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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2677 E Queen Creek Road Gilbert, AZ 85297

$2,977,500
5 Beds
5.5 Baths
6,343 SqFt
Status Active
MLS # 6761403
Property Type Single Family Residence
Price Type --
Beautiful Ranch Estate in a one of a kind neighborhood is coming available. This Home is generously priced below Current Market Appraisal. The property delivers total privacy in a small 6 home Gated 1 acre minimum Community. Horse property with NO HOA. Unique opportunity to own an original owner/builder estate. Property has been totally remodeled top to bottom while being meticulously maintained. The estate sits on1 acre with an additional ⅓ acre that is ready to be whatever the next owner needs. Barn, Stables, RV Garage, Sports Court, there is plenty of room to comfortably fit everything. Both convenience and exclusivity are in this thoughtfully designed home built for large families or multi-generational families. Main Floor includes 3Bedrooms 2 1/2 Baths. See ''More'' Basement includes an additional theater room/family room, 2 baths, 2 bedrooms, and its own laundry room and storage. The attached Casita offers its own entrance, Full kitchen, Bathroom, laundry facilities, family room/Studio and even a small private yard. In the detached garage you'll again find endless possibilities with an air-conditioned storage room and additional room for private gym, office, whatever your needs are. Plenty of mature landscaping throughout the property with freshly remodeled amenities also make this home unique. This Estate offers mature Citrus orchard of fresh oranges, grapefruit, and tangelos that bring the quaint smell of spring to your backyard. A Large outdoor covered patio with Gas BBQ, beautiful seating area, and Gas Firepit. Entertain to your hearts desire with free-standing gazebo and 30,000-gallon heated pool and spa make it ideal for all your entertaining dreams. Bring your horses, boats, Rv's etc. as there is room enough for everything. Detached garage offers tall Boat garage. This Ranch Estate embodies the best of both worlds offering NO HOA while also nestled in a gated enclave. Top-of-the-line Gilbert Regional Park just a walk down the street. Shopping and Freeway Access 5 Minutes away. What a Great Property with location, location, location!

10638 E Yearling Drive Scottsdale, AZ 85255

$2,973,000
5 Beds
4.5 Baths
4,379 SqFt
Status Active
MLS # 6714988
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat in guard-gated Windy Walk Estates at Troon Village, where luxury meets panoramic beauty. This custom home offers an unparalleled backyard sanctuary with breathtaking up-close views of Pinnacle Peak, ensuring every moment spent outdoors is a masterpiece. The expansive private yard features a majestic Ironwood tree as its centerpiece, surrounded by artificial turf and mature vegetation, providing the perfect backdrop for relaxation and entertainment alike. Step into serenity as you lounge under the covered patio adorned with stacked stone accents, a cozy fireplace, and a built-in barbecue. Descend into tranquility as the tiered yard leads you to a sparkling pool and spa, complete with a mesmerizing rock waterfall and travertine hardscape surround, offering a blissful oasis against the backdrop of the desert landscape. Inside, you will find a remodeled interior completed in 2017 boasting on-trend finishes including high-end quality stonework throughout from a Chicago-based Eastern European craftsman. The French country-inspired kitchen exudes charm with custom white cabinetry, delicate mosaic backsplash, stone counters, Subzero refrigerators, complemented by stainless steel appliances including a Wolf gas cooktop and two wall ovens. Enjoy intimate meals in the attached breakfast nook with corner view windows, or entertain guests in the formal dining room with up-close views of Troon Mountain. Experience seamless living with accordion-style doors in the great room, opening up the space to the outdoors and flooding the home with natural light. A dramatic staircase, stone-clad centerpiece fireplace, and adjacent den create a welcoming ambiance, while clerestory windows and a private alcove offer versatility for office space or additional storage. Retreat to the upstairs primary suite, boasting a private balcony deck with city, golf (8th tee box of Troon Country Clubs private course), and mountain views, along with dual vanities, walk-in closets, and a spacious walk-in shower in the ensuite bathroom. With four additional bedrooms, including two ensuites, a third bedroom adjacent to a bath, and the fourth with a private den/living space and adjacent bath, perfect for in-law quarters. The laundry room has beautifully stained cabinetry, two washers, two dryers, and a prep sink. The owners entry off the two-car garage (with storage closet) has a touchdown station with cabinets and countertop, refrigerator, trash drawers, and an ice maker. Complete with all-new exterior paint and all-new windows throughout, custom window treatments on electric openers, an elegant entry courtyard, and a paver drive for visiting guests, this residence sets a new standard for refined living in the heart of Troon Village. Most furnishings and accessories are available for purchase via a separate bill of sale, allowing you to effortlessly transition into your desert paradise.

28101 N 109th Way Scottsdale, AZ 85262

$2,950,000
4 Beds
4.5 Baths
3,730 SqFt
Status Active
MLS # 6655267
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 2 car garage and available only on lots, 2, 4, 6 & 16. (3 car garage only on lots 7, 11, & 18 at additional cost). Base price shown does not include lot premiums but does include 25K pool and a 25k landscape allowance, Subzero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene... is close to shopping, restaurants and over two dozen private and public golf courses. Don't miss your opportunity to take part in the Serene lifestyle.

7486 E Sonoran Trail Scottsdale, AZ 85266

$2,950,000
4 Beds
4.5 Baths
4,740 SqFt
Status Active
MLS # 6714935
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the exclusive, guard-gated community of Whisper Rock in North Scottsdale. This stunning Spanish-style residence offers 4,740 square feet of luxurious living space, featuring four spacious bedrooms, four and a half baths, and a dedicated office. Enjoy the elegance of arched doorways, multiple fireplaces, including a magnificent canterra stone fireplace in the great room, and a 720-bottle wine cellar for the connoisseur. The separate guest house off the front courtyard provides additional privacy and convenience. Outdoors, entertain with ease around your private pool & spa with a water feature, outdoor BBQ, firepit, and a covered dining area. The property, situated on a desirable corner lot, also boasts a meditation courtyard, an inground trampoline, and a lush grassy area surrounded by mature vegetation. As part of the Whisper Rock community, you'll have access to a community pool, tennis courts, pickleball courts, and a state-of-the-art workout facility. This is not just a home; it's a lifestyle.

2112 Forest Mountain Road Prescott, AZ 86303

$2,950,000
5 Beds
5.5 Baths
6,019 SqFt
Status Active
MLS # 6690696
Property Type Single Family Residence
Price Type --
Stunning and serene home in the luxurious community of Hassayampa Village. This extraordinary property will captivate you upon your arrival! Gorgeous gourmet chefs kitchen featuring 6-burner Thermador range with Zephyr hood, Earthstone pizza oven, additional wall oven and warming drawer, Northland refrigerator, built-in Miele coffee machine, multiple sinks, dishwashers, ample cabinets, and countertops. Family room space is cozy with uniquely designed fireplace. Living room architecture commands attention with its soaring ceiling and wall of windows, large fireplace and breathtaking views of Thumb Butte. Main deck just off living room is a phenomenal spot for dining and stargazing. Master suite has remarkable stone wall, fireplace, wet bar, dual vanities and closets, garden tub, and large shower. Step out onto you private deck with spa, fireplace and incredible views. Office/den, laundry room and 2nd full bath on same level as master. Lower level features 2 bedrooms- 1 ensuite, steam shower bathroom, dry sauna, wet bar, Cinema style theatre room, wine cellar and additional stackable washer/dryer closet. Large loft consists of wet bar and great view overlooking the living room, a cozy 4th bedroom with fireplace and bathroom. The office/den does make this easily a 5 bedroom home if space is needed (closet in pictures). 4 outdoor entertaining spaces, 3 fireplaces as well as a fire pit off family room patio that puts you right in touch with nature! New lower deck addition with brand new Endless X500 swim spa (Completed April 2024). This sensational home not only offers unmatched luxury but was originally designed as a corporate retreat!

7161 E Rancho Vista Drive Unit 6001 Scottsdale, AZ 85251

$2,950,000
4 Beds
2 Baths
2,590 SqFt
Status Active
MLS # 6760219
Property Type Apartment
Price Type --
This is it. Welcome to the most incredible Optima Camelview condominium to ever be offered on the re-sale market. Designed & originally owned by the developer of this state of the art award winning community. Out of 688 units, this exquisite residence was their choice. Boasting 4 Bedrooms, 2 Baths, 2,590 sqft, ~1000 sqft of both covered and uncovered terrace space & the most breathtaking Camelback Mountain & McDowell Mountain Views. This unit features a fantastic open floor plan, endless floor-to-ceiling glass, 3 Patio/Terraces (perfect for relaxing & entertaining), a natural gas piped in bbq, fire pit and fire place, designer finishes through-out, automated blinds & so much more. The master suite is extremely spacious w/ a huge walk in closet (w/ it's own window!) & a very large bath.

2320 Link Smith -- Unit 636 Flagstaff, AZ 86005

$2,950,000
4 Beds
5 Baths
3,411 SqFt
Status Active Under Contract
MLS # 6738966
Property Type Single Family Residence
Price Type --
Upon entering, floor-to-ceiling windows give you the perfect vantage for admiring the forest and breathtaking sunsets. Three separate Trex decks provide foliage-level views of the pines and a peek-a-boo look at the 18th fairway of the award-winning Canyon Course. Though it feels like you're floating in the clouds, the Tree House's earthly delights include a grand main floor with wide plank French oak flooring, impeccable chef's kitchen with Lacanche Range, tongue/groove ceiling, powder bath with 24K fixtures, custom-lighted bookcases, new Heat-n-Glow fireplace, access to your dining deck and built-in grill. Boasting 5 baths, 4 beds, 3 decks, 2 living areas, this beautiful multi-generational home is steps from the Canyon Clubhouse, golf practice area, new tennis facility. Come be wowed!

11559 E Caribbean Lane Scottsdale, AZ 85255

$2,950,000
5 Beds
3.5 Baths
3,987 SqFt
Status Active
MLS # 6744280
Property Type Single Family Residence
Price Type --
Nestled within highly sought-after McDowell Mountain Ranch. This stunning home with magnificent mountain and city light views sits on a generous, elevated, cul-de-lac lot in the prestigious 24 hour gated community of Cimmaron Ridge (Hills). As you step through the entrance, you are welcomed by an impressive circular foyer adorned with elegant stone accents, setting the tone for the luxury that awaits. The main living room, featuring a striking stacked stone fireplace, seamlessly flows into the formal dining area, which is graced by a wall of windows framing breathtaking mountain views. Throughout the home, travertine flooring adds a touch of timeless sophistication. The gourmet kitchen has been meticulously remodeled, boasting pristine white cabinetry, gorgeous stone countertops, stainless steel appliances, a Sub-Zero refrigerator and freezer, new dual ovens, a 6-burner gas range, convenient pull-out drawers, and a central island that opens to the expansive great room. Here, you will find another inviting fireplace with designer tile surround, along with a custom-built entertainment center complete with a wine fridge and beverage fridgeperfect for entertaining. The primary suite is a true sanctuary, featuring wood shutters, a spa-like remodeled bath, and dual walk-in closet with custom built-ins and a shower with multiple shower heads and body jets. All additional bedrooms are generously appointed, with the flexibility of an office that could serve as a fifth bedroom, a separate bonus room, and private guest quarters with their own entry. Outside, the resort-style backyard is nothing short of spectacular, offering expansive city light and mountain views. Enjoy the luxurious infinity-edge pool and spa with cascading rock water features, practice your swing on the putting green, or entertain with a built-in BBQ and built-in firepit area with built-in seating. Enjoy all the additional community amenities that include, multiple heated pools, tennis and pickleball courts, a work-out facility, children's playground with splash pad and miles of scenic hiking trails. Call us today to schedule your private showing.

7661 E Solano Drive Scottsdale, AZ 85250

$2,950,000
4 Beds
3.5 Baths
3,961 SqFt
Status Active
MLS # 6751749
Property Type Single Family Residence
Price Type --
This exceptional home, located in the prestigious gated community of Camelot Reserve, offers 3,962 square feet of meticulously renovated living space. Completed in 2023 using non-toxic materials, this home blends modern luxury with thoughtful design. The grand living area features soaring ceilings and an abundance of natural light from large windows, creating a warm and inviting atmosphere. The chef's kitchen is a highlight, featuring sleek quartz countertops, Thermador appliances, custom cabinetry, an instant hot water faucet, and pharmaceutical-grade water filtration. The spacious primary suite provides a private retreat with a spa-like en-suite bathroom that includes a dual vanity, soaking tub, walk-in shower, make-up station and a custom-designed walk-in closet. Three additional bedrooms, all with custom closets, offer generous space for family or guests. Each room is equipped with advanced tech features such as Lutron Caseta light switches, Serena automated shades, CAT5e wired networking, and coaxial connections for next-gen broadcasting. The home's smart water system includes a Moen Flo Smart Monitor for enhanced convenience. This home is built with all living areas and bedrooms on the main level, upper level is a wonderful loft / multipurpose room with full bathroom and large storage closet. Outside, the backyard is a peaceful oasis with a large covered patio perfect for entertaining. A cozy wood-burning fireplace adds charm to outdoor gatherings, while the professionally landscaped yard ensures privacy and beauty. The 3-car tandem garage, with polyaspartic floors, two EV chargers, and durable cabinetry, provides ample storage and convenience. With proximity to top-rated schools, premier shopping, and dining, this home offers a unique blend of luxury, comfort, and convenience in the heart of Scottsdale. Don't miss out on this rare opportunity!

180 Chapel Road Sedona, AZ 86336

$2,950,000
3 Beds
3 Baths
2,656 SqFt
Status Active
MLS # 6721255
Property Type Single Family Residence
Price Type --
Welcome to your Sedona sanctuary—a beautifully renovated home offering a spa-inspired retreat with unparalleled attention to detail. Priced to impress, this residence comes fully furnished with high-end pieces, with artwork available separately through a separate bill of sale. Located in the prestigious Mystic Hills community, this Eric Brandt masterpiece boasts breathtaking, unobstructed views of Red Rock formations, including Elephant Rock, Mother & Child, The Nuns, Mount Wilson, and Steamboat Rock. The iconic Chapel of the Holy Cross is just moments away. Set on a generous 0.6-acre lot, this retreat features three luxurious suites and a versatile den, blending practicality with opulence. Enjoy timeless, high-quality finishes and meticulous craftsmanship designed to create a serene and inviting haven. The renovation has introduced a modern aesthetic that captures the golden hour, when Sedona's red rocks glow with stunning hues. Explore walking paths, endless hiking trails, and Sedona's most coveted natural beauty right from your doorstep. Residents benefit from access to the newly renovated clubhouse, which includes tennis and pickleball courts, a pool, a jacuzzi, a fitness center, and a dynamic social calendar designed to build community and foster new friendships. For a detailed renovation list and to view our home/location video, please reach out.

3079 E Fruitvale Court Gilbert, AZ 85297

$2,950,000
6 Beds
7 Baths
6,051 SqFt
Status Active
MLS # 6721005
Property Type Single Family Residence
Price Type --
This 6 bedroom, 7 bath home has it all! Theater room, interior courtyard, a full-sized lap pool/spa, putting green, 4 car garage w/ storage. The list goes on. This home has also been upgraded with a 30'x60' RV garage with hook up and sewage drain, along with storage cabinets and a sink. It also has an exterior half bathroom that serves the shop and pool area. This beautiful home's exterior has been freshly painted, the pool was upgraded in the last month, resurfaced and new waterline tile added, the baja step was extended, and barstools installed for swim up effect. The pool also received new updated equipment. The turf in front yard along with a paver round-a-bout drive for extra parking were also additions recently completed. This home is great for entertaining and calls for lots of fun

6501 E Willow Springs Lane Cave Creek, AZ 85331

$2,950,000
4 Beds
3 Baths
3,400 SqFt
Status Active
MLS # 6703214
Property Type Single Family Residence
Price Type --
Welcome to this stunning contemporary Home on 4+ acres nestled amidst picturesque mountain ranges! A nearly new Home, this property offers both luxury and serenity in an Estate Homes area with no HOA restrictions. Collectors and hobbyists will love the 56' pull-through RV GARAGE and 4 large car bays. Modern finishes, abundant natural light, and thoughtful design elements extend throughout. FURNISHINGS are available separately. Enjoy indoor-outdoor living with a telescoping wall of glass in the Great room and a well-appointed kitchen with a waterfall quartz island. The Owner's suite is a luxurious retreat, featuring a spa-like bathroom and private patio. Outside, a large covered patio provides shade for entertaining, while the expansive land offers endless possibilities for customization. Would you add a guest casita, pool, spa, pickleball, an arena, or a barn? Relish the peaceful small-town lifestyle while still enjoying city water and paved roads. Nearby Cave Creek offers shopping, dining, and entertainment. Don't miss this extraordinary opportunity to make this property your own and start living the life you've always dreamed of.

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