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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5908 E Orange Blossom Lane Phoenix, AZ 85018

$2,500,000
4 Beds
4.5 Baths
4,395 SqFt
Status Active
MLS # 6713234
Property Type Single Family Residence
Price Type --
Nestled in the heart of the Arizona Country Club golf course is this lovely Spanish Colonial home. This is a one-of-a-kind property that offers great privacy and seclusion, while still being conveniently located on Orange Blossom Lane. As you enter through the wooden gate a serene courtyard welcomes you with a large covered patio complete with an outdoor kitchen, sparkling pool, oversized garage, and charming guest house creating an inviting oasis for entertaining family and friends. One of the oldest homes remaining on the course, this special property boasts architectural elegance throughout featuring barreled ceilings, solid wood flooring, a gas and wood-burning fireplace, and arched wooden doors that open onto views of tranquil Camelback Mountain. The open kitchen features a large butcher block island, granite countertops, stainless steel appliances and an abundance of windows and doors that overlook the lush fairways, allowing natural light to flood the space. The main house offers three spacious bedrooms, each with its own en-suite bathroom. Additionally, a basement offers lots of storage space, wine storage and a great workspaces with outside exit. This property is a rare gem and is truly a must see.

10170 E Larkspur Drive Scottsdale, AZ 85260

$2,500,000
4 Beds
5 Baths
4,063 SqFt
Status Active Under Contract
MLS # 6705277
Property Type Single Family Residence
Price Type --
Welcome to luxury living in Scottsdale's prestigious Powderhorn Ranch community! This stunning 4-bedroom, 5-bathroom home has been completely remodeled to perfection, boasting over 4000 square feet of exquisite living space. Step inside to discover an open and airy floor plan featuring high-end finishes and designer touches throughout. The gourmet kitchen is a chef's dream, with custom cabinetry, marble countertops, breakfast bar, and top-of-the-line appliances. Every inch of this home has been thoughtfully updated, offering modern elegance and comfort at every turn. The spacious master suite is a true retreat, complete with a spa-like ensuite bathroom and a generous walk-in closet. Three additional bedrooms offer plenty of space for family and guests, while the four full bathrooms provide convenience and luxury. Don't forget about the separate office with glass doors. Entertain in style in the backyard oasis, featuring a sparkling pool, perfect for enjoying Arizona's sunny weather year-round. The expansive lot also includes a covered back patio, pergola and RV gate. Located on a quiet street in the heart of Scottsdale, this home offers privacy and tranquility, while still being close to shopping, dining, and entertainment.

23523 N 79th Avenue Peoria, AZ 85383

$2,500,000
6 Beds
4 Baths
8,500 SqFt
Status Active
MLS # 6560773
Property Type Single Family Residence
Price Type --
STUNNING, LEGENDARY one-of-a-kind LUXURY custom home in a highly desirable area, over 1 ACRE lot with No HOA. beautiful 4 level floor Plan with travertine throughout, *NEW ROOF 2023 Gourmet kitchen, granite countertop huge pantry & center island. multiple family and game rooms plus an additional FINISHED BASEMENT, mature trees, you can add additional rooms/office/game room, use your imagination you'll get 10 rooms home. you are welcome to come in and see what a Multi generation well cared for house.

42311 N Sierra Vista Road Cave Creek, AZ 85331

$2,500,000
4 Beds
4 Baths
4,656 SqFt
Status Active
MLS # 6748202
Property Type Single Family Residence
Price Type --
SERENITY! Oasis in Cave Creek only seven minutes from downtown Cave Creek, Buffalo Chip & Harold's. This incredible home is located on over five acres, unsurpassed views of mountains and saguaro cactus, private guest house, private pool, spa, 3 car oversized garage and beautifully upgraded. Home features private front and back porches with peaceful and truly incredible views. You will find Viking appliances, oversized tile flooring, custom paint, open floor plan, negative edge pool, spa & rock waterfall feature. Close to National Forest and preserve for horses, hiking, etc.

13225 N 136th Place Scottsdale, AZ 85259

$2,500,000
3 Beds
4.5 Baths
4,538 SqFt
Status Active
MLS # 6744627
Property Type Single Family Residence
Price Type --
Views, Views, and more Views. This custom single level hillside residence is perched on 1.3 acres on one of the highest lots in the exclusive Scottsdale Mountain community. Enjoy both upslope mountain views from the private back yard and City lights from the two front patios. Community amenities include a 24/7 guard gate, hiking trails, and a tennis center with pickleball and hot tub. This exceptional home is on the market for the first time. The home features three en-suite bedrooms, 4 1/2 baths including a dedicated pool bath, an executive office, a three car garage with workshop, and over 4,500 sq feet of living space. The flowing floorplan offers both formal and informal spaces that are light-filled and spacious. The heart of the home is the open kitchen and family room area. The kitchen features a large island, cherry cabinets with Calacatta quartz countertops, and walk-in pantry. The adjoining family room features a stone fireplace and built-in entertainment center. The expansive primary suite includes a sitting room, fireplace, large shower and soaking tub, and large walk-in closet. The private backyard starts with a large covered patio with fireplace and built-in BBQ. The elevated pool and spa features multiple waterfalls exuding a tropical ambiance nestled in the majestic McDowell mountains. Conveniently located to Mayo Clinic and top rated schools including Basis Scottsdale charter school and Desert Mountain HS.

8233 E Foothill Circle Scottsdale, AZ 85255

$2,500,000 - 4Br/4Ba -  for Sale in Pinnacle Peak Country Club Unit 5, Scottsdale
Open House
$2,500,000
4 Beds
4 Baths
3,540 SqFt
Status Active
MLS # 6746614
Property Type Single Family Residence
Price Type --
Gorgeous home in desirable Pinnacle Peak Country Club situated on the golf course with mountain views. Breathtaking sunrises from your extended covered patio. Resort like backyard is amazing with a heated pool and spa, covered built in bbq, putting green tons of lighting for parties or privacy for romantic dinners. This custom home comes with 4 bedrooms and 4 bathrooms that have all been updated. Primary bedroom with fireplace, dual vanities, walk in shower steam shower, jetted tub with micro therapy and walk in closet. Kitchen is full of features, stainless steel appliances, wall oven, warming drawer, cooktops and your own coffee maker. Roof was recoated in August 2024. New interior paint throughout. Also, a 300-bottle wine cellar for you to enjoy. This property is absolutely AMAZING!!

16414 E Pinnacle Vista Drive Scottsdale, AZ 85262

$2,500,000 - 4Br/4Ba -  for Sale in Unincorporated Maricopa County, Scottsdale
Open House
$2,500,000
4 Beds
4 Baths
3,070 SqFt
Status Active
MLS # 6728098
Property Type Single Family Residence
Price Type --
Nestled on approximately 9.2 acres, this magnificent 3,070 square-foot, four-bedroom, four-bath home offers a blend of luxury and practicality, all with no HOA restrictions. The open floor plan ensures a seamless flow between the spacious living areas and the large bedrooms, making it perfect for family living and entertaining. features include: - **Three-car garage:** Plenty of space for vehicles and storage. - **Owned solar:** Energy-efficient and environmentally friendly. - **Sparkling saltwater pool:** with outdoor grill is Ideal for relaxation and recreation. - **Equestrian amenities:** - Gorgeous horse setup with a four-stall mare motel - Round pen and tie racks for training and grooming - Automatic waters for convenience - Dedicated feed and tack room Additionally, the property boasts a large metal garage for extra storage and 5,000-gallon holding tanks, ensuring ample water supply. Fully fenced for privacy and security, this property is a true gem for those seeking a blend of comfort, space, and top-notch amenities.

8742 E Woodley Way Scottsdale, AZ 85266

$2,500,000 - 4Br/5Ba -  for Sale in Joy Ranch, Scottsdale
Open House
$2,500,000
4 Beds
5 Baths
4,613 SqFt
Status Active
MLS # 6747685
Property Type Single Family Residence
Price Type --
In addition to the new custom home design, the owners have invested in additional upgrades. A professionally designed desert landscape featuring rolling terrain with marquee desert plant specimens. Expanded patio spaces created for enhanced outside living. The north facing heated pool is in the sun while the covered patios provide large shaded areas to eat and relax. The large lot provides for even more eastward expansion if desired. Windows and doors with direct sunlight have been tinted to maximize energy efficiency of the three zone heating and cooling system. The pool, HVAC and indoor and outdoor lighting can be controlled remotely as well as the monitored security and camera systems. The home features custom wood cabinetry throughout with dovetail joinery and soft-close hinges and glides. All four large bedrooms feature walk-in closets and ensuite baths and large showers. The attached casita features its own external entrance off the front patio for your guests.

12230 N 78th Place Scottsdale, AZ 85260

$2,500,000 - 4Br/5Ba -  for Sale in Buenavante, Scottsdale
Open House
$2,500,000
4 Beds
4.5 Baths
3,397 SqFt
Status Active
MLS # 6756507
Property Type Single Family Residence
Price Type --
Calling all CAR ENTHUSIASTS, this home is a true ''CAR COLLECTOR'S DREAM'' with a detached 2400 square-foot RV garage with 14 foot doors to accommodate a motorhome and additional cars. The garage even has a loft and its own bathroom for added convenience. This luxurious 4-bedroom, 4.5-bathroom ranch-style home in Scottsdale, offering 3,397 sq. ft. of beautifully designed living space. With a freshly painted exterior and a timeless ranch-style architecture, this property offers both elegance and functionality. Step outside to the enormous yard, where you'll find a sparkling pool, perfect for Arizona summers. The backyard offers plenty of space for gatherings and outdoor fun. Located in a desirable Scottsdale community, this home offers the perfect blend of luxury living and convenience. PRE-INSPECTION W/ MOST REPAIRS ALREADY COMPLETED. Don't miss your opportunity to own this one-of-a-kind property!

2536 E Wood Place Chandler, AZ 85249

$2,499,900
5 Beds
4.5 Baths
5,045 SqFt
Status Active
MLS # 6746925
Property Type Single Family Residence
Price Type --
This newly updated home is a rare find within the prestigious neighborhood of Circle G. Offering 5 bedrooms and 4.5 baths, there is room for everyone to enjoy their privacy and still spend time together in the large game room or office/den. The kitchen has new stainless appliances, quartz countertops and beautiful, modern fixtures. It opens to the family room w/ fireplace and overlooks the backyard. The spacious master suite has his/her closets, walk in shower and double vanities. If you enjoy outdoor living, you will love the covered patio, built in BBQ, large grass area, sparkling pebble tec pool, pergola seating area, above ground spa and a RV gate with concrete slab. Add a large circular driveway, 3 car garage w/ epoxy flooring and built in storage cabinets to make this home a 10+

10015 N 55th Street Paradise Valley, AZ 85253

$2,499,900
5 Beds
3 Baths
3,766 SqFt
Status Active
MLS # 6759455
Property Type Single Family Residence
Price Type --
Amazing residence on a private cul-de-sac lot with views of Camelback Country Club Golf Course & amazing mountains! Double custom iron-work doors open to the dramatic entrance of the staircase overlooking the Great Room, which highlights a fireplace & soaring high ceilings. Panoramic windows, designer tile & natural stone, 3 fireplaces, surround sound speakers, plantation shutters, & elegant light fixtures. Fabulous dining room ideal for dinner parties. Immaculate kitchen showcases a large center island great for entertaining, granite counters, built-in SS appliances & a wine cooler, & tons of cabinets. Oasis backyard offers a pebble-tech pool with gorgeous waterfalls, putting green, & large covered patio. For your vehicles, you'll find a 3-car oversized garage and an RV gate. Huge main retreat features a spa-like bathroom with a shower boasting a glass block wall, a jetted tub, dual square vessel sinks, & walk-in closet. Great home with solar from Tesla. Great opportunity! Bring your buyers, they will love it! Hurry!

80 Sheath Drive Sedona, AZ 86336

$2,499,888
4 Beds
3.5 Baths
3,572 SqFt
Status Active
MLS # 6697894
Property Type Single Family Residence
Price Type --
n the heart of Sedona's majestic beauty lies a hidden gem- a CREEKFRONT estate w/Your Own Watering Hole to Swim or FlyFish & Catch Trout. Welcome to RED ROCK VIEW Home currently an ACTIVE STR, where every corner whispers of relaxation, adventure, and the allure of the great outdoors. Nestled above the tranquil creek, this stunning retreat boasts not just a view, but an experience. Picture-perfect vistas of crimson cliffs greet you from every angle, inviting you to unwind and reconnect with nature. The wrap-around open-air deck offers the perfect stage for grand entertaining or quiet contemplation, where the whispers of the creek harmonize with the rustle of the wind through the trees. Step inside, you're greeted by an ambiance of effortless elegance. The great room beckons with its spaciousness, adorned with carefully curated furnishings that blend seamlessly with the surrounding landscape. Sink into plush seating as you watch the flames dance in the fireplace, or gather with loved ones for lively conversations under the starlit sky. The heart of this home is undoubtedly the gourmet kitchen, a culinary haven designed to inspire the chef in you. Quartz counters gleam under the soft glow of pendant lights, while double ovens and an electric cooktop promise culinary perfection with every dish. An expansive island, seating eight, becomes the focal point for shared meals and unforgettable memories. And for those intimate moments, a formal dining room awaits, where six can dine in style while the creek murmurs its approval outside. But the true magic of Red Rock View Home lies beyond its walls. Follow the 300-foot traverse trail, where ropes guide your descent to an oasisa natural watering hole that promises respite on hot summer days and adventure for the spirited soul. Feel the warmth of the sun on your skin as you bask in nature's embrace, or explore the nearby trails that wind through Sedona's breathtaking landscape. And when the day draws to a close, retreat to one of four spacious bedrooms, each a sanctuary of comfort and tranquility. Let the sound of the creek lull you to sleep, as dreams of tomorrow's adventures dance through your mind. FULLY REMODELED & Offered FULLY TURN-KEY with all furnishings, dishes, linens, art, and electronics included, This is more than just a home; it's a private sanctuary, a haven for the soul. Located in the heart of Sedona, close to trails, restaurants, and endless possibilities, Red Rock View Home offers the ultimate retreat for those who seek a life of serenity, adventure, and boundless beauty. NOI Rental Projections at $158K. Are you ready to write the next chapter of your Sedona story? Exterior of House and fence will be painted by June 3rd. 5 person hot tub and 5-hole miniature golf (19' x 24') which plays like 18 holes, will be installed by July 21.

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