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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7475 E Gainey Ranch Road Unit 26 Scottsdale, AZ 85258

$2,850,000
3 Beds
3.5 Baths
5,207 SqFt
Status Active Under Contract
MLS # 6692902
Property Type Single Family Residence
Price Type --
Enjoy the Gainey Ranch Lifestyle in this architectural custom masterpiece with expansive views of the 2nd fairway of the Dunes golf course and a 3-car garage. The large primary suite and den/gym are on the main level along with a perfectly positioned wet bar. 2 ensuite bedrooms and an office/family room are on the upper level. Expansive windows in the living room welcome the outside in and provide stunning views throughout. A desert oasis with a heated pool, private, secluded spa and grill area allow for the perfect point of relaxation or entertainment. Gainey Ranch offers an array of amenities, including golf, tennis, pickleball, a fitness center, and a community pool, along with easy access to everything Scottsdale has to offer.

15512 E Desert Hawk Trail Fountain Hills, AZ 85268

$2,850,000 - 4Br/7Ba -  for Sale in Firerock Parcel L-3, Fountain Hills
New
$2,850,000
4 Beds
6.5 Baths
5,582 SqFt
Status Active
MLS # 6765753
Property Type Single Family Residence
Price Type --
Welcome to this stunning Firerock home, where luxury and comfort converge. Designed for seamless living, this gem lives like a single level and boasts a lower walk-out level with a game room, wine room, and a private movie theater. The great room, adorned with an automatic slider, opens to an enormous covered balcony—perfect for indoor/outdoor entertaining. A Cantera fireplace with fire crystals adds warmth and elegance. The heart of the home is the gourmet kitchen, featuring not one but two kitchen islands and top-of-the-line Viking appliances. All bedrooms are en-suite, ensuring privacy and convenience. Additional highlights include a separate casita, a cutting-edge Lutron automated lighting system, custom drapery, and exterior sensor shades. Movie enthusiasts will appreciate the dedicated theater room, while an elevator adds practicality. Step outside to the resort-style backyard, complete with a spacious covered balcony, large patio, and two built-in BBQ areas. The pool, spill-over spa, water feature, and fire pots create an oasis for relaxation. Plus, this home is equipped with four new HVAC units and a brand-new tile roof backed by a 40-year transferable warranty.

10050 N 58th Place Paradise Valley, AZ 85253

$2,850,000 - 5Br/3Ba -  for Sale in Country Estates, Paradise Valley
New
$2,850,000
5 Beds
3 Baths
4,004 SqFt
Status Active
MLS # 6762145
Property Type Single Family Residence
Price Type --
Prepare to be pleased with the warmth, beauty and usability of this home. Front door takes you past dining and conversation rooms to a spacious kitchen with a large island, gas cooktop and is open to the great room. Dine at your kitchen table and enjoy views to the resort-like back yard, complete with covered patio, BBQ grill area, pool slide and covered grotto with waterfall. Heated jacuzzi, pavered conversation area and grassy area complete the backyard. Primary suite includes office, spa-like bathroom and a spacious, organized closet. Enjoy three other bedrooms, plus a FLEX room or additional (5th) bedroom. Laundry room can also be used as a craft room. Extensive solar panel system is owned, along with smart home automation: nest thermostats, security cameras and alarm system.

2639 E Lovebird Lane Gilbert, AZ 85297

$2,850,000
6 Beds
4 Baths
5,118 SqFt
Status Active
MLS # 6724761
Property Type Single Family Residence
Price Type --
If you're looking for a contemporary home with a resort style backyard and like to entertain then look NO further! This is the home you have been looking for! Welcome to the 2013 winner of the Street of Dreams, located in the coveted guard gated subdivision of Whitewing at Germann Estates. This luxurious move in ready home is one of a kind and includes 6 bedrooms, 4 bathrooms, 25' ceilings, a 4 car garage, a private heated pool and more. From the second you enter the beautifully landscaped courtyard and walk through the 9' pivoting front door you're going to fall in love with the architectural designs throughout the home. The chef's kitchen features an oversized quartz island, SS Thermador appliances including a 48'' gas range, two dishwashers, and a 60'' refrigerator. The kitchen opens to the expansive great room featuring floor to ceiling windows with automated window coverings, custom TV's a 15' chandelier and panoramic views of the resort style backyard. The interior finishes are composed of luxurious silver plaster over linen, coffered ceilings, and a control 4 automation system. Like to entertain? Step out back to your private heated pool complete with multiple water features, a spa, built in BBQ, 3 glass fire pits, putting green, misting system, expansive use of pavers offering multiple seating areas and 2 covered patios. Opportunities like this don't come along often so move this one to the top of the list and get out there before it's too late!

24911 N 124th Way Scottsdale, AZ 85255

$2,850,000
3 Beds
3.5 Baths
4,361 SqFt
Status Active
MLS # 6718608
Property Type Single Family Residence
Price Type --
Pictures don't do this ''like NEW'' gem justice. This is your chance to own the ONLY 4,000+sf Sereno Canyon Estate home priced under $3M. All in, $4K BELOW base price for new similar floor plan. Bonus room easily converted to 4th BR. Welcome to Toll Brothers' premier, amenity-rich community w/stunning views of the desert & mountains.Sereno Canyon is N. Scottsdale's top destination for luxury living, exemplifying perfection: absolutely pristine & impeccably maintained. Features of this exquisite home include: Guest Suite w/private entrance & living area, offering visitor's comfort & privacy. Huge Bonus/Flex/4th Bedroom adaptable to all your needs. Den ideal for home office or cozy retreat. 20' Great Rm Pocket Door, seamlessly blending indoor & outdoor living spaces.

4420 N 29th Street Phoenix, AZ 85016

$2,850,000 - 4Br/5Ba -  for Sale in Wilson Terrace, Phoenix
Open House
$2,850,000
4 Beds
4.5 Baths
3,811 SqFt
Status Active
MLS # 6744731
Property Type Single Family Residence
Price Type --
This exquisite single-family residence offers over 3,800 square feet of luxurious living space, featuring 4 spacious ensuite bedrooms and 4.5 bathrooms. Nestled on a nearly 13,000 square foot lot on a cul-de-sac, this home boasts breathtaking views of Camelback Mountain and Piestewa Peak. Step inside to discover high ceilings that create an airy ambiance, complemented by an abundance of natural light throughout. 10 foot tall multi-slide doors, butted glass windows & staircase, imported large format tile, temperature controlled walk-in wine storage & hardwood floors set this masterpiece apart. The gourmet kitchen is a chef's delight, equipped with top-of-the-line Wolf and Sub-Zero appliances, perfectly suited for culinary enthusiasts. Enjoy hosting family gatherings with the convenience of a secondary kitchen and multiple living areas that provide ample space for relaxation and entertainment. The outdoor oasis features a sparkling pool, ideal for cooling off during those warm Phoenix days or enjoying sunset views with friends and family. The property also includes a 3-car garage and electric vehicle outlets, ensuring your modern lifestyle is accommodated with ease. Don't miss this unique opportunity to own a slice of paradise in one of Phoenix's most sought-after locations. Experience the perfect blend of luxury and comfort!

37200 N Cave Creek Road Unit 1055 Scottsdale, AZ 85262

$2,849,777
4 Beds
4.5 Baths
3,042 SqFt
Status Active
MLS # 6762921
Property Type Single Family Residence
Price Type --
**FULL GOLF MEMBERSHIP** Experience contemporary elegance in Camelot Homes' The Villas at Seven Desert Mountain! Boasting 3,000+ sq. ft. of space, this jaw-dropping 4 bed, 4.5 bath property can't wait to spoil its new owners. How? With highly upgraded flooring, cabinetry, lighting, and counters to start. The master bathroom features heated floors, steam shower, a HUGE closet, and towel warmers! Residents and guests will create remarkable memories in the fully landscaped backyard, spoiling themselves with a pool, BBQ, and fire pit. And then there are the DUAL casitas, a rarity to say the least! Do you really need more? Enjoy Full Golf Membership at Desert Mountain Golf Club with all seven golf courses and multiple delicious restaurants. This is what Scottsdale living is all about

37200 N Cave Creek Road Unit 1014 Scottsdale, AZ 85262

$2,844,437
3 Beds
3.5 Baths
3,425 SqFt
Status Active
MLS # 6716311
Property Type Single Family Residence
Price Type --
**MEMBERSHIP AVAILABLE - CONTACT FOR DETAILS** WELCOME TO THE VILLAGE AT SEVEN DESERT MOUNTAIN! BUILT BY THE AWARD-WINNING CULLUM HOMES, THESE DISTINCTIVE ''LOCK-N-LEAVE'' RESIDENCES ON ALL 33 LOTS EITHER BACK UP TO THE 13TH HOLE OF THE RENEGADE GOLF COURSE, OR THE 10TH AND 11TH HOLE OF THE SEVEN DESERT MOUNTAIN® GOLF COURSE. CHOOSE FROM FOUR DIFFERENT BASE FLOOR PLANS, WITH SINGLE AND TWO-LEVEL OPTIONS AVAILABLE, AS WELL AS THE OPTION TO ADD A ''19TH HOLE'' BASEMENT ENTERTAINMENT ZONE COMPLETE WITH INDOOR GOLF SIMULATOR, GLASS-ENCLOSED COLLECTOR CAR SHOWROOM, THEATER, WET BAR AND OTHER AMENITIES. THIS MESQUITE FLOOR PLAN, IS A SINGLE-LEVEL HOME WITH LIVABLE SQUARE FOOTAGE AT 3425 SF, FEATURES 3 BEDROOMS AND 3.5 BATHROOMS, WITH A 3-CAR GARAGE. SPACIOUSLY LAID OUT SPLIT FLOOR PLAN. OPEN GREAT ROOM WITH A MODERN LINEAR-STYLE BUILT-IN FIREPLACE AND GLASS WALLS FOR VIEWS, WITH AN OPTION FOR INDOOR/OUTDOOR POCKET DOORS. FAMILY/GAME ROOM BETWEEN THE TWO GUEST BEDROOMS. FORMAL DINING AREA. KITCHEN AREA WILL HAVE A LARGE CENTER ISLAND WITH EAT-UP BAR SEATING, ALL STAINLESS-STEEL TOP-OF-THE-LINE WOLF SUB ZERO APPLIANCE PACKAGE, WALK-IN PANTRY. OWNERS SUITE WITH A SEPARATE EXIT OUT TO THE BACK YARD, DUAL SINK VANITIES IN THE BATH, SEPARATE SHOWER AND SOAKING TUB, WALK-IN CLOSET WITH BUILT-INS. TWO ADDITIONAL GUEST BEDROOMS, BOTH WITH EN-SUITE BATHS AND WALK-IN CLOSETS. LAUNDRY ROOM WITH EXTRA STORAGE SPACE AND LAUNDRY TUB AND A POWDER ROOM. HOMES ARE EQUIPPED WITH THE LATEST SMART-HOME TECHNOLOGY WITH FULL HOUSE AUTOMATION AVAILABLE. ENERGY EFFICIENT AND LOTS OF HEALTHY HOME FEATURES ALSO INCLUDED. FRONT YARD LANDSCAPING INCLUDED. HOMEOWNERS AT SEVEN DESERT MOUNTAIN WILL BECOME WITHER A LIFESTYLE OR EQUITY GOLF MEMBER AT DESERT MOUNTAIN, GAINING ACCESS TO ITS WORLD-CLASS AMENITIES INCLUDING THE NEWLY RENOVATED SONORAN SPA AND FITNESS CENTER, TENNIS COMPLEX, HIKING AND BIKING TRAILS, SIX ADDITIONAL PRIVATE GOLF COURSE, LUXURIOUS CLUBHOUSES AND RESTAURANTS. COMMUNITY IS GUARD-GATED 24/7 FOR THAT LOCK-N-LEAVE LIFESTYLE ONE SO DESIRES.

19777 E Ivy Lane Queen Creek, AZ 85142

$2,841,700
4 Beds
3.5 Baths
4,360 SqFt
Status Active
MLS # 6688276
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living in the esteemed Whitewing at Whisper Ranch community! This immaculate newer home boasts unparalleled elegance and amenities, perfect for those seeking the pinnacle of modern comfort and style. The spacious layout boasts high ceilings, abundant natural light, and impeccable attention to detail throughout. The heart of the home is a gourmet kitchen featuring top-of-the-line appliances, custom cabinetry, and a generous island, perfect for culinary adventures and gatherings. The epitome of outdoor luxury living awaits in the expansive backyard sanctuary, where endless entertainment possibilities abound. Dive into relaxation in the sparkling diving pool or challenge friends to a friendly game on the sport court. A charming gazebo provides the perfect spot for al fresco dining or enjoying evening cocktails under the stars. For those with a penchant for adventure, the RV garage provides ample space to store your recreational vehicles, ensuring you're always ready for your next excursion. Plus, a guest house, visitors will feel right at home while enjoying their own private retreat. Located in the prestigious Whitewing at Whisper Ranch community, this exceptional home offers the perfect blend of privacy and convenience, with easy access to shopping, dining, and outdoor recreation. Don't miss your opportunity to experience luxury living at its finest!

12313 N 93rd Way Scottsdale, AZ 85260

$2,824,990
4 Beds
4.5 Baths
5,117 SqFt
Status Active
MLS # 6675558
Property Type Single Family Residence
Price Type --
Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. The stunning Sterling model comes complete with landscaping in both the front and back yards, as well as a spacious four-car tandem garage. The kitchen is adorned with KitchenAid Pro Premier Appliances and features a thoughtfully planned cabinet layout. In the foyer, a trey ceiling adds elegance, while the great room is highlighted by a multi-panel center sliding glass door. Additional luxuries include an AV built-in with a fireplace, a guest suite with a living area, and a lavish owner's bath. All conveniently situated in the sought-after Cactus corridor.

28083 N 109th Way Scottsdale, AZ 85262

$2,800,000
4 Beds
4.5 Baths
3,500 SqFt
Status Active
MLS # 6655145
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 B has an office and 2 car garage at 3,500/sf (Also available at 3,290/sf with 3 car tandem garage.) Either configurations available only on lots 1, 3, 5, 8 & 19. 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 North 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.

6920 E 2nd Street Scottsdale, AZ 85251

$2,800,000
4 Beds
4.5 Baths
3,014 SqFt
Status Active
MLS # 6751811
Property Type Single Family Residence
Price Type --
Introducing Old Town 5! Downtown Scottsdale's newest urban living community with 5 stylish homes available, all with state of the art finishes, fresh design elements and luxurious living spaces. Each home will include a stunning gourmet kitchen, wide plank wood flooring, sleek cabinetry, refined marble, gorgeous custom lighting and fully retractable walls of glass that open to spacious entertainment balconies. The full guest house is an added bonus. High style, architectural excellence, quality, comfort and functionality combine to create an environment like no other. And Located in the center of the ever booming Old Town Scottsdale, where the lifestyle is unparalleled, and walking distance to the finest dining, clubs and shopping in all of The Valley, this unprecendented community of

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