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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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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29121 N 105th Street Scottsdale, AZ 85262

$2,795,000

4 Beds

4.5 Baths

4,486 SqFt

Status Active

MLS # 6686109

Property Type Single Family Residence

Price Type --

Step into your future sanctuary! Nestled within Candlewood Estates Troon North in Scottsdale, this modern retreat, slated for construction commencing in May 2024, which promises comfort and elegance. Boasting 4 bedrooms, 4.5 bathrooms, and a den/office space, it's designed to cater to your every need. Embrace the feeling of spaciousness with soaring 14-foot ceilings that grace all primary areas, enhancing the sense of openness throughout. Each bedroom offers a private haven, complete with its own luxurious ensuite adorned with bespoke tile finishes for a touch of refinement. Each bedroom also has a private patio. Indulge in the seamless blend of indoor and outdoor living as floor-to-ceiling pocket sliders seamlessly connect the living area to a generously sized covered patio with a two-way fireplace, perfect for cozy evenings under the stars. Enjoy another additional outdoor patios provide even more spaces to unwind and entertain. Outside, discover meticulously crafted desert landscaping in the front yard, while the backyard presents a canvas for you to design your dream oasis. Luxury knows no bounds with upscale amenities including custom cabinets, waterfall kitchen countertops, Dacor appliances, wine fridge, a Vector fireplace in the master bedroom, and exquisite wood flooring. There are 11 skylights throughout home and on patios. With the opportunity to personalize finishes, this home invites you to create a bespoke masterpiece, seamlessly blending indoor and outdoor living.

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4602 E Calle Del Medio -- Phoenix, AZ 85018

$2,795,000

5 Beds

3 Baths

3,864 SqFt

Status Active

MLS # 6751029

Property Type Single Family Residence

Price Type --

ARCADIA PROPER. Situated on a rare, highly desirable lot, this is a perfect opportunity to create your dream home. The Main House is 5br/3ba complete with a home gym, and 2 living spaces. The property has great views of Camelback and a peak-a-boo of Piestewa Peak. With walkability to The Henry, The Village, OHSO, and the newly famous Dirtbags. The irrigated lot has many mature trees to provide privacy. The backyard is a fantastic place to entertain guests under the covered patios or enjoy the sparkling pool and jacuzzi. The guest house (built in 2011) has 2br/2ba, full kitchen, stainless steel appliances, and full size washer and dryer. With its separate entrance, it would be a perfect place to live while you transform the Main house into your Arcadia Dream Home, or use as an ADU.

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202 W Montebello Avenue Phoenix, AZ 85013

$2,795,000

5 Beds

4 Baths

5,770 SqFt

Status Active Under Contract

MLS # 6743992

Property Type Single Family Residence

Price Type --

This beautiful 4BR + 2 Offices/4BA, 5,770 SQFT home sits on a flood-irrigated ACRE lot and is surrounded by mature trees on all sides of the home giving you a great sense of privacy. This unique and modern estate has been completely renovated over the last 10 years, including updates such as new bathrooms, new wool carpet flooring in the bedrooms, newer kitchen with double ovens and a built-in Fridge by Sub Zero, and a huge island great for gathering and entertaining. The Primary Suite Wing features a gorgeous private office, sitting area, additional en-suite bedroom, workout area, contemporary bathroom separate soaking tub and shower, and separate exit to backyard. Laundry Room has been completely redone by California Closets, complete with a gift wrapping station, making it a perfect space for arts and crafts and staying organized. An impressive OWNED 12kw Solar System was installed in 2019, making for much lower electric bills! The large backyard has a newly built pool & spa, with the pool being one of the largest residential pools done by Rondo Pools. The heated pool also comes with an electric pool cover that covers both the pool and spa, making it easy to keep them at a comfortable temperature year-round. Rounding off the backyard is a large playhouse by Rainbow Systems. Rancho Solano is one of the premier neighborhoods in North Central Phoenix and it is rare for homes to come on the market here - It is truly a generational neighborhood. In just a 5 minute walk, you'll arrive at the local Farmer's Market, or in a short bike ride, you're right next to some of the best restaurants Phoenix has to offer, including OHSO, Windsor and the new Henry, which is coming soon!

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5652 N Scottsdale Road Paradise Valley, AZ 85253

$2,795,000

2 Beds

3.5 Baths

2,625 SqFt

Status Active

MLS # 6748560

Property Type Townhouse

Price Type --

This property is situated in the highly acclaimed townhome development of Scottsdale North. It is located a short distance to Fashion Square Mall and Old Scottsdale. The development was placed on the National Register of Historic Places by the US Department of the Interior in 2023. The interior boasts 10 ft ceilings with a great room and fireplace. There are two master bedrooms one with a sitting area and the other with fireplace. The Office has a full ensuite bathroom, closet and could function as a third bedroom. (see the floor plan under the Document tab). The covered central courtyard with fountain leads to a built-in BBQ area and quaint lemon arbor. Ideal for outdoor entertaining. Wheelchair accessible from garage. Furniture can be purchased by separate agreement.

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5641 N Echo Canyon Circle Phoenix, AZ 85018

$2,795,000

3 Beds

4 Baths

3,818 SqFt

Status Active

MLS # 6641691

Property Type Single Family Residence

Price Type --

A true gem situated under the iconic Praying Monk! Resort style living in the privately guard gated community of Echo Canyon. This is a very rare and special find! A charming home with a warm open floor plan/ high ceilings and picture windows to take advantage of stunning Camelback Mountain views. There are two bedrooms and a den/bedroom on the main floor. An additional guest suite upstairs which includes its own kitchenette, 3/4 bath and veranda with spectacular views of city lights to the northwest. Centrally located with walking distance to echo canyon trailhead, urban activities like the Village, the new Global Ambassador hotel and a stone's throw to Old Town Scottsdale, PV and Arcadia! Enjoy the amenities of Echo Canyon living with a community clubhouse, pool and tennis!

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150 Crystal Sky Drive Sedona, AZ 86351

$2,795,000

4 Beds

6 Baths

4,992 SqFt

Status Active

MLS # 6687412

Property Type Single Family Residence

Price Type --

Majestic, panoramic Red Rock Views that will take your breath away the minute you step inside this luxury custom home on prestigious Crystal Sky in the Sedona Golf Resort. With soaring 12-foot ceilings, exquisite travertine flooring, and a stunning stacked stone fireplace, this residence epitomizes the epitome of sophistication. Its open and spacious floor plan, adorned with plenty of windows, floods the interiors with natural light. All main living on one level including primary suite with romantic fireplace for ambience as well two ensuites bedrooms and office/bedroom. Situated on the lot to capture the most spectacular panoramic red rock views and backing to National Forest for privacy, this home was perfectly built to capture all that Sedona has to offer. Indulge in evenings spent sipping wine on the front deck, basking in the splendor of magnificent sunsets. The backyard oasis captivates with a stunning koi pond/swimming pool, complemented by a brand new built-in BBQ center and a kiva fireplace. Surrounding this oasis is a supreme gardener's paradise, featuring two raised vegetable beds, an array of fruit trees, and multitude of planted flowers. Discover numerous special retreats within, including a library, a controlled wine cooler, and an entertainment area downstairs, accompanied by ample storage space. A separate private yoga/art studio with a walkout rooftop deck. The property includes a spacious 3-car garage, enhanced with upgraded lighting featuring full-spectrum LED lighting strips. This home has been meticulously maintained with an extensive list of upgrades listed separately. Don't miss the opportunity to make it yours.

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6050 W Saskan Ranch Circle Flagstaff, AZ 86001

New

$2,790,000

6 Beds

6 Baths

6,250 SqFt

Status Active

MLS # 6764733

Property Type Single Family Residence

Price Type --

High country getaway on nearly 5 acres in Saskan Ranch, perfect for indoor and outdoor living and entertaining. Main house has 3 levels with 2 bedrooms on each, all but one are en suites. Downstairs features a bonus room, theatre room and kitchenette. Outdoors there is a sports court (pickleball, volleyball,basketball). Over the garage there is a bunk room and bath that could also be used as an office. Huge RV garage for outdoor toys, large enough for a boat or multiple vehicles. AC, kitchen appliances, 1 water heater and carpet in above garage bunk room all replaced in last 2 years. Waste system is a Wisconsin Mound.

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5745 E Azure Hills Drive Cave Creek, AZ 85331

$2,775,000

4 Beds

6 Baths

4,700 SqFt

Status Active

MLS # 6763770

Property Type Single Family Residence

Price Type --

What a setting - what a home! Come feel everything this home has to offer. Santa Fe Style home with so much attention to every detail. Main home 3500 + sq ft with foyer, livrm, greatrm/kitchen, formal dinrm, office, exercise rm w/pvt bth (could be 5th bdrm), master suite w/privacy patio, 2 more split bdrms. Very large main garage over 1000 + sq ft. Casita/guest home just under 1000 sq ft, greatrm w/frplc, kitchen, bth w/sep shower & tub, bdrm, lrg walk in closet, laundry rm & garage, privacy patios. Pool w/waterfalls, gazebo, built in bbqs, room for entertaining! Over 1000 sq ft covered patios. Homes are spacious, 16', 14 & 12' ceilings - each ceiling custom designed, lrg windows for views all around, 5 frplcs (2 outside), 6 bthrms, 4 HVAC units/zones, 3 wtr heaters. No HOA.

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7520 S Estrella Parkway Goodyear, AZ 85338

$2,775,000

4 Beds

4 Baths

4,600 SqFt

Status Active

MLS # 6719816

Property Type Single Family Residence

Price Type --

Beautiful Mid-Century Estate offering a blend of luxury, privacy & investment potential! SELLER FINANCING AVAILABLE! An Entertainers Dream perfectly situated atop 5 mountainside acres with panoramic views of the Phoenix Skyline. Enter an inviting foyer with soaring ceilings setting the tone for the elegance found throughout. Natural light floods the bright kitchen & dining area. The family room boasts vaulted ceilings & a cozy fireplace. The living space comprises 4 bedrooms, 2 flex rooms & 4 bathrooms. Outside enjoy Palm Trees, BBQ Island, Fire Pits & a Cooled Patio Room +Entertainment Barn w/AC! Zoned commercial/residential PAD, Underground power/city water/gated driveway. No HOA. 220V EV Charger in Garage. Perfect for Business or Private Estate. 10 additional acres MLS: 6719816

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