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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4426 E Capricorn Place Chandler, AZ 85249

$1,950,000

5 Beds

4.5 Baths

4,587 SqFt

Status Active

MLS # 6753253

Property Type Single Family Residence

Price Type --

Welcome to unparalleled luxury at Vasaro, one of the East Valley's most coveted gated communities. This exceptional custom estate stands out for its meticulous care, extensive upgrades, and move-in readiness. From the moment you step inside, you'll be captivated in an ambiance of elegance, comfort, and sophistication. The gourmet chef's kitchen is a culinary masterpiece designed to inspire, whether you're an experienced cook or simply enjoy the art of dining. The separate yet attached casita offers flexible living options, perfectly accommodating both current needs and future plans. Step outside into your backyard oasis, where Arizona's beauty is on full display. This serene retreat will remind you daily of why you chose this stunning state. The spa-like owner's suite ensures you'll never need a staycation again, offering a daily escape into tranquility and luxury. The location of this property is prime with easy access to Riggs Road that will take you right next-door to Gilbert and Queen Creek. Great news, this home is zoned for the Chandler School District. We think you will love living in this area not far from Downtown Chandler and Downtown Gilbert, only minutes away is the new Gilbert Regional Park and SanTan Village Mall. You will have endless options for shopping, dining, and entertainment. This is your ultimate dream home, and we're excited to offer private tours to showcase all that this place has to offer.

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6166 N Scottsdale Road Paradise Valley, AZ 85253

$1,950,000

2 Beds

2.5 Baths

2,389 SqFt

Status Active

MLS # 6754009

Property Type Apartment

Price Type --

Rare ground floor unit in one of the very best locations within the community. Lightly lived in by the original owners for just part of the year, and meticulously cared for, the residence features a wonderful split floor plan. Well appointed and ideally configured with large primary suite, generous sized guest suite plus office/den. The living room, dining and chef's kitchen are the focal point. Stacking doors open to the huge private patio where there's ample seating/dining area to enjoy the Arizona winters. With many custom details throughout, 24 hour front desk coverage and many community amenities this is a wonderful opportunity to own in the Enclave at Borgata. Privacy, security and move in ready. This unit has it all in one of the very best locations in Paradise Valley.

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31550 N 70th Street Scottsdale, AZ 85266

$1,950,000

4 Beds

3.5 Baths

3,876 SqFt

Status Active

MLS # 6757631

Property Type Single Family Residence

Price Type --

This property is the one you've been waiting for! It is located in magnificent North Scottsdale on 2.5 acres & has no HOA. It comes with a detached casita, an additional garage plus a RV garage. The property offers easy access to Scottsdale Road, the 101, and the towns of Cave Creek and Carefree. 70th St is paved & the extra large half-circle driveway has been redesigned and landscaped. One acre of land is still available for building, and the property is zoned for horses. The main home at 2968 sf features a family room w/ a built-in office, wet bar & wine room. The primary bedroom is very spacious with 12+ foot ceilings, another office, a sunny sitting room, jetted tub & an oversized walk-in closet. There are four newer HVAC systems. The detached casita is an additional 908 sf & can... serve as a perfect space for an extended family, a home business, an art studio, etc. An attached garage and an RV garage are large enough to fit a Class A coach. Plus, there is additional slab parking. The courtyard exudes a resort-like ambiance, making it a perfect retreat for relaxation and entertainment. The rooftop observation deck offers breathtaking sunset views, while the propane fire pits create a warm and inviting atmosphere. With a covered patio equipped with misters and a BBQ area, it's an ideal setting for gatherings and enjoying the outdoor Arizona lifestyle. Nearby, you'll find some of the finest dining and shopping options in Scottsdale, with Kierland Commons and Scottsdale Quarter just a short drive away. Outdoor enthusiasts will appreciate the proximity to Pinnacle Peak Park, offering hiking trails with stunning views. Additionally, top-rated schools and world-class golf courses are conveniently located in the area, making this property an ideal choice for a variety of lifestyles. This private and enchanting property is ready for you, your family, your toys, your home business, your art studio, your RV/coach, and your horses. Make it yours today! Professional photography is coming soon.

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6525 E Cave Creek Road Unit 18 Cave Creek, AZ 85331

New

$1,950,000

4 Beds

4.5 Baths

3,502 SqFt

Status Active

MLS # 6764016

Property Type Single Family Residence

Price Type --

Indulge in the epitome of luxury living with this impeccably crafted residence nestled in the heart of Cave Creek's coveted Hidden Rock community. Offering a seamless fusion of contemporary sophistication and timeless charm, this home is a true masterpiece. Step inside to discover a captivating open floor plan, adorned with soaring ceilings that invite natural light to dance throughout the space. The gourmet kitchen, a culinary enthusiast's dream, showcases top-of-the-line Thermador appliances and a magnificent 8-foot wine fridge, elevating every cooking experience to new heights of culinary delight. Designed for ultimate comfort and convenience, the ground floor boasts not one, but two master bedrooms, providing unparalleled flexibility and privacy. Ascend the staircase to find two additional master suites, each exuding a sense of opulence and tranquility, along with a versatile loft area that beckons for moments of relaxation or entertainment. Outside, a haven of serenity awaits, where meticulously landscaped grounds blend harmoniously with the surrounding natural beauty. Take in breathtaking mountain vistas from the front deck, or retreat to the rear deck to marvel at the awe-inspiring sight of Black Mountain, a majestic backdrop to your daily adventures. The backyard is a sanctuary of leisure and luxury, featuring a picturesque blend of stone accents and lush artificial turf, creating an idyllic setting for outdoor gatherings or quiet moments of reflection. Immerse yourself in pure bliss as you unwind in the private inground spool/hot tub, enveloped by the soothing embrace of warm water and starlit skies. Conveniently located just moments away from a myriad of coffee shops, restaurants, and boutique stores, this home offers the quintessential Cave Creek lifestyle. Don't miss your chance to experience the pinnacle of elegance and exclusivity in this exceptional Hidden Rock retreat.

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7471 E Sunnyvale Drive Scottsdale, AZ 85258

$1,950,000

4 Beds

4 Baths

3,472 SqFt

Status Active

MLS # 6745482

Property Type Single Family Residence

Price Type --

The best of everything! Full 2023 renovation with on-trend design & finishes, guard-gated security, 3CG, & a premium lot steps from gym/Shops at Gainey Village. The 21' high great room is filled with natural light. European white oak floors & LED lighting throughout the home. Open concept kitchen features Azzurra Bay quartzite stone counters. Fisher & Paykel appliance package includes induction range & Alder cabinet front fridge/freezer. Main level offers ensuite bedroom & den/optional 5th BR. Large primary suite features luxurious bath w/ steam shower, soaking tub, dual vanities + makeup counter, custom WIC cabinetry. Rare, deep yard is private w/ turf, pool, BBQ & fruit trees. Amazing house that will appeal to lock-n-leave buyers & those looking for turn-key within 3C's school district.

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5141 N 35th Street Phoenix, AZ 85018

$1,950,000

4 Beds

3 Baths

3,707 SqFt

Status Active

MLS # 6762208

Property Type Single Family Residence

Price Type --

Updated Arcadia ranch style home in the sought after Biltmore Heights neighborhood on an oversized private corner cul-de-sac lot. Indoor/Outdoor living at its finest with a front courtyard to take in Arizona sunsets, great room living with french doors leading to the spacious backyard with artificial grass, heated pool, multiple patios, built in bbq, putting green, and views of sunrises to start your day. Open floor plan in the main living area with a great room for formal or informal gatherings, updated kitchen with breakfast bar, large Owners Suite with access to the pool, 3 guest bedrooms, 3 full baths, large laundry room/craft room, detached art studio or office, and air conditioned third car garage currently used as workout room. Brand new roof and newer HVAC units. Conveniently located to some of Phoenix's best restaurants, shopping, and the Arizona canal path.

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14830 E Rhoads Court Fountain Hills, AZ 85268

$1,950,000

4 Beds

4.5 Baths

4,185 SqFt

Status Active

MLS # 6641512

Property Type Single Family Residence

Price Type --

'''Artistic Seclusion'' a Frank Lloyd Wright inspired contemporary estate, tucked in the west end of Sunridge Canyon and backed on two sides by public land, Offers first-class privacy and luxury living. This property is double gated and has a private long driveway from the cul-de-sac to the main building. The modern fusion of steel and glass creates a striking contemporary impression. The main entrance features an artistic 18-foot iron/glass door and the garage entrance is equipped with an electric lift to the open space grand room which, with extra high ceilings, features a hidden TV behind artistic metal panels over the fireplace and high walls of glass all covered with motorized blinds. The chef's kitchen boasts imported Italian cabinets, luxury Gaggenau and Thermador appliances and stainless countertops, dual raised bars, and more. All rooms are built in a circle around a central courtyard with artistically designed two-tier waterfalls, rocks and plants. The glass walled corridors around the courtyard are equipped with gallery grade picture hanging tracks and spotlights to present the owner's art collections. All guest rooms are as spacious as the master bedroom and each has its own in-suite bath and patio. The estate is surrounded by lush foliage. The backyard oasis includes a sparkling pool with motorized pool cover, heated spa, firepit and an outdoor kitchen. The estate is adjacent to Sunridge Canyon golf course and The Club at Adero, and is 10 minutes to Mayo Clinic.

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41327 N 106th Street Scottsdale, AZ 85262

$1,950,000

3 Beds

3.5 Baths

3,000 SqFt

Status Active

MLS # 6613965

Property Type Single Family Residence

Price Type --

Beautifully reimagined in 2023, this home looks and feels like a brand new build. Tastefully remodeled under the watchful eye of Laura Weaver of Weaver Interiors, this now all en suite, three bedroom, three and a half bath home features a stunning array of premium quality features and upgrades. The lot orientation offers an ideal southwest exposure, showcasing city lights and sunsets from the generous outdoor living space. The gorgeous new kitchen has custom crafted walnut cabinetry, quartz countertops and backsplash, a quartzite eat in kitchen island and Wolf/Sub Zero appliance package. Two main living areas boast new fireplaces and each provide dining spaces with distinctly different feels and ambiance. New Carrier HVAC units and Sonos audio system.

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2211 E Camelback Road Unit 407 Phoenix, AZ 85016

$1,950,000

3 Beds

4 Baths

3,904 SqFt

Status Active Under Contract

MLS # 6654873

Property Type Apartment

Price Type --

Seller is extremely motivated! With by far the lowest price per sq.ft. compared to other luxury highrises. The ultimate in luxury hi-rise living in the heart of Biltmore. Amenities include everything from rooftop pool, entertaining space both rooftop and ground floor with walk-out patio, utilities, valet, front desk, and dog park. Two combined units make this the ideal floor plan. The benefits of high-rise living without losing open living space. Updated appliances, repainted, office/den, plush carpeting in bedrooms, junior master suite, oversized walk-in master closet, double balconies, high ceilings, 3 parking spaces, parking garage storage, secured building, minutes to everything Biltmore has to offer. The list goes on! This is a must-see! Owner downsizing to a 3000 sqft unit.

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4206 E Earll Drive Phoenix, AZ 85018

$1,950,000

4 Beds

4.5 Baths

3,188 SqFt

Status Active

MLS # 6694743

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in Arcadia Lite! This stunning 4-bed, 4.5-bath boasts an open living space, perfect for entertaining. Elegant hardwood flooring flows throughout, enhancing the ambiance. Each bedroom features an ensuite for privacy and a walk-in closet for ample storage. An expansive laundry room adds convenience. Outside, enjoy a beautiful pool with travertine and mature palm trees. Don't miss this gem! Experience luxury living in an amazing location Owner is a licensed real estate agent in Arizona.

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4678 N Bear Flat Road Payson, AZ 85541

Open House

New

$1,950,000

6 Beds

4 Baths

4,378 SqFt

Status Active

MLS # 6765214

Property Type Single Family Residence

Price Type --

Retreat on Tonto Creek. It was just a 700 SF cabin when Bill bought it in January 1973, but it sat high above Tonto Creek in a small enclave called Bear Flat. Over the years, Bill traveled the world as an executive in the hospitality industry, but no matter the exotic destinations he visited, he always returned to Bear Flat. Its allure, its remoteness, its peace, fulfills its residents. Once you've been to Bear Flat it enters your blood; you find yourself drawn to its beauty. Over the years, there were several additions. The great wall and steps down to the creek were built by Bill and his sons with stones gathered from the surrounding land. Today this retreat on Tonto Creek includes a large island kitchen, over 200 feet of view decking, a treehouse and over 700 square foot garage.

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8300 E Dixileta Drive Unit 235 Scottsdale, AZ 85266

Open House

$1,950,000

3 Beds

3.5 Baths

4,317 SqFt

Status Active

MLS # 6758294

Property Type Single Family Residence

Price Type --

Discover the epitome of luxury living in this exquisite Scottsdale home, located in the prestigious guard-gated community of Sincuidados. This stunning single-level residence boasts soaring ceilings, 8-foot solid wood doors and polished travertine flooring throughout, with no stairs for seamless accessibility. Featuring 3 bedrooms plus a den, the home offers an expansive primary suite with a cozy fireplace and a spacious walk-in closet. Enjoy a newly renovated kitchen (2024) with all-new appliances. The 1+ acre lot includes a private backyard oasis with a sparkling pool, separate spa, and an extended covered patio perfect for entertaining. Complete with an oversized 3-car garage, this home offers both elegance and convenience in an easily accessible yet secluded Scottsdale location.

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