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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10865 W Golddust Drive Queen Creek, AZ 85144

$2,699,000
5 Beds
4.5 Baths
4,615 SqFt
Status Active
MLS # 6725555
Property Type Single Family Residence
Price Type --
SPORTS COURT*CASITA*DETACHED GARAGE*POOL - Nestled in the exclusive, gated community of Santo Vallarta in the foothills of the San Tan Mountains, this custom home is a true gem. Boasting five bedrooms, 4 1/2 baths, and a dedicated office, the main residence offers spacious and elegant living. Additionally, there is a guest house complete with its own 2 car garage, separate bedroom, spacious kitchen and living area with private entrance - perfect for visitors or extended family. The interior offers a chefs kitchen with large island, stainless appliances, lots of cabinetry and opens to the family room. The split floorplan allows for privacy and plenty of room for any size family. Enjoy the AZ sunsets on the patio while in the pool or playing on the sports court.... The newly installed turf, built in grill area and the fire pit are added bonuses as you entertain your family and friends. Owned solar, additional parking pad, almost an acre of land and an additional 30ft behind the home make this a rare find!

3905 Doc Raymond -- Flagstaff, AZ 86005

$2,699,000
4 Beds
3.5 Baths
4,063 SqFt
Status Active
MLS # 6626676
Property Type Single Family Residence
Price Type --
Spectacular True Log Home in one of the most serene areas of Forest Highlands. Masterfully designed with impressive log beams and tons of windows and natural light. Be welcomed to this amazing log cabin by the large covered front patio and Porte Cochere. As you walk in the front door, you will be mesmerized at every angle by the quality construction and impressive log beams, stone fireplace and open great room. With 2 master suites and a total of 4 bedrooms, plus a loft, there is plenty of room for both large or intimate gatherings. Enjoy the cool nights on the expansive covered back deck. The garage is oversized and has a large storage area and workshop space. This home is impressive and you owe it to yourself to see it. Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.

6023 E Turquoise Avenue Paradise Valley, AZ 85253

$2,698,000 - 4Br/3Ba -  for Sale in Tierra Feliz North Unit 2, Paradise Valley
Open House
$2,698,000
4 Beds
3 Baths
4,308 SqFt
Status Active
MLS # 6747782
Property Type Single Family Residence
Price Type --
Spacious Contemporary Santa Fe Home. Seize the opportunity to live in the sought-after Three C Scottsdale Unified School District with this stunning 4-bedroom 3 bath, 4,309 sq ft home located on cul-de-sac, which also features a dedicated office space. The open layout is bathed in natural light, highlighting the elegant natural stone and wood flooring throughout. One of the bedrooms, along with an adjacent room, is perfect for a teen retreat or an additional living area. The expansive 36,204 sq ft south-facing lot offers breathtaking views of Mummy Mountain and endless possibilities for outdoor living. Whether you're dreaming of creating an adult oasis or a children's playground, there's ample space for a pickleball court, batting cage or any other outdoor activity you can imagine. This is a rare chance to craft your perfect lifestyle in a home that combines modern comfort with classic Santa Fe charm.

37200 N Cave Creek Road Unit 2120 Scottsdale, AZ 85262

$2,695,900
2 Beds
3.5 Baths
2,702 SqFt
Status Active
MLS # 6554592
Property Type Townhouse
Price Type --
New Construction! The Pinnacle floor plan, upper middle unit has 2 beds plus study, 3.5 baths, 2 car garage w/storage area. This home has the largest covered patio of all three plans offered at the Retreat. The expansive, sliding pocket doors off the great room let the outdoors in. There is a cozy outdoor fireplace on patio. South facing unit with jaw dropping views of Pinnacle Peak and Black Mountains. All this while overlooking the Seven golf course . Steps away from the Seven Clubhouse and Pro Shop. Membership to Desert Mountain Club is required. All properties in the Seven Desert Mountain community are deed restricted to include the requirements of Membership to Desert Mountain Club. Membership application required along with approval.

20647 E Pummelos Road Queen Creek, AZ 85142

$2,695,000 - 5Br/5Ba -  for Sale in Bridle Ranch, Queen Creek
New
$2,695,000
5 Beds
4.5 Baths
4,889 SqFt
Status Active
MLS # 6755396
Property Type Single Family Residence
Price Type --
Looking for a home better than the model?! THIS IS IT. Boasting over $350,000 in interior upgrades + $850,000 in exterior upgrades above and beyond what the builder offers, this stunning home will blow you away. Located in the luxury-GATED community of Bridle Ranch, this one-of-a-kind property checks all of your boxes for luxury living: 5 car garage, detached guesthouse, attached casita, game room, office, Sub Zero & Wolf Appliances, weight room, pool, spa, firepit, garden, and the list goes on and on. Additionally, the property can be sold completely turnkey, fully furnished, allowing you to move in with ease. Please check out the ''Documents'' section to see a list of all the upgrades to this property as the list is extensive. Inside, the floorplan provides an expansive great room as the central hub, with the kids' wing and parents' wing split on different sides of the house. The kitchen overlooks the great room and includes unique Calcutta Gold marble countertops, top of the line Wolf/Sub Zero appliance set including a Scotsman ice maker which is definitely needed living in the desert! Did I mention the house was extended 4 ft in the back making the play room and primary suite much larger? The primary bedroom provides a peaceful retreat, and the gorgeous primary bathroom with a gorgeous shower and an enormous wrap around walk-in closet that also connects directly to the laundry room for added convenience. The laundry room is one of a kind for the floor plan as the owners expanded it and fully customized it complete with a built-in side-by-side stainless steel freezer/refrigerator. On the east wing of the house, you will have two spacious bedrooms connected by Jack and Jill bathroom, and a large playroom perfect for the kids having friends over. As you exit to the backyard through your luxury pocket door, you are set up perfectly for Arizona living with the perfect indoor/outdoor blended experience. Designed by Creative Environments, the owners spared no expense in the backyard. They had a custom-built detached guesthouse including an extended two car garage bay with access directly into it from the back of your lot, perfect for storing trailers, ATV's, four wheelers, etc. The other side is a fully functioning weightroom complete with a full bathroom! The north side of this guesthouse is overlooks the pool and backyard, is shaded, and a great place to entertain with a kitchen and TV. A gorgeous fire pit right off of the spa makes for a perfect area of relaxation in your private backyard oasis as you soak in the mountain views to the south. The pool and spa both are heated. And don't forget about the garden flanking both sides of the Guesthouse for the garden enthusiasts out there! This home has so many upgrades and is truly one of a kind! Located in a welcoming community, this offers easy access to local amenities while providing the perfect blend of indoor and outdoor living. Don't miss the opportunity to own this incredible property!

7120 E Kierland Boulevard Unit 1203 Scottsdale, AZ 85254

$2,695,000
2 Beds
2.5 Baths
2,000 SqFt
Status Active
MLS # 6725497
Property Type Apartment
Price Type --
Enjoy stunning MOUNTAIN VIEWS in this 2 bed, 2.5 bath penthouse unit at Optima Kierland. With 2000 sqft of luxurious space, unit offers 2 master suites, den, spacious kitchen, family & dining rooms. Top notch finishes include wide plank oak flooring, 10 ft ceilings, quartz counters, Bosch appliances, & Wolf induction cooktop. Tons of nature light inside with floor to ceiling windows & 400 sqft of outdoor space. Optima Kierland offers the ultimate in urban luxury lifestyle living within walking distance to shops & dining at Kierland Commons & Scottsdale Quarter. Amenities include basketball, electronic driving range, exercise facility, rooftop pool, concierge, & more. Unit comes complete with 2 parking spaces & storage unit. Come join the Optima Kierland club & lifestyle!

5101 N Casa Blanca Drive Unit 235 Paradise Valley, AZ 85253

$2,695,000
3 Beds
2.5 Baths
2,130 SqFt
Status Active
MLS # 6754435
Property Type Townhouse
Price Type --
In the exclusive enclave of Casa Blanca stands a truly exceptional residence unlike any other! This single-level home underwent a comprehensive transformation, where it was taken down to its shell and meticulously redesigned. Now boasting an exquisite great room that seamlessly flows onto a patio with views of Camelback Mountain, this home is a testament to luxury living. The attention to detail is unparalleled, featuring gorgeous finishes such as limestone flooring, elegant steel doors and windows and an incredible primary closet. Salvaged antique doors from a historic Masonic temple, sleek black-lacquered doors and trim, and sterling silver door hardware further enhance the allure of this special home.

4929 Stargazer Drive Happy Jack, AZ 86024

$2,695,000
4 Beds
6 Baths
5,251 SqFt
Status Active
MLS # 6699883
Property Type Single Family Residence
Price Type --
This STUNNING mountain estate sprawls across 9.36 acres of tranquil, picturesque land nestled within the lush forests of Timber Ridge Ranch in Happy Jack, AZ. Comprising a magnificent 4051 SqFt. Pioneer custom log home as the main residence, alongside a spacious 4-car garage and a charming 2-bedroom guest house spanning 1200 SqFt, this property offers unparalleled luxury and serenity. Stepping through the custom 4x8 cedar front door marks the beginning of an extraordinary journey through this rare log home. Massive, handcrafted log columns and beams adorn the open and welcoming great room, showcasing the unique character of the logs with scars from actual forest fires and lightning strikes... Towering with a 32-foot cathedral ceiling, the floor-to-ceiling field stone fireplace make a majestic focal point, while a wall of triple pane glass offers breathtaking views of the rear patio, pond, and stream. The seamless open floor plan effortlessly blends the kitchen and bar area, featuring distinctive granite counters, custom Starmark kitchen cabinets, and top-of-the-line stainless steel appliances including Wolf and Subzero. Upstairs, a spacious game room and office area with a full bath and steam mist shower provide additional entertainment and relaxation space. Across the 6-inch concrete driveway stands a 1400 Sq Ft. enclosed 4-car garage with a half bath, utility sink, and plenty of storage! The 1200 SqFt guest suite above the garage boasts 2 bedrooms, a full bathroom, kitchenette and plenty of living space- making it perfect for entertaining out of town guests, gaining additional rental income, or creating your own unique space such as an office or gym! All buildings boast durable metal roofs, and Timber Ridge Ranch is an esteemed subdivision renowned for its pride of ownership. With all power lines underground and a nearby fire district station featuring 24-7 paramedics and a med-evac heliport within a mile, this property ensures both luxury and safety.

25973 N 88th Way Scottsdale, AZ 85255

$2,695,000
4 Beds
3.5 Baths
3,915 SqFt
Status Active
MLS # 6739001
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the private and prestigious community of Pinnacle Peak Place. This luxury modern residence boasts 3,915 square feet of thoughtfully designed living space, 4 spacious bedrooms, a den, and 3.5 elegant bathrooms. The stunning kitchen is a chef's paradise, featuring a large island, exquisite marble countertops and backsplash, high-end stainless steel Bosch appliances, and sleek white high-gloss cabinets. Tucked next to the kitchen is the butler's pantry and wet bar, making this perfect for entertaining. The kitchen and living room offer breathtaking views of the resort-like backyard and majestic mountains through two large sliding glass doors. The expansive primary bedroom is a true retreat, complete with a large ensuite bathroom that features dual vanities with quartz countertops and a luxurious Victoria & Albert Napoli tub. Step outside through the two massive trim-fold doors into your personal oasis where the private backyard surrounded by lush greenery and beautiful landscaping that feels like a five-star resort. Enjoy the warmth of the gas fire pits, relax in the built-in hot tub, or take a dip in the heated pool. The formal dining room is perfect for hosting dinner parties or having a private dinner while looking into the formal living room with a cozy fireplace. Gorgeous tile and wood-look flooring are found throughout and the abundant natural light enhances the home's luxury modern aesthetic. This home is a testament to the art of luxury living. Nestled on an oversized lot in a cul-de-sac, this is an opportunity to own a piece of paradise in in the comfort of your own home. It has been meticulously maintained and offers unparalleled style.

5434 E Lincoln Drive Unit 35 Paradise Valley, AZ 85253

$2,695,000 - 2Br/3Ba -  for Sale in Colonia Miramonte, Paradise Valley
Open House
$2,695,000
2 Beds
2.5 Baths
2,881 SqFt
Status Active
MLS # 6707840
Property Type Single Family Residence
Price Type --
Welcome home to the prestigious guard-gated community of Colonia Miramonte. This charming residence features 2 bedrooms, 2.5 baths, and a spacious office, all meticulously maintained and upgraded by the current owner. Nestled next to the JW Marriott Camelback Inn, this move-in-ready home offers exclusive resort-style living in the heart of Paradise Valley. As a resident, you'll enjoy a host of luxurious benefits, including discounts at the resort's acclaimed restaurants and the convenience of room service delivered directly to your door. Experience the perfect blend of comfort, elegance, and convenience in this beautiful home. Don't miss the opportunity to explore this listing in Colonia Miramonte. Come and see for yourself what makes this community so exceptional.

1 Sky Ridge Court Sedona, AZ 86336

$2,680,000
4 Beds
5 Baths
2,995 SqFt
Status Active
MLS # 6595623
Property Type Single Family Residence
Price Type --
Spectacular to be built custom home in Sky Ridge Estates, Sedona's newest subdivision in the heart of Sedona. Beautiful panoramic view hilltop lot on the ridge with North/East/South facing panoramic views. Four en-suite masters. Short walk to the new town square, city park and museums, Tlaquepaque, high-end shopping and dining, Los Abrigados Spa resort, restaurants, gym, lit tennis courts, and Oak Creek front park available for membership. Presently in design(rendering and floor plans only) stage to break ground after completion of roads and utilities currently underway ). Guest houses may be able to be added. This home will break ground after the completion of the roads and utilities presently underway. A guest house may be added. The home can be completed in 12-18 months. The subdivision, with its approved status, is making significant progress with the ongoing construction of roads and utilities. The private club and gates are currently being submitted to the city for approval. A buyer-builder program is in place with renowned architectural firm and builder PHX Architecture phxarch.dot com Erik B. Peterson and Galloway Custom Homes Paul Galloway, Gallowayrealty.dot com. Call for details. The owner/seller is an AZ active licensed real estate broker, general contractor and developer.

34755 N 51st Street Cave Creek, AZ 85331

$2,656,830
2 Beds
1 Bath
893 SqFt
Status Active
MLS # 6699438
Property Type Single Family Residence
Price Type --
WOW! A massive 10,000-square-foot shop with an RV garage and extensive parking is ideal for a car collector or anyone looking for a high-quality building and location for their hobby. Nestled on a vast 2.5-acre lot, this 2-bedroom property captivates with its stone-accented facade and desert landscape. Inside, tile flooring and a welcoming great room create the perfect setting for entertainment. Kitchen is equipped with wood cabinets, crown molding, stainless steel appliances, granite counters, recessed lighting, a pantry, and a breakfast bar peninsula. Both bedrooms offer comfortable sleeping quarters and ample closet space. Backyard includes a patio. Enjoy stunning mountain views and easy access to nearby restaurants, shopping, and more. Don't miss out!

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