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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17337 E Morning Vista Court Rio Verde, AZ 85263

$2,575,000 - 3Br/3Ba -  for Sale in Trilogy At Verde River, Rio Verde
Open House
$2,575,000
3 Beds
3 Baths
3,799 SqFt
Status Active
MLS # 6758824
Property Type Single Family Residence
Price Type --
Prepare to be captivated by this beautiful Toll Brothers home, perfectly situated within the coveted gated golf community of Trilogy at Verde River. Embraced by over a half-acre of tranquility in a serene cul-de-sac, this residence offers unobstructed views of the golf course and provides a breathtaking 270-degree panoramic views of the Mazatzal Mountains, the iconic Four Peaks, Weavers Needle, Superstition Mountains and Tom's Thumb. Step inside this 3800 square feet, 3-bedroom 3-bath gem, featuring a spacious and flexible bonus room, an office with a private courtyard entrance, and a 3-car garage with additional storage space. Elegantly lofty ceilings throughout the home create a bright and spacious ambiance, while the gourmet kitchen, featuring top-of-the-line Wolf and Gaggenau appliances, oversized granite island and walk-in pantry beckons culinary enthusiasts. A grand pocket slider, featuring an externally mounted power sunshade, seamlessly blurs the lines between indoor and outdoor living and leads you to your own private oasis. Surrounded by green fairways and Desert Willow Trees you'll find a heated swimming pool with built-in spa, a raised travertine lounge area with fire pit, a built-in BBQ, and an extended covered patio that provides a perfect backdrop to unwind and enjoy the stunning Arizona sunsets. As a resident of, you will enjoy the benefits of exclusive access to an array of community amenities, including the renowned Tom Lehman-redesigned 18-hole golf course, a resort style pool area, two on-site 4-star restaurants, Pickleball and Tennis Courts, a fitness center, Bocce Ball, a dog park, and a vibrant assortment of member-led clubs spanning sports, music, arts, and travel. MAJOR PERK: A few Exclusive Private Golf Club Memberships remain!

13061 N 80th Place Scottsdale, AZ 85260

$2,550,000
4 Beds
3 Baths
3,303 SqFt
Status Active
MLS # 6744439
Property Type Single Family Residence
Price Type --
Discover LUXURY in this BEAUTIFULLY updated 3,303 SF home on a sprawling 35,140 SF corner lot. Featuring 4 bedrooms, including 2 master suites, and 3 bathrooms, this residence offers both elegance and comfort. Enjoy a spacious layout with a formal living & dining room, a family room with a fireplace, and a gourmet kitchen with dual islands. The backyard is an entertainer's dream with a private pool, above-ground hot tub, sports court, and putting green. Ample driveway space completes this exceptional home. A MUST SEE!

12315 W Cooper Morgan Trail Prescott, AZ 86305

$2,550,000
3 Beds
5 Baths
4,400 SqFt
Status Active
MLS # 6759691
Property Type Single Family Residence
Price Type --
Experience unparalleled living in this exquisite custom home, perfectly situated in Talking Rock Ranch, ready for your personal interior selections. Designed to cater to diverse lifestyles—from car collectors to golf enthusiasts and social butterflies—this home offers an exceptional opportunity to craft your dream sanctuary. Enjoy breathtaking, unobstructed views of Granite Mountain, ensuring that your scenic backdrop remains untouched by future developments. Please note that many of the photos included are renderings for visual assistance and may depict options not included in the final build. Continued... Key features of this stunning residence include:

4570 E Calle Tuberia -- Phoenix, AZ 85018

$2,550,000
4 Beds
4 Baths
3,079 SqFt
Status Active Under Contract
MLS # 6753119
Property Type Single Family Residence
Price Type --
Location, Location Location! Welcome to this beautifully updated 4-bedroom, 3.5-bath home located in the highly sought-after Arcadia Proper neighborhood. This home features a desirable split floor plan, providing privacy and convenience for all. 4 bedroom, 3.5 bathrooms, flex space that could be used as an office or playroom, open concept kitchen and a large great room. When you step inside you first notice the 10-foot ceilings and rich hardwood oak floors that flow throughout the home. The kitchen is equipped with a new Sub-Zero refrigerator, dishwasher and a reverse osmosis (RO) water system. Entertainment is made easy with five TVs, two enhanced by Sonos sound bars for a superior audio experience. The gated front courtyard offers the perfect vantage point for watching stunning Arizona sunsets.The backyard features a custom-built fireplace, BBQ, and bar area. The space is shaded by mature trees and features low-maintenance artificial grass, creating an inviting and comfortable outdoor oasis. Additional highlights include a spacious garage with ample storage and an EV charger. Walking distance to the new Global Ambassador Hotel, The Henry, Buck & Rider and some of Phoenix's best restaurants. Experience this exceptional property in Arcadia for yourself!

5671 S Joshua Tree Lane Gilbert, AZ 85298

$2,549,000
4 Beds
4.5 Baths
3,701 SqFt
Status Active
MLS # 6740603
Property Type Single Family Residence
Price Type --
Welcome to Stone Crest Luxury Living! This stunning 4-bedroom, 4.5-bathroom home with an additional den offers an open-concept design and a desirable floorplan, perfect for modern living. The gourmet kitchen is equipped with high-end Wolf appliances and an LG Signature Kitchen Series fridge, making it a chef's dream. Enjoy breathtaking mountain views from your windows while benefiting from the home's beautifully landscaped front and backyard. Entertain guests with ease using the built-in BBQ and relax in your brand new private pool. The backyard also features a built-in trampoline, making it a great space for fun and relaxation. Inside, you'll find window treatments throughout, providing both style and privacy. Located in a community known for its excellent schools, this home offers the perfect blend of comfort, luxury, and convenience. Don't miss your chance to own this exceptional property in a prime Gilbert location!

6530 N 29th Street Phoenix, AZ 85016

$2,525,000 - 5Br/5Ba -  for Sale in Biltmore Hillside Villas 2, Phoenix
Open House
$2,525,000
5 Beds
4.5 Baths
4,324 SqFt
Status Active
MLS # 6746151
Property Type Single Family Residence
Price Type --
Meticulously remodeled in Biltmore Hillside Villas! 24-Hr Guard-Gated Community! Enjoy 28-foot ceilings, natural light, light oak hardwood flooring and motorized solar shades throughout. Wolf appliances and quartz countertops. Junior Suite/Office on first level with en-suite bathroom. Spacious Primary Suite on the second floor with dual closets and MOUNTAIN VIEWS from the spa-inspired bathroom and private patio. Three additional bedrooms upstairs. Low maintenance backyard with one of the largest swimming pools in the neighborhood. 3 car garage, downstairs laundry and lots of storage space. Enjoy tennis courts, hiking trails and proximity to golf, dining and shopping!

398xx N Old Stage Road Cave Creek, AZ 85331

$2,500,000
3 Beds
4 Baths
3,517 SqFt
Status Active
MLS # 6577386
Property Type Single Family Residence
Price Type --
New Build To Suit Custom Home on 8.215 acres. All paved roads. 3,517 sqft transitional floor plan. Showcasing huge living areas with walls of retractable doors leading to the outdoor spaces. Open floor plan offers a master bedroom split, stone & wood floors, fireplace in the great room and state of the art appliances. 4 car garage and with patios total at 5,228 square feet under roof. Secluded and Exclusive, No HOA. Plans and finishings can be modified to suit your needs and lifestyle. Upgrades / Options includes Heated pool & spa, fire pit, along with an outdoor kitchen. A show stopping feature-ideally designed for Arizona indoor/outdoor living. Minutes to historic Cave Creek. Enjoy the peaceful desert and the convenience of being close to amenities with a private setting.

11999 N 119th Street Scottsdale, AZ 85259

$2,500,000
4 Beds
4.5 Baths
5,059 SqFt
Status Active
MLS # 6733889
Property Type Single Family Residence
Price Type --
Welcome to the wonderful lifestyle of Ancala Country Club! This gorgeous property is an entertainer's dream! The inviting front courtyard with stone fireplace welcomes you into the expansive open concept great room with wet bar! A multi-slide door opens to the stunning infinity-edge swimming pool - perfect for indoor-outdoor entertaining. The kitchen is handsomely appointed with knotty alder cabinets, granite counter tops, 6 burner gas cooktop, double ovens, breakfast bar + breakfast nook. The grand formal dining room is where you'll have special celebrations! Private primary suite with tray ceilings, huge custom closet, bath with soaking tub and stone shower. Guests will enjoy the attached casita, or two additional ensuite guest rooms. The office/bonus room has French doors opening charming front courtyard. Step outside to the private low maintenance backyard oasis with pool, spa, expansive covered patios, built-in kitchen and faux grass. All this, and country club amenities, including manned guard gate, golf course, tennis courts, fitness room, kids park, club house and community pool (use of clubhouse, pools, tennis courts, fitness room, and golf course require club membership). WELCOME HOME!

55 Ranch House Circle Sedona, AZ 86336

$2,500,000
4 Beds
4 Baths
3,260 SqFt
Status Active
MLS # 6757347
Property Type Single Family Residence
Price Type --
Experience the Magic of this Truly Unique Oasis the moment you step through the decorative gates of ''Casa Arboles.'' With towering Oaks and Sycamores guarding the home, a true Getaway Retreat steeped in SW luxury with charming accents of Old World Mexico and a stone's throw to Oak Creek, No HOA/ Active STR on .35 acre parcel. Main House features 3 BRs/3 BA and 1BR/1BA in the elevated Carriage House. Marvel at the Impressive and Inspiring design elements inside and out. Spectacular Atrium Entry with 20-ft ceiling greets you and immediately pulls your eyes to the magnificent vertical and horizontal wood beams. 16-inch Saltillo Tiles arranged in offset patterns create soften the senses. The L-shaped Great Room is perfect for entertaining with an open floor plan for intimate gatherings. High ceilings with unique angled indentations with an abundance of skylights and high windows capture the natural light. In the chilly winter months play a board game or curl up with a classic in front of the charming arched fireplace. Or gather in the adjacent Media Room with friends and watch a Holiday Classic Chef's kitchen boasts gorgeous tiled counters, stainless steel appliances including 5-burner gas cooktop, prep sink, double stacked ovens w/warming drawer, coffee station, and a massive pantry wall of birch cabinets with custom pullouts for spices and wares. Serve up your culinary creations at the elevated island bar or the nearby nook overlooking the golf course. Or dine on the patio and enjoy a framed view of Elephant Rock. Be delighted by the rows of Talavera bird tiles as you ascend to the grand Primary Suite featuring an office/game room area, Huge bedroom including luxurious textured carpet, canopy bed, 3-sided fireplace and sitting area. Bath has jetted tub, walk in shower with dual heads, separate dual vanities w/night light underneath the cabinets, a large balcony to enjoy morning coffee overlooking golf course, and one of the largest and beautifully appointed walk -in closets you will ever see, including washer and dryer closet! Across the Courtyard is the Magical Carriage House. Open, bright and intimate with many of the same quality design elements of the main house, you won't want to leave this Super Cute space. Great Room living with everything you need to enjoy a private and relaxing weekend getaway. This gem features a spacious ensuite bedroom with dual vanities, walk-in shower and stacked washer and dryer. Enjoy golf course views between the massive trees for inside or from the Adirondack chairs from the curved balcony. The exterior of Casa Arboles is as equally impressive as the interior. Meander around this spacious lush fully enclosed oasis and admire the towering trees, lush flora and stone art pieces and the vertical rain collector cups. Note the craftmanship and detail of the curved stucco walls and stone columns connecting the decorative wrought iron gate and perimeter fencing,. Enjoy outdoor dining fireside underneath the impressive latilla constructed of massive lodge poles connected to the main house. Retreat to the trellis covered hot tub after a long day of hiking. A unique primary residence, weekend getaway or investment opportunity at a rare location that only a few will ever experience. This is a must-see property for the discerning buyer and certainly will not last long. Do not miss this opportunity!

38520 N 103rd Place Scottsdale, AZ 85262

$2,500,000
4 Beds
4.5 Baths
4,481 SqFt
Status Active
MLS # 6695745
Property Type Single Family Residence
Price Type --
This captivating home, tucked into Desert Mountain's village of Eagle Feather, radiates exterior sophisticated charm and welcomes the impressive soft contemporary open, great room, split floorplan of the interior. Sitting adjacent to vast open space, the site provides stunning views of natural Sonoran Desert, colorful sunsets, mountains and city light sparkles. Exterior allure abounds with its tiled roof sections, graceful angles, and circular dimensions, creating a harmonious fusion of style and function. As you approach, the paver driveway leads you through a gated courtyard, beckoning you to experience the seamless transition between indoor and outdoor living. The charming ambiance is enhanced by a delightful three-tiered water feature, surrounded by a lush garden of exotic cacti, verdant trees, and fragrant shrubs, providing the perfect setting for relaxation and rejuvenation. Step through the grand metal and glass door into a spacious, light-filled interior that exudes luxury and comfort at every turn. The expansive great room serves as the focal point, offering unparalleled views and access to the outdoors, complemented by two striking floor-to-ceiling stacked stone walls adorned with a linear fireplace and mounted TV. For the culinary enthusiast, the kitchen is a true delight, featuring ample granite counter space, a generously sized island with bar seating, and high-end Viking appliances, all seamlessly integrated into the open-concept design that connects effortlessly to the formal dining area and circular casual dining space. Retreat to the sumptuous primary ensuite, situated in the South wing, a retreat unto itself, boasting a palatial layout complete with fireplace, mounted TV, circular sitting area with serene views, and access to a private patio. The spa-like bathroom is equally impressive, offering a lavish soaking tub, dual vanities, and a spacious walk-in shower, along with two designer closets designed to indulge the senses. A versatile office, studio or guest bedroom provides flexibility to accommodate various lifestyle needs. For family and guests two additional ensuites, one with pool access, are thoughtfully positioned in the North side of the home, ensuring peaceful privacy. For the utmost in outdoor enjoyment saunter out to the magnificent outdoor oasis. The stack stone circular spa spilling into the curvilinear lines of the negative edge pool invite the serene yet dazzling views. The covered living and dining spaces, pool side sunning spaces and built-in grill and bar provide hours of pleasure day and night. For cooler nights the stacked stone firepit entices star gazing into the magical skies. Throughout the home, attention to detail is evident, with design features such as geometric cove-lit ceilings, mitered windowpanes framing lush views, and luxurious finishes including stacked stone interior walls, tiled floors, low-pile carpeting in the bedrooms, and granite counters and vanities. Located in the prestigious Desert Mountain community, with a wealth of amenities, including 7 exclusive clubhouses, 7 championship golf courses, 20 miles of hiking trails, and more, promising a lifestyle of unparalleled luxury and recreation. Embrace the epitome of desert living and make this extraordinary residence your own, where every day is an opportunity to savor the beauty and tranquility of Desert Mountain. This property does not have a membership to The Desert Mountain Club available. Waitlists apply for membership.

414 Peace Garden Path Clarkdale, AZ 86324

$2,500,000
5 Beds
5 Baths
3,787 SqFt
Status Active
MLS # 6737569
Property Type Single Family Residence
Price Type --
Welcome to your serene and modern retreat with five well-appointed apartment suites nestled in the heart of Clarkdale and within walking distance of the charming shops and restaurants of Old Town Cottonwood. This exquisite five-acre property offers breathtaking views of the Verde River and the stunning red rocks of Sycamore Canyon, providing a picturesque backdrop for an unparalleled living experience. Step outside onto the expansive portico and immerse yourself in the beauty of nature, while enjoying outdoor living at its finest. Host unforgettable evenings under the starlit sky with friends and family, or take a leisurely walk down the trail to the river.

7300 N Snow Bowl Road Flagstaff, AZ 86001

$2,500,000
3 Beds
2 Baths
2,000 SqFt
Status Active
MLS # 6734405
Property Type Single Family Residence
Price Type --
Discover the beauty of this stunning home, perfectly nestled amidst the majestic San Francisco Peaks. Set on an expansive 11.79-acre lot backing up to the Coconino National Forest, this thoughtfully designed 1,921 sq ft residence features 3 bedrooms and 2 bathrooms. Inside, every window offers breathtaking views, enhanced by newly added remote-controlled Hunter Douglas shades. The kitchen is a chef's dream, equipped with a top-of-the-line Fisher and Paykel double dishwasher, a new stainless steel double oven, and a deep copper sink. Flagstone and hickory floors throughout add a touch of rustic elegance. Beyond the main house, you'll find a 2,814 sq ft heated barn with 6 oversized horse stalls, Nelson waterers, a workbench, and a tack room with water. The property also includes two large turnout areas, one featuring a competition dressage arena, and the other a jumping arena. There is also plenty of room for a pasture. Two wells provide ample water supply for the property. Conveniently located less than a mile from Snowbowl and less than 5 miles from town, this property offers unparalleled accessibility. Enjoy unlimited horseback riding with direct access to the National Forest from your backyard. Bring your horses out of the heat to this cool mountain retreat. With no HOA restrictions, you have the freedom to personalize and utilize the property as you wish. Experience the perfect blend of luxury, privacy, and equestrian paradise when you tour this remarkable property.

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