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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5587 E Edward Lane Paradise Valley, AZ 85253

$2,800,000

3 Beds

3 Baths

2,502 SqFt

Status Active

MLS # 6746956

Property Type Apartment

Price Type --

Lock and leave modern Villa, southern exposure and views of iconic Camelback Mountain. First floor, end unit on quiet street, single level living, 10' ceilings, Sierra Pacific casement windows and 9' bi-fold doors, wood floors throughout, dual fuel 48'' Wolf range w 6 burners, 48'' Wolf wall hood, 48'' Sub-Zero refrigerator, new Cove DW, Quartz countertops, Rinnai Tankless water heater, Kohler fixtures, Emtek door hardware, Toto lavatories, motorized shades, Distinctive custom cabinets and custom closet design, garage storage, epoxy finish and electric car charger, Resort style living, Concierge svcs, golf, artisanal dining, Fitness studio w yoga, pilates & more. Long list of personalized guest services at Mountain Shadows Resort. NO SHORT TERM RENTALS - 6 mo minimum lease. Citizens Club members enjoy priority tee time access on the golf course, equal to hotel guests, use of 4500 sf fitness center and all group fitness classes, introductory fitness assessment, use of day locker facilities, and signing and charging privileges throughout the Resort. Mountain Shadows Resort Amenities made available to Villas Homeowners include a 15% discount to the lower of the Best Available Rate or Rack Rate before discount to Resort guests, including: Hotel Room Nights Restaurant Food & Beverage Greens and Cart Fees Poolside Cabanas Retail Outlets Hotel Valet or Self Parking Nome Meal Delivery from the Resort's Food and Beverage Outlets Alarm system, prewired for motorized shades, smart home.

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6916 E 2nd Street Scottsdale, AZ 85251

$2,800,000

4 Beds

4.5 Baths

3,014 SqFt

Status Active

MLS # 6732026

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 unprecedented community of upscale homes promises to be as unique as it is desirable!

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6637 E Hearn Road Scottsdale, AZ 85254

New

$2,800,000

4 Beds

3 Baths

3,006 SqFt

Status Active

MLS # 6765654

Property Type Single Family Residence

Price Type --

This fully remodeled home completed in 2022 is being sold with plans and renderings to expand to 6,500 sq. ft., featuring 7 beds, 6.5 baths, a 4-car garage plus a 934 sq. ft. RV garage, and a home theater. The current layout includes 4 bedrooms in a split floor plan, with a secondary master suite and two additional baths in the west wing. The owner's suite offers large windows overlooking the 2/3-acre backyard, complete with a private pool, sport court, fire pit, outdoor kitchen, and extended turf area. A seamless blend of modern design and future potential.

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6302 E Cochise Road Paradise Valley, AZ 85253

$2,800,000

6 Beds

5 Baths

3,920 SqFt

Status Active

MLS # 6724760

Property Type Single Family Residence

Price Type --

Finally.. your home within the best parts of Scottsdale and Phoenix, known as Paradise Valley. Perfectly laid out multi-gen home with no interior steps; split floor plan in both main home and guest home! New roof 2022, drip system 2023, Andersen Windows 2023, water heater 2024, pool heater 2024, pool pump 2024. Stunning kitchen with dove tail + soft close cherry cabinets, double island, Wolf Double ovens (2023), Subzero Fridge, Cove dishwasher (2023), European Oak flooring (2023), outdoor cabana, EV outlets (50 amp). Guest home has (2) full suites, new washer/dryer (2023), new appliance package (2023), large pantry, kitchen and separate gated parking! All rooms are equipped with Cat6.

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2980 E Boot Track Trail Gilbert, AZ 85296

$2,800,000

6 Beds

4.5 Baths

5,728 SqFt

Status Active

MLS # 6761387

Property Type Single Family Residence

Price Type --

***** FOR THE OP3N H0U5E YOU MUST HAVE A PREQUALIFICATION FROM YOUR LENDER OR PROOF OF FUNDS FROM YOUR BANK PROVING YOUR ABILITY TO PURCHASE. This home showcases unrivaled options, with custom upgrades and meticulous trim finishes throughout. The light and bright interior flows seamlessly into a wide open floorplan, perfect for modern living and entertaining. The gourmet kitchen is a chef's dream, featuring an abundance of cabinetry, a massive waterfall-edge island, and high-end stainless steel and cabinet-faced appliances. Entertainment options abound with a dedicated theatre and gaming room, while the fully enclosed metal and glass workout room provides a sleek, private space for fitness. The oversized master bedroom is an elegant retreat, opening to a large overlook patio with stunning views of the resort-style backyard. The master bathroom offers expansive elbow room and luxury finishes, and the master closet boasts a plethora of storage, designed for maximum convenience and style. This home is a true masterpiece with over $1.2 million in upgrades and additions, making it a must-see for those seeking the pinnacle of luxury living in Gilbert. There are far too many features to list, lock in your private look today!

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10379 E White Feather Lane Scottsdale, AZ 85262

Open House

$2,800,000

3 Beds

3.5 Baths

4,778 SqFt

Status Active

MLS # 6734916

Property Type Single Family Residence

Price Type --

REDUCED $200,000! Introducing easy access, lock & leave, move-in-ready custom in Troon's esteemed Pinnacle Canyon! This Tierra Builders custom home offers a split floor plan: 3 bedrooms, 3.5 bathrooms, office & 3-car garage, perfect for luxury living. Positioned alongside the 17th tee box of Troon's Monument Course, it's a dream for golf enthusiasts. Recently renovated with fresh paint, a new roof & a meticulously designed resort-style backyard, the property is a sanctuary of luxury. For entertaining, the spacious semicircle wet bar has seating for 6. Light & bright interior spaces, with high ceilings throughout. Step into the backyard oasis boasting new patio & pool decking, upgraded pool equipment & beautifully updated landscaping, creating an ambiance of tranquility & refinement. Savor breathtaking views of majestic mountains (including Pinnacle Peak) and sparkling city lights from multiple vantage points throughout the home. Whether entertaining guests or enjoying quiet evenings, this residence offers single level living plus an unparalleled blend of elegance and comfort. Don't miss the chance to own this exceptional retreat that embodies the essence of upscale Sonoran Desert living at PINNACLE CANYON AT TROON. Additional new upgrades include: washer & dryer, dishwasher, tankless Navien gas water heaters, epoxy sealed garage floors, all landscaping irrigation lines, and exterior landscape lighting.

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25564 N 119th Street Scottsdale, AZ 85255

$2,799,995

3 Beds

3.5 Baths

4,330 SqFt

Status Active

MLS # 6728699

Property Type Single Family Residence

Price Type --

This STUNNING plan with award winning exterior design in a gated community can be yours at Toll Brothers at Ranch Gate Estates! Generous 65,600 sqft (estimated) home site size. This Mariola home design boasts dramatic ceilings up to 12' tall with 3 bedrooms, 3.5 bathrooms, a primary retreat, a flex room and an added bonus room. The dramatic interior courtyard welcomes great opportunity for indoor/outdoor living and the perfect ambiance to entertain family and friends. Two sets of large stacking doors off the dining room along with a 90-degree corner sliding door at the great room welcome a light-filled home along with bringing views to the outdoor living from all angles inside the home. Close proximity to the McDowell Mountains for hiking and biking. November 2024 move in date!

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5841 S Marin Court Gilbert, AZ 85298

$2,799,900

4 Beds

4.5 Baths

5,286 SqFt

Status Active

MLS # 6721236

Property Type Single Family Residence

Price Type --

Beautiful custom 4BR/4BA + den, dining, game room & nicely upgraded detached guest quarters. Combined sq ft of 5286. Private, theatre, travertine floors, 12 ft ceilings with striking wood beams, stone accents & crown molding throughout. The killer kitchen features Wolf Appliances, massive granite counter top space, 2-dishwashers, walk-in pantry & a cool beverage service area. Primary BR features coffered ceilings, custom closets, dual walk-in shower & Jacuzzi tub. Bring the toys, trucks, etc. & store them in your HUGE detached 2000 + SF, garage. With over ht. 14 ft RV door + 3-car attached gar. This home has been designed for a lifestyle of unparalleled comfort & luxury! The back yard Oasis is set with pool, spa, massive fireplace , built-in BBQ & ext. patio for all your entertainment! Situated near one of Gilbert's premier location only 5-10 min. to the So. 202 FWY, SanTan Village Mall, 20 min. to both downtown Gilbert & downtown Chandler & 35 minutes to Phoenix Sky Harbor International Airport. Far too much to list, a must see!

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4281 S Iowa Street Chandler, AZ 85248

$2,799,000

5 Beds

5.5 Baths

6,135 SqFt

Status Active

MLS # 6752127

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury in this distinguished completely remodeled estate nestled in the heart of Aegean Cove in Fulton Ranch. This stunning basement home offers a rare blend of luxury, convenience, and comfort. Boasting 5 bedrooms, two office spaces, 5.5 bathrooms and a large bonus room in the basement. This meticulously renovated residence spans 6135 square feet of living space, ensuring ample room for both relaxation and entertainment. As you enter through the custom designed iron front door discover a seamless fusion of modern elegance and timeless charm. The open-concept layout enhances the flow between the spacious living areas, which are adorned with wood flooring and custom cabinetry throughout. Expand your living and entertaining space with a large glass pocket door that gives access to the spacious covered patio, as well as flood the interior with additional natural light . No expense spared in this remodel this gem. The gourmet kitchen was updated with top-of-the-line GE appliances, enormous island with 2 dishwashers, ice maker and 6 burner range with griddle. Showcase your wine collection with an impressive wine wall visible from the kitchen and the great room. Entertain in the large living room with a full service bar which boasts a kegerator, beverage cooler, ice machine and custom cabinetry with LED lighted shelves. Enjoy the completely revamped resort style back yard. The Stunning pool and spa with swim up bar, rock water slide and grotto will ensure your guests and family are well taken care of from the large ramada next to the pool which is outfitted with a sink, beverage coolers and TV for viewing from the sunken seating area. Cool off under the misting system or get warm curled up next to the firepits.

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24127 N Church Road Scottsdale, AZ 85255

Open House

$2,799,000

4 Beds

4 Baths

5,609 SqFt

Status Active

MLS # 6704749

Property Type Single Family Residence

Price Type --

Welcome to luxury living in this 5,609 sf custom home + casita, designed by award winning architect Daniel Eastburn! Newly painted exterior and Interior - Situated on approx. 1.5 Acres of pristine Sonoran desert, this 4 Bed, 4.5 bath home features soaring ceilings, stone flooring & the highest quality finishes, throughout! Enter through the inviting courtyard & into the formal living w/ the 1st of many cozy fireplaces & into the elegant formal dining w/ French doors opening to the courtyard. The newly updated eat-in-gourmet Kitchen features Newer SS appliances, new countertops, Sub-zero fridge & SS sink + Island, pantry, Breakfast bar & casual dining. Enjoy casual evenings in the...CONTINUE READING... family room with electric fireplace and wine cellar. There is plenty of room for family or entertaining in the great room w/ fireplace - The custom Library overlooks the great room. The fabulous owner's retreat includes a fireplace, sitting room, full bathroom w/ dual sinks, New counters, free standing tub & resort-style shower. - The luxuries continue into the 3 supporting bedrooms all with their own bathrooms, one of which is the attached casita w/ private living room and kitchenette. The upstairs office with built-ins leads to bedroom 4 with access to the rooftop deck and amazing views. The 5 car garage is a car-lover's dream! The resort style backyard has a custom pool, putting area, built-in grotto-style bar with in pool stools and many seating areas, including the Adobe style fireplace - This is outdoor living at it's finest! Perfectly nestled near shopping, restaurants, golf, easy hwy/fwy access & so much more! More to love about this home..... Built-in Vacuum system Updated irrigation system Buried propane tank for Fireplaces & Range New Pool Pump

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9424 E Hidden Spur Trail Scottsdale, AZ 85255

$2,795,900

6 Beds

4.5 Baths

4,562 SqFt

Status Active

MLS # 6747522

Property Type Single Family Residence

Price Type --

Located in Desert Haciendas of DC Ranch, this 6 bedroom, 4.5 bath residence offers a harmonious blend of elegance and comfort. You enter the foyer from he inviting courtyard which leads to the expansive living areas adorned with high-end finishes and meticulous craftsmanship. The gourmet kitchen boasts custom cabinetry,granite countertops, stainless steel appliances and a butlers pantry. The primary suite with a spa-like bath is on the main level as well as two other bedrooms as well as a wine room under the stair well. The 2nd level includes a spacious game/bonus room opening to deck overlooking the courtyard and three spacious bedrooms. One bedroom makes an ideal guest suite equipped with a morning station with fridge and coffee bar. The resort style back yard is an entertainment....... paradise with beautiful pool with water features, BBQ, dining area and cozy sitting area around the outdoor fireplace. The DC Ranch amenities include clubhouse, public pool, walking trails, tennis, fitness Plenty of restaurants and shopping minutes away. DC Ranch Country Club social and golf memberships are not included but available at additional cost.

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8701 E Remuda Drive Scottsdale, AZ 85255

$2,795,000

5 Beds

5.5 Baths

4,278 SqFt

Status Active

MLS # 6758247

Property Type Single Family Residence

Price Type --

Stunning remodeled Scottsdale home with breathtaking mountain views! This exquisite single-level home located on an acre corner lot offers a split floor plan with 5 ensuite bedrooms, designer upgrades, & incredible outdoor spaces that capture the essence of Arizona living. The kitchen has been beautifully remodeled with quartz countertops & custom cabinetry. The spacious primary suite offers direct access to a private patio with heated spa & outdoor shower. Enjoy stunning desert mountain views from your expansive backyard featuring a heated pool, covered sitting area, a fire pit, & a large turf area with putting green. Close proximity to top-rated schools, fine dining, shopping, & world-class golf courses.

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