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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7740 E Rose Lane Scottsdale, AZ 85250

$1,400,000
4 Beds
4 Baths
2,178 SqFt
Status Active
MLS # 6743935
Property Type Single Family Residence
Price Type --
Supreme location. Custom designed home. Fully remodeled. Elegant and elevated. A very rare find and the definition of luxury. No HOA. 4 bedrooms and 4 full baths. Brand new kitchen, Delta Terra quartz countertops, high end appliances, large custom hood. Soaring high ceilings. Smooth texture walls throughout. Large master bed and bath. Double laundry with one conveniently inside the master closet. New AC. Complete, resort style front and back yard. Smooth stucco exterior. Pristine large pool with tanning ledge, Baja shelf. A resort sanctuary of outdoor living. This is one unicorn of a home. Imagine yourself here!

20543 E Excelsior Court Queen Creek, AZ 85142

$1,400,000 - 5Br/4Ba -  for Sale in Citrus Coves, Queen Creek
Open House
$1,400,000
5 Beds
4 Baths
3,780 SqFt
Status Active
MLS # 6728874
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning custom-built residence is situated on over an acre of land and boasts breathtaking mountain views. The property features a huge pool, perfect for entertaining or relaxing in your private oasis. Inside, you'll find 5 spacious bedrooms, 4 luxurious bathrooms, and a large loft area, ideal for a home office or additional living space. The gorgeous front courtyard is adorned with pavers and fencing, creating an inviting entrance. The kitchen is a chef's delight, equipped with white cabinets, stainless steel appliances, granite countertops, under-cabinet lighting, and two pantries for ample storage. The master bedroom is a true retreat with backyard patio access, two large walk-in closets, a separate shower with double heads and a pressure/temp valve, a jetted bathtub, and double sinks with a vanity. Step outside to the backyard, where a jacuzzi and stunning water features await. The travertine decking, raised sitting area, gas fire pit, and artificial turf surround the pool, creating a luxurious outdoor living space. There's still plenty of room to design your own dream oasis, and mature orange trees line the west side of the property, adding to the charm. Don't miss the opportunity to own this exquisite home that perfectly blends luxury, comfort, and breathtaking views.

4434 E Camelback Road Unit 141 Phoenix, AZ 85018

$1,400,000 - 3Br/4Ba -  for Sale in Village At Camelback Mountain, Phoenix
Open House
$1,400,000
3 Beds
3.5 Baths
2,840 SqFt
Status Active
MLS # 6745262
Property Type Townhouse
Price Type --
Welcome home to arguably the best location in Arcadia! Behind the guard gated entrance, this townhome has some of the best views of Camelback Mtn AND the largest lot in the community. This recently remodeled property features quartz countertops, vaulted ceilings, wood slat fireplace, temperature-controlled wine storage, and epoxy floors in the garage. Enjoy the serenity of having one of the only corner units with your own personal spa, adjacent to the greenbelt & pool. Just a short walk away to some of the best dining in the valley, including Steak 44, The Henry, Buck & Rider, and the NEW Global Ambassador, this home truly has it all!

5891 S Cobblestone Drive Chandler, AZ 85249

$1,400,000 - 4Br/4Ba -  for Sale in Jacaranda Place, Chandler
Open House
$1,400,000
4 Beds
3.5 Baths
3,545 SqFt
Status Active
MLS # 6753695
Property Type Single Family Residence
Price Type --
Also For Rent! Owned Solar! Upgraded home in the gated Jacaranda Place with an impressive private serene courtyard entrance - outdoor fireplace, waterfall & open-concept design to the kitchen. You'll see luxurious light fixtures, 12' ceilings, wood-look tile flooring, & a gourmet kitchen; double oven, induction cooktop (convertible to gas), wine fridge, & hidden walk-in pantry. The primary suite offers a garden tub, dual sinks, & a spacious walk-in closet. Enjoy the living room's gas fireplace, speaker system, & motorized blinds. A separate teen room & mudroom; perfect for many different uses. An entertainer's dream; includes a 48 ft heated pool, in-ground spa, fire pit,& built-in sink. A 4-car garage (A/C in 3-car tandem) with a Tesla charger, tankless water heater & water softener.

3461 E Indigo Circle Mesa, AZ 85213

$1,400,000 - 4Br/5Ba -  for Sale in Arboleda Unit 2, Mesa
Open House
$1,400,000
4 Beds
4.5 Baths
5,592 SqFt
Status Active
MLS # 6733803
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury living in the prestigious gated community of Arboleda at 3461 E Indigo Circle, Mesa, AZ. This exquisite 4 bedroom(add 2 walls and it becomes 7 bedrooms), 4.5 bathroom, fully finished BASEMENT, semi-custom home is perfectly situated on a sprawling larger than 1/2 acre lot, offering both privacy and elegance. Designed with a thoughtful split floor plan, this residence caters to both comfort and sophistication. The gourmet kitchen is a chef's dream, featuring custom cabinets, a double oven, granite countertops, and a cozy breakfast nook and a large walk-in pantry. The family room, warmed by a gas fireplace, provides a welcoming space for relaxation and gatherings. Formal occasions are well accommodated in the separate living and dining rooms each defined by 10 foot plus ceilings that enhance the home's spacious feel. Flooring throughout is a tasteful mix of stone and carpet, laying the foundation for your personal decor. The primary suite is a true retreat, stretching from the front to the back of the house, complete with a sitting area, a soaker/jetted tub, and a large shower for ultimate relaxation. A dedicated office with floor to ceiling luxurios wood book shelves for those who love to read and work from home. Extra bonus/den/play room. Fully finished basement has a 6 oversized seat theatre room, game room and full bathroom. Outdoor living is equally impressive, with a large backyard featuring a pool with fountains, waterfall, kool pool dec, fire pit and 22 orange, lemon, tangelo and grapefruit trees, all maintained with low-cost flood irrigation. The covered patio provides a shaded space for outdoor dining and leisure, while the RV gate ensures easy access for all your adventures. Ample storage throughout the home. 3 car extended length garage. Located close to the 202 freeway, residents enjoy easy access to all parts of the Phoenix metro area, including PHX Sky Harbor. With top-rated schools and beautiful parks nearby, including the Mesa Tennis & Pickleball Center at Gene Autry Park, big league dreams, and Kensington Groves Park, this home is not just a residence but a lifestyle choice for those seeking the best in Mesa living.

5818 N Granite Reef Road Scottsdale, AZ 85250

$1,399,999
4 Beds
3 Baths
1,679 SqFt
Status Active
MLS # 6738142
Property Type Single Family Residence
Price Type --
HUGE OPPORTUNITY! RARE FEATURES! MOVE-IN READY! This high-tech, modern luxury, marble-themed oasis was recently redone inside & out with no expense spared. Unique features include 2 master suites each with ensuite bathrooms, 4 walk in closets, corner lot, jetted tub, diving pool, many USB outlets/dimmers/fans, near dining/shops/entertainment, much free parking, storage rooms, & NO HOA! Enjoy elegance without compromise. The spacious redone kitchen features a massive breakfast bar & floor to ceiling marble-pattern quartz which surrounds new appliances. The bathrooms have been extensively remodeled to create a relaxing, luxury resort spa atmosphere. Great for families, entertaining, or rental. Ok to close quick or late. Most furniture/houseware available under separate bill of sale

15617 E Santa Maria Place Fountain Hills, AZ 85268

$1,399,999
4 Beds
3 Baths
3,400 SqFt
Status Active Under Contract
MLS # 6745242
Property Type Single Family Residence
Price Type --
Welcome to an impeccably kept home situated on just under an acre in the serene North Heights of Fountain Hills. This true all one level home boasts incredible panoramic views backing to a preserved wash overlooking the McDowell mtn. Range. Enjoy entertaining with an open and inviting living space that flows seamlessly to a wonderful covered patio. Take pleasure in the many recent updates including a wonderful new media wall with a 100'' electric fireplace to set the mood. Enjoy your privacy with Hunter Douglas powered shades. Jump in to your amazing pool and appreciate the Baja shelf with umbrellas for extra coverage and gaze into some phenomenal sunsets. Pull into your beautiful full paver drive and turn right into a spacious 3 car garage with lots of cabinets for storage.

19727 E Vallejo Street Queen Creek, AZ 85142

$1,399,999
4 Beds
3.5 Baths
4,269 SqFt
Status Active
MLS # 6695891
Property Type Single Family Residence
Price Type --
Best Value in Whisper Ranch!! You'll love this home. Toll Brothers luxury at the finest. Welcome to your new home in the highly coveted Whitewing subdivision of Whisper Ranch. This stunning 3-bedroom 2.5-bath home with a 1 bedroom and full bath attached Casita is everything you will want in a luxurious home. As you enter the home, you will be greeted by an inviting foyer with lofty ceilings, elegant tile flooring throughout with tons of natural light. To the left of the entry way is a comfortable conversation area and office space. The chef's gourmet kitchen features a grand, yet graceful waterfall edge quartz center island, upgraded stainless steel appliances, true double oven, gas cook top, spacious walk-in pantry, stunning natural wood cabinetry. The kitchen overlooks the open concept living area and dining area. Perfect space either entertaining or just relaxing. 3 Bonus rooms that are currently shown as an Office or formal sitting area, a work-out space and a Teen/Game room but could easily be utilized as an office space or converted into a 4th bedroom. The Serene Primary Suite is a spacious haven to escape to at any time of the day, over-sized walk-in closet. The spa like ensuite has double vanities, large walk-in shower, and large soaking tub, the perfect place to relax after a long day. The 2 roomy guest bedrooms share a double vanity full bath. Home has upgraded lighting and ceiling fans throughout. Every room has upgraded solid doors. The casita is located off the courtyard and has its own separate entry featuring a living room, bedroom, full bathroom. There is a built-in doggie dog with small dog run on West side of home. The almost half-acre lot is blank slate for you to design your perfect Oasis, once the yard is completed your equity will increase!! The Whitewing at Whisper Ranch community offers amenities such as front and back entrance gated access, a Beautiful clubhouse perfect for entertaining and hosting events, outdoor gas fireplaces, BBQ areas to gather, a bocce ball court, a fenced in dog run, luscious green belts, and a children's play area/park. Just a couple minutes away from all Queen Creek has to offer, including the new Pecan Lake Entertainment Amusement Park that has a plethora of fun events, near excellent schools, restaurants, shopping, and serene trails to walk, hike and bike around the Sonoqui Wash. Listing comps at $1.5M!! Home is priced to reflect the need for landscaping & pool. Once Buyer completes their backyard oasis, the home's value will only increase.

4281 E Sandy Hollow Lane Cottonwood, AZ 86326

$1,399,999
3 Beds
2 Baths
1,584 SqFt
Status Active
MLS # 6495137
Property Type Single Family Residence
Price Type --
Welcome to this rare and exceptional Verde River horse property, situated on over 10 acres of land with stunning Mingus Mountain views and only 20 minutes from Sedona. This property boasts grandfathered water irrigation rights of 54 acre-ft from two high producing wells, documented since 1884. The property is also a Riparian Habitat with over 500 feet of River front, and it includes a half-acre adjoining vacant parcel with a shared well. As you enter the home, you will be captivated by the breathtaking Santa Fe-style fireplace with a Cypress mantle milled from the property. The great room with vaulted ceiling lends to a spacious feeling, and the kitchen has been upgraded with new granite countertops, knotty oak cabinets, and stainless steel appliances. The owner's suite is an oasis of relaxation, with a 14 x 6 ft walk-in closet, a heated Jacuzzi tub, and a heated floor in the adjoining bathroom. The split floor plan is ideal for guests, with a hall bathroom featuring a soaker tub and heated floor. This stunning 3 bedroom, 2 bathroom home has been fully renovated in 2021. No expense has been spared in updating this home with all new sheetrock, insulation, plumbing with UV water purification and softening systems, lighting and electrical systems, as well as two brand new HVAC systems with ducting that include UV virus protection. This unique property has been thoughtfully designed and constructed with non-toxic materials and features to provide a safe and healthy living environment for those with sensitivities to chemicals and toxins. Floors were sealed for radon, front bedroom wall with built-in EMF protection, low/no VOC paint throughout, and LVP and tile flooring throughout. The property also features low-e windows and patio doors with a transferable life-time warranty and owned solar panels. Outside, you can relax on the tree shaded patio or cool off in the inground pool with a 10-ft deep end and a new diving board. Or venture down to your own swimming hole on the Verde River. This property offers outstanding horse amenities, with 30 outdoor shaded stalls with 30x40, 30x30, and 20x40 runs, four irrigated Bermuda grass pastures for turnout, a 60-ft round pen, a 250x210 ft riding/training arena, with two 160x100 ft Bermuda grass turnouts, and cross-fencing. Owners personal horses have a ½ acre pasture with 3 shaded stalls. The property has a history of accommodating horse boarders. A brand new 15x21 ft tack shed was built in 2022. There is also a 7x18 ft chicken coop with a run and plenty of parking for visitors and trailers. The Coconino National Forest is just a short ¼ mile away, offering a wealth of riding adventures. This hidden gem is centrally located to downtown Cottonwood, local wineries, and beautiful Sedona, with incredible riding opportunities near West Sedona away from the crowds only 30 minutes from the property. Don't miss this opportunity to experience the best of riverfront horse property living!

14411 N Valencia Drive Fountain Hills, AZ 85268

$1,399,995 - 3Br/3Ba -  for Sale in Adero Canyon Parcel 5 Replat, Fountain Hills
Open House
$1,399,995
3 Beds
3 Baths
2,090 SqFt
Status Active
MLS # 6691514
Property Type Single Family Residence
Price Type --
MOVE IN READY! This contemporary Meyer home is our most popular plan and has the study modified to a third bedroom and bath as well as a third garage! A nice front courtyard area is created with the placement of the additional garage making for great outdoor space and inviting entrance to the home. This home features a beautiful open foyer and the kitchen boasts white cabinets, a huge island and Wolf appliances including a 48'' slide in range and 48'' built in sub zero refrigerator! The 3rd bedroom has a nice walk-in closet and the primary bedroom is tucked nicely in the back of the home. The primary bath is lovely with a fre standing tub, walk-in shower and great walk in closet! This home is nicely decorated and waiting for you!

3549 N Jasper Mountain Circle Mesa, AZ 85207

$1,399,990
5 Beds
3.5 Baths
3,518 SqFt
Status Active Under Contract
MLS # 6743280
Property Type Single Family Residence
Price Type --
Custom home in a gated golf course community, nestled on a premium cul-de-sac lot with stunning city and mountain views. This beautiful single story 5 bed 3.5 bath home is an entertainer's dream. The exterior space offers a covered patio, with automatic shades, natural gas bar-b-g, hot tub, and fire pit. Large kitchen w/granite island/breakfast bar that opens into the great room. Kitchen includes warming drawer, steam oven and pot filler. The gorgeous views cannot be overstated. The home as been pristinely maintained including new exterior paint 2022. All TVs convey, as well as all appliances! Las Sendas amenities include a golf course, 2 pools, tennis, pickle ball, and sports courts, a clubhouse, and so much more!

1925 E La Costa Drive Gilbert, AZ 85298

$1,399,980
5 Beds
4.5 Baths
4,343 SqFt
Status Active
MLS # 6714995
Property Type Single Family Residence
Price Type --
Modern Luxury with all of techonology you could ever imagine is just the start of this amazing home! Located in the very exclusive Marathon Ranch, this house is guaranteed to please even the most discerning clients. The entry way and driveway feature custom pavers and a gated entry into your private courtyard. Once inside you will see sweeping views into the living room and kitchen area. Everything in this home is top-notch but that is only the start. Not only do you have a split 3 car garage with extra space, the single car garage opens into a separate private suite with its own kitchenette and bathroom. If that were not enough, you will appreciate the Tesla Powerwall units (2) and OWNED solar panel system that produces more than 100Kwh on average days. Literally, there is too much to describe here. The owners have taken great care and added some features that you just will not find anywhere else in Marathon Ranch like: 40,000 BTU pool heater, 3rd HVAC system to balance the heating/cooling needs, a 400 amp residential electrical system with two 50 amp splits and don't forget the EV Charging station. With the Tesla Powerwalls (2) you can expect the system to perform above your expectations. If the power goes out, you're covered for even extended outtages. If the luxurious interior, and the techonological advances were not enough, then being located next to common area on the rear and right will afford you unmatched privacy in this super large lot! Truly, this is a one-of-a-kind property.

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