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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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
3,616 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.

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,

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.

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.

10040 E Happy Valley Road Unit 630 Scottsdale, AZ 85255

$2,099,000
4 Beds
5.5 Baths
5,069 SqFt
Status Active
MLS # 6752758
Property Type Single Family Residence
Price Type --
FULL GOLF Club membership comes at close of escrow. This updated home has breathtaking views with Pinnacle Peak as the backdrop with surrounding mountains and city lights. The property backs to one of DH 13 tennis courts, like having your own. The Spanish style home features a swank updated Primary suite, front courtyard with fountain, beamed ceilings, niches, arches, glass sliding doors, outdoor veranda heated pool, spa, outdoor kitchen, fireplace, and putting green. Club amenities include 18-hole Jack Nicklaus Signature golf course, 18 hole putting course, 7,700/sf Fitness center, 13 tennis courts (grass, clay & hard surfaced), Pickleball, bocce ball courts, fine and casual dining, walking paths. garden amenities, guard gated and security patrolled.

11440 E Autumn Sage Drive Scottsdale, AZ 85255

$2,099,000
4 Beds
3.5 Baths
3,375 SqFt
Status Active
MLS # 6721934
Property Type Single Family Residence
Price Type --
LOCATION, LOCATION, LOCATION! This beautifully appointed and well-maintained home is located at the top of the hill in guard-gated Cimarron Hills, in the highly desirable master-planned community of McDowell Mountain Ranch. The Enclave at Cimarron Ridge is 1.1 miles up the mountain. The newest homes in community were built in 2003 and the Enclave floor plan is one of the largest floorplans in the community. This thoughtfully designed open, split floor plan features a well-equipped kitchen with built-in refrigerator, double ovens, walk in pantry and counter seating. The owner's suite offers his and her vanities, separate jacuzzi tub and steam shower and a large walk-in Classy Closet. Bedroom 2 has an ensuite bathroom perfect for guests. The private, resort style backyard with pool, deck jets water feature, grass area, and new travertine decking has been beautifully updated with high-end features. The backyard is great oasis for entertaining or just relaxing, offering partial mountain views as well as complete privacy!!!

5426 E Palo Brea Lane Cave Creek, AZ 85331

$2,099,000
5 Beds
3.5 Baths
4,761 SqFt
Status Active
MLS # 6753335
Property Type Single Family Residence
Price Type --
Wow! Located on a large 13,000+ sq. ft. lot in Cave Creek's Montevista subdivision, this fully renovated Toll Brothers home has it all. From the BEAUTIFULLY landscaped grounds to the stairwell's STUNNING cascading chandelier, this modern 4,761 sq. ft. property is perfect for those who like to entertain! In addition to 5 bedrooms, 3.5 baths, & a well-appointed kitchen (featuring upgraded Jenn-Air appliances), the floorplan has an indoor/outdoor vibe. The living room enjoys a modern fireplace and expansive windows. Outside? There is a RESORT BACKYARD complete with multiple shaded structures, an outdoor kitchen, firepit, & a pool/spa! And best of all? This home is located in the gated community of Montevista (which spoils residents with a 5-acre park, basketball court, playground, & more).

7175 E Camelback Road Unit 902 Scottsdale, AZ 85251

$2,099,000
2 Beds
2.5 Baths
2,041 SqFt
Status Active
MLS # 6695128
Property Type Apartment
Price Type --
Step into luxury living at the exquisite Scottsdale Waterfront Residences, nestled in the vibrant heart of Scottsdale! Perched on the 9th floor, this residence boasts breathtaking views of Camelback complemented by an expansive balcony perfect for hosting gatherings and enjoying the Arizona sunshine. The kitchen is a culinary paradise, featuring top-of-the-line amenities such as a 100+ bottle wine refrigerator, Viking gas cooktop, Viking refrigerator, and a timeless tile backsplash, all seamlessly integrated into the open great room floor plan, ideal for both cooking and entertaining. Experience the epitome of convenience with the Waterfront's full-service building amenities, including 24-hour security, rooftop pool, fitness center and spa services. views, a sophisticated resident club room, a state-of-the-art fitness center, a versatile board room, a fully-equipped business center, and the added luxury of valet parking. Indulge in the ultimate urban lifestyle with the convenience of walking distance access to over 100 restaurants, world-class shopping destinations, and vibrant art galleries, ensuring every day is filled with excitement and possibility. Embrace the essence of the good life at Scottsdale Waterfront Residences, where luxury, convenience, and sophistication converge to offer a lifestyle beyond compare.

3770 S Bridle Path Flagstaff, AZ 86005

$2,095,000
4 Beds
3.5 Baths
3,455 SqFt
Status Active
MLS # 6723781
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury, comfort, and security in Troon managed Flagstaff Ranch GC. The home is a meticulously designed Luxury Mountain Modern home nestled on a prime Golf Course Estate Lot. The residence has an attached 800 SF Casita with full kitchen and separate entrance for guests and extended family. This single-level residence boasts 2 covered decks featuring a large gas fire pit overlooking the 5th fairway with views of San Francisco Peaks. The gourmet kitchen is equipped with Wolf, Sub-Zero and Asko appliances, Quartzite counters and a 100+ bottle wine cooler. The living room features a floor-to-ceiling oversized fireplace crafted from imported Pennsylvania Blue Stone. Exquisite custom lighting, fixtures, whole-house sound, security, lighting, and temperature control.

37268 N 110th Street Scottsdale, AZ 85262

$2,095,000 - 5Br/5Ba -  for Sale in Mirabel Village 8 East, Scottsdale
Open House
$2,095,000
5 Beds
5 Baths
5,217 SqFt
Status Active
MLS # 6758268
Property Type Single Family Residence
Price Type --
This North Scottsdale desert gem is a stunning retreat with a resort-style backyard. Situated on nearly an acre in a tranquil gated community, this 5 bed, 5 bath home boasts over 5,200 square fee of sophisticated living space designed to capture breathtaking views. The open floor plan features expansive windows, a chef's kitchen and main-level primary suite complete with a spa-like bath and sitting area with stone fireplace. Step outside into your impressive backyard, featuring a sparkling heated pool and spa, sport court, putting green, and built-in kitchen area with grill. The home includes countless upgrades such as custom iron doors, LED lighting, Lutron shades, Control 4 smart home technology, and 4-car garage with cabinets and epoxy floors. Just minutes from top golf courses

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