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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42106 N Bradon Way Phoenix, AZ 85086

$1,499,000
6 Beds
5.5 Baths
4,561 SqFt
Status Active
MLS # 6738654
Property Type Single Family Residence
Price Type --
This stunning Rochester model home features a gourmet kitchen with GE Monogram appliances, massive counter space coupled with seemingly endless cabinet, drawer and pantry storage. Definitely a chef's dream! The newly (2023) remodeled backyard is gorgeous and boasts unparalleled privacy. you simply have to see it to believe it. Anyone would be proud to entertain guests inside and outside at this home. The flooring and lighting upgrades are beautiful. Fresh paint, inside and outside mean the lucky buyer will not have to worry about painting for years to come. This home is a resort within the Anthem Country Club resort. Come see it, let us awe you!

23006 N 86th Street Scottsdale, AZ 85255

$1,499,000
4 Beds
4.5 Baths
3,919 SqFt
Status Active
MLS # 6757661
Property Type Townhouse
Price Type --
Nestled in a quiet Pinnacle Peak corridor neighborhood, this beautiful 4 bedroom, 4,5 bathroom townhome boasts a charming old world feel with the luxury of modern, up-to-date finishes throughout. Situated on a corner homesite with only one connecting home, this end unit feels private and tranquil. A front courtyard lined with Saltillo tiles leads to a gated front entrance lush with greenery — the perfect place to enjoy your morning cup of jo. The entryway is rounded out by a gated front door for added security and style. Upon entering the home, the main level offers a front den/office/4th bedroom, formal living room with fireplace and a built-in bar situated nearby. The formal dining room features a custom built-in hutch for additional storage. The fully updated kitchen features stainless steel appliances, a large island with seating and plenty of cabinet space. As you make your way through the home, luxury vinyl plank flooring flows throughout the main living areas, accented by neutral modern tones and finishes including custom chandeliers. Upstairs, vaulted wood beam ceilings create a warm and inviting family room with a fireplace, custom built-in bar and balcony golf course views. The vaulted ceilings continue into the primary master suite outfitted with a sitting area, walk-in closet finished with barn doors, and an additional laundry space. This 3,919 sq. foot home includes a secondary master suite with an updated bathroom that has been completed with marble finishes and dual vanities. Heading to the cozy backyard, you'll find a fireplace for cool desert evenings and a built-in barbecue for grilling all year long. The space also includes a covered patio, perfect for entertaining and watching the Arizona sunset. Located across from the neighborhood park, community pool, tennis, in the La Vida community, this gorgeous townhouse is walking distance to Pinnacle Peak Country Club, shopping and dining with Market Street just a short drive away. This well-maintained home is the perfect fit for anyone looking for a touch of Spanish desert charm in the heart of North Scottsdale.

9699 E Vantage Point Road Scottsdale, AZ 85262

$1,499,000 - 4Br/4Ba -  for Sale in Sierra Norte, Scottsdale
New
$1,499,000
4 Beds
3.5 Baths
4,061 SqFt
Status Active
MLS # 6764566
Property Type Single Family Residence
Price Type --
Nestled in the intimate and picturesque subdivision of Sierra Norte in North Scottsdale, this exquisite single-level home offers a prime corner lot with ideal north-south solar orientation ensuring the sun graces the sparkling pool throughout the day. Built by Edmonds Toll, The Mediterranean-inspired architecture showcases stacked stone, graceful arches, and elegant pillars leading to a peaked roofline entrance. Step through the inviting courtyard entry, with flagstone patio and lush mature desert landscaping, to the double-door entry. Inside, you'll be greeted by a one level floor plan beginning with the engaging living room complete with a grand travertine fireplace and expansive picture windows framing captivating backyard views. The chef's kitchen is a culinary delight, equipped with Kitchen Aid appliances, a generous island, and ample counter space, including a raised linear bar and exceptional walk-in pantry. The open-concept design flows seamlessly into the casual dining area with patio access, and cozy den, where you'll find a TV area and lovely views of the outdoors, including the iconic Pinnacle Peak. The perfect setting for relaxation and intimate gatherings. The split primary suite spans the west side of the home, providing a peaceful retreat. Enter through double doors to find a spacious bedroom with a pony wall separating a cozy sitting area with direct patio access. The spa-inspired primary bath features dual walk-in closets, dual vanities with a dedicated make-up space, a soaking tub, walk-in shower with tiled bench, and a private water closet. On the east side of the home, you'll find a guest ensuite, two additional guest rooms, and a well-appointed hall bath. Each guest room offers plush carpet, ceiling fans, and operable windows, providing comfort and style for family and visitors alike. Step outside into a resort-style backyard designed for ultimate relaxation and entertainment. Enjoy al fresco dining under the covered patio or soak up the sun in the pool with its Baja entry. The raised spa and boulder feature cascades into the pool, and the elevated firepit offers the perfect spot for stargazing. The outdoor kitchen, equipped with a built-in grill and generous bar space, is ideal for hosting, while the outdoor fireplace with side bench seating provides warmth on cooler nights. Additional highlights include a separate office, a convenient laundry room, and a generous 3-car garage, providing ample storage and functionality. Plantation shutters, stone and tile countertops, a mix of tile, wood plank laminate flooring, and premium KitchenAid appliances complete the elegant yet easy-care interior. Sierra Norte is ideally located in a prime North Scottsdale location, offering privacy yet easy access to nearby dining and shopping. The subdivision has its own tennis court, covered Ramadas, grill and playground. Pima Road is nearby, ensuring quick trips into town or to the airport. Experience the best of desert living in this private sanctuary, where luxury, tranquility and convenience meet.

707 E Ocotillo Road Phoenix, AZ 85014

$1,499,000
5 Beds
3.5 Baths
2,990 SqFt
Status Active
MLS # 6745849
Property Type Single Family Residence
Price Type --
Welcome to this BRAND-NEW modern gem in the highly coveted North Central Phoenix neighborhood, located within the desirable Madison School District. This stunning home features an open floor plan with soaring 16-ft vaulted ceilings and 5 spacious bedrooms, 3.5 bathrooms. The gourmet kitchen features two separate sinks, a large quartz island with a waterfall edge, and huge walk-in pantry. The primary suite includes a modern bathroom with a stand alone tub and large walk in closet. There is an additional primary suite with a beautifully appointed bathroom. Stylish laundry room with two quartz countertops and ample cabinetry. Step outside to a backyard retreat with a pergola, sparkling pebble-tech pool with a Baja step, and a paver patio perfect for gatherings.

6055 E Indigo Sky Road Hereford, AZ 85615

$1,499,000
3 Beds
3.5 Baths
3,307 SqFt
Status Active
MLS # 6695048
Property Type Single Family Residence
Price Type --
This stunning Santa Fe style 3300 ft.² + is located between Bisbee and Sierra Vista AZ. Just off highway 92 backed against Thompson Peak. This property offers a perfect blend of modern elegance and serene desert living on a spacious 5 acre lot. The house offers two master suites and 2 1/2 bathrooms. The open concept layout flows seamlessly from the welcoming large foyer with Stackstone accents, to the expansive living areas. The gourmet kitchen is equipped with high-end appliances, granite countertops, butcher block Island, Stackstone backsplash and tons of maple cabinets. The huge main master suite provides a relaxing retreat with panoramic valley and Mountain View's walk-in closet, spa like bathroom and private balcony. A detached one bedroom, guest suite and a 40 ft RV garage/worksho

10622 E Tamarisk Way Scottsdale, AZ 85262

$1,499,000
2 Beds
2.5 Baths
2,922 SqFt
Status Active
MLS # 6751250
Property Type Single Family Residence
Price Type --
Welcome to this charming home nestled within the prestigious guarded gates of Desert Mountain, located in the serene village of Cochise Ridge. This residence offers two spacious primary ensuite bedrooms, perfect for comfort and privacy, along with a versatile central den/office. The updated kitchen is a chef's delight, featuring stainless steel appliances and a cozy breakfast nook that overlooks the inviting front courtyard. Step outside to the expansive wrap-around patio, where you'll find a spa, built-in BBQ, and multiple seating areas, all designed to enjoy the breathtaking views of Pinnacle Peak, McDowell Mountains, Continental Mountains, and the twinkling city lights in the distance. This home is a perfect retreat, whether you're seeking a lock-and-leave option or a full-time residence in one of Scottsdale's most sought-after communities.

28505 S State Route 89 -- Congress, AZ 85332

$1,499,000
3 Beds
2 Baths
1 SqFt
Status Active
MLS # 6695957
Property Type Manufactured Home
Price Type --
Discover this 14-acre property, ready for equestrian and other animal facilities, with a private well and water rights. The flat land boasts fruit trees and cacti, creating a homely atmosphere. The main home features a gated Tex-Mex courtyard with covered entryways, enhanced by a recent Trane Heating/Cooling system, stone water feature, and flagstone walkways. Surrounding garden beds add charm. The guest house offers two covered entries, full kitchen, bathroom, master and guest bedrooms with wood cabinetry. A versatile Hogan Building adds further potential. Perfect for a luxurious, rural lifestyle with modern conveniences.

15 E Cactus Wren Drive Phoenix, AZ 85020

$1,499,000
4 Beds
2.5 Baths
3,741 SqFt
Status Active
MLS # 6706102
Property Type Single Family Residence
Price Type --
Set on a desirable North Central Corridor cul-de-sac, this incredible Spanish-style home is a must-see! Discover seamlessly connected, sunlit living areas with exposed, vaulted ceilings and plantation-shuttered windows. An exquisitely updated kitchen treats you to a host of stainless steel appliances, beautiful granite countertops, and an oversized island. The loft-level primary suite showcases two cedar-lined walk-in closets and a luxurious ensuite. French doors beckon you out to the entertainer's patio with a built-in BBQ grill, lush lawn, and pristine pool. Located right off Murphy's Bridle Path, find yourself close to some of Phoenix's best schools, local shops, bars, restaurants, the Uptown Farmer's Market, and Phoenix Mountain Preserve. Come for a tour today!

7120 E Kierland Boulevard Unit 311 Scottsdale, AZ 85254

$1,499,000
3 Beds
3 Baths
1,718 SqFt
Status Active
MLS # 6726461
Property Type Apartment
Price Type --
Experience luxury living in North Scottsdale's prestigious Optima Kierland! This community boasts an array of amenities, including an expansive skydeck with a temperature-controlled pool, indoor putting green, golf simulator, and a world-class fitness center featuring basketball courts, yoga studios, and massage rooms. This RARE 3-bedroom + laundry room west-facing condo is available furnished. The kitchen is equipped with Bosch stainless steel appliances, a wine fridge, quartz countertops, and ceramic tile flooring, seamlessly flowing into the dining and living areas with 9-foot floor-to-ceiling glass windows that open to the balcony terrace. The split floor plan includes three spacious bedrooms, each with walk-in closets, and two parking spaces. Walk to Kierland and Scottsdale Quarter!

841 E Mclellan Boulevard Phoenix, AZ 85014

$1,499,000
4 Beds
4 Baths
3,740 SqFt
Status Active
MLS # 6724305
Property Type Single Family Residence
Price Type --
This gorgeous home is the perfect house. It boasts 10' ceilings throughout. All four bedrooms have an attached bathroom. The kitchen was recently remodeled, with a beautiful island, granite counters, and high end appliances. There are very few hallways in the house so all the square footage consists of gigantic rooms, perfect for entertaining. It's around the corner from MTA and in the desirable Madison School district.

330 N Portland Avenue Gilbert, AZ 85234

$1,499,000
4 Beds
3 Baths
3,691 SqFt
Status Active
MLS # 6696663
Property Type Single Family Residence
Price Type --
Don't miss out on this custom home located in a desirable Whitewing luxury gated community! Situated right next to the Gilbert Riparian Preserve, the location is highly sought after. This beautifully designed home features tray and coffered ceilings to add visual interest and dimension to the ten-foot ceilings. Nine-foot doors throughout add a modern touch. The bedrooms are expansive, with two of the bedrooms equipped as Master Suites with roll in showers. Right off the foyer there is a sitting room, and home office. Wait until you see the open floorplan of the family room, kitchen and dining room! The kitchen features high end appliances, granite countertops, and beautiful hard wood cabinets. Storage opportunities are endless, even in the laundry room! This home also features two walk-in pantries. With energy savings in mind, the builder increased the insulation in this carefully constructed home. An expansive backyard will beckon you to relax and enjoy the full-length covered patio. This half acre lot has multiple options for a pool location. Are you needing room for all your vehicles and toys? Look no further! This home has multiple oversized garages. One of the garages is a drive through that is tall enough to accommodate a boat! Location, amenities, and curb appeal! This home has it all!

8418 W Louise Court Peoria, AZ 85383

$1,499,000
4 Beds
5 Baths
4,025 SqFt
Status Active
MLS # 6724490
Property Type Single Family Residence
Price Type --
Discover this stunning North Peoria home with over 4,000 sq ft of living space on nearly half an acre. Highlights include a large pool with swim-up bar, expansive outdoor BBQ area, golf green, hot tub, misting system, and RV gate. Architectural plans for an RV garage with guest quarters are ready for permitting. Inside, enjoy a wet bar with kegerator, a spacious kitchen with high-end appliances, and a large pantry. The home features 4 en-suite bedrooms, 2 office spaces, and a teen room with a projector screen. The primary closet is fully custom and includes a built-in safe. Additional features include an elegant iron front door, smart home technology, and plantation shutters throughout. Located on a quiet cul-de-sac in a great neighborhood, this home offers luxury and privacy. Don't miss out on this rare find in North Peoria!

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