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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5 E 14th Street Tempe, AZ 85281

$1,500,000
5 Beds
3 Baths
4,319 SqFt
Status Active
MLS # 6728493
Property Type Single Family Residence
Price Type --
Amazing Tempe Location Offering A Ton Of Possibilities. Just Steps Away From ASU, Grady Gammage And The Spectacular Entertainment District Of Down Town Tempe. Single Level 5 Bedroom And 3 Bathroom Home With Huge Lot And Private Pool And Entertaing Area. Newer Windows, Newer Main Sewer Line, Updated Kitchen And A Split Floor Plan Which Allows A Great Opportunity For Private Residence, Rental For Students Or An Airbnb. Close To Light Rail, Sky Harbor, Restaurants And Tempe Town Lake. Two Separate Outdoor Entertaing Areas And Two Car Garage With Large Driveway Makes This An Ideal Property In An Incredible Neighborhood. Dont Miss Out On This Limited Time Opportunity To Create A Lifestyle And Business In An Unprecedented Location Which Wont Come Aailable Often.

3950 E Mclellan Road Unit 14 Mesa, AZ 85205

$1,500,000
4 Beds
3 Baths
3,327 SqFt
Status Active Under Contract
MLS # 6756771
Property Type Single Family Residence
Price Type --
Step into this stunning modern home! Soaring ceilings meet you at the front door along with large windows that flood the home with natural light. Separate home office with a lot of natural light. The 4th bedroom is set up as a bonus movie room. Entertainers dream back yard complete with pool, spa, fire pit, built in BBQ & prep area, PLUS a covered patio sure to make family gatherings top notch. Play area w/ built in trampoline and a basketball court!! Detached 4 car garage with walk in storage. RV gate with parking! Wired surround sound throughout the home AND throughout the RV garage AND the back yard! Let's GO!

20319 E Orchard Lane Queen Creek, AZ 85142

$1,500,000
4 Beds
2.5 Baths
2,474 SqFt
Status Active
MLS # 6747973
Property Type Single Family Residence
Price Type --
**EXTREMELY RARE R-43 MARICOPA COUNTY ISLAND PROPERTY - NO HOA or CC&R'S** This gorgeous one story home is situated on just slightly under an acre with a luxurious pool, an RV garage, and stunning mountain views. Once you step inside you'll immediately feel at home as you walk into the beautiful entryway that leads into the open concept kitchen, dining, and family room. This home is every designer's dream with over $375,000 in luxurious high end upgrades including but not limited to decorative wood beams, 10 ft back slider doors, built in Frigidaire refrigerator and freezer, fireplace, spray foam insulation and much more! The attention to detail in design and finishes are highly evident throughout the entire home. The backyard is your private oasis which includes a gorgeous pool complete with 2 pergolas, a rain water feature, and built in bbq which is great for entertaining. If you're looking for a timeless, luxurious home in a quiet and private neighborhood, come see what this beautiful home has to offer. **Warning Alert** BE READY to immediately fall in love!! Don't miss your chance to make this incredible home yours! Welcome home!

5604 S 225th Avenue Buckeye, AZ 85326

$1,500,000
4 Beds
3.5 Baths
3,417 SqFt
Status Active
MLS # 6735525
Property Type Single Family Residence
Price Type --
Wow, exceptional 4-bedroom property in Roosevelt Citrus at Buckeye! This Ranch-style beauty sits on a massive 3.1-acre lot, offering tons of space for livestock & endless potential to get creative. Fully fenced-in, 4-car garage, fun basketball slab, and a low-care desert landscape are features that can't be left unsaid. The interior boasts clean lines that favor a western & functional design completed with plantation shutters, wood-look plank tile flooring, recessed lighting, and a soft grey palette. The formal living room has a dry bar, making it easy to entertain. The large family room boasts an exposed beam ceiling, pre-wired surround sound, and wide sliding glass doors connecting your home inside & out. The bright dining room is attached to the kitchen for ease in serving wonderful meals! Fall in love with the gourmet kitchen equipped with a plethora of cabinets, subway tile backsplash, granite countertops, high-end stainless steel appliances, an undermount farm-style sink, a spacious island, and a walk-in pantry. The owner's suite has outdoor access & a pristine ensuite with two vanity sinks, a tiled step-in shower, and a bountiful walk-in closet. The expansive backyard is tastefully divided. Game room has plenty of room for pool table and any other family fun. Out the back, discover a Desert Oasis with multiple covered patios, a resort-like in ground pool, and a sunken covered patio with TV, a bar, and a space for an outdoor kitchen. Further out, you'll find a tack room and feed bay with storage, stalls, a roping arena approx 120 x 220 with sand footing. The roomy 4 stall plus - mare motel style barn connected to an irrigated grass turn out. Additional corrals allow you to have space for all your animals. RV hook ups set up for convenience, and so much room for all your toys and rec. vehicles. NO HOA to slow you down, opportunity abounds. So many amenities and upgrades, words don't do this beauty justice. You must see it!

8015 E Serene Street Carefree, AZ 85377

$1,500,000
3 Beds
4 Baths
2,674 SqFt
Status Active Under Contract
MLS # 6741206
Property Type Single Family Residence
Price Type --
Simply Stunning Classic Carefree Contemporary! This unique and exceptional home offers a blend of elegance and modern comfort. Featuring 3 spacious bedrooms, 4 luxurious baths, this residence is designed to impress. The high-end finishes and features throughout the home are complemented by abundant natural light, creating a seamless transition to outdoors. Enjoy the convenience of a 3 car, air-conditioned garage, relax by the beautiful pool with a swim feature and exquisite glistening mosaic tile spa. The property boasts an elevated lot with breathtaking views from every room, enhancing your living experience with a constant connection to the outdoors. Located in a private setting with no HOA, this home ensures both tranquility, ease of care and your perfect lock/leave or full time home

2799 E Jade Place Chandler, AZ 85286

$1,500,000
4 Beds
3.5 Baths
3,933 SqFt
Status Active
MLS # 6742990
Property Type Single Family Residence
Price Type --
As seen on American Dream TV! Experience luxury living at Whitewing! This exquisite 4-bedroom, 3.5-bathroom home, with a den is nestled within an exclusive gated community. This home boasts 3,933 sqft. of tastefully updated living space on a sprawling 18,750 sqft lot. Highlights include new Bosch A/C units, new carpet & wood floors, Tesla charger, office built-ins, built-in fridge, and marble tiles. Gorgeous Cantera stone accentuates the charming fireplace as well as the half-bathroom sink. The kitchen features a wall oven, a built-in refrigerator, a walk-in pantry, granite countertops, and a kitchen island. Enjoy formal dining or a quick meal at the breakfast bar. Step outside to a covered patio that overlooks a Home & Garden inspired backyard, complete with retractable shades, rock-waterfall pool feature, outdoor garden, landscape lighting, additional water feature, misters, built-in gas fireplace & barbecue grill and outdoor bar, 2 ramadas ideal for entertaining. Bonus fruit trees - lemon, pomegranate, blood orange, and clementine! Additional features include a 3-car garage with cabinets and an RV gate. This home offers unparalleled luxury, comfort, and privacy. Don't miss out on this exceptional opportunity!

3903 E Melody Drive Phoenix, AZ 85042

$1,500,000
4 Beds
4 Baths
4,485 SqFt
Status Active
MLS # 6748277
Property Type Single Family Residence
Price Type --
Welcome to your luxurious hillside retreat in the heart of Phoenix, AZ! This 4-bedroom, 4-bathroom masterpiece spans 4,485 square feet and sits on a private, elevated lot, offering panoramic views of downtown Phoenix, Sky Harbor Airport, and the iconic Camelback Mountain. Two Master Suites plus a bedroom and bath on the first level with a huge area that could be transformed to a kitchenette, with a living room, home theater, game room or an additional suite with ground level separate exit. Despite being just minutes from the bustling city and the convenience of the airport, this home provides the feeling of living in the country, as it backs up to the sprawling 1,600-acre South Mountain Park - your very own natural backyard. Imagine waking up to the sight and sounds of amazing wildlife of the desert landscape. With access to miles of scenic trails, this property offers endless opportunities for outdoor exploration, hiking and relaxation, all while enjoying the peaceful privacy that makes this home a true sanctuary. Step inside and be greeted by brand-new luxury vinyl plank floors that flow throughout the home, leading to an expansive great room with a cozy fireplace - the perfect setting for entertaining or relaxing with loved ones. The heart of this home, the kitchen, features White Shaker-style soft-close cabinets, elegant Quartz countertops, and a spacious island, creating the ideal space for culinary creations and family gatherings. This property offers both form and function, with a thoughtful layout that includes formal dining, a bright breakfast nook, and an expansive great room with sweeping views. Tucked away in a small, privately gated neighborhood of custom homes, this property provides exclusivity and tranquility while being just minutes from I-10, downtown Phoenix, and Sky Harbor Airport. Whether you're soaking in the scenic views from the great room, or enjoying the serenity of your natural surroundings, this home is a peaceful, sanctuary-style retreat that offers the best of both worlds - close to the city, but with the tranquility of country living. This property is a rare opportunity to own a slice of Phoenix paradise. Discover the Unexpected in this Architecturally Unique Luxury Home. Step into a world where modern luxury meets bold, unconventional design. This one-of-a-kind property offers a distinctive floor plan that is as functional as it is imaginative, creating an atmosphere of surprise and delight at every turn. With open, flowing spaces and unexpected room layouts, this home invites you to embrace a lifestyle that is anything but ordinary. Each room has been thoughtfully designed to blend style, comfort, and creativity, offering the perfect canvas for those with a flair for the unique. From cozy nooks for intimate gatherings to expansive areas that inspire entertaining, this home offers flexibility and charm unlike anything else on the market. If you value a residence that stands apart, offering character and personality in every corner, this is your chance to own a true architectural masterpiece.

5101 N Casa Blanca Drive Unit 206 Paradise Valley, AZ 85253

$1,500,000
3 Beds
2 Baths
1,663 SqFt
Status Active
MLS # 6761842
Property Type Single Family Residence
Price Type --
Rare and charming single story end unit townhouse, w/ view of Camelback Mountain & lush east-facing patio bordering the community cactus garden in the iconic in the coveted Casa Blanca community in Paradise Valley. Wood floors, soaring wood-beamed ceiling & fireplace in the great room, updated kitchen w/ high end appliances, desirable floorplan w/ true 3rd bedroom, updated baths & abundant use of wood throughout for a warm & inviting atmosphere. This community, previously a resort from the 1940's, offers acres of lush landscape w/ rose & cactus gardens, pathways, 3 pools, 2 tennis/pickleball courts & friendly guards within a mile to golf, Camelback Mountain trail head, shopping & Old Town Scottsdale. Don't miss this wonderful home!

7705 E Doubletree Ranch Road Unit 30 Scottsdale, AZ 85258

$1,500,000
3 Beds
2.5 Baths
2,673 SqFt
Status Active Under Contract
MLS # 6763384
Property Type Single Family Residence
Price Type --
This home is in the heart of one of the most desirable neighborhoods in Gainey Ranch. This stunning property offers a perfect blend of luxury and comfort, featuring spacious interiors filled with natural light, modern finishes, and a thoughtfully designed, the gourmet kitchen is a chef's dream, complete with high-end appliances, ample counter space, and seamless access to the elegant dining and living areas, ideal for entertaining. Step outside to your private oasis, where lush landscaping and a tranquil patio provide the perfect backdrop for outdoor gatherings or quiet moments of relaxation. Conveniently located near upscale shopping, fine dining, and outdoor recreational spots, this unit combines contemporary living with an enviable lifestyle.

3002 E Hanging Rock -- Payson, AZ 85541

$1,500,000
3 Beds
4 Baths
5,069 SqFt
Status Active
MLS # 6712092
Property Type Single Family Residence
Price Type --
MOUNTAIN VIEWS THAT TAKE YOUR BREATHAWAY! Welcome to this warm and spacious home located in the Rim Golf Club. Providing main level living with a spacious kitchen, and dining area that highlights the breathtaking views of the Granite Dells Mountain Range. Beautiful dual fireplace with stone and copper accents that provides a gentle feel of separation to the spacious den with access to a perfect deck to be enjoyed. A separate expansive covered/uncovered deck faces the majestic Mogollon Rim absolutely ideal for entertaining and enjoying the four seasons. The main suite provides dual closets with built-ins, a hidden cedar closet, dual sinks, walk-in shower and deck access. Enjoy your own patio located off of the home office and laundry area. Lower-level living boasts family room with covered deck access perfectly designed for privacy and a superb view. Split floor plan provides one guest suite with deck access an additional full bath and an additional guest room. You will also be delighted with a tucked away space that is perfect for a home gym, home theatre or hobby room. Do not miss the bonus storage area perfect for decorations. Come see this perfectly situated home today!

10931 E Sutherland Way Scottsdale, AZ 85262

$1,500,000
3 Beds
3.5 Baths
3,720 SqFt
Status Active Under Contract
MLS # 6704159
Property Type Single Family Residence
Price Type --
Welcome to the guard-gated enclave of Candlewood Estates at Troon North, where this contemporary masterpiece redefines luxury living in North Scottsdale. Boasting a seamless fusion of style and functionality, this 3-bedroom residence with an office and library exudes sophistication at every turn. Spanning over 3,720 square feet, step through the custom wood and glass double front doors into a world of refinement, where solid wood doors, high ceilings, and exquisite detailing captivate. Outside, a desert oasis awaits, with lush vegetation, built-in barbecue, fireplace, covered patios, and a spa—perfect for dining al fresco. The primary suite and library occupy one wing of the home, offering a serene sanctuary for relaxation. Meanwhile, two guest suites and an office reside on the opposite wing, ensuring privacy for all. The heart of the home, the great room, beckons with its soaring ceilings, clerestory windows, wet bar, and a stunning centerpiece fireplace adorned with art niches and stone accents. Entertain with ease in the formal dining room, graced with a coved ceiling and views of the entry courtyard with a water fountain. For the culinary enthusiast, the kitchen is superb, featuring European-style gloss-coated cabinets, Viking stainless steel appliances, onyx stone countertops, and a stone backsplash. A breakfast nook and exterior patio access complete this space. The primary bedroom retreat boasts exterior access, dual floating vanities, a walk-in shower, and a freestanding tub, offering an escape. The library provides a perfect retreat with corner windows, built-in wrap-around bookshelves, and an attached powder bath. Additional highlights include a laundry room with ample cabinetry and a prep sink, a three-car garage with attached cabinets, and wood and tile floors throughout. Most furnishings are available by separate bill of sale.

6915 E Montreal Place Scottsdale, AZ 85254

$1,500,000
3 Beds
2 Baths
2,390 SqFt
Status Active
MLS # 6686041
Property Type Single Family Residence
Price Type --
RARE OPPORTUNITY! Gorgeously updated home in the small privately gated community of The Reserve at Kierland. These beautiful homes are situated on the Westin Kierland Golf Course. This is 1 of only 17 homes in this community. Enjoy the expansive golf course views and take in the gorgeous sunsets! Incredible location in the heart of it all! Enjoy a nice evening stroll to dinner. You are just minutes from Scottsdale Quarter and Kierland shopping center which offer great shopping and restaurants.

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