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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8526 N 82nd Street Scottsdale, AZ 85258

$2,350,000 - 3Br/3Ba -  for Sale in Islands At Mccormick Ranch, Scottsdale
Open House
$2,350,000
3 Beds
2.5 Baths
2,925 SqFt
Status Active
MLS # 6763740
Property Type Single Family Residence
Price Type --
DESIGN PERFECTION & TIMELESS SOPHISTICATION captured in this enchanting Santa Barbara Style home. Meticulous attention to detail has been given to this flawlessly remodeled home loaded with high-end upgrades. Located in the highly sought after neighborhood, The Islands at McCormick Ranch, on a premium size corner lot. The beautifully designed interior captures you upon entry with a stately great room, lofty ceilings adorned with tongue & groove detail, inviting fireplace, and large picture windows flooding the space with natural light. The thoughtfully designed split floorplan offers privacy and space, featuring a spacious primary suite, two guest suites, versatile den/office and elegant formal living & dining rooms. A chef's dream kitchen with custom cabinetry, Thermador appliances, induction cooktop, farmhouse sink, ambient lighting, walk-in pantry and eat-in breakfast area. Other Signature Elements that elevate the home include designer chandeliers, custom closet systems, sophisticated window treatments, 2-fireplaces, intricate ceiling details throughout, Anlin windows, new HVAC units (2021) and more. To complete the high-end design, the exterior underwent a complete renovation by Berghoff Design Group creating a resort style atmosphere. Lush mature landscaping, custom iron gates, courtyard entry, expansive paver patios/walkways, designated entertaining areas, private pool with tranquil water feature, beautifully illuminated landscape lighting making this home a true haven for relaxation or hosting gatherings. McCormich Ranch offers Fabulous Living & Lifestyle with greenbelt walkability and biking paths, nearby conveniences, shopping, restaurants and more. Minutes to Old Town Scottsdale, Spring Training, Arts, hiking and world class event venues. **The home is available furnished, excluding patio furnishings, on a separate Bill of Sale**

6111 E Hearn Road Scottsdale, AZ 85254

$2,350,000 - 4Br/3Ba -  for Sale in Thunderbird Desert Estates Unit 4, Scottsdale
Open House
$2,350,000
4 Beds
3 Baths
3,260 SqFt
Status Active
MLS # 6759479
Property Type Single Family Residence
Price Type --
The Magic Zipcode just got more Magical! Welcome to 6111 E Hearn Rd, a very special extensive rebuild that is like none other! This beautifully re-imagined property has spared no expense to deliver all the essentials and luxury touches you desire, with the feel of new construction on a large lot in a fantastic established neighborhood. The split floor plan offers additional privacy for the main primary suite, which features a jumbo sized master shower and separate soaking tub, dual sinks, water closet, and walk in closet with custom cabinetry and shelving. The secondary primary suite on the east wing was specifically designed with additional accessibility in mind, the zero grade shower also has a full bench and an enlarged door less entry with separate shower heads and controls for comfort and ease. The gorgeous, jaw dropping kitchen includes quartzite countertops and a huge custom island with drawer microwave, imported Italian Bertazzoni appliance package with induction stove, under cabinet lighting and a bedroom sized walk in pantry with shelving and cabinets. The custom built wine cooler has double sided dry bars with ice maker and mini fridge, plus shelving and storage. Enter the large grassy backyard through the multi-directional arcadia doors and enjoy mountain views, plus a full sized play pool ready for soaking, sunning or volleyball. Large, three car garage and no HOA makes this the perfect home for anyone.

12339 N 93rd Way Scottsdale, AZ 85260

$2,349,990
3 Beds
3.5 Baths
3,208 SqFt
Status Active
MLS # 6675604
Property Type Single Family Residence
Price Type --
Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Single Level Virtue Model, comprising three bedrooms and a den, along with a three-car garage. The chef's luxury cabinet layout, inclusive of appliances and a captivating waterfall-edge island, adds a touch of elegance. The gathering room, enhanced by corner sliding glass doors and a fireplace, opens to a beautiful pool and meticulously landscaped surroundings, including an outdoor fireplace. All situated in the sought-after Cactus corridor.

6990 E Buckhorn Trail Scottsdale, AZ 85266

$2,349,000
6 Beds
5.5 Baths
5,944 SqFt
Status Active
MLS # 6645697
Property Type Single Family Residence
Price Type --
Welcome to paradise in north Scottsdale! This sanctuary estate sits at the end of a short private cul-de-sac in the prestigious community of Lomas Verdes. Completely refurbished inside and out, featuring a large open kitchen and great room with high ceilings. The perfectly balanced floor plan will please even the most discerning buyers, providing comfortable two-person living as well as expansive living for larger families! This beautiful home also offers to keep everyone entertained with activities, including a pickle ball court, a beautiful pool and spa, and two outdoor fireplaces. The additional 1,000 square foot finished basement features a wet bar, and living and entertaining spaces. The 3 HVAC systems are newly installed with manufacturer warranties. New quartz counters throughout.

6827 E 5th Street Scottsdale, AZ 85251

$2,349,000
3 Beds
3.5 Baths
2,761 SqFt
Status Active
MLS # 6721509
Property Type Single Family Residence
Price Type --
This CUSTOM newer built residence is fully automated w Control 4, curb appeal & a great lock/leave opportunity. Featuring 3 en-suite bedrooms (one bdrm is currently being used as a theatre), plus office; this home is a modern gem. Boasting impressive 14'' ceilings, open floor plan, spacious great room w 2 way fireplace, an abundance of natural light & elegant finishes; this home creates an inviting atmosphere for entertaining or relaxing. The gourmet kitchen is a chef's dream, featuring thermador appliances, custom cabinetry, & custom bar. The backyard offers both a heated pool & spa, is completely landscaped w/ both front & backyard patios having commercial grade misting systems. Nothing has been overlooked in this SMART home. No HOA. Walk to Old Town, Fashion Square, Waterfront, Canal, Movie Theater, Scottsdale Arts District, & trendy restaurants.

4440 E Camelback Road Unit 32 Phoenix, AZ 85018

$2,345,000
4 Beds
3.5 Baths
3,266 SqFt
Status Active Under Contract
MLS # 6746450
Property Type Single Family Residence
Price Type --
Rarely do homes this Unique become available since it's located walking distance to some of the Hottest spots in Arcadia, E.g. The Global Ambassador Hotel & 5 dining options, Steak 44, Phoenix Suns training facility, The Henry, Buck & Rider, The Village & the list goes on. Guard Gated, views of Camelback Mtn & 15 min to Sky Harbor. Now step inside this Luxurious, Highly appointed remodel which boasts Double entry doors, High ceilings, 16ft Accordion door, low maintenance back yard, Hardwood floors, Massive Kitchen fit for a chef, Wine Bar, Wood Burning Fireplace, Office with separate Patio, Separate work out/Flex room, ensuite Bedroom and a Primary Bedroom & Bath that will rival any spa, soaker Tub and Generous Walk in closet. Your Opulent lifestyle Awaits, see it Today before it's gone!

6832 E Stevens Road Cave Creek, AZ 85331

$2,327,500
4 Beds
4.5 Baths
4,656 SqFt
Status Active
MLS # 6708723
Property Type Single Family Residence
Price Type --
WOW..Incredible TRANSFORMATIONAL REMODEL (2022) just north of the town of Cave Creek near the Carefree border, on a very private acre lot, all on one level. This peaceful oasis features 4 bedrooms, 4.5 baths 3CG, all bedrooms en suite. FULLY REDESIGNED KITCHEN with 10' quartz waterfall island, Thermador appliances, dual sinks, and a HIDDEN PANTRY with expansive storage and BEVERAGE CENTER. Luxurious primary suite with spa-like bath remodel. COLLAPSIBLE GLASS-WALL OFFICE and designer lighting and fans throughout. NEW (2022) flooring, HVAC, water treatment system, custom steel front door, premium wifi enabled garage doors, 50-amp EV charger. Huge rooms and storage abound. Large backyard with enough space to create your own personal retreat. Peaceful and private, but close to town. NO HOA NUMEROUS FEATURES, UPDATES and IMPROVEMENTS ABOUND. - High end Thermador smart appliance package with wifi connection - Package includes induction smooth top, multiple ovens, dual sinks - New high efficiency Carrier heat pumps with air scrubbers and wifi enabled thermostats - New wifi enable security system with 2 touchscreen control stations - Large extra storage space throughout, including walk-in hall closet - New premium garage doors with wifi enabled automatic openers - Garage includes: - Mini split climate control - Separate storage room and elevated storage space - 50 amp EV charger - City-approved plans for expanded backyard development - New sewage ejection pumps - Replaced pressure relief valve on main water line

2543 E Linda Lane Gilbert, AZ 85234

$2,325,000 - 5Br/6Ba -  for Sale in Whitewing At Wiehl Estates, Gilbert
Open House
$2,325,000
5 Beds
5.5 Baths
5,164 SqFt
Status Active
MLS # 6735153
Property Type Single Family Residence
Price Type --
Experience the home of your dreams! This exquisite luxury property, located in Whitewing at Wiehl Estates, is a true masterpiece of modern living. Every detail has been meticulously crafted to offer ultimate sophistication. This stunning kitchen is truly a chef's paradise, designed to encourage culinary imagination. Recent updates include a stunning gold-plated range hood, gold pot filler, gold handles on new Monogram gas cooktop that perfectly compliments new black and gold light fixtures and fans. The kitchen features a dedicated espresso area, a built-in Wolf fridge and a Wolf built-in microwave. The large primary bedroom looks out to the best view of the backyard and pool. The custom-built cabinetry is thoughtfully designed with elegant backlighting to highlight its intricate details, while also offering abundant storage space. The primary closet is a dream come true with personalized cabinets that extend to the ceiling, providing ample storage space. Indulge in the beautifully designed primary bath, complete with gold faucets designed for drinking, oval dual sink vanity, surround sound, tile to the ceiling, new commode, make the bathroom experience magical. Relax in the matching oval-shaped soaker tub or enjoy the two-sided, extra-large shower room. Perfect for guests or extended family, the detached casita includes a custom-made Murphy bed and its own bathroom. A spacious three-car garage ensures ample parking, while the property also features a new roof and freshly painted exterior, enhancing its curb appeal. Each of the upstairs bedrooms comes with its own ensuite bathroom, ensuring comfort and privacy for everyone. The expansive, extremely private backyard is perfect for entertaining or relaxing, also including a sports court. This home is a true gem, offering the perfect blend of luxury, comfort, and modern amenities. Don't miss the opportunity to own the finest property in the neighborhood. Contact us today and experience the epitome of lavish living.

4528 E Montecito Avenue Phoenix, AZ 85018

$2,324,000
4 Beds
4.5 Baths
4,044 SqFt
Status Active
MLS # 6748733
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury in the heart of Arcadia, within the highly coveted Hopi School district. This meticulously crafted new construction, designed by award-winning Rafterhouse, showcases elevated finishes throughout. The stunning residence features four bedrooms, each with its own private ensuite, along with four and a half bathrooms, two offices (one which could be easily converted to an additional bedroom), and a versatile flex spaces. The primary suite, backyard, and balcony offer breathtaking views of Camelback Mountain. A spacious junior primary suite on the first level provides comfortable and stylish accommodations for guests. Enjoy the convenience of walking to local favorites like LGO, OHSO, and The Global Ambassador.

1112 N Center Street Mesa, AZ 85201

$2,300,000
1 Bed
1 Bath
1,694 SqFt
Status Active
MLS # 6742181
Property Type Single Family Residence
Price Type --
140,525 SQFT 3.226 acres These three residential parcels represent a unique redevelopment opportunity for a multi-family and/or mixed use project, just north of downtown Mesa. The central part of Mesa has been undergoing a considerable transformation and this property is well-located to continue this trend. This site offers the potential for residential rentals, condominiums for sale, and possibly commercial uses mixed with residential. 3 parcels 137-20-004-A, 137-20-010, 137-20-002

11420 E La Junta Road Scottsdale, AZ 85255

$2,300,000
4 Beds
4.5 Baths
3,746 SqFt
Status Active
MLS # 6753284
Property Type Single Family Residence
Price Type --
Welcome to the Troon Mountain Treasure! Wake up to breathtaking mountain views and majestic boulders in this meticulously remodeled custom home. Nestled within the prestigious Troon Village, it offers the perfect blend of contemporary design & serene natural beauty. The open-concept layout & soaring ceilings create an inviting atmosphere, perfect for entertaining. The chef's kitchen, with its oversized waterfall island and top-of-the-line appliances, is a dream come true. Retreat to the spa-like master bathroom for ultimate relaxation. Outside, the entertainer's backyard awaits with a sparkling pool, spa, and built-in barbecue. Every detail has been thoughtfully considered to create an exceptional living experience. Embrace your Vibe!

27222 N 64th Drive Phoenix, AZ 85083

$2,300,000
5 Beds
4.5 Baths
3,685 SqFt
Status Active
MLS # 6718683
Property Type Single Family Residence
Price Type --
Gold Mountain Preserve, custom home exuding modern luxury living inside & out! This stunning 5 bed/4 full bathrooms and an elegant powder room, home and is absolutely stunning; enjoy 14' ceilings in common areas with 10' ceilings throughout rest of home, office area (or game area), 3 car garage w overheight glass garage doors, RV gate! The spectacular backyard features a dazzling heated pool with Baja entry and marble surround alongside an elevated spa, half a basketball court, over 3500sf of articial grass, putting green, built in bbq with shade for comfort, elevated area in the back of the yard for additional seating, and surrounded by lovely white rose bushes, a variety of citrus and other plants, for a dream backayrd whether you love entertaining or just love enjoying famaily time in your own resort-like backyard! Inside the home, you'll enjoy a chef's kitchen with two Monogram ovens, a steam microwave/oven, a Miele automatic coffee machine, Monogram built in refrigerator, Italian cabinetry, quartz countertops throughout, a large pantry, built in drink fridge, and lots of attention to detail you will appreciate! There are ceiling soffits with colored LED accent lights in common areas, speakers throughout the house, as well as surround sound in family room! The garage has cabinets on two walls, a storage, a door directly from exterior (near the RV gate) as well as gorgeous metallic epoxy nicely highlighted through the glass garage doors. There are three bedrooms that feature their own walk in closets and bathrooms while two other bedrooms share a jack and jill bathroom! The laundry room is very spacious with plenty of storage and counter space! There is a mud room with hooks, seating and additional storage! There is lots of attention to detail at every turn at this stunning two year old home in the gated, luxury subdivision of Gold Mountain Preserve! The subdivision itself has access to hiking trail and consists of primariy large, elegant custom homes and semi-custom homes!

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