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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8100 N 68th Street Paradise Valley, AZ 85253

$18,000,000
5 Beds
7.5 Baths
17,912 SqFt
Status Active
MLS # 5701342
Property Type Single Family - Detached
Romantic Urban Villa in the heart of Paradise Valley. This palatial Mediterranean estate is a master class in what can be achieved with the worlds finest materials, a renowned team of artisans, and an unlimited budget.Designed by Juan Sandoval following the format of 17th Century Colonial architecture, but with every modern convenience. This magnificent home is unparalleled in its construction quality and architectural precision. Every 2 acre part of this estate was designed and built in over a ten year period. Two spectacular central courtyards. One for gardens and fountains, the other for a stunning 60X60 foot pool. The design of the home guarantees beauty from every room, and a level of security unmatched by even the most advanced technology. DO NOT MISS MOTION VIDEO!

5335 N Invergordon Road Paradise Valley, AZ 85253

$16,950,000
6 Beds
13 Baths
25,851 SqFt
Status Active
MLS # 5676395
Property Type Single Family - Detached
Simple words cannot describe an estate of this stature. The polished elegance and imposing beauty are what movies are made of, and it's easy to imagine many a movie being filmed in this magnificent showpiece. The rooms are so luxurious and so unique, it's impossible to convey the grandeur without seemingly exaggerating, and to say that this mansion is constructed with quality materials is a massive understatement, as it has been built with commercial standards and engineering that are rarely, if ever, seen in residential construction. If that doesn't get your attention, the 25-person elevator sure will, serving as a focal point so spectacular that it will take your breath away. Impeccable custom design adorns every inch of this palatial residence, including a full home theatre, lavish two

8055 N Mummy Mountain Road Paradise Valley, AZ 85253

$16,500,000
7 Beds
12 Baths
25,416 SqFt
Status Active
MLS # 5165200
Property Type Single Family - Detached
Lush, mature landscaping, hand-laid stone walls, and artistic wrought iron accents line the guest drive of this impressive 5-acre Mediterranean estate. Architecturally designed by Erik Peterson and custom built by Desert Star Construction, this magnificent estate boasts 7 bedrooms, 12 bathrooms, a detached 2-bedroom guesthouse, a free-standing 1,800 square foot fitness facility, a tennis court and more than 25,000 square feet of incomparable Arizona living. Showcasing the very best in home entertainment, this grand estate's lower level is comprised of a private theater with tiered seating, ultra modern music room with pro lighting package, a recording studio and a custom-designed instrument showroom.

New River AZ 85087

$16,000,000
4 Beds
2 Baths
19,161 SqFt
Status Active
MLS # 5584412
Property Type Single Family - Detached
AMAZING OPPORTUNITY TO OWN 32 ACRES TOTAL NORTH OF ANTHEM OUTLETS. BORDERS I17 FRONTAGE ROAD. C3 Zoning. Fantastic location. Please DO NOT bother anyone on property. Recent appraisal meets value. Willing to sell 8 Acres South of Nursery separately. Seller will finance! Thank you.

19920 W Verde Hills Drive Wickenburg, AZ 85390

$14,900,000
3 Beds
3.5 Baths
5,365 SqFt
Status Active
MLS # 5685013
Property Type Single Family - Detached
Powell Ranch sits on a plateau providing 360 views, with 538 deeded acres and grazing leases from the state on over 2,200 contiguous acres (all fenced). Designed by architect Bill Otwell, the 5,365 SF Santa Fe style main house with 3BR/3.5BA, office and media room is constructed of 18 thick adobe walls covered with cement plaster. 9'+ ceilings are unique - stripped Aspen poles above giant pine beams, 4 fireplaces, 3 fountains & lush landscaping. 1,066 SF guesthouse is 2BR/1BA; 2,200 SF detached garage/workshop fits 3 cars, RV, storage and 1/2 BA. Equestrian facilities include a large arena, 4 outdoor stalls/corrals w/auto water (3 shaded), covered hay storage, tack room, horse wash, and 60' round breaking pen. See Documents section for details.

7004 N Invergordon Road Paradise Valley, AZ 85253

$13,950,000
6 Beds
10 Baths
15,000 SqFt
Status Active
MLS # 5716629
Property Type Single Family - Detached
This sprawling, private appx 5 acre mountainside estate boasts 15,000+ square feet & offers 6 bdrm suites, 10 baths & includes almost every imaginable detail to class & quality one could dream of. Exquisitely appointed with custom light fixtures; beautiful flooring throughout; stone carved Italian marble columns; incredible chef's kitchen; butler pantry; game room; wine tasting room & storage room for 1400+ bottles; custom office; sound proof 12 seat home theater; private gym; oversized pool w/see through viewing area from lower level family/game room; fire pots; a beautiful mountainside waterfall & a separate guest/housekeeper/chef quarters.This estate features incredible indoor/outdoor entertaining with absolutely amazing southern views & some of the best sunrise and sunsets in all of AZ

5837 N Palo Cristi Road Paradise Valley, AZ 85253

$13,400,000
8 Beds
9 Baths
14,458 SqFt
Status Active
MLS # 5780430
Property Type Single Family - Detached
This masterfully designed and privately gated palatial estate is situated on roughly 5 acres of manicured grounds in PV and offers breathtaking views of the world famous Camelback Mountain's Praying Monk and Piestewa Peak. This majestic one-owner estate underwent a multiple year construction process because of its unrivaled attention to architectural details and handpicked finishes that were inspired from the Versailles in France. From its romanesque water fountains, imported grand staircase, marble fireplace surrounds, polished marble floors, hand carved limestone columns, hand-woven silk wallpapers, coffered ceiling, to gold fixtures and custom cabinetry throughout. click for more supplemental info.

5212 E Exeter Boulevard Phoenix, AZ 85018

$12,950,000
3 Beds
4 Baths
2,553 SqFt
Status Active
MLS # 5814639
Property Type Single Family - Detached
Completed in 1952, the David and Gladys Wright House is one of three spiral designs realized by Frank Lloyd Wright and is considered to be a precursor to the Guggenheim Museum in New York City. The concrete block home sits on ~5.9 acres in the Arcadia neighborhood of Phx and enjoys sweeping views of Camelback Mountain. The ~2200 SF 3 bdrm main house has been partially updated, but requires additional rehabilitations, including necessary structural and electrical repairs. The offer includes reproductions of the signature ''March Balloons'' carpet designed by Wright for the living room and a dining table and chairs. The ~360 SF 1 bd guest house has been recently restored. An application for Historic Preservation-Landmark status is pending with the City of Phoenix.Offered in AS-Is condition

9625 E Aw Tillinghast Road Scottsdale, AZ 85262

$12,500,000
6 Beds
8 Baths
11,250 SqFt
Status Active
MLS # 5689418
Property Type Single Family - Detached
Timeless contemporary estate that was inspired with an unlimited budget, a blank canvas for architectural creativity and a one-of-a-kind site with views of the entire southern horizon. A visionary and profound architectural statement with intersecting radial and linear forms built to commercial construction standards. The pioneering roof design features 'folded plates' of copper that perfectly blend the home into the natural desert surroundings. Interior details include Hope Steel doors, limestone flooring, dry-stacked sandstone fireplace surrounds and custom copper details and trim around every window, doorway and wall. The site provides 270 degree, top-of-the-world sunset, city light and mountain views from 16 hilltop acres at the apex of Lone Mountain in Scottsdale's Desert Mountain.

6659 E Indian Bend Road Paradise Valley, AZ 85253

$11,995,000
8 Beds
16 Baths
26,393 SqFt
Status Active
MLS # 5725463
Property Type Single Family - Detached
Experience this brand new, meticulously designed custom estate, located in the safety & privacy of an exclusive guard-gated community. Enjoy a large acreage estate feel, with low maintenance, energy-efficient, inexpensive upkeep. This 8 bed, 16 bath unique layout offers large living on a smaller footprint with refined elegance & unparalleled construction quality by utilizing concrete and steel. This is a unique opportunity to select your own finishes. A magnificent piece of design & classical architecture offering an abundance of amenities: 20-car collector's garage, 2 separate guest houses, dining room surrounded by water, indoor & outdoor pools, swim up bar, multipurpose shooting range, bank vault, salon, wine tasting room & cellar, home theater, indoor/outdoor living areas & more!

20724 N 112th Street Scottsdale, AZ 85255

$10,500,000
5 Beds
5.5 Baths
12,132 SqFt
Status Active
MLS # 5749929
Property Type Single Family - Detached
This exquisite Modern Mediterranean home sits proudly in the Upper Canyon of Silverleaf and is uniquely designed to capture endless city views and surrounding mountains. Architect Dale Gardon and American First Builders is creating one of the most spectacular homes built in Silverleaf. Amenities include 5-6 beds, 7 car garage, estate pool/spa, outdoor cabana, interior basketball/sport court, indoor/outdoor kitchens, theater, family entertainment rooms, multiple sliding door systems, large master suite and separate guest house. The hardwoods, stone, and finishes compliment the warm modern interior and exterior. Uniquely designed with timeless architecture, this home has been tailored to compliment a lifestyle that demands security, quality, value and comfort. Completion date Spring 2019.

7425 N Ironwood Drive Paradise Valley, AZ 85253

$10,490,000
6 Beds
10 Baths
12,263 SqFt
Status Active
MLS # 5683246
Property Type Single Family - Detached
Renowned architect Brent Kendle brings a new level of contemporary artistry to this thoughtfully redesigned Paradise Valley Estate.  Capturing a timeless-understated elegance with the idea that the design was not created for the trend of the moment but rather for generations to enjoy.  Simply stated, the home is tasteful without being boastful.  This 12,000+square foot contemporary desert jewel resides near the base of Mummy Mountain on more than 2 acres, maximizing stunning mountain views, abundant natural light and the opportunity to showcase an extensive art collection.  Each space is defined by incredible architectural installations and includes a main house with 4 bedrooms, 4 bathrooms and 3 powder rooms, a 250 plus bottle wine room, the

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