approval. This home has extensive upgrades inside & out. The spacious master suite has 2 walk-in closets & a cozy fireplace and large sitting room. Enjoy the large open, split floor plan & separate entry guest casita. Each bedroom has its own ensuite bath. The great room has a stone fireplace and vaulted ceilings with wood beams. The kitchen is complete with Wolf/Subzero/Cove appliances, custom cabinetry, large walk-in pantry, & custom granite. Multiple sets of cedar French doors bring the outside in. The private backyard backs up to open space w/ mountain views. The pool & spa includes 3 soothing waterfalls.

34749 N 83rd Way Scottsdale, AZ 85266

$2,995,000
4 Beds
4.5 Baths
3,627 SqFt
Status Active
MLS # 6659874
Property Type Single Family Residence
Price Type --
Welcome to the epitome of contemporary luxury living in the exclusive gated community, The Reserve at Black Mountain. This brand-new contemporary single level showpiece, crafted by the renowned Toll Brothers, fulfills every item on today's discerning buyers wish list offering an open great room floor plan, a resort-style outdoor oasis, generous 3 car garage space and breathtaking panoramic views of the majestic mountains, colorful sunsets and lush Sonoran Desert. As you step through the inviting front portico entry into the front courtyard, the metal and glass front door opens to the foyer and sets the stage for the grandeur that awaits. The great room with a stunning 60'' linear fireplace with floor to ceiling tiled surround, draws the eye upward to the soaring 16' beamed ceilings extending through the open dining space, while south-facing windows frame the picturesque mountains of Pinnacle Peak and beyond. Designed for both culinary enthusiasts and entertainers alike, the adjacent kitchen boasts an oversized island adorned with sleek Quartz countertops, Wolf/Subzero appliances, 2 dishwashers, modern pendant lighting and bar seating for 4. Abundant Shaker cabinetry, subway tile backsplash and a generously sized walk-in pantry add both style and functionality to this culinary dream. The seamless indoor-outdoor flow is achieved through a four-paneled glass wall system, effortlessly connecting the dining area to the outdoor patio- an ideal setting for alfresco dining and conversation. Retreat to the expansive Primary Suite, where numerous windows invite natural light and showcase panoramic vistas. Indulge in the luxurious bath featuring double vanities, a freestanding soaking tub and a double walk-in shower graced with floor-to -ceiling tile - a sanctuary for relaxation and rejuvenation. The spacious designer closet offers ample storage and organization, adding a finishing touch of opulence. Adjacent to the main living area, a doorless office overlooking the front courtyard provides a tranquil workspace for remote endeavors. For family and guests, a beamed ceiling den beckons with its wall-to-wall entertainment center and glass wall system opening to the front courtyard, ensuring comfort and enjoyment for all. The home's thoughtful design extends to the two connecting ensuite bedrooms, each appointed with ensuite baths and plush low pile carpeting - a retreat of privacy and serenity. The comprehensive laundry with outdoor access caters to pool time, anytime. The poolside casita offers an additional retreat, complete with a breakfast bar, wood plank look tiled floors and a luxury bath - an ideal space for extended stays or hosting guests in comfort and style. The resort-style backyard entices with a linear pool with Baja shelf, raised spa, patio sunning space, and an expansive covered patio with heaters offering living and dining space - perfect for outdoor gatherings and leisurely afternoons. The Astro turf and desert landscape provide an effortless outdoor experience. For enchanting sunsets, starry nights and warmth, gather around the substantial firepit with lava rocks. Thoughtful upgraded finishes throughout have elevated the distinction of this home. Nestled in North Scottsdale, this home offers a wonderful life refuge remaining in proximity to dining, shopping and fabulous outdoor adventures. Welcome to a lifestyle of unparalleled luxury and refinement. Home has been pre wired for shades as well.

41633 N 102nd Way Scottsdale, AZ 85262

$2,995,000
4 Beds
4 Baths
4,017 SqFt
Status Active
MLS # 6550769
Property Type Single Family Residence
Price Type --
Golf Membership Available- Striking Southwest Contemporary located in the elevated village of Saguaro Forest in Desert Mountain. The generous homesite located off the 6th hole of the Chiricahua golf course provides privacy with outstanding views of the boulders of Apache Peak all the way around to the blazing sunsets of Black Mountain. Stacked stone walls and columns, clean lines and angles and an abundance of glass are admired inside and out. Enjoy family and friends in the open and inviting great room with soaring multi-level curved ceiling details, the walls of windows to the patio and the cozy warmth of the fireplace. The stately wet bar with bar seating adds to the appeal of the great room experience. Seamlessly move into the well-designed kitchen with two islands, one with stainless steel farm sink and appliances, pendant lights and bar seating, the other a buffet-like linear island with lots of counter space, bar seating and cabinets for storage  ideal for larger gatherings. The open dining space furnishes seating for up to12 along with patio access allowing for the Arizona casual indoor-outdoor lifestyle. Step outside to a desert oasis for a dip in the pool, listen to trickling water of the boulder fountain and relax any time of day on the expansive patio. The view fencing allows exquisite desert and mountains vistas at the same time protecting the privacy of the home. The built-in barbecue is perfect for Alfresco dining and the spa and firepit a joy for star gazing at night. Back inside, through a double door entry, the owners retreat is a treasure. The spacious bedroom with fireplace and outdoor access to a private patio invites rest and relaxation. The luxury spa bath with jetted tub, two vanities, one with make-up space, double walk-in shower, separate water closet and two walk-in closets delivers ultimate lavish living. First thing enjoy coffee in the morning or wind down with wine in the evening with the coffee/wine bar. The sizeable workout room will keep you fit while enjoying the stunning views. In the same wing of the home the spacious office with built-in double desk and murphy bed with shelves is the perfect office and can also be a 4th bedroom if needed. The adjacent full bath with walk-in shower serves as a 4th bedroom bath or powder for all. Two beautifully appointed ensuite bedrooms, one with patio access, are found in the opposite side of the home. Privacy and comfort appear foremost in these family and guest accommodations. The roomy laundry with upper and lower cabinets, sink and faucet, folding counters and ironing station turn chores into pleasures. Easy access from the finished 3-car garage completes the guest wing of the home. The finest of finishes; Cherry doors and Shaker style cabinetry, granite and tiled vanities, counters and surrounds,18 polished limestone floors, carpeted bedrooms and office and contemporary light fixtures are seen throughout. Saguaro Forest is a superb location within Desert Mountain, close to club houses, golf courses, restaurants and the award-winning private hiking trails. Membership available to be purchased with this property. A 30-day Membership application review and approval is required. Contact the Desert Mountain Club for details.

23414 N 84th Place Scottsdale, AZ 85255

$2,995,000
6 Beds
6.5 Baths
7,413 SqFt
Status Active Under Contract
MLS # 6645358
Property Type Single Family Residence
Price Type --
Prime Pinnacle Peak Location - this sprawling custom estate is located behind the gates of Pinnacle Paradise and provides the best in privacy and location. The sprawling grounds cover close to 2 acres including the main house, separate guesthouse, four car garage, large resort style pool and grass area and expansive auto court with circle drive. The main house captures picturesque views of the McDowell Mountains and pristine desert surroundings, with an open floorplan perfect for entertaining and guests. A large Primary retreat, private guestrooms, large office, lower-level game room/bonus room and fully-appointed one bedroom guesthouse complete this one-of-a-kind property. NEW ROOF IN AUGUST 2024. Enjoy stunning sunset and mountain views from the large rooftop view deck or relax by the pool in the secluded backyard sanctuary. This estate offers the best of Arizona living and is just minutes from DC Ranch, The Quarter, Kierland and several top resorts that North Scottsdale has to offer.

39775 N 50th Street Cave Creek, AZ 85331

$2,992,000
5 Beds
5 Baths
7,040 SqFt
Status Active
MLS # 6617112
Property Type Single Family Residence
Price Type --
Million Dollar Views Unique 7040 Sq. Ft. Turn key home at the foot of Cave Creek Regional Park. Home is surrounded 360 degree by the Seven Sisters, Elephant Butte, Skull Mesa & Continental Mountains. Easy access to hiking, jogging, biking, and riding trails. This property is conveniently located minutes from Cave Creek / Carefree art galleries, shopping, dining, museums, and schools. Home has mountain views from every room, high ceilings, and a kitchen featuring Sub Zero / Decor appliances. The great room pocket doors open onto an observation deck with stunning views and overlooks a sparkling pool with water feature. The home also features a lower level 2nd master suite, spare bedroom and another great room that opens to the pool. Be sure to check out the bonus storage area.

5440 N Calico Drive Camp Verde, AZ 86322

$2,990,000
4 Beds
4 Baths
4,059 SqFt
Status Active
MLS # 6671977
Property Type Single Family Residence
Price Type --
MODERN CUSTOM FARMHOUSE with WRAP AROUND PORCH. Meticulously remodeled 2023-2024 is situated on 16 acres, 2 Well 300 GPM, 4 Stall Barn, Oil Pipe Fence, No HOA, luxurious 4 bedrooms-two being Masters w/ ensuite, conveniently located on main level, 2 oversize bedrooms upper level with dormers, 4 Custom Bathrooms with Granite wainscoting on walls, Granite Showers full walls to ceiling, Custom Vanities, Wainscoting on walls in all bathrooms & laundry room, Gourmet Kitchen, Grand Wood Beams in the Great room, Custom Glass throughout the Farm House & wood beam on stairs, custom glass window to allows visual going to upper level keeping that grand open feel to the space, Wrap around porch with 20 ft glass sliders & 8 ft glass sliders on the back of the house to allow beautiful views Coconino National Forest. Dog friendly Screens on Sliders on back of home, Outside patio has fire pit fully enclosed yard for your furry friends. 2 New AC/heat units w/warranty, New roof w/warranty, 3 Car Garage, Water Treatment for entire house w/warranty, New lighting, New fixtures throughout, Fire & Smoke Alarms throughout the home. Main level has formal living w/wood burning fireplace & Antique Mantel, Office/Library. Primary Master offers Gas fireplace with Full Feature Wall of Granite with 80 Flat Screen TV, Elegant chandelier lighting, Sitting area, Custom Master Bathroom floor to ceiling marble & marble Wainscoting on walls throughout the master bathroom, Master Closets HERS & HIS in primary master. Makeup Vanity with Elegant chandelier lighting, Double Sink Antique Vanity with Huge Custom Mirror. Grand living space provides ample seating with a great room, dining room, Gourmet Kitchen with Wolf Induction 5 burner cooktop, Commercial size refrigerator/ freezer, farmhouse copper sink, double ovens, hightop bar and breakfast bar, granite counters and abundant storage. Custom Knotty Alder doors throughout Kitchen & House, Laundry/mud room equipped with a front-load washer and dryer, living/dining area has 20 ft. slider & 8 ft slider glass doors creating a seamless Indoor-Outdoor Living Space. Upper level, TV Theater Room, with Walkout DECK provides you with Direct access to the balcony to watch breathtaking sunsets with panoramic mountain views & STARS Wet Bar for snacks with your movies in addition you'll find two additional bedrooms, one with dazzling chandelier lighting, additional bath w/ walk-in shower, loft/media room complete with 2 built-in desk spaces inside the dormers plus a refreshment bar w/wine drink fridge, microwave and cozy WOOD Burning fireplace. New OIL PIPE FENCE $100,000 in fencing - Acres of leveled and planted with wheat to fertilize soil for growing pastures, crops 4 Horse Barn Oil Pipe construction 4 Turnouts for your horses Property - (1) registered well domestic (1) registered irrigation well approx -300GPM 6 Miles from I-17 on paved roads until you get to the Private Entrance to the Equestrian Estate Close to I -17 for easy access for shopping, dining, casino, concerts, fairs, in old town Camp Verde & old town Cottonwood. Close to SEDONA approximately 30 minutes for hiking, dining, entertainment and trail riding AMAZING Access to breathtaking panoramic mountain views of the majestic Red Rocks of Sedona, adjacent Coconino National Forest, views of the Prescott National Forest,Flagstaff's Snow Bowl San Francisco Peaks and Lights of Historical Jerome. Unobstructed Views you are surrounded by National Forest one will ever build in your view. Private & Direct access to the Verde River that stretches 18 miles meandering through town limits, the winding waterway creates a habitat for bald eagles, hawks, blue heron, beavers, and otters... Located in the Napa Valley of Arizona, surrounded by wineries, this property presents the possibility for your own vineyard, become connected with a thriving wine community. Some area attractions include Montezuma Castle is the third National Monument dedicated to preserving Native American culture, Out of Africa WildLife Park, Inflatable Kayak Adventure down the Verde River, Cliff Castle Casino. Western Horseback adventures & Horse Boarding at the Nashwa Farms Equestrian & Event Center Horse boarding stable only minutes from your Custom Equestrian Estate.

1519 W Wagon Wheel Drive Phoenix, AZ 85021

$2,985,000
4 Beds
4.5 Baths
3,938 SqFt
Status Active
MLS # 6663490
Property Type Single Family Residence
Price Type --
CAMELOT HOMES STUNNING RANCH MODEL LOCATED AT WILLOW, A GATED 14 LOT COMMUNITY IN NORTH CENTRAL PHOENIX, IS NOW AVAILABLE! Designed by renowned architect, Robert Hidey, this impressive 3,938 SQ FT home with 4 Bedrooms, 4.5 bathrooms with casita has been upgraded throughout. Chef's kitchen with a 17 foot waterfall island, Wolf appliances and a Subzero Refrigerator. Wall paneling throughout the home with tongue and groove ceilings at Dining Room, Foyer and Great Room in addition to custom cabinetry at the Dining Room and Den. Indoor outdoor living with 20 foot pocket doors at Great Room opening to resort backyard including Zen pool with waterfall and a covered outdoor kitchen with a BBQ and refrigerator. Perfect home for relaxing and entertaining friends and family!

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