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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12411 N 133rd Place Scottsdale, AZ 85259

$2,100,000 - 4Br/5Ba -  for Sale in Scottsdale Mountain, Scottsdale
New
$2,100,000
4 Beds
4.5 Baths
4,596 SqFt
Status Active
MLS # 6758712
Property Type Single Family Residence
Price Type --
Panoramic views of majestic McDowell Mountains surround this luxurious custom home with soaring 11' ceilings and oversized windows. Nestled in the exclusive enclave of Scottsdale Mountain Summit, the double-gated, extensively updated home is an entertainer's paradise with wrap-around balconies and heated salt-water pool. Formal living room, dining room, and family room with fireplace flow from a gourmet kitchen to complete this contemporary floorplan. All four bedrooms offer private ensuites, including a lower-level suite with kitchenette and pool access. Bonus office or bedroom. Designer light fixtures and curated landscaping add to this home's mountainside elegance. Community perks include pickleball, tennis, a spa and 24-hour security. Fine dining, golf, and top-rated schools!

4632 N Regent Street Buckeye, AZ 85396

$2,100,000
4 Beds
4.5 Baths
4,394 SqFt
Status Active
MLS # 6682296
Property Type Single Family Residence
Price Type --
This is your opportunity to build an exquisite custom home in Verrado. Either design your own custom dream home with us, or build this home already specifically designed for this unique property, boasting a captivating great room floor plan and situated on an expansive, 2/3 acre lot, providing the perfect canvas for your vision of luxury living. With the unique opportunity for the buyer to choose all finishes, this remarkable residence promises an unparalleled level of customization and sophistication. Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. Viking appliances and a pot filler adds an elegant touch to the culinary experience, while the presence of a butler pantry with a separate food prep area allows for seamless organization and efficiency. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, icemaker, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. An outdoor wood-burning fireplace sets the stage for cozy gatherings on cool evenings. The centerpiece of the outdoor area is the stunning 25x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. For effortless entertaining, a wet bar area is thoughtfully incorporated, complete with a sink, refrigerator, and icemaker, ensuring that refreshments are always close at hand. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision and experience the epitome of elegance and refinement in this remarkable custom home. This amazing custom builder offers ICF construction and a Tesla Solar Roof System as affordable options to ensure your. home is net zero

10006 N 57th Street Paradise Valley, AZ 85253

$2,100,000
5 Beds
4 Baths
4,922 SqFt
Status Active Under Contract
MLS # 6749656
Property Type Single Family Residence
Price Type --
Investment Opportunity in Prestigious Paradise Valley! Fixer Upper / needs repairs - incomplete renovation and sold As-Is. Perfect for those looking to flip or who want to create your custom luxurious home with a blank canvas for your backyard oasis! Rare chance to own a contemporary-style home on 1.1 acre in Country Club Acres. No HOA. 5 bedrooms, 4 bathrooms, a spacious deck with stunning Camelback Mountain views. Concrete slab on side yard for RV parking. Open-concept kitchen with walk-in pantry, Viking and Wolf appliances, complemented by a floor-to-ceiling slate gas fireplace, Lutron lighting throughout, and surround sound. Two large laundry rooms upstairs and downstairs. Huge lot ideal for a casita or guest home in case extended family needs a private residence on site! Create your luxurious oasis in Paradise Valley within minutes of the new Ritz-Carlton Residences & Resort and The Palmeraie....a $2 Billion Dollar luxury development on 30 acres with over 100 boutiques and more than 12 restaurants. Adjacent to the Ritz-Carlton Paradise Valley Resort is a destination experience that owners and guests will enjoy... a true game-changer for Scottsdale and Paradise Valley! Paradise Valley is known for luxury golf courses, shopping, real estate, and the restaurant scene. Welcome Home!

42020 N Old Stage Road Cave Creek, AZ 85331

$2,100,000
5 Beds
4.5 Baths
4,535 SqFt
Status Active
MLS # 6699618
Property Type Single Family Residence
Price Type --
Looking for privacy and seclusion? This is it! Paved roads, peaceful, quiet, Cave Creek wash frontage, gated entry estate on 5 acres with no HOA, horse privileges, 250x150 horse arena. Horse and hiking trails of the property. Enjoy stunning sunsets and views of Elephant Butte Mountain, high Sonoran Desert with Saguaros, only 30 miles from Sky Harbor airport. Great multigenerational home, single story, main house feature 3 bedrooms, game room, 3.5 baths, attached guest house with separate entrance feature kitchenette, great room, 2 bedrooms with private patios and full bath. Completely renovated and move in ready, Seller invested $700K in property renovation, including new metal roof, Anderson windows, new Trane HVAC master side, new gas water heater... Gourmet kitchen with White Shake cabinets, quartzite countertops, GE Monogram appliances, all baths renovated with beautiful tile work. Extended detached 4 car garage with plenty storage. Resort style backyard, Pebble Tec Pool, hot tub, desert landscaping, multiple covered patios. Private well, low property tax, rattle snake proof yard, garden, chicken coop and more...Fruit trees: Pomegranate, Apricot, Apple, Peach, Plum, Fig and all kinds of citrus trees (lemon, orange, lime, grapefruit)... Great vacation rental property. Hurry, this property rare to find and will not last long!

3502 N 35th Place Phoenix, AZ 85018

$2,100,000
5 Beds
4.5 Baths
3,698 SqFt
Status Active Under Contract
MLS # 6654984
Property Type Single Family Residence
Price Type --
BACK ON MARKET! Ignore days on market - Buyer's contingency expired. Great opportunity to own our BEST selling floorplan in a GREAT location! New comp by Thomas James Homes, build to suit/purchase at 3309 E Clarendon, home is still under construction, further increasing the property values in the neighborhood! Look no further than 3502 N 35th Place! This stunning luxury residence boasts 3,698 square feet of single-story living space, meticulously crafted with the utmost attention to detail. Situated in a prestigious neighborhood, this NEW CONSTRUCTION home offers the epitome of modern elegance and sophistication. As you step through the grand entrance, you'll be greeted by an expansive floor plan adorned with luxurious finishes and designer touches throughout. The spacious living area is bathed in natural light, creating an inviting atmosphere for relaxation and entertainment. The gourmet kitchen is a chef's dream, boasting top-of-the-line appliances, custom cabinetry, and a large island with seating. From casual breakfasts to formal dinner parties, every meal is a culinary delight in this stunning culinary haven. Entertain in style in the spacious bonus room, where endless opportunities for fun and relaxation await. Whether hosting game nights with friends, enjoying family movie marathons, or needing an extra space for the kiddos, this versatile space is sure to be the heart of the home. Retreat to the luxurious primary suite, where serenity and comfort await. Featuring a spa-like ensuite bathroom and a walk-in closet, this private sanctuary offers the perfect retreat at the end of the day. Guests will feel pampered in the attached casita, complete with its own entrance and bathroom. Whether it's hosting overnight visitors or providing a private space for extended family members, this versatile accommodation ensures comfort and privacy for all. Outside, the oversized lot provides ample space for outdoor living and entertaining. Relax on the covered patio, dine al fresco under the stars, or soak up the sun in the beautifully private landscaped garden oasis. Complete with an outdoor kitchen and swimming pool - the possibilities are endless. Additional highlights of this remarkable home include a convenient three-car garage, providing ample space for parking and storage and ready to accommodate an electric vehicle. This home is sure to carry you through all stages in life! Experience luxury living at its finest in this exquisite new construction home. With its unparalleled craftsmanship, premium amenities, and prime location, this is truly a once-in-a-lifetime opportunity to own the home of your dreams. Don't miss out on your chance to make this spectacular residence yours! Set up your private tour today.

22954 E Ivanhoe Street Mesa, AZ 85212

$2,100,000
5 Beds
4 Baths
4,383 SqFt
Status Active
MLS # 6657744
Property Type Single Family Residence
Price Type --
Back on the Market - Buyer Didn't Perform! This is your renewed chance to own an exquisite 5 bed, 4 bath custom new build in Mesa! Set on an acre of land with NO HOA, this home radiates exclusivity & elegance, complete with stunning mountain views. The low-maintenance turf lawn invites you into a space defined by vaulted ceilings, hardwood floors & open floor plan. Chef's kitchen with quartz stone countertops, professional grade stainless steel appliances & double islands. Disappearing sliding glass wall leads to your private backyard oasis, ready for your personal touch—seller, a seasoned contractor, will provide a custom quote! Plus, enjoy a 4-car garage with 14ft ceilings allowing a lift, and pre-wired for electric charging. Don't miss out on this unparalleled craftsmanship and luxury!

4639 E Mountain View Court Phoenix, AZ 85028

$2,100,000
4 Beds
3.5 Baths
3,563 SqFt
Status Active
MLS # 6750469
Property Type Single Family Residence
Price Type --
Experience the height of luxury in this stunning Arizona estate, perfectly positioned across from prestigious Paradise Valley. Step into a beautifully crafted home with rich wood floors and an open layout ideal for both grand events and cozy gatherings. The gourmet kitchen features premium Wolf appliances, including double ovens and a griddle, alongside a Subzero Refrigerator and Freezer. The elegant quartz island, white cabinetry, and spacious walk-in pantry create a chef's paradise. The dining room is elegant and open, and the home includes three generous bedrooms in one wing, including a guest suite with a private bath. primary suite, located in its own wing, features a sophisticated office and a convenient half bath. Additional versatile spaces include a second office and playroom. The well-appointed laundry room provides ample storage and a practical drop zone.Embrace the ultimate in Arizona luxury, where elegance, comfort, and prime location create your dream home. The sunlit great room offers panoramic views of Camelback Mountain through 10-foot sliding doors, leading to an exquisite outdoor space. Misting System on patio to cool you off in the summer heat! There's even room for a sports court or additional seating. Enjoy a patio with a bar, built-in barbecue, and refrigerator, overlooking a sparkling poolperfect for embracing Arizona's indoor-outdoor lifestyle. Close to golf courses and can walk to shopping and restaurants.

6413 N 31st Street Phoenix, AZ 85016

$2,100,000 - 3Br/4Ba -  for Sale in Biltmore Hillside Villas Lot 1-75 Tr A-g, Phoenix
Open House
New
$2,100,000
3 Beds
3.5 Baths
3,600 SqFt
Status Active
MLS # 6761884
Property Type Single Family Residence
Price Type --
Welcome to this timeless, contemporary, and completely reimagined Biltmore Hillside Villa, boasting over $500K in interior/exterior renovations and premium upgrades. Step inside and be greeted by soaring ceilings that offer bright, natural light throughout the open living spaces. Discover the thoughtfully and totally reconfigured kitchen, featuring a massive center island, state-of-the-art appliances, gas cooktop, custom hood, and a window package with manual, remote, and smart-controlled operation. The elegantly designed wet bar with oversized wine fridge, ice maker and sink provide ample space for additional entertaining. An oversized walk-in butler's pantry has been added and includes a center island for additional storage and convenience. Oversized Belgian bluestone tile flooring leads you to the updated bonus room and completely transformed powder room. Upstairs you'll find additional, significant renovations and upgrades, including the conversion of a Jack and Jill bath into private en suites, and ample walk-in closet spaces. The conveniently located and oversized laundry room includes an abundance of floor-to-ceiling cabinetry and built-in storage. Enter the luxurious primary suite with its spacious walk-in closet and indulgent, spa-like bathroom, complete with coffee bar and beverage fridge. The jaw dropping oversized shower, soaking tub, vanities, and makeup station provide the ultimate retreat for relaxation and rejuvenation. The serene backyard has been completely transformed into a peaceful retreat with new pool, elegant limestone decking, turf accents, and newly built gas BBQ station, perfect for quiet relaxation or private outdoor entertaining. Recap the day, tell stories, and share memories by the new built-in gas firepit or under the covered patio. 24/7 guard-gated security; exclusive access to hiking trails on Piestewa Peak; minutes from the Biltmore Resort, golf courses and new clubhouse, and some of the Valley's hottest and world renown restaurants and retail destinations; adjacent to Paradise Valley, yet centrally located with easy access to SR-51, Downtown Phoenix, North Scottsdale, Old Town Scottsdale, and Phoenix Sky Harbor Airport. Just to name a few, these are some of the reasons this highly sought-after community is the ultimate in luxury living.

4900 E Mountain View Road Paradise Valley, AZ 85253

$2,100,000 - 3Br/3Ba -  for Sale in Mountain View Estates Replat, Paradise Valley
Open House
$2,100,000
3 Beds
3 Baths
3,282 SqFt
Status Active
MLS # 6758827
Property Type Single Family Residence
Price Type --
Rare architectural home in Paradise Valley's Mountain View Estates. Privacy is paramount with the large amenity-rich lot, unmatched serenity in mature landscaping, mountain views, and a sparkling pool. The home boasts modern forms designed by John Rattenbury of Taliesin Architects, a prolific force in carrying on Frank Lloyd Wright's legacy. The split floor plan lends itself to privacy, along with oversized spaces that further the luxury narrative. Large expanses of glass connect you to the lush landscaping, growing the home visually beyond its walls. A chef's kitchen, full wet bar, and oversized patio with built-in grill and bar seating are just a few of the ways to entertain guests at this lavish property. Scottsdale schools, low property taxes, ample room to expand; simply perfect!

8724 E Regina Circle Mesa, AZ 85207

$2,099,999
5 Beds
5.5 Baths
5,375 SqFt
Status Active
MLS # 6720038
Property Type Single Family Residence
Price Type --
WON ''BEST ON TOUR''! FALL IN LOVE and perfectly situated in one of the most prestigious estate sections in the award winning resort community of Las Sendas, your paradise awaits. This stunning property offers the most amazing views of both the mountains and the sparkling city lights! Custom home with an open and bright floorplan, soaring ceilings, chef's kitchen, high end professional grade appliances, 6 burner gas range, pot filler, sleek oversized stone island, stone backsplash and custom hardwood cabinets. Formal living room is an entertainer's delight with grand fireplace plus large formal dining room with built ins. Huge state of the art custom sound proofed room with separate entrance off garage, plus $15,000 professional system. The primary retreat overlooks the resort like backyard and features tray ceilings and spacious seating area.The relaxing primary bath showcases stone dual vanities, oversized stone enclosed soaking tub and separate spa-like shower. Generously sized secondary bedrooms with walk in closets, en-suite bathrooms complete with stone vanity and floors. Seller spared no expense with the climate controlled glass enclosed home gym in garage. The separate state of the art sound proofed bonus room can be used as a man cave, hobby room or the flexibility of converting it into a casita next-generational home. The interior courtyard atrium is perfect for morning yoga, meditation or movie night. Immerse yourself in resort-style living and step outside to your backyard oasis featuring lush colorful landscaping, native Saguaro cacti, large covered brick paver patio and relaxing spa that spills into the pebble-tec sparkling pool. After a long day it will be time to unwind around the cozy outdoor gas fireplace and that's when you've realized you are home! There is room to expand the backyard of your dreams beyond the fence. Las Sendas golf club is an award winning, 18-hole championship course designed by Robert Trent Jones, Jr. sitting 2000´ above the Phoenix skyline and entire valley. The views from every hole are breathtaking and add to the ambiance of play. This true desert design offers challenges to test all levels of play, member exclusive events, social programs and all the amenities one would expect from a great club. Las Sendas offers casual restaurants with al fresco dining, cutting edge workout facility, spa services and so much more. Make this exquisite estate your home today.

25635 N 47th Drive Phoenix, AZ 85083

$2,099,999
6 Beds
4.5 Baths
4,806 SqFt
Status Active
MLS # 6715717
Property Type Single Family Residence
Price Type --
BEST VIEWS IN THE WHOLE WEST VALLEY!!! This is my all time Favorite! This is the most Private ESTATE sitting on top with views of the whole Mountain Range! It takes my breath away!It has everything a property has to offer tucked away in Saddle View Estates with no HOA. It is a Fortress of an Estate. Everything is newer and meticulously kept. Including Owned $80k solar! 2000sf 5 car oversized enormous garage with storage rooms, Newer Roof, Upgraded AC's electronic air filters, Activic Air Scrubbers. New Anderson Windows, new clothes W/D, new kitchen appliances, new whole house filtration, new hot water heaters x2, new toilets, new Pentair water softner, New whole house copper plumbing. New pool pebble Tech surface, filter, pump, propane htr, multi-colored pool light, wireless Pool control The upgraded AC's have electric air filters, and Activek Air Scrubbers, 5yr service plans, new garage Epoxy floors,

6107 N 175th Avenue Waddell, AZ 85355

$2,099,990 - 4Br/4Ba -  for Sale in Tara Estates, Waddell
Open House
$2,099,990
4 Beds
3.5 Baths
3,729 SqFt
Status Active
MLS # 6753671
Property Type Single Family Residence
Price Type --
Welcome to a masterpiece of contemporary design This exceptional luxury modern farmhouse on 1 acre offers a harmonious blend of sophistication, comfort, and natural beauty, promising a lifestyle of unparalleled elegance and tranquility. The main house of 3729 livable square feet holds 4 bedrooms, 3.5 bathrooms , a Casita with 2 bedroom 1 full bath and a Loft with 1 bedroom, 1 bathroom. Totaling 5,934 sqft aproximately livable area Construction made with ICFs (Insulated Concrete Forms), 10'' flat ceiling throughout. The open-concept floor plan flows seamlessly from elegant entryway to the spacious Kitchen and family room with natural light. The gourmet kitchen is a chef's dream, sleek quartz countertops, and custom cabinetry that effortlessly blend modern convenience with farmhouse charm. Entertain guests in style in the elegant dining area or gather around the cozy fireplace in the adjacent living room for intimate gatherings and lively conversations. Retreat to the lavish master suite, where luxury abounds with a spa-like en-suite bathroom, shower, walk-in closets. Additional bedrooms, guest house, and versatile living spaces provide ample room for guests, while a dedicated home office offers a serene environment for remote work or creative pursuits. Outside, the grounds invite you with endless opportunities for relaxation and recreation day and night. Lounge by the sparkling pool, take in the peaceful sounds of the pool waterfalls, dine al fresco under the extended covered patio, From the patio go upstairs to the balcony to the soaking in the beauty of the starlit sky. Don't be afraid to walk barefoot all summer long because these travertine title never get hot. Plenty of room in the 4 tandem car garage and RV Garage Conveniently located just minutes from Glendale Westgate world-class dining, shopping, and entertainment options, this modern farmhouse oasis offers the perfect balance of privacy and proximity to city amenities. Explore nearby hiking trails, golf courses, and cultural attractions, or simply unwind in the serenity of your own private desert retreat. Experience the epitome of luxury desert living in this exceptional modern farmhouse, where every detail has been carefully curated to elevate your lifestyle and exceed your expectations. Welcome home to your ultimate Waddell sanctuary. Across from the pool, the guest house of 1,005 livable square feet contains a full kitchen, living room, 2 bedrooms, 1 bathroom, and laundry room. The loft is under 1200 sqft and also has 1 bedroom, 1 bathroom, a kitchen, a laundry area with washer and dryer hook-up.

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