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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10779 E Whitethorn Drive Scottsdale, AZ 85262

$2,900,000
4 Beds
3.5 Baths
4,063 SqFt
Status Active
MLS # 6693349
Property Type Single Family Residence
Price Type --
Now $50K UNDER new APPRAISAL. Exquisite NEW CONSTRUCTION in gated Pinnacle Canyon completed March 2024 by Bent Nails, Inc. and Realm Architecture & Design. Quality through and through, this desert getaway is replete with luxurious finishes such stone and wood floors throughout, granite countertops, handcrafted custom cabinetry, Subzero/Wolf Kitchen and loads of extras such as refrigerator/freezer drawers, steam oven, vacuum seal drawer, and a passthrough window from the outdoor kitchen.The open concept family room centers on a gorgeous stone fireplace and is perfect for large gatherings or intimate evenings at home; this flexible floor plan offers privacy and comfortable living. Beautiful Primary Suite and Junior Primary Suite; both are bright and airy with wonderful walk-in closets and their own laundry. Wood plantation shutters and automated shades throughout. Disappearing doors allow indoor/outdoor living to flow out to a generous covered patio overlooking the surrounding mountains.Enjoy this acre+ desert oasis year round with built-in heaters, heated pool and spa, fire pit, misting system, and a fabulous outdoor kitchen. Whole-house water filtration and soft water, Lutron system controls shades, thermostat, lights. Auto-locking garage doors. *Please check the documents tab for an extensive list of amenities* This is truly Arizona living at it's best!

41777 N 111th Place Scottsdale, AZ 85262

$2,900,000
4 Beds
5 Baths
6,217 SqFt
Status Active
MLS # 6613162
Property Type Single Family Residence
Price Type --
Set among giant boulders outside & inside the home, this contemporary home offers stunning unobstructed 270 degree views of city lights, sunsets, mountains & golf course from every room. Very rare for a home under $4M to sit so far above the homes in front, easily the best views you'll find in this price range. All living areas of main house are on one level with 4 large storage closets in the basement; framed for elevator. Kitchen & bath updates done summer 2023. Kitchen offers Sub-Zero & Miele appliances with views of all common areas of the home and major mountain ranges of the Valley. 3 adjacent lots are protected from having a home built, providing much more open space & enhanced view corridors. Great room has 2 separate TV viewing areas, pool table area, and 9' boulder that dramatically protrudes thru the wall. 4 bedrooms are ensuite and spacious; guest house can function as 2 bedrooms for a total of 5 bedrooms. Guest house is perched above a boulder field and offers even better views, with patio privacy secured by a 9' high granite formation. The main patio is built around magnificent boulders and features built-in BBQ, spa, firepit and views of the entire Valley. Ample room for large negative-edge pool and additional patio space if desired. Oversized 3.5 car garage has abundant storage. Recent upgrades... brand new spa heater, heat pump & water heater in 2023, all interior walls doors & cabinets painted for a more contemporary look, kitchen ceiling raised 2' with taller upper cabinets. Furnishings all available. Comps comment... home next door recently closed for $4.8M with views that are very inferior in width & elevation; at about half that price, this home is priced to sell! Golf & social memberships are available for purchase thru the Club; buyers are not required to purchase any type of membership. Owner agent.

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.

9412 E Hidden Spur Trail Scottsdale, AZ 85255

$2,900,000 - 6Br/5Ba -  for Sale in Dc Ranch, Scottsdale
Open House
$2,900,000
6 Beds
4.5 Baths
5,050 SqFt
Status Active
MLS # 6756587
Property Type Single Family Residence
Price Type --
Discover this Beautifully Remodeled and Updated Luxury Home located on a coveted corner lot in the highly desirable DC Ranch Desert Haciendas Gated Community boasting a blend of Modern High-End Finishes and Timeless Elegance like the Authentic Reclaimed Antique Oak Wood Flooring that flows seamlessly throughout the home. Renovations have just been completed and this home now features brand-new kitchen flooring, an expanded master bathroom with an additional closet, creating his-and-hers walk-in closets, and a completely remodeled office with built-in cabinets and dual desks for a sophisticated workspace. The exterior front and back landscaping has been completely upgraded with low-maintenance artificial turf and creatively creating additional backyard space, making it perfect for enjoying and entertaining. The pool equipment has also been updated for modern convenience. This home truly accommodates every need because it offers 5 spacious bedrooms including 3 Downstairs En-suites, a large downstairs office and downstairs workout room that has its own closet so it can easily be considered the 6th bedroom. An additional bonus/media room offers further space for relaxation or entertainment. The updated Gourmet Kitchen is a chef's dream, featuring stainless steel appliances, a 6-burner gas cooktop, quartz countertops, and a custom bar area complete with a built-in Sub-Zero wine fridge and two pull-out refrigerators. The large center island serves as a perfect focal point for both casual dining and entertaining. The kitchen opens to an Open Space Great Room, beautifully accentuated by rustic wood beams that add character and warmth to the space. Come take a look and be greeted by the impressive Ironworks front door.

10031 N Palisades Boulevard Fountain Hills, AZ 85268

$2,900,000 - 4Br/6Ba -  for Sale in Firerock Parcel P2-q1, Fountain Hills
Open House
$2,900,000
4 Beds
5.5 Baths
4,604 SqFt
Status Active
MLS # 6727118
Property Type Single Family Residence
Price Type --
New construction! Preferred lender offering discount points. Welcome to the All American home, a stunning new construction masterpiece that embodies the beauty of fountain hills in every way. EVERYTHING is top notch, this is for the meticulous buyer that demands perfection. MUST SEE the video tour of this home with IMPORTANT INFO! Walk up and experience Breathtaking curb appeal, designer entryway with tray sky ceiling, climate controlled 3 car garage, and VIEWS!! ALL Main living area is on ONE LEVEL. Custom chef's kitchen, w/ ample cabinetry w/marble counters, herringbone tile backsplash, pendant & recessed lighting, stainless steel dual wall ovens, island complete w/a breakfast bar. Upstairs bonus w/loft, bathroom, extra hidden room and more! POOL allowance included! The primary bedroom boasts direct outdoor access, a walk-in closet, and a lavish ensuite w/dual sinks & a garden tub. All other bedrooms also showcase their own private baths for added convenience. Don't forget about the sizeable loft w/soft carpet or the cozy den, ideal for an entertainment center and office. Laundry room is equipped w/additional storage cabinets and a utility sink. Finally, the backyard includes a covered patio, extended seating area, a built-in BBQ, and a fire pit! What are you waiting for? Act now!

12228 E Wood Drive Chandler, AZ 85249

$2,899,000
5 Beds
4.5 Baths
4,967 SqFt
Status Active
MLS # 6762229
Property Type Single Family Residence
Price Type --
Experience unmatched luxury in this exceptional custom home, free of HOA restrictions. Featuring 5 bedrooms and 4.5 bathrooms, the residence boasts a chef's kitchen equipped with high-end appliances, seamlessly flowing into a magnificent great room adorned with a gas fireplace, soaring ceilings, and exposed beams. The exquisite wood and stone flooring enhance the elegance throughout the home.Entertain in style with a formal space that offers stunning views of a backyard oasis, complete with an outdoor fireplace, BBQ area, pool, putting green, mature trees, and lush turf. This rare gem is situated in a beautiful neighborhood of expansive 1-acre lots. Plus, the extended-length 4-car garage is a dream come true for car enthusiasts.

18 E Heron Place Saint David, AZ 85630

$2,895,000
4 Beds
5 Baths
4,386 SqFt
Status Active
MLS # 6358785
Property Type Single Family Residence
Price Type --
MEDITERRANEAN DREAM HOME PRE-SALE TO BE BUILT ON THIS PRISTINE FOOTHILLS CUSTOM SURVEYED 37.14 ACRES HIGH ON A RIDGE CAPTURING ALL THE MAJESTIC 360' MOUNTAIN VIEWS LIKE NO OTHER * BIG ROAD FRONTAGE ON CUL-DE-SAC HERON PL. & DRAGOON RANCH ROAD * STARY NIGHTS FEELS LIKE YOU CAN TOUCH THE STARS * 4 BEDROOMS W/GUEST SUITE * 41/2 BATHS * ENORMOUS GOURMET KITCHEN * GRAND MASTER BATHROOM * OUTDOOR LIVING AT ITS BEST *SEE INTERIOR RENDERING PHOTOS & HOME SITE * CITY LIGHTS OF SIERRA VISTA, TOMBSTONE, BENSON * GATED ACCESS TO THE 52,000 ACRE CORONADO NAT'L FOREST WITH MILES OF HIKING & EQUESTRIAN TRAILS TO EXPLORE * VISIT THE HISTORICAL ''COCHISE STRONGHOLD'' AND TREATY HILL * MINUTES TO BENSON AIRPORT & GOLF COURSE *** BEST KEPT SECRET GATED COMMUNITY IN TUCSON ***LOW TAXES *** NO CITY TAX *

4849 N Camelback Ridge Road Scottsdale, AZ 85251

$2,895,000
2 Beds
3 Baths
2,294 SqFt
Status Active
MLS # 6563509
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.

5755 S Joshua Tree Lane Gilbert, AZ 85298

$2,895,000
4 Beds
4.5 Baths
3,938 SqFt
Status Active
MLS # 6709775
Property Type Single Family Residence
Price Type --
MODEL LEASEBACK OPPORTUNITY- Stone Crest is Camelots latest offering in the SE Valley.This was our most popular floor plan in Morrison Ranch! Luxury and glamour is the standard in this beautiful Modern Farm House model home featuring 4 en-suite bedrooms.Attached guest house with living and kitchenette. Isokern fireplace and tons beautiful designer features and finishes. With Camelot you know your home is built with love and passion for indoor/outdoor lifestyle in mind - where it's easy to unwind, explore, or throw an unforgettable party with the ones you love. Step into the future of luxury living with the high quality design and innovative architecture of Award winning Architect Robert Hidey.

39334 N Old Stage Road Cave Creek, AZ 85331

$2,895,000
4 Beds
4.5 Baths
3,603 SqFt
Status Active
MLS # 6575759
Property Type Single Family Residence
Price Type --
'To be built' Spectacular Hillside Custom Contemporary, located minutes from Cave Creek 'main street' in The Village at Go John Canyon. MODEL HOME IN COMMUNITY IS UNDER CONSTRUCTION ON PARCEL 5. No HOA. Nestled into the upslope of Go John Mountain, this single level 3603 sq. ft. Desert Contemporary is featured with a fabulous Great Room, temp controlled glass enclosed wine room, luxurious Owner's Suite, gourmet chefs kitchen, heated pool, spa and elevated expansive S.E. views. Some Images are conceptual and subject to modifications. Ask about the 'optional' 900 sq. ft. Carriage Home above garage.

4335 N Morning Dove Circle Mesa, AZ 85207

$2,895,000
5 Beds
4 Baths
4,635 SqFt
Status Active
MLS # 6759191
Property Type Single Family Residence
Price Type --
Stunning estate in prime location backing to the Tonto National forest in the prestigious gated community of Hidden Canyon in Las Sendas. Cul-de-sac lot on .88 +/- acre. Extensive remodel just completed in 2024 with no detail spared. Click on the documents tab for detailed amenity list. Single level, great room concept with 5 bedrooms and 4 baths. Gourmet kitchen with beautiful custom walnut cabinetry, stunning granite countertop, stainless steel appliances, full size fridge and freezer, additional wine/beverage fridge, dual sinks and so much more. Solid walnut interior doors throughout. Spacious laundry with additional fridge and lots of additional cabinetry and storage. Large outdoor covered patio with ceiling heaters, sparkling heated pool and spa, BBQ center, fire pit and view deck.

5310 E Wonderview Road Phoenix, AZ 85018

$2,895,000
3 Beds
4 Baths
4,160 SqFt
Status Active
MLS # 6743609
Property Type Single Family Residence
Price Type --
Live above it all! Nestled on an expansive acre lot on Camelback Mountain, this stunning property offers a serene desert landscape and awe-inspiring mountain views. Living on Camelback Mountain offers a unique lifestyle with access to top hiking trails, breathtaking views, and close proximity to upscale shopping and dining in Phoenix and Scottsdale. This home presents a fantastic opportunity to customize and enhance its features with cosmetic upgrades, allowing you to infuse your personal style and transform this house into your dream home. Embrace the chance to create a luxurious haven with unbelievable views in one of Phoenix's most prestigious areas.

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