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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5000 N Camelback Ridge Road Unit 104 Scottsdale, AZ 85251

$2,070,000

1 Bed

2 Baths

1,698 SqFt

Status Active

MLS # 6674244

Property Type Apartment

Price Type --

Forget waiting for two years! Here's your opportunity to own a first-floor home with a walk-out terrace at Ascent at the Phoenician. This community resides walking distance to the premiere luxury resort - The Phoenician and neighboring hiking trails & breathtaking golf. You could move in as early as fall 2024! Unit 104 boasts a spacious open-concept floor plan with upgrades like a Bulthaup Kitchen equipped with light and airy finishes. The home also comes with Smart Home technology, along with top-notch Wolf, SubZero, and Asko appliances and 10 foot ceilings . A premium home theatre sound system is also on the list of upgrades you do not want to miss out on. With one bedroom, a den, and two bathrooms in a secluded location, you can enjoy stunning views from a pristine home like this one!

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12870 E Rosewood Drive Scottsdale, AZ 85255

$2,057,035

3 Beds

3.5 Baths

4,116 SqFt

Status Active

MLS # 6751025

Property Type Single Family Residence

Price Type --

Fabulous well-detailed one-story luxury home nearing completion in award-winning gated ''Community of the Year'' Rosewood Highlands at Storyrock with miles of nearby walking and hiking trails in Scottsdale's scenic McDowell Sonoran Preserve. Enjoy indoor/outdoor living w/20-ft wide Disappearing Wall of Glass, custom Andersen ''view windows'' & 12-ft ceilings on North/South cul-de-sac lot w/mountain views. Gourmet Kitchen w/upgraded cabinetry & custom features, authentic Marble countertops, large Island, 6-burner Wolf gas range w/large convection oven + 2nd convection oven, microwave, 48'' Sub Zero + wine ref! Professionally-designed w/wood flooring, custom iron/glass front door, Master Suite w/Marble + oversized shower & tub, ensuite Bedrooms, Den, Oversized 3-Car Garage & more. Must see!

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30989 N 77th Way Scottsdale, AZ 85266

$2,050,000

3 Beds

3.5 Baths

4,143 SqFt

Status Active

MLS # 6713596

Property Type Single Family Residence

Price Type --

This stunning home spans over 4100 sq ft, offering ample space for luxury high desert living. With 3 bedrooms +den and 3.5 baths, it provides the perfect retreat for a family or individuals seeking a spacious living environment. Recently remodeled, this home features high end 'wood like' tile flooring throughout, giving it a modern and elegant aesthetic. The kitchen is adorned with beautiful quartz countertops and equipped with Wolf stainless steel appliances and a Sub-zero refrigerator. The primary bedroom is oversized, offering enough space for a seating area and more. The bathroom has been remodeled, offering a luxurious and serene space for relaxation. There is a large walk-in closet off of the bathroom, with custom built-ins; in addition, there are 2 other closets in the main bedroom The home includes a 3-car garage equipped with a mini split AC. Additionally, the home has a beautiful pool that was just updated with new tile and pebble tech, the pool decking was all re-coated as well. In addition to there is also a hot tub, gas firepit (with seating area), and built in BBQ, this backyard is a beautiful oasis! The home also benefits from a newer roof and AC unit, ensuring comfort and peace of mind. Situated on a corner lot, this home offers picturesque mountain views, creating a serene and tranquil atmosphere. With all of its impressive features and recent upgrades, this home is a must see!!

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9130 N Hummingbird Trail Fountain Hills, AZ 85268

$2,050,000

4 Beds

3.5 Baths

3,100 SqFt

Status Active

MLS # 6752059

Property Type Single Family Residence

Price Type --

New construction with amazing views of Four Peaks & Redrock Mountain nestled in a quiet cul-de-sac near to Firerock Country Club! 3100 sf contemporary southwest home on 1+ acres. Open concept plan with soaring 12' ceilings in the great room, Bosch SS appliances with full size refrigerator, shaker style cabinetry, large kitchen island. Step outside to your sparkling pool and enjoy the beauty around you. In addition to the master suite there's 2 additional fully suited bedrooms and a den that is perfect for an office or additional bedroom. 4 car garage with 10' ceilings. Don't miss out on this opportunity to own a truly unique and beautiful property!

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28415 N 59th Way Cave Creek, AZ 85331

$2,049,995

5 Beds

4.5 Baths

4,030 SqFt

Status Active Under Contract

MLS # 6642004

Property Type Single Family Residence

Price Type --

To Be Complete fall 2024. Featuring a desirable open-concept floor plan, the McDowell is the ideal setting to complement every lifestyle. The spacious foyer opens immediately onto the expansive great room with alluring views of the rear covered patio. The pristine kitchen overlooks a bright casual dining area and is highlighted by a large center island with breakfast bar, wraparound counter and cabinet space, and an ample walk-in pantry. The splendid primary bedroom suite showcases a generous walk-in closet and serene primary bath that features dual vanities, a luxurious shower with seat, large soaking tub, and private water closet. Conveniently located off a sizable flex room, secondary bedrooms offer walk-in closets and private baths. A roomy office can be found off the great room.

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9216 W Via Del Sol -- Peoria, AZ 85383

$2,049,000

4 Beds

4.5 Baths

4,391 SqFt

Status Active

MLS # 6700538

Property Type Single Family Residence

Price Type --

Awarded BEST HOME ON TOUR! This extraordinary home located in one of the most desirable communities in North Peoria is truly a one of a kind! The home offers 4391 square feet and is situated on nearly half acre lot with a detached RV garage. As you step through the custom iron door you'll be greeted by a sense of elegance! Inside, the home boasts sophistication with model-like finishes and meticulous attention to detail throughout. Soaring ceilings and an abundance of natural light create an inviting ambiance, while a striking 90-degree corner sliding door seamlessly connect the indoor and outdoor living spaces. The heart of the residence, where the spacious open-concept kitchen awaits! Designed for both functionality and style, this kitchen is a chef's dream come true. You'll be captivated by the double-stacked cabinetry, providing ample storage space for all your kitchen essentials while adding a touch of elegance to the room, a 48-inch built-in fridge, expansive island and enormous pantry. Indulge in luxury living with this magnificent master retreat! The master suite offers spa like bath with an over sized dual shower, 6 ft soaking tub, dual vanities, morning bar, separate make-up vanity and massive closet thoughtfully outfitted with built in organizers. Step into your own private oasis as you discover the resort like backyard retreat. Complete with a refreshing pool and spa, custom outdoor kitchen, and lush landscaping, this space is designed for ultimate relaxation and entertaining. Beyond the backyard, a 30 x 51 detached RV garage provides ample storage for your vehicles, toys, and hobbies, catering to the needs of any outdoor enthusiast. No expense was spared on this meticulously crafted residence that is truly a masterpiece, offering the perfect canvas for luxurious living and entertaining. Don't miss your chance to call this exquisite property home!

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4810 N 43rd Street Phoenix, AZ 85018

$2,000,000

4 Beds

4 Baths

2,834 SqFt

Status Active

MLS # 6762643

Property Type Single Family Residence

Price Type --

In all my years in R.E., I have never seen a more meticulous, thought out, quality, over the top remodel. The final city building inspector declared it a new construction! Top of the line everything. As of 2020, new plumbing, new electrical including the panel, new roof, new AC including duct work, new flooring, new kitchen, owned solar in 2022, hardwired security and internet, reverse osmosis and soft water loop, low voltage recessed lighting, misting system with additional exterior gas stubs for firepits or exterior heaters, low E triple paned windows with auto retractable blinds, Thermador duel fuel gas stove top with electric range, LG Inverter lineage fridge. Dual head shower in primary bath. Storage building is wired and AC. House is clan with Hardie board concrete siding. See docum ent tab for details. Two safes, work out equipment, W&D, BBQ, Spa and additional range/oven available. Super insulated attic and walls (see documents tab in addition to the owners explanation of other details. List price is the 3/24 Appraised value.

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12 E Quartz Rock Road Phoenix, AZ 85085

$2,000,000

6 Beds

3.5 Baths

4,234 SqFt

Status Active

MLS # 6741441

Property Type Single Family Residence

Price Type --

Incredible home on over an acre corner lot w/stunning mountain views! You'll love the RV gate, RV parking space, & RV garage! The double ironwork door opens to discover two office spaces, pre-wired surround sound, plantation shutters, recessed lighting, modern ceiling fans, & an ample living room w/multi-sliders to merge the indoor/outdoor areas. Chef's kitchen delight features a breakfast bar, SS appliances, quartz counters, white cabinets, tile backsplash, handy pantry, & a center island w/pendant lighting. Grand main bedroom is ample enough for all your furniture, private backyard access, two walk-in closets, & a spa-like ensuite w/jetted tub, two vanities, & tiled shower. The oversized backyard has covered patio, built-in BBQ, outdoor bar, artificial turf, & lots of space. Must see This custom home is located on a corner lot! One of, if not the best, lots in the neighborhood! The home is surrounded by custom built RV gates that were made locally in Phoenix! Two of the bedrooms are currently being used as office space, but both have closets and can be used as bedrooms as well!

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31527 N 174th Street Rio Verde, AZ 85263

New

$2,000,000

5 Beds

4 Baths

4,102 SqFt

Status Active

MLS # 6764599

Property Type Single Family Residence

Price Type --

Discover total privacy on 3 acres in the heart of the AZ desert. This luxurious home blends elegance with a rural lifestyle, featuring lavish decor & comfortable spaces. Enjoy unobstructed mountain views through expansive picture windows. The chef's kitchen boasts stunning metallic granite countertops, a Viking stove, & custom cherry cabinets. It includes double ovens, a wine chiller, and a cozy eat-in area that seamlessly connects to the great room. Impress your guests with an outdoor BBQ & relax next to the beautiful poo. The large patio offers a serene space to unwind & soak in the tranquility of the desert. In the evenings, retreat to the upper deck for views not found anywhere else. Bring your horses & your toys to enjoy miles of trails right in your backyard.

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8335 N Vista Lane Prescott, AZ 86305

$2,000,000

5 Beds

5 Baths

4,891 SqFt

Status Active

MLS # 6730398

Property Type Single Family Residence

Price Type --

Contemporary home nestled at the base of Granite Mt. in Williamson Valley on 4.75 acres. Enter this passive solar home through extensive rose gardens surrounding an 1100 sf patio framing views of Granite Mt. Upon entering the home designed by a student of Paolo Soleri experience the of Pella Solariums to bring the views indoors. Views of the San Francisco Peaks are captured from the rear covered patio connecting the main house to the guest wing. The main house is 3,681 sq ft. featuring an open floor plan consisting of soaring 20-foot wood vaulted ceilings & clerestory windows in the kitchen, bar & great room. The Chefs kitchen features Wolf & Sub Zero appliances, custom cabinets. See document tab for more details.

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39741 N 106th Place Scottsdale, AZ 85262

$2,000,000

4 Beds

4.5 Baths

4,597 SqFt

Status Active Under Contract

MLS # 6751442

Property Type Single Family Residence

Price Type --

Desert Mountain Golf Membership available. Charming home located in the exclusive community of Desert Mountain. Enjoy a spacious kitchen area that opens to an open great room that has a wet bar and fireplace. From the great room there is quick access to the private resort patio that features a private pool, spa, grass area and built in bbq. The home is ideal for entertaining family and guests with four en-suites, office, powder room and a multi purpose/game room area that has a wine cellar. The home has a three car garage and a large upper patio that is ideal for seeing great Arizona sunsets and city lights. Located in the village of Greyfox which has quick access to the Sonoran Fitness Center, Apache Clubhouse and the new Renegade Clubhouse.

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4150 E Dynamite Boulevard Cave Creek, AZ 85331

$2,000,000

3 Beds

3 Baths

1,378 SqFt

Status Active

MLS # 6664797

Property Type Single Family Residence

Price Type --

Seller-Financing Available! A very rare ''RU-43'' zoned Ranch to purchase in the absolutely best possible location of the Valley (a Hop & Skip from the Dynamite Roping Arena). And the Seller will consider ''Carrying the Paper'' on the financing. By the way, the ''U'' designation of the RU-43 affords additional privileges for equestrian purposes, and there is ''NO HOA''. This property is loaded with features. A Modern Barn with: Office, Ranch Hand Living Quarters, Fourteen (14) Stalls/Pens (7 in barn), Grooming Bay, Horse Drawn Carriage Garage, and Tac Room; Bull Pen, Walker, Multiple Corrals, Multiple Arenas, Breeding Facilities and a 'Hay Barn'' that would be difficult to get a permit to build these days. This ranch just went through a major renovation. Modern steel fencing was installed on the complete perimeter to help secure the property and keep unwanted animals from entering. A New Arena and Updated Corrals, were updated as well in the same way. And the house and barn were detailed throughout. The home was inspected as if the present Seller was a buyer, and items found to be an issue were repaired. And lastly, this Seller will consider owner financing for the right Buyer.

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