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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30311 N 52nd Place Cave Creek, AZ 85331

$1,475,000
4 Beds
3.5 Baths
4,002 SqFt
Status Active
MLS # 6668830
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious gated community of Montevista, nestled in the serene landscapes of Cave Creek, AZ. This stunning Toll Brothers residence offers over 4,000 square feet of luxury living space, boasting 4bds, 3.5ba's, plus an office to accommodate your lifestyle needs. As you step through the double front entry doors, you'll be greeted by the grandeur of 12' ceilings and a thoughtfully designed floor plan, perfect for entertaining family and friends. The well-appointed kitchen is a chef's delight, while the adjacent living spaces flow seamlessly, creating an inviting atmosphere throughout. Indulge in outdoor living at its finest with an amazing backyard oasis featuring a sparkling pool, relaxing spa, captivating water features, and a cozy fire pit a cozy fire pit area. Enjoy the lush greenery of the turf grass lawn and revel in the privacy of the oversized lot nestled within two cul-de-sacs. Retreat to the spacious primary bedroom suite, complete with double vanities, a large shower with multiple showerheads, and a luxurious soaking tub for ultimate relaxation. A private secondary bedroom with its own en suite bathroom and walk-in closet provides comfort and convenience for guests or family members. Additional highlights of this remarkable home include a large den, ample storage space, a wet bar for entertaining, a tesla electric charging station just to name a few. Montevista community offers residents access to a large grassy park with a basketball/pickleball court, a kids' play structure, and various recreational amenities for an active lifestyle. Don't miss the opportunity to call this fabulous property your own. You won't want to miss out on this exceptional home!

3854 E Fargo Street Mesa, AZ 85205

$1,475,000
4 Beds
5 Baths
3,993 SqFt
Status Active
MLS # 6688447
Property Type Single Family Residence
Price Type --
This beautiful gated community of Trovita Norte welcomes you to this stunning, immaculate 5 bedroom, 4.5 bath property with an oversized garage and front and back yards that are virtually maintenace free. Large kitchen with upgraded appliances and terrfic island/breakfast bar that can seat up to 8. This immaculate home is a definite ''must see!''

14035 E Sahuaro Drive Scottsdale, AZ 85259

$1,475,000
5 Beds
2.5 Baths
3,459 SqFt
Status Active
MLS # 6712867
Property Type Single Family Residence
Price Type --
A daydream come true! Surrounded by stunning mountain views and located in a quiet cul-de-sac. Newly remodeled to a clean, modern and sophisticated aesthetic. The backyard features low-maintenance turf, plenty of space for entertaining and magnificent views of Arizona's spectacular sunsets! Relax to the tranquil sound of the water feature, soak in the jacuzzi or play in the sparkling, turquoise pool. Enjoy privacy inside with a large primary suite that feels like a spa. Thor gas range, 2 new Trane ACs, tankless water heater and many more upgrades that make life a breeze. An epoxy-floor 3 car garage and side paver drive extending to the backyard creates a perfect set up for your toys. Located near Basis, Mayo, trails and many other attractions. It's time to start loving your life here!

10613 E Diffraction Avenue Mesa, AZ 85212

$1,475,000
6 Beds
5.5 Baths
5,704 SqFt
Status Active
MLS # 6663410
Property Type Single Family Residence
Price Type --
This BEAUTIFUL home w/CASITA is OVERFLOWING w/DESIGNER upgrades!! GOURMET kitchen w/granite countertops, HUGE island w/sink, tiled backsplash, 42'' cabinets + stainless appliance suite w/wall ovens! Open concept great room w/GORGEOUS built-in entertainment center w/STONE gas FIREPLACE! PRIVATE owner's suite w/sitting room + ensuite bath, BIG walk-in shower + soaking tub! Separate den! Loft! Media room! CASITA w/kitchen, bedroom, living room, bath, laundry + separate entrance! SO many living options in this multi generation home! FANTASTIC backyard OASIS w/built-in swimming pool w/waterfall, fire features, pergola w/sunken kitchen + swim up seating/counter, gas fire pit, pavers/faux grass + covered porch & balcony! This is true LUXURY LIVING! Located in award winning EASTMARK! WELCOME HOME

5955 E Louise Drive Phoenix, AZ 85054

$1,475,000
4 Beds
4.5 Baths
3,505 SqFt
Status Active Under Contract
MLS # 6691694
Property Type Single Family Residence
Price Type --
This prime property in the TALINN Community boasts a prime location near Desert Ridge marketplace, High street mall, Scottsdale quarters in 3 mile radius. The 4 bed/4.5 bath home features a heavily upgraded GOURMET KITCHEN with high-quality appliances, quartz countertops, and an island, perfect for entertaining. A downstairs bedroom and bath add convenience, while TWO MASTER BEDROOM options upstairs provide versatility. The loft serves as a game area or media setup, enhancing entertainment possibilities. Outside, a beautiful pergola and elegant landscaping create a serene outdoor retreat. Excellent school zone. With a heated COMMUNITY POOL and children's playground, the community offers a luxurious lifestyle. In summary, this home offers a perfect blend of comfort, style and functionality

24667 N 116th Street Scottsdale, AZ 85255

$1,475,000
4 Beds
4 Baths
3,391 SqFt
Status Active Under Contract
MLS # 6751835
Property Type Single Family Residence
Price Type --
Motivated Seller, Bring ALL OFFERS...This 4 bedroom, 4 bathroom home features a sleek contemporary remodel with an open layout, high-end finishes, and abundant natural light. Enjoy a gourmet kitchen with a new wine chilling room. The hidden pantry offers a clever storage solution, keeping your culinary essentials out of sight while maintaining an uncluttered, modern aesthetic. The master suite offers a spa-like bathroom and expansive closet. Relax by the pool with stunning mountain views or entertain in style. With a 3-car garage and stylish design, this home seamlessly blends comfort and sophistication. Experience Scottsdale living at its finest.

2620 W Wolftrap Road New River, AZ 85087

$1,475,000
4 Beds
3.5 Baths
3,728 SqFt
Status Active
MLS # 6752662
Property Type Single Family Residence
Price Type --
Perched on a premium hilltop lot with no HOA, this impeccable home was newly built in 2021. Sellers added over $300k in upgrades! Offers the perfect blend of modern luxury and rural serenity. Located in one of New River's most picturesque neighborhoods, this spacious 4-bedroom, 3.5-bath residence showcases breathtaking mountain vistas and expansive desert views—ideal for those seeking peaceful, wide-open spaces outside of the city yet just 10 minutes from shopping and dining conveniences. As you step inside, you'll immediately appreciate the meticulous attention to detail. The open layout is designed to maximize the panoramic views from every room, enhanced by custom wall treatments and elegant finishes throughout. The main level is thoughtfully designed for single-story living, with a welcoming great room with fireplace, an open kitchen with large island, and the luxurious primary suite. This private retreat features a spa-like bath with a freestanding tub, dual vanities, and a generous walk-in closet with direct access to the laundry room, offering ultimate convenience. Also on the main level is an Air Conditioned 4-car Garage, fully equipped with custom cabinetry and an electric vehicle charging outlet. Downstairs is home to a second living room, three additional split bedrooms, two full baths, and an open bonus room providing flexibility for multi-generational living, large families, or long-term guests, with direct access to the large patio and beautifully landscaped backyard. Whether you're entertaining on the covered patio, enjoying a glass of wine on the balcony, or simply taking in the star-filled night sky, this home is perfect for those who value quality, tranquility, and a lifestyle surrounded by wide open spaces. See list of Features & Upgrades in Documents tab. Only 4 minutes to the I-17 and 8 minutes to Great Hearts Anthem K-12. Don't miss the opportunity to make this exceptional property your own!

6305 N 10th Drive Phoenix, AZ 85013

$1,475,000 - 4Br/4Ba -  for Sale in Casa Azul, Phoenix
Open House
$1,475,000
4 Beds
3.5 Baths
2,680 SqFt
Status Active
MLS # 6750076
Property Type Single Family Residence
Price Type --
SELLER OFFERING 5.75% FINANCING RATE FOR 30 DAYS. COME SEE THIS GORGEOUS NEW CONSTRUCTION - CHOOSE YOUR HOME NOW. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family. WELCOME TO INDIGO at CASA AZUL - We are a Newly Constructed 12 home subdivision exuding state of the art smart home features, notable sustainability with the intent of encouraging community and serenity. This 4 bedroom , 3 1/2 bathroom home offers upgrades and amenities you won't find from any other new home builder Aside from our custom interior design features and highly desirable family friendly floor plans, we proudly offer all of the following upgrades in all of our Casa Azul homes. 16' Sliding Glass Doors / Vaulted Ceilings / Smart Home Control Center Tablet / Smart lock & Keyless Entry / Smart Thermostat / Smart Home Pre-wiring for Complete Home Synthesis / Quartz Countertops & Custom Cabinetry / Energy Star Appliances / Oversized Bathrooms & Bedrooms / Covered Back Patios / Lifestyle Features / Serene Backyards / Electric Vehicle Charging Outlet / ENERGY STAR Certified / Indoor AirPLUS Certified / 3rd Party Audited Energy & HERS Score Rating / Spray foam insulation / Insulated Garage & Attic / EPA Water sense Toilets, Faucets, & Showers / LED Lighting /Insulated Owner's Suite for Efficiency & Sound / No VOC paint / Low VOC Engineered Flooring. Centrally located and close to all of the best restaurants and schools Arizona has to offer ... welcome to your new home!

2224 W Speer Trail Phoenix, AZ 85086

$1,475,000 - 5Br/5Ba -  for Sale in N/a, Phoenix
Open House
$1,475,000
5 Beds
4.5 Baths
4,133 SqFt
Status Active
MLS # 6725677
Property Type Single Family Residence
Price Type --
Situated on over an acre of pristine horse property, this exquisite custom home has been entirely remodeled in recent years, boasting upscale finishes throughout. The brand-new kitchen features Euro-style double-stacked cabinetry, stone countertops, a Wolf range, Scotsman ice maker, and elegant pendant lighting. The master suite has also been transformed, offering a luxurious bath and an expansive walk-in closet equipped with all the desired amenities. For a comprehensive list of upgrades, please refer to the documents tab. Beyond its stunning interiors, the property is equestrian-ready with four covered horse stalls, a dedicated tack room, covered storage space, and a wash area. Additionally, it includes both a round pen and a rectangular pen, making it ideal for the horse enthusiasts.

10730 N Linda Lane Flagstaff, AZ 86004

$1,474,999
4 Beds
4.5 Baths
4,285 SqFt
Status Active
MLS # 6738049
Property Type Single Family Residence
Price Type --
The electric gate opens. You take in the glorious ponderosa pines, the beautiful front yard, the circular driveway, the sprawling, welcoming single-level home, and the barn. The Alpacas come closer, curious. The mountains glow and shimmer as a stunning backdrop on one side, the national forest invites you on the other. As you breathe in and process this beauty, you know. You are home. Welcome. This is a unique opportunity to live your dream in a single-level home on almost 4 treed acres, backing national forest on 2 sides, with a separate guest house/apartment and a 6 stall barn with a workshop. The design of the home is fabulous. Family and friends will gather in the newly upgraded kitchen and dining area, or spill over into the greatroom. The wall of windows in the greatroom allows you to feel like you are surrounded by nature while relaxing inside. Behold the ponderosas, blue skies and the ever changing colors of the mountains in the near distance. The sunroom on the side of the kitchen is a perfect office or, why not? Use it as a sunroom. Do you need privacy? There is a bedroom and bathroom behind the kitchen, perfect as a guest suite, exercise area, or your office. The entry room is that highly desired second living area or play area. With a spacious primary bedroom and two additional bedrooms and bath, live and entertain with ease. Start every day peacefully waking to the mountain's dazzling and subltly changing hues in the morning sunlight. You may never want to leave. But wait. There is a detached apartment above the garage! House your teenager, your guest or rent it out! Equestrian? You will adore the 6 stall steel barn in excellent condition that now includes a full workshop. Toys? When you see the three car garage and additional breezeway you will want to buy more - there is plenty of space to store them. The breezeway lends itself to many uses. Imagine! RV? Hook it up! (septic for RV is not permitted). Let's walk the property. Breathe in the tranquility of the pines and enjoy the views of the mountains on your back deck. Listen to the soothing sounds of your water feature, the calming whispers of the wind in the trees and the birds chirping. Time to explore! Mount your horses, put on your hiking shoes or get your bike ready - lose yourself in the National forest from your back yard. You must spend time here to understand the peace, tranquility and opportunities offered by this unique home. Let us inpsire you. The home inspection has been completed. This home is in excellent condition. Owners are meticulous. Welcome.

8702 E San Daniel Drive Scottsdale, AZ 85258

$1,474,960
4 Beds
3.5 Baths
2,081 SqFt
Status Active
MLS # 6605563
Property Type Single Family Residence
Price Type --
Custom upgrades abound in this beautifully appointed 4 Bedroom, 3.5 Bath, 2 car garage home located in the sought after McCormick Ranch community of Vista De Cielo. Rich warm neutral tones give this home a modern, comfortable feel. Upon entry through the frosted glass paneled door, you are greeted by open concept living spaces w/ an exquisite electric fireplace in the living room flanked by 2 large windows showcasing the beautiful, lush backyard, extended patio and sparkling pool! Adjacent to the large dining room w/ elegant chandelier is the custom island kitchen w/quartz countertops, 2 tone cabinetry, waterfall island, new Monogram appliances including double ovens, microwave drawer, hooded ss vent, 6 burner stove top and a 36-inch built-in fridge. Large double-door office off the kitchen (could be used as a 4th bedroom) with a stunning floor to ceiling tile walled powder room across from the office. Don't miss the master with walk out, large walk-in closet, frosted glass barn door entry to the master bath with opulent free-standing tub and multi-head shower behind glass partition...stunning. If that wasn't enough...all secondary bedrooms are ensuites with their own private baths! Large laundry comes with a washer and dryer, custom cabinets and a sink! No expense spared! New windows, new roof, new a/c unit, new landscaping, interior & exterior completely remodeled, new custom-made garage door, synthetic smooth stucco finish throughout, custom iron gates throughout yard. Don't miss an opportunity to own this one-of-a-kind home ideally located near award winning golf courses, famed shopping malls, renowned hiking paths & more!

N Bell Road Unit 4 Queen Creek, AZ 85144

$1,474,900
5 Beds
4 Baths
4,100 SqFt
Status Active
MLS # 6345746
Property Type Single Family Residence
Price Type --
Brand new BASEMENT home with approx 4,100 sq ft, on 2+ acre lot with NO HOA! 4 Bedrooms on main floor and 1 in basement. Plenty of time for Buyer to make selections for cabinets, paint, flooring, granite, etc. Standard features include granite throughout, tile surrounds covered patio, 4-car garage, tile roof... Much more! Estimated completion time is 9-10 months from ground-breaking. Drive by only.

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