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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6035 E Hodges Street Cave Creek, AZ 85331

$2,599,000
5 Beds
4.5 Baths
4,025 SqFt
Status Active
MLS # 6763175
Property Type Single Family Residence
Price Type --
This stunning, extensively upgraded home sits on an expansive cul-de-sac lot and offers a true entertainer's paradise. Located in the exclusive, gated Lone Mountain Palisades Subdivision, this property presents a rare opportunity to own one of the best lots in the community. This home offers 5 bedrooms plus a den with 4.5 bathrooms all spread over 4,025 square feet of living space. Step into a backyard retreat featuring a 50,000-gallon heated pool and spa, equipped with a state-of-the-art wireless Pentair system. Enjoy the waterslide, waterfall, grotto, splash pad, swim-up bar, and dramatic fire bowls that frame this oasis. The sunken ramada comes complete with an outdoor kitchen, BBQ, TV, and seating area, while additional features include an outdoor fireplace and fire pit. The backyard also boasts a putting green, walking path, regulation horseshoe pits, and a custom sport court. Inside, every bedroom offers custom-built closets, with dual closets in the master. The chef's kitchen, equipped with premium Wolf appliances, opens to a magnificent great room featuring a fireplace and expansive stacked sliding doors, blending indoor and outdoor living seamlessly. The kitchen is adorned with stunning cabinetry, including glass-lit upper cabinets for added elegance. The luxurious master bath offers a massive shower with multiple shower heads and a tub inside. The attached casita, perfect for guests or extended family, includes a separate entrance, living area, kitchenette, and an additional bedroom with a walk-in closet and full bath. With a three-car garage and ample built-in storage solutions, this home is as practical as it is luxurious. Don't miss your chance to own this one-of-a-kind property!

4422 N 75th Street Unit 8004 Scottsdale, AZ 85251

$2,599,000 - 2Br/2Ba -  for Sale in Envy Condominiums, Scottsdale
New
$2,599,000
2 Beds
2 Baths
1,991 SqFt
Status Active
MLS # 6766228
Property Type Apartment
Price Type --
ONE OF A KIND ABSOLUTELY GORGEOUS PENTHOUSE ON THE 8th FLOOR OF ENVY RESIDENCES with A+ VIEWS FROM THE 550' WRAP AROUND BALCONY overlooking all that OLD TOWN SCOTTSDALE has to offer. PERFECT FLOOR PAN WITH OVER $200K IN NEW DESIGNER UPGRADES FEATURING FLOOR TO CEILING GLASS, hardwood flooring, huge waterfall kitchen island, Subzero and Wolf appliances with amazing wall accents touching almost every wall throughout this beauty. ENVY boasts absolutely state of the art amenities including a 4000 sq ft Fitness Facility, swanky Black Label Lounge, gorgeous pool and pool lounge area that rivals any Las Vegas resort, underground parking, 24 hr concierge/security and so much more. MUST SEE, walking distance to everything OLD TOWN SCOTTSDALE has to offer.

5498 E Butte Canyon Drive Cave Creek, AZ 85331

$2,599,000
5 Beds
5.5 Baths
5,068 SqFt
Status Active
MLS # 6620444
Property Type Single Family Residence
Price Type --
Custom old world Hacienda in Canyon Ridge Est on 1.12 acre. Enter the gorgeous iron gates to a one of a kind style residence with privacy and panoramic mountain views. The charming resort style courtyard offers an upgraded heated pool and spa, fireplaces, outdoor kitchen and large patio. Telescopic pocket doors bring the outside into the beautiful open great room and wine bar. Be impressed by the well appointed Gourmet kitchen w/ hand carved dark alder cabinets, viking appliances. Double dishwashers and fridges, massive island. Upgraded finishes and details throughout. A floor to ceiling canterra stone fireplace. Exquisite master suite, spacious with fireplace, luxurious bath. Private casita. Premium location at the foothills, tucked away yet close to amenities. 4+Car. Available turnkey.

8428 E Preserve Way Scottsdale, AZ 85266

$2,599,000 - 5Br/4Ba -  for Sale in Boulder Ridge, Scottsdale
Open House
$2,599,000
5 Beds
4 Baths
4,363 SqFt
Status Active
MLS # 6744641
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury at 8428 E Preserve Way in Scottsdale, Arizona. This exceptional residence has been meticulously remodeled with high-end finishes, seamlessly blending modern sophistication with the natural beauty of the Sonoran Desert.The gourmet kitchen features a Wolf range, dual Cove dishwashers, and a Sub-Zero paneled refrigerator. The main living area includes a new chilled wine cellar and a sleek wet bar with a wine fridge. A spacious formal dining and living room open to the outdoor space through a multi-sliding glass door, perfect for indoor-outdoor living.The master suite boasts a show-stopping two-entry shower and soaker tub. Outdoors, enjoy an outdoor shower, a remodeled pool with an extended Baja step, a spa, a fire pit, a built-in BBQ, and a putting green.

188 N Shore Lane Gilbert, AZ 85233

$2,595,000
3 Beds
6 Baths
5,744 SqFt
Status Active
MLS # 6752102
Property Type Single Family Residence
Price Type --
Welcome to your oasis in the prestigious Crystal Point Estates gated community, renowned for its private water ski lake and exclusive amenities. This Tuscan-style masterpiece invites you to unwind and relax in its charming waterfront views, with your own private boat dock and secluded beach just steps away. From its meticulously crafted Tuscan-style architecture to the spectacular details that decorate every inch of the home, prepare to be surprised by the seamless blend of elegance and comfort. This turnkey home ensures that every moment spent here is nothing short of blissful. And the best part? It comes fully furnished, so you can start enjoying the ''Resort- Lifestyle'' from day one. The kitchen, a chef's dream, features picturesque lake views, a cozy eat-in breakfast nook, lux Welcome to your oasis in the prestigious Crystal Point Estates gated community, renowned for its private water ski lake and exclusive amenities. This Tuscan-style masterpiece invites you to unwind and relax in its charming waterfront views, with your own private boat dock and secluded beach just steps away. From its meticulously crafted Tuscan-style architecture to the spectacular details that decorate every inch of the home, prepare to be surprised by the seamless blend of elegance and comfort. This turnkey home ensures that every moment spent here is nothing short of blissful. And the best part? It comes fully furnished, so you can start enjoying the ''Resort- Lifestyle'' from day one. The kitchen, a chef's dream, features picturesque lake views, a cozy eat-in breakfast nook, luxurious granite countertops, a convenient breakfast bar, a premium Dacor gas range, a spacious oversized pantry, side-by-side refrigerator and freezer, and elegant alder wood cabinets. Four bedrooms, each with its own ensuite bathroom for added privacy and convenience. The master suite is a true retreat, with its double doors leading to the backyard oasis and a luxurious bathroom complete with a jetted tub and large his and her closets with an extra washer and dryer inside one of the closets for added convenience! Upstairs, a sprawling sports and media entertainment room awaits, offering panoramic views of the waterfront from its balcony. With a wet bar, big screen TV, and nook for games and drinks, it's the perfect spot to relax after a long day and enjoy the view or close your black-out curtains. Also, the home comes with a central vacuum system, soft water and filtered drinking water systems. Outside, the beautiful backyard includes an array of amenities, including a private pool with brand new equipment, a spa , misting system, tiki torches and firepits that set the mood. Whether you're lounging by the firepit or cooking in the outdoor kitchen, every moment here is one to remember! Adding to its allure, there's a spacious outdoor kitchen featuring a half-circle bar with surrounding bar stools, making it an entertainer's dream. The backyard is further enhanced by a boat dock equipped with a boat house structure, boat lift, and a new basta motor. Additionally, it offers convenient amenities such as 50 amp RV Hook up and underground propane tank, surround sound, and lighting. The fence can be opened up to 40 feet, providing easy access to both the beach and the boat dock.

38405 N 95th Street Scottsdale, AZ 85262

$2,595,000
4 Beds
4.5 Baths
4,111 SqFt
Status Active Under Contract
MLS # 6712532
Property Type Single Family Residence
Price Type --
Desert Mountain Golf Membership Available. Custom Southwest Soft Contemporary home that perfectly embodies the essence of luxury living in Scottsdale. Combining traditional and modern elements to create a unique and inviting atmosphere. Open-concept design with high ceilings, large windows and glass doors that allow natural light to flood the interior, highlighting the warm, earthy color palette. Updated and designer touches are prevalent throughout, creating a harmonious blend with the surroundings. Luxe outdoor living is a central theme with private, gated grand patio delivering serenity and an absolute sense of privacy. Expansive patios provide multiple areas for relaxation and entertainment. Sprawling covered sunset patio and lush mature desert flora makes alfresco dining a delight. Comfortable seating areas surround an outdoor fireplace or circular fire pit, perfect for cool desert evenings. Sparkling swimming pool and spa accented with waterfall features and wraparound sundeck, surrounded by lush desert landscaping, offers a refreshing escape from the heat. Pathways lined with native plants like agave, yucca, and cactus lead to secluded seating areas and separate casita. A chef's dream kitchen designed for both functionality and style. Extensive countertops made of granite provide ample workspace, while a large central island offers additional prep space. High-end stainless-steel appliances are seamlessly integrated, ensuring modern convenience without detracting from the overall aesthetic. Adorned with custom cabinetry, ample storage options keep the kitchen organized and clutter-free. The four bedrooms are sanctuaries of comfort, featuring plush bedding, rich textiles, and handcrafted furniture. Large windows and glass doors open to private patios or courtyards, allowing for easy access to the outdoors. The casita, added in 2015, provides a comfortable and private retreat for visitors. It includes a spacious bedroom with sitting area, fully equipped kitchenette, ample storage, and a well-appointed bathroom. The same attention to detail and design elements are present, ensuring guests feel right at home. Whether you're seeking a peaceful retreat or a place to entertain and celebrate with friends, this extraordinary residence is sure to exceed your every expectation. Located within the highly sought-after luxury golf lifestyle community, Desert Mountain Club members enjoy exclusive access to amenities that include 7 golf courses, spa services, fitness, tennis, pickleball, hiking, swimming, and nine dining venues. Desert Mountain Golf Membership Available Updated Single Level 4,111 SQFT 1.20 Acre Cul-De-Sac Lot Mountain & Sunset Views 4 Ensuite Bedrooms 4.5 Baths Smart Home - Savant Wall Wine Cellar Wet Bar with Ice-Maker Separate Casita with Kitchenette Sprawling Grand Patio 526 SqFt Casita built 2015 Pool, Spa & Waterfall built 2015 4 Car Garage - Ability to add two car lifts to expand capacity Custom Furnishings throughout available via separate Bill of Sale Desert Mountain, an 8,300-acre guard-gated community, consisting of 33 different villages, located in the foothills of the Continental Mountains of north Scottsdale. The higher elevation delivers miles of sweeping views and cooler temperatures than the valley below. Adjacent to the Tonto National Forest (the second largest in the United States) are 19-miles of private trails. In 2023, the area was designated as the first Quiet Conservation Area by Quiet Parks International. The Trail System entrance is located at the back of the community, in and on top of the Continental Mountains, providing exceptional hiking and mountain biking opportunities for all Desert Mountain property owners. Desert Mountain Club defines unparalleled championship desert golf. Offering members, the world's largest collection of private, Jack Nicklaus Signature Golf Courses along with the newest course addition, Seven. Seven is a USGA-rated, championship par-54 golf course, designed to challenge and entertain both experts and beginners alike. Dining venue options abound, within the guard-gated community. The Sonoran Clubhouse is the Club's Spa, Fitness and Swim center. The Desert Mountain Tennis Complex features five state-of-the-art Har-Tru green clay tennis courts, three fast-playing hard courts, and a spectacular stadium grass court. In addition to the Café, you'll find six pickleball and multiple bocce ball courts, golf croquet and both lap and resort-style swimming pools to enjoy. This remarkable amenity adds tremendous value and enjoyment to the community's Club Members along with an array of other fun activities. Desert Mountain Club Golf Membership is available for transfer from the Seller. Desert Mountain Club Membership Application Review is a 30-day and Board approval process that is required for the Buyer. See the Documents Tab for Desert Mountain Club information. *HOA Capital Reserve Fund Fee of 0.45% fee on the purchase price paid at Closing by Buyer.

9972 E Mission Lane Scottsdale, AZ 85258

$2,595,000
5 Beds
4.5 Baths
4,400 SqFt
Status Active
MLS # 6762342
Property Type Single Family Residence
Price Type --
WOW! The long wait is over! Nestled on a massive cul-de-sac lot in the coveted Scottsdale Ranch, this 5-bedroom gem is the epitome of luxury living. From the moment you arrive, the residence impresses with a 3-car side garage, RV gate, circular driveway, and striking stone accents. Step inside to a mesmerizing interior that features wood-look floors, vaulted ceilings with exposed beams, pre-wired surround sound, and a formal dining area perfect for hosting gatherings. The spacious great room exudes warmth with a cozy fireplace, while the sleek kitchen shines with stainless steel appliances, wall ovens, custom cabinetry, a walk-in pantry, and an oversized island with a breakfast bar... The main bedroom is a true retreat, complete with a two-way fireplace that connects to the cozy sitting room. The spa-like ensuite offers backyard access, dual sinks, a soaking tub, a large shower, and an expansive walk-in closet. The additional bedrooms are generously sized, and a versatile den is perfect for a media room or extra living space. Outdoors, enjoy the serene private courtyard, or relax in the tastefully divided backyard featuring a covered patio, built-in BBQ, outdoor fireplace, lush lawn, and a sparkling pool. This exquisite residence truly has it all! Come and experience the charm for yourself!

10040 E Happy Valley Road Unit 340 Scottsdale, AZ 85255

$2,595,000
3 Beds
3 Baths
4,031 SqFt
Status Active
MLS # 6652340
Property Type Single Family Residence
Price Type --
IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW! Charming southwest contemporary home. Light and bright with large expanses of glass bringing the outside in and providing sunlit living. Split bedroom plan. Grand backyard with heated Pebble-Tec pool and spa. Built-In BBQ. Designated a top 'Platinum Club of America'' golf club, Desert Highlands amenities include a Jack Nicklaus championship golf course, 18-hole putting course, award winning clubhouse featuring ''Jacks'' gastropub, state of the art fitness center, Highlands Racquet Club featuring grass, clay & pickleball courts,& more. A $150,000 membership fee is due from buyer at close of escrow.

20734 E Sunset Drive Queen Creek, AZ 85142

$2,595,000
4 Beds
5 Baths
5,226 SqFt
Status Active Under Contract
MLS # 6696555
Property Type Single Family Residence
Price Type --
If Norman Rockwell could paint the American dream of home ownership today, this would be the flagship. Risu Coeli (Heaven Smiles) in the gated Pecans offers you a chance at the dream. Nearly 10,000 sq.ft. of usable space with the interior, courtyard, covered patios, pool areas and celestial. 4/5 bedrooms, 5 bath, 3 interior and 3 exterior dining / entertaining spaces. A gated motor court, private wine cellar and luxury pool/spa amenities are just touching the surface of life's finer things thought out in the design process of this personal estate. The gated neighborhood is covered in established Pecan trees with lush green belt streets, grass parks and playgrounds, putting greens, walking and biking trails. An atypical desert community best described as an oasis hidden in plain sight.

6431 E El Sendero Road Carefree, AZ 85377

$2,595,000
3 Beds
3.5 Baths
3,844 SqFt
Status Active
MLS # 6684230
Property Type Single Family Residence
Price Type --
Welcome to gated Carefree Grandview Estates-a premier address in Carefree. Exceptional custom home, nestled on 2.5 acres on Black Mountain. Sweeping views and City lights. Dramatic paver driveway & motor court, leads to distinctive residence, private guest house & Unique 9 car garage/workshop. All one level residence. Welcoming courtyard and artistic entry doors lead to expansive great room with fireplace and stunning wood beamed ceilings-which continue throughout the home. Large wrap around patio, flows from many rooms & provides perfect setting for entertaining & relaxing in the tranquil surroundings. Alluring secluded primary wing with fireplace & patio. Sunny east kitchen-,breakfast room opens to outdoors. Private office-abundant storage. Truly Remarkable Home-See Remarks for updates. enchanting views of city lights & gorgeous desert terrain. Private, refined, & tranquil, this is the epitome of Carefree living.

2928 N 83rd Street Scottsdale, AZ 85251

$2,595,000 - 4Br/5Ba -  for Sale in Village Grove, Scottsdale
Open House
$2,595,000
4 Beds
5 Baths
3,572 SqFt
Status Active
MLS # 6760146
Property Type Single Family Residence
Price Type --
Stunning ''New Construction'' in a fabulous location just 5 minutes to all of the shops, restaurants & night life in Old Town Scottsdale! This contemporary masterpiece features 16 foot soaring ceilings, 19 seer, 5 ton, variable speed HVAC, huge sliding glass patio doors, skylights, 3 gas fireplaces, 3 car garage w/electric vehicle charging station, RV Gate & RV Parking, NO HOA, tankless hot water heater, private pool w/heater & chilling functions, Wellness Room w/indoor cold plunge, exterior built in BBQ, synthetic grass. Situated on over a 1/4 acre lot this home is all on 1 level with over 3,500 sq ft of interior living space, 4 total bedrooms (2 master suites), 5 baths, separate den/office, wet bar, built in wine refrigerator, 48''gas cooktop (Monogram Appliances) & kitchen island.

10904 E Scopa Trail Scottsdale, AZ 85262

$2,580,000
6 Beds
5 Baths
4,587 SqFt
Status Active
MLS # 6762371
Property Type Single Family Residence
Price Type --
Discover desert luxury in this 2.85-acre estate within Monterey at Mirabel Village North. The single-level residence boasts dual living areas, a gourmet kitchen with Wolf & Sub-Zero appliances, formal dining, five bedrooms & four bathrooms. A separate casita adds versatility for guests or a home office. Indulge in resort-style living with a solar-heated pool, spa & five-hole putting green. Entertainment options include a theater room & whole-home SONOS system. The property features a lush courtyard, outdoor fireplace & stargazing areas. Recent upgrades include pool equipment, HVAC systems & a monitored security system. Smart home technology allows effortless control of lighting, climate & entertainment. An oversized 3-car garage & ample indoor storage complete this extraordinary home.

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