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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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.

6826 E Larkspur Drive Scottsdale, AZ 85254

$1,425,000
5 Beds
4 Baths
2,657 SqFt
Status Active
MLS # 6699856
Property Type Single Family Residence
Price Type --
Nicely remodeled home offering 5 bedrooms and 3 bathrooms and 2 car garage in the main house. There is a 1,150 sq.ft. detached garage built 2017, with a bathroom, plumbed for a shower if buyer wants to add a shower, garage could be converted to a guest house. There is parking for up to 7 Cars without lifts. This large lot offers a circle drive with a courtyard entry. Updated Kitchen, living room, family room and dinning room, walls have been removed for an open concept 2015 . Backyard offers a large diving pool remodeled 2015, lots of synthetic grass, fire pit area, 2 RV gates, the fences are stucco and painted, Citrus trees, Tangelo, Lemon Tangerine and AZ Sweet Oranges and a Tuff Shed that conveys. Views of the McDowell Mountains. Video Surveillance system, 11 Cameras to convey.

27832 N Silverado Ranch Road Peoria, AZ 85383

$1,425,000
4 Beds
3.5 Baths
3,532 SqFt
Status Active
MLS # 6752926
Property Type Single Family Residence
Price Type --
Discover the tranquility of mountain vistas and the Sonoran Desert with this stunning home! This highly sought-after Whistler plan by Taylor Morrison is nestled in the esteemed Northlands community of North Peoria. Revel in nearby hiking and ATV trails, nearby Lake Pleasant, and breathtaking sunsets. Located in the prestigious Summit Section, this home backs onto the magnificent Calderwood Butte, offering sweeping panoramic views. With exceptional curb appeal, this home is bathed in natural light. The gourmet kitchen boasts upgraded quartzite waterfall countertops, white pinstriped cabinets, and stainless steel appliances, flowing seamlessly into a coffee/wine sitting area looking out to the amazing view. *BUT WAIT, THERE'S MORE* The kitchen is open to the spacious family room with a large built-in entertainment center. The generous primary bedroom features a custom closet with ample storage. With three additional bedrooms and 2.5 bathrooms, there's plenty of space for family and guests. Unwind under the extra-wide pergola, savor the views, enjoy a cocktail, and listen to the soothing sounds of your pool's waterfalls. Whether you love hiking, spending a day at the lake, or simply enjoying the tranquility of your surroundings, this remarkable home offers it all. Don't miss out - come see it today!!

6324 N 10th Drive Phoenix, AZ 85013

$1,425,000 - 4Br/4Ba -  for Sale in Casa Azul, Phoenix
Open House
$1,425,000
4 Beds
3.5 Baths
2,696 SqFt
Status Active
MLS # 6733625
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 TOLTEC 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 homes 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 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!

6313 N 10th Drive Phoenix, AZ 85013

$1,425,000 - 4Br/4Ba -  for Sale in Lot 5 Casa Azul Mcr 158833, Phoenix
Open House
$1,425,000
4 Beds
3.5 Baths
2,680 SqFt
Status Active
MLS # 6725247
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 ARUMA 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 homes 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!

9768 E Balancing Rock Road Scottsdale, AZ 85262

$1,424,900
4 Beds
2.5 Baths
2,964 SqFt
Status Active
MLS # 6713491
Property Type Single Family Residence
Price Type --
Indulge in luxury desert living in this beautifully remodeled home within the Golf Community of Balancing Rock at Troon North. Enjoy panoramic views of Pinnacle Peak & unique boulder outcroppings. With 4 bedrooms and 2.5 baths, every detail exudes elegance. The kitchen, now seamlessly integrated with the great room, boasts quartz countertops, newer cabinetry, & an induction cooktop. Entertain in the formal dining area or retreat to the separate office/den. The split master suite offers privacy, enhanced by plantation shutters, wood-like tile planks & leads into the ''spa like'' bath with an abundance of closet space.. Outside, a heated spool, built-in BBQ, and fireplace create a resort-style oasis. Experience the ultimate in desert living, embracing nature's beauty from your own backyard.

175 Quail Hollow Drive Unit 34 Sedona, AZ 86351

$1,424,000
4 Beds
3 Baths
2,100 SqFt
Status Active
MLS # 6706214
Property Type Single Family Residence
Price Type --
UP CLOSE MAJESTIC MOUNTAIN VIEWS-NON HOA-VERY PRIVATE AND ENCLOSED GARDEN OF EDEN/BIRD SANCTUARY RETREAT -INCLUDED WITH THIS LISTING IS THE ADJACENT LOT 33, both totaling 1.2 ACRES. Lot 33 lends opportunity to build upon, to extend the gardens, or to add a pool. (Parcel 40532035). --This home was the featured garden during the Sedona Hummingbird Festival. -Every inch of beauty, the water feature, the exquisite variety of flowers, trees, and several seating/resting areas to relax and entertain is beyond your imagination. -The new and large windows capture mountain and garden views along with numerous interior and exterior upgrades. -This private and serene community is tucked away with local trails and a mere 3+ miles to desirable amenities: 3 public Golf Courses, Dining, Retail, Grocer, and numerous Hiking trails and Oak Creek. ***Please review the List of upgrades and additions such as the 4th bedroom with bathroom, New 2 car separate Garage, etc. in the Documents tab. -Come home adding joy and tranquility while sipping your cup of coffee or sharing a meal and wine with your guests YOUR OASIS AWAITS! Please note the additional room and bathroom are not permitted by County.

3773 E Donald Drive Phoenix, AZ 85050

$1,420,000
4 Beds
3.5 Baths
3,339 SqFt
Status Active
MLS # 6758607
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Aviano Community, this breathtaking two-story luxury residence epitomizes resort-style living. Spanning over 3,339 square feet, this home features four large bedrooms and four bathrooms, seamlessly integrated into an open floor plan. Recent updates include fresh exterior paint in 2021, new flooring, Wolf appliances, new water heater, and refined touches like crown molding, LED lighting, surround sound and custom shutters. The stunning kitchen showcases Quartz countertops, a butler's pantry, a walk-in pantry, and accent lighting under and above the cabinets. The great room, with its high ceilings and large windows, flows effortlessly to the outdoor oasis - a beautifully landscaped backyard complete with a sparkling pool, rock water feature, lush artificial grass, and a covered patio equipped with a built-in BBQ and bar. The primary suite is a personal retreat, boasting a luxurious sitting room, a walk-in closet, and an upgraded spa-like bathroom. The 3-car garage provides ample space for your vehicles and storage, and it is pre-wired for a Tesla charging station. With additional features such as a den, formal dining area, and multiple balconies, this home offers unparalleled elegance and a lifestyle of absolute comfort.

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