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.

What‘s 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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9290 E Thompson Peak Parkway Unit 113 Scottsdale, AZ 85255

$2,950,000

5 Beds

4.5 Baths

4,917 SqFt

Status Active

MLS # 6743770

Property Type Single Family Residence

Price Type --

Located within the premier guard-gated community of The Country Club at DC Ranch, this custom-built estate spans over 4,900 sqft of elegant, thoughtfully designed living space, offering a harmonious blend of modern sophistication and timeless charm. Upon entry, you are greeted by meticulously manicured landscaping and a grand entrance through custom iron double doors. This highly desirable, single level split floorplan seamlessly connects the expansive great room, adorned with soaring ceilings, a cozy fireplace, and views into the backyard. The chef's kitchen is equipped with stainless steel Thermador appliances including dual ovens and a 5-burner induction cooktop, a butcher block island, granite countertops, and large walk-in pantry. The luxurious primary suite features a spa-like bathroom with a soaking tub, dual vanities, a large tiled walk-in shower, and private access to the backyard. Additional amenities include pre-wired surround sound throughout the home, a den which could serve as a home theater, 3 bedrooms and 2 full bathrooms on the East side of the home, as well as a detached casita. The south facing backyard serves as your own private oasis, where a resort-style pool and spa are surrounded by lush landscaping and serene mountain and golf course views. The outdoor kitchen, fire pit, and expansive covered patio create an ideal setting for alfresco dining and entertaining year-round. With its prime location within the DC Ranch neighborhood, this residence offers a lifestyle of upscale amenities and convenience. The community offers 33 miles of manicured paths and trails, 47 community pocket parks, 2 community centers, and is located adjacent to the McDowell Sonoran Preserve and just 5 minutes north of the 101 Freeway in North Scottsdale. The property is also conveniently located within walking distance of Market Street's retail shops and restaurants. Membership to the Country Club at DC Ranch is available by separate application, approval, and membership fee.

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6936 E 1st Street Scottsdale, AZ 85251

$2,950,000

2 Beds

2.5 Baths

3,000 SqFt

Status Active

MLS # 6692878

Property Type Townhouse

Price Type --

Nestled in Arizona's most sought-after city, The NINES are a new collection of residences in Old Town Scottsdale brought to you by Two Hawks Design and Development. This custom home offers 3,000 SF of living space, 2 bed, 2.5 bath, 1 bonus room, a 2-car garage, and NO HOA FEES!!! Sleek modern architecture opens to three light-filled levels of refined interior luxury. This home offers expansive windows, a private backyard, a rooftop terrace, 2 additional outdoor patios, and bespoke details and finishes. This custom contemporary home invokes a simple refined style of living with unbeatable proximity to Scottsdale's premier lifestyle amenities. Discover fine dining, high end retail, and the Scottsdale Arts District just steps from your door.

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4949 E Lincoln Drive Unit 13 Paradise Valley, AZ 85253

$2,950,000

4 Beds

4.5 Baths

3,748 SqFt

Status Active

MLS # 6697345

Property Type Single Family Residence

Price Type --

Nestled at the base of Camelback Mountain, in the exclusive Montelucia Resort guard gated community, Villa 13 offers Arizona's famed lifestyle w/a low maintenance vibe. French doors open out from the great room to the patio allowing a true indoor/outdoor feel. Recent thoughtful updates include sealed limestone countertops in the kitchen/butler pantry w/a refreshed contemporary tile backsplash & redesigned fireplace surround. An open floor plan enhances casual or formal entertaining. All bedrooms are ensuite. Second level is accessible by a paneled elevator. The Omni Montelucia's amenities assure true resort style living: fitness center, 3 pools( in addition to a private pool for Villa residents), restaurants & special events. A true lock & leave lifestyle awaits!

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10040 E Happy Valley Road Unit 301 Scottsdale, AZ 85255

Open House

$2,950,000

4 Beds

4 Baths

4,632 SqFt

Status Active

MLS # 6764421

Property Type Single Family Residence

Price Type --

A rare opportunity awaits with IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW in the prestigious guard-gated community of Desert Highlands. This 4-bedroom home, including a detached casita, is perfectly nestled along the 4th fairway of the world-renowned Jack Nicklaus Signature Golf Course, offering breathtaking views of both the course and surrounding mountains. From the moment you arrive, the captivating curb appeal draws you in, and as you step through the door, you're welcomed by an atmosphere of elegance, tranquility, and seamless functionality. Private backyard retreat with pool/ spa, large covered patio, fire pit with seating is a perfect sanctuary for entertaining year round, providing the ultimate living experience you deserve.

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30 Navajo Trail Sedona, AZ 86351

$2,949,900

5 Beds

4 Baths

4,760 SqFt

Status Active

MLS # 6753405

Property Type Single Family Residence

Price Type --

RED ROCK VIEWS!!! This 5 bedroom, 4 bathroom, plus Arizona Room, 1.3 acre property is located in a gated community and has been remodeled with all details in mind. Easy to navigate floor plan, vaulted ceilings with wood ceilings/beams, copper accents throughout (including sinks and tubs) and all on one level. HEATED 5 CAR GARAGE. Main house offers 4,295 sqft, Pecan Double Front Door with copper inserts, Living & Family Room each with gas hand cut stone Fireplaces, Formal & Informal Dining Room, Laundry Room in both Guest Suite and Primary Bedroom, 4 additional Bedrooms are split from Primary Bedroom, Bar with 2 Fridges & Wine Chiller and Gourmet Kitchen includes Subzero Refrigerator, Wolf Stove, Dishwasher, Island & Breakfast Bar. Garage features parking. for 4 Cars (heated) and Copper Garage Doors. Casita offers 457 sqft, Rooftop Deck with BREATHTAKING PANORAMIC VIEWS,Kitchen includes Subzero Refrigerator, Wolf Stove, Dishwasher, Island & Breakfast Bar. Garage features parking for 4 Cars and Copper Garage Doors. Casita offers 457 sqft, Rooftop Deck with BREATHTAKING PANORAMIC VIEWS, Kitchenette. Circular Driveway can take you secondary driveway to the back yard and Casita or to the Courtyard, both with Copper Gates. Driveway provides lots of parking options or hosting or family gatherings.

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5302 E Mercer Lane Scottsdale, AZ 85254

$2,945,000

5 Beds

5 Baths

5,295 SqFt

Status Active

MLS # 6746339

Property Type Single Family Residence

Price Type --

Welcome to the Magic Zip code of 85254! Perfect family home in esteemed GATED community of La Camarilla Estates. This exceptional home offers 5 spacious bedrooms, 5 baths, and 8 versatile flex spaces perfect for a home office, playroom, or personal gym. Great room with large windows/sliding doors to backyard. Split master includes a newly renovated closet and a workout room/office in addition to an oversized bed and bath with his and hers sink and bath. Memorable kitchen with features such as double dishwasher, Woodmode kitchen cabinets, extra deep drawers, granite, huge island with second sink. New paint, vaulted ceilings, and floor is lovely all the way through! Oversized corner lot with huge wrap-around patio, grassy area, pool and spa for elegant outdoor living. Double washer and dryer. Reversed osmosis water filter, butler's pantry, double oven, Cantera Iron front door, Knotty Alder custom 8 ft interior doors, Pella windows, hardwood floors, hybrid floors, granite galore, storage throughout, covered paver porch, attached guest suite, surround sound audio system, central vacuum system, water softener.

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12641 E Shadow Ridge Drive Scottsdale, AZ 85255

$2,944,900

4 Beds

4.5 Baths

4,190 SqFt

Status Active

MLS # 6717144

Property Type Single Family Residence

Price Type --

TO BE BUILT opportunity. Estimated completion 20 months from contract. New gated community by Camelot Homes... Featuring sweeping mountain vistas and pristine desert surroundings, Shadow Ridge is the ultimate Scottsdale sanctuary. Boasting spacious lots, this follow-up to our award-winning White Horse and Bronco communities combines bright, contemporary design with timeless indoor-outdoor appeal, all in a highly-desirable location a stones throw from Tom's Thumb trailhead. Price is not final. Additional options to be added later for final price.

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10492 N 128th Place Scottsdale, AZ 85259

$2,925,371

3 Beds

3.5 Baths

3,034 SqFt

Status Active

MLS # 6644608

Property Type Single Family Residence

Price Type --

Quicker move-in opportunity at Camelot Homes newest Scottsdale neighborhood. This beautiful gated neighborhood features contemporary designs with amazing indoor/outdoor living spaces. This new floorplan includes 3 bedrooms/3.5 bath plus den. The modern custom kitchen is a chefs dream with Wolf/Sub Zero appliances. The light and bright great room has upgraded drop ceiling, iron fireplace, and sliding glass doors. The owners retreat offers a spa like experience with sliding glass doors to the serene backyard. The stunning courtyard has a resort like pool with stunning fountains and sunken barbecue area.

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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$2,925,000

2 Beds

3 Baths

2,609 SqFt

Status Active

MLS # 6675753

Property Type Apartment

Price Type --

Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.

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39347 N Old Stage Road Cave Creek, AZ 85331

$2,925,000

3 Beds

3.5 Baths

3,711 SqFt

Status Active

MLS # 6560312

Property Type Single Family Residence

Price Type --

Premier Offering, Pre-Construction. Nestled in the hillside above and just beyond Ranho Mañana, you'll find 'The Village at Go John Canyon' by Del Rey Development. A hidden gem, a secluded enclave of fine custom homes. Each estate parcel is over 4.35 acres and borders the Desert Foothills Land Trust with direct, private trail access to the Cave Creek Regional Park. Here you'll find pure paradise with over 3000 acres of hiking, mountain biking and horseback riding. Enhanced by nature, each select residence affords unparalleled views and total privacy in a peaceful mountain paradise. Del Rey offers stylish architecture and each home is delivered complete with heated pool and landscape.

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14035 E Lowden Court Scottsdale, AZ 85262

$2,900,000

4 Beds

4.5 Baths

5,055 SqFt

Status Active

MLS # 6727903

Property Type Single Family Residence

Price Type --

INCREDIBLE TUSCAN LUXURY VILLA. Private Gated Entry Driveway leads you to this incredible home. Step through a walled courtyard and discover a Formal Living and Dining Room, Chef's Kitchen, Billiards Room, Wet Bar with Beer Tap, 680 Bottle Wine Cellar, and Private Entry Office. True Rustic European Elegance is showcased throughout with features such as Tall Turrets with brick ceilings, Custom Wood Beam and Corbel Ceilings, and Beautiful Hardwood Floors. The resort-like backyard will leave you breathless with a Heated Grecian Pool and Spa, Built-in BBQ, Outdoor Fireplace with Seating Area, Fire Pit with Seating Area, Expansive Covered Patio with Dining and Additional Seating, and Mountain Views in Every Direction. There is even a Putting Green. A 900 Square Foot Guest House, located above the Grand Turret, has its own entry from the courtyard. Some furnishings will be available through a Bill of Sale. Granite Mountain Ranch homes and lots are in high demand. Properties range from 2 to 5-acre sites and feature paved, lighted streets and underground utilities. Nearby amenities include golfing, hiking, and biking, with the Tonto National Forest just out the back gate of the community. This home sits on a 2.5-acre lot with 360-degree mountain views. The Equestrian Community also features common areas and horse facilities. Experience unmatched luxury and elegance in this Tuscan Villa. Plan your private tour today as this home needs to be seen to be truly appreciated.

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2214 E Bethany Home Road Phoenix, AZ 85016

$2,900,000

5 Beds

4 Baths

4,401 SqFt

Status Active

MLS # 6752549

Property Type Single Family Residence

Price Type --

Complete extensive remodel, including all new above-ground plumbing, sewer lines, HVAC units, and electrical. This incredible Biltmore area home features a guest house, huge pool, and spa on over half an acre landscaped lot. It boasts a 4.5 car garage, a great room floor plan, formal dining, a butler pantry, a 600-bottle wine room with split unit temperature control, 5 bedrooms, 4 baths, and a spacious office with built-in cabinetry. The home's front entrance is raised above street level for more privacy. It features lush landscaping, a front patio automatic awning, and French doors. The great room has a built-in media wall and fireplace. It overlooks a gourmet kitchen with Viking double ovens, a warming drawer, a built-in microwave, a Wolf six-burner gas stove, a Sub-zero refrigerator... a large island, stainless-steel backsplash, and under-mount lighting. The main home features four bedrooms and three full baths, with fireplaces in the great room and primary suite. Every bathroom is exquisitely appointed, and the primary bathroom has double walk-in closets, double water closets, and a huge shower. The guest house has a private entrance with a great room floor plan, a full kitchen with a stove, microwave, dishwasher & refrigerator, a private fifth bedroom, a full bathroom with walk-in shower, a walk-in closet, and a washer & dryer. The guest house and two secondary bedrooms have full access to the resort-style backyard with synthetic grass, putting green, covered ramada with an electric roof that opens & shuts, a third fireplace, and an outdoor kitchen with a gas grill, double burners & refrigerator. There is a second covered back patio and a third ramada between the guest house and the main house. The play pool is enormous, and there is a separate spa for your enjoyment. Finally, don't miss the split 4.5-car garage with separate entrances to the home, epoxy floors, storage cabinets, a separate mud room, and a pantry/storage room.

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