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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3812 E Camelback Road Phoenix, AZ 85018

$1,995,000
4 Beds
4 Baths
3,671 SqFt
Status Active
MLS # 6746292
Property Type Single Family Residence
Price Type --
Located at the end of a cul-de-sac at Biltmore Sanctuary, this is a must see home! Beautiful and immaculate this 3671 sf, 4 bedroom, 4 bath home has clean lines and high ceilings which create a light and open atmosphere drawing you into the home. The kitchen is well appointed with walk in pantry and gas stove. The large primary bedroom is accentuated with spa-like bath. Two of the additional berdrooms are ensuite as well. One of 3 garages is pre-wired and plumbed allowing for easy conversion to a Casita. Convenient to Scottsdale, Paradise Valley and downtown, you will be walking/biking distance to some of the finest dining in Phoenix like The Global Ambassador, Postinos, Tarbell and The Henry.

6166 N Scottsdale Road Paradise Valley, AZ 85253

$1,995,000
2 Beds
2.5 Baths
2,353 SqFt
Status Active
MLS # 6745430
Property Type Apartment
Price Type --
Fully furnished highly upgraded corner unit at the Enclave at Borgata with spectacular mountain views of the McDowell Mountains & Pinnacle Peak. Beautifully finished with hardwood flooring, custom cabinetry, rich marble countertops, Wolf and Sub-Zero appliances, designer wall coverings, great light fixtures and Crestron home automation. The primary bedroom is also large with a sitting area, spacious bathroom and walk-in closet. The den features beautiful custom millwork and built-in desks and bookcases. The Enclave is a gated luxury community with fantastic amenities including heated community pool & spa, well equipped fitness center, 24 HR security, owners club room and maintained dog park. Walking distance to AJs, Trader Joes and many top tier retail & restaurants.

5053 W Billy Jack Way Prescott, AZ 86305

$1,995,000
3 Beds
4 Baths
3,427 SqFt
Status Active
MLS # 6708676
Property Type Single Family Residence
Price Type --
This brand new build, located in Northern Az Premier Private Golf Club, never lived in, is waiting for you. As you walk in the front door, you are welcomed with a stunning ,unobstructed view of Granite Mountain. This light and bright home features modern finishes including a gourmet kitchen with Wolf induction cooking, SubZero refrigeration, and a huge walk in pantry. The master suite includes a patio with views and a large walk in closet. the split design features a full guest suite and a additional bedroom, plus a bonus room for office or exercise area, you will enjoy the areas natural beauty with your private 2.04 acre lot. The spacious three car garage comes equip with an electric car charging port. This home is a must see.

6311 E Monterosa Street Scottsdale, AZ 85251

$1,995,000
4 Beds
3 Baths
2,287 SqFt
Status Active
MLS # 6757604
Property Type Single Family Residence
Price Type --
***Quintessential Arcadia Ranch***Located in the ''sweet spot'' between Lafayette & Exeter. Large corner cul-de-sac lot with picturesque front yard curb appeal and broadside view of Camelback Mountain. Also known as Friendship Lane, you'll feel welcomed upon arrival. Inviting front patio sitting area leads to classic entry way, large island/eat-in kitchen, vaulted dining & great room, w/ wood burning fireplace, solid oak wood floors, w/ herringbone patterned brickwork, wainscoting & plantation shutters. Granite counters, custom cabinets, stainless Viking appliances, newer lights & fixtures, crown, split floor plan, w/ 2 master bedrooms, outdoor built-in BBQ, & sparkling swimming pool. Large primary master suite w/ jetted tub & big closet. Office off laundry room, side loading 2.5 garage.

3353 S Tourmaline Drive Flagstaff, AZ 86005

$1,995,000
3 Beds
3.5 Baths
2,720 SqFt
Status Active
MLS # 6757489
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious Pine Canyon Golf Course community of Flagstaff, Arizona! This beautifully maintained 3-bedroom, 3.5-bathroom residence offers 2,720 square feet of luxurious living space, perfect for those seeking both comfort and elegance. Step inside to discover a freshly painted interior and exterior, along with updated lighting fixtures that complement the home's warm, mountain-inspired design. The main floor features a spacious primary bedroom, providing convenience and privacy, along with a second bedroom ideal for guests or family. The heart of the home is the open-concept living area, where vaulted ceilings and a cozy fireplace create a welcoming ambiance. Welcome to your dream home in the prestigious Pine Canyon Golf Course community of Flagstaff, Arizona! This beautifully maintained 3-bedroom, 3.5-bathroom residence offers 2,720 square feet of luxurious living space, perfect for those seeking both comfort and elegance. Step inside to discover a freshly painted interior and exterior, along with updated lighting fixtures that complement the home's warm, mountain-inspired design. The main floor features a spacious primary bedroom, providing convenience and privacy, along with a second bedroom ideal for guests or family. The heart of the home is the open-concept living area, where vaulted ceilings and a cozy fireplace create a welcoming ambiance. Large windows frame stunning forest views, allowing you to fully immerse yourself in the natural beauty that surrounds you. Venture upstairs to find a versatile loft area, perfect for a home office or entertainment space, leading to a secondary primary suite. This upstairs retreat ensures everyone has their own sanctuary within the home. Situated in a peaceful cul-de-sac, this home boasts updated landscaping and a wrap-around deck, perfect for enjoying the picturesque Flagstaff outdoors. Additionally, the property features a fenced dog run, providing a safe and convenient space for your furry friends. Enjoy the close proximity to the community's top-notch amenities, including the clubhouse, dog park, and kids park, making it easy to embrace an active and social lifestyle. Don't miss your chance to own this exquisite home in Pine Canyon, where luxury living meets the beauty of nature. Schedule a tour today and experience the unparalleled lifestyle that awaits you in Flagstaff!

7137 E Rancho Vista Drive Unit 7008 Scottsdale, AZ 85251

$1,995,000
2 Beds
2.5 Baths
1,955 SqFt
Status Active
MLS # 6711208
Property Type Apartment
Price Type --
**OPTIMA CAMELVIEW PENTHOUSE WITH SPECTACULAR VIEWS** CONTEMPORARY AND COMPLETELY REMODELED WITH ENDLESS FLOOR-TO-CEILING WINDOWS OFFERING JAW DROPPING VIEWS OF CAMELBACK MOUNTAIN AND INTERIOR/POOL! ENJOY 2 LARGE SPLIT PRIMARY SUITES, 2.5 BATHS, LARGE OPEN FLOOR PLAN, AND SUPERIOR FINISHES. FEATURES INCLUDE A REMODELED GOURMET KITCHEN, QUARTZ COUNTER TOPS, THERMADORE APPLIANCES, AMPLE KITCHEN STORAGE, 3 BALCONIES WITH EXCEPTIONAL VIEWS AND GORGEOUS PLANT LIFE INCLUDING A 25 FOOT TREE, GORGEOUS SUNSETS, SPACIOUS LAUNDRY ROOM, 2 PREMIUM PARKING SPOTS WITH 110V CHARGING STATION, RECESSED LIGHTING THROUGHOUT AND ECO WIFI ENABLED HVAC CONTROLS. 2024 UPGRADES INCLUDE DIMMERS ON EVERY LIGHT, SPECIALIZED ART LIGHTING, LARGE RAIN SHOWER HEADS WITH MASSAGE WANDS, ELECTRICITY ON ALL BALCONIES, AND AUTOMATIC IRRIGATION SYSTEM. COMMUNITY AMENITIES INCLUDE 2 OUTDOOR POOLS AND SPAS, A REMODELED (2023) STATE-OF-THE-ART FITNESS CENTER WITH INDOOR HEATED POOL AND SPA, BASKETBALL AND RACQUETBALL COURTS, MENS AND WOMENS LOCKER ROOMS WITH STEAM ROOMS, YOGA ROOM WITH FREE MIRROR TECHNOLOGY, HUGE COMMUNITY PARTY AND EVENT SPACE AND CONFERENCE ROOM FOR BUSINESS MEETINGS, METRO RESTAURANT AND BAR, PUTTING GREEN FOR GOLF ENTHUSIASTS AND CONCIERGE SERVICE. THE SCOTTSDALE FASHION SQUARE MALL, OLD TOWN SCOTTSDALE, TOP RESTAURANTS, NEW CEASAR'S REPUBLIC HOTEL, THEATERS, AND NUMEROUS AREAS OF ENTERTAINMENT ARE WITHIN MINUTES.

545 E Warner Road Tempe, AZ 85284

$1,995,000 - 5Br/4Ba -  for Sale in Adda Properties, Tempe
New
$1,995,000
5 Beds
3.5 Baths
5,308 SqFt
Status Active
MLS # 6758433
Property Type Single Family Residence
Price Type --
Gated Lush & Green 1 Acre Custom Estate w/ Horse Privileges in a Prime Tempe Location. 5 bed 3.5 bath 5,308 sq ft home w/ loft plus an office that exits to the front courtyard. Huge circular driveway that has room to park 10 cars plus additional parking in backyard. 3 car garage w/ stained wood doors & 2 EV chargers & an RV gate that leads to the 12 x 24 workshop w/ loft storage & garage door. Majestic 2 story ceilings at the entry way. Private office w/ built in wood floor to ceiling shelves & cabinets. Front door and office doors are alder. Formal living & Dining room. Kitchen is open to the family room & includes beautiful custom floor to ceiling cabinets, granite counters, premium Wolf appliances, built-in fridge, gas range, double ovens, microwave, Farm sink, & a huge pantry. Large breakfast room has bay windows over-looking the green lush backyard w/ a herb garden right outside. The family room has 2 story ceilings w/ wood beams & a stone gas fireplace w/ French doors that open to the over-sized wrap around patio. The primary suite is on the main level & has a sitting area, a gas fireplace & access to the patio. The primary custom closet is exquisite w/ all of the built-ins & the primary bathroom has dual vanities, a separate steam shower & freestanding tub w/ beautiful stone detail on the walls. Secondary bedrooms are all over-sized. The resort style backyard is a paradise & has so many amenities that include a salt water pool w/ a slide & jump in waterfall, pergola w/ a heated jacuzzi, misting system on the over-sized patio, Heavy duty children's playground, a putting green, a vegetable garden & green house, a one of a kind 2-story fort/ tree house, Fig, apricot, plum & citrus trees. Huge grass area & several storage sheds. Set-up for both SRP irrigation and sprinkler system. This is a one of kind estate in a prime location close to A+ Schools & parks. Close to the 101 & I-10 Freeways.

6629 E Monterosa Street Scottsdale, AZ 85251

$1,995,000
4 Beds
3 Baths
2,683 SqFt
Status Active Under Contract
MLS # 6727398
Property Type Single Family Residence
Price Type --
Currently rented, property access may be limited. Nestled within the coveted Arcadia neighborhood, this enchanting ranch-style residence has been thoughtfully remodeled to harmonize timeless tradition with modern comforts. Boasting four generously appointed bedrooms, including a master suite that redefines luxury living, this home is a sanctuary of both style and function. Upon entering, you'll be greeted by a sense of warmth and elegance, with an inviting layout that seamlessly blends the old-world charm of traditional design with the fresh allure of contemporary updates. The heart of the home unveils an expansive living space, perfect for both intimate gatherings and grand occasions. Buyer to verify all facts and figures.

23093 N 91st Drive Peoria, AZ 85383

$1,995,000
4 Beds
5.5 Baths
4,391 SqFt
Status Active Under Contract
MLS # 6716851
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the sought after Meadows community in North Peoria. This luxurious 4,391 square feet estate is designed for those who appreciate the finer things in life. Nestled in a tranquil and sought after neighborhood, this property boasts a wealth of amenities that cater to every aspect of modern living. A well designed floor plan includes a stunning formal dining room with trey ceiling and visually striking wall, great room with gorgeous built in cabinets and retractable glass doors allowing a seamless transition to your outdoor living space. Exceptional kitchen with quartz counter tops, tile backsplash, rich cabinetry, large seating island, breakfast nook, stainless appliances, wine refrigerator and a large walk in pantry. Serene and well appointed owners suite has a private entrance leading to a spacious room complete with en suite bath featuring a generous soaking tub, exceptional shower space and large walk in closet. Additional bedrooms have walk in closets and you have the ability to create a guest quarters complete with a living space if you choose to. Your outdoor oasis includes meticulous landscaping around the gorgeous 20x40 pool, spa and water falls, natural gas firepit, Kokomo BBQ island, 2 Pergolas for relaxing, Radio control car banked oval track, Cornhole area, 5 hole putting green and dog run complete with bone shaped doggie pool!! Large RV garage - 14 foot door and 52 feet deep, 220 outlet and RV dump, Sliding 16 foot RV gate, additional bedroom/bath in RV garage as well as loft storage. This equisite home combines luxury and functionality, making it perfect for both relaxatio and entertaining. Don't miss this opportunity to make this exceptional property your own.

10031 N 38th Street Phoenix, AZ 85028

$1,995,000
4 Beds
4 Baths
4,007 SqFt
Status Active
MLS # 6706566
Property Type Single Family Residence
Price Type --
Looking for a country retreat in the heart of the city?? This is the house for you! 4 Bedrooms / 4 Bathrooms: Ample space for family and guests Separate Office Single Level: Convenient and accessible layout without the need for stairs. Over 4,000 sq ft of Living Space with 2 dual/fuel fireplaces: 1.049 Acre Lot: Expansive lot providing privacy and space for outdoor activities. Swimming Pool with Splash Pad: Enjoy the summer with a refreshing pool that includes a splash pad, perfect for kids and relaxation. The pool comes with a protective and child-secure cover for safety. Outdoor Amenities: Fire pit and pergola create a cozy outdoor atmosphere, ideal for gatherings and relaxation. Fully equipped area for outdoor cooking and entertaining. Garage Spaces: 2 Car Garage: Standard parking. ~1,250 sq ft Conditioned 4 Car Garage with 10 ft Doors: This versatile space, originally an old hay barn, has been enclosed and converted into a large garage/workshop with tall garage doors. Perfect for car enthusiasts, RV owners, or as a workshop. No HOA: Freedom from homeowners association restrictions and fees. Proximity to Preserve and SR 51: Easy access to outdoor activities and major transportation routes. Hiking and Biking Trails: Ideal location for outdoor enthusiasts with access to nearby trails. This property is perfect for those who value space, luxury, and outdoor living. The combination of indoor comfort and outdoor amenities makes it an ideal home for entertaining and enjoying the Arizona climate.

7852 E Mary Sharon Drive Scottsdale, AZ 85266

$1,995,000
5 Beds
4.5 Baths
4,308 SqFt
Status Active
MLS # 6699477
Property Type Single Family Residence
Price Type --
Nestled inside the prestigious Lone Mountain Vista gated community of North Scottsdale, this extraordinary luxury residence captures the dream of upscale desert living. Set on a 1.4 acre private lot and perched majestically against the backdrop of Lone Mountain, this Santa Fe style home provides a blend of southwestern charm and modern elegance. Step inside to discover a sanctuary of comfort and style, boasting 5 bedrooms and 4.5 baths meticulously designed to exceed the highest standards of luxury living. Each of the 4 en suite bedrooms feature stylish bathrooms and spacious walk-in closets. The split master bedroom offers its own retreat, complete with double sinks, a separate walk-in shower and jet tub, perfect for unwinding after a long day. Entertain in style within the expansive interior kitchen, dining and living spaces including a spectacular mix of flat wood and wood beam ceilings and also 4 inside fireplaces, all casting an ambiance of sophistication and warmth. Continue outside to discover 2 exterior fireplaces and 6 covered patios, each offering breathtaking views of the surrounding city lights and majestic mountains. Also indulge in resort style entertainment with interior/exterior integrated sound system and updated heated play/lap pool, all providing the perfect environment for year-round enjoyment. With new roof and fresh exterior paint, this residence exudes timeless appeal and modern elegance. Conveniently located amidst popular restaurants, shopping destinations and entertainment venues including also the very popular Carefree and Cave Creek locations, this residence offers the perfect blend of luxury living and vibrant community lifestyle. Embrace the essence of desert living at its finest in this unparalleled North Scottsdale oasis.

6120 N 31st Court Phoenix, AZ 85016

$1,995,000
4 Beds
3.5 Baths
2,735 SqFt
Status Active
MLS # 6760379
Property Type Single Family Residence
Price Type --
Beautiful, remodeled house with NO INSIDE STEPS, in guard gated Biltmore Greens that Boasts: decorative front gate, custom front doors, gorgeous eucalyptus wood floors throughout, tile flooring in the bathrooms & closets, quartz countertops on the kitchen perimeter cabinets while the island & bathroom countertops are a beautiful matching granite, large kitchen that has Thermador & Sub Zero appliances, built in ice maker, enlarged primary bathroom and closet, All new, cabinetry throughout, crown molding, custom closets, lighting & plumbing fixtures. Outside fire pit, pool, and a great covered back patio with automatic sunscreens, built-in BBQ and a view that looks out to the desert through the wrought Iron fence. The garage has tile flooring and extra storage behind a locking door.

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