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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18720 N 101st Street Unit 2006 Scottsdale, AZ 85255

$2,750,000

2 Beds

3 Baths

2,752 SqFt

Status Active

MLS # 6718632

Property Type Apartment

Price Type --

**NEW-CONSTRUCTION** The best opportunity to be inside the gates of Silverleaf at a competitive price. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private resort community of Silverleaf.

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28080 N 101st Street Unit 116 Scottsdale, AZ 85262

$2,750,000

3 Beds

3 Baths

2,846 SqFt

Status Active

MLS # 6696862

Property Type Single Family Residence

Price Type --

Enjoy the luxury of the LaScala Terracina home, located in the prestigious Estancia community with prime southeast exposure. This residence features a sophisticated office space and a custom-built entertainment cabinet. The patio is equipped with a spa and a gas grill for optimal relaxation and entertaining. The home showcases a classic European design, highlighted by meticulous attention to detail and the use of high-quality materials and finishes. Estancia offers residents exclusive amenities, including a championship golf course, state-of-the-art fitness center, and private access to hiking trails. The gated community ensures privacy and security, making it a perfect sanctuary for those seeking a luxurious and peaceful living environment.

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6005 N 64th Place Paradise Valley, AZ 85253

$2,750,000

3 Beds

3 Baths

2,963 SqFt

Status Active

MLS # 6755796

Property Type Single Family Residence

Price Type --

Nestled at the base of Camelback Mountain, this charming 3-bedroom, 3-bathroom home with NO HOA offers a perfect blend of natural beauty and modern comfort. With nearly 3,000 square feet of living space, the thoughtfully designed layout includes separate living and family rooms, stone flooring throughout, and cozy carpeting in the bedrooms. A charming fireplace in the living room adds to the home's warm ambiance, while ceiling fans throughout ensure year-round comfort. The lush backyard is a true desert oasis, featuring mature landscaping, an above-ground spa, and unobstructed views of Camelback Mountain. The low-maintenance yard allows for easy care, while the recently resurfaced pool (2022) invites you to cool off and relax. This home has been meticulously maintained with a new AC installed in 2021 and a fully updated roof in 2014, offering peace of mind. Recently painted and move-in ready, this Paradise Valley gem is the perfect retreat with easy access to hiking trails, breathtaking views, and modern convenience.

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5741 N 38th Place Paradise Valley, AZ 85253

$2,750,000

4 Beds

3.5 Baths

2,671 SqFt

Status Active

MLS # 6753536

Property Type Single Family Residence

Price Type --

This Paradise Valley home offers stunning 360-degree views of Camelback Mountain, downtown Phoenix lights, and the Phoenix Mountain Preserve, all complemented by modern upgrades throughout. The property includes a main house and an attached guest house, perfect for hosting visitors or extended stays. The open-concept living room features a wall of windows that bathe the space in natural light, anchored by a cozy fireplace. The chef's kitchen is outfitted with stainless steel appliances, a skylight, an eat-in area, and a formal dining space. The primary suite serves as a peaceful retreat with private backyard access, dual vanities, and a full bath. Designed for seamless indoor/outdoor living, the backyard is a true desert oasis, complete with a custom pool, expanded deck, covered patio, and lush desert landscaping that ensures privacy. Multiple seating areas provide ample room for lounging and entertaining. Situated in a highly desirable, private neighborhood, this home is just minutes from world-class resorts, golf courses, fine dining, and shopping. A rare gem, this property embodies the essence of luxury living in Paradise Valley.

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12832 E Sorrel Lane Scottsdale, AZ 85259

$2,750,000

4 Beds

5.5 Baths

5,655 SqFt

Status Active

MLS # 6695884

Property Type Single Family Residence

Price Type --

The Diamond House. Expansive McDowell Mountain views. Remodeled in 2020 this well cared for home sits on over a half-acre, in the exclusive gated community of Los Diamantes. Chef's kitchen with 6-burner Thermador cooktop, center island and walk-in pantry. Great room, formal dining and dedicated office. Bonus game room with wet bar and stunning glass wine display. Primary suite with sitting area, spa bath and walk-in closet. Sport court, covered patio and built-in outdoor BBQ. This home was designed for entertaining. Pebble-Tec pool and spa, firepit, putting green and multiple sitting areas. Mature trees, citrus, and lush vegetation. Community tennis and playground. Close to hiking/biking trails, golfing, MAYO, Honor Health, BASIS, and top-rated Scottsdale schools. Contemporary AZ Living.

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16122 E Tombstone Avenue Fountain Hills, AZ 85268

Open House

$2,750,000

4 Beds

4 Baths

3,435 SqFt

Status Active

MLS # 6659474

Property Type Single Family Residence

Price Type --

Backing to FireRock Country Club #14 tees and fairway, this new contemporary SW home is the ultimate setting for entertaining. Featuring a 460 ft casita, pool, spa and full-size RV garage, the home is perched on over a half-acre. Completion expected October, 2024. The very open and large Great Room features 16' X 10' stacking slider doors to views and a 60' electric fireplace. The kitchen features a 10' island, offers Shaker style cabinetry to 10' height, SS Frigidaire Pro Series appliances w/full size refrigerator and freezer plus a 139-bottle wine captain. All bedrooms are large and fully suited to custom closeting, plus a den/office. The Casita features a private bedroom plus a hospitality area. The large 5+ car garage features an RV bay with 14' door and 16' ceilings.

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210 E Georgia Avenue Phoenix, AZ 85012

$2,745,000

5 Beds

4.5 Baths

4,738 SqFt

Status Active

MLS # 6723103

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury in North Central's newest custom gated enclave, The Georgia Three. This exquisite residence, crafted by Bolte Custom Homes, boasts meticulous attention to detail with every fit and finish hand-selected by Katie Bowe Design. Nestled on a gated, pavered street, The Georgia Three features three homes. This particular home exudes single-level charm while incorporating a versatile basement, enhancing the floor plan and adding valuable square footage. Abundant natural light fills the basement through an expansive walk-out, creating a bright and inviting space.The kitchen and main living areas are designed for effortless entertaining and family gatherings, complemented by two additional living spaces offering superb flexibility. The home is bathed in natural light.

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28135 N 96th Place Scottsdale, AZ 85262

$2,740,000

4 Beds

4.5 Baths

4,761 SqFt

Status Active Under Contract

MLS # 6699788

Property Type Single Family Residence

Price Type --

Ready to take your home life up a notch? Impeccable highly rated Salcito built home located on the #1 green. Stained glass doors open into the great room w/ fireplace, sunken wet bar & massive windows that capture unobstructed Pinnacle Peak views. Expansive owners suite w/fireplace,walk out doors, separate private office, full custom bath & generous sized walk in closet.Custom kitchen w/granite counters & S.S. appliances. Marvel at the 2 bed,2 bath guest wing w/ its own living area & stunning views.Relax around your private heated pool & spa, with 3 water features that make even the most luxurious resorts jealous! This custom 1.49 acre-4761 s.f. estate is fully stocked with all of life's little luxuries for you & yours to enjoy!An exclusive guard gated community with privacy.Seller Carry?

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12251 E Cortez Drive Scottsdale, AZ 85259

$2,738,000

5 Beds

3.5 Baths

3,985 SqFt

Status Active

MLS # 6744218

Property Type Single Family Residence

Price Type --

Welcome to this breathtaking custom home situated on a cul-de-sac in the gated community of Sonoran Arroyos. No expense or detail was spared in this home. Gourmet kitchen with double islands, gas cooktop and stainless steel appliances. This home has everything you need to enjoy indoor/outdoor living. The backyard is a true resort-style oasis, new L-shaped fire pit with grilling and dining area,. oversized side burner, refrigerator, new water features, gas fire pit and two large copper fire bowls added to the ambiance. Master suite has a newly designed walk-in closet with four electric rods for your convenience, fireplace and access to your oasis. Master bathroom has a walk-in shower, soaking tub, fireplace and two vanities. There's so much to this home. You have to see it!

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28119 N 109th Way Scottsdale, AZ 85262

$2,729,000

4 Beds

4.5 Baths

3,290 SqFt

Status Active

MLS # 6655117

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 is available with 3 Car Tandem at 3,290/sf (Also available at 3,500/sf with 2 car 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.

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18577 N 92nd Place Scottsdale, AZ 85255

$2,707,417

4 Beds

4.5 Baths

3,434 SqFt

Status Active

MLS # 6691854

Property Type Single Family Residence

Price Type --

Luxury low maintenance living in DC Ranch! Brand new detached Camelot contemporary floorplan offering primary bedroom, casita and oversized great room , zoom office on main floor and upstairs offers 2 additional bedrooms and bonus room. Main level great room has multi stack doors opening into courtyard and well appointed kitchen with Wolf and Sub Zero appliances. 3 car Tandem garage . Cabinets, appliances, electric , plumbing have been selected. INCLUDES POOL AND LANDSCAPING. Buyer to still select flooring and countertops If upgrades are chosen over our standards- price will increase. Front yard landscaping design and installation included. Price subject to change based on buyer selections. Home is currently at drywall.

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35140 N 52nd Place Cave Creek, AZ 85331

$2,700,000

5 Beds

4.5 Baths

4,731 SqFt

Status Active

MLS # 6740350

Property Type Single Family Residence

Price Type --

LOCATION! PRIVACY! MOUNTAIN VIEWS! HORSE PROPERTY W RESORT STYLE LIVING! Amazing custom home in one of the best kept secret CC locations. 2.13 fenced acres offers 4733 sf home w attached Casita w/kitchenette, walk through gated court yard,water feature & fireplace. Open the front door to overlook negative edge heated pool/spa & 360 mountain views, huge covered outdoor living area, built-in BBQ, total of 5 bedrooms/4.5bath, office,gourmet kitchen w granite island,ss appliances, w desk,warming drawer,office ,custom cherry cabinets, Big game-room w wet bar/ billiards rm view of pool. 3 stall-barn w turnouts,tack room/feed arena, pipe fencing & miles of trails out your back door, RV full hook up, trailer parking, large 4 car garage, close to all stores/restaurants but feels remote & secluded Features include: Butlers pantry off the kitchen with huge pantry, warming drawer and appliance center, special, under mount and art lighting through-out, Huge 1200 sq foot covered patio with heated pool and spa, family/billiards room with wet bar, wine cabinet with entry to the patio, folding glass folding into the wall patio glass doors from great room to patio to increase the livable space, cozy office off the primary bedroom, attached guest house has been used for Air B&B and is a premier listing on that sight! Guest house offers bedroom kitchenette, and full laundry facilities, full bath and cozy sitting area with access to the fenced front court yard with a fireplace and water feature. Horse facilities offers 3 stalls with runs, trailer parking with full RV hook up, tack/feed room, turn outs and trails for miles of riding right from you home. Fenced dog run, Huge 4 car garage with pull through and large doors- plenty of room for a tractor, & set up for an Air compressor, and lots of storage. surround sound speakers, View out of all windows of the mountains- quiet neighborhood, with paved streets and city water. Minutes to stores, Home Depot/Lowe's, restaurants, and the fun town of Cave Creek.

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