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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11547 E Cavedale Drive Scottsdale, AZ 85262

$2,180,000

5 Beds

4.5 Baths

3,869 SqFt

Status Active

MLS # 6754980

Property Type Single Family Residence

Price Type --

Find privacy and tranquility at the elite gated enclave of Desert Summit. Perfectly nestled on a generous .713-acre lot presenting unparalleled mountain vistas. A sanctuary of comfort and elegance, this home is luxuriously designed with impeccable attention to detail. A flawless remodel in 2023. Enter through the large private courtyard, the grand welcoming foyer is flanked by a substantially sized living room and a splendidly designed formal dining room. This bespoke home features 3869 sq. ft., 4 generously sized bedrooms, office/den, 4.5 bathrooms and a private Casita. The graceful primary suite is designated as your posh sanctuary, indulge and pamper yourself in this lavish spa like setting. Perfectly appointed Chefs kitchen, equipped to satisfy the needs of a professional Chef, an outstanding oversized dramatic black Quartz island, extensive black Quartz countertops, full height tile backsplash, magnificent cabinetry. Ultra deluxe JennAir appliances, custom crafted range hood, Italian porcelain flooring and more. An entertainer's dream is the idyllically positioned chic wine tasting area with controlled storage for 300 bottles of wine. The exquisite great room perfectly accommodates large gatherings or intimate family events, boasting a custom fireplace, abundant windows exhibiting sensational panoramic views. Revel in your private Arizona Style backyard Oasis highlighting a large covered patio, extensive travertine pavers. Al-fresco dining and seating, an impressive pool and waterfall, alluring spa, putting green, ultimate outdoor grill-island and an amazing tiered view deck to enjoy magnificent sunrise to sunset views of coveted Troon Mountain and Pinnacle Peak.

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8634 E Clubhouse Way Scottsdale, AZ 85255

$2,175,000

3 Beds

3 Baths

3,257 SqFt

Status Active

MLS # 6706568

Property Type Single Family Residence

Price Type --

Located in the highly sought after guard gated community of Pinnacle Peak Country Club this beautifully renovated home has been completely transformed and is ready for it's new owners. Combining style with substance, there's bespoke craftsmanship around every corner and upon entering the home you'll be wowed by the space and feel. The focal point being the stunning great room that features vaulted ceilings, all new gourmet kitchen with oversized island that's perfect for entertaining and a cozy lounge/tv area with wood burning fireplace. The primary suite is stunning and two guest bedrooms generous in size with one featuring a study nook. In addition, there's an office/flex room (that could easily be converted to a 4th bedroom) plus an additional tv/lounge room and second office space. The backyard is a dream and features a new diving pool with custom lighting, four-hole putting green, fire pit with lounge seating, mature shade trees, large turf area and gorgeous, low maintenance desert landscape. Attention to detail and quality finishes throughout. This special home is turn key and an opportunity not to be missed.

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11334 E Troon Vista Drive Scottsdale, AZ 85255

Open House

$2,175,000

3 Beds

3.5 Baths

4,097 SqFt

Status Active

MLS # 6682066

Property Type Single Family Residence

Price Type --

Quintessential Arizona Living on an elevated mountainside lot nestled within the Sonoran Desert and surrounded by captivating panoramic Mountain Vistas. Located within the prestigious gated community of Troon Ridge Estates, this estate is situated on a 2-acre double lot to maintain privacy and jaw dropping VIEWS! The Santa Fe Style Estate features natural elements of boulder outcroppings, majestic Saguaros and a tranquil water feature in the front courtyard setting the tone for the serene ambiance of the home. The open floor plan expands 4100 sf of living space with large picture windows creating a canvas of outdoor desert landscape being an extension of the indoor atmosphere and design. A living piece of art, this home features exquisite one-of-a-kind hand-carved woodwork that........ embodies unparalleled craftsmanship and artistic flair. This home is a sanctuary of sophistication and authentic Southwestern design. The terra cotta Saltillo floors expand throughout the living space creating an authentic rustic appeal. The kitchen highlights the hand-carved wooden cabinets, a mosaic tile backsplash, double ovens, and an inviting eat-in area overlooking the great room living space. The living area is designed to maximize breathtaking views, with large windows framing Troon Mountain, Pinnacle Peak, and the McDowell Mountains. A grand beehive fireplace anchors the room adding warmth and charm, while a wet bar adorned with copper detailing provides an ideal spot for entertainment. This meticulously designed home features three-bedrooms all with ensuites, offering comfort and privacy, plus a generously sized office. The primary suite is a haven for relaxation with inviting fireplace, wrap-around private balcony, and spa-like bath. A backyard oasis providing awe-inspiring views, infinity-edge pool, expansive covered patios, an additional fireplace, and plenty of seating areas for relaxing or hosting guests. Enjoy proximity to Troon Country Club, renowned hiking trails such as Tom's Thumb, and the unmatched beauty of the desert! Plus, an array of nearby world-class golf courses, West World, shopping and dining destinations. *Included in the sale is Parcel #217-02-851 to protect your serene views and privacy*

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6711 E Camelback Road Unit 41 Scottsdale, AZ 85251

$2,150,000

3 Beds

2.5 Baths

2,626 SqFt

Status Active Under Contract

MLS # 6754353

Property Type Townhouse

Price Type --

Beautifully remodeled & ready for a discerning buyer! This gorgeous townhouse is located on the best lot in coveted Pavoreal...a guard-gated luxury community just two blocks from Old Town Scottsdale. This bright & airy townhome boasts vaulted ceilings, an open floorplan with European Oak hardwood floors, a gourmet kitchen with high-end appliances, a stone-clad fireplace, built-in bookshelves, a sueded leather paneled wall & a glass & steel balcony enclosure. The designer-furnishings are top-of-the-line, stylish and comfortable. The 2 outdoor spaces are perfect for any time of day & each includes a charming water feature....the rear patio offers a cozy fireplace. Walk to some of the Valley's best shops, restaurants and night life!

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4142 N Golf Drive Buckeye, AZ 85396

New

$2,150,000

4 Beds

4.5 Baths

4,618 SqFt

Status Active

MLS # 6760081

Property Type Single Family Residence

Price Type --

Luxury has a new address and it's right here in the Heart of the Main Street District of Verrado. Location, Location, Location... Situated on the 1st hole of the Founders Course at Verrado Golf Club and within close proximity to the Clubhouse and city center. Here you will find the convenience of shopping, dining, community workout facility and pools. Truly an iconic Verrado location. This immaculate custom residence features the finest quality materials and craftsmanship from Salcito Custom Homes, a renowned custom home builder in Arizona. This 4,600+ sqft home offers an open airy floorplan with split master bedroom, private center courtyard and three guest suites all with their very own walk-in closets and bathroom. Gorgeous hand-scraped hardwood floors flow throughout this sprawling authentic Spanish Territorial Ranch. The heart of the home is the exquisite Gourmet Kitchen fully equipped with Professional Viking Stainless Steel Appliances, custom made cabinetry, gorgeous granite countertops, walk-in pantry and bar. This luxurious home exudes class and sophistication in every room, no expense was spared in the design of this custom masterpiece. You will marvel in the beauty of the backyard retreat as it truly has it all... Amazing breathtaking views of the surrounding Mountains and Golf Course. This home offers some of the most picturesque sunsets in the entire valley. An entertainer's paradise this home can be controlled from your iPhone or Smartphone, adjusting the music on the fully integrated sound system, turning on the pool light, changing the temperature or arming the security system. This home was designed to enjoy year-round, simply stunning. Paradise has no limits... Inquire today about scheduling a private tour of this home.

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10465 E Rising Sun Drive Scottsdale, AZ 85262

$2,150,000

4 Beds

4.5 Baths

3,248 SqFt

Status Active

MLS # 6716947

Property Type Townhouse

Price Type --

Mountain Golf Membership available with NO wait! Fully furnished! Best Location in the Haciendas on the lush, grassy greenbelt leading to private Village pool and workout complex. This fully furnished Paloma plan is the largest - 4 bedrooms, 4.5 baths with designer touches, custom window coverings - Repainted throughout to lighten interiors - new neutral window treatments and auto shades in great room. Gorgeous landscape pots added to outdoor patio areas - private spa off Master. Kitchen with knotty alder cabinets and Viking appliances, granite countertops, center island with seating. Guest Suites have walk-in closets. Upper level guest casita with kitchenette. This gorgeous home is in pristine condition. 30 day application process for memb approval.

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902 E San Angelo Avenue Gilbert, AZ 85234

$2,150,000

5 Beds

4.5 Baths

4,693 SqFt

Status Active

MLS # 6743031

Property Type Single Family Residence

Price Type --

Gorgeous Remodel! Every detail provided in this Stunningly Beautiful 5 Bedroom, 4.5 Bath Victorian Farmhouse! Including lighted Regulation PICKLEBALL COURT, Workout Room complete with Infer-red Sauna. Large Half-Acre Lot with N/S exposure, circular drive entry, mature trees and gorgeous porch in the sought after Circle G Ranches. $600K in upgrades/ improvements. The step-down Office with its own fireplace sits right off the entry. The Kitchen is a masterpiece of design- 2 islands (1 marble and 1 butcher block) 4 Wolfe ovens, 6 burner gas stove/ grill & custom hood, Sub-zero refrigerator/ freezer w/ custom doors, 31'' under counter microwave, Bosch dishwasher, 2 pantries, wine refrigerator w/ 2 cold drawers. Separate Dining Room and Breakfast area. Living Room has wood burning fireplace. Spacious Game/media room w/cauffered ceiling, surround sound and custom barn doors. Downstairs Master Suite features double sink butcher block vanity, large tile shower, claw foot vessel tub, towel warmer and custom designed closet. All 4 additional bedrooms have walk in closets and ensuite- 2 share a Jack & Jill. Large Laundry room has Sub-zero refrigerator, cabinets and work space, sink and walk-in pantry. Backyard is an entertainers dream including beautiful ramada, built in BBQ, newly rebuilt private pool and spa, recently added pickleball court, fire pit, new turf play area with a wonderful shaded area compliments of two mature Ficus trees and multiple fruit trees. Oversized 3 Car Garage with epoxy coated flooring, Pro-Slat walls to hang equipment, steel cabinets and pull down stairs to attic storage. A phenomenal find in this lush BEAUTIFUL Circle G Ranch neighborhood! *Regulation size Lighted Pickleball Court *Fruit Trees include: Tangelo, Orange, Grapefruit, Lemon, Lime *Pentair Pool Equipment *MPulse Infer-red Sauna *Insta- Hot Water in Kitchen *ARO Water Filtration system *Turf in Backyard *Windows all replaced and have a Lifetime Warranty !! Remodel - Upgrades and Improvements over $600,000!!

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14828 N 15th Avenue Phoenix, AZ 85023

New

$2,150,000

7 Beds

4.5 Baths

6,072 SqFt

Status Active

MLS # 6765619

Property Type Single Family Residence

Price Type --

Where to begin? Let's start with the prestigious guarded Coral Gables Estates. Over 1/2 a mil spent in renovations... $80k in gorgeous doors & wall sliders, $100k in new windows & shutters, charming new front facade where you can find serenity with your new Koi pond. Downstairs features a brand new light & bright gourmet kitchen, 2 family gathering areas, 3 dining options, a half bath, full bath, study, large laundry/mud room, soaring ceilings and a beautiful primary. North side of property has stairs leading to a private bedroom. The south side features a loft plus 4 bedrooms and 2 bathrooms. Want to spend a little family time out back? Maybe enjoy your sparkling pool, BBQ, Ramada, firepit, large grass yard or the new sport court. And since 1 Koi pond is never enough...you get 2. Enjoy!

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7175 E Camelback Road Unit 702 Scottsdale, AZ 85251

$2,150,000

2 Beds

2.5 Baths

2,041 SqFt

Status Active

MLS # 6696924

Property Type Apartment

Price Type --

Luxurious 7th floor living awaits in this remarkable 2-bedroom plus den, 2.5-bathroom condominium, nestled within the prestigious high-rise towers gracing the Scottsdale Waterfront. Natural light floods the open-concept living room and kitchen, accentuating the seamless flow of the space. The kitchen is a chef's dream with Viking appliances, ample storage space and magnificent views. The large private balcony allows you to enjoy the beauty of Arizona with unobstructed views of Camelback Mountain and Papago Park. The primary suite is a serene retreat, boasting a ensuite bathroom with dual vanities, a deep soaking tub, separate glass-enclosed shower and large walk in closet. The generously-sized second bedroom ensures comfort and privacy, with a full bathroom and two large closet The den provides a comfortable place to relax or can be set up as an additional sleeping area. All windows have one touch motorized window shades. Scottsdale Waterfront is a full service building. Amenities include a 24hr concierge, valet, rooftop pool, fitness center, massage rooms, community meeting space, dining room, kitchen and private wine locker. The unit includes two assigned parking spaces and storage unit. Walking distance to Scottsdale Fashion Square, Old Town Scottsdale, restaurants and shopping.

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3898 N Camino Ojo De Agua -- Tucson, AZ 85749

$2,150,000

4 Beds

4 Baths

4,179 SqFt

Status Active

MLS # 6752129

Property Type Single Family Residence

Price Type --

A breathtaking architectural marvel nestled into the Agua Caliente Hill of Tanque Verde. Behold the sweeping city lights, mountain views and glorious sunsets from every window & terraced patios. Built on a ridge atop 3.2 private hillside acres, you'll leave the urban crowds behind. No HOA opens up vacation rental opportunities. The home has been meticulously renovated over the past 4 years w/ Thermadore appliances, lux finishes & maple wood floors giving the home a fresh, luxurious and welcoming vibe. The negative edge pool will make you feel like you're living in a resort! Don't miss the elevator, floating vanities & toilets/bidet, central vac, new windows and doors, freshly paved driveway, designer ceiling fans, Quartz counters, double oven, 48'' fridge/freezer, pot filler & much more! Enjoy many outdoor recreational activities with both the Agua Caliente Hill South Trailhead and the Agua Caliente Regional Park just moments away.

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4131 E San Miguel Avenue Phoenix, AZ 85018

$2,150,000

4 Beds

2.5 Baths

3,288 SqFt

Status Active Under Contract

MLS # 6652702

Property Type Single Family Residence

Price Type --

Location is everything! Nestled in Marion Estates, this updated ranch is located on a premium half-acre lot offering breathtaking views of Praying Monk and Camelback Mountain. The 3,288 sq ft home features 4 bedrooms and 2.5 baths. Once inside, you are greeted by a stunning view through the 15ft glass sliders, enhancing the connection between indoor and outdoor living. The spacious backyard includes a sparkling pool, a built in outdoor BBQ area, and a low-maintenance turfed space with potential for expansion. The charming kitchen is equipped with high-end Viking appliances, custom cabinetry, and marble countertops. The layout includes an open-concept great room, dining area, and a cozy den with a gas fireplace, perfect for intimate gatherings. The spacious primary suite is a true sanctuary, featuring an oversized shower, a luxurious soaking tub, and extensive walk-in closets. Additionally, there are three generously sized bedrooms, each with ample closet space. Location-wise, this home is in the coveted Hopi school district and just minutes away from Phoenix's hottest corner, 44th and Camelback - home to the new Global Ambassador Hotel. Suns training facility and renowned shops and restaurants. Please see documents for more information about recent upgrades.

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11796 W Creosote Drive Peoria, AZ 85383

$2,150,000

4 Beds

3.5 Baths

4,074 SqFt

Status Active

MLS # 6716808

Property Type Single Family Residence

Price Type --

Welcome to your Toll Brothers Costellana with a Casita, a luxurious sanctuary of modern living. With its striking stone veneer facade and 12'' ceilings, this home exudes elegance from the moment you step through the door. Plank tiled flooring guides you through the spacious interior, leading to the heart of the home: the gourmet kitchen. Quartz countertops, a 48'' Wolf Dual Range Stove, and a built-in Sub-Zero refrigerator-freezer elevate the culinary experience. A 15' pocket door slider seamlessly merges indoor and outdoor living, revealing a backyard oasis complete with a saltwater heated & cooled pool, spa, and outdoor kitchen. With four bedrooms, including a private casita, and a master suite boasting French doors, a freestanding tub, and dual shower heads, every inch of this home exu Extended Kitchen: Wolf Gas 48 Dual Fuel Range 4 Burners, Infrared Charbroiler and Infrared Griddle. Double Oven. Built in 48 Sub Zero Side by Side Refrigerator/ Freezer with Internal Dispenser. Under and above Mounted LED Lights. Kitchen Aid Dishwasher, Trash Compactor. Garden Porcelain Sink. With Brass Faucet. Kitchen Island with Quartz Counter Tops. Smooth Close Drawers. Subway Tiled Backsplash. 1 Bedroom Casita: Wet Bar with Built in Refrigerator Shower. Separate Entrance. 2 Den / Offices, One with 8ft Class French Doors. The other with Barnyard style Doors. Spare Bedrooms have walk in closets. Great Room Has Wood Style Beams 12 Ft Ceilings. Master Bedroom Has 8ft Rench Doors to the Patio. Plank tyle. Walk in Closet with built in Drawers. Master Bathroom has Bidet. Dual Head Shower with a Rain Head. Free standing Tub. Dual Sinks with Vanity. There are French Doors off the Breakfast Nook. Back yard Patio has Electric Heaters. Built in BBQ with an Evo Grill. Motorized Awning Salt water heated and Cooled pool and Spa. Travertine tiled Back yard with Synthetic Grass. 4 car Garage Has EV out let for a Charging station, Racks Built in Cabinets Water Softener.

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