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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9413 E Desert Village Drive Scottsdale, AZ 85255

$2,199,000

4 Beds

4.5 Baths

3,980 SqFt

Status Active

MLS # 6715278

Property Type Single Family Residence

Price Type --

Luxury residence offering gorgeous curb appeal in Sera Brisa is a dream come true! Exquisite interior showcasing neutral tile floor, soothing palette, charming arched doorways, two fireplaces, & dazzling custom light fixtures. Top of the line chef's kitchen is a cook's delight with cabinets galore adorned with crown moulding, Quartz and granite counters, huge island, SS Subzero fridge, separate Subzero fridge beverage drawers and dishwasher, Dacor dual ovens, microwave and gas stove, commercial disposal, 2 wine fridges new in 2023, Grohe faucet and much more. Highly desired floor plan with kitchen open to family room and dining w/beautiful wood beams. This home defines Smart Home technology from the cameras, thermostats, garage door openers, electric car charging outlet to the (contd) Toto remote toilet/bidet system. The serene main suite enjoys private outdoor access, bathroom with dual vanities, walk-in closet and huge shower w/separate tub. Some of the many additional upgrades include 2 Trane xr16 4 ton 16 seer 2 stage HVAC system installed in 2023 w/ Ecobee smart thermostats w/ image and video doorbell. Full home water softener and purification system. Designer ceiling fans and custom LED lighting throughout. You'll find a beautiful backyard with a covered patio, power shade and awnings installed, built-in SS BBQ with searing module and a cabinet ad drawers, gas firepit, swimming pool with fountain, covered pergola and more. Immaculate garage with epoxy, Gorilla shelving and custom storage, wifi garage door openers and an electric car charger outlet installed. This upscale luxury hi tech home won't disappoint! All nestled in a gated subdivision in the middle of DC Ranch!

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5231 Hidden Hollow Road Flagstaff, AZ 86001

$2,197,000

4 Beds

3 Baths

4,756 SqFt

Status Active

MLS # 6636847

Property Type Single Family Residence

Price Type --

World-Class Property Offering Breathtaking Views of the San Francisco Peaks! 3 Parcels, Totaling Just Over 20 Acres. Minutes From Downtown Flagstaff. This is the Property You've Been Dreaming Of! Conveniently Located in Hidden Hollow - One of Flagstaff's Most Desirable Rural, Residential Neighborhoods. Hidden Hollow is Comprised of Large Acreage Parcels with Private, Custom Estate Homes - These 3 Properties Include 2 Custom-Built Homes. Both Homes Offer Dramatic Architecture and Were Built Using Attractive Native Stone, Exposed Wood, Upgraded Windows, Solid Core Doors, Vaulted Ceilings, Tile and Wood Flooring, Wood Paneling, and Were Built to Capture the Stunning Views of the San Francisco Peaks. 5231 Hidden Hollow Road has a Metal Roof, Oversized Cistern, a Semi-Detached 2-Car Garage with a Breezeway to the Main House, Extensive Use of Exposed Beams Inside and Out, and an Expansive Patio Overlooking the Mountains. 5281 Hidden Hollow Road has a Detached Storage Shed, a Private Natural Gas Meter, and Cathedral-Type Picture Windows. The 3 Properties are Heavily Treed, with a Mixture of Mature Ponderosa Pines and Oaks. Natural Rock Outcroppings, Gently Sloped Meadows, and Some Steep Terrain All Combine to Make this a Beautiful Property and an Outstanding Opportunity. Nearly 360 Degree Views Will Take Your Breath Away. While the Homes Were Crafted with Attention to Detail, Unfortunately the 2 Homes Have Suffered Pet and Environmental Damages. The Seller Requires That Agents and Buyers Review all the Attached Seller's Disclosures Before Scheduling to Show the Properties. The Seller Recommends That Agents and Buyers Take Whatever Measures They Feel Necessary to Protect Themselves From the Possible Environmental Concerns Raised in the Attached SPDS, SPDS Addendum, and Remediation Estimates When Visiting the Properties.

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40740 N Longhorn Drive Scottsdale, AZ 85262

$2,195,900

4 Beds

3.5 Baths

4,523 SqFt

Status Active

MLS # 6753439

Property Type Single Family Residence

Price Type --

Like two homes in one! Sensational city light and mountain views expanding over 50 miles showcase this lovely home situated on 10+ private acres within the exclusive enclave of Carefree Ranch Homesteads adjacent to Desert Mountain. Owned Solar w/Tesla Charging Station for ultra low electric bills. You'll experience the ultimate privacy among neighbors with $5M+ homes on large 5+ acre sites. Though on 2 levels, the main level has no steps with Living Room, dining room, kitchen, primary bedroom, powder room and 4 car garage. The lower level includes a 2nd master suite, large game room or guest living room with wet bar and two additional bedrooms and bath. This arrangement is perfect for shared ownership. The pool & heated spa and built in BBQ enhance the... outdoor experience soaking in the forever views. Many of Scottsdale's finest golf courses and 10 minutes from grocery, shopping and dining.

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5857 E Onyx Avenue Paradise Valley, AZ 85253

$2,195,000

3 Beds

3 Baths

3,039 SqFt

Status Active

MLS # 6759959

Property Type Single Family Residence

Price Type --

This PV property has it all! The 3 C's schools make this neighborhood a parent's champion. Imagine the holidays, swimming parties, and fun everyone will have at your house! The chef's kitchen & resort backyard to make your new place something special. The flora is to die for; the current owners have pampered every plant, shrub, and tree to their delightful, eye-catching state. The interior of this home will make the stress of a busy workday fade away. Enjoy mountain views, sunsets, and peaceful living in your new Paradise Valley get-a-way. You'll have easy access to major freeways. You will be near all the good stuff: restaurants, entertainment, hiking trails, and fantastic shopping. Sky Harbor Airport is only a 20-minute drive when it's time to catch a flight for work or pleasure.

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9801 N Solitude Canyon Fountain Hills, AZ 85268

$2,195,000

3 Beds

4 Baths

4,615 SqFt

Status Active

MLS # 6757650

Property Type Single Family Residence

Price Type --

Welcome to this exquisite luxury home nestled within the guard-gated Eagle Mountain Golfing Community. This stunning residence boasts an impressive 4,615 sq ft of thoughtfully designed living space, offering an ideal retreat for both relaxation and entertainment. The home features 3 spacious bedrooms, including 2 guest suites and a huge primary suite, this home is perfect for hosting family and friends. The dedicated office space, complete with built-in cabinetry, provides a serene environment for work/study/extra bedroom. At the heart of this home lies a gourmet kitchen equipped with top-of-the-line appliances, perfect for culinary enthusiasts. An adjoining built-in wine closet and host bar make entertaining effortless and enjoyable. Step outside to discover your private oasis with a heated pool and spa. There is a built-in BBQ with a large covered patio to relax and enjoy your peaceful surroundings. Step out of the home and onto the front balcony to see breathtaking mountain and golf course views. It's the perfect setting for morning coffee or late afternoon, and into the evening, gatherings for entertaining. The space flows from the inside directly to the outside allowing the doors to remain open at all times for guests and family to move about freely. This home combines elegance and functionality, making it the ultimate choice for those seeking a sophisticated lifestyle in a vibrant community. Don't miss your chance to own this extraordinary property. 2022 HVAC systems (3), 2021 roof re-coating.

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7127 E Rancho Vista Drive Unit 6011 Scottsdale, AZ 85251

$2,195,000

3 Beds

2.5 Baths

2,406 SqFt

Status Active

MLS # 6759582

Property Type Apartment

Price Type --

EXCEPTIONAL, HIGHLY UPGRADED 2,406 SQFT 6TH FLOOR CONDO WITH TWO LARGE BEAUTIFULLY LANDSCAPED BALCONIES, AND GORGEOUS VIEWS! This exceptional 3 bedroom 2.5 bathroom condo features extensive floor-to-celing glass, a spectacular and highly upgraded gourmet kitchen, a well conceived open floor plan, superior finishes, 2 beautiful and quiet balconies, gorgeous views, 2 designated parking spots, and an attractive and upgraded laundry room. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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7035 E Juniper Village Drive Gold Canyon, AZ 85118

$2,195,000

4 Beds

4.5 Baths

4,125 SqFt

Status Active

MLS # 6746488

Property Type Single Family Residence

Price Type --

$100,000 PRICE REDUCTION! GORGEOUS REMODEL CUSTOM HOME. OVER $400,000 IN UPDATES! Upgrade list is included in the documents. Owner is a professional interior designer. Newly designed back patio with pool, hot tub and spacious sitting area. You will feel like you are on a permanent vacation! Four bedrooms, all ensuite. Primary bedroom has two walk-in closets. Open kitchen and great room layout. Dining area with wine closet, and separate living room area with a bar that opens to the back patio. Contemporary plaster throughout the home. Beautiful stone and wood floors. Beamed ceilings. Home is on the 13th hole of the Prospector Golf Course. Gorgeous, mature landscaping surrounding the home. 1,925 SF ROOF DECK WITH TWO FIREPLACES PROVIDES PANORAMIC VIEWS OF THE GOLF COURSE, CITY LIGHTS, SUNSETS, SUPERSTITION MOUNTAIN and Silly Mountain. TWO JACK NICKLAUS GOLF COURSES. Not a golfer? Enjoy tennis, pickle ball, bocce, hiking and many other activities. Country Club living st its best. You will love it here! Buyer and/or buyer's agent to verify all pertinent information including square footage. Club amenities under a separate agreement.

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4327 E Capricorn Place Chandler, AZ 85249

$2,195,000

5 Beds

3.5 Baths

5,638 SqFt

Status Active

MLS # 6702284

Property Type Single Family Residence

Price Type --

Welcome to your dream estate in the gated community of Vasaro in South Chandler. This luxurious home epitomizes elegance, with no detail overlooked. From the grand entrance to the stunning backyard, every feature exudes sophistication. Soaring ceilings, exposed wood beams, & custom finishes throughout. An open-concept Great Room connects seamlessly w/formal dining area, wine room, kitchen, & game room. A gallery hallway leads to the private owner's suite, featuring gas fireplace, dual closets & vanities, plus a bonus room perfect for exercise or a second office/craft room. The guest wing includes an office/library, half bath, media/playroom, & three bedrooms w/walk-in closets, one with an ensuite bathroom. Outside your backyard oasis is complete w/oversized play pool, custom rock features, & spa. Entertain on extended paver patios, under the gazebo w/built-in BBQ, or in the play area w/artificial turf. This estate is a must-see, offering unparalleled luxury & craftsmanship.

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9825 E Sharon Drive Scottsdale, AZ 85260

$2,195,000

6 Beds

4.5 Baths

5,555 SqFt

Status Active

MLS # 6726874

Property Type Single Family Residence

Price Type --

Located on a cul-de-sac lot in a gated collection of newer luxury homes in the heart of North Scottsdale, this 6 bedroom, 4.5 bathroom basement home features 14 foot ceilings, energy-efficient 2x6 construction, oversize garages with huge storage cabinets. Owner suite is 75 feet long and over 1,000 square feet, with huge closet, office/sitting room, and fireplace. Basement wet bar and booming Dolby Atmos 4K home theater with huge custom sectional. Private guest suite with walk-in closet and full bath. Heated pool, hot tub, waterfall, misters, gas grill, and in-ground trampoline. Dog door with 50-foot dog run. Large front courtyard with fireplace. Available fully furnished and decorated, with all housewares, for a turnkey experience as a second home or short-term rental. Large Smart Home package included: Mesh Wi-Fi and wired Gigabit Fiber Internet, with App-controlled Thermostats, Pool, Garage Doors, LED Lights, and Fans. Home's exterior painted in June 2024, and entire home interior painted. Two new 5 Ton AC + Gas Furnace units in 2022. Neighborhood is adjacent to a park with lighted tennis, basketball, baseball, and sand volleyball. The elementary school (Redfield) ranks #4 out of over 1,300 Arizona K-8 schools.

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26036 N Horseshoe Trail Scottsdale, AZ 85255

Open House

$2,195,000

5 Beds

4 Baths

3,680 SqFt

Status Active

MLS # 6739213

Property Type Single Family Residence

Price Type --

Sleek & modern luxury Scottsdale estate! Step into the bright, open floor plan showcasing wood-look tile flooring in the common areas, gorgeous real hardwood in all bedrooms, custom lighting & fixtures throughout, & a stylish butler's pantry with wet bar. The gourmet kitchen is equipped with quartz countertops, top-tier Sub-Zero & Wolf appliances, reverse osmosis, & a massive island with extra storage & a 2nd prep sink. The split floor plan ensures privacy, while the spacious primary suite offers a separate exit & an ensuite with floating dual vanities, free standing tub, & an impressive walk-in shower with carrara mosaic tile landing area. Enjoy Arizona living in your backyard oasis, complete with a sparkling Pebble Tec pool, extended covered patio, turf, & a cozy outdoor stone fireplace. Additional features include a 3-car garage with an electric car 220v outlet & MyQ app operated garage door, a water softener, & tankless hot water heater. Located in North Scottsdale, this home provides quick access to hiking/biking paths, various golf clubs, DC Ranch, & so much more. Don't miss your opportunity to experience luxury living in this prime location!

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13634 S Canyon Drive Phoenix, AZ 85048

$2,190,000

5 Beds

5.5 Baths

6,697 SqFt

Status Active

MLS # 6700287

Property Type Single Family Residence

Price Type --

Seller Financing Available at competitive pricing!! Enjoy breathtaking views from every room of this luxury home nestled within the gated community of Canyon Reserve where resort style living meets quiet enjoyment with tall ceilings, bright floorplan and expansive wrap-around balcony. This custom residence is ideal for multi-generational living, featuring a fully equipped lower level studio with its own entrance. 13634 S Canyon Dr has vaulted ceilings, an elevator for convenience, spacious kitchen with a wet bar, a butler's pantry and top-of-the-line appliances and an oversized great room with a cozy fireplace. The owners suite has a large luxury bathroom, separate sitting area, and private balcony with amazing views.

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5411 E Dew Drop Trail Cave Creek, AZ 85331

$2,188,888

5 Beds

5.5 Baths

4,791 SqFt

Status Active

MLS # 6675396

Property Type Single Family Residence

Price Type --

Welcome to the epitome of luxury living at Bellissima Gated Community! Prepare to be swept off your feet by the sheer opulence and elegance exuding from these homes. If you've ever dreamed of residing in a place where excellence is a standard, then you're in luck - your opportunity has arrived! Step into a world of unparalleled upgrades that redefine sophistication. This magnificent 5-bedroom, 5.5-bathroom residence, complete with a charming Casita, is a testament to lavish living. Behold the Wolf Monterey kitchen package, boasting a 48'' Gas Range, Microwave, Dishwasher, and built-in double ovens, all meticulously selected for their top-tier quality. Every corner of this home radiates with luxury, from the upgraded cabinets to the stunning Bianco Romano Supreme countertops. Feel the warmth beneath your feet as you walk across the exquisite hardwood flooring that graces the entirety of the interior. But that's not all - indulge in the convenience and privacy offered by custom retractable screens adorning each of the three courtyard doors, ensuring a seamless blend of indoor-outdoor living. On the expansive back patio, you'll discover a newly installed outdoor kitchen, perfect for entertaining guests or enjoying al fresco dining in style. Motorized custom shades and screens provide an oasis of tranquility, perfect for unwinding in seclusion. Step outside and immerse yourself in the beauty of the travertine and turf backyard, enveloped by the lush foliage of mature trees that offer the ultimate privacy. Even the garage has been transformed into a haven of organization and style, boasting epoxy flooring and custom cabinets fit for a connoisseur. Don't let this opportunity slip through your fingers - seize the chance to elevate your lifestyle and make your home in the prestigious Bellissima Gated Community today!

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