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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7147 E Wilderness Trail Gold Canyon, AZ 85118

$1,975,000
4 Beds
3.5 Baths
4,340 SqFt
Status Active
MLS # 6740844
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the majestic Superstition Mountains of Gold Canyon, Arizona. This brand-new build, completed in August 2024, offers unparalleled luxury & breathtaking 360-degree views of the mountains, the pristine golf course, and the exclusive Superstition Mountain community. Living Space: 4,340 sqft of modern elegance, designed with meticulous attention to detail. Casita: Separate from the main house, this charming casita includes a kitchenette, living room, bedroom, & a spacious walk-in closet—perfect for guests or as a private retreat. The main home boasts 4 spacious bedrooms (3 in main, 1 in casita) & 3.5 beautifully designed bathrooms. Off the master suite, enjoy your own private observatory, ideal for stargazing & taking in panoramic views of Gold Canyon. Lot Size: Generous 17,837 sqft lot providing ample space & privacy. 3-car garage equipped with smart garage door openers for added convenience. Every corner of this home features modern, high-end finishes. Luxury Vinyl Plank Flooring: Durable & stylish flooring throughout the home. Laundry Convenience: Additional washer & dryer located in the master closet. Gourmet Kitchen: Equipped with an induction cooktop & top-of-the-line GE Monogram appliances. Home also has Hard-wired Wi-Fi boosters, smart thermostats, a comprehensive audio system, and a Ring doorbell with door keypads for enhanced security and convenience. Additional Amenities: Upgraded Washer/Dryer: Included for your convenience. Audio System: Enjoy a high-quality audio experience throughout the home. Set in the serene and picturesque community of Superstition Mountain, this home provides a peaceful & luxurious lifestyle. Enjoy the natural beauty of the surrounding landscape, the proximity to world-class golf courses, & the welcoming community atmosphere. This exceptional property is a rare find, combining luxury living with the natural beauty of the Superstition Mountains.

20530 N 83rd Place Scottsdale, AZ 85255

$1,975,000
3 Beds
2.5 Baths
3,103 SqFt
Status Active
MLS # 6738181
Property Type Single Family Residence
Price Type --
Located within the gates of the prestigious community of Grayhawk, this stunning and spacious 3 bedroom home has it all! Glowing with natural light, the reimagined Chef's kitchen boasts an enormous island to gather around and includes the highest quality appliances-Subzero, Bosch, LG and double Miele ovens, quartz countertops, herringbone backsplash, stylish pendant lights, pot filler and R/O system. A seamless transition from the kitchen, the dining area features a custom bar area including wine refrigerator, floating shelves, stately wood beams and contemporary light fixtures. Entertain family and friends in your resort style backyard complete with oversized pool and hot tub, fireplace, putting green and plenty of patio space to relax and enjoy the beautiful Arizona sunsets. The impressive primary suite offers 2 large, walk-in closets, European cabinets, granite counter tops with waterfall edge, elegant soaking tub with tile surround, custom doors and motorized shade for added privacy and comfort. Immerse yourself in the luxury lifestyle of Scottsdale. Delight in championship golf courses, fine dining, shopping, hiking, biking, tennis and pickleball. Experience events such as Barrett Jackson and the Phoenix Open - all just minutes away!

6762 W Hombre Road San Tan Valley, AZ 85144

$1,975,000
4 Beds
3.5 Baths
4,100 SqFt
Status Active
MLS # 6721049
Property Type Single Family Residence
Price Type --
Welcome to ''The Resort''. This CUSTOM HOME will capture your heart from the moment you walk into the custom iron gated PRIVATE courtyard. Property boasts 4 over-sized bedrooms (office could be the 5th) with walk in closets and each with their own private bathroom. Amazing views of the San Tan Mountains from front of home and views of Superstitions and Four Peaks mountains and city lights from the back of home. If you have horses and they deserve THE VERY BEST-this home is a must see! 4 car+ epoxy floored attached garages, plus a 28' X 50' RV garage, fully insulated with epoxy flooring, and a 12 x 16 storage loft area with ladder and safety railings 2 large covered Horse stalls, paddock and large tack/feed room for the equestrian enthusiasts.

30416 N 64th Street Cave Creek, AZ 85331

$1,974,995
4 Beds
3.5 Baths
4,176 SqFt
Status Active
MLS # 6661110
Property Type Single Family Residence
Price Type --
BACK ON MARKET-Buyer could not fulfill contingency. Welcome to your oasis in Cave Creek! This stunning custom home at N 64th Street boasts a resort-style backyard, perfect for luxurious living and entertaining. With meticulous attention to detail, this property offers the epitome of Arizona living. Don't miss the opportunity to call this gorgeous retreat your home! Discover the freedom of living without HOA restrictions on this spacious 1.4-acre property! Located in Cave Creek, this home offers a split floor plan for added privacy and versatility. With ample room for your imagination to flourish, seize the opportunity to create your own haven without limitations. Embrace the serenity and endless possibilities that come with owning your piece of Arizona paradise. Just minutes from Desert Ridge, hiking and biking trails, boating and so much more. Enjoy the serenity of High Desert Living but literally just minutes from ALL that Scottsdale and Phoenix have to offer.

35435 N Windmill Road Scottsdale, AZ 85266

$1,970,000
4 Beds
3 Baths
3,910 SqFt
Status Active
MLS # 6715184
Property Type Single Family Residence
Price Type --
If you're looking for Privacy and Views then this is it!! For the first time ever on the market, this spectacular 3910sqft, 4 bed, 3 bath residence sits on 2 acres and offers WOW mountain views and jaw dropping vistas! You'll feel like you're in your own Scottsdale Resort! This great room floor plan is perfect for entertaining and comfortable living. The amazing backyard and pool make for a perfect retreat. Don't miss the opportunity to come see beautiful home before it's gone! Horses are allowed here. NO HOA!

7175 E Camelback Road Unit 501 Scottsdale, AZ 85251

$1,970,000
3 Beds
3.5 Baths
2,503 SqFt
Status Active
MLS # 6731579
Property Type Apartment
Price Type --
Rarely available 3 bedroom, 3.5 bathroom Condominium at Scottsdale's premier high-rise, Scottsdale Waterfront. At 2503 square feet, this expansive residence has an elegant feel while offering all of the modern features you'd hope for. The chefs kitchen with Heritage cabinetry, Viking appliances and granite counters. All 3 spacious bedrooms are ensuite. Additional highlights include an expansive patio with Camelback Mountain views, luxurious Travertine and wood flooring, Lutron lighting system, custom built-in wall units, wine fridge, 2 parking spaces and a large storage unit on the garage level. The level of service and amenities at the Scottsdale Waterfront are unmatched. Including full-time concierge, valet, 24 front desk

3852 E Expedition Way Phoenix, AZ 85050

$1,964,000
7 Beds
6.5 Baths
6,850 SqFt
Status Active
MLS # 6702557
Property Type Single Family Residence
Price Type --
$135,000 Price Drop and another $30,000 in remodeling since listed! Rare Basement Mirador in Aviano, w/$225K+ of remodeling in 2023/2024 Incl. Kitchen Expansion, 2nd Flr Laundry, Tile, Master Suite, Upgraded Pavers, Added 2nd Garage Entrance w/Drop Zone. Dual Gone-With-The-Wind style staircases, 9, 10 & 20ft ceilings, dbl kitchen islands w/quartzite waterfall edge, stainless steel appliances, wine cooler & butler's pantry w/ 2nd sink, 2 add'l refrigerators & all-in-one W/D, office/den, 4 car garage, 1st floor in-law suite w/separate garage entry, heated pool, spa, nat. gas fireplace & built in BBQ. Movie theater, seats, and 98 & 82 in. smart TVs. Aviano Club/Community features heated resort pool/spa, fitness center, tennis, pickleball. greenspaces, walking trails and parks. EASY TO SEE.

6032 E Thunder Hawk Road Cave Creek, AZ 85331

$1,960,000 - 4Br/4Ba -  for Sale in Lone Mountain, Cave Creek
New
$1,960,000
4 Beds
3.5 Baths
4,105 SqFt
Status Active
MLS # 6764985
Property Type Single Family Residence
Price Type --
Newly listed in popular Lone Mountain gated community - Experience luxury living in this UPDATED Kingsgate model, featuring a rare four-car garage with an EV charging station + epoxy floors, and side yard with RV gate. The versatile layout offers ensuite guest bedrooms, bonus/den, and a stylish office. The split primary suite is a retreat, complete with a spa-inspired bath and custom closet. The chef's kitchen boasts dual ovens, newer JennAir 6-burner range, and two pantries. Enjoy seamless indoor/outdoor living with a 16-foot retractable glass wall leading to your nearly half-acre private backyard oasis, surrounded by lush landscaping. Relax in the heated pool, unwind in the spa, or entertain with the built-in BBQ, turf area, putting green, firepit, and pergola. Many Recent Upgrades!

36811 N Wildflower Road Carefree, AZ 85377

$1,957,000
4 Beds
5.5 Baths
4,019 SqFt
Status Active
MLS # 6753154
Property Type Single Family Residence
Price Type --
Quality & Luxury abound throughout this wonderful estate consisting of a gorgeous detached guest house with kitchenette, an incredible oversized garage with RV parking and the amazingly well-built custom 3,500 sq/ft main home ideally located on .97 acres close to the heart of Carefree offering an array of world class amenities. Enjoy the peace and tranquility of this quiet, scenic desert setting with mountain views, superior construction and low maintenance. A beautiful gated courtyard welcomes you to the heart of the estate. Step into the main home and be enchanted by the exquisite attention to detail and high-end finishes starting with the great room which boasts soaring ceilings adorned with lighted vigas, flagstone flooring, solid alder woodwork, curved walls, arched ceilings and a disappearing patio door to the back patio. The kitchen with multiple ovens, a 6 burner gas range with pot filler, Brazilian granite counters, convenient double islands, breakfast bar, wet bar, wine fridge, walk-in pantry and whole house vacuum sweep is impressive. The adjacent dining room offers lovely mountain views and has a convenient pass thru to the kitchen coffee bar. A three-way fireplace adds charm and warmth to the great room and family room/den. One wing accesses two guest bedrooms each with full private bathrooms and large walk-in closets, a luxurious powder room and the large laundry room both well lit with natural lighting from skylights. The other wing is the primary suite which has multiple glass doors to the courtyard and a private covered patio. No reason to argue here with 2 walk-in closets, 2 private toilets, 2 vanities, 2 no-step entrances to the shower with 2 shower heads and separate controls. The suite has a sitting area and wood vigas. The flagstone flooring is used throughout with NO steps in the home making easy access for all. The separate casita is accessed from the front courtyard and is built with the same quality finishes and ICF (Insulating Concrete Forms) as the main home. Guests will want to stay longer enjoying the kitchen facilities, deluxe bathroom with walk-in shower, a spacious walk-in closet and the cute covered patio with wonderful views of the surrounding mountains. The casita is electric based and can be readily turned off when not in use. (The main house is also perfect for a lock and leave situation though it has been enjoyed year round by the original owners and the pride of ownership is apparent. ) Car and toy enthusiasts will appreciate the spacious 1,224 sq ft garage with a 10 ft high RV door to a double tandem bay accommodating an RV, extra long trucks or 4 cars as well as another double bay with 30 amps for a charging station and a temperature controlled workshop/storage room with a half bath. The wide pavered driveway offers easy access, guest parking and ample turnaround space. The front courtyard and back patio offer different areas to enjoy the outdoors. The private back patio has a built in gas BBQ, wet bar and a wood burning fireplace with a beautiful mountain backdrop. Engineers will appreciate the Insulating Concrete Forms construction giving the home superior insulation, durability, energy efficiency, sound protection within the home and all around unified comfort. Skylights, plantation shutters, no steps, uniform quality of construction thru-out adds to the appeal of this quintessential southwestern home with exudes warmth and character. The last few photos show a lighter palette creating a more contemporary and the effects of different paint selection. Paint is easy to change but the quality of this home is not. Low HOA fees ($60 a year), low taxes ($3,757 in 2024), low maintenance adds to the Carefree lifestyle. World class golfing, restaurants, biking and hiking trails as well as Bartlett Lake and its marina are some of the reasons why TripAdvisor named Carefree one of the top ten places to visit in 2023. Top rated schools, convenient stores and a great neighborhood are reasons to make it home!

9594 E Tee Box Court Gold Canyon, AZ 85118

$1,950,000 - 4Br/4Ba -  for Sale in Gold Canyon East Parcel 9 2017005048, Gold Canyon
Open House
$1,950,000
4 Beds
3.5 Baths
2,781 SqFt
Status Active
MLS # 6730390
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 elevated unobstructed expansive views of the golf course. Can clearly see 4 Golf fairways on one of the most beautiful Golf courses in Arizona. Exceptional Superstition Mountain views. 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 across the pool.

11343 E Appaloosa Place Scottsdale, AZ 85259

$1,950,000
5 Beds
4.5 Baths
4,581 SqFt
Status Active
MLS # 6738110
Property Type Single Family Residence
Price Type --
Seller is offering a 1.5% credit towards buyer closing costs! Discover luxury living in Stonegate, an exclusive guard-gated community in 85259. This stunning custom-built, recently renovated, single-level home features 5 bedrooms (3 en suites), 4.5 bathrooms, a 3-car garage, and a solar-heated private pebble-tec pool. Enjoy a spacious open floor plan connecting the family room, living room, dining area, and gourmet kitchen with granite countertops, built-in professional refrigerator, and Wolf appliances. Community amenities include a large pool, spa, seven tennis/pickleball courts, walking trails, and a children's play area. Conveniently located near Hwy 101, top-rated schools, and more. Located in the prestigious Stonegate community, an exclusive guard-gated sanctuary in the highly sought-after 85259 zip code. This custom-built, single-story masterpiece offers an unparalleled lifestyle with its thoughtfully designed layout and extensive upgrades. Interior Features: Bedrooms & Bathrooms: The home boasts 5 spacious bedrooms and 4.5 elegant bathrooms, providing ample space and privacy for family and guests alike. Open Floor Plan: The expansive open floor plan seamlessly connects the family room, living room, gourmet kitchen, and dining area, creating an inviting space perfect for both everyday living and entertaining. Gourmet Kitchen: The kitchen is a chef's dream, featuring granite slab countertops, Wolf stainless steel appliances, professional built-in refrigerator and a stylish breakfast bar. Upgrades: The home features single level living with new energy efficient windows, a new iron front door, new Trane HVAC system, and a tankless water heater, ensuring efficiency and comfort. Fresh exterior paint and new exterior lighting add to the home's curb appeal. Natural Light: Newly upgraded windows and doors flood the home with natural light, enhancing the airy and welcoming atmosphere. Exterior Features: Private Oasis: Step outside to your own private paradise with a shaded lanai and pristine pebble-tec pool, perfect for relaxation and hosting gatherings. Community Amenities: Recreational Facilities: Stonegate offers a wealth of amenities, including a large community pool and spa, seven tennis courts, walking trails, and a children's play area. Private Park: Enjoy a short stroll to the nearby park area, which features two private tennis courts. Location: Convenience: The community is conveniently located near Hwy 101 and Shea, providing easy access to various destinations. Education: Stonegate is near top-rated Basis Scottsdale and other excellent public and private school options, making it an ideal location for families. Lifestyle: Modern Living: With its extensive upgrades and thoughtful design, this home offers a perfect blend of luxury, convenience, and modern living. Community: Stonegate is a vibrant community where residents enjoy a rich array of amenities and a serene environment, making it a perfect place to live.

4034 E San Miguel Avenue Phoenix, AZ 85018

$1,950,000
4 Beds
3 Baths
3,050 SqFt
Status Active Under Contract
MLS # 6751426
Property Type Single Family Residence
Price Type --
Nestled on a spacious corner lot in the desirable Marion Estates, this charming home is in the heart of one of the best upper Arcadia neighborhoods. Enjoy the breathtaking views of Camelback Mountain & the immediate walkability to some of the best restaurants in all of Phoenix. With numerous recent improvements including a new roof, full kitchen, flooring & baseboards, bathrooms, lighting, fixtures, fireplaces & so much more. This wide open floor plan is ideal all buyers & the indoor / outdoor vibe will have you entertaining here for years to come. Large bedrooms, ample sized closets, numerous private patios and tons of storage too! The private backyard is a retreat, with a large covered patio with a fireplace, sparkling pool, grassy play area, putting green & garden.This won't last long!

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