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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35530 N Canyon Crossings Drive Cave Creek, AZ 85331

$2,399,999
4 Beds
3.5 Baths
5,081 SqFt
Status Active
MLS # 6735517
Property Type Single Family Residence
Price Type --
Luxurious Mountain View Retreat with Resort-Style backyard. Welcome to your dream home in the gated community of Canyon Ridge Estates. This move-in ready, newly remodeled gem features panoramic windows framing sweeping views of Black Mountain and majestic saguaros, offering a serene and picturesque backdrop. Designed for entertaining, the grand living spaces boast high ceilings and flow seamlessly into a gourmet chef's kitchen, remodeled in 2021. Enjoy top-of-the-line JennAir appliances, a gas pro-style range cooktop, a smart oven, custom-built cabinets, a huge Taj Mahal quartzite island, handmade Zellige tile backsplash, and elegant Brizo fixtures. Step into your resort-style backyard with low-maintenance landscaping, an outdoor fireplace, and a renovated heated pool and spa with water and fire features. Host unforgettable parties with the outdoor kitchen and dining area, perfect for al fresco dining. The expansive patio invites you to unwind and enjoy enchanting Arizona sunsets. The home's flexible floor plan suits any lifestyle. The luxurious primary suite serves as a private retreat, featuring a spa-like bathroom with a freestanding soaking tub and a spacious floor-to-ceiling glass shower wall. Additional en-suite bedrooms offer privacy, comfort, walk-in closets, and mountain views. An oversized garage provides ample space for vehicles and storage. Pre-wired for smart home technology and equipped with a smart security system, this home ensures modern convenience and safety. Situated on over an acre, there's ample room for expansion. Envision a large casita or your own pickleball court. This property is not just a home but a lifestyle. Embrace luxury, comfort, and breathtaking beauty. Schedule a tour today. Seller willing to carry. Agent is related to seller.

24283 S 219th Way Queen Creek, AZ 85142

$2,399,995
5 Beds
4.5 Baths
4,186 SqFt
Status Active
MLS # 6739657
Property Type Single Family Residence
Price Type --
The highly anticipated release of the Caleda by Toll Brothers, Fiora turnkey Designer MODEL HOME WITH BASEMENT is here! This sits on an almost ¼ acre lot, with matured, lush landscaping and backyard finishes creating a breathtaking, private retreat. The outdoor living space is complete with a resort style pool, kitchen, firepit, expansive seating, and a covered patio. Making this home special, the finished basement is complete with a media/game room and 2 additional bedrooms and full bath! The Fiora Model home has every splendor you would expect from an award-winning luxury builder with opulent features such a chef's kitchen with flush Wolfe Appliances, top to bottom upgraded cabinets throughout, and designer features with jaw-dropping effects. Don't miss out on the opportunity!

6504 E Oberlin Way Scottsdale, AZ 85266

$2,399,000
4 Beds
4 Baths
5,171 SqFt
Status Active
MLS # 6754283
Property Type Single Family Residence
Price Type --
Looking for a large 5000 SQFT + home but don't want to pay $3.5 Million for a Toll-Brothers new build? Want privacy, gated community and large lot, but don't want to purchase a tired home that has not been remodeled in 20 years? Want the latest design trends and styling but are hesitant to pay more than 500 per SQFT? This stunning home just might meet all your needs. Located on a quiet dead-end street with a cul-de-sac, it features 4 Bedrooms and 4 Full baths along with a Gym and Den. With an expansive desert open space ( NAOS) both behind and across the property you will enjoy privacy in your new home. At the end of a level driveway you will find garage parking for 4 cars including a brand new oversized and insulated garage (10.5 ft ceiling and 8ft doors) large enough to accommodate a big lifted truck or car lift. New stone work including a travertine walkway enhances the curb appeal of the home. Backyard redesigned to feature travertine pavers, low maintenance artificial grass, citrus trees and a new Ramada with outdoor kitchen. Inside you will find all new porcelain and hardwood flooring thru-out. Brand new gourmet kitchen, featuring Euro look cabinets, new Viking and Monogram appliances, and expansive island. Main living area highlighted by soaring 12 ft ceiling and new liner gas fireplace. At the other end of your new home, a Prime Suite truly worthy of the word Prime. Oak wide-plank hardwood floors, standalone tub, imported porcelain, Starphire Glass and dual showers with massage jets turn this space into a Spa like retreat inside your new home. Two walk-in closets complete this 1100 SQFT enclave. High ceilings accommodate all new LED lighting and circulation fans. All four Bedroom have generous closets, in-suite bathrooms and new wide plank oak flooring. Laundry room features new Samsung W/D and built-in refrigeration with extra storage. 4 New Trane ACs will keep you cool in the Summer. New Spa heater will keep you warm in the winter. Owned and paid-off solar panels for low electricity costs. Electric car charger in garage. Saguaro Highlands is a gated community with amenities including a children's park and Tennis Court. Agent is related to Seller.

305 S Starview Drive Payson, AZ 85541

$2,399,000
5 Beds
4 Baths
4,733 SqFt
Status Active
MLS # 6709852
Property Type Single Family Residence
Price Type --
Welcome to luxury living at its finest! This stunning Rim Golf Club home, built in 2018, offers an exceptional lifestyle with 4733 sq ft of livable space. The property features 5 spacious bedrooms, a dedicated office, and an art studio ''ideal for families and creative professionals alike''. Indulge in top-tier amenities designed for both relaxation and entertainment. Perfect your game from the comfort of your home with a golf simulator, or unwind with a game of pool. The outdoor jacuzzi provides a serene escape with unparalleled views of the Rim Golf Club's breathtaking landscape. The home is as functional as it is beautiful, boasting a 3-car garage, solar panels with battery storage, and an EV charging station, ensuring energy efficiency and convenience. Rim Golf Club, this property offers the best views in Payson, AZ. Don't miss the chance to own this exceptional home in an exclusive community. Live in elegance and style with nature's beauty at your doorstep. Contact us today for a private tour! Full golf membership, all TV's, hot tub, pool table, golf simulator all convey.

7262 E Baker Drive Scottsdale, AZ 85266

$2,399,000
5 Beds
4.5 Baths
5,741 SqFt
Status Active
MLS # 6725493
Property Type Single Family Residence
Price Type --
Don't miss this stunning Monterey Home situated on the best private 1.6 acre lot in the coveted gated community of Trovia! The incredible open concept floor plan with gorgeous site lines is the perfect mix of form & function. This well-designed, single level home features the primary bedroom and office on one side, and four large bedrooms and a plush game room on the other. Spacious open kitchen features top notch appliances, granite countertops, kitchen island, upgraded cabinetry, Viking six-burner gas stove and a built-in refrigerator. That is just the beginning as this home features a top of the line cinema-like home theater, a full sauna and exercise room and a 4 car oversized garage! The backyard oasis is incredible for entertaining and family gatherings. A large over-sized pool, separate heated spa, built-in Viking BBQ, and huge extended covered patio tops off the outdoor experience. Furnishings and accessories available on separate bill of sale.

14432 S 18th Street Phoenix, AZ 85048

$2,399,000 - 5Br/6Ba -  for Sale in Parcel 8c At The Foothills Aka Tapestry Canyon, Phoenix
Open House
$2,399,000
5 Beds
5.5 Baths
6,600 SqFt
Status Active
MLS # 6745823
Property Type Single Family Residence
Price Type --
This beautiful estate is located on a 1.14-acre mountaintop lot with incredible city lights views in the highly sought-after Tapestry Canyon. Home designed Bob Long of Design Profiles. This custom private residence includes over 6,100 square feet in the main house with an additional 500 square feet for the guest house. The property offers breathtaking panoramic views of the mountains and city lights. The residence includes four bedrooms, one of which is currently being used as an executive office, and 4.5 bathrooms and a guest house with bedroom, full bath, great room, and kitchenette. The property boasts numerous patios and balconies and a five-car garage! As you enter the residence, you'll see a custom glass/iron front door and a fountain that leads to an elegant foyer with a

21234 W Caravaggio Lane Wittmann, AZ 85361

$2,398,998
4 Beds
2 Baths
2,979 SqFt
Status Active
MLS # 6750507
Property Type Single Family Residence
Price Type --
An oasis in the desert, your new home offers easy living and entertaining space. Horses, toys and friends will all have a place here. NO HOA The main house has 4 bedrooms with a great room concept, overlooking a resort style pool, w/kitchen and bar. The fully climate controlled 4800 sq ft detached garage is a haven for automotive enthusiasts, accommodating a motorhome, trailer, and boat with ease. Beyond its practicality, this space also has a 1600 sq ft guest house an ideal retreat for visitors, and a versatile areas suitable for a teen room or office as well as a home gym. For equestrian enthusiasts, this property unfolds a haven of possibilities. An arena and 40' round pen, along with 2 stalls with ample room for additional facilities.

12222 N 74th Street Scottsdale, AZ 85260

$2,397,000
4 Beds
3.5 Baths
3,669 SqFt
Status Active
MLS # 6750919
Property Type Single Family Residence
Price Type --
Completely remodeled, this stunning property offers over 3,600 sq ft of luxurious living on a spacious 1/2-acre lot. Enjoy a sparkling pool with an expansive outdoor area, and the freedom of NO HOA. The home features an open floorplan, top-of-the-line appliances, quartz countertops with a waterfall edge, custom lighting, new windows, a Ramada with a BBQ station, and exquisite landscaping. Close to restaurants and nightlife, this dream home is perfectly situated for a vibrant lifestyle. Don't miss your chance to make it yours!

13735 E Brookhart Way Scottsdale, AZ 85262

$2,395,950 - 5Br/5Ba -  for Sale in Rio Verde Foothills, Scottsdale
Open House
New
$2,395,950
5 Beds
4.5 Baths
4,609 SqFt
Status Active
MLS # 6756479
Property Type Single Family Residence
Price Type --
Indulge in the epitome of opulence w/ this exceptional 5 bed 4.5 bath + bonus/media room where every detail is meticulously curated. Step inside to 14ft ceilings & custom lighting throughout. Gourmet kitchen equipped w/ Subzero & Wolfe appliances & extended island. Breathtaking views of mtns every angle. Seamless indoor-outdoor transition w/ 20ft pocket door leading to resort-style backyard feat. putting green & hot tub cascading into oversized, nearly Olympic pool. Entertain by fire pit & keep refreshments handy w/ outdoor refrigerators. 4 car garage w/ epoxy floor & gated storage complements the functionality of this dream home. Beyond luxurious interiors, embrace proximity to nature w/ easy access to trails & nearby forest for outdoor adventures. True haven of extraordinary comfort!

3060 S 3010 -- Colorado City, AZ 86021

$2,395,400
3 Beds
2 Baths
1,666 SqFt
Status Active
MLS # 6669780
Property Type Single Family Residence
Price Type --
Don't miss out on this 479 acre high-desert grassland ranch. Property features 3 BR main house (needs fix up) w/2-car garage & storage, beautiful new Tiny House, huge metal barn & equipment shed. The barn has 3 separate bays, (two 10x14 & one 14x14) roll-up doors, horse stalls, lg. loft for extra storage & electricity. Beautiful Tiny House features spacious living RM/kit. combo w/range-oven, dishwasher, B/I micro, dining area, utility room & 3/4 bathroom downstairs; upstairs features a spacious bedroom, 1/2 bath & spectacular views. 2 wells - one at pump house w/solar & wind mill; the other east of knoll w/solar (fills two 1k gallon tanks on knoll). All this on 479 acres makes this a can't-miss purchase. This sale includes 2 contiguous parcels: 405-53-012 & 405-55-004. Farm equipment... ...available in a separate bill of sale.

3021 W Feather Sound Drive Anthem, AZ 85086

$2,395,000
3 Beds
4 Baths
3,476 SqFt
Status Active
MLS # 6734505
Property Type Single Family Residence
Price Type --
Exquisite Golf Course Estate in Exclusive Guard-Gated Community Discover unparalleled luxury and elegance in this newly renovated 3-bedroom en-suite, 4-bathroom estate, nestled in multi-million dollar custom homes on an elevated premium golf course lot with breathtaking mountain views. Located in a prestigious guard-gated community boasting two championship golf courses and serene surroundings, this home offers an exceptional blend of sophistication and modern amenities with no expense spared. Key Features: Tesla Solar Panels: Embrace sustainability with state-of-the-art Tesla solar panels (owner owned), ensuring energy efficiency and cost savings, minimizing your environmental footprint. Private Pool: Relax and entertain in style with a heated resort-style pool and spa, complemented by expansive outdoor living spaces and stunning views. Perfect for relaxation and entertaining. Chef's Kitchen: Create culinary masterpieces in the gourmet chef's kitchen, equipped with top-of-the-line appliances, sleek countertops, and custom soft close cabinetry with ample storage. Guard-Gated Community: Experience peace of mind in a secure environment with 24/7 guard-gated access, ensuring privacy and safety for you and your family. Award-Winning Golf Courses: Tee off on world-class golf courses just steps from your door, perfect for enthusiasts of all skill levels and offering picturesque views. Mountain Views: Admire panoramic mountain views from multiple vantage points throughout the home including a 20' window wall, providing a tranquil backdrop to everyday life. Luxurious Amenities: Revel in the convenience of a built-in wine cellar, soft water system, newer installed A/C units, open concept floor plan, coffee bar ensuring comfort and luxury year-round. Master Suite Retreat: Retreat to the expansive luxurious master suite featuring a spa-like bathroom, oversized walk-in closet, and serene views. Three-Car Garage: Ample space for vehicles and storage in the attached three-car garage, equipped with custom cabinetry and workplace. Location: Situated in a prime location within the community, this home offers easy access to upscale shopping, dining, and entertainment options, while also providing a peaceful retreat from city life. Your neighborhood: Anthem Golf and Country Club boasts private resort style amenities including 36 holes of championship golf, pro shop, 2 clubhouses, premier dining, tennis, swimming, bocce ball, tennis, pickleball, fully equipped fitness centers, spa, yoga, and access to several hiking trails. Whether you have children or grandchildren this is the community you want to live in. From A rated schools to gorgeous parks that include fishing, playgrounds, soccer fields, baseball fields, skate park, walking/jogging paths with waterfalls and ducks. Large community center with every indoor amenity you can think of from rock climbing, ping pong, basketball and private waterpark. There's never a shortage of events, whether it's a concert in the park, football games, farmers market, or Easter Egg Hunt!! Perfect for: Ideal for discerning buyers seeking a blend of luxury, privacy, and exclusive amenities, this meticulously crafted home embodies the epitome of upscale living. Don't Miss Out: This is a rare opportunity to own a prestigious property in one of the area's most coveted neighborhoods. Situated along the 6th hole of Anthem Golf & Country Club this home is sure to impress your family and friends! don't miss out on your chance to experience the luxury and tranquility that define this exceptional residence.

10051 E Horned Owl Trail Scottsdale, AZ 85262

$2,395,000
4 Beds
4.5 Baths
4,397 SqFt
Status Active Under Contract
MLS # 6748563
Property Type Single Family Residence
Price Type --
Located in the exclusive gated community of Talus at Troon North, this exceptional 4,397-square-foot residence offers unparalleled privacy and luxury, strategically positioned on the 5th hole of the prestigious Pinnacle Golf Course. Set on a sprawling 1.75-acre lot, the home is surrounded by dramatic boulder outcroppings and breathtaking views of Pinnacle Peak, ensuring a serene and picturesque backdrop for every occasion. The outdoor living spaces are impressive, featuring a mix of covered and uncovered patios that are perfect for dining, lounging, and conversation. A playful putting green enhances the outdoor experience which features no surrounding houses around this unique lot. The refreshing pool and spa with boulder water feature are surrounded by lush landscaping and majestic boulders, creating a tranquil oasis where you can relax and take in the stunning desert sunsets. The open floor plan seamlessly integrates formal and informal living spaces, all centered around the kitchen. The kitchen features a working center island and bar top peninsula surround and stainless steel appliances including a gourmet gas range, a built-in Sub-Zero refrigerator, and a wine refrigerator. Adjacent to the kitchen, a spacious great room offers the perfect environment for family gatherings and social events, all designed to maximize natural light with its glass-dominant architecture. Each of the four large bedrooms is designed for comfort and privacy, with en-suite bathrooms that have been thoughtfully upgraded to the highest standards. The primary suite offers a peaceful retreat with exterior access and a spa-like bathroom featuring dual sinks, vanity desk, separate shower and tub, and walk-in closet. A dedicated office provides a quiet space for work or study. With no interior steps, this home is as functional as it is beautiful. Located just minutes from shopping and services, this move-in-ready home combines luxury, convenience, and natural beauty, making it a true treasure in North Scottsdale's Troon North community.

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