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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8 Biltmore Estates Drive Unit 124 Phoenix, AZ 85016

$1,575,000
2 Beds
2.5 Baths
2,376 SqFt
Status Active Under Contract
MLS # 6744554
Property Type Apartment
Price Type --
Luxurious and carefree lock and leave living on the Biltmore Estates golf course with stunning course, city skyline and sunset views. This perfect 2 bedroom plus den condominium is a rare opportunity as it has one of the very best locations in the complex, is highly upgraded and is in immaculate condition. Located on the ground level, it offers a large patio with direct access to the course and pool. Its location, toward the south end of the complex, offers the very best views and privacy. The great room, with floor to ceiling doors and fireplace, opens to the lush patio and golf course/green grass views. Gorgeous kitchen with an island features quartz counters, quality cabinetry with pullouts and Sub Zero/Wolff appliances. The spacious primary bedroom suite, also opening to the patio and the same great course views, includes a large bathroom and two generous walk-in closets. The second bedroom suite has its own east facing patio and, along with the large den, is separate from the other living areas. This 8 Biltmore Estates community sits on the Estates golf course, one of two 18 hole public courses in the surrounding Biltmore community. Features include a beautiful clubhouse with catering kitchen, large workout facility, lovely heated pool with spa and outdoor kitchen, underground parking. The renowned Biltmore Hotel with its restaurants and spa, 8 pools, and brand new clubhouse with stunning views from its patio are just steps away. Nearby Biltmore Fashion Park offers more dining and shopping.

21062 N 76th Avenue Glendale, AZ 85308

$1,575,000
4 Beds
4.5 Baths
4,042 SqFt
Status Active
MLS # 6734454
Property Type Single Family Residence
Price Type --
SINGLE STORY WATERFRONT luxury property in the beautiful EAGLE HEIGHTS subdivision is now for sale! This stunning, move-in ready property features all the upgrades and amenities you could desire, including private entry courtyard with stone fireplace, 3-car garage, dream kitchen with upgraded cabinets with crown molding, granite countertops, large island with center sink and breakfast bar, stainless steel appliances. All bedrooms very large & each has their own WALK -IN-CLOSET and OWN FULL BATHROOM, spacious master bedroom and master bath with granite counters and his and hers sinks. The great room also includes a triple sliding glass door which allows for indoor/outdoor living and dining. Ideally located, this home is situated in a very desirable area, with quick access to the 101freeway Bulldog(metal) security screens through out the house. Surround sound through the house .A lot of upgrade through the house, such a Venire stone all around house .Extra insulation inside the walls through out the house. Solid wood planks all interior doors. Extra window sills on all windows. This property having two APN's ;APN 200-19-350 also included as part of this sale.

22023 N 34th Way Phoenix, AZ 85050

$1,575,000
5 Beds
4 Baths
3,568 SqFt
Status Active
MLS # 6757379
Property Type Single Family Residence
Price Type --
Discover the modern gem you've been waiting for! Built in 2021, this stunning home is better than new! Nestled in Sky Crossing, a sought-after master-planned community in North Phoenix, this home offers luxury, comfort, and convenience. With 5 bedrooms, 4 bathrooms, and a spacious great room, this open-concept design is ideal for family living and entertaining. The gourmet kitchen features a large island, gas cooktop, built-in combo ovens, an abundance of cabinetry, and a custom beverage bar. Granite countertops, stainless steel appliances, walk-in pantry and a butler's pantry make this the ideal kitchen. Step outside and enjoy your private oasis, featuring a heated saltwater pool and spa, a built-in gas fireplace, low-maintenance turf, all backing to serene open space. OWNED SOLAR!!! Owned solar equals significant utility savings! Inside, the great room is accented by a custom gas fireplace with beautiful tile work, while the multi-slider doors flood the space with natural light, seamlessly connecting indoor and outdoor living. A full bedroom with a wall bed and en-suite bathroom is located downstairs which ideal for guests or extended family. Upstairs, the master suite is a peaceful retreat with a walk-in tiled glass shower, double vanity, and an expansive closet. The versatile loft offers space for a home office, media room, or workout space while the 2nd floor laundry room adds convenience. A three-car tandem garage with a Tesla EV charger completes this exceptional home. Sky Crossing offers residents access to premium amenities, including a state-of-the-art fitness center, a resort-style pool, and a vibrant community calendar filled with events and activities. Located minutes from Desert Ridge shopping, dining, and with easy access to the 101, 51, and I-17 freeways, this home is in a prime location. Don't miss out on this rare opportunity to own a modern, luxurious home in a thriving community. Your dream home awaits!

3181 E Berridge Lane Phoenix, AZ 85016

$1,575,000
3 Beds
3.5 Baths
2,745 SqFt
Status Active
MLS # 6762515
Property Type Single Family Residence
Price Type --
Experience luxury resort living at its finest at the exclusive 24/7 guard-gated community of Biltmore Greens! This 3BR/3.5 BA w/2 car garage 2745 sqft split floorplan home is adorned w/soaring ceilings & wood beam accents which provide an appealing flow from the formal living & dining area to the kitchen & family room. Duel Primary suites w/walk in closets. Remodeled kitchen with granite & stainless-steel appliances. Remodeled Baths. Most of the rooms wrap around a meticulously manicured patio w/fountain & spa. Take the spiral staircase to the observation deck where there are breathtaking 360-degree views of the city & mountains. Ideal for entertaining, this lock & leave house is in a Prime location just minutes from the Historic Biltmore Hotel, Golf Courses, Shopping & 5-star restaurants

22421 N 34th Street Phoenix, AZ 85050

$1,575,000
3 Beds
3.5 Baths
2,978 SqFt
Status Active
MLS # 6749997
Property Type Single Family Residence
Price Type --
Welcome to this stunning 3 bedroom, 3.5 bathroom home located in the prestigious Sky Crossing subdivision. Built in 2020, step into this exquisite Plute home, where natural light floods the open floor plan. Whether you're whipping up a gourmet meal or simply enjoying your morning coffee, this kitchen is sure to impress even the most discerning buyer with its dual ovens, stainless steel appliance, oversized kitchen island and pantry. The primary suite is spacious with an attached en-suite that includes tiled, walk-in shower, dual vanities, and large walk-in closet. Your family and company will also enjoy their own spaces in the oversized bedrooms. This smart house features a state-of-the-art system with keyless entry and an app-controlled garage, a hardwired Sonos Sound System, as well as a Vivant security system that is added for peace of mind. The radiant barrier will also help with those electric bills and keep you cooler in the summer and warmer in the winter! Step outside through your wall of slider doors into the luxurious backyard that is an entertainer's dream! The pool and spa contain so many upgrades which include marble pavers and decking, glass waterline tile, and a pebble brilliance interior, and these are just a few of the oasis-like setting upgrades! Enjoy all the Sky Crossing amenities has to offer along with its location, which is just a short distance away from schools, parks and shopping!

9381 E Vah Ki Inn Road Coolidge, AZ 85128

$1,575,000
3 Beds
2 Baths
3,241 SqFt
Status Active
MLS # 6672171
Property Type Single Family Residence
Price Type --
A unique luxury horse property that offers both a serene lifestyle and an exciting investment opportunity. 12 irrigated acres with a custom fully remodeled 3-bed, 2-bath home that seamlessly blends modern luxury with rustic charm. The interior has custom wood flooring, marble countertops and fireplaces throughout. The estate doesn't stop at the main house. A cozy 2-bed 1-bath guest house provides comfortable accommodations, while an 8-bed bunk house awaits your creative touch to transform it to additional living space or unique rental opportunity. 8 fully covered 30x15 stalls, complete with a tack room, lighted arena equipped with an automatic roping chute. This property has tons of potential to provide you income or enjoy as your own cowboy paradise.

6508 E Old West Way Cave Creek, AZ 85331

$1,575,000
5 Beds
3 Baths
3,693 SqFt
Status Active Under Contract
MLS # 6710217
Property Type Single Family Residence
Price Type --
This Beautiful 5-bedroom 3 bath home on over an acre and a quarter lot will not disappoint. Amazing Mountain Views is what Cave Creek is all about. Start with the cozy covered front patio with an inviting fireplace. Inside you will be greeted by a large great room open to a spacious kitchen overlooking the fabulous backyard with a sparkling pool. The split floor plan is the perfect layout for the privacy everyone enjoys. The owner's suite is large with his and her vanities and a relaxing Jetta tub. Behind the bookcase you will find the secret bedroom with its own bathroom, perfect for guest or any other family member. Step outside and enjoy the large covered patio, breathtaking views of Black Mountain and the privacy that comes with a 1.25 acre lot. Situated at the end of a private dr

3009 S Tourmaline Drive Unit 22 Flagstaff, AZ 86005

$1,575,000
3 Beds
3.5 Baths
1,891 SqFt
Status Active
MLS # 6742480
Property Type Apartment
Price Type --
Experience luxury living in the prestigious Pine Canyon Golf Community with this stunning single-level condo. This highly upgraded new build boasts 2 bedrooms and 2.5 bathrooms, accompanied by a charming 1-bedroom, 1-bathroom casita, perfect for guests, office or private retreats. The home is exquisitely upgraded throughout, offering elegance and modern conveniences at every turn. Enjoy serene, filtered views of the driving range from the beautifully landscaped outdoor spaces, perfect for relaxation or entertaining. The attached 2-car garage provides ample storage and convenience. Nestled within Pine Canyon's sought-after community, this residence is a rare gem that combines comfort, style, and a prime location. See attached upgrade list.

8449 E Sage Drive Scottsdale, AZ 85250

$1,575,000
5 Beds
3 Baths
2,269 SqFt
Status Active
MLS # 6735431
Property Type Single Family Residence
Price Type --
Just FINISHED New 'HERRINGBONE' Pavered Patio Deck & Full Size PICKLEBALL Court, HEATED Pool, Located on HUGE 1.5 PARCEL with PRIVACY Wall. GE Cafe Appliances With Built In Ice Machine. New PEX Plumbing + Sewer Line REPLACEMENT. Entire Roof BRAND NEW with Warranty. All New Black Cap Windows, New SMOOTH Texture Drywall, New WATERPROOF Wood Based Flooring, EXTRA THICK Quartz Countertops, 3 LUXURY Bathrooms, New TRANE A/C & DUCTS. LARGE Paver Driveway with GLASS Garage Door and EV Charger. Synthetic Turf Throughout Home With Custom Side Gates. Glass Iron Entry Door. So Many Upgrades It's SURREAL. Home Will EASILY Generate over 200K on Airbnb. Don't OVERTHINK It. You Can't Replicate This Property and YOUR Guests Will Pay YOU Top DOLLAR If You're Looking For The BEST Airbnb.

16617 W Monterey Way Goodyear, AZ 85395

$1,575,000
2 Beds
2.5 Baths
3,172 SqFt
Status Active
MLS # 6716863
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat! This stunning property features an innovative design where stackable patio doors seamlessly merge indoor and outdoor living spaces with mountain views and lake overlooking the golf course. Awake in the morning & enjoy views of lake and mountain right from your bedroom! Inside discover an open-concept floor plan that effortlessly flows onto an expansive outdoor patio, perfect for entertaining or enjoying quiet moments of relaxation. This Solstice model has over 3000 sf, formal dining room 2 large bedrooms, den and casita with separate den, oversize 3 car garage. PebbleCreek has over 200 clubs, 36 pickleball courts, 3 golf courses to enjoy, 2 restaurants, 330 seat theater and a lot more! This 1/4 acre lot is one of the best properties in PebbleCreek

29617 W Eagle Drive Palo Verde, AZ 85343

$1,575,000
7 Beds
6.5 Baths
4,664 SqFt
Status Active
MLS # 6730184
Property Type Single Family Residence
Price Type --
Welcome to your dream farmhouse, where high-end elegance meets country living! This stunning estate features a modern black-and-white exterior that radiates sophistication & charm. The main home boasts 5 spacious bedrooms, a den perfect for a home office, & a private home gym. With a 3-car garage & luxurious finishes throughout, every detail has been meticulously crafted for comfort &style. Step inside to discover a gourmet kitchen with all high-end appliances, quartz countertops, modern cabinetry, luxury plank flooring & a walk-in pantry. The owner's suite is a true retreat, featuring a spa-like bathroom and a spacious bedroom designed for relaxation. No detail was left undone, from the multiple chandeliers hanging from the vaulted ceiling to the charming Dutch door leading to the backyard. Above the garage, you'll find a versatile studio apartment, ideal for guests or additional living space. This property doesn't stop there; it also includes a detached 52x40 RV garage with its own separate studio apartment and workshop, catering to all your hobby and storage needs. Set on a sprawling horse property with irrigation, this estate is ready for your equine companions with existing fencing and pens. The breathtaking mountain views offer a serene backdrop to your everyday life, making this home a true escape from the city. Out back, enjoy the seating area with a fire pit, perfect for watching the sunset every evening. If you have been searching for the ultimate compound: this is it! Enjoy the freedom of no HOA and embrace the high-end country living vibes this property exudes. For those seeking luxurious living with the freedom to roam, this is your perfect haven.

22034 N 59th Place Phoenix, AZ 85054

$1,574,999
4 Beds
4.5 Baths
3,505 SqFt
Status Active
MLS # 6752073
Property Type Single Family Residence
Price Type --
Shea Home's best selling Model 5016 on one of the largest Premium Lots in Talinn. NO HOMES TO THE REAR. Lightly lived in by the original owners, just long enough to complete the yard, pool, window treatments and design decor. Well appointed and ideally configured with second master downstairs adjacent the optional 5th bedroom. The open great room boasts generous windows to match the 26' high ceiling vaults, with unobstructed views: Rather than neighbor's rooftops, your view of mountain peaks and sunsets are visible from the great room, yard & pool, loft and master bedroom. The open gourmet kitchen features a premium gas range and 4 ovens. A stunning accent wall features Artisan-crafted wood plank slat panels extending from the floor to the 26-foot high ceiling. Each hand-cut panel is arranged in a striking horizontal and vertical pattern. Additional features of the NO-STEP main level include stunning wood-look tile floors, a pre-wired surround sound speaker system, and ceiling fans in every bedroom. Barn doors enhance the office off the Foyer, while texturized wall decor adds a unique touch. The gourmet kitchen is equipped with four ovens, including air-fry and convection, and a well-appointed coffee bar that complements the expansive cabinetry. An organized walk-in pantry easily houses groceries from the adjacent 3-car garage. The large laundry room includes your new washer and dryer, and offers ample shelving and cabinets for multifunctional use. The home also includes a full-home water purification system. With over $300,000 in customizations, this residence is ready for you to move in TODAY! Don't miss the amazing detailscheck out the video. 3D tour available on homes. Conveniently located within 3 miles of Desert Ridge shopping and dining, with quick access to the 101.

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