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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12201 E Shangri La Road Scottsdale, AZ 85259

$2,650,000 - 5Br/5Ba -  for Sale in Mcdowell Acres, Scottsdale
Open House
$2,650,000
5 Beds
4.5 Baths
5,511 SqFt
Status Active
MLS # 6749323
Property Type Single Family Residence
Price Type --
Luxurious Custom Estate in Scottsdale - A True Gem! Welcome to unparalleled luxury in the heart of Scottsdale! A grand circular driveway leads to this exquisite custom home boasting 5 spacious bedrooms and 1 office, 4.5 bathrooms, all spread across an impressive 5,500+ square feet of thoughtfully designed living space. Step inside and experience a world of elegance with soaring 12-foot ceilings. Walk into the living and dining rooms which face the backyard. The office and primary suite are to your right. To your left you will find a chef's dream kitchen featuring two expansive granite islands, state-of-the-art stainless-steel appliances including double ovens. The master bedroom suite is a haven of relaxation, featuring a cozy attached sitting/reading room, a spa-like bathroom and an impressive walk-in closet. Two additional bedrooms with a full bath are split from the primary suite, offering ideal accommodations for guests. The basement is a recreational paradise, featuring a game and family area highlighted by a fireplace, wet bar, and a stunning glass patio door that floods the space with natural light. This bright and open area also includes two additional bedrooms, a full bath, a powder room, and a walk-out area leading to a private 1-car garage. Step outside to your own private sanctuary - a beautifully landscaped backyard with an expansive patio, complete with a misting system. The large diving pool and spa are perfect for relaxation, while the adjacent BBQ area and spacious grassy expanse offer ample space for gatherings. Enjoy breathtaking city lights and stunning mountain views from your backyard retreat. The 3-car garage is situated on one side of the house, leading directly to the primary suite. On the other side, a separate 1-car garage provides access to the basement. This Scottsdale estate is the epitome of luxury living, offering a perfect blend of elegance, comfort, and modern amenities. No HOA - Come see it today!

37200 N Cave Creek Road Unit 2110 Scottsdale, AZ 85262

$2,647,900
2 Beds
3.5 Baths
2,716 SqFt
Status Active
MLS # 6729130
Property Type Townhouse
Price Type --
All new construction! Spectacular upper-level corner residence 2,716 sq. ft., 2 beds, den/office, 3.5 baths, 2 car garage with golf cart/storage area. Designed to integrate the stunning outdoors with the comforts of the inside. Incredible views of the Seven Golf Course and mountain ranges. This unit has an expansive covered patio with retractable, pocketed doors creating a spectacular space for entertaining. Private elevator is included for your convenience. Just steps away from the Seven clubhouse and Pro Shop. Ready Now! DM approval and Membership required. Avoid the wait list!

6035 E Los Reales Drive Carefree, AZ 85377

$2,625,000
4 Beds
4.5 Baths
4,552 SqFt
Status Active
MLS # 6727297
Property Type Single Family Residence
Price Type --
Very elegant and totally private hacienda style courtyard greets you with 12 foot wood French doors opening to a botanical paradise surrounding a babbling brook style pool and spa. Just remodeled sleek primary suite and luxurious bath overlook the abundant gardens and romantic pool patios. Light filled kitchen anchors the home and opens to informal dining, formal dining and the glass dominant sweeping great room with warm wood accents and chic black stovepipe fireplace designed for entertaining. Poolside detached casita framed with slump block wall and extended trellis draped in floral vines just steps away from the generous covered and uncovered patios. Swim, lounge, converse and dine as you wish while enjoying the warmth of an outdoor two way fireplace that beckons all in residence. Primary suite also offers charming reading nook or studio/flex space for in home office or supplemental fitness options. Finishes include wood ceilings, wood beams, maple cabinetry, stone flooring, Bosch appliances, new sinks, new gas stovetop and custom bath fixtures. Los Reales is a bespoke gated community with only 14 homesites sitting at the base of Black Mountain.

2380 S Pinyon Jay Drive Unit 28 Flagstaff, AZ 86005

$2,623,000 - 4Br/5Ba -  for Sale in Pine Canyon, Flagstaff
New
$2,623,000
4 Beds
4.5 Baths
3,197 SqFt
Status Active
MLS # 6765504
Property Type Single Family Residence
Price Type --
Home is currently under construction. The Coronado plan puts a central focus on the home's living area - an open layout that flows freely from one room to the next, and thanks to center-sliding patio doors, even allows the outdoors, in. An expansive patio calls for cocktails under the stars or summers reads on warm afternoons. Incentives are currently being offered. Please inquire with a Pine Canyon Sales Executive for more information. List Price includes the following upgrades: above garage bonus room, 3rd car garage with additional bump out, metal roof (in various sections), Built-in BBQ, Cantina pocket doors, fireplace surround to ceiling, exterior privacy fencing and a custom exterior color/stone scheme

10977 E Oberlin Way Scottsdale, AZ 85262

$2,620,000
4 Beds
4 Baths
2,925 SqFt
Status Active
MLS # 6655739
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 C has a 3 car garage available only on lots 19 & 10. Base price shown includes lot premiums and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale, Serene..

24051 N 112th Place Scottsdale, AZ 85255

$2,600,000
4 Beds
3.5 Baths
4,600 SqFt
Status Active
MLS # 6722030
Property Type Single Family Residence
Price Type --

2455 N Maple -- Mesa, AZ 85215

$2,600,000
5 Beds
5.5 Baths
7,105 SqFt
Status Active
MLS # 6737617
Property Type Single Family Residence
Price Type --
Nestled in a private gated enclave with 20 custom estate lots. This basement home offers so much. The main floor includes a primary suite with dual W/I closets, guest bedroom w/ en-suite, library, office, greeting room & ½ bath. An open concept that includes dining and a large family room. The chef's kitchen is equipped w/ gas cooktop, pot filler, dual ovens & dishwashers. Multi shelved walk-in pantry room.The third level has a large bedroom, ensuite and a full length balcony overlooking the backyard oasis. The basement has two additional bedrooms, full bathroom, storage room, game room and a Theater!!! There is more...Oversized 4 car garage, plus a HUGH RV garage with built in storage and an air-conditioned workshop.

2901 N Kenwood Pass Road Dewey, AZ 86327

$2,600,000
3 Beds
3 Baths
8,240 SqFt
Status Active
MLS # 6708519
Property Type Single Family Residence
Price Type --
REDUCED $ 1.0 MILLION for Quick sale. Seller motivated! Present all offers...! Fabulous opportunity to go ''off Grid'' and enjoy peace and quiet and mother nature at it's best. Mountain Top setting retreat. Finish this magnificent structure to your liking. Perfect for the prepper mindset. Adjacent to Prescott National Forest. Hunting Lodge potential or wellnes retreat. Adjacent 20.66 acre parcel available at $ 950,000.00 and can be included in package purchase.

19912 E Natalie Way Queen Creek, AZ 85142

$2,599,999
6 Beds
5.5 Baths
5,313 SqFt
Status Active
MLS # 6658871
Property Type Single Family Residence
Price Type --
Welcome to resort style living in the highly desirable Whitewing at Whisper Ranch community. This desert contemporary multi-generational home is located on a premium lot and features 6 bedrooms, 5.5 bathrooms, and 4 car garages which includes a casita. An inviting entry leads to a modern and timeless design with lofty ceilings in the extended great room. Exuding warmth, this contemporary home features wood tile flooring and custom Roman shades throughout. The Chef's kitchen is the heart of the home and features dual islands for entertaining large groups and has an abundance of storage. Kitchen has 42'' upper cabinets equipped with stainless steel appliances including 6-burner gas stove with griddle, 3 ovens, built-in microwave, separate 2 drawer fridge in island along with a 15 automatic ice maker. The large built-in fridge/freezer is equipped with RO filtered water and ice maker. The great room features an electric 74 fireplace and a 20' sliding wall of glass that seamlessly flows into outdoor living. Store and pour your beverages at the bar which includes a dual zone wine fridge, sink and plenty of cabinetry. Custom iron and glass doors adorn the office entry to provide a quiet workspace off the great room. The large primary suite offers plenty of space for a sitting area. The luxurious spa-like bathroom has a soaking tub, walk-in shower with dual heads, built-in bench, and an oversized mirror. Separate vanity area includes a lighted mirror with Bluetooth speaker. Large closet with wall unit for extra storage and a separate exercise room which could also be used as a second closet. This split floor plan offers four additional bedrooms on the east wing of the home along with a spacious bonus room featuring a wall unit for extra storage as well as direct backyard access. Each generously sized bedroom has walk-in closets and direct access to a bathroom. The sizable laundry room has entry to all 4 garages, an abundance of storage, utility sink and refrigerator. Garage upgrades include custom garage cabinetry from floor to ceiling, professional epoxied floors, and a built in workbench. Also included is a Kinetico Whole House Water Treatment System and two tankless gas water heaters. This energy efficient home is easy to keep cool as it has 4 individual air conditioning units along with sunshades on the windows. Escape to the resort style backyard and relax under the sun on the Baja steps on one of four Ledge Loungers. The 11' square raised spa with therapy jets is one of a kind and can comfortably seat 12 people. The pool and spa have an in-floor cleaning system. They are easily heated and controlled with a touch of a button from your phone or tablet along with the deck jets, bubblers and LED lighting. The private backyard is an entertainer's dream. The outdoor kitchen is complete with a built-in Hestan 42'' professional BBQ grill, gas burner, sink and commercial fridge, fully equipped for outdoor cooking and entertaining, complete with a media wall large enough for an 86 television. A commercial misting system has been installed on the 15' x 26' ramada and the covered back patio. The ramada also features an outdoor shower. Enjoy your morning coffee under multiple structures taking in the beautiful Arizona outdoor living with tranquility and privacy. Professionally designed and landscaped with front and backyard lighting and pavered walkways on each side of the house. In addition to the 10' RV gate, a third 4' gate was added to the west side of the home. Expansive pavered driveway offers additional parking. The casita is located off the courtyard and has its own separate entry featuring a family room, bedroom, walk-in closet with washer/dryer hookups, bathroom with a walk-in shower and kitchenette with 2 drawer fridge/freezer. Upgraded stone countertops and plenty of cabinets. Ceiling fans and a separate A/C unit provide a comfortable environment. Fully wired with the Unifi WIFI 6 system it incorporates 30 ethernet drops, 13 - 4K cameras throughout the property, NVR security camera recordings, 5 access points, 8 TB hard drive, CAT 6 as well as a networking closet that is rack mounted. Controlling the pool, spa, garage, thermostats, security system, tankless water heaters, kitchen ovens and smart locks have never been easier thanks to the many smart home features and dedicated apps easily accessible from your phone, computer, or tablet. The Whitewing at Whisper Ranch community offers impressive amenities which include front and back entrance gated access, a fully equipped and furnished clubhouse perfect for entertaining and hosting events, outdoor gas fireplaces and BBQ areas to gather, a bocce ball court, a fenced in dog run, luscious green belts, and a children's play area/park. Just a couple minutes away from the Queen Creek Marketplace, excellent schools, restaurants, shopping, and serene trails to walk, hike and bike around the Sonoqui Wash. In close proximity to all the community has to offer! Owner Agent

5314 N 41st Place Phoenix, AZ 85018

$2,599,898
5 Beds
3 Baths
4,013 SqFt
Status Active
MLS # 6752736
Property Type Single Family Residence
Price Type --
The kitchen showcases a stunning view of Camelback Mountain & the Praying Monk. This beautifully renovated home features an open, entertaining plan with an inviting entry by way of a charming conversation patio. Spanning over 4,000 sq ft, enjoy 5BR/3BA, handsome library, LR, formal dining and great rm/family rm - complete with a breakfast bar & en suite eating area. The spacious split master suite occupies the entire south wing - 2 access doors to pool/patio areas - one right off the gym room. Resort-style backyard with a heated pool & spa, plus a freestanding 3-car garage equipped with a mini-split. Four private patios, one of which features an automated screen. There are surprises & vignettes everywhere. Please review the detailed list of features & improvements found in the docs tab.

57 Peak Point Court Sedona, AZ 86336

$2,599,000
4 Beds
5 Baths
3,516 SqFt
Status Active
MLS # 6727820
Property Type Single Family Residence
Price Type --
Discover unparalleled modern luxury and breathtaking Cathedral Rock views at this dreamy new construction masterpiece. Perched hilltop across from Oak Creek, this precious jewel offers a seamless blend of modern elegance and natural beauty, nestled in the heart of Sedona's iconic red rock landscape. Floor to ceiling windows look out onto panoramic vistas of the red rocks and desert landscape from every room. Situated on 1 acre backing up to National Forest with hiking trails right out your door, this exquisite home provides access to nature and breathtaking scenery in all directions. This meticulously designed home features 4 bedrooms 5 bathrooms, and a spacious 4 car garage - a rare find in Sedona - ensuring ample space for comfort and privacy. The gourmet chef's kitchen is a ... culinary haven, featuring premium Thermidor appliances, a striking island with a custom walnut bar. Open living areas ideal for entertaining and easy flow. Designed to integrate natural materials and feng-shui, it is both contemporary and comfortable, beautifully designed wood, stone, metal and water elements throughout. Located in Mystic Heights - one of the last private, elevated, gated communities in Sedona - it is utterly unique - surrounded by tranquil nature, with magical swimming holes at the creek within walking distance, yet only 10 minutes from Sedona's best restaurants, shopping, art galleries, and theater. Enjoy the best of everything - the tranquility of living in nature with the benefits of modern amenities, including high-speed, quantum fiber internet providing speeds of 534 Mb up and 525 Mb down (rare in Sedona). Peak Point is solar-ready, and was designed top to bottom to be low-maintenance and energy efficient, with gorgeous low-water landscaping.

9607 N Copper Ridge Trail Fountain Hills, AZ 85268

$2,599,000
4 Beds
3.5 Baths
4,357 SqFt
Status Active
MLS # 6742866
Property Type Single Family Residence
Price Type --
Welcome to this exceptional home in FireRock Country Club, where every room is framed by breathtaking views of Four Peaks and Red Rock mountains. Thoughtfully designed with careful attention to detail, this residence offers a unique blend of comfort and charm. Recent updates include white oak wood floors throughout, giving the home a warm and sophisticated feel. Fresh interior paint and new lighting fixtures brighten every space, while freshly painted shutters and doors enhance the overall appeal.The home features a private upstairs owner's suite with an updated bathroom and a bonus room that could serve as a home gym or extra living space. The primary bathroom has been completely remodeled into a relaxing retreat, featuring modern finishes and a steam shower. Additionally, the hallway powder room has been updated, providing convenience and style for guests. The kitchen has been beautifully updated with Monte Black quartzite countertops and new cabinets, creating a stylish and functional space for cooking and entertaining. The bar area features a granite countertop, perfect for hosting guests. The living area is highlighted by a fireplace upgraded with ledger stone, adding a touch of rustic elegance. With a new roof, pool equipment, and two new HVAC units, this home ensures comfort year-round. Combining modern updates with breathtaking views, this property offers an ideal balance of style and functionality.

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