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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460 Foothills South Drive Sedona, AZ 86336

$1,795,000
4 Beds
3 Baths
2,883 SqFt
Status Active Under Contract
MLS # 6760813
Property Type Single Family Residence
Price Type --
This stunning modern contemporary luxury home, designed by architect from NY & Sedona, is located in the gated Foothills South subdivision, offering breathtaking views of Thunder Mountain. With 2,883 SqFt of living space on a .54-acre lot, this 4-bedroom, 3-bathroom home features floor-to-ceiling windows, flooding the open floor plan with natural light. Highlights include a two-way gas fireplace with Venetian plaster surrounds, a tongue-and-groove wood ceiling, and a remodeled kitchen with Quartz countertops, backsplash, induction cooktop, and updated lighting. Enjoy 360-degree views from the rooftop deck, a fully fenced backyard, and a gated courtyard. Additional features include a 3-car garage and a tankless water heater. Many new improvements since 2021. Ideal for year-round living! The home includes practical features like a tankless water heater, with recirculating hot water, and instant hot water. A locked storage unit outside beneath the roof-top deck. The outdoor beauty of this home offers total privacy with AZ plants, complimented by a fully fenced backyard. A gated courtyard with a custom iron gate is a great spot for your morning tea and coffee. To ensure the home was in perfect comfort and more luxuriously appointed, the following home improvements were added since 2021... HOME IMPROVEMENTS 2021 Outside of house painted 2021 Outside wall lights and solar driveway lights installed 2021 Closet redesign in large master suite 2021 Garage storage cabinets installed 2021 Master bedroom sliding barn door added 2021 California Closets added to master and guest bedroom 2021 Entrance door to large guest bedroom added 2021 Closet and sliding door added to large guest bedroom 2021 New ceiling fans installed throughout the home 2021 New ceiling lights installed in guest bath and in dining room 2021 All walls and ceilings painted 2021 New wall switch plates, outlet plates and switches installed 2021 All new doors painted and installed & new handles installed 2022 New custom front door with glass frame installed 2022 New living room window shades installed 2022 Landscaping additions (front and back) 2022 Irrigation lines added 2022 New gutters 2023 Kitchen remodel: Quartz countertops & backsplash; new lighting; induction cooktop; ceiling fan; new sink and faucet 2023 New energy star central air conditioning unit installed on west side 2023 Dedicated 220 outlet added in garage 2023 Ring doorbell 2024 Tankless water heater installed 2024 Laundry room redesigned with sink 2024 New washer/dryer

7117 E Rancho Vista Drive Unit 4011 Scottsdale, AZ 85251

$1,795,000
3 Beds
2 Baths
1,944 SqFt
Status Active
MLS # 6705754
Property Type Apartment
Price Type --
Welcome to this truly special Optima Camelview 3 Bedroom 2 Bath 1944 SF showstopper! This breathtaking property underwent a complete remodel by the impressive Wild Development Design & Renovation team. Simply a must see in person, you will be awed from the moment you walk inside by the abundance of floor-to-ceiling glass windows, gorgeous & spacious open kitchen/bar and well laid out living/dining spaces. This property boasts a rare two private patios (one off of the living room & one off of the master) - both featuring lively city & lush landscaping views. The spacious master suite is separate from the two guest bedrooms and offers a custom closet, soaking bath & roomy shower. Both guest rooms have multiple walls of glass and are light & bright. Walk-in laundry room. Two side by side premium private parking spaces, one with tesla/electric vehicle charging. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

8649 E Short Putt Place Carefree, AZ 85377

$1,795,000
3 Beds
3 Baths
3,347 SqFt
Status Active
MLS # 6629633
Property Type Single Family Residence
Price Type --
Exceptional 2010 Custom Home on a secluded and private lot-featuring a spacious great room with stone accents, dramatic ceilings and a wall of glass opening to scenic patios - overlooking beautiful Sonoran desert and14th Tee of Desert Forest Golf Course. Stunning Sunsets. Special outdoor dining and built-in BBQ area. plus firepit. Also a tremendous Pitch and Putt Golf Amenity-A Golfer's Dream. Well designed kitchen, handsome cabinetry, and chiseled edge granite counters. Dining area and wet bar window looking to scenic desert, & golf course. Light, open & airy interior-many well placed windows & patio doors. Functional floor plan. Private primary suite, spacious closet & spa bath. All one level. Abundant storage. Available partially furnished. No HOA . See private remarks re: solar.

3045 N Marigold Drive Phoenix, AZ 85018

$1,795,000
3 Beds
3 Baths
2,289 SqFt
Status Active
MLS # 6710761
Property Type Single Family Residence
Price Type --
''TO BOLDLY GO WHERE 'SCOTTSDALE'S PREMIER LUXURY BRAND' HAS NEVER GONE BEFORE'' - RELEASING A GEOMETRICALLY PERFECT, UNIQUE CREATION IN A SECLUDED ARCADIA NEIGHBORHOOD TO FORM PART OF THE 'RESIDENCES OF DISTINCTION' COLLECTION, MAKING A GRAND STATEMENT IN DESIGN! LIVE WHERE TWO STREETS MERGE ON A SIGNATURE CORNER LOCATION NEAR THE PRESTIGIOUS ARIZONA COUNTRY CLUB! Street-side it's spectacular with contrasting white & black geometric design against the green front yard landscaping. Pivot through the floor-to-ceiling glass entry door and waiting across the threshold is simply a MAGNIFICENT MASTERPIECE!! The entire home has 'Never-been-seen-before' signature 'RESTORATION HARDWARE' chandeliers, is SINGLE LEVEL with hand designed wood inlay ceilings, Skylights, Engineered Hardwood Flooring, Real Moss wall-art, 'jaw-dropping' custom designed Barn Doors & focal point Fireplace with Brazilian Quartz Backdrop. 3 bedrooms (DUAL PRIMARY SUITES), 3 BATHROOMS, & SEPARATE OFFICE/DEN for accommodation is sensational. The primary suite has it's own PAJAMA LOUNGE, and the en-suite bathroom has separate TUB & SHOWER, dual vanities, and massive WALK-IN CLOSET! The Signature 'European style' black & white 2-toned Kitchen fully integrated with COVE/WOLF/SUBZERO APPLIANCES includes GAS RANGE & BUILT-IN COFFEE MAKER, is almost a statement within itself and opens to Formal Dining room & Great room. Venturing outdoors is a pure experience & immediately creates BACKYARD ENVY! WRAP AROUND LAP POOL perfect for fitness enthusiasts, BAJA TANNING SHELF & JACUZZI perfect for laid back relaxation, BBQ & BEVERAGE CENTER perfect for entertaining, COVERED PATIOS perfect for sundowners & 'El-Fresco dining, HUGE BACKYARD perfect for 'furry friends' or Kickball.. And with Inside Laundry, 2 CAR GARAGE & E-V CHARGING STATION, off street parking.... THIS IS NOT JUST A STATEMENT BUT AN ENTIRE STORY!! FEATURING - Everything from the Underground Plumbing/ Up is completely Brand New including Electrical, Plumbing, Gas Lines, HVAC, Roof, Tankless Water Heater, Pool & SPA including Pool Equipment & Heater, Landscaping, H2O System & Ambient Lighting, 2 Car Garage with non-slip Flooring & Built-in Cabinetry, Dual Pane Windows & Sliders Throughout, Signature Chandeliers & Fans, All New Appliances including washer & Dryer. Custom designed Window Treatments & Hardware, Every Item is Handpicked for this Magnificent Abode!

2688 E Joy Drive San Tan Valley, AZ 85140

$1,795,000
6 Beds
4 Baths
2,954 SqFt
Status Active
MLS # 6687444
Property Type Single Family Residence
Price Type --
Spectacular horse property nestled on over 3 acres of land in San Tan Valley is a dream come true! This beautiful 5 bed 3 bath farm house has North/South exposure with a new 1 bed 1 bath guest quarters. The home has a beautiful interior with many upgrades. This property also has a roping arena, stalls, finished barn, and grazing pasture. This farm house is turn key and ready for to be enjoyed. PLUS! This home features a fully equipped detached guest house, providing privacy & comfort, ideal for visitors or relatives. Fall in love with the oversized backyard, complete with a full-length covered patio great for relaxation & entertainment. This expansive space offers tons of space for all your toys & ample room for any equestrian activities!! A true gem for those who cherish outdoor living! Don't miss out!

3720 E Boot Track Trail Gilbert, AZ 85296

$1,795,000
4 Beds
3.5 Baths
3,557 SqFt
Status Active
MLS # 6686515
Property Type Single Family Residence
Price Type --
Freshly painted and ready for a new owner! Stroll down the tree lined streets to discover unparalleled luxury in this magnificent Toll Brother's estate nestled in Lakeview Trails at Morrison Ranch. This freshly painted, single story, highly updated home showcases soaring ceilings and exquisite finishes throughout. Paid off solar and soft water system are an added bonus for the energy conscious buyer! The chef's kitchen is a culinary masterpiece, featuring top-of-the-line Wolf appliances, Sub-Zero custom cabinetry refrigerator, wine display and a spacious layout that is perfect for entertaining. Retract your oversized sliders to step outside to your own private oasis, complete with a swim-up sunken bar, hot tub, Infrared dry sauna, outdoor shower and a meticulously landscaped backyard that is an entertainer's delight on a premium lot that backs to a walking trail, with no neighbors behind. The RV gate adds convenience and functionality to this already stunning property. Live the resort lifestyle in this remarkable home, where every detail has been carefully curated for the discerning buyer. Now is the ultimate chance to experience the epitome of luxury living TODAY!

101 W Kaler Drive Phoenix, AZ 85021

$1,795,000 - 3Br/3Ba -  for Sale in Madison Meadows, Phoenix
Open House
$1,795,000
3 Beds
3 Baths
3,152 SqFt
Status Active
MLS # 6760013
Property Type Single Family Residence
Price Type --
Discover your dream home on one of North Central Phoenix's most desirable streets, within the award-winning Madison School District! Just 100 steps from the scenic Murphy Bridle Path, this beautifully remodeled residence maintains the charm of the area while offering modern comforts. Featuring a formal living room that flows into an open kitchen and family room, this home is perfect for entertaining. The chef's kitchen boasts Thermador appliances, custom cabinets, quartz countertops, a built-in fridge, and double ovens. With 3 spacious bedrooms & a versatile office that can easily convert to a 4th bedroom or multigenerational living space with a separate entrance, this layout suits any lifestyle. Enjoy outdoor gatherings in the pristinely landscaped front yard with a built-in fireplace. Have a glass of wine or a cup of coffee on the expansive 1,000 SF courtyard with a fountain while chatting with neighbors or watching children play in the front yard. The backyard oasis features a sunken fireplace, built-in grill, and a pristine pool with subtle fountains. Homes like this one on iconic North Central streets are rarely listed for sale. Do not miss this one.

3174 E Marlette Avenue Phoenix, AZ 85016

$1,795,000 - 4Br/3Ba -  for Sale in Biltmore Greens 4, Phoenix
Open House
$1,795,000
4 Beds
2.5 Baths
2,796 SqFt
Status Active
MLS # 6760989
Property Type Single Family Residence
Price Type --
Welcome to your perfect oasis in the guard gated Biltmore Greens. Ideally situated in the foothills of the Phoenix Mountain Preserve, this Biltmore pied et terre offers you both privacy and peace of mind. Allowing you to right size your life with the convenience of a lock and go lifestyle. Step inside to discover a bright, open-concept kitchen that boasts tons of countertop space, perfect for cooking and entertaining. The timeless design seamlessly flows into inviting living areas, creating a warm and welcoming atmosphere for family and friends. While the charming low-maintenance backyard provides a serene escape for outdoor gatherings or quiet moments of relaxation. Convenience is at your fingertips with an array of shopping, dining, and entertainment options just moments away.

25341 N 113th Way Scottsdale, AZ 85255

$1,795,000 - 4Br/3Ba -  for Sale in Troon Village, Scottsdale
Open House
New
$1,795,000
4 Beds
3 Baths
2,864 SqFt
Status Active
MLS # 6765366
Property Type Single Family Residence
Price Type --
Located in the highly sought after guard-gated community of Troon Village, this beautifully updated home offers an exceptional value amidst neighboring $2M+ properties. Tucked away at the end of a quiet cul-de-sac, the home boasts unobstructed views of Troon Mountain, providing the perfect backdrop for breathtaking desert sunsets. The open-concept, split floor plan features a private primary suite on one side and three spacious secondary bedrooms on the other, plus a versatile office/den that frames stunning mountain vistas. The remodeled kitchen includes a 6-burner Wolf cooktop, new quartz countertops, stainless steel appliances, and a large walk-in pantry. The backyard has a large covered patio with a built-in BBQ, prep sink, and a heated pebble tec pool and spa - ideal for both full-time residents and lock-and-leave buyers. Additional highlights include an oversized 3-car garage with ample storage and updated hardwood floors in the bedrooms. Opportunities at this price point in Troon Village are rarely available, so schedule your private tour today!

9590 E Quarter Circle Loop Gold Canyon, AZ 85118

$1,790,000
4 Beds
3 Baths
2,785 SqFt
Status Active
MLS # 6696137
Property Type Single Family Residence
Price Type --
Beautiful new custom Home located in Gold Canyon East at Barkley Ranch with a Golf Course View of the 10th Green of the Dinosaur Course. This home exudes incredible views of outdoors and seems to bring those elements inside the home. The home has beautiful cabinetry, beautiful countertops and is full of beautiful details and incredible home finishes from wood flooring and wood ceiling boxed beams, marble master bath, to a built in barbecue. The home is nestled around a resort style pool with tiled Baja shelf and spa overlooking beautiful stoned columns with copper scuppers that pour water into the pool. (click on More...) The patios have travertine pavers and synthetic grass and firepit inside the fenced yard overlooking the 10th green of the golf course with beautiful views from all of the main rooms of this incredible new custom home. Home is almost completed and will be ready to move in soon.

2508 W Mesquite Street Chandler, AZ 85224

$1,790,000 - 4Br/4Ba -  for Sale in Caballos Ranchitos, Chandler
New
$1,790,000
4 Beds
3.5 Baths
4,188 SqFt
Status Active
MLS # 6766098
Property Type Single Family Residence
Price Type --
ASSUMABLE LOAN at 2.5%! Quiet country feel within minutes to 101, 60 & 202 in the City of Chandler! 1.3-acre lot, this stunning home offers a perfect blend of modern convenience and country charm. 4 spacious bedrooms and 3.5 luxurious bathrooms, the home is designed for both comfort and practicality. Whether you're an outdoor enthusiast or car aficionado, the massive 40x40 RV garage complete with an evaporative cooler and a car lift is the ultimate space for your vehicles, tools, and hobbies. For professionals or those working from home, the dedicated office provides a quiet and functional space. If you love horses or animals, the property features stalls equipped with power, water, and air conditioning, along with a lit and irrigated pasture!

7114 E Pasadena Avenue Paradise Valley, AZ 85253

$1,780,000
4 Beds
2.5 Baths
2,640 SqFt
Status Active
MLS # 6684144
Property Type Single Family Residence
Price Type --
LOCATION LOCATION LOCATION. Walking distance to Fashion Square Mall & all entertainment/dining Old Town Scottsdale has to offer. Home has incredible views of Camelback Mountain & an open floor plan that you'll fall in love with. Beautiful private courtyard w/ room for a pool. Kitchen includes BlueStar oven range, Carrara marble counters & a natural soap stone counter island w/ so much space to make even the best of chefs jealous. The oversized master suite will blow you away. Master bathroom has separate tub w/ oversized remodeled shower. Other features include gorgeous private backyard, high end artificial turf & white lady banks rose bushes to give the home a high end California feel to it. Upgraded lighting throughout, quartz countertops in the laundry room.

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