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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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.

5604 E Beverly Lane Scottsdale, AZ 85254

$1,399,950
5 Beds
3 Baths
3,349 SqFt
Status Active Under Contract
MLS # 6747103
Property Type Single Family Residence
Price Type --
This stunning 5-bedroom, 3-bathroom home is an absolute gem, nestled in the highly sought-after ''magic'' zip code of 85254. As a fully furnished, turnkey property, it's currently thriving as an Airbnb with bookings already lined up through the end of the year—an investor's dream! With 3,349 sq ft. of beautifully designed living space on a generous 13,482 sq ft. lot, this home offers high ceilings and abundant natural light creating a bright and airy ambiance throughout the home. The kitchen features stainless steel appliances, a newer fridge, a kitchen island, and a cozy eat-in area for casual meals. The formal dining room provides the perfect setting for more intimate gatherings. Entertainment is a breeze with this home's array of amenities. Guests can enjoy a game of pool, air hockey, or challenge friends on Golden Tee. The primary suite offers a spacious retreat with a large bathroom featuring dual sinks, a makeup vanity, a separate tub and shower, and a spacious closet. The backyard is where this home truly shinesa haven for outdoor living and entertainment. Enjoy a dip in the heated pool, relax in the above-ground heated spa, or engage in friendly competition on the sport court with a newer hoop, putting green, and shuffleboard. This outdoor space is designed to wow your guests and provide endless enjoyment. Located in the heart of Scottsdale's magic zip code, this home offers not just an amazing living experience but also a ready-made income stream. Whether you're an investor seeking a prime addition to your portfolio or someone looking to live in luxury while earning, this property is a must-see!

20535 E Excelsior Court Queen Creek, AZ 85142

$1,399,900
5 Beds
3.5 Baths
4,000 SqFt
Status Active
MLS # 6756482
Property Type Single Family Residence
Price Type --
Amazing 4,000 sqft Custom Home on 1acre Irrigated Citrus Lot. This Home Offers 5 Bedrooms and 3.5 Bath in the Main House with Basement for 'Multi-Generational Living. A Studio Suite is above the Garage and a Office in the Garage as well. Wonderful Patio Area with 'water misters' for Entertaining and Relaxing - with retractable TV! It also has a Home Automation System. New Carpet in Main House. Close to Schools, Shopping and Entertainment. Seller is a Custom Home Builder and is offering a $100,000 allowance towards updating improvements at a discounted rate through his Company (NuWavz Homes). A Must See!

10479 N 119th Place Scottsdale, AZ 85259

$1,399,900 - 5Br/5Ba -  for Sale in Montana Ranch, Scottsdale
New
$1,399,900
5 Beds
4.5 Baths
4,769 SqFt
Status Active
MLS # 6765159
Property Type Single Family Residence
Price Type --
Welcome to this former model home in the gated community of Montana Ranch! This spacious residence features 5 bedrooms, 4.5 baths, an office, & a bonus room. The impressive entry leads to a dramatic staircase & soaring ceilings. Enjoy elegant formal living & dining rooms, along w/ large family room featuring a wet bar & fireplace that opens to a chef's kitchen w/ granite countertops, extended island & stainless steel appliances. The spacious master suite offers a sitting area w/ fireplace, a luxurious bathroom & huge walk-in closet. Set on over half an acre w/ mature trees, the backyard is perfect for entertaining, featuring a pebble sheen pool, rock water feature, BBQ area & a large covered patio. Additionally an oversized 3-car garage, bonus room w/ AC, all minutes from top schools! Welcome to this stunning former model home in the prestigious gated community of Montana Ranch! Boasting 5 bedrooms & 4.5 bathrooms, plus a dedicated office & bonus room, this residence offers space & style. Step through the gorgeous entryway & be greeted by a dramatic staircase & soaring ceilings that create an unforgettable first impression. The elegant formal living & dining rooms set the tone for sophisticated entertaining, while the expansive family room features a wet bar & cozy fireplace, seamlessly connecting to the large kitchen. The kitchen is a chef's dream, showcasing beautiful granite slab countertops, an extended island, a cooktop & stainless steel appliances. The spacious master suite provides a serene retreat with a sitting area and fireplace, as well as a luxurious en-suite bathroom complete with a separate soaking tub, shower & an enormous walk-in closet. Nestled on over half an acre, the property is adorned with mature trees & lush landscaping. The backyard oasis is perfect for relaxation & entertaining, featuring a pebble sheen pool, a stunning rock water feature, a BBQ area, multiple grassy spaces, & a generous covered patio. With an east-facing orientation, you'll enjoy delightful shade throughout the day. Additional highlights include an oversized 3-car garage equipped with cabinetry & a private bonus A/C room, perfect for exercise, music, or hobbies. Residents can take advantage of the 13.5 acres of common park space, which includes a lighted tennis court, basketball court, sand volleyball & a community pool & spa. Conveniently located just minutes from top-rated Scottsdale schools, including DMHS and Basis Scottsdale, this home is surrounded by excellent shopping, dining, hiking trails, golf courses & more. Don't miss the opportunity to make this dream home yours!

7180 E Kierland Boulevard Unit 415 Scottsdale, AZ 85254

$1,399,900
2 Beds
2 Baths
1,657 SqFt
Status Active
MLS # 6752162
Property Type Townhouse
Price Type --
In the 7180 building of Optima Kierland, this 2 bed, 2 bath condo that graces 1675 sq. ft. It features open space, ample closets, and a picturesque patio space off the primary bedroom. East facing, the unit boasts tranquil mountain views and is bathed in natural light, thanks to floor-to-ceiling windows. The modern layout features Bosch appliances, including an electric oven and gas cooktop. Built in 2021. Original owner. It comes with two parking spots. The Sky Deck adds luxury with a heated pool, spa, and running track. Not to be outdone, an outdoor theater and fire pit featuring seating for beautiful nights. Right outside, Kierland Commons and Scottsdale Quarter offer dining and entertainment. A blend of luxury and optimal location, it offers the best of Scottsdale!

185 W Marilyn Way San Tan Valley, AZ 85140

$1,399,900
3 Beds
3 Baths
2,200 SqFt
Status Active
MLS # 6521381
Property Type Manufactured Home
Price Type --
The best built and most innovative horse property I have ever had the privilege to list. Must see to appreciate. Spoil your horses with heated water at the wash rack, Horse barn has 8 large stalls 15X 30 , 2 more stalls that are currently cut in half for goats and sheep but can be easily converted to the 15X 30 stalls.. The horse barn has a concrete breezeway. Under the roof is a killer 15 x 30' r tack room with a bathroom and is lined with rough cut lumber . All drinkers are run off one float , the barn has enough room to keep a huge live in horse trailer and truck under roof with plugin. 200 amp service to the barn and arena. . 5,000 gallon storage for the arena sprinkler system that can be run remotely from an app on your phone. Arena is 180x335' Calf and team roping chute . The arena ground is perfect with imported sand. , there is also an alley set up for roping calves. Arena lights a LED ( very cheap to run) The end of the arena is a stripping chute and numerous catch pens. Hay barn . Solar runs the barn and arena lights and everyting in that part of the property.

3374 E Virgil Drive Gilbert, AZ 85298

$1,399,000
5 Beds
4 Baths
4,485 SqFt
Status Active
MLS # 6744459
Property Type Single Family Residence
Price Type --
**Exquisite Golf Course Home at Seville Golf & Country Club** Discover luxury living in this stunning 5 bedroom, 4 bathroom residence nestled within the exclusive Seville Golf & Country Club gated neighborhood of La Mirada. Boasting 4,485 sf, this home offers the perfect blend of elegance and comfort. Step into a newly renovated kitchen, complete with top-of-the-line appliances, built in refrigerator freezer with modern finishes. The spacious primary suite, along with updated bathroom and two walk-in closets, reflects attention to detail and quality craftsmanship. Entertain in style in the expansive backyard, featuring a sparkling pool, spa, and a charming Ramada with a built-in BBQ and outdoor fireplace, perfect for gatherings year-round. The fully finished basement includes a second kitchen, a family room, and a private gym with a built-in saunaideal for relaxation and entertaining. With a 3-car garage and a gated neighborhood offering privacy and security, this home is designed for those who appreciate the finer things in life. Enjoy breathtaking views of the pristine golf course right from your backyard, and experience the serene lifestyle that Seville Golf & Country Club has to offer. This is more than just a home; it's a lifestyle. Don't miss this rare opportunity!

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