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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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.

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!

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.

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!!

23955 N 112th Place Scottsdale, AZ 85255

$1,699,000
3 Beds
3.5 Baths
3,352 SqFt
Status Active
MLS # 6685578
Property Type Single Family Residence
Price Type --
One-of-a-kind home in the heart of Troon, designed around a gorgeous natural boulder. This unique floor plan seamlessly incorporates the boulder into the living space, offering a blend of modern design and natural surroundings. Enjoy stunning views from every window, showcasing the beauty of the Arizona landscape from every room in the house. This remodeled home is located in the prestigious gated community of Troon Ridge Estates 3. Every detail has been executed with meticulous attention, bringing sophistication and comfort into every corner of the space. (see features sheet for a full list). New dual pane Pella windows w/ Low-E glass & custom sliding doors enhance the home w/ state of the art insulation & natural light throughout. The split floor plan is ideal for entertaining and indoor/outdoor living at its finest. The open concept kitchen is equipped w/ Bosch & Thermador appliances, induction cooktop, complimented w/ new cabinetry, granite countertops, & honed quartz island. Gorgeous ceiling beams frame the space of the family/living area accentuating the length of the home. Two newer 3-ton HVAC units and 3 mini-split systems provide year-round comfort. The location is unmatched with the tranquility of Troon, 5 golf courses within 10 min & endless shopping, dining & hiking.

10243 N 58th Place Paradise Valley, AZ 85253

$1,696,000
4 Beds
3 Baths
2,693 SqFt
Status Active
MLS # 6727530
Property Type Single Family Residence
Price Type --
Turn-key offered fully furnished. Country Estates w/private large yard & new pool! 4 bedroom with 3 baths. Double bedroom that could easily be split for a 5th bedroom! BRAND new pool remodel just completed! Spacious open split floor plan w/ 2 master suites, high ceilings, skylights & lots of natural light. Expanded custom chef's kitchen w/ beautiful custom cherry cabinets, 3 sinks, 2 refrigerators, top of the line appliances- wolf, subzero, gas cooking & built in steamer. Quality luxury finishes- tile & Berber carpeting throughout, thermo pane windows, sophisticated lighting & sound systems, central vacuum, . Resort style mature landscaping w/ sparkling pool & lawn.

52312 N 461st Avenue Wickenburg, AZ 85390

$1,695,000
3 Beds
2 Baths
1,794 SqFt
Status Active
MLS # 6733592
Property Type Single Family Residence
Price Type --
Welcome to your dream estate! Custom-built home sits on a 5-acre property in the desirable Wickenburg/Forepaugh area perfect for horse enthusiasts, here's what makes this property truly exceptional- tile floors elegant and easy to maintain wood shutters adds a touch of classic charm, pantry, utility sink in laundry room, bar area for entertaining, master suite walk-in closet, luxurious shower with double heads, knotty alder doors, tile baseboards, tongue & groove patio ceilings, full-size roping arena, ideal for practicing, priefert roping chute, 2 RV plug-Ins, 4 stall free style horse walker ,wash rack ,custom tack room with pavers, automatic waters, 12 covered stalls, 4 (30x40) pens, 3 (60x40) pens, 2 (50x 100) pens, hay shed, custom entry, quarter minus driveway, top notch facility,

41709 N Signal Hill Court Anthem, AZ 85086

$1,695,000
5 Beds
4.5 Baths
4,319 SqFt
Status Active
MLS # 6740096
Property Type Single Family Residence
Price Type --
WOW THE VIEW!!! Golf Course and Mountain panoramic Views. Just priceless. You're going to love this property. This Rochester model is spacious and luxurious every where you turn. Large enough to host parties but cozy in all the right areas. New air conditioning systems made in the USA. Solar system lease paid in full which virtually eliminates electric bills. Updated travertine surrounding the pool and backyard entertaining areas. Wall of windows in the living and dining areas make for a spectacular indoor outdoor living experience. Views from nearly every window! Enjoy your morning coffee with the most amazing views, extensive mature landscaping, heated pebble tech pool/spa with cascading water features, fire pit and fire pots, and Ramada, misting system, outdoor shower, and stunning sunrises! This beautifully updated Contemporary Rochester Model is perfect and ready for you to enjoy all the Anthem Country Club has to offer. A very private location with golf course, and mountain views all day long.. All NEW A/C units, Shows like a model. Only 30 minutes to Scottsdale and Sky Harbor Airport. Soaring 12 foot ceilings; and there are no interior steps. Built-in professional appliances-including a 48'' frig, 6 burner gas cooktop w/stainless hood, microwave oven, double ovens, warming drawer, wine chiller and dishwasher. There are slab granite countertops in the kitchen with a custom backsplash. Under cabinet accent lighting in kitchen. Master Retreat offers His and Hers closets with California Closet organizers, and a huge walk in shower. Plantation Shutters in all other Bedrooms and no carpet. Automated Light filtering shades in main rooms. Oversized laundry with cabinets, East facing private backyard with golf course, mountain views. Built in BBQ, Beautiful sunrise views from backyard, oversized 4 car garage with sealed floors and cabinets, RO and water softener systems, speakers thru out house, Iron courtyard entry gate, Pour a glass of wine and relax in the Mountain and Golf Course panoramic views while enjoying your backyard and pool! FINALLY...a true turnkey opportunity in Anthem Country Club for the most discerning Buyer! This home will blow your socks off! Country Club Lifestyle with Resort Style Amenities...Anthem Country Club is managed by Club Corp which offers many great benefits to members that reciprocate around the world! Two 18 hole golf courses, Persimmons and Ironwood, designed by Greg Nash. 2 Pro shops, 2 sets of men's and women's lounges / locker rooms, 2 member restaurants, 2 gyms, 2 pools, 2 spas, several tennis courts, Gorgeous Ball Room for ongoing Member events and private events venues available as well, 2 Impressive guard gated entrances, all surrounded by breathtaking mountain and golf course views...you will love being a member of the Anthem Golf & Country Club!

309 E Georgia Avenue Phoenix, AZ 85012

$1,695,000 - 4Br/3Ba -  for Sale in Cuesta Vista Lot 1-7, 26-44, Phoenix
New
$1,695,000
4 Beds
2.5 Baths
3,526 SqFt
Status Active
MLS # 6764499
Property Type Single Family Residence
Price Type --
This 4 bed, 2.5 bath Tuscan inspired home in the heart of Uptown Phoenix has everything you've been looking for! Bursting with curb appeal, you are welcomed with lush landscaping and Chicago reclaimed brick walkways that lead to an open patio with gas fire pit at the entryway and as you step inside enjoy a thoughtfully designed floor plan split between two stories. The open concept kitchen features granite countertops, an island with a breakfast bar, and upgraded stainless steel appliances including a Viking range. The kitchen seamlessly flows into a tucked away eating nook and the open living room which includes a gas fireplace. The primary bedroom features its own fireplace, a separate seating area, a private entrance leading to the backyard, and a spa-like ensuite with a large walk-in shower, jetted tub, dual vanities, and a walk-in closet with custom built-in shelving. The first floor also includes a full bar that connects a formal eating space to the kitchen and living room, a convenient powder bath for guests, a full-sized laundry room, a private office, and a wine cellar tucked beneath the stairs, showcasing a custom arched iron door. Upstairs, you'll find a den, along with three additional bedrooms. One bedroom has been thoughtfully remodeled with rubberized flooring, ideal for a yoga or workout space. Step outside into your own backyard oasis designed for both relaxation and entertainment. The lush landscaping surrounds a shaded patio, pool, and multiple pergolas. You'll also enjoy an outdoor shower and a fully-equipped outdoor kitchen that includes a bar top with seating for 10, making this the perfect space for outdoor dining and hosting friends and family. The 3-car garage features ample built-in storage, additional racking system, a fridge and 2 Tesla charging stations. This home truly has it allluxury, style, and functionality. Don't miss the opportunity to make it yours!

4644 Griffiths Spring Flagstaff, AZ 86005

$1,695,000
3 Beds
3 Baths
2,924 SqFt
Status Active Under Contract
MLS # 6759634
Property Type Single Family Residence
Price Type --
Step into this stunning 3 bedroom, 3 bath, 2,924 sqft single level home nestled in the heart of the prestigious Forest Highlands Golf Community. Backing up to a serene canyon filled with heavily treed Ponderosa Pines and offering filtered views of the golf course, this home delivers both privacy and picturesque beauty. The expansive open-concept living area features soaring 19-foot vaulted ceilings, complemented by rich wood flooring and a striking stone-to-ceiling gas fireplace. A wall of windows floods the space with natural light, creating a seamless connection between the indoors and the stunning outdoors. The oversized deck is perfect for entertaining, offering a tranquil setting surrounded by nature. With ample space and an unbeatable location, this home provides the ultimate in relaxation and sophistication. Don't miss this opportunity to own a slice of paradise at Forest Highlands. Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.

2647 E Vista Place Williams, AZ 86046

$1,695,000
3 Beds
3.5 Baths
4,184 SqFt
Status Active
MLS # 6692525
Property Type Single Family Residence
Price Type --
Discover tranquility & expansive beauty of the High Country. Stunning log home nestled on 5.03 acres secluded amidst towering juniper and pinon trees. A picturesque retreat boasts a charming wrap-around composite deck offering panoramic vistas, 3 bedrooms and 3.5 bathrooms, a spacious kitchen complete with a farmhouse sink, a welcoming great room & family room, versatile loft space, office for remote work or creative pursuits, hardwood floors, and luxurious in-floor heating. The main floor master suite offers a sanctuary with a generous walk-in closet, a separate jetted tub, and shower. Extra-large 2-car garage, measures 25x38, 950 sq ft, equipped with heating. Experience the epitome of mountain living in this idyllic haven.

7250 E Paradise Drive Scottsdale, AZ 85260

$1,695,000
5 Beds
3 Baths
3,650 SqFt
Status Active
MLS # 6708996
Property Type Single Family Residence
Price Type --
Welcome to the Cactus Corridor. Single level home, Situated on 1/2 acre lot, 3 car garage, & sparkling play pool, mature landscaping & fruit trees. NO HOA. This home features 5 spacious bedrooms PLUS a dedicated office, perfect for remote work. You're greeted by soaring high ceilings and windows that create an open feel. Multiple living spaces are the ideal setting for family gatherings and entertaining guests. Formal dining. Bright and open kitchen with white cabinets, kitchen island, & granite countertops, Oversized garage provides plenty of room for your vehicles and additional storage. Living room with real fireplace. Oversized primary bedroom with French doors to the backyard. Separate soaking tub and walk in shower, dual sinks and large walk-in closet. For those who love to travel, Scottsdale Airport is just a short drive away, making your getaways and business trips incredibly convenient. Shopping enthusiasts will appreciate the close proximity to Kierland Commons and Scottsdale Quarter, where you can indulge in a variety of dining, shopping, and entertainment options. Don't miss out on the opportunity to own this exceptional Scottsdale property, where luxury meets convenience. Experience all that this magnificent home has to offer!

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