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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23810 N 123rd Way Scottsdale, AZ 85255

$1,699,995 - 3Br/4Ba -  for Sale in Sereno Canyon Parcel B1 Phase 4, Scottsdale
Open House
$1,699,995
3 Beds
3.5 Baths
3,489 SqFt
Status Active
MLS # 6707785
Property Type Single Family Residence
Price Type --
*Seller is offering a $60,000 incentive for closing costs or rate buy down* This beautiful new home offers an open-concept Kitchen with double wall ovens, 48'' Wolf rangetop and 48'' Sub-Zero fridge. The cathedral ceilings, 60'' Primo Fireplace and 90-degree Sliding Glass Door provide the ideal space for entertaining. The impressive Primary Suite showcases a deluxe Primary Bath with dual-sink vanity, large soaking tub, luxe shower with rainhead and seat and a spacious walk-in California Closet System. . Additional highlights include versatile Study space, attached Guest Casita, 2 car garage plus separate garage storage. Toll Brothers limited warranty includes 10-year structural coverage. Located within Toll Brother's gated community, Sereno Cany

5917 E North Lane Paradise Valley, AZ 85253

$1,699,970
3 Beds
3 Baths
2,250 SqFt
Status Active
MLS # 6706610
Property Type Single Family Residence
Price Type --
Escape to your dream home, where luxury living awaits! From the moment you arrive, you'll be awe-inspired by the designer touches throughout this custom home, which has recently undergone nearly $400,000 worth of renovations. This style embraces the ideals of living with a mix of natural design elements: mixes of wood, metals, and natural stone create true modern simplicity. From the distinctive ambiance of the custom ''Polished Simplicity'' fireplace to the open-concept kitchen with waterfall quartz island that easily seats 6, dual-toned sleek cabinetry, high-end stainless-steel appliances, including a Column fridge, Induction range, Kraus workforce sink with designer two-toned faucet... you are transported into true luxury. The primary bedroom is a haven for relaxation The primary bedroom is a haven for relaxation, boasting exceptional finishes, a double entry door, an extended walk-in closet, an aesthetic designer wall, and an impressive spa-like bathroom suite: a floor-to-ceiling glass-enclosed free-standing soaker tub/a separate shower, a double-sink modern vanity with a private toilet room, and a slatted niche. The backyard is an oasis of peace and tranquility, with complete privacy as it backs a natural area of open space. The yard boasts a pebble-tech pool with a substantial paved patiothe covered patio with a tongue and groove ceiling has a dramatic concrete floor-to-ceiling fireplace. There's even a convenient outdoor bathroom! This home is truly one of a kind! Take advantage of this opportunity to own a slice of paradise..before it's gone!

718 Kohners Ridge Drive Happy Jack, AZ 86024

$1,699,900
6 Beds
4 Baths
7,566 SqFt
Status Active
MLS # 6735196
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Happy Jack, Arizona! This stunning single-family property is located in the gated community of Starlight Ranchettes, and offers a luxurious and spacious living space that is perfect for families. Featuring 6 bedrooms and 3.5 bathrooms, this home provides ample space for everyone in the family to have their own private oasis. The dining room with bay windows is perfect for hosting dinner parties and gatherings, while the vaulted ceilings and antler chandeliers add to the elegance and charm of this home. One of the highlights of this property is the breathtaking views that can be enjoyed from multiple decks. Imagine sipping your morning coffee or winding down after a long day while taking in the serene and picturesque scenery. The bunkhouse above the garage provides a versatile space that can be used as a guest room or large office. The hickory cabinets, large kitchen island/ breakfast bar, desk area, walkin pantry, in the kitchen add a touch of sophistication while providing functionality for all your cooking and entertainment needs. Relax and unwind after a long day in the master bathroom jetted tubs or soak up the sun on the sun deck. With 4 back decks, there is plenty of outdoor space to enjoy the beautiful weather and entertain guests with the most amazing million dollar views. For pet owners, the dog run fenced area provides a safe and secure space for your furry friends to roam. The gas fireplace, wet bar, exposed wood beams, antler chandeliers add warmth and character to the home, creating a cozy and inviting atmosphere. Additional features of this property include 2 car garage, as well as a 1.5 garage around the back for all your toys.. This home also offers stainless steel appliances, bay windows, dual-pane windows, wood doors, and a fully finished basement with a game room, that could be used for more sleeping space too. . With a lot size of 2.07 acres and a large floor , there is plenty of room to grow and make this house your perfect home or bring the entire family. House comes furnished and seller is offering a $12,000 to buyer at COE for flooring allowance. Take a day and go exploring with great walks, bicycling, hiking, off road vehicles and more.. Don't let this future home pass you by.

1624 Gettysvue Way Prescott, AZ 86301

$1,699,900
4 Beds
2.5 Baths
5,232 SqFt
Status Active
MLS # 6760907
Property Type Single Family Residence
Price Type --
Elegant 5232sf home in The Dells at Prescott Lakes! Grand entry foyer, open great room w/ gas fireplace, huge kitchen with double island, formal dining room and private breakfast nook. Wraparound entry porch, expansive rear deck with outdoor fireplace and built-in barbecue, and a private courtyard patio with a koi pond and water feature--and the list goes on. The entire 2nd floor is a majestic master suite! Enter from a loft/sitting area with sweeping views of the granite dells to a large parlor, grand bedroom, enormous walk-in closet, and luxurious master bathroom w/ walk-in steam shower/sauna, PLUS a den w/ wet bar and fireplace; 2 separate private decks, 2 staircases and an elevator! Large, landscaped lot, 3 car garage and more! Chandeliers in nook and dining room do not convey.

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!

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.

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.

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