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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110 Appaloosa Way Sedona, AZ 86336

$1,620,000
4 Beds
3 Baths
2,609 SqFt
Status Active
MLS # 6748783
Property Type Single Family Residence
Price Type --
Southwest Luxury and Elegance abounds within this beautifully appointed Custom West Sedona Gem built by Casa Natural. With STELLAR Red Rock views of Thunder Mountain and Chimney Rock, get ready to fall in love the moment you pass through the entry gates. Privacy and Zen-like tranquility delight the senses combined with the perfect location with easy access to hiking/biking trails, shopping and dining. Creatively and masterfully designed with UPGRADES GALORE featuring Great Room Living with 10 &12 ft ceilings. Upon entering, the massive stacked rock wall invites you in, creating harmony with the red rock views through a generous array of glass windows. Several interior walls are angled, all with rounded corners complemented by gorgeous Travertine floors, majestic 8 ft wood doors and rich cabinetry throughout. Native Trees provide privacy from every room creating the feeling of remoteness and connection to nature. Chef's Kitchen boasts granite counters, center island w/ SS prep sink and sitting area, custom cabinets including generous pantry closet with custom slide outs, Stainless Premium KitchenAid gas cooktop, fridge, double stacked ovens and newer BOSCH dishwasher, breakfast nook, wet bar w/beverage fridge and additional office space w/storage. Easy transition to casual dining on the adjacent outdoor patio. SPACIOUS Primary Bedroom Suite offers incredible red rock views, dual vanities, walk-in shower, separate tub and spacious walk-in closet with built-in shelving system. Plenty of space for guests with an additional ensuite bedroom w/walk-in closet plus two more guest bedrooms/office space. Relax and rejuvenate in nature with a choice of two patios and HUGE north facing deck while taking in views of Lizard Head Rock and Cockscomb. In the cooler months, cozy up inside with a blanket and a novel next to the warmth of the steel walled fireplace accentuated by a stacked rock wall. Additional features include ceiling mounted speakers in great room, home alarm system, Carbon Monoxide detector, Berber carpet in bedrooms, recirculating hot water, water softener and reverse osmosis. Warranties in place for HVAC, Roof, Dishwasher and termite treatment . Hot tub, jetted tub, hood over cooktop is not warranted by Seller. Washer Dryer and TV do not covey with sale.

34277 N 92nd Way Scottsdale, AZ 85262

$1,619,000
4 Beds
3 Baths
3,651 SqFt
Status Active
MLS # 6714944
Property Type Single Family Residence
Price Type --
ANOTHER PRICE REDUCTION! SELLER WANTS IT SOLD! A 2013' built Legend Trail custom home in the Estates. This beautiful home sits on over 1/2 acre with generous setbacks in a cul de sac! Spacious split floorplan full of upgrades and updates. (See Doc Section). Garage is an expanded 3 car with a separate storage room. Open Great Room that is equipped with a newly remodeled fireplace is great for entertaining. New appliances and updates throughout. Expansive Primary Suite has a cozy remodeled fireplace. New canned LED lights in every room. Patio and outdoor living area has it all! Recently expanded turf area, fire pit, nice sized pool, BBQ island and roof top deck. Two additional beautiful wood floored bedrooms. Legend Trail Golf Course is a a beautiful course tucked away in the communit All this nestled in Legend Trail with their low HOA fees and outstanding amenities. Must See!

3838 E Tracker Trail Phoenix, AZ 85050

$1,619,000
4 Beds
4.5 Baths
4,448 SqFt
Status Active
MLS # 6712463
Property Type Single Family Residence
Price Type --
Experience the convenience of Aviano at Desert Ridge in a comfortable Toll Bros Venado home of the Mesquite Collection. A Tuscany style single story featuring: 3 car garage, Great room floorplan, high ceilings, spacious bedrooms, attractive granite countertops, tile surround baths, guest casita, 2 x 6 framing, extended 2 car garage w/ service door and much more. Come home to a premium lot w/ an optimal North/South exposure and relax in an appealing 4 column, extended, travertine floor patio that backs to an HOA open area or head off to the Aviano club house for an invigorating workout ... indoors or out. Entertain guests any time of year by the Italian-designed pool/heated spa beside an equipped BBQ seating area with a natural gas fireplace or just stargaze. It's all here. Strategically situated with EZ access to the 101/51 freeways and the endless points of interest that make the Valley of the Sun a top metropolitan place to live. Only minutes from Desert Ridge Marketplace/City North, the MIM, Mayo Clinic, Scottsdale Airpark and Sky Harbor. Benvenuto a casa! Available furnished.

2505 W Black Ridge Trail Prescott, AZ 86305

$1,600,000
3 Beds
3 Baths
3,200 SqFt
Status Active
MLS # 6743215
Property Type Single Family Residence
Price Type --
New Private Property new build, unconstructed roads are unsafe for public driving at this time! Lot 16's unique slope & layout make it perfect for a home design that captures stunning views & blends seamlessly w/ the natural terrain. With the garages positioned towards the road, the design maximizes rear facing views, which are enhanced by expansive windows and ample DECK space. The home features a lower level perfect for a SHOP/RECREATION AREA, but can be easily changed to a THEATER ROOM/GYM/PRIVATE GUEST SUITE. Crystal Creek Builders will prioriize your vision. Customize every aspect, from design to materials, and you can trust the experienced team to bring your dream to life on this exceptional lot. New private property new build, unconstructed roads are unsafe for private driving at this time! Prescott National Forest, but it's an easy 10 minute drive to the best of what Prescott has to offer. From the lively PRESCOTT COURTHOUSE SQUARE & WHISKEY ROW to ample retail and a thriving arts community, Prescott has all the charm of a small town but with big-city amenities. Additionally, HIKING & BIKING TRAILHEADS, along with many outdoor activities are at Stringfields front door. DISCLAIMER: Property is offered as a Design Build of Crystal Creek Builders on Stringfield Lot 16. Lot price is $275.000 and home is budgeted at $1.200.000. Subject to change depending on final design and Buyer/Owner finish selections.

492xx N 15th Avenue New River, AZ 85087

$1,600,000
4 Beds
4.5 Baths
3,983 SqFt
Status Active
MLS # 6736365
Property Type Single Family Residence
Price Type --
This is your opportunity to build an exquisite custom home boasting a captivating great room floor plan situated on an expansive 1.6 acre lot with 180-degree mountain views, providing the perfect canvas for your vision of luxury living. With the unique opportunity for the buyer to choose all finishes, this remarkable residence promises an unparalleled level of customization and sophistication. Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Floor-to-ceiling glass doors open up to a covered patio, seamlessly blending indoor and outdoor living spaces. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. The centerpiece of the outdoor area is the stunning 20x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision, and experience the epitome of elegance and refinement in this remarkable custom home. Opportunity to create your own custom floor plan or add more space, or build a completely Off the Grid home if desired. Custom home builder is ready to start building for you! Solar upgrade, ICF insulation upgrades available.

953 W Sheppards Trail Globe, AZ 85501

$1,600,000
4 Beds
2 Baths
1,956 SqFt
Status Active
MLS # 6671909
Property Type Single Family Residence
Price Type --
Let the Views begin!! 360 Degree views from the home. Beautiful well maintained 4 bedroom home that is completely off the grid. Home sits on 158+ acres with fresh springs running throughout the property. Home is Custom built with 18'' insulation walls and 12'' insulated walls. Granite kitchen counter tops. Italian tile in primary bath. Beautiful commercial grade tile throughout the home. Acreage has 2 streams running thru the property to provide fresh water. Plenty of area to built future home. Fruit trees located on property. Gated private entry road.

12405 Forest Service 772 Road Flagstaff, AZ 86005

$1,600,000
2 Beds
1.5 Baths
1,705 SqFt
Status Active
MLS # 6310059
Property Type Single Family Residence
Price Type --
Incredible Opportunity! This gorgeous,10.9 acre property has I-17 highway frontage with an interchange just off the Newman Park Exit and borders the Coconino National Forest. Zoned General, 10 acre minimum. Current home was previously used as a bar/restaurant. There are two additional, small, rustic cabins, RV hookups, an equestrian arena & ponds / water holes. Zoning & proximity to I-17 interchange may allow for use as an auto service station, campground, convenience market, hotel-motel, info center, museum, RV park, rest area, restaurant or truck stops. Also listed commercial ML# 6312512. Please call with questions today before this amazing Northern Arizona property is gone!

3530 N Hawes Road Unit 8 Mesa, AZ 85207

$1,600,000
6 Beds
3.5 Baths
5,052 SqFt
Status Active
MLS # 6740983
Property Type Single Family Residence
Price Type --
Welcome home to the gated, secluded community of Overlook. Get ready to take in majestic mountain views & spectacular city lights everywhere you look! This residence sits at the highest elevation in the community for unobstructed views of the entire Valley. Situated on a premium lot, this 6 bedroom, 3 ½ bath home with 4-car garage has space for everyone. The living area & great room with wood-burning fireplace give way to the kitchen with dual pantries & expansive work island, perfect for entertaining friends & family; parties & teambuilding events too! The Owner's Suite has its own private exit to the 1700 sqft double view deck with 360-degree views of the Valley. Sunset will take your breath away - - spectacular mountain views of Red Mountain, Superstition, Santan, Goldfield, McDowell & Estrella mountains plus jaw-dropping views of the Valley - all the way to downtown Phoenix. Flexible living spaces abound inside & out, with room for an RV garage - even a guest house. Not only are there gorgeous views of the entire Valley, but the yard includes an oversized patio, sparkling pool and grassy oasis with mature palm trees & saguaros. It is a sight to behold! Enjoy the seclusion of this gated community while also having easy freeway access, making for a convenient commute anywhere in the Valley, and only a 25min drive to Valley airports. Saguaro Lake, Canyon Lake & the Salt River are just 20min away. Hiking & biking paths are right outside your front door. Come enjoy the good life here in the Valley of the Sun. Make plans to see this one today!

1532 E Sharon Drive Phoenix, AZ 85022

$1,600,000
4 Beds
3.5 Baths
3,999 SqFt
Status Active
MLS # 6757049
Property Type Single Family Residence
Price Type --
Experience luxury living in this custom-built home nestled in a prestigious hillside gated community! Enjoy breathtaking mountain and Valley views that create a vibrant display of colors from sunrise to sunset. This Santa Barbara-style home features elegant stone accents and a paver-lined entry & driveway. Spanning 3,999 sq ft (almost 6000 sq ft under roof), this home offers 5 bedrooms (2 currently used as offices) plus a bonus/family room with custom built-in cabinetry and bookcases, and 3.5 bathrooms. This home boasts a spacious great room w/stunning limestone gas FP and a custom entertainment wall. The expansive gourmet SS KitchenAid kitchen incl double ovens, gas stovetop, French-door refrigerator, granite countertops, 36'' maple cabinets, pull-out shelves, & a large walk-in pantry. With soaring 12' and 10' ceilings throughout, natural light floods the home through oversized windows, all fitted with plantation shutters. The grand 17'x13' ft formal dining room allows for entertainment along with the extended kitchen space which holds a large table also! The home features travertine flooring in the great room, kitchen, hallways, & bathrooms, while the bedrooms & bonus/family room are carpeted with brand new 25 year warrantied Mohawk carpet installed 7/30/24. Bedroom 5(study) showcases hand-scraped engineered wood plank flooring. The separate primary bedroom is a spacious 19'x17' with a gracious primary bath that includes travertine shower & flooring, double sinks, oversized soaking tub and approx. 14' x 12' walk-in closet with closet organizers & custom built-in island storage. Bedroom 2 & 3 each have walk-in closets and share a wing of the house with the bonus/family room that can be closed off from the rest of the house when not in use! Bedroom 4 (used as an office) includes built-in cabinets/desk and has a closet, while Bedroom 5 (study) is equipped with a built-in bookcase and has 2 closets. This is truly a desirable floorplan that is hard to find! (See the floorplan in documents and in photos.) Step out back to the resort-style 800sf covered balcony overlooking the PebbleTec heated pool & spa surrounded by travertine decking. The pool is down a flight of stairs from the balcony. Balcony has freshly painted flooring and built-in BBQ for added outdoor enjoyment to take in the stunning mountain views! The oversized 3-car garage offers 945 sq ft of space (27' deep by 35' wide), complete with built-in cabinets on two walls and a 10.5' ceiling height that allows for parking of extra large vehicles! Meticulously maintained by original owners, this home offers magnificent views of Lookout Mountain from every north-facing window. Entire drip system was replaced in Nov 2023 with front landscape refreshed with over 30 replaced plants & granite. Construction of this home was finished in February 2012. This is a must-see home! See it a second time at sunset! Don't miss your chance to own this stunning property! Enjoy serenity and quiet living in this gated hillside neighborhood!

56 S Prairie Road Gilbert, AZ 85296

$1,600,000 - 4Br/3Ba -  for Sale in Higley Estates, Gilbert
New
$1,600,000
4 Beds
3 Baths
4,006 SqFt
Status Active
MLS # 6764759
Property Type Single Family Residence
Price Type --
Beautiful Custom Home Located in the Sought-After Morrison Ranch Community in Gilbert. This Open, Light and Bright Floor Plan Boasts a Gourmet Kitchen with Extra Large Marble Slab Island, Custom Cabinetry, Sub Zero Refrigerator and Wolf Appliances. The Walk In Pantry has Custom Built-Ins with Antique Barn Door. Master Retreat with Spa Like Bath and Walk In Closet. Secondary Bedrooms are Separated By Jack and Jill Bath and its own Private Vanity. The 4th Bedroom has an Adjacent 3/4's Bath and Private Exit to Pool Area. Resort Style Backyard with Fenced in Pool, Raised Spa, Water Feature, Built In BBQ, Large Umbrella to Cover Pool and there is also a Pickleball Court, for Outdoor Living at its Finest! With Private Sauna in the Garage, Cabinets and Split Air for Workout Room. This Home Blends Modern Luxury with Practical Living!

580 N Benson Lane Chandler, AZ 85224

$1,600,000 - 7Br/5Ba -  for Sale in Grand Reserve, Chandler
New
$1,600,000
7 Beds
4.5 Baths
5,122 SqFt
Status Active
MLS # 6765082
Property Type Single Family Residence
Price Type --
With impressive curb appeal, and spread over almost a half of acre of land this expansive home welcomes you through a custom iron front door into a grand entryway with soaring ceilings, creating a warm, inviting atmosphere. Two standout features make this property exceptional: a massive 6+ car garage and an entertainer's dream backyard. Spread over 5,122 square feet this home features 7 bedrooms plus an office and 4.5 bathrooms. Rich wood flooring adds to the home's cozy charm, while the fireplace in the front room offers a tranquil space to unwind. The spacious kitchen is a cook's delight, offering ample cabinet space. Its large island is perfect for entertaining, while the nearby family room boasts a convenient bar area for beverage storage. The guest ensuite on the main level features a private den with direct access to the backyard. Upstairs, the luxurious master ensuite showcases a two-way fireplace, a deep soaking tub, a separate shower, and a HUGE walk-in closet. The master suite also features a private patio, and the dual vanity in the bathroom offers plenty of space and storage. Each of the four additional bedrooms upstairs provides extra space to relax, while a versatile bonus room offers endless possibilities. This home truly combines comfort, space, and entertainment. The large basement stays cool during the summer and even includes a bathroomrare for homes in this area. With three indoor fireplaces and an outdoor fire pit, you'll feel at home year-round. This outdoor oasis includes a diving pool, stunning water features, a gas fire pit, a putting green, a sprawling lawn, built-in BBQ, a basketball court area, and a spacious covered patioperfect for gatherings. Located near all of Chandler's best attractions and with easy access to the 101 freeway, this home offers an unbeatable location!

35925 S Caballero Drive Wickenburg, AZ 85390

$1,600,000
6 Beds
3.5 Baths
5,057 SqFt
Status Active
MLS # 6717607
Property Type Single Family Residence
Price Type --
Stunning horse property that is elegant inside and out. Home has a fenced pool and has been cared for by single owner since purchase date. Property is upscale inside with extravagant tastes throughout each and every room in the home. The is a prominent subdivision where the roads are paved, and views are absolutely breathtaking. The panoramic views from the living room, dining room and kitchen are amazing.

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