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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9175 N 82 Street Scottsdale, AZ 85258

Open House

$2,150,000

4 Beds

3.5 Baths

3,333 SqFt

Status Active

MLS # 6762990

Property Type Single Family Residence

Price Type --

SIMPLY STUNNING! Gorgeous, remodeled 4BD/3.5B home has soothing neutral tones & is versatile for so many decorating styles. Make it your own! A magnificent Chef's kitchen w/custom Thermal Foil cabinets, quartz countertops, Thermador SS appliances, incl sep full size freezer & fridge, 2 sinks, 2 dishwashers, 3 ovens, gas stovetop & much more! Beautiful white porcelain floors throughout w/lots of natural light & an abundance of windows! Exquisite 2 sided glass & marble FP, upgraded lighting, spacious BD's w/walk in closets & gorgeous updated baths! Primary BA w/walk-in shower & serene soaking tub. Private backyard w/sparkling pool, ramada & lg covered patio! Truly an exceptional beauty in the heart of Scottsdale! Close to walking/biking paths, restaurants, golf & shopping! Come be amazed!

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6145 E Yucca Street Scottsdale, AZ 85254

Open House

New

$2,150,000

5 Beds

3 Baths

3,852 SqFt

Status Active

MLS # 6755356

Property Type Single Family Residence

Price Type --

Rare opportunity to buy in Orangetree Manor! 1/2 acre corner lot with N/S exposure. Enter to soaring 22-ft ceilings + elegant travertine tile. The chef's kitchen boasts Viking gas cooktop, walk-in pantry, coffee bar, wet bar—ideal for entertaining. CONTROL4 system manages surround sound, security, and lighting. Primary includes vaulted ceilings, stone fireplace, + backyard access. The en-suite includes separate vanities, 2 walk-in closets, large tile shower, + separate soaking tub. Outdoors, relax w/ heated pebble tec pool + spa (2019), extended patio, new pavers, built in BBQ, mature landscaping/fruit trees, + basketball/sport court. New tile roof + stucco (2021) + 3-car garage w/ cabinets (2023), water filtration, soft water, + water heater recirculation pump. Minutes to PV + Kierland!

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9633 E Quarter Circle Loop Gold Canyon, AZ 85118

Open House

$2,150,000

4 Beds

3.5 Baths

3,894 SqFt

Status Active

MLS # 6730396

Property Type Single Family Residence

Price Type --

Beautiful new custom home located in Gold Canyon East at Barkley Ranch backing Golf Course on the 10th Green of the Dinosaur Course. Incredible views of the golf course. Fantastic finishes and details in the cabinetry, wood flooring, wood boxed beams on ceiling, marble tiled master bath, firepit and built in barbecue. The home surrounds a resort style pool with tiled Baja shelf and spa, stone finished columns with copper scuppers pouring waterfalls into the pool. Travertine pavered patios and pool deck with synthetic grass and firepit inside the fenced yard overlooking the 10th green of the golf course with beautiful views.

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9007 N 83rd Street Scottsdale, AZ 85258

Open House

$2,150,000

5 Beds

3 Baths

3,456 SqFt

Status Active

MLS # 6730910

Property Type Single Family Residence

Price Type --

WOW! Rarely available large BASEMENT home in McCormick Ranch has just been meticulously remodeled with elegant, modern stunning finishes! Open floor plan with 2 bed 2 bath up and 3 bed/1 bath down. Custom cabinets with high-end GE CAFE appliances, beautiful quartz countertop, 10' statement kitchen island, luxury vinyl plank flooring, amazing accent walls, elegant modern bathrooms with large format tiles and beautiful vanities, luxury LED lights, primary lavish walk-in shower with freestanding tub, and 2 laundry rooms! New tile roof and new roof coating! 2 AC units (2021&2022). 3-car garage w/ New Epoxy garage floor! Large backyard features mature trees, NEW BUILT pebble pool with travertine deck, new turf /rock landscaping, RV gate, and a large cover patio! Excellent 3-C schools nearby. Basement home is rare in the valley, and comparing to 2 story home, basement is naturally cool during the hot summer maintaining about 78 degree without AC kicking on often which saves a lot of energy cost. It's the perfect home for empty nesters living upstairs while having basement for kids or grandkids to visit or a growing family with privacy and space for teenagers. Below is the improvement list: - New built pebble pool built by Thunderbird Pool, featuring travertine deck, self-cleaning system, baja steps and umbrella stand - New luxury turf front and back by AZ Luxury Turf - new tile roof and new roof coating by Irish roofing - 2 Trane AC units 2021 and 2022 - new sump pump motor and lid in the basement - new water heater - new windows in the basement - new kitchen with high-end quartz - new luxury GE CAFE appliances and Sharp pull-out microwave - new Pot filler in the kitchen - luxury vinyl plank flooring and high end carpet - large format marble look tile in all bathrooms - LED recessed deco lights for stairs and shower niches - luxury steam fireplace in the basement - luxury 3-side fireplace on main level - Unique and luxury lightings and ceiling fans throughout - 3 car garage with new epoxy flooring - New paint inside and outside - Interior new smooth texture finish and all new trims

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11827 S Tuzigoot Court Phoenix, AZ 85044

$2,149,000

5 Beds

5.5 Baths

5,586 SqFt

Status Active

MLS # 6712624

Property Type Single Family Residence

Price Type --

Discover the epitome of Luxury Living in the prestigious Ahwatukee Custom Estates! Located in a Cul-de-Sac, this stunning Custom-Built Home was meticulously designed to blend elegance and functionality. Surrounded by the breathtaking mountains of South Mountain, this 5,586 sq. ft. residence offers an unparalleled living experience with hiking and mountain biking right out your front door to the Trails of South Mountain Park. Enjoy amazing Mountain Views from the Front Yard, Living Room, Game and Family Room, and Upstairs Bedrooms. With 2 Stories, this home boasts mature ash trees, an expansive lawn, and a prestigious front door leading to a sweeping landing and stairs. Perfect for formal entertaining, it features an elegant dining area, fireplace, and wet bar, all with views and access to the beautifully landscaped grounds. The kitchen, the heart of the home, is finely appointed with a massive island, pantry, spacious dining area, coffee port, baking center, ample counter space, and only the best appliances - Sub-Zero, Wolf & Dacor - making it ideal for entertaining and convenience. The Primary Suite, with City Light Views from the Bedroom & Balcony, includes a luxurious bathroom, a huge walk-in closet, a Toto Washlet Toilet and even a secret door for safe and easy access to the secondary bedrooms. The Family Room off the Kitchen is complete with an adjoining game room, cozy fireplace, TV setup, and easy access to the backyard, perfect for gatherings. The lush front and backyard are adorned with mature ash and beautiful palm trees, creating a Resort Style atmosphere. Located in a serene cul-de-sac, this home ensures peace and tranquility on a very quiet street. The backyard is a haven for fun and relaxation, featuring a built-in BBQ, lap & play pool, spa, outdoor shower, treehouse, trampoline, and ample seating and dining areas. An upstairs back patio with a circular staircase leads down to the main patio, enhancing the outdoor experience. This home is a paradise for sports and fitness enthusiasts. Enjoy a lap pool for swimming or water aerobics, a sport court for basketball, and a workout room with a full bath that opens to the lush yard. The expansive 4-car garage and RV gate provide ample storage and convenience. This home includes en-suite bedrooms for privacy, built-in office spaces for work-from-home or study needs, and thoughtful details like a laundry chute from the upstairs, wrapping area, and dog door, ensuring ease and comfort for all lifestyles. Experience the best of Ahwatukee living with these exceptional features!

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6240 E Ironwood Drive Scottsdale, AZ 85266

$2,149,000

5 Beds

4.5 Baths

5,005 SqFt

Status Active

MLS # 6731369

Property Type Single Family Residence

Price Type --

5000 sq. ft. luxury home in N. Scottsdale with 5 large bedrooms, office and rec room. Nature areas on 3 sides. Gated community. Sub-Zero fridge, Wolf cooktop and 2 Dacor ovens. Ramada with grill and burners, sink, fireplace, and music. Whole-house stereo system, 8-foot solid core doors. Security system with 8 4K cameras. Flooring in excellent condition (hardwood, travertine & carpet). Seller will grant buyer an allowance of $60,000 to make all flooring the same or use for other things. Must close by October 31, 2024 to get the allowance. Great value with lot that cost 200K more than others nearby, more square footage, fully-equipped ramada, brickpaver circular drive, and large pool. Highest rated school system (CCSD) in the state and K-6 school 1/2 block away. Nearby golf & hiking

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3446 N 47th Street Phoenix, AZ 85018

Open House

$2,149,000

4 Beds

3 Baths

2,563 SqFt

Status Active

MLS # 6742128

Property Type Single Family Residence

Price Type --

Architect Designed Home in the Heart of Arcadia. This property is a 2024 modern new build meticulously constructed and designed by an architect from the ground up. Blending organic neutral colors that complement the desert throughout the home. As you step inside, you'll be captivated by your gourmet kitchen, where vertical subway tiles elegantly line the walls and backsplash. The kitchen flows effortlessly into the inviting living and dining room, where a large fireplace mantel with beautiful designs stretches from floor to ceiling. The mantel has a smart picture frame TV that comes with the home. Engineered flooring runs throughout the home, complementing the designer appliances and gas burner stove and oven. A large centerpiece island with room for seating and a deep farmhouse sink finish the kitchen with excellence. The primary suite occupies the left side of the home, showcasing modern touches and a large walk-in closet. Practical features include a pantry perfect for Costco runs and a laundry room with counter space, a sink, and a side entrance. To end each day in style, you'll pull into your recently finished epoxy flooring garage, equipped with a large tankless water heater ensuring endless hot water. On the right side of the home, you'll find three rooms: One en-suite, a large second room and a versatile middle room, perfect for a nursery, office, or game room. Moving towards the backyard, large glass sliders connect you outside. Here, you'll discover over 600 sq ft of covered patio space, ideal for relaxing and entertaining. The backyard features a built-in BBQ with utility sink, a completely re-plastered pool with new pipes and built in seating is perfect for warm days. On the other side of the grass, you'll find an open side yard spacious enough for an RV, boat, or car. The front yard captures the essence of Arcadia living, offering a perfect spot to sit outside, watch the kids play, or take in the beautiful red rock views of Camelback Mountain. This opportunity won't last long. With the added value of the neighborhood, including two new builds priced at $2.5M+ just houses away, this home is a rare find. Welcome to your new home in Arcadia, where modern luxury meets timeless charm.

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8661 E Thoroughbred Trail Scottsdale, AZ 85258

$2,145,000

4 Beds

3 Baths

3,800 SqFt

Status Active Under Contract

MLS # 6740900

Property Type Single Family Residence

Price Type --

Experience this rare, meticulously renovated, 3,800 sqft. single-level dream home. The thoughtfully designed, split floor plan features 4 spacious bedrooms (including 2 en-suites), soaring 20+ ft vaulted ceilings & a versatile bonus room, ideal for an office or movie theater. The breathtaking interior is adorned with exquisite white oak & slim shaker cabinetry, hardwood floors, premium Italian appliances & new dual-pane windows. The custom tile-work in the kitchen, and bathrooms highlight the vision that has gone into every detail. The primary bath offers a spa-like retreat with an expansive splash zone, while dramatic fireplaces add warmth and style. Enjoy the stunning backyard oasis, perfect for entertaining poolside. Located minutes from the greenbelt, Mountainview Park & top schools.

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12459 N 116th Street Scottsdale, AZ 85259

$2,145,000

5 Beds

4 Baths

4,271 SqFt

Status Active

MLS # 6745021

Property Type Single Family Residence

Price Type --

FINALLY A FAMILY FRIENDLY FLOOR PLAN to satisfy family members & guests. UPDATED with new hardwood floors, kitchen & family room transforming this home to a light, bright, welcoming home perfect for everyday living & entertaining. Spacious Primary Suite boasts a sitting room & updated bathroom with two separate sink areas & 2 walk-in closets. That wing of the house features a Large bedroom or Bonus room plus another bedroom currently used as an office. Opposite are two additional large bedroom & 2 bathrooms. Bedroom # 5 bathroom also serves as a pool bathroom. Remodeled Kitchen has top of the line stainless steel appliances, double sinks, walk-in pantry. Family room also updated has a linear fireplace & wet bar opens to outdoor living. Entertaining is a Must Do with covered patio,

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11424 E Starflower Court Chandler, AZ 85249

$2,130,000

6 Beds

5.5 Baths

5,663 SqFt

Status Active

MLS # 6729571

Property Type Single Family Residence

Price Type --

Calling all car lovers and land lovers... This estate with a detached casita checks all boxes. This gorgeous home will not disappoint. The main house has a split floor plan with 5 bedrooms, bonus room and a private office upstairs. The kitchen offers a Subzero refrigerator, a Wolf 48'' range, 6 burner with flat top griddle, 2 sinks, 2 dishwashers, an oversized island overlooking a generous sized great room. Like to entertain? Enjoy a bar area with wine and beverage fridges. For the car enthusiast come check out the 42 foot extended, temperature controlled RV garage, a driveway plumbed with cleanouts, 30/50 outlets in driveway and inside garage. Why wait, come check it out today!!

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25031 N Paso Trail Scottsdale, AZ 85255

$2,124,500

5 Beds

4.5 Baths

3,974 SqFt

Status Active

MLS # 6690450

Property Type Single Family Residence

Price Type --

Lease Purchase Available! Nestled within the sought-after Happy Valley Ranch community, this southwestern residence offers a serene desert oasis in Scottsdale. Boasting 5 bedrooms, 4.5 bathrooms, and 3974 square feet of luxurious living space, it features an open floor plan flooded with natural light, elegant finishes, and modern amenities. The gourmet kitchen boasts sleek cabinetry, stainless steel appliances, and a spacious island. Master suite offers a spa-like ensuite bathroom and private balcony with breathtaking mountain views. Outside, the expansive backyard oasis includes a sparkling pool, covered patio, and lush landscaping, perfect for outdoor relaxation. With owned solar panels and a 3car garage, this home combines sustainability and convenience seamlessly

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34709 N 48th Street Cave Creek, AZ 85331

$2,100,000

4 Beds

4 Baths

3,304 SqFt

Status Active

MLS # 6663880

Property Type Single Family Residence

Price Type --

ABSOLUTELY STUNNING! This luxury custom built dream estate is a true masterpiece, designed as the ultimate entertainer's paradise or your own private oasis. Perfectly positioned on 2.51 acres to enjoy the breathtaking panoramic views that showcase Black Mountain and Elephant Butte Mountains. The heart of the home is the great room boasting 12' ceilings, fireplace, and 16' glass sliding doors leading to a beautiful screened-in patio. This inviting space is open to the dining room with coffered ceilings and custom beams and the gourmet kitchen with walk-in pantry, a generous granite counter island and large built-in table perfect for hosting gatherings. You'll find 4 spacious bedrooms each w/ walk in closets & 4 full baths. The 4th bedroom is a unique attached Casita w/ a living room, kitchenette and separate entrance w/ screened-in patio. The Master Suite is a luxurious retreat with an ensuite bathroom with spa-like features including a walk-in shower, soaking tub, his-and-her sinks, and a huge custom closet. Step into the backyard and discover your own private paradise complete with a heated 48' pool with 3 waterfalls, a baja shelf, and an electric pool cover, as well as an outdoor shower, half basketball court, firepit, artificial turf, walking paths that meander throughout the park like grounds and an observation deck perfect for enjoying your morning coffee or the spectacular Arizona sunsets. This one-of-a-kind home offers an air conditioned 3 car tandem garage with built-in cabinets and epoxy flooring as well as a fully equipped 48' RV garage. Additional features include a 14' RV gate, security system with night vision, a 5' x 8 1/2' flex room with barn door, extra storage space and too many other extras to list. Prime location with the best of both worlds with this beautiful horse property in a sought after neighborhood yet walkable and close to amenities. NO HOA. Immerse yourself in the Cave Creek lifestyle and make this extraordinary property your sanctuary. AN ABSOLUTE MUST SEE!

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