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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14554 N Valencia Drive Fountain Hills, AZ 85268

$2,300,000 - 4Br/5Ba -  for Sale in Adero Canyon Parcel 5 Replat, Fountain Hills
Open House
$2,300,000
4 Beds
4.5 Baths
2,974 SqFt
Status Active
MLS # 6757073
Property Type Single Family Residence
Price Type --
Embrace luxury living! This breathtaking home is perfectly situated on one of the premier lots in the exclusive, gated Adero Canyon community. The elegant single-story residence features an open-concept layout, vaulted ceilings, and expansive windows that flood the space with natural light, offering stunning views of the mountains. Meticulously cared for and thoughtfully upgraded throughout including remote control/bluetooth electric blinds throughout, this home is in pristine condition and move-in ready. The kitchen, the centerpiece of the home, impresses with its abundance of cabinetry, a spacious center island, high-end stainless steel appliances, and a walk-in pantry. Perfect for entertaining, the open living and dining areas are highlighted by a striking fireplace. A 4-panel sliding door seamlessly connects the indoor space to a beautifully custom designed backyard with sparkling pool/spa. The pool features state of the art Pentair automation system with bluetooth accessibility to cooling AND heating capabilities with cost effective electric heater. The spacious primary bedroom is thoughtfully separated from the two additional ensuite bedrooms, ensuring privacy for both. There's also an attached guest casita with its own entrance, featuring a bedroom and bath, ideal for guests or versatile with endless options to be utilized. This Thaxton + casita home is the ultimate lock-and-leave option, offering new construction in a gated community with unbeatable views in the picturesque Adero Canyon. Residents have direct access to nearby trailheads, and are conveniently close to the vibrant downtown Fountain Hills area, world-class golf courses, restaurants, and The Adero Resort and Spa, where club memberships offer access to fitness classes, a state-of-the-art gym, tennis, pickleball, and resort-style and lap pools at competitive rates.

7350 E La Junta Road Scottsdale, AZ 85255

$2,300,000 - 5Br/5Ba -  for Sale in Santuario, Scottsdale
Open House
$2,300,000
5 Beds
4.5 Baths
5,800 SqFt
Status Active
MLS # 6753919
Property Type Single Family Residence
Price Type --
Discover the ultimate in Luxurious Living, in this Expansive 5+ Bedroom Home w/ Fully Finished Basement, Nestled within a Private Gated Community of just 16 Residences. This fabulous DR Horton Home boasts Soaring 12ft Ceilings, 8ft Doors & Large Picture Windows, creating an Inviting Atmosphere throughout its Generously Sized Living Spaces. The Stunning Kitchen is a Chef's Dream, featuring a Massive Island, Double Ovens, 6- Burner Gas Cooktop, & Walk-in Pantry. The Lower Level offers a Bedroom w/ Bath, alongside a Large Game Room/Living Area, complete w/ Built-in Bar & Egress windows for Natural Light. Outside, enjoy your own Personal Paradise w/ Brand New Resort-Style Pool, complete w/ Water Slide, Swim-up Bar, & BBQ, all set within a Large Corner Lot that ensures Privacy. Additional hig Covered Patio & Grill perfect for relaxing in your Serene Backyard Oasis. Conveniently located between Scottsdale Rd and Pima, this is just minutes to incredible Hiking, Golf, Shopping & Dining. Don't miss this rare opportunity to make this Beautiful Property your own!

10911 E Taos Drive Scottsdale, AZ 85262

$2,300,000 - 5Br/4Ba -  for Sale in Rancho Santa Fe Del Oro, Scottsdale
Open House
$2,300,000
5 Beds
4 Baths
5,472 SqFt
Status Active
MLS # 6749370
Property Type Single Family Residence
Price Type --
Must see!! This exquisite home is an entertainer's dream oasis! Private yet minutes to restaurants and shopping. From the moment you step into the beautiful entry you will enjoy the high-end finishes throughout. The four bedrooms are thoughtfully separated giving extra privacy when you have guests. Two of the bedrooms are primary suites with fireplaces. A resort-style backyard includes a built-in bar & BBQ, outdoor living room with a fireplace TV, misters, a fire pit, pool with spa. A second fireplace in the covered patio with misters and outdoor shower rounds out the outdoor entertaining areas. Inside you'll entertain in large living and family area both having fireplaces and stacking sliding glass doors. The chef kitchen boasts Wolf appliances with a unique island built for gathering. A beautiful 2nd primary suite with fireplace and private entrance.

13735 E Columbine Drive Scottsdale, AZ 85259

$2,300,000 - 4Br/3Ba -  for Sale in Parcel 8b At Scottsdale Mountain, Scottsdale
Open House
$2,300,000
4 Beds
3 Baths
3,192 SqFt
Status Active
MLS # 6732872
Property Type Single Family Residence
Price Type --
Do you want city views? Do you want mountain views? Do you want a completely remodeled home? Well, you just found it and for under $2.5M! This gorgeous home is on a cul-de-sac street with a south facing backyard for city light views. Your view from the front is only the mountain because the mountain is literally across the street! This home is perfect for cozy family night's in, or entertaining friends and neighbors. With the stunning pool and back yard amenities framed by a southern mountain and city lights view - why go any where else? The modern elegence of this home is enhanced by the quality finishes and design. Absolutely nothing was missed, so your new hillside home is ready for you to move into today!

8405 E Vista Del Lago -- Scottsdale, AZ 85255

$2,299,000
3 Beds
3.5 Baths
3,383 SqFt
Status Active
MLS # 6685754
Property Type Single Family Residence
Price Type --
Welcome to this stunningly remodeled home in the exclusive gated community of Pinnacle Peak Country Club Estates. Nestled on a private cul-de-sac with breathtaking views of the 8th hole of the golf course, this home boasts a serene ambiance perfect for relaxation. This single-family home boasts 3 beds, 3.5 baths and an expansive paver driveway/motor court with an oversized air conditioned & heated 2.5 car garage. As you enter through the courtyard adorned with lush landscaping and a stone fireplace, you're greeted by a spacious great room featuring hardwood flooring and a custom-built bar. The chef's kitchen is a masterpiece with top-of-the-line appliances (front SubZero refrigerator, KitchenAid dishwasher, stainless steel microwave, and a DCS 6-burner gas stove with double ovens), quartz countertops, butler's pantry, coffee station, and a pass-thru window for outdoor dining. Adjacent to the kitchen is a redesigned powder room with custom fixtures and wall coverings. Step outside to discover a backyard oasis complete with a heated pool, putting green, fire pit, and outdoor entertainment space overlooking the golf course and McDowell Mountains. Enjoy morning walks or sunset strolls through your private gate leading to the cart path of the country club. This modern retreat offers luxury living at its finest, with a split master floor plan, private guest suites, and custom details throughout. Don't miss the opportunity to experience the epitome of North Scottsdale living with access to hiking trails, world-class golf courses, upscale dining, and premium shopping destinations.

7056 E Mighty Saguaro Way Scottsdale, AZ 85266

$2,299,000
3 Beds
2.5 Baths
2,360 SqFt
Status Active
MLS # 6760321
Property Type Single Family Residence
Price Type --
Prepare to be amazed by this one-of-a-kind, custom-rebuilt masterpiece! Completely reimagined with the finest luxurious materials and designer finishes, this home is a true gem unlike anything else Terravita has ever seen! From the moment you step onto the meticulously landscaped entry and pass through the stunning iron front door, you'll know you've found something special. This property feels like a brand-new home thanks to an extensive transformative rebuild, which included expanding rooms, removing walls, and adding entirely new spaces. The gourmet kitchen is a chef's dream, boasting a 6-burner Wolf stove, Wolf microwave, Sub-Zero column refrigerator/freezer, dual-zone wine chiller, Cove dishwasher, stunning quartzite island/dining table that comfortably seats up to 10. Custom cabinetry of the highest quality and a chic wet bar add convenience and elegance. The gorgeous primary suite boasts a rockstar worthy custom closet by Elevation Closets, easily convertible back to a bedroom if needed. Guests will be pampered in their own private two-room suite with a separate entrance. The north facing backyard provides ultimate privacy, where you can relax in your Pebble Tec pool. Please see the document section to view the extent of the rebuild and the specific top-tier finishes and features. This is an unparalleled opportunity for discerning buyers who value quality and desire the ease of moving into a show-stopping, like-new home in a world-class resort community with readily available memberships. Live the luxury lifestyle you've been waiting for without the wait!

10416 W Camino De Oro -- Peoria, AZ 85383

$2,299,000
7 Beds
7 Baths
5,082 SqFt
Status Active
MLS # 6677052
Property Type Single Family Residence
Price Type --
Welcome to your oasis in North Peoria, where luxury meets comfort in this exquisite home nestled in one of the most sought-after areas, just moments away from the vibrant Lake Pleasant Towne Center. With exceptional features and meticulous attention to detail, this residence promises a lifestyle of opulence and tranquility. As you approach, a grand circular driveway welcomes you, leading to the impressive façade of this architectural masterpiece. With an RV gate and oversized 3-car side entry garage, convenience and functionality seamlessly blend with elegance. Step inside to discover a sprawling floor plan that effortlessly accommodates your lifestyle, offering seven bedrooms and seven bathrooms, ensuring ample space for family and guests alike. An attached office suite with its own bathroom and separate entrance provides the perfect setting for productivity and privacy. The oversized master bedroom suite exemplifies luxury, serving as a serene retreat with its own fireplace, jetted tub, double closets, and a walk-in shower, offering a sanctuary of comfort and relaxation. Designed for the entertainer, this home features formal dining and sitting areas, perfect for hosting gatherings and creating lasting memories. The oversized kitchen island, adorned with granite counters, sets the stage for culinary excellence, while stainless steel appliances cater to the most discerning chef. A reverse osmosis system and water softener ensure the highest quality of living. Brand new A/C units were installed in August 2024, ensuring your comfort throughout the year. Venture outdoors to discover a backyard oasis reminiscent of a five-star resort. Surrounded by lush tropical plants and banana trees, a private pool invites you for a refreshing dip, while a firepit and outdoor fireplace provide warmth and ambiance on cooler evenings. Two separate gazebo/ramadas offer cozy seating areas, overlooking breathtaking mountain views. A misting system keeps you cool during warm summer days, while a large turf children's play area ensures endless entertainment for the little ones. A built-in BBQ with bar seating enhances outdoor dining and entertainment options, completing this outdoor paradise. With north and south exposure, this home enjoys an abundance of natural light, creating a welcoming and inviting atmosphere year-round. Experience the epitome of luxury living in this unparalleled residence, where every detail has been precisely crafted to exceed your expectations. Welcome home to luxury, welcome home to Peoria, Arizona.

4007 E Montecito Avenue Phoenix, AZ 85018

$2,299,000
5 Beds
4.5 Baths
3,545 SqFt
Status Active
MLS # 6712091
Property Type Single Family Residence
Price Type --
Wow! Discover the unparalleled beauty & exquisite craftsmanship of this 5-bedroom new construction in Suncrest Gardens! This 2023 Thomas James home offers over 3,000 SqFt of exceptional luxury with an impressive open floor design & high-end details. Heated pool with fountains and light settings all easily controlled through an app. Tall ceilings, recessed lighting, wood flooring, abundant natural light, and multi-sliding glass doors are features found throughout. The living room has a textured accent wall with a mounted fireplace. Elegance & modernity seamlessly mix in this magazine-cover white kitchen showcasing stacked shaker cabinetry, herringbone tile backsplash, lavish quartz counters, a massive island with w/breakfast bar, and state-of-the-art stainless steel appliances. The bright owner's suite is split & comes with a pristine ensuite comprised of two vanity sinks, a freestanding tub, an oversized walk-in shower with bench, and a walk-in closet. Secondary bedrooms on the main floor share a Jack & Jill bathroom. Upstairs, you'll find a sizable loft and a second primary bedroom with walk-in closet & an immaculate bathroom with a dual vanity & separate tub/shower. The stunning backyard boasts a covered patio, a pebble-tec pool, lush greenery, and an outdoor shower with travertine stone. This beauty has an excellent location with Camelback Mtn. Views, within minutes from restaurants & shopping, and close to major roads. Words don't make this modern farmhouse gem justice. You must see it!

8157 E Sierra Morena Street Mesa, AZ 85207

$2,299,000
3 Beds
4 Baths
4,685 SqFt
Status Active
MLS # 6742442
Property Type Single Family Residence
Price Type --
This 2 ACRE Estate Home is a rare find in beautiful Las Sendas. This stunning property offers the most incredible unobstructed south facing views of the surrounding mountains & city lights. Discover the luxury living at its finest with this captivating residence that boasts a circular foyer with water feature, 20+ ft soaring ceilings & a sliding glass wall that blends the interior with the exterior. The professional Viking kitchen, theater room, home office & 2 well located powder rooms complete the interior. Embrace the pinnacle of luxury living with a spacious rooftop deck showcasing the panoramic views of the valley. The extra large 4 car garage will house your vehicles & all your toys. Located near loads of shopping, dining & freeway access.

8631 E Mariposa Drive Scottsdale, AZ 85251

$2,295,000
4 Beds
4 Baths
3,152 SqFt
Status Active
MLS # 6751768
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION!! ANOTHER BRAND-NEW '2024' HOME! JUST COMPLETED! INTRODUCING THE LATEST RELEASE IN THE - LINE-UP- OF NEW BUILDS THAT ARE CURRENTLY UNDERWAY - THE NEWEST ADDITION TO THE 'RESIDENCES OF DISTINCTION COLLECTION' BUILT EXCLUSIVELY BY 'SCOTTSDALE'S MOST PROLIFIC INVESTOR, DEVELOPER, DESIGNER'... MUCH LIKE IN GREEK MYTHOLOGY - 'PROMETHEUS' BRINGS THE GIFT OF FIRE TO HUMANITY, 'SCOTTSDALE'S PREMIER LUXURY BRAND' BRINGS US CREATIVE HOMES THAT LIGHT THE FIRE WITHIN US! Located on MAGICAL MARIPOSA Drive in coveted South Scottsdale, the entire front is picture-framed by 2 majestic palm trees, enveloped in 'evergreen' turf, 2-tone geometric designed jaw dropping exterior with black 'faux' brick statement corners, a paved covered courtyard leading to floor-to- ceiling black framed entry door, all this before we have even stepped inside!! These are merely examples of the ELEMENTS OF DESIGN based on experience & expression that 'SCOTTSDALE'S PREMIER LUXURY BRAND' utilizes in creating these BRAND NEW, UNIQUE & FIRST OF THEIR KIND, 'RESIDENCES OF DISTINCTION' in SOUTH SCOTTSDALE! Once you've crossed the threshold, be prepared to be overwhelmed! Engineered Hardwood Floors guide you through the open-concept Living spaces consisting of Living Room, Family Room, Formal Dining Room amplified with large panes of glass, wall to wall sliders, 2 'over the top' Restoration Hardware' Chandeliers, skylights, recessed & coffered Ceilings, statement Wine Gallery & focal point 'multi-color' illuminating Fireplace back-splashed with black inlaid quartz & a decadent black/gold guest bathroom tucked behind custom designed Barn Doors. Waiting around the corner you'll find the picture book state-of-the-art Designer '2-tone' Kitchen, fully integrated with top-of-the-line COVE/ SUBZERO/ WOLF appliances & with 10 ft statement island, gas cooktop & overhanging white vented hood...it's a entertaining showpiece! Let's venture outdoors to the covered terrace overlooking the HEATED POOL that wraps around the home creating a LAP POOL experience adjacent to the JACUZZI with gorgeous water feature overflow all backdropped by tall trees. Create unforgettable memories from 'el fresco' dining spaces & fully equipped built-in BBQ & BEVERAGE Bar. Spiral up the stairway to the UNIQUE ROOFTOP DECK where stunning views of Camelback Mountain are seen! Retreat to the ACCOMMODATION WING down a hallway hand-laid in wood & mirrored artistry where 4 BEDROOMS (DUAL PRIMARY SUITES) & 3 BATHROOMS are perfectly positioned all reminiscent of the most luxurious hotel rooms - find 2 bedrooms en-suites with massive walk in closets & 'FourSeasons' like bathrooms. Each of the 4 bedrooms have opulent 'Restoration Hardware' chandeliers. There is a romantic fireplace in the grand primary & Ladies cosmetic corner in the 2nd primary. EVERY FEATURE is of an impressive scale including the the WALK-IN PANTRY, gorgeous LAUNDRY ROOM with floor to ceiling black cabinetry as well as the 2 CAR GARAGE with signature non-stick flooring, an electric car charger, built-in storage cabinets, designer lighting and double insulated garage doors. Add in thousands of square foot of paved off street parking, magnificent landscaping & lighting, tons of artificial turf AND THIS 'NEW BUILD' FROM UNDERGROUND-UP MAKES AN INDELIBLE STATEMENT!!

3222 Bear Howard -- Flagstaff, AZ 86005

$2,295,000
4 Beds
3 Baths
3,334 SqFt
Status Active
MLS # 6750128
Property Type Single Family Residence
Price Type --
Escape to your mountain oasis, this beautifully updated home is on the fifth hole of the Canyon Golf Course in Forest Highlands. Situated on a generous lot, this thoughtfully designed floor plan allows for main-level living with plenty of space for guests. Vaulted ceilings and soaring windows showcase the ponderosa pines off the back deck, making the open concept living area an inviting space to relax or entertain. Appointed with smoked European oak floors, custom designed knotty alder wood cabinets, and new wood ceilings throughout the home. The chef's kitchen is ready for all your best creations, with a Sub Zero refrigerator, Wolf appliances and leathered quartzite counters. Two bedrooms, including the primary, are on the main floor, and two bedrooms upstairs share a bathroom. There is an additional loft, making a great space for a TV room, game room, or home gym. To stay comfortable no matter the season, the home has two new air conditioning units (2023), a new hot water tank (2023), a fifty year roof (2024) and heated floors in three of the bathrooms. Exterior painting was completed in 2023, garage painting in 2024, and new pavers placed in the front courtyard. All the work has been done and it is ready for you to make your own! Buyer to verify the homes square footage.

10040 E Happy Valley Road Unit 2040 Scottsdale, AZ 85255

$2,295,000
2 Beds
2 Baths
2,635 SqFt
Status Active
MLS # 6725907
Property Type Single Family Residence
Price Type --
IMMEDIATE DESERT HIGHLANDS GOLF CLUB MEMBERSHIP upon close of escrow. LOCATION, LOCATION... LOCATION!!! This updated southwestern home boasts breathtaking views of both Pinnacle Peak & the McDowell Mountains via its 2530 ft. elevation & southern exposure. Situated on a private cul-de-sac in the highly desirable ''Heights Neighborhood'', this single level, open floor plan offers numerous make-it-your-own design possibilities. The spacious front and rear yards afford expansive indoor/outdoor living areas. Patio deck complete with private pool provides quiet solitude. It's all here... Jack Nicklaus Signature Golf Course, 18 hole putting course, Restaurants (Ventana & Jack's), Fitness center, heated lap pool, tennis, pickleball, bocce, walking trails, social clubs, and gated security.

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