What’s Ahead For Mortgage Rates This Week – October 17, 2016

Last week’s economic news included reports on job openings, retail sales and weekly readings on average mortgage rates and new jobless claims.

Job openings were lower in August after hitting an all-time high in July according to the federal government. Job openings fell to 5.44 million in August as compared to July’s reading of 5.83 million job openings, Job openings reached 5.31 million in August of 2015. Job quits were unchanged in August with a reading of 3.0 million quits; the quits rate was 2.20 percent. There were 5.4 million hires in August as compared to 5.8 million hires in July. The hiring rate held steady at 3.60 percent.

Weekly jobless held steady from the prior week’s reading of 246,000 new claims, although analysts expected a reading of 252,000 new claims. September retail sales increased by 0.60 percent in September and fell short of expectations of 0.70 percent growth. August’s retail sales reading was negative at -0.20 percent. Retail sales excluding the automotive sector were as expected with an increase of 0.50 percent.

Mortgage Rates Rise, Consumer Sentiment Slips

Freddie Mac reported higher rates for fixed rate mortgages. The rate for a 30-year fixed rate mortgage rose five basis points to 3.47 percent. The average rate for a 15-year mortgage was four basis points higher at 2.76 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.84 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Consumer sentiment was lower in October with an index reading of 87.90 percent. Analysts expected a reading of 91.70 percent based on September’s reading of 91.20 percent. November’s presidential election was viewed by analysts as unsettling to consumers’ feelings about current and expected economic conditions. The index reading for consumer sentiment for current economic conditions rose from 104.20 percent in September to 105.50 in October, but fell sharply for expected economic conditions to an index reading of 76.60. Analysts noted that consumers with lower incomes expressed less assurance about post-election economic conditions.

Whats Ahead

This week’s scheduled economic reports include the NAHB/Wells Fargo Home Builders Market Index, Sales of Pre-Owned Homes and Commerce Department readings on housing starts and building permits issued. In addition to weekly readings on mortgage rates and new jobless claims, reports on consumer spending will also be released.

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8561 E Cactus Wren Circle Scottsdale, AZ 85266

$1,500,000 - 4Br/4Ba -  for Sale in Boulder Ridge, Scottsdale
Open House
$1,500,000
4 Beds
4 Baths
3,484 SqFt
Status Active
MLS # 6765691
Property Type Single Family Residence
Price Type --
Highly upgraded gem with stunning views in gated community of Boulder Ridge. Enter thru a charming courtyard into an open common area with 14' ceilings, fireplace, and bar set between family room and home theater. Kitchen offers chiseled edge granite, large island, stainless steel appliances, stained shaker cabinets & walk-in pantry. Interior upgrades include sun screens throughout, central vac, and stained cabinets in baths, den & laundry to match the kitchen. Spacious master suite has dual walk-in closets & sink areas. At over 2/3 acre, the oversized lot offers privacy and generous space from the neighbors. The oasis backyard features pebbletec pool, spa, gas fireplace, built-in BBQ and exterior poolside bathroom. Large upper deck with traditional stairway offers 360deg mountain & city light views, along with power & lighting for entertaining. Besides that view deck, what sets this home apart from nearly all in the neighborhood... 4 car garage, with one bay offset with a secondary laundry, perfect for woodshop or secluded storage. Priced to sell quickly!

9363 E Superstition Mountain Drive Gold Canyon, AZ 85118

$1,500,000 - 3Br/3Ba -  for Sale in Superstition Mountain, Gold Canyon
Open House
$1,500,000
3 Beds
3 Baths
3,497 SqFt
Status Active
MLS # 6671612
Property Type Single Family Residence
Price Type --
SPECTACULAR Mountain and Desert views. This open floor plan is an entertainers DREAM for both inside/outside living! Built in 2023, you will love this exquisitely designed estate with its earth tone palette. Gourmet kitchen fit for a chef with abundant cabinet space with a charging station, gas range with pot filler, breakfast area and large pantry. Indoor/outdoor bar. Huge master suite on east wing features picturesque views, MASSIVE his and her closets and a COLOSSAL walk in shower. Separate entry bedroom with kitchen amenities perfect for visitors or to be used as a mother in law suite. Exercise/hobby room easily could be converted to 4th bedroom. Dramatic and tranquil front courtyard paired with the backyard bide for a year round OASIS. This gated golf course community is a MUST SEE

18208 W Happy Valley Road Wittmann, AZ 85361

$1,499,999 - 4Br/4Ba -  for Sale in Meets & Bounds, Wittmann
New
$1,499,999
4 Beds
3.5 Baths
3,476 SqFt
Status Active
MLS # 6788960
Property Type Single Family Residence
Price Type --
Incredible home sitting on a 1.25-acre lot! This fully fenced property features an RV gate, a 3-car side garage with an extended driveway, & plenty of parking space. Inside, you'll find a large living room, formal dining room, & double-door den, providing endless entertainment possibilities. Durable tile flooring & recessed lighting throughout the home! The kitchen showcases a center island w/prep sink, a breakfast bar, SS appliances, wood cabinets, granite counters, walk-in pantry, & a breakfast nook. Retreat to the split main bedroom with French doors to the backyard, wood-style flooring, & an ensuite w/two vanities, soaking tub, & walk-in closet. Walk out back to your own Desert Oasis! BBQ pit, pool, & your own custom bar! Discover the unmatched beauty that this home has to offer! One secondary bedroom includes a bathroom ideal for a guest quarter. The entertainer's backyard boasts a covered patio, a detached enclosed bar w/soft carpet, wood-accented walls, & multi-sliding doors, a covered outdoor pergola w/built-in BBQ & fire pit, a pool w/bar, & plenty of room for play & grow. Be the proud owner! Hurry!

8619 N 192nd Avenue Waddell, AZ 85355

$1,499,999
3 Beds
3 Baths
3,485 SqFt
Status Active
MLS # 6724959
Property Type Single Family Residence
Price Type --
This custom-built home is located at the base of the White Tank Mountains in the prestigious Sonoran Ridge Estates. It is a stunning, well-maintained 3-bedroom 3-bathroom home that blends modern luxury and serene living. Nestled on a spacious 1.4-acre lot with breathtaking views of the White Tank Mountains from the front with a peaceful, unobstructed, dwelling-free natural landscape from the rear. This property provides a unique opportunity to enjoy the best of Arizona's natural beauty while close to schools, shopping, and thoroughfares. As you step inside, you'll be greeted by a bright and open floor plan with high ceilings and large windows that flood the space with natural light. The gourmet kitchen is a chef's dream, featuring top-of-the-line stainless steel appliances, granite countertops, a large center island with a cooktop, a built-in warming station, and more than ample cabinet space. The adjoining dining area and living room are perfect for entertaining guests or enjoying family time. Special touches include artistic ambient theater-like ceiling lighting, whole house music speakers, and a living room with a dramatic back-lit custom-built interpretation of the nearby White Tank Mountains! The master bedroom suite is a true retreat with a walk-in closet and an en-suite bathroom that includes 2 separate sinks and cabinets, a large jacuzzi soaking tub, and a large, tiled snail shower. The additional 2 bedrooms are generously sized and offer plenty of closet space. There's also a large executive office with 2 built-in desks, multiple built-in cabinets, and shelving that can easily support any in-home business. The office also has a built-in Murphy bed that can be used for guests or as a 4th bedroom. Step outside to your gorgeous fully fenced private backyard oasis. It has 2 covered patios, lush mature landscaping, and a built-in stone island featuring a gas barbecue, sink, and refrigerator. Walk down the lighted grand staircase that leads to a low-temperature concrete walkway and a large custom-built saltwater swimming pool. Additional features of this exceptional home include a large three-car garage with a dedicated workspace for auto and hobby enthusiasts, a laundry room with storage, and energy-efficient upgrades. Located in a peaceful neighborhood with convenient access to schools, Arizona state Route 303, shopping, dining, and recreational activities like the newly opened restaurant The Corral which offers music events and delicious food. Once outside the estate gates, the entrance to the White Tank Mountains Regional Park is a few minutes up the road. Visitors can hike, walk on dog-friendly trails, view ancient petroglyphs, and view hundreds of species of plants and animals that include thousands of gorgeous flowering Sonoran Saguaro cactus. This is the perfect place to call home. Don't miss out on the chance to make this beautiful property yours!

34642 N 52nd Street Cave Creek, AZ 85331

$1,499,995
2 Beds
2 Baths
1,935 SqFt
Status Active
MLS # 6753929
Property Type Single Family Residence
Price Type --
LOCATION ! LOCATION ! LOCATION ! Beautifully updated Home on 2.5 acres in the charming fun town of Cave Creek! Walk to Starbucks, restaurants, shopping and Golf..So convenient !! While still enjoying the luxury of your own ranch..Horseback Riding, biking and hiking trails take you into the Cave Creek Preserve from your driveway! Room for all your Horses and a spot ready to build a full size Roping Arena(with engineered plans) Features a brand new never been used Gourmet Chefs Kitchen TOP of the line appliances including a ZLINE natural gas range. Fantastic fenced backyard with a sparkling blue pool all ready for your finishing touches. New Flooring with southwest flair, Natural stone fireplace/gas insert. Make this your Winter Resort destination or Stay all year!!

3743 E Hazelwood Street Phoenix, AZ 85018

$1,499,995
3 Beds
2 Baths
2,167 SqFt
Status Active Under Contract
MLS # 6756925
Property Type Single Family Residence
Price Type --
Premium lower Arcadia opportunity on Hazelwood. Well cared for three bedroom and two baths plus office sits on 11,966 square foot lot including mature landscaping, large pool, barbeque area and a finished casita. Wonderful master suite with huge dual shower and walk in closet. Situated in one of the most desirable neighborhoods in Phoenix. Large .27 acre private lot is mid-block with no alley. Full remodel and addition completed in 2011 on this 2,167 sq ft home. This is a rare opportunity for a buyer to purchase a move-in ready home on Hazelwood at this price point. Otherwise, its a prime lot for a custom home.

14437 N Valencia Drive Fountain Hills, AZ 85268

$1,499,995
3 Beds
3.5 Baths
2,573 SqFt
Status Active
MLS # 6717380
Property Type Single Family Residence
Price Type --
This popular Marden floorplan is ready to move in this fall. This home offers 2 bedrooms in the main house, separate office plus an attached casita for guests and a 3 car garage! Open concept floor plan is great for entertaining with sliding glass door to covered patio for indoor outdoor living. The kitchen boasts a huge island, Wolf appliances including 36'' cooktop and double ovens with 48'' Sub-Zero refrigerator. Enjoy the ambiance of the 60'' liner fireplace in the great room. Luxurious primary suite includes spacious walk-in closet, bathroom has dual vanities, walk-in shower and separate soaking tub. Imagine enjoying the upcoming holiday season in this amazing home!

23730 N 125th Place Scottsdale, AZ 85255

$1,499,995 - 3Br/3Ba -  for Sale in Sereno Canyon Parcel J Phase 4 Lots 177-194 & Trac, Scottsdale
Open House
$1,499,995
3 Beds
3 Baths
2,222 SqFt
Status Active
MLS # 6612078
Property Type Townhouse
Price Type --
Modern, Desert Contemporary style architecture! This open floor plan offers ample space for entertaining. Beautiful front and backyard landscaping with views of Troon Mountain and close proximity to the Mountain House Lodge Community Amenity. The Caullins' welcoming covered entry and inviting foyer reveals the spacious great room and dining room, with views of the large covered patio beyond. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space. The beautiful primary bedroom suite is highlighted by a huge walk-in closet and deluxe primary bath with dual-sink vanity, large soaking tub, luxe glass-enclosed shower with seat, and private water closet. Landscaping includes water feature, fire feature and built-in BBQ.

1657 E Minton Street Mesa, AZ 85203

$1,499,990
4 Beds
3.5 Baths
3,499 SqFt
Status Active Under Contract
MLS # 6750153
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of Mesa! This stunning 4-bedroom, 3.5-bathroom home is currently under construction and scheduled for completion by the end of September. As you step inside, you are greeted by an open-concept floor plan that seamlessly connects the living, dining, and kitchen areas, creating a spacious environment perfect for both family living and entertaining. The gourmet kitchen features high-end stainless steel appliances, upgraded cabinet lighting, a large center island, and ample cabinetry for all your storage needs. Conveniently located just off the garage, the spacious pantry is designed with efficiency and organization in mind, making it the perfect solution for easy access and storage after shopping trips. The home also features a thoughtfully designed rear bathroom with dual access from both inside and outside, offering ultimate convenience for outdoor activities. Additionally, a charming bonus room provides versatile space that can be tailored to your needs, serving as the perfect extension of your living area. The luxurious master suite is a true retreat, complete with a walk-in closet and a spa-like en-suite bathroom that boasts dual vanities, a makeup vanity, a soaking tub, and a separate glass-enclosed shower. Outside, the backyard is a blank canvas ready for your personal touch, whether you envision a serene garden, a sparkling pool, or an outdoor entertainment area. With a prime location in Mesa, you'll enjoy easy access to the 202 Freeway.

491 N 159th Place Gilbert, AZ 85234

$1,499,950
3 Beds
2 Baths
2,335 SqFt
Status Active
MLS # 6777056
Property Type Single Family Residence
Price Type --
Circle G Ranch GEM. Every inch of this acreage home has been updated. The open and airy floorplan is an entertainer's dream. The custom kitchen boasts a large island and stunning walnut bar top, coffee bar, built-in hutch, corner nook that overlooks the roomy family room with beautiful fireplace. There are tons of custom cabinetry, and the walk-in pantry is an organizer's dream. Enjoy the library/office with built-in shelves while gazing out the window to your beautifully landscaped front yard. The back yard is straight out of a magazine. Step onto the massive travertine back patio and follow the winding travertine paths all throughout the yard. Enjoy the warm temps with a huge custom pool, swim up bar with top-of-the-line grill, huge waterfall with slide and a grotto. For cooler temps enjoy toasting marshmallows around the elevated built-in firepit area. The expansive grassy backyard also offers a workshop with electrical, a shed, and your very own pickleball court and basketball half-court. There is even room for an RV with 220v electric. All of this luxury is surrounded by a block wall and huge trees for the ultimate privacy. The car enthusiast will love the updated and climate controlled four car garage. Or use some of the space for a workout room, man cave, craft room, or extra living space. This home is in move-in condition and offers a new AC unit, new roof, upgraded electrical panel, new windows, new water heater, whole house water softener/filtration and tile throughout.

11460 N 71 Street Scottsdale, AZ 85254

$1,499,900
4 Beds
2 Baths
1,868 SqFt
Status Active Under Contract
MLS # 6749763
Property Type Single Family Residence
Price Type --
FANTASTIC REMODELED FAMILY HOME ** BEAUTIFUL MODERN RECENTLY COMPLETED NEWLY UPDATED ** 4 BEDROOMS ** 2 BATHROOMS ** HUGE OPEN GREAT ROOM ALL NEW KITCHEN AND DINING ** ALL NEW FLOORING ** ** NEW INTERIOR AND EXTERIOR PAINT ** NEW AC 2021 ** NEW GAS WATER HEATER 2021 ** BOTH MASTER AND GUEST BATHROOMS COMPLETELY REMODELED ALL NEW CABINETS & COUNTERTOPS IN KITCHEN AND BATHROOMS ** NEW QUARTZ COUNTERTOPS ** NEW ROOF 2019 ** NEW BARN ROOF 2023 ** NEW FRONT AND GABLE END CONCRETE BOARD SIDING 2022 ** NEW DUAL PANE WINDOWS 2012 ** NEW EXTERIOR DOORS 2022 ** NEW COVERED RAISED PATIO ROOF ** MUST SEE !!!!!

17506 E Desert Vista Trail Rio Verde, AZ 85263

$1,499,900
3 Beds
3.5 Baths
2,681 SqFt
Status Active
MLS # 6781435
Property Type Single Family Residence
Price Type --
What a RARE find! Luxury meets modern comfort in this stunning home in the prestigious gated Community of Trilogy at Verde River. Situated on a golf course lot with a great curb appeal highlighted by a well-manicured landscape & paver driveway. The cozy courtyard, with a fountain wall & fireplace, will greet you upon entering the residence. The interior exudes elegance with stylish light fixtures, a designer palette, abundant natural light, and wood-look flooring throughout. You'll LOVE the desirable open layout paired with surround sound, exposed beams, and multi-panel pocket sliding doors merging the inside & outside activities! The gourmet kitchen boasts granite counters, ample staggered cabinetry, a subway tile backsplash, a huge prep island, and high-end SS appliances w/cooktop gas. The den comes with built-in bookshelves! Enter the owner's suite to find sliding doors to the back and a lavish bathroom with dual vanities, a soaking tub, a sit-down shower, & two walk-in closets. PLUS! You also have a CASITA with a separate exit, a wet bar, & a bathroom. The laundry room has a built-in desk & cabinetry. Beyond the interiors, the large backyard holds its own charm! A flagstone-covered patio, built-in BBQ, additional seating areas, and artificial turf complete the picture. The view fence provides unobstructed vistas of the mountains & golf course, allowing you to enjoy the natural beauty surrounding your home entirely. PLUS! Take advantage of RESORT-STYLE amenities, including an 18-hole championship golf course, a clubhouse w/fitness center & spa, and sparkling pools. Residents enjoy pickleball & tennis courts, hiking trails, and various dining options like a full-service restaurant & wine bar, creating a perfect blend of luxury & community. Experience gracious living at its finest! Wow, just WOW!

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