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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2223 E Tonto Place Chandler, AZ 85249

$1,699,400
7 Beds
5.5 Baths
4,809 SqFt
Status Active
MLS # 6730103
Property Type Single Family Residence
Price Type --
WOW! Stunning South Chandler single-level home with a 2023-new Guest House/Casita! Highest-quality construction and finishes throughout with almost 5,000 sq.ft. total, and a total of 7 bedrooms and 5.5 baths. Enormous gourmet kitchen with two islands, quartzite countertops, dual wall ovens, gas cooktop, and built-in refrigerator. Main house has a spacious primary bedroom, an en-suite mini-master, and a Jack-and-Jill bathroom; guest house has 2 bedrooms/2 baths. Resort-style background with huge sparkling pool, outdoor kitchen, and firepit for entertaining. 2023 Guest House has the finest and newest finishes and upgrades; must be seen to appreciate! Few opportunities like this with a Guest House come on the market in this extremely popular location in Chandler; simply a must-see property!

3310 S Horizon Place Chandler, AZ 85248

$1,699,000
5 Beds
4 Baths
4,039 SqFt
Status Active
MLS # 6736199
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious, gated golf and lake community of The Vistas at Ocotillo. This breathtaking 5-bedroom, 4-bathroom residence offers an unparalleled living experience with stunning waterfront views and luxurious amenities. As you step into this gorgeous home, you'll immediately be struck by the expansive, open-concept design and soaring ceilings that create a sense of grandeur and space. The heart of the home is a chef's delight, featuring a spacious kitchen with ample cabinet space, a massive island, and high-end finishes. The kitchen seamlessly flows into the large family room, where oversized windows frame picturesque views of the serene lake. Step outside to your own personal oasis, where the covered patio and built-in BBQ invite you to enjoy al fresco dining. The heated, negative edge pool with its stunning boulder waterfall is a focal point, offering a luxurious retreat right in your backyard. The home also boasts a 3-car garage with an epoxied floor and built-in cabinets, providing ample storage and organization. The owner's suite, conveniently located on the first floor, offers a private sanctuary with direct access to the picturesque outdoor space. Additionally, the first-floor also features a 5th bedroom that can be used as an office, providing flexibility for your needs. Experience the ultimate in luxury living with this exquisite home, where every detail has been thoughtfully designed for your comfort and enjoyment. Don't miss the opportunity to make this spectacular property yours.

17417 E Monument Court Rio Verde, AZ 85263

$1,699,000
4 Beds
3.5 Baths
3,090 SqFt
Status Active
MLS # 6751165
Property Type Single Family Residence
Price Type --
Incredible New Construction home on the largest lot of this wonderful Trilogy at Verde River community. Located just one house away from the multi-million dollar clubhouse with fine dining, swimming pools, championship golf course, pickleball courts, and lots of planned activities like live music and painting. You'll need to see to believe! Step inside your beautiful new home from the protected private courtyard to the oversized great room with stunning fireplace, inviting kitchen and dining rooms, and engaging views to your private backyard paradise. This upgraded kitchen will delight the pickiest of chefs. Enjoy the oversized patios with artificial turf, low-maintenance landscape and view of the Tonto National Forest OR add pools and activities to delight your family.

29048 N 53rd Street Cave Creek, AZ 85331

$1,699,000 - 4Br/3Ba -  for Sale in Custom Horse Ranch, Cave Creek
New
$1,699,000
4 Beds
3 Baths
2,392 SqFt
Status Active
MLS # 6755729
Property Type Single Family Residence
Price Type --
The ideal Arizona Ranch, This property features a beautiful single level home with 3 bedrooms 2 bathrooms a sparkling pool and private yard plus a new roof. The ranch area features a brand new 24 stall barn, large new arena 80x120 and property has room to add a round pen or more turnouts. The separate casita has a full kitchen studio style living space and full bath. This ranch is located at the end of 53rd street a very private, very equestrian friendly neighborhood and the best part...This property has CITY WATER and PAVED ROADS TOO!

26348 N 104th Way Scottsdale, AZ 85255

$1,699,000 - 3Br/3Ba -  for Sale in Troon Fairways Lot 1-107 Tr A-d, Scottsdale
New
$1,699,000
3 Beds
3 Baths
3,249 SqFt
Status Active
MLS # 6758962
Property Type Single Family Residence
Price Type --
LOCATION LOCATION LOCATION. OVER HALF AN ACRE CORNER LOT IN THE HIGHLY DESIRABLE TROON FAIRWAYS EUROPEAN THIS HOME FEATURES AMAZING VIEWS OF PINNACLE PEAK AND TROON MOUNTAIN. SPACIOUS 3 BEDROOM AND 2.5 BATHROOM FLOOR PLAN AND FEATURES A GOURMET KITCHEN WITH WALK IN PANTRY LIGHT AND BRIGHT BREAKFAST ROOM. ENJOY AND ELEGANT FORMAL DINING ROOM WITH ACCESS TO A LOVELY COURTYARD AND A HUGE GREAT ROOM WITH 20 FOOT CEILINGS AND A GREAT ENTERTAINING BAR. NOT A COOKIE CUTTER SOUTHWEST HOME. THIS HOME IS ELEGANT AND PROVIDES EASY AZ LIVING WITH A SPARKLING POOL. VIEWS VIEWS VIEWS!! LOADS OF GREEN ARTIFICIAL TURF EASY LOW MAINTENANCE YARD PLUS A 3 CAR GARAGE. YOU DON'T WANT TO MISS THIS ONE.

56444 N Vulture Mine Road Wickenburg, AZ 85390

$1,699,000
3 Beds
2 Baths
2,493 SqFt
Status Active
MLS # 6757823
Property Type Single Family Residence
Price Type --
Income property in Wickenburg, spanning across 12.432 acres with an additional 5 acres available, is a remarkable real estate opportunity that offers a range of features and amenities, main house 2493 sq ft w/3 bd -2 bath, walk in pantry equipped with freezer, new washer & dryer, 2 fireplaces creating a cozy environment, new flooring in master with 2 lg closets, impressive upgraded 1800 sq ft guest house 2bd/2 bath with ample space through out, stackable washer & dryer included, outdoor fireplace, salt water pool with new system, circular driveway offers easy access to both houses & horse set up, Arena 170 x 200, hay shed & tackroom 20 x 80 with full electric & outlets, 6 horse pens with covers, 20 x 24 square pen for training, private well, 3 septics, 3 Rv hook-ups, this is a must see

7247 E Bent Tree Drive Scottsdale, AZ 85266

$1,699,000
4 Beds
4 Baths
3,415 SqFt
Status Active
MLS # 6735449
Property Type Single Family Residence
Price Type --
Wow!! Amazing buy in North Scottsdale with oversized, fully functional detached casita. Your in laws, out of town guests or teens will love this private living off of the resort- like rear yard with refreshing pool and spa. This one was designed for entertainment. Culdesac lot with N/S facing lot. The interior was just transformed into a 2024 luxury home with finishes seen in 3 million $ homes. The true great room floor plan is perfect for the buyer that's downsizing for the formal living room living. The upscale kitchen with massive island is adjacent to the entertainment room with oversized contemporary fireplace. Seller just added a wall of glass that leads out to the massive covered patio overlooking the refreshing pool, Mtn. Views and city lights. WOW, let's go!

280 Goodrow Lane Sedona, AZ 86336

$1,699,000
4 Beds
4 Baths
3,257 SqFt
Status Active
MLS # 6757325
Property Type Single Family Residence
Price Type --
Centrally Located West Sedona GEM with NO HOA. Amazing Investment Opportunity or Primary Residence. TWO SPACIOUS Primary Bedrooms PLUS Two Spacious Guest Bedrooms PLUS Home Theater (or 5th bedroom) PLUS Bonus Room. Quality throughout this Custom-Built Cavanaugh Classic on a .74 acre lot in Goodrow Estates. TONS of Space in Front and Back Yards with Endless Possibilities to Build your heart's desires - LARGE RV Garage, Casita, Hot Tub, Putting Green.Great Room boasts beautiful and bright hardwood floors, high ceilings, louvered shutters. Adjacent dining room seats 18-20 comfortably with a gorgeous view of the lush green backyard. Chef's Kitchen boasts granite counters w/ prep island, large walk-in pantry, Stainless Steel Appliances including 5-burner gas cooktop, Dacor double stacked ovens w/warming drawer & microwave, stainless steel sink and plenty of custom storage cabinets. Perfect for casual dining at the elevated bar in the kitchen and easy transition from kitchen to dining room. North Primary Bedroom has large walk-in closet, dual vanities and walk in shower. Easy access to Bonus Room currently used as an exercise room with a pet door and dog run for smaller furry loved ones. South Primary Bedroom has a large walk-in closet, jetted tub, walk-in shower and separate dual vanities. Views of the Park-Like backyard from both. Movie and Popcorn Anyone?? Enjoy tiered seating in the AWESOME Home Theater with Eight Comfy Recliners w/beverage holders, Granite Counter Beverage Station with dual sink and extra storage. All theater furniture, appliances, fixtures, equipment and supplies (fountain soda machine, Pop Corn Maker, blender, nostalgic items) are available. This space can easily be converted to a 5th Bedroom. Resort style back yard features 30' Round Dough Boy Above Ground Pool, Volleyball Court, Tether Ball, BBQ Station with Blackstone and Jenn Air Grills, Fire Pit, Raised Flower Beds, Artificial Turf Area, Elevated Decks and Patios with views of the Mogollon Rim, and several private areas to find your Zen Self! All surrounded by mature native trees and plants, providing privacy and tranquility. Also the perfect Party Venue for large and small gatherings. Truly amazing setting when all lit up at night. Be awed by the native wildlife that cohabitate in this special enclave of Sedona. Two-car garage w/separate bays with climate control. Protective coating on floors. Extra Custom features in garage include wet bar with upgraded counters and soft-close cabinetry, electric fireplace, microwave, mini fridge, dual compartment utility sink, quarter bath. Additional features include 2 Carrier WeatherMaker 8000VS Furnaces w humidifiers providing ultimate comfort year-round. Pre-Wired for generator, central vac, recirculating hot water pump, electric sprinkler system for plants, Sale Includes Two LG washers and Two Dryers, Four Exterior Storage Sheds, Blackstone and Jenn Air Grills, 2-Person Sauna, Outdoor Yard and Patio Furniture, Exterior String Lights, Extra Fridge, Electric Fireplace, Gym Equipment, All Home Theater Furnishings, Bunk Beds.

24062 N 123rd Court Scottsdale, AZ 85255

$1,699,000
3 Beds
3.5 Baths
2,475 SqFt
Status Active
MLS # 6742757
Property Type Single Family Residence
Price Type --
Discover this exquisite 3-bedroom, 3.5-bath gem on a tranquil cul-de-sac! This gorgeous residence boasts a 2-car garage, pristine desert landscaping, and sweeping mountain views. Fall in love with the delightful great room with high ceilings, a soothing palette, elegant tile flooring, and a cozy fireplace for relaxing evenings. The gourmet kitchen comes with quartz counters, ample white shaker cabinetry with crown molding, stylish pendant and recessed lighting, a tile backsplash, stainless steel appliances, a pantry, and a large island with a breakfast bar for casual dining. Retreat to the primary bedroom, complete with a lavish ensuite with dual sinks, a soaking tub, and a walk-in closet. Outside, enjoy the spacious covered patio with a built-in BBQ and serene views. No expense was spared to create a truly comfortable environment - including a whole home soft water and RO system, fully electric/automated Zebra shades on every window (including sliders), custom Valley Light Gallery lighting throughout the home, beach (no-step) shower entrances, 72-inch linear gas fireplace, 24/7 monitored security system, high-end surround sound system & epoxied garage with built-in cabinets to name a few. Don't miss the opportunity to make this exceptional home yours come and experience all the charm and elegance it has to offer! The Community offers a recreation center, picnic spots, workout facilities, and well-maintained common areas. Make this gem yours today!

8919 E Calle Del Palo Verde -- Scottsdale, AZ 85255

$1,699,000
3 Beds
3 Baths
2,891 SqFt
Status Active
MLS # 6731379
Property Type Single Family Residence
Price Type --
Best value in Canada Vistas. Updated and well cared for home in a most desirable North Scottsdale GATED COMMUNITY. This home is ready to move in boasting it's Gourmet Kitchen with high end appliances . Manicured yard on quiet interior lot makes this home stand out! Better hurry as it is priced to sell!!

36547 N Montalcino Road Scottsdale, AZ 85262

$1,699,000
3 Beds
3.5 Baths
4,257 SqFt
Status Active
MLS # 6673760
Property Type Single Family Residence
Price Type --
Back on market and a NEW PRICE in Treviso! Enter your private courtyard with fireplace, showcasing intricate matching custom iron doors. Inside is a beautiful, open floorplan with views through walls of glass. Auto shades included. The kitchen will delight the family chef, a bonus wine room to wow your friends or convert back to butlers pantry. Immense granite island and separate quartz U-shape counter gathering area for casual dining. Entertain outdoors with a pergola covering, sparkling pool, jacuzzi and a stunning firepit that wraps around the jacuzzi. A separate, casual family room boasts room for games & activities, away from the kitchen and living areas. Primary suite has dual-sided walk-in shower, free-standing tub, and outdoor patio fountain. Your home search ends here! Two more generously sized guest suites and a separate den/office with custom built-ins situated on opposite side of the home. Three car garage with epoxy flooring, and mature landscaping all around. This home is immaculate and beautifully maintained by original owners. Some furnishings may be available separate bill of sale for the snowbird not wanting to hassle with furnishing it. Easy walk to Mirabel if joining a country club is on your wish list. Quick close also available. There are choices during your home search, we get it. But you will NOT be disappointed with this gem. It is the most immaculately kept and well maintained home you will see. Guaranteed. It feels brand new, at half the price of Toll's new communities. And it has all the upgraded features you want. Please give this one some consideration. Seller will be most appreciative and make it an easy transaction. She is downsizing and must sell.

6439 N 75th Avenue Glendale, AZ 85303

$1,699,000
3 Beds
2 Baths
2,110 SqFt
Status Active
MLS # 6633883
Property Type Single Family Residence
Price Type --
Total of three parcels available see private remarks for more information. Excellent investment opportunity. Property is currently zoned for R-1 Max 3.525 units/dwellings per acre Can be subdivided for high density allowing for smaller lot sizes. Rezoning is not a requirement for high density Rezoning would be required for multi-family and a pre-application meeting is required. Centrally located to 101 Freeway and I-10 and close proximity to State Farm Stadium, Westgate Entertainment District and Desert Diamond Arena.

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