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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19 Navajo Trail -- Sedona, AZ 86336

$2,500,000
4 Beds
5 Baths
3,810 SqFt
Status Active
MLS # 6750912
Property Type Single Family Residence
Price Type --
Welcome to Hacienda de los Sueños, a stunning 3,810 SqFt architectural masterpiece on a wooded acre with breathtaking VIEWS of Cathedral Rock. Highlights include hand-distressed pine floors, arched 1870's India Palace entry gates, and 1880's Kentucky church stained glass windows. The gourmet kitchen features custom cabinetry, granite island, and top-tier appliances. Enjoy a state-of-the-art home THEATER, pottery STUDIO, luxurious GUEST CASITA, and a saltwater POOL/SPA with SOLAR heat. The master suite offers a gas fireplace, whirlpool tub, and scenic woodland views. Improvements: new roof (2020), appliances and HVAC systems (2021), paved driveway (2022), solar panels (2023), and new pool filtration (2024). Nestled in GATED Highland Estates, this home blends elegance with natural beauty!

3400 N 37th Street Phoenix, AZ 85018

$2,500,000
3 Beds
2 Baths
2,597 SqFt
Status Active
MLS # 6544798
Property Type Single Family Residence
Price Type --
LOCATION! LOCATION! LOCATION! 1.2 ACRES ZONED R3 MULTIFAMILY. Great lot in Arcadia Light.

7462 S Mccormick Way Queen Creek, AZ 85142

$2,500,000
5 Beds
4.5 Baths
5,158 SqFt
Status Active
MLS # 6758272
Property Type Single Family Residence
Price Type --
Experience luxury living in this stylishly upgraded 5 bedroom/4.5 bath home set on a spacious ¾-acre lot within the highly coveted community of San Tan Lakeside Estates community. Prepare to be impressed by the home's sophisticated design elements, customized wallpaper, exquisite light features & ceiling beams, all complemented by SMART TECHNOLOGY throughout. The chef's kitchen combines elegance with practicality inclusive of an oversized granite island, high-end appliances, 6-burner gas stove w/ pot filler. Enjoy the convenience of both formal and casual dining areas, providing flexibility for various occasions and moods. The primary master retreat offers an inviting foyer entrance, a private exit to the backyard, an oversized walk-in shower, a stand-alone tub, dual sinks, bonus room & an expansive walk-in closet. The floorplan is thoughtfully designed to showcase the outdoor living spaces, three ensuites and is situated on a generous ¾ acre lot. The original owners have transformed the backyard into an entertainer's paradise, featuring a sparkling lap pool/spa/built-in table/bench perfect for relaxing evenings and lively weekends. Enhance your leisure time with a five-hole putting green for practicing your short game or enjoying friendly competitions. The entertaining backyard is adorned with breathtaking mountain views, lemon and lime trees, and mature landscaping. Whether you're unwinding at the outdoor BBQ/bar area, sitting by the built-in fire pit, or soaking in the hot tub, there's something magical about admiring the majestic mountains from the comfort of your own home. Be sure to check out the document section for additional details on home. This property is truly a must-see!

10442 E Chia Way Scottsdale, AZ 85262

$2,500,000
4 Beds
3.5 Baths
3,813 SqFt
Status Active
MLS # 6762050
Property Type Single Family Residence
Price Type --
Golf membership available from seller. Terrific mountain and city light views from this fabulous open light and bright custom home centrally located in the exclusive community of Desert Mountain in North Scottsdale. Set in a tranquil cul-de-sac location with private courtyard entry, this functional floor plan features a beautifully updated kitchen, gracious family & living room both with fireplaces for cozy friendly gatherings plus four bedrooms and three and half baths. Outdoors enjoy a spacious patio with multiple sitting areas complete with fireplace, pool, spa and bbq to relax and enjoy the wonderful Arizona views.

3816 N 53rd Way Phoenix, AZ 85018

$2,500,000
4 Beds
3 Baths
2,752 SqFt
Status Active
MLS # 6757152
Property Type Single Family Residence
Price Type --
This is the quintessential Arcadia proper home. Located just steps to Hopi Elementary. This large lot offers plenty of space to entertain and relax at home. All new windows offer the natural light that we all love. The updated kitchen expands the possibilities of luxury life in Arcadia proper. Come tour this home today!

6101 E Maguay Road Cave Creek, AZ 85331

$2,500,000
4 Beds
4 Baths
4,934 SqFt
Status Active
MLS # 6760006
Property Type Single Family Residence
Price Type --
Horse lovers, come and get it! This 5-acre Equestrian's dream is only one mile north from downtown Cave Creek. Tucked away on a private dead end street, this property offers the ideal mix of privacy & access w/ gorgeous 360-degree mountain views. Timeless yet modern designer aesthetics throughout the 4900 sqft home. It is constructed w/ 4 bedrooms, 3 of which are full ensuites, 2 full beautiful kitchens each w/ walk-in pantries, a separate office, and full walkout downstairs' with storage or bonus room for your imagination. The triple hinged balcony doors are an entertainer's delight. Imported Italian & Spanish tile, Canadian wood flooring, and craftsman welded railings deliver on the word custom. The main kitchen is equipped w/ Bosch Appliances and a 129 bottle dual zone wine cooler. The horse set up offer a 4 stall barn with attached run outs, and separate tack and supplement rooms. There is a large fenced turn out to the west of the property. There is a level area just east of the house that would be ideal for an arena. Convenient vehicle access to the barn through a separate gate for your hay and shavings deliveries as well as trailer parking. You can ride to the trails right from your property. ***** No Flood Plain on this property ****

21434 W Mountain Cove Place Buckeye, AZ 85396

$2,500,000
5 Beds
4.5 Baths
4,954 SqFt
Status Active
MLS # 6683231
Property Type Single Family Residence
Price Type --
Incredible single level custom home opportunity in Verrado. Buyer still has the opportunity to choose all interior finishes and exterior elevation design. Main house is 4,300 square feet and the attached guest quarters is 654 square feet, for a total of 4,954 square feet with a four car garage. Also includes a swimming pool, spa and outdoor kitchen. This home features a captivating great room floor plan and is situated on an expansive 1.145 acre lot. Providing the perfect canvas for your vision of luxury living. this remarkable residence promises an unparalleled level of customization and sophistication. Click on More for more information: Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. Viking appliances and a pot filler adds an elegant touch to the culinary experience, while the presence of a butler pantry with a separate food prep area allows for seamless organization and efficiency. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. For effortless entertaining, a wet bar area is thoughtfully incorporated, complete with a sink, refrigerator, and icemaker, ensuring that refreshments are always close at hand. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision and experience the epitome of elegance and refinement in this remarkable custom home. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, icemaker, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. An outdoor wood-burning fireplace sets the stage for cozy gatherings on cool evenings. The centerpiece of the outdoor area is the stunning 25x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation.

14649 N 14th Drive Phoenix, AZ 85023

$2,500,000
5 Beds
5.5 Baths
6,021 SqFt
Status Active Under Contract
MLS # 6762823
Property Type Single Family Residence
Price Type --
Perched atop the exclusive guard-gated Coral Gables Estates, this luxurious mountaintop home is situated on a 1.5 acre lot, at the end of a quiet cul-de-sac, providing unmatched privacy and panoramic views! Wake up to breathtaking mountain views, overlooking Moon Valley Country Club, with sparkling city light views after sunset! The elegant living room, featuring a striking floor-to-ceiling marble fireplace, seamlessly blends indoor and outdoor living with expansive glass walls and sliding doors. The spacious family room is sure to impress with its wall of windows, stunning views, hardwood floors, and a full bar for entertaining! Updated kitchen features a Subzero fridge, induction cooktop, and granite countertops. Primary suite is split from other bedrooms, offering tranquility with mesmerizing views, cozy fireplace, recently remodeled bathroom and dual walk-in closets. All secondary bedrooms are generously sized, each with its own en-suite bathroom and walk-in closet. A versatile loft space provides the perfect spot for a home office or game room. In the backyard, enjoy expansive views from the covered patio, sparkling pool or relaxing spa. Pebbletec pool redone 3 years ago. Low-maintenance living with artificial turf, new landscaping, pavers, irrigation lines and landscape lighting. Recent updates include new roof, new sewer line to the street, new exterior paint.

5525 E Lincoln Drive Unit 108 Paradise Valley, AZ 85253

$2,500,000 - 3Br/3Ba -  for Sale in Mountain Shadow Resort 2 Amd, Paradise Valley
New
$2,500,000
3 Beds
3 Baths
3,093 SqFt
Status Active
MLS # 6756273
Property Type Single Family Residence
Price Type --
Discover the potential of this 3-bedroom, 3-bathroom luxury home, perfectly situated on the lush fairways of a premier golf course. Featuring a private pool and a dedicated golf cart garage, this property offers a unique opportunity for a luxurious lifestyle in a prestigious guard-gated community, complete with unobstructed views of the majestic Camelback Mountain. Located in the highly sought-after Mountain Shadows East enclave, this single-level home occupies a prime lot directly on the golf course, surrounded by stunning mountain vistas. This is an extraordinary chance to remodel, expand, or build your dream home, as many of your neighbors have done in this exclusive community. Enjoy easy access to fine dining, a stylish bar, a rejuvenating spa, and the renowned Mountain Shadows Golf Course, all just a short stroll away. Nestled in the heart of prestigious Paradise Valley, this property provides the perfect canvas to create a custom luxury retreat that complements its beautiful surroundings.

27211 N 111 Street Scottsdale, AZ 85262

$2,500,000
3 Beds
3.5 Baths
3,653 SqFt
Status Active
MLS # 6762898
Property Type Single Family Residence
Price Type --
Nestled in the serene landscape of North Scottsdale, this rustic luxury retreat offers a peaceful escape on 4.76 acres of tranquil desert beauty, complete with unobstructed panoramic views. The residence features a split floor plan with three bedrooms, including a luxurious primary suite with immediate patio access, a spacious walk-in closet, two private bathrooms one of which is spa-like featuring neutral and granite finishes, a separate shower, and a sumptuous soaking tub. Two additional bedrooms and office space are located on the opposite side of the home for added privacy. A private exterior entrance leads to the dedicated office space, ideal for remote work. The property boasts a sparkling pool, relaxing hot tub, an outdoor fireplace, and a rooftop deck—perfect for watching Arizona's breathtaking sunsets. The bonus game room offers direct patio access to the pool and outdoor fireplace, creating the perfect entertainment space for both indoor and outdoor living. The home includes three full bathrooms, a powder room off the kitchen, and an additional powder room connected to the game room with direct access from the pool. Recent updates include a new air conditioning unit in 2021, a new roof in 2022, and a sun screen on the patio near the game room, installed in 2019. With an updated kitchen, private casita, wrap-around driveway, and detached work garage ideal for a mechanic or great storage for your car collection, this property is the perfect blend of rustic charm and luxury, offering a peaceful sanctuary in the heart of the desert.

2017 N 1st Avenue Phoenix, AZ 85003

$2,500,000
2 Beds
6 Baths
5,224 SqFt
Status Active
MLS # 6757718
Property Type Townhouse
Price Type --
Chateaux on Central, a collection of unique 5 Story brownstones in the heart of the Phoenix Arts district. Residence 18, designed by renowned interior designer Beth McGehee/SB Design Studio, has impeccable flair. 5 Levels of opulence w/ refined features: Stately gated front entry courtyard, commercial grade elevator, wood floors, award winning kitchen w/ Wolf & Sub-Z appliances. 5th Floor for large scale entertainment w/ an end unit terrace, unbeatable city skyline views & kitchen service. Lower level guest suite w/ separate entry & laundry, multiple private terraces throughout & 2 car garage. Walking distance to restaurants, bars, coffee shops, theatre, light rail - minutes from Sky Harbor Airport & all points downtown (sports venues) by rail or by car. Treat yourself to this experience!

20689 E Pummelos Road Queen Creek, AZ 85142

$2,500,000
5 Beds
4.5 Baths
4,323 SqFt
Status Active
MLS # 6763001
Property Type Single Family Residence
Price Type --
Make no mistake, this is THE ONE! Check out this 4,323 sq. ft, TRUE 5 bedroom 4.5 bath, 3 Car Garage PLUS a 16x45 RV GARAGE in the heart of Queen Creek on nearly a 1/2 ACRE Lot. Located in the exclusive GATED community of Bridle Ranch, this Single Level home has the PERFECT floor plan, featuring an office, flex space & a NEXT-GEN SUITE! The main living space is on point & is designed for entertaining w/ its GOURMET Kitchen, Upgraded appliance package including 2 DISHWASHERS, a HUGE pantry & over sized island. The Primary Suite has great natural lighting & the bathroom of your dreams, with an over-sized soaking tub, rain shower, great counter space & 2 CLOSETS. Enjoy the indoor/outdoor living w/ the 20ft glass doors that lead out to your dream backyard & enjoy your heated DIVING Pool, SPA & fire pit. This insulated & AIR CONDITIONED RV Garage features pull-thru Roll Up Doors for easy access with all your Toys. Use it as an RV garage or as an extension of entertaining with the 16ft sliding door, extended covered patio, & built in outdoor kitchen, the potential is endless. Located within walking distance to the newest entertainment, restaurants & shopping (Fat Cats, Pecan Lake Entertainment, Horseshoe Park & Botanical Gardens), this place is what you have been looking for!

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