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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34331 N 99th Way Scottsdale, AZ 85262

$1,525,000
3 Beds
3 Baths
3,110 SqFt
Status Active
MLS # 6751359
Property Type Single Family Residence
Price Type --
Experience the ultimate in luxury living w/ this stunning $400K makeover in the gated area of Legend Trail! This light, bright, open-concept GREAT ROOM design features top-of-the-line modern finishes throughout. Enjoy a very private, park-like setting that backs up to Natural Open Space on two sides. The resort-style backyard oasis boasts a sparkling neg edge pool & spa, fireplace, firepit & built-in BBQ. With over 3100 sq ft of beautifully updated living space, high 12' ceilings & abundant glass to capture the gorgeous desert surroundings, this home is a true gem. Impeccable stone & tile work adorns the entire space. 3 spacious bedrooms & fully remodeled baths, along w/ new custom cabinetry, doors, contemporary fireplace walls. Amenities include golf, tennis, pickle ball & fitness cente

19650 E Jeanna Court Queen Creek, AZ 85142

$1,525,000
3 Beds
3.5 Baths
3,898 SqFt
Status Active
MLS # 6732118
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the heart of tranquility and luxury in Whitewing at Whisper Ranch. This exquisite three-bedroom residence combines designer touches with unparalleled outdoor amenities, offering a lifestyle of comfort and sophistication. Designer finishes and meticulous attention to detail throughout. The great room is adjacent to the dining area and gourmet kitchen- which is a culinary masterpiece, boasting top-of-the-line appliances, quartz countertops, and two center islands ideal for both casual dining and entertaining guests. Don't miss the center courtyard with dual access points and fall in love with the designer lighting and custom touches throughout. The primary suite is a serene retreat, complete with a spacious bedroom area, a walk-in closet, and an en-suite bathroom featuring a soaking tub and a separate glass-enclosed shower. Two additional bedrooms (each with en-suite baths) offer ample space for family or guests, each thoughtfully designed with comfort in mind. The home's large flex space is perfect for an exercise area, home theatre (it is prewired!) or huge playroom. Beyond the interior lies the true jewel of this property: an expansive backyard oasis. Step outside to discover a resort-like setting featuring travertine patio and a sparkling pool for refreshing dips on sunny days (it's heated for chilly days too!). Adjacent, a luxurious spa invites you to unwind under the stars. The outdoor kitchen, tucked under a large pergola, is equipped with a built-in grill and ample counter space, beckoning you to indulge in al fresco dining experiences. The landscaping with artificial turf, enhances the ambiance, creating a private paradise that is perfect for relaxation and entertaining. Fenced dog run located on one of two oversized sideyards, while your second sideyard features an RV gate with plenty of space to store your toys! HOA allows for casita or RV garage construction in sideyard too! Experience the epitome of luxury living in this meticulously designed home with unparalleled outdoor amenities. Whitewing at Whisper Ranch is a gated community featuring children's play area, clubhouse with communal kitchen and seating, dog run and more, located just minutes from Queen Creek's dining, shopping and entertainment areas.

Flagstaff AZ 86004

$1,519,000
5 Beds
3.5 Baths
4,920 SqFt
Status Active
MLS # 6703866
Property Type Single Family Residence
Price Type --
This stunning custom home on 2.5 acres is the realization of an arts and crafts vision singular to Flagstaff. From the careful details of the front doors, to custom built ins & woodwork, cherry cabinets, & tiffany style light fixtures, this is a work of art! Live your quiet dream in serenity surrounded by natural beauty, or create an entertainer's paradise. Delight in the chef's kitchen with a Viking suite of appliances. Lose yourself in the beautifully treed, gardened yard with mountain views. The lower level is pure fun. Entertain, work out, dance, play pool. Located in desireable Pine Mt. Estates, only steps from national forest, this is an equestrian & outdoor lover's dream. With 2 living areas, spacious rooms, custom office, 3 car garage, owned solar & AC, it's your perfect retreat. Furnishings available with a few exclusions (wood telephone on wall does not convey as well as personal antiques). We've completed an inspection and this home is in excellent shape! See additional documents for many details on items repaired, solar information and the vegetation on property.

Phoenix AZ 85087

$1,500,000
3 Beds
3 Baths
2,200 SqFt
Status Active
MLS # 6620636
Property Type Single Family Residence
Price Type --
The highlight of this property is its subdividable nature, providing an opportunity to create distinct living spaces or investment opportunities. Additionally, the parcel is equipped with a domestic well, ensuring a consistent and reliable water supply for any future development. Currently gracing the property is a remarkable barndominium that seamlessly blends functionality with comfort. Boasting 2,000 square feet of shop space and an expansive 2,400 square feet of living space, the existing structure showcases the potential for a versatile lifestyle and various usage possibilities. For those seeking to create a customized living space, a well-placed pad is ready for construction, allowing you to build your dream home amidst the natural beauty of this generous acreage

5136 N 10th Way Phoenix, AZ 85014

$1,500,000
4 Beds
3.5 Baths
3,525 SqFt
Status Active Under Contract
MLS # 6748715
Property Type Single Family Residence
Price Type --
**PRICED UNDER APPRAISED VALUE!!** Rare opportunity to own a BRAND-NEW Thomas James home on a tucked away street surrounded by new construction between Midtown and Biltmore north of Camelback. This 4 bed, 3.5 bath, 3,532 sq ft home comes complete with an open concept split floorplan, a private office and many luxury home features. The design of the home is perfect for entertaining, with a gourmet kitchen featuring high-end stainless-steel appliances, quartz countertops, and a massive island. The home has a very large great room and floor-to-ceiling windows that flood the space with natural light. Retreat to the first level primary suite, complete with a spa-like bathroom. The three additional bedrooms upstairs are generously sized and offer ample closet space. A very large upstairs bonus room offers additional family living space. Professionally designed backyard with pool. A bike ride away from Luci's at the Orchard, Rokerij and minutes from the 51, close to the Valley's best schools, including Brophy and Xavier. Transitional modern farmhouse with light and bright finishes.

8438 E Jasmine Circle Mesa, AZ 85207

$1,500,000
6 Beds
6.5 Baths
5,235 SqFt
Status Active
MLS # 6759227
Property Type Single Family Residence
Price Type --
Wow, wow, wow!! This 5235 sqft buyer's dream house has MORE than your buyer's wish list! 6 beds+downstairs den+large upstairs game room with walk-out deck, and another bonus craft room! 6.5 baths!! 4 secondary bedroom suites...guest suite downstairs set apart by itself. The home sits on a private cul-de-sac lot of .332 acres with mountain & sunset views AND it's far from any neighbors behind you! True luxury living in Blandford's highly desirable master planned community of Legacy at Mountain Bridge. This gated community has too many amenities to list, but you can check out the pictures. Entertainer's backyard with built-in BBQ, island, fire pit, children's play area, dog run, garden boxes with fresh vegetables, and a generous sized covered patio with surround sound pre-wire...see next pg Gorgeous gas fireplace in living room with stone to ceiling. HUGE pantry and tons of cabinets...Check the options document tab to see the many upgrades such as: 2' extension at 2 car garage and insulated garage door, whole house water filtration system plus soft water loop, pre-wired surround sound inside and outside (living room, loft & patio); pre-wire for alarm system. Reverse osmosis system at kitchen sink is currently leased with monthly service so the RO system will be removed before closing, but the spicket remains and buyer can easily connect their own new RO system beneath the sink. Excellent community location close to 202 North freeway for an easy commute; excellent lot location, and absolutely gorgeous inside and out!

22602 N 80th Place Scottsdale, AZ 85255

$1,500,000
4 Beds
3 Baths
3,086 SqFt
Status Active
MLS # 6758896
Property Type Single Family Residence
Price Type --
Nestled in the private and gated community of Pinnacle Peak Estates II, this stunning home offers breathtaking mountain views right out the front of the home. At just over 3,000 square feet, this home is perfectly sized and the one-acre lot offers space to expand along with privacy. The back of the house showcases a wall of glass, with four sliding doors and windows that invite abundant indirect sunlight throughout the day. This unique feature also provides a panoramic view of the sparkling pool, visible from most rooms, creating a seamless connection between indoor and outdoor spaces. As you step inside, the high ceilings and Italian travertine floors immediately catch your attention, lending the home an expansive yet inviting feel. The split floor plan offers privacy, with the primary suite and bath and home office with a full bath (fourth bedroom) on one side, and two additional bedrooms with a shared bath on the other. The primary suite bath is a retreat, featuring dual vanities, a jetted soaking tub, a separate shower, and a walk-in closet. The kitchen has stainless steel appliances, walk-in pantry, center island with storage, a coffee/display niche, all overlooking the light filled family room with centerpiece fireplace. Outdoor living is just as enticing, with a large covered patio that stretches the length of the home, complete with a mechanical sunshade for added comfort. The heated pool, surrounded by ample decking, is perfect for lounging or dining. For added convenience, the home includes a three-car garage and a large laundry room with a sink and cabinetry. The leased solar panels enhance energy efficiency, while the Southwest styling welcomes guests with charm. With quick access to the 101 and Phoenix Airport, and so close to Kierland, Scottsdale Quarter, Fashion Square, and Desert Ridge, and more, literally minutes away, from the most desirable shopping areas in Arizona. This home combines luxury, convenience, and privacy in a sought-after location.

19711 W Georgia Avenue Litchfield Park, AZ 85340

$1,500,000
4 Beds
2.5 Baths
3,051 SqFt
Status Active
MLS # 6756040
Property Type Single Family Residence
Price Type --
NEW 2 BEDROOM GUEST HOUSE beautifully accents this 4 BEDROOM 2.5 BATH CUSTOM home on nearly an acre with room for RV & TRAILER PARKING, PLUS 5 CAR GARAGE SPACES. This property offers a wide range of possibilities: use the Guest House for multi-generational living, office space, studio space, rental income, entertaining space, pool house or simply for guests. This custom space offers beautiful finishes and upgrades. Both homes feature 10 ft ceilings. The main house offers an open, split floor plan with add'l den/office. Sparkling pool with a waterfall feature, built-in spa & large Baja step, plus an in-pool table. The grand gazebo offers added shade, along with the oversized covered patio. There is room for a lift in the 12' high guest house garage. You've got to see this!

3429 E Tina Drive Phoenix, AZ 85050

$1,500,000
5 Beds
3.5 Baths
3,202 SqFt
Status Active Under Contract
MLS # 6743509
Property Type Single Family Residence
Price Type --
Discover the highly sought-after Prato plan in Sky Crossing, where your dream backyard awaits! This amazing home features an oversized pool with a white noise fountain, hot tub, firepit, & an all-inclusive kitchen surrounded by ample turf for all your outdoor activities. Inside, you'll find elegantly customized finishes with timeless millwork & crown molding throughout. Every room showcases beautiful attention to detail & no expense has been spared. The great room's dramatic ceiling heights fill the space with natural light, perfect for family gatherings. Additional highlights include a private dining room, spacious loft, quiet office, & 5 bedrooms, including a secluded 1st floor in-law suite. Situated on a cul-de-sac with a pie-shaped homesite, this property offers exceptional privacy.. and separation from neighboring homes. Located in an amenity rich community with close proximity to freeways, Mayo Clinic, & Desert Ridge shopping, it truly is a one-of-a-kind gem.

3417 W Roaring Fork Drive Pinetop, AZ 85935

$1,500,000
5 Beds
6 Baths
3,533 SqFt
Status Active
MLS # 6672251
Property Type Single Family Residence
Price Type --
Nestled alongside the picturesque 18th tee box of the renowned Pinetop Lakes Country Club, this impressive A-Frame designed split log cabin with stone accent sits on 0.38 acres, 3533+/-sqft, has 5 bedrooms and 6 baths, 2 car garage, storage area, laundry/mud room, loft/family room, grand stone gas fireplace. Step inside and be greeted by a spacious and inviting interior with soaring ceilings and abundant gathering spaces. Each of the five large bedrooms boasts its own private ensuite, ensuring optimal privacy and comfort for every guest. Bask in the expansive views of the lush greenery from the comfort of your own home, where the beauty of the outdoors seamlessly blends with the cozy warmth of indoor living. Income property with mgr. Unwind after a day of adventure in the White Mountain knowing that your personal sanctuary awaits. Property is being sold turnkey with fine antique furniture and unique collectibles adorn every corner of this turnkey home, adding a touch of timeless elegance. Conveniently located near the world's largest Ponderosa Pine Forest, Pinetop Lakes Country Club provides easy access to an array of outdoor activities from golf and tennis. Sunrise Ski Resort, Lakes for fishing to hiking and wildlife watching. With major commercial airports in Phoenix, Albuquerque, and Tucson just a short distance away.

11150 S Jefferson Street Mayer, AZ 86333

$1,500,000 - 4Br/3Ba -  for Sale in N/a, Mayer
New
$1,500,000
4 Beds
3 Baths
2,926 SqFt
Status Active
MLS # 6764808
Property Type Single Family Residence
Price Type --
Welcome to your dream ranch! This sprawling 98-acre property features a spacious 2,926 sq. ft. home with 4 bedrooms, 2.5 baths, and stunning panoramic views. The updated kitchen boasts brand-new cabinets and countertops, perfect for entertaining. The master suite includes an updated bathroom and access to a private deck with breathtaking views. Relax in the hot tub or cozy up by the wood stove on cool evenings. The large unfinished basement offers ample storage, and the 3-car garage provides plenty of room for vehicles or a workshop. The entire property is fully fenced, ideal for ranching, farming, or recreational activities. Enjoy the best of both worlds with the peace and privacy of rural living, just 40 minutes from Prescott and an hour from Phoenix. This unique property is a rare find

12211 N 57th Street Scottsdale, AZ 85254

$1,500,000
5 Beds
2.5 Baths
3,093 SqFt
Status Active
MLS # 6747612
Property Type Single Family Residence
Price Type --
Fabulous territorial home in Century North, a quiet Scottsdale neighborhood nestled within the large lots of 85254! On over 1/4 acre of immaculate xeriscape, this 3,093 sq ft energy-efficient home features a large, crystal clear pool, oversized pass-through garage, separately gated RV parking, large covered front and back patios, dog run and much more! A high ceiling entryway welcomes you into this great 5 bedroom/2.5 bath single level home with an additional large bonus/flex/game room. Every square foot of home has been remodeled, included wood-look ceramic tile plank flooring throughout, gourmet kitchen with stone counters, custom cabinetry, wall oven, vaulted wood-beamed ceilings in dining and living rooms connected via a two-way fireplace. 16kW of solar = avg bill less than $100)!

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