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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702 E Carver Road Tempe, AZ 85284

$2,200,000

5 Beds

4 Baths

4,577 SqFt

Status Active

MLS # 6736179

Property Type Single Family Residence

Price Type --

Rare Opportunity! Privately gated, no HOA, 2012 build by VIP Homes, and on 0.75 of an acre lot with $600,000 spent in recent years exterior upgrades. This meticulously maintained custom-built estate is an entertainer's dream and is situated in an extremely convenient Tempe location. The main level features plenty of common area entertainment space with a nicely appointed chef's kitchen, plus a guest bedroom, bathroom, and bonus room. The upstairs includes a spacious master suite, entertainers loft, laundry room, and an additional three bedrooms and two bathrooms. The backyard is a show stopper, over $150,000 spent in installing mature privacy and resort-style trees alone. Complete pool remodel (2024) including a fire feature, new pebble tech surface, pool heater, and glass accent tile. The backyard also includes an incredible built in sound system, custom lighting, sport court, bar and Hydropool hot tub. Plenty of parking including a 3-car garage and an automatic RV gate with shaded parking. Don't miss this opportunity, it is a rare property you won't see every year.

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26004 S Washington Street Chandler, AZ 85249

$2,200,000

4 Beds

5 Baths

5,531 SqFt

Status Active

MLS # 6751423

Property Type Single Family Residence

Price Type --

Gorgeous, one of a kind, custom built home on over half acre, complimented by the professional landscape lighting front & back. Single level w high end finishes throughout. Chef's kitchen, granite countertops, cherry cabinets, 2 islands, separate fridge & freezer, large veg sink, & 6 burner gas stove w griddle & pot filler. Primary suite w fireplace, 2 walk-in closets, sep lavatories, study & exercise room. Living room w massive gas fireplace, wet bar & entertaining area, Spacious split 3 ensuite bedrooms. Separate Theater room, built in vacuum system & citrus trees. Great location at the end of the street, with neighbors only on 1 side. Walk into the backyard, and feel like you are in your own private resort, w heated pool, state of the art outdoor kitchen, putting green & fire pit.

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8923 N 45th Street Phoenix, AZ 85028

$2,200,000

5 Beds

4.5 Baths

4,267 SqFt

Status Active Under Contract

MLS # 6732767

Property Type Single Family Residence

Price Type --

Home, sweet home! Be the proud owner of this spectacular property nestled in Doubletree Canyon. Gorgeous curb appeal & a spacious 3-car garage is just the beginning. Fall in love with an exquisite interior adorned with neutral tile floor, a soothing color palette, high-vaulted ceilings, & a delightful wood-burning fireplace with a gas starter. Enjoy hosting fun get-togethers & mixing your favorite drinks in the family room, equipped with a fabulous custom wet bar with a wine fridge! Aesthetically pleasing throughout! The stunning eat-in chef's kitchen boasts wood cabinetry accentuated by crown moulding, double wall oven, a stylish tile backsplash, granite-tile counters, built-in appliances, & recessed lighting. The serene primary bedroom showcases soft carpet in all the right places, a lavish ensuite with granite dual sinks, & a walk-in closet for easy organization. Discover the entertainer's dream backyard featuring a sparkling swimming pool, built-in BBQ, manicured landscape, & a pergola-style covered patio. PLUS!! Raised planting beds & breathtaking mountain views ALL AROUND! This gem won't disappoint!

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10799 E Florence Way Scottsdale, AZ 85262

New

$2,200,000

4 Beds

4.5 Baths

4,616 SqFt

Status Active

MLS # 6766125

Property Type Single Family Residence

Price Type --

Welcome to an exquisite home in the prestigious gated community of Treviso, meticulously maintained by its original owners. As you enter through the charming courtyard, you're greeted by a spacious great room featuring disappearing pocket doors that frame stunning views of McDowell Sonoran Preserve and the surrounding mountains. This thoughtfully designed split floor plan features three en-suite bedrooms, a den, a separate casita, & a versatile bonus room. The large kitchen is a chef's dream, complete w/a massive island, stainless steel appliances—including a Sub-Zero refrigerator, Wolf ovens, & dual dishwashers. A convenient wet bar adjacent to the dining room makes entertaining a breeze. Step outside to your backyard oasis, which boasts two patios, a refreshing pool, & a fully equipped outdoor kitchen all with those gorgeous views. This upscale gated community includes a thoughtfully designed community with spacious desert areas between homes to ensure privacy and serenity, creating a serene lifestyle close to premier dining and shopping conveniences, yet retaining an exclusive ambiance with custom homes set amidst the allure of North Scottsdale's desert landscape. Elevate your lifestyle and make Treviso your oasis in the desert - a retreat where luxury knows no bounds.

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4455 E Quail Brush Road Cave Creek, AZ 85331

New

$2,200,000

4 Beds

4.5 Baths

3,652 SqFt

Status Active

MLS # 6766062

Property Type Single Family Residence

Price Type --

Extraordinary home that combines elegance and comfort! Beautiful 4 bedrooms plus den with split design. All secondary bedrooms with ensuite baths! Luxurious primary suite with his & hers vanities, separate soaking tub & large walk-in shower! Top of the line appliances enhance the chef kitchen with large island, pot filler, wine bar & large walk-in pantry. Cook outdoors too! In the fully appointed kitchen with grill, gas stove, ice maker, & dual beverage/condiment refrigerators! Embrace the carefree lifestyle of RV life with the 50 foot RV garage & workshop. Plenty of room for other toys/boats with dual RV gates! (one on each side of home) Telescopic doors from great room to patio unveils the backyard oasis with sparkling pool, putting green, citrus trees & low maintenance landscaping. Dis Discover the meticulous extra details that add to your comfort level such as, Whole house water filtration system, Entertainment system throughout, California closets in every bedroom closet, Solid wood doors throughout, Digital door locks & pool controls & Security camera. You'll appreciate the LOW utility bills with the 68 Panel owned Solar system! Pre-wired for electric infrared ceiling heaters on patio, pre-wired for electric shades on patio, and pre-plumbed for air compressor on patio (for misting system) and in the garage! Paved Circle driveway allows for extra guest parking. Rare opportunity to call this home YOURS!

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25313 N 114th Street Scottsdale, AZ 85255

$2,200,000

4 Beds

4.5 Baths

4,271 SqFt

Status Active

MLS # 6733090

Property Type Single Family Residence

Price Type --

Sweeping and forever Epic Arizona Landscape Views, Quality Construction plus the entire walkout can be used as Guest Quarters and opportunity to extend the kitchenette to a full kitchen. At the base of Troon Mountain, aka TROON VILLAGE at WINDYWALK featuring breathtaking views of Troon Mountain, Four Peaks, and McDowell Mountain. This exquisite home offers single level living with no steps from the main entrance or the garage, into an open kitchen layout, formal living, family room, breakfast nook, primary bedroom and 2nd bedroom, full Laundry and powder room. The Guests Quarters: Down below: * Guest Quarters: Entire floor perfect for visitors or extended family. * Outdoor BBQ: Enjoy al fresco dining with a stunning '40-mile view.' * Old World Charm: Beveled travertine stone adds a touch of elegance. * Spacious Living: Two family rooms provide ample space for relaxation and entertainment. * Three Fireplaces: Cozy up in style with three fireplaces throughout the home. * Three-Car Garage: Plenty of space for vehicles and storage. Experience luxury living with epic views and exceptional construction quality. See motion Video; YOU MAKE THE CALLL

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10952 E North Lane Scottsdale, AZ 85259

$2,200,000

5 Beds

4.5 Baths

3,656 SqFt

Status Active

MLS # 6756082

Property Type Single Family Residence

Price Type --

This stunning contemporary home is the jewel you have been waiting for! 5 bedrooms, 4.5 baths. Fabulous primary suite with closet ''to die for'' and a secondary bedroom with Murphy bed on main level.Gourmet style kitchen is beautifully appointed with stainless appliances and quartz counters.Oak Hardwood flooring throughout home. Unique custom iron stair railing is a piece of art on its own. Wide open living space with soaring 15' high windows& 40' of glass on south side. Sliding doors open wide to south facing serene private backyard oasis. Custom pool with edgeless design & luminar lighting Retractable patio awnings. 3 beds up with baths. For more...please see feature sheet in Doc tab. Art work on back exterior wall does not convey.Basis school and Mayo near by.Great lock & leave!

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11802 N 74th Place Scottsdale, AZ 85260

$2,200,000

5 Beds

4.5 Baths

4,635 SqFt

Status Active Under Contract

MLS # 6714762

Property Type Single Family Residence

Price Type --

This is an incredible property, priced right and move-in ready. The home is rich with natural light that fills the large, open floor plan. ILocated in one of the best locations in Scottsdale near shopping, dining and businesses. This is an extra-large lot with the main house featuring 4 beds, 3 baths and a 3 car garage, an office den, and a master wing. The Guest House has a kitchen, living room and full-size bedroom with 2 additional rooms being used as study and gym. A large entertainer's dream backyard, with a covered patio, pool and a bar/outdoor grill ramada. RV gate and a sport court are some of the additional features that make this home a MUST see on your list in this price range! Bring you most particular buyers!

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4828 E Clearwater Parkway Paradise Valley, AZ 85253

$2,200,000

4 Beds

3.5 Baths

3,915 SqFt

Status Active

MLS # 6711236

Property Type Single Family Residence

Price Type --

Opportunity awaits in the Guard-Gated Clearwater Hills community of Paradise Valley. This single-level gated home sits majestically on just under one acre of prime, buildable land, offering privacy and breathtaking panoramic views of Camelback, Phoenix Mountain Preserve, and Mummy Mountains. The spacious floor plan offers an effortless flow between living, dining, and entertaining areas. Spacious Primary Suite with his and her bathrooms, and expansive closet. Three other bedrooms plus a bonus/game room. Easy access to world-class golf courses, fine dining, upscale shopping, hiking trails, and cultural attractions. and minutes away from the vibrant amenities of Scottsdale and downtown Phoenix.

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7181 E Camelback Road Unit 306 Scottsdale, AZ 85251

$2,200,000

2 Beds

2.5 Baths

2,117 SqFt

Status Active

MLS # 6735680

Property Type Apartment

Price Type --

Gorgeous 2 bedroom 2.5 bath unit with a den. Very open great room and split floor plan with fabulous upgrades. Incredible corner view, with balcony that overlooks the water way and pedestrain bridge. Live in luxury with your own valet, 24 hour security, fitness center, roof top pool, private wine storage room. 2 parking spaces in the garage. Also a large storage unit. Club room to entertain, and all the amenities of the Waterfront shops, restaurants,nearby. Do not miss out on this rare opportunity to live at the most exclusive luxury high rise in Downtown Scottsdale.

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1775 S 131st Street Gilbert, AZ 85233

$2,200,000

5 Beds

7 Baths

5,343 SqFt

Status Active

MLS # 6714697

Property Type Single Family Residence

Price Type --

No showing 10/3 -10/4 Experience unparalleled luxury in this meticulously designed Tuscan-inspired home. As you approach the grand front entry, custom old-world wood/metal doors welcome you into enchanting front courtyard. Step inside to discover a huge foyer and open interior that epitomize grandeur.Key Features*5400 Sqft Layout, Spacious and open, perfect for both relaxation & entertaining*Lush 1.38 Acre Lot:*A sprawling estate offering ample outdoor space for recreation*Gourmet Kitchen w granite counter tops/ designer cabinetry, a culinary haven ideal 4 entertaining *High-End Finishes, Meticulous attention to detail w/ luxurious finishes throughout*Resort-Style Outdoor Oasis: Heated pool & spa, gas fire pit, outdoor grill, putting green, & multiple covered entertaining areas. 8-Car Gar

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7425 E Gainey Ranch Road Unit 50 Scottsdale, AZ 85258

$2,200,000

3 Beds

3 Baths

3,783 SqFt

Status Active

MLS # 6742580

Property Type Single Family Residence

Price Type --

Introducing a true masterpiece! A home that captivates with its perfect blend of luxury and tranquility. This fully updated and upgraded sanctuary, nestled behind guard gates on an expansive double lot in one of Scottsdale's most exclusive neighborhoods, has been reimagined with a sophisticated modern design. The seamless indoor-outdoor flow creates a rare harmony, inviting guests to move effortlessly through the open, light-filled spaces toward the inviting pool area. With exceptional attention to detail, this distinctive home in Gainey Ranch Legends features 3 bedrooms, 3 baths, and a grand master suite that epitomizes both elegance and comfort, complete with a lavish master bath. Ensconced within a secure, double gated community and surrounded by meticulously landscaped grounds

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