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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7180 E Kierland Boulevard Unit 1012 Scottsdale, AZ 85254

$1,730,000
2 Beds
2 Baths
1,461 SqFt
Status Active
MLS # 6724171
Property Type Apartment
Price Type --
LUXURY HOME UPGRADES, AMENITIES, LOCATION, & SPECTACULAR VIEWS! This unit has it all, look no further. Owner added an additional $140k of upgrades. Lutron lighting & motorized shade system throughout the unit, Cove & down lighting in Great Room, Custom designed Primary Closet from California Closets, Wood paneled wall in Kitchen, & Backlit mirrors in both bathrooms, just to name a few (see full upgrade list in document tab). Enjoy stunning mountain views by day & twinkling city light at night from every window of this unit. A Neutral color pallet throughout this unit will delight the most discriminating buyer. Enjoy an open floor plan with ample seating for gatherings, or move your guests to any of the amazing amenities Optima Kierland has to offer. Gathering rooms, Kitchens, Game Rooms, Outdoor BBQ area, & of course the infamous Rooftop Pool & Spa appointed with BBQ's, Dining tables, Lounge chairs. Enjoy a refreshing dip in the pool while taking in the scenic views of Scottsdale, whether it be Mountains or City lights. Optima is the ultimate in Luxury Highrise living & located near Fantastic shopping & Dining.

4340 E Estrella Court Gilbert, AZ 85296

$1,729,000
5 Beds
4.5 Baths
3,542 SqFt
Status Active
MLS # 6726476
Property Type Single Family Residence
Price Type --
***BACK ON MARKET BUYER FAILED TO PERFORM*** Welcome home! Located in a prime cul-de-sac with custom-built homes, this property is just minutes away from the highly anticipated Cannon Beach water park, with quick access to the 202, dining, and shopping. Completely remodeled in 2024, all you have to do is unpack and enjoy! As you step through the front door, you're greeted by the beautiful blue waters of your heated and cooled diving pool, finished with new Pebble Tech and three waterfalls. Wade onto the Baja Ledge and cool off, knowing your pool is freshly maintained and ready to offer complete serenity. The outdoor kitchen is a perfect spot to entertain, featuring a built-in BBQ and flat top grill.... ''click on more'' for more info. Enjoy a game of pickle ball or hoops on your sport court, and as the evening temperatures drop, gather around the propane fire pit to take in the sunsets. The low-maintenance landscape lets you focus on friends and family instead of yard work. Spanning over 3,500 sq. ft., this split-bedroom floor plan includes 5 bedrooms (one of which is a junior suite), 2 full bathrooms, two 3/4 baths, and a 1/2 bath, offering ample room for everyone. The kitchen boasts plenty of storage, including a walk-in pantry, a 36 natural gas stove, an oversized built-in refrigerator, and a separate beverage fridge. The generous-sized island is perfect for gathering around the heart of the home. The flex space provides the ideal area to play pool, watch the big game, or snuggle in for movie night. Additional features include built-in Wi-Fi speakers, an RV gate, extra parking, spray foam insulation, and a 40-year roof that has just been serviced and certified. This home has too many extras to list!

15618 E Centipede Drive Fountain Hills, AZ 85268

$1,725,000
4 Beds
3.5 Baths
4,369 SqFt
Status Active
MLS # 6742123
Property Type Single Family Residence
Price Type --
This fully renovated 3 level modern Pueblo home boasts unique layouts, the primary bed perched atop, while kitchen & living occupy the middle level. Also available with furnishings! Dive into luxury with pool access from bottom level or side of the property. Enjoy an acre of privacy, with no HOA! Nestled against the protected McDowell Mountain Regional Park, your views remain pristine! With impressive curb appeal, pull into a private drive & experience desert landscaping. The kitchen features top-of-the-line SS KitchenAid appliances & quartz countertops, with a living/dining area perfect for entertaining & admiring views through massive windows spanning the entire width of the main-level. The primary bedroom offers the perfect spot to bask in the beauty of your surrounding the primary bathroom features dual-sinks, and a separate soaking tub to relax and unwind. Downstairs has a guest bedroom, bonus room, two private entrances off of the pool area, and a full bath offering added seclusion for your guests. Ideal as a mother-in-law suite or for a teenager looking for their own space. Step outside to the pebble tec salt water pool and hot tub where you will experience unmatched peace and serenity, along with the beautiful and unspoiled scenery. This home features a freshly epoxied 3 car garage with custom cabinetry to store all of your toys and tools. If privacy, views, curb appeal, and a beautifully renovated desert retreat are on your wish list, look no further!

3315 N Tova Trail Prescott, AZ 86305

$1,725,000
3 Beds
3 Baths
2,824 SqFt
Status Active
MLS # 6752764
Property Type Single Family Residence
Price Type --
Experience the charm of custom craftsmanship with this exquisite Western-style estate, nestled just minutes from downtown Prescott on a 3.2-acre lot. The primary residence, is 2,689 sq ft of elegantly appointed living space, features 10-foot coffered ceilings, 8-foot doors, clear alder wood cabinetry, granite countertops, generous closet space, extensive storage, and a sizable laundry room. The open-plan living area is ideal for unwinding and hosting friends and family. The charming 1 Bed/1BR 614-square-foot guest house has its own garage included. This extra space is perfect for long-term family visits, a home office, or as a rental. Horse enthusiasts will appreciate the expansive outdoor area, which includes a two-horse stable with a tack room and heated water, a corral, and arena.

1703 E Singletree Court Flagstaff, AZ 86005

$1,725,000
3 Beds
3.5 Baths
2,712 SqFt
Status Active
MLS # 6739262
Property Type Single Family Residence
Price Type --
Meticulously maintained and shows like a model home. Beautiful single family home located in Mountain Estates at Pine Canyon Creekside Village. Cul-de-sac home site conveniently located near the park. Great room floor plan with 3 spacious en-suite bedrooms each with a private bath and additional separate powder room. Some items recently updated include the new paint, fans, kitchen refrigerator, new HVAC, and Electronic blinds in primary bedrooms. Pine Canyon offers a championship golf course designed by Jay Morrish, an award winning full-service clubhouse, spa and fitness facilities, access to extensive trail systems and proximity to AZ excursions.

17458 N 97th Street Scottsdale, AZ 85255

$1,725,000
4 Beds
2.5 Baths
3,130 SqFt
Status Active
MLS # 6755649
Property Type Single Family Residence
Price Type --
Welcome to Windgate Living! This spacious residence welcomes you with an impressive foyer that seamlessly flows into an open-concept main living area, where the kitchen serves as the heart of the home. High ceilings and abundant natural light fill the expansive living room and adjacent casual dining area, while a large formal dining room provides the perfect setting for intimate gatherings. The first floor features a luxurious primary suite with a generous walk-in closet and beautiful primary bath. Upstairs, an airy loft connects two sizable bedrooms, a large bathroom with dual vanity and private water closet, and a cozy corner flex space ideal for a coffee bar. Walk out to your resort style backyard with no one behind you and enjoy the Windgate Ranch life style.

20670 E Marsh Road Queen Creek, AZ 85142

$1,725,000
4 Beds
3.5 Baths
4,152 SqFt
Status Active
MLS # 6677084
Property Type Single Family Residence
Price Type --
Nestled within the prestigious gated community of Bridle Ranch in Queen Creek, AZ, the luxurious residence at 20670 E Marsh Rd is a true testament to elegance and refined living. Spanning 4,225 square feet on a 15,940 square foot lot, this property combines privacy, sophistication, and detailed craftsmanship in one magnificent offering. As you enter the gates, the grandeur of the entrance conveys a sense of exclusivity and safety, leading you through meticulously manicured landscapes and open, grassy expanses perfect for family gatherings and creating lasting memories. The home itself is a sanctuary of comfort and luxury, featuring an open floor plan that beautifully integrates living spaces with abundant natural light and upscale enhancements. The interior boasts 4 spacious... ...bedrooms, 3.5 opulent bathrooms, a versatile bonus room, and a 3-car garage, designed to accommodate a lifestyle of luxury and convenience. The heart of the home, a gourmet kitchen, is equipped with a reverse osmosis system, a 60 Sub-Zero fridge-freezer, a 48 range, a microwave drawer set within custom cabinetry, and a dedicated coffee bar, catering to both casual mornings and grand entertaining. Details such as coffered ceilings, board and batten accents, and wood beams in the entry and kitchen area add layers of sophistication throughout the space. Entertainment is effortlessly elevated with a state-of-the-art movie theatre room and a comfortable mother-in-law suite, alongside three indoor electric fireplaces that add warmth and ambiance. The luxury extends outdoors to a 30x40 heated pool, a 10-person spa with ledge loungers, and a marble landscaped backyard, featuring a marble chip edge pergola and two outdoor fireplaces, creating an idyllic environment for relaxation and social gatherings. The residence is also technologically equipped with advanced speaker and camera systems inside and out, ensuring security and convenience. The garage, detailed with epoxy floors, water softener, cabinets, and a mini-split system, mirrors the meticulous attention to detail found throughout the property. From the lush landscapes with black basalt walkway imported from Turkey to the imported fireplaces that grace the interior, every aspect of this home at 20670 E Marsh Rd in Bridle Ranch speaks to an unmatched level of luxury and elegance. This property not only offers a lifestyle of unparalleled sophistication but also stands as a symbol of luxury living in Queen Creek's most coveted gated community.

3791 W Highway 80 Highway Bisbee, AZ 85603

$1,725,000
4 Beds
2 Baths
2,523 SqFt
Status Active
MLS # 6121153
Property Type Single Family Residence
Price Type --
Seller will carry with $950K down and up to 8 years! FOUR registered wells in all, surface water rights & possible mineral rights are included with this majestic 168 acre historic mountain ranch, appropriately named Rocky Creek Ranch. Upon crossing over Banning Creek via the driveway's bridge and under a lush canopy of mature trees, it's like you've stepped back in time as you approach several rustic outbuildings, 2 historic homes including the charming Rock House w/ concrete walls, corrals, windmills & lush grassy meadows that teem with wildlife. Nestled in Bisbee's beautiful Mule Mountains along the jaw-dropping stretch of Hwy 80, magnificent rock formations, waterfalls & seasonal streams abound. ~20 miles East of Fort Huachuca, home to the Buffalo Soldiers.

210 E Ashwood Place Phoenix, AZ 85012

$1,725,000 - 4Br/4Ba -  for Sale in Ashwood Park, Phoenix
Open House
$1,725,000
4 Beds
3.5 Baths
3,290 SqFt
Status Active
MLS # 6751183
Property Type Single Family Residence
Price Type --
Exquisite Custom Home in a Prime North Central Phoenix Neighborhood on a dead-end Cul-De-Sac Lot. No cars drive in front of this house. Walking distance to the famed Uptown Farmers Market and the Central Ave Bridle path. Built in 2017, Move in ready. Close to Brophy/Xavier, Sunnyslope, Madison Simis, Madison Meadows Day School and downtown hospitals. Hard Wood floors, Vaulted Ceilings, Shiplap walls, Heated Pool, Tankless Water Heater, Soft Water System, In Ceiling Speakers, Alarm System, Control 4 Smart Home System, backyard Turf, Split Bedroom/Bathroom mother-in-law suite

9816 E Winter Sun Drive Scottsdale, AZ 85262

$1,724,000
4 Beds
3.5 Baths
3,600 SqFt
Status Active
MLS # 6703421
Property Type Single Family Residence
Price Type --
Welcome to Paradise! This gorgeous 4b 3.5b + office and wet bar, north south facing home will WOW you! This unique split floor plan offers beautiful views of the luxurious sparkling 40' lap pool and mountains from almost every room. A separate poolside casita, fully equipped outdoor cooking station, golf simulator and numerous sitting areas throughout the generously sized pavered and partially shaded patio areas create the ultimate year-round entertaining and relaxing space. This tastefully remodeled property has vaulted ceilings and extensive natural lighting throughout, a chef's kitchen of the highest quality complete with an oversized island, Wolf/Sub Zero appliances, and a pantry. Two large walk in closets in the primary bedroom, and a separate seating area that could easily be converted to a 2nd office are additional attractive attributes. Truly, a must see to appreciate what this stately property in a gated North Scottsdale community has to offer.

3430 S Camellia Place Chandler, AZ 85248

$1,720,000 - 6Br/5Ba -  for Sale in Ocotillo East Parcel 7 Phase 1, Chandler
Open House
$1,720,000
6 Beds
4.5 Baths
5,157 SqFt
Status Active
MLS # 6723951
Property Type Single Family Residence
Price Type --
Have your own private oasis on the water. Look no further than this stunning waterfront property in the gated community of Santorini Shores. Situated on a quiet Cul-De-Sac, this single level home boasts a basement with a complete media room for all your entertainment needs. Step inside to an open floor plan that is perfect for hosting guests, featuring a dream Chef's kitchen with new Viking stove & Range, a breakfast bar, granite countertops, and ample cabinet space. The gorgeous master bedroom includes a private exit to your backyard oasis, where you can relax and unwind. Outside, you'll find a negative edge pool with breathtaking views of the lake, creating your own personal resort right at home. Don't miss this opportunity to own a piece of paradise. Solar Panels paid off

23721 N 123rd Place Scottsdale, AZ 85255

$1,719,999 - 3Br/4Ba -  for Sale in Sereno Canyon, Scottsdale
Open House
$1,719,999
3 Beds
3.5 Baths
2,854 SqFt
Status Active
MLS # 6666126
Property Type Single Family Residence
Price Type --
2024 Completion and NEVER lived in with loads of builder upgrades including SubZero/Wolf appliance package, Kohler fixtures and 2x4 tile flooring throughout. Callum + Casita floorplan features a stunning window wrapped open great room, perfect for hosting gatherings. Pocket sliding glass doors deliver seamless indoor to outdoor living with striking mountain views and wide-open space with mature desert landscape separation from rear neighbors. Soaring 14 ceilings and contemporary linear fireplace with an abundance of upgraded cabinetry and storage. Interior courtyard accessed via 16-foot stacking wall of glass from great room and sliding glass doors from primary retreat. Offering a highly desirable split design with 3 ensuite bedrooms plus versatile flex space perfect for a den, workout area or office. Impressive primary retreat showcases spa inspired ensuite with lounge tub, separate frameless shower, dual vanities, spacious dressing room and access to interior courtyard as well as the grand patio. The generous secondary bedroom features its own full bath and sizable walk-in closet. Attached ensuite Casita (3rd bedroom) has dramatic mountain views and a private entrance via front courtyard. Nestled in one of the newest resort-style guard-gated communities in Scottsdale. Sereno Canyon features extensive amenities, including dining, fitness center, spa, pools, outdoor gathering areas and community firepit. With panoramic views of the desert and mountains, Sereno Canyon is the destination for luxury living in North Scottsdale. *Home is Pre-Wired COMMUNITY AMENITIES Mountain House Lodge - Clubhouse Restaurant & Bar Pools Spa Cafe Fitness Center Guard Gated Walking/Biking Trails Bocce Court Cabanas Event Lawn Outdoor Fireplace Sunset & Mountain Views One time $20,000 ''Recreation Fee'' for membership to the Sereno Canyon Mountain Lodge is due at closing. NOTE 1: Some images are virtually staged. NOTE 2: Sereno Canyon Mountain House Lodge (MHL) images: Credit Toll Brothers Arizona. Listing Broker/agent does not represent Toll Brothers, is not employed by or under contract with Toll Brothers, and is not affiliated with Toll Brothers in any way. Photos are images only and cannot be relied upon to confirm applicable features.

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