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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36447 N Livorno Way Scottsdale, AZ 85262

$1,435,000
5 Beds
4.5 Baths
4,379 SqFt
Status Active
MLS # 6711491
Property Type Single Family Residence
Price Type --
MAJOR PRICE IMPROVEMENT! REDUCED OVER $100,000! BRING ALL OFFERS, SELLER IS MOTIVATED! Stunning Custom home located in the private gated community of Treviso. Scottsdale. Another Toll Brothers creation. Huge lot over an acre! This amazing home features 5 Bedrooms and 4.5 bathrooms. Huge open floorplan featuring a family room, living room with a beautiful Fireplace, many architectural archways, and tons of windows letting in that wonderful natural sunlight. Large Master bedroom with Ensuite. Exit off the Master leading out to the resort-style Pool & Spa. 4 Private bedrooms on the other side of this wonderful home. Each has its own bathroom. So fantastic! The front bedroom is very large making room for a home gym or craft room. The large kitchen is great for entertaining family and friends. The huge kitchen island is great for all of that holiday baking. SS Appliances, double ovens, and tons of ample cabinetry. Many great restaurants, coffee shops, shopping centers, dog parks, hiking, and biking. On an entertaining note. Close to Cave Creek, check out the Bull Riding Events at The Buffalo Chip Saloon, Harold's. Great BBQ'S!!! Kierland Commons Restaurants & Bars:· Bar North · The Cheesecake Factory · The Greene House · Maestro's Ocean Club · The Mission · North Italia · P.F. Chang's · Snooze, an A.M. Eatery.

2118 E Clubhouse Drive Phoenix, AZ 85048

$1,430,000
4 Beds
4.5 Baths
4,260 SqFt
Status Active
MLS # 6760663
Property Type Single Family Residence
Price Type --
Discover luxury desert living at its finest in this stunning 4 bed / 4.5 bath contemporary hillside home designed by award-winning architect Marc Soloway. Located in the hillside community of Sanctuary, this single-level home is one of two in a private cul-de-sac, nestled against a serene desert hillside with breathtaking city, mountain, & golf course views. The home features seamless indoor/outdoor living, with 1,000 sq ft of multi-level slate-style stamped concrete patios & a heated spa/pool with a waterfall feature, perfect for entertaining. New AC units in 2023 & a new roof in 2024 allow you to buy with confidence. Lots of updates! Step inside to a spacious & bright foyer leading to a grand living room with soaring ceilings, vast windows, a fireplace, & sliding glass doors that open to the back patio. The travertine tile flooring throughout the home enhances its elegant feel. The split floor plan offers ultimate privacy, with a luxurious master suite featuring a fireplace, sitting room, back patio access, & a large walk-in closet. The serene master bath boasts dual vanities, a soaking tub with mountain views, & a separate toilet room. The gourmet kitchen is a chef's dream, with granite countertops, custom cabinetry, stainless steel appliances, a 72 Monogram refrigerator, & a large island with a built-in sink & electric stove top. Additional living spaces include a formal dining area, a cozy den that can be easily converted into a 5th bedroom, & a second living room with direct access to the patio. Bedrooms #2 & #3 have en-suite bathrooms with tub/shower combos & spacious closets. Additional features include a versatile office nook with built-in desk & laundry area. 3-car garage with a separate storage area is a huge plus! Sanctuary is an exclusive, upscale subdivision nestled in the scenic desert hills of The Ahwatukee Foothills. Homes in this prestigious community are designed by renowned architects & boast contemporary, luxury designs that seamlessly blend indoor & outdoor living. With its serene environment, large lots, & proximity to hiking trails, Sanctuary provides a peaceful retreat while conveniently located near the city's amenities & attractions. This unique desert sanctuary offers luxury, privacy, & unparalleled viewstruly a one-of-a-kind opportunity!

27715 N 164th Place Scottsdale, AZ 85262

$1,430,000
4 Beds
2.5 Baths
3,746 SqFt
Status Active
MLS # 6748411
Property Type Single Family Residence
Price Type --
SPECTACULAR CUSTOM HOME WITH BREATHTAKING MOUNTAIN VIEWS Welcome to this extraordinary 4-bedroom, 2.5-bathroom custom home set on 1.25 acres of prime real estate, designed for both luxurious living and exceptional entertaining. The property boasts an incredible backyard oasis featuring a Pebble-Tec pool with solar heating and spillover spa, a built-in BBQ, bocce ball court, spacious covered patio, and custom fencing. Enjoy serene mountain views from the comfort of your outdoor spaces. Interior Features: Chef's Kitchen: Recently updated with high-end appliances, including double ovens and a KitchenAid induction stovetop. The expansive island, granite countertops, and walk-in pantry make this kitchen a cook's dream. Great Room: Soaring 15-foot ceilings, with a cozy fireplace and stunning mountain views, create an impressive setting for family gatherings and dining. Game Room: Includes a built-in bar, captivating murals, and ample space for a pool table. Master Suite: This luxurious retreat features a sitting area with a fireplace, sliding doors to the backyard, two large walk-in closets with built-ins, and a lavish bathroom with dual sinks, a jacuzzi tub, a TV, and a lighted makeup area. Additional Bedrooms: Three bedrooms each with exterior doors, patios and walk-in closets. Outdoor Living: Pool & Spa: Heated Pebble-Tec pool with solar heating, water features, automatic cleaning system, and a new Jandy Pool Controller. Backyard: Fully fenced large backyard, including snake-proofing, a gas firepit, and a plumbed gas grill with a mosaic patio table and benches. A large private outdoor shower with a bench seat adds to the convenience. Courtyard: A beautifully landscaped, gated courtyard with a custom fountain warmly welcomes guests. Energy Efficiency & Extras: Owned Solar System: A new Elevation Solar System with an Enphase battery, significantly reducing the electric bill by approximately $300 per month. Garage: The 3-car garage (2-car and a single-car) features newly epoxy-coated surfaces and a professionally painted desert mural. A/C & Water Systems: New primary A/C unit (American Standard), two additional Trane A/C units for the bedrooms, a 3,400-gallon water storage tank, and a newly installed Rainbird sprinkler system. The property is already signed up with Epcor, so no sign-up fees for water. This home is a true entertainer's paradise with high-end finishes, exceptional amenities, and stunning views. The newly-stained exterior wood garage doors, gates, and posts add the final touches to this desert gem. Seller is offering furniture currently in the home for sale on a separate bill of sale.

2974 E Camellia Drive Gilbert, AZ 85296

$1,429,000
9 Beds
5.5 Baths
5,979 SqFt
Status Active
MLS # 6700965
Property Type Single Family Residence
Price Type --
Price reduction is lower than recent appraisal - get instant equity! This one of a kind home features 7 bedrooms/5.5 baths/basement PLUS a 2 bedroom casita. Open floor plan boasts a spacious living area perfect for entertaining guests & enjoying family time. Entertain in style w multiple living areas, including a formal dining, wet bar, cozy living room w gas fireplace. Primary bath has steam shower, sep tub w jets & large w/in closet. Backyard boast synthetic grass for easy upkeep. The whole family can enjoy your private pool/spa and large covered patio. Basement has plenty of space to convert into a theatre. Agritopia is known for its tree-lined streets, community gardens, and friendly atmosphere. Residents enjoy nearby amenities such as parks, restaurants & shopping.Just off the 202 fw Welcome to this charming home in the highly sought after Agritopia! Charming community has many family oriented event happening monthly. This is a rare find with the 2 bedroom guest house. 9 bedrooms total plus an office with builtin bookshelves. Rent out the 2 bedroom casita for $1850 - $2300 a month to subsidize the mortgage payments. The casita is 860 st ft, with W/D, full kitchen and a back yard which is gated. New carpet & paint in the home and guest house. Close to the Freeway for easy access to anywhere is the valley.

5455 E Ludlow Drive Scottsdale, AZ 85254

$1,429,000
5 Beds
3.5 Baths
3,436 SqFt
Status Active
MLS # 6731016
Property Type Single Family Residence
Price Type --
Welcome to this exquisite 5-bedroom, 3.5-bathroom gem thoughtfully designed in the prestigious gated community of MarVilla. Nestled within Scottsdale's magic zip code. As you step inside, archways lead you to the heart of the home—a spacious living room overlooks to the outdoor oasis. The custom kitchen boasts ample cabinetry, granite countertops, high-end appliances (including a double wall oven), and an island with a breakfast bar. The master suite features private access to the covered patio, two walk-in closets, and a luxurious full bath with double sinks, a separate tub, and a shower. Step outside to a pool with a soothing waterfall, spa, and built in BBQ. A new solar roof is fully paid for. New AC units, water heater, dishwasher and wine fridge. Roof replaced in 2019. Don't miss this opportunity to own a slice of Scottsdale luxury. Make sure to check the PHOTOS and VIRTUAL VIDEO. {Kitchen Dinette Chandelier does not covey!}

6926 N 177th Place Waddell, AZ 85355

$1,425,000
5 Beds
3.5 Baths
3,300 SqFt
Status Active
MLS # 6705971
Property Type Single Family Residence
Price Type --
Brand new home, full of custom finishes! NO HOA. Irrigated backyard. This incredible home features an open floor plan with every detail thoughtfully designed. 1 acre lot and includes a detached oversized RV Garage. You do not want to miss this!

15055 N Meander Mountain Way Prescott, AZ 86305

$1,425,000
3 Beds
2.5 Baths
3,604 SqFt
Status Active
MLS # 6751996
Property Type Single Family Residence
Price Type --
Custom home in Prescott's exclusive Gated Golf community, Talking Rock Ranch, offering the lowest price per square foot in the area. Nestled on a quiet cul-de-sac with an east-facing backyard to enjoy the morning sun in a serene, private, forest-like setting. Newly remodeled great room with DaVinci island fireplace and freshly painted interior. Bright, open spaces with American Walnut wood flooring, featuring a split floor plan that includes an office and a formal dining room. Large primary suite with Reclaimed Red & White Oak floors. A perfect blend of comfort and luxury awaits! Talking Rock is an exclusive golf community providing members unparalleled hospitality. Amenities include award-winning Jay Morrish designed Golf Course, Fitness Barn, Ranch House Restaurant and Bar, Coop's Coffee House, Members Lounge, Racquet sports Courts, Dog Park, Community Garden, over 14 miles of hiking and biking trails and so much more!

42221 N Caledonia Way Anthem, AZ 85086

$1,425,000
3 Beds
2.5 Baths
3,545 SqFt
Status Active
MLS # 6752002
Property Type Single Family Residence
Price Type --
Resort style Arizona living can be yours with 2014 Ultra Paz finished heated Grecian style pool and spa with multiple water features, gas woks, fireplace and fire pit, Cantera decking front and back, 2 exterior pergolas, stacked stone outdoor fireplace, BBQ island & front of home, courtyard Arabesque fountain, wrought iron Cantera entry door, 2022 Trane HVAC systems & ductwork & solar panels. Pleasing light & bright interior w/great room custom bar, patio french doors, stacked stone wall w/linear fireplace, custom master entry doors, master bath free standing tub, kitchen remodel, wine refrigerator, double ovens, family room stacked stone fireplace, crown molding, custom lighting, interior paint and 2024 carpet.

8974 E Rusty Spur Place Scottsdale, AZ 85255

$1,425,000
3 Beds
3 Baths
2,390 SqFt
Status Active
MLS # 6746787
Property Type Single Family Residence
Price Type --
Complete renovation from top to bottom on this beautiful DC Ranch patio home! Nestled in a gated, grassy community, this home features all new hardwood flooring, bathroom flooring, plumbing fixtures, countertops, appliances, hardware, paint, and lighting. Kitchen walls have been opened up into dining room to offer a fresh new layout that is bright and inviting. Kitchen island reconfigured and extended a to beautiful & large waterfall island covered in stunning marble. Brand new refrigerator and custom & functional sink! 3rd bedroom is the casita; separate but connected to main home. Casita has small refrigerator, microwave, and sink and lovely bathroom. New artificial grass and plants in backyard.Views of McDowells & walking distance to Market Street shops & dining.

5012 E Blanche Drive Scottsdale, AZ 85254

$1,425,000
4 Beds
3.5 Baths
3,437 SqFt
Status Active
MLS # 6755414
Property Type Single Family Residence
Price Type --
This beautifully updated two-story residence is a true gem, offering a perfect blend of modern comfort and versatile living spaces. Step inside to find the renovated interior with brand-new windows that fill each room with natural light. The new kitchen is a chef's delight, with new appliances, sleek cabinetry and stunning countertops - perfect for entertaining or everyday meals. The exterior is equally impressive with an oasis backyard complete with a sparkling pool. Whether you're lounging by the water or hosting a BBQ, this private retreat is your personal paradise.The garage has been transformed into a stylish work/home salon, ideal for those looking for a professional space without leaving home. Alternatively, it can be used as an additional downstairs bedroom.

1911 N 169th Avenue Goodyear, AZ 85395

$1,425,000
3 Beds
2.5 Baths
3,134 SqFt
Status Active
MLS # 6729181
Property Type Single Family Residence
Price Type --
As you enter the home, you are immediately greeted by stunning upgrades and high-end finishes that are sure to impress. The expansive great room offers ample space for relaxation and entertaining, while the chef's kitchen is a dream come true for any culinary enthusiast. Step outside to your private oasis featuring a pristine saltwater pool, perfect for relaxation or entertaining. Golf enthusiasts will delight in the custom putting green, while the spacious covered patio and built-in BBQ area is ideal for hosting gatherings. The home's prime location offers breathtaking lake views, as well as stunning vistas of the 14th green and 15th tee box. Owned Solar. From top to bottom, this residence has been thoughtfully designed to offer unparalleled comfort and sophistication. It's truly a place where timeless charm meets modern luxury, creating an unmatched living experience for those lucky enough to call it home. Living in PebbleCreek Golf Community means access to top-notch amenities, including 3 world-class golf courses, 36 pickleball courts, and a vibrant social scene.

18233 W Palo Verde Court Litchfield Park, AZ 85340

$1,425,000
4 Beds
5.5 Baths
3,733 SqFt
Status Active
MLS # 6699525
Property Type Single Family Residence
Price Type --
Welcome to your Desert Oasis! At the base of White Tank Mountains sits this premier home combining modern elegance with the highest standards of sophisticated living. Built with upgrades that represent the superior elements in today's trends. This 3700+ square foot cul -de-sac home is nestled over a 22,000 sq ft lot and crafted with the utmost attention to detail, this home showcases superior workmanship and timeless design elements throughout. The open-concept layout seamlessly connects the gourmet kitchen, dining area, and living room, creating a central center for everyday living. The chef's kitchen incorporates the kitchen island with seating for 8, stainless steel appliances, built-in microwave and wall oven, gas range, pantry and separate built-in wine fridge. The exquisite granite stone countertops complement this culinary masterpiece. This home offers vaulted ceilings, large glass slider door that invite abundant natural light and offers a panoramic view of the backyard, vaulted ceilings, and dramatic fireplace wall accents that flow harmoniously throughout the main living areas. This is a split floor plan with 3 bedrooms, 1 office, tv room and attached casita (or 4th bedroom)with its living area and bathroom. Relax in the master suite, spa-like bathroom and generous walk-in closet, dual sink vanities, oversized shower, freestanding bathtub that exudes resort ambiance. Step outside to your own private oasis where the sparkling pool and spa await you. The perfectly manicured low maintenance landscape surrounds the outdoor living spaces and creates a serene ambiance for entertainment and relaxation. Entertainers dream; custom pool and spa with expanded pool deck, covered patio, ramada with built-in BBQ, sink, wine fridge, fireplace, TV outlet, putting green and inground trampoline. The paver driveway leads you to the custom wrought iron gates directing you to the 6-car garage and boat parking. Don't miss the opportunity to own this elegant and modern real estate with all the amenities you could ever desire, this is not a home, it's a lifestyle.

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