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.

What‘s 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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7180 E Kierland Boulevard Unit 1211 Scottsdale, AZ 85254

$2,388,888

2 Beds

2.5 Baths

1,579 SqFt

Status Active

MLS # 6726808

Property Type Apartment

Price Type --

Amazing unobstructed views of the McDowells on the Penthouse floor! 10 ft. floor-to-ceiling windows. Highly upgraded 2 bedroom, 2.5 bath. Gorgeous gas fireplace in great room. Kitchen features Azul Fantasy granite slabs with waterfall edge and full backsplash. Cabinet-style appliances. Wine refrigerator. Oversized (24x48) tile throughout unit and patio. Custom closets. Nest thermostat. State of the art fitness center, steam rooms, pickleball, basketball, racquetball, massage & yoga rooms, party & theatre rooms, indoor putting area and golf simulator & dog park. Rooftop deck has lap pool, lots of seating, running path, fire pits, BBQ's and many entertainment areas... all in the heart of Kierland. Restaurants, shopping and golf all nearby.

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6723 E Peak View Road Cave Creek, AZ 85331

$2,380,000

5 Beds

6 Baths

4,250 SqFt

Status Active

MLS # 6742503

Property Type Single Family Residence

Price Type --

Morgan Taylor Homes does it again! This 5 BD plus office/den, 6 BA, high quality luxury home, oversized 4-car, plus 33'X50' drive through air conditioned RV gar with 2-14'x14' and 1- 18'X14' garage doors with powder room. Upgraded black windows, Iron entry door, 2x6 framed exterior, paver front sidewalk and 23' driveway apron, Fire place , huge kitchen island and quartz counter tops throughout, upgraded appliances. All bedrooms have walk in closets with priate bathrooms. Master bath large entry w/steam shower with standalone tub & double sinks. 8' doors throughout. High ceilings, energy efficient spray foam insulation,Huge south facing backyard. To be move in ready 60 days.

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2476 S Pinyon Jay Drive Unit 23 Flagstaff, AZ 86005

$2,379,400

3 Beds

3.5 Baths

2,637 SqFt

Status Active

MLS # 6743747

Property Type Single Family Residence

Price Type --

Home is not yet under construction. The single-story Coronado plan puts a central focus on the home's living area - an open layout that flows freely from one room to the next, and thanks to center-sliding patio doors, even allows the outdoors, in. An expansive patio calls for cocktails under the stars or summers reads on warm afternoons. Incentives currently being offered. Please call the Pine Canyon Sales Office for more information. List Price includes a 3 car garage.

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9525 Sierra Springs Drive Pinetop, AZ 85935

$2,375,000

4 Beds

4.5 Baths

4,330 SqFt

Status Active

MLS # 6739699

Property Type Single Family Residence

Price Type --

Stunning Rustic Meets Modern with this gorgeous Luxury Home in a wilderness setting making it the most perfect Upscale Cabin home one can imagine in the beautiful lakeside Sierra Springs Community of Pinetop. This exclusive community boasts the best of the best in Cabin living in the white mountains and this rare opportunity to own a brand-new home built by an established and experienced hometown builder.Only 12 months build time, and you too can own in this prestigious community on one of the nicest view lots still available.They are TOP NOTCH. Minutes to town but far enough to enjoy the starlit dark skies and wildlife.

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9590 E Altadena Avenue Scottsdale, AZ 85260

$2,375,000

4 Beds

3.5 Baths

4,632 SqFt

Status Active

MLS # 6686677

Property Type Single Family Residence

Price Type --

Nestled behind the gates of an exclusive Scottsdale neighborhood, this stunning contemporary home epitomizes luxury living. Boasting clean lines and sophisticated design, this residence is conveniently located near premier shopping, dining, and esteemed schools. Upon entering, you're greeted by soaring ceilings and newly installed wood flooring, creating an inviting atmosphere flooded with natural light. The expansive walls of glass seamlessly blend indoor and outdoor living, offering a tranquil retreat from the bustling city life. The meticulously crafted layout includes a master suite boasting a comforting fireplace and a lavish bathroom equipped with heated floors, a multi-person Jacuzzi jetted tub, and a stunning glass wall opening onto a secluded courtyard. Four extra guest rooms, one with a steam shower, offer generous areas for unwinding and work alike. The updated white kitchen is a chef's delight, boasting a large island with custom lighting and top-of-the-line appliances. It effortlessly flows into the spacious family room, featuring a fireplace, surround sound, and wet bar, making it the perfect spot for entertaining guests. This home is a equipped with a smart home system and has network wiring with multiple access points. Outside, the resort-style backyard beckons with its expansive covered patio, outdoor kitchen, and built-in BBQ island. Framed by lush grassy grounds and majestic mountain views, the heated pool with rock waterfall and super sports court provide endless opportunities for recreation and relaxation.

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26435 N Paso Trail Scottsdale, AZ 85255

$2,375,000

5 Beds

5.5 Baths

5,402 SqFt

Status Active

MLS # 6739635

Property Type Single Family Residence

Price Type --

Experience luxurious living in this stunning Santa Barbara Desert Modern home in the Vistana Subdivision of N. Scottsdale. Situated on a premier 2-acre lot, this property offers breathtaking views of Pinnacle Peak, Troon Mt., and the McDowell Mt. Range. The thoughtfully designed floor plan includes 5 spacious bedrooms with dual primary suites, 5.5 baths, a large bonus room that can be converted to a first floor primary suite, a 7-car garage, and detached guest house. The main living space features a formal dining area and gourmet kitchen with beautiful, vaulted ceilings, new windows, and a large door that provides direct access to the outdoor patio. This area is perfect for entertaining, featuring a pool, spa, pond, and a large yard, all overlooking the desert Mt. vistas of N. Scottsdale. Location & Views: o

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6545 N 29th Street Phoenix, AZ 85016

Open House

$2,375,000

4 Beds

3.5 Baths

3,820 SqFt

Status Active

MLS # 6728828

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the prestigious 24-Hr Guard-Gated Biltmore Hillside Villas Community! This exquisite 4-bedroom, 3.5-bathroom home spans 3,820 sq ft and offers an unparalleled blend of elegance and comfort. Step inside to a stunning entrance with high ceiling that leads to an expansive family room perfect for entertaining. The ground level boasts a generously-sized primary suite, offering ultimate convenience and privacy. Upstairs, you'll find three additional spacious bedrooms with plenty of space for a home gym, office, or both. A striking glass staircase adds a modern touch to the sophisticated design. Outside, a beautifully landscaped backyard provides breathtaking mountain views, perfect for outdoor gatherings. At night, enjoy captivating cityscape views. Excellent Biltmore location - Minutes from shopping, dining, Sky Harbor Int'l Airport

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10059 W Villa Lindo Drive Peoria, AZ 85383

$2,350,000

5 Beds

4 Baths

4,723 SqFt

Status Active

MLS # 6735584

Property Type Single Family Residence

Price Type --

Exceptional custom home in the prestigious gated community of Melton Ranch 1. Spanning 5,679 square feet, this exquisite residence features 5 beds, 4 bathrooms, a 4-car garage with custom cabinetry, a designer pool, an RV garage, and a guest house. Enter through a private courtyard into the charming formal dining and living rooms. Unwind in your spacious master suite, complete with a sitting room, private backyard exit, and a cozy two-way fireplace. The master bath offers a whirlpool tub and a walk-in shower for ultimate relaxation. Perfect for entertaining, the gourmet kitchen opens through sliding glass pocket doors to a backyard oasis. Enjoy swimming or sliding into the designer pool, making this home an entertainer's dream.

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3749 E Juniper Circle Mesa, AZ 85205

$2,350,000

5 Beds

5.5 Baths

4,374 SqFt

Status Active

MLS # 6754049

Property Type Single Family Residence

Price Type --

This home is a collector's paradise, boasting unparalleled elegance and move-in readiness. With recent upgrades enhancing every corner, it offers the pinnacle of luxury living. The open floor plan features bedrooms each with their own ensuite, complemented by walk-out patios and a private backyard oasis that promises a resort-like experience. The home shines with fresh interior paint and a state-of-the-art misting system, alongside top-tier amenities like the Ferrari of Toto Toilets, a new AC unit, and water heaters. A whole-house water filtration and soft water system, therapeutic hot tub, and indoor/outdoor Minka Fans further elevate the living experience. For car enthusiasts, the property includes a true 6-car garage with Swiss Trax flooring and air conditioning for extra comfort. The chef's kitchen is a dream, equipped with Subzero/Wolf appliances and an extension of the outdoor kitchen ideal for entertaining. Every detail in this home has been meticulously attended to, making it a one-of-a-kind property on the market. Don't miss out on the opportunity to explore all the exceptional features when you view this home & receive a complete list of enhancements!

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12484 N 76th Street Scottsdale, AZ 85260

$2,350,000

5 Beds

4.5 Baths

4,036 SqFt

Status Active Under Contract

MLS # 6742719

Property Type Single Family Residence

Price Type --

Stunning completely rebuilt home in the Scottsdale neighborhood of Buenavante* This single level masterpiece boasts over 4000sf with 5 bedrooms, 4.5 bath, split floorplan + a large family bonus room/mancave or kids space * Tall vaulted ceilings in the great room that is open to the kitchen* Designer chef's kitchen with massive island, built-in Sub Zero fridge, commercial range, walk in pantry* Spectacular primary suite with large his & her closets and an impressive custom bathroom* Near 1/2 acre (19,697sf) cul-de-sac lot with diving pool and room to roam, plenty of room for a pickleball court or sport court* 3 car garage* RV gate* Scottsdale Schools* We are the lowest price/sf for a fully renovated home in the area.*This home is amazing, come and see it for yourself!!!

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5101 N Casa Blanca Drive Unit 324 Paradise Valley, AZ 85253

$2,350,000

2 Beds

3 Baths

2,293 SqFt

Status Active

MLS # 6722426

Property Type Single Family Residence

Price Type --

''Yes Harriet, there is a garage in historic Casa Blanca!'' #324 is a beautiful single-level home with, 2 BR (split plan), 3 BA, and study. Relax in the wrap-around private garden patio with retractable awning and outdoor fireplace, designed by Charlie/The Green Room. Lovely natural light fills the Great Room with 13' ceilings and fireplace, the cozy den/studio/library, dining area, and gorgeous eat-in kitchen with quartz countertops ...all the things we love to live with. The primary suite features an enormous bath and walk-in closet, just a few steps from the charming ''read a book or swim'' pool..a happy, good mood place! The two-car garage has a sink and new epoxy floor. Enjoy the two other swimming pools, play tennis or pickle ball, or meander the walking paths and rose garden.

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8627 E Wood Drive Scottsdale, AZ 85260

$2,350,000

4 Beds

3 Baths

3,929 SqFt

Status Active

MLS # 6695619

Property Type Single Family Residence

Price Type --

ACRE lot in the heart of the Cactus Corridor. This home gives you the opportunity to value add big time. Comps well over $800/sf (neighbor sold for 3.25m!), and the buyer will have the opportunity to modify, change, and add on to truly make this property their own. 4 bedrooms, 3 bathrooms, 3 car garage, putting green, batting cage, sand bunkers for chipping, and the home has a phenomenal floor plan. Top notch location with great schools. You're close to shopping, fine dining, grocery stores, 101 access, night life, all of it!! Make this home your own!

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