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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213 El Camino Tesoros -- Sedona, AZ 86336

$1,399,000
3 Beds
3 Baths
2,714 SqFt
Status Active
MLS # 6705042
Property Type Single Family Residence
Price Type --
Serene, secluded, and lovingly maintained, this exceptional Sedona mountain retreat offers a breathtaking escape that feels a million miles away from the stresses of everyday life! Set back from the street, this single-story 3-bedroom, 2.5-bath haven stands proud on 0.47 acres of sylvan land. Low-maintenance landscaping and towering mature trees border the driveway while making your way to the entry, where artisan stained glass double doors usher you into an equally impressive interior. Elegant natural tones and beautiful tile and hardwood flooring are on show across the foyer, guiding guests towards the step-down living room with a custom concrete fireplace and stylized wood-clad ceilings. Wide glass doors leading to the deck encourage seamless indoor/outdoor entertaining. Expansive picture windows frame breathtaking views while filling the dwelling with abundant sunlight. In the adjacent dining area, showcase your China collection or personal memorabilia in two built-in hutches while the atmosphere is enhanced by a sophisticated chandelier. Bright and well-sized, the gourmet-inspired kitchen treats the avid cook to a full set of stainless steel appliances, a wall of handsome cabinetry, and gleaming granite countertops that extend to the multi-seater bar and island. Take your morning meals in the pendant-lit breakfast nook where glass sliders invite you to dine alfresco. Three stylish and comfortable private bedrooms await you after a long day, two of which are accommodated by an attractive shared bath with a shower/tub combo. Outshining the others, double doors leading to the primary suite reveal an unparalleled oasis highlighting a striking Kiva fireplace, exclusive balcony access, and a large customized walk-in closet. Indulge in a rejuvenating soak in its luxurious ensuite with dual vanities, a separate glass step-in shower, and a spa-like tub. Head outside and host weekend BBQs, relax under the covered sitting area, or bask in the sun and fresh breeze on an extensive, wrap-around deck where you can unwind with vistas of the Red Rocks in sight. A few stairs down, explore the rest of your acreage and the nearby woodlands that present endless potential for outdoor recreation. Other notable features are the large laundry/craft room, Pet deck, powder rooms, reverse osmosis, water softener, all appliances stay, and an attached 2-car garage with a ton of storage. Adventure enthusiasts will enjoy its close proximity to several hiking trails like the Outer Limits, Schuerman Mountain, Scenic Overlook, Lover's Knoll, and Cathedral Rock. Plus, Sedona Red Rock High School and downtown Sedona's shops, restaurants, and other conveniences are just a short drive away. Come make this gem yours before it's gone for good! This is a community of No STR.

1155 E Fillmore Street Phoenix, AZ 85006

$1,399,000
3 Beds
2.5 Baths
3,660 SqFt
Status Active
MLS # 6747184
Property Type Single Family Residence
Price Type --
An incredibly unique opportunity to invest in and/or live in the Garfield district of Phoenix! A brand new custom home, to be sold with another home MLS# 6130207 on the same lot, resulting in multiple buyer options. Investors can expect estimated rents in the range of $2600-$2700 per month. The attached garage accessed via an electric gate is not available in most of the historic homes! This 3 Bedroom/2.5 Bath home is finished with custom cabinetry in the kitchen along with an 'eat at island', quartz counter tops, stainless steel appliances, ceiling fans and is rated for high energy efficiency. The bathrooms and powder rooms have floating custom vanities. Soft Water Loop... The master bedrooms are downstairs with walk-in closets and boast luxury jetted showers and bathtubs. Two additional bedrooms and the laundry room are on the second floor, with views of downtown. The finishes are worthy of luxury high end homes. The highly desirable Garfield district affords easy access, walking distance to Phoenix's downtown offering of entertainment, sports, leisure, restaurants bars, ASU, U of A, Mayo, Genomics.

1234 W Solano Drive Phoenix, AZ 85013

$1,399,000
3 Beds
3 Baths
2,967 SqFt
Status Active
MLS # 6760083
Property Type Single Family Residence
Price Type --
PARADISE FOUND. This amazing home is an entertainer's dream. Open floor plan with abundant natural light. Huge kitchen island, granite/basalt counter tops, built-in refrigerator, oversized Wolf gas range, breakfast bar and custom framed cabinets. Recessed lighting, beautiful solid walnut flooring and windows that overlook the incredible backyard. Each room has high-end, Big Ass Fans. Primary suite has a luxurious walk-in closet and lavish bathroom with dual sinks, bidet, walk-in shower and soaking/air tub. Plenty of storage includes very large walk-in butler's pantry/laundry room and a separate workshop. Backyard has an amazing 20' x 40' pool with cabana and sauna room, as well as orange, lemon, grapefruit, and pecan trees. Conveniently located in a lush, irrigated neighborhood, close to entertainment, high-end shopping, downtown and light rail.

4621 E Walter Way Phoenix, AZ 85050

$1,399,000
5 Beds
4 Baths
3,999 SqFt
Status Active
MLS # 6763363
Property Type Single Family Residence
Price Type --
Move-in ready home located in the highly sought-after gated community of Sanctuary at Desert Ridge. Boasting 5 Beds, 4 Baths, and a two-car garage with built-in racks. Endless features include dual AC units w/ 5 zones, a private travertine courtyard, prime North/South exposed lot, water filtration system & a spacious den. The gourmet eat-in kitchen offers extended shaker-style cabinets, a mosaic tile backsplash, high-end granite countertops, stainless steel appliances, a gas cooktop, and a reverse osmosis system. The master bath features quartz countertops, a spacious walk-in closet, dual vanities, and a dual-entry shower. The backyard is perfect for entertaining, complete with a jacuzzi, built-in stainless steel BBQ area, glass fireplace, an entertainment wall with a TV and fridge... a misting system, and faux grass for easy upkeep. The private community of Sanctuary at Desert Ridge has it all. Enjoy exclusive access to the community pool, spa, clubhouse, playground, and wellness center.

22873 S 193rd Street Queen Creek, AZ 85142

$1,399,000
5 Beds
3 Baths
3,440 SqFt
Status Active Under Contract
MLS # 6742848
Property Type Single Family Residence
Price Type --
Yes, the front of this home is very impressive, but wait till you see the rest! The Kitchen was awarded the 2021 ''Showcase Your Space'' remodel of the year! After they were done w/ the kitchen they moved through the rest of the 5 bed 3 bath home, remodeling & updating. Check out the amazing master bathroom! It was remodeled in 2022, adding a large walk-in shower, elegant soaking tub, new cabinets & finished w/ sophisticated hardware. An outdoor fireplace & pavers were added to the backyard large covered patio which perfectly accentuate the pool, firepit area & built-in BBQ! The appliances, A/C, water heater, tile, interior doors and RO system have all been replaced in the past few years. 35,000+ sq ft lot! Large 3 car garage with an RV gate and plenty of room for an RV garage or Casita.

9457 N 115th Street Scottsdale, AZ 85259

$1,399,000
3 Beds
2 Baths
2,126 SqFt
Status Active
MLS # 6755174
Property Type Single Family Residence
Price Type --
Discover the pinnacle of elegance and modern luxury in the prestigious, guard-gated community of Stonegate. Recently transformed through a comprehensive remodel completed in 2022, this home showcases impeccable taste and sophistication. Set on a spacious 10,000 square foot lot, it offers a seamless blend of indoor and outdoor living. At the heart of the home is a beautifully redesigned gourmet kitchen featuring high-end custom cabinetry, designer hardware, quartz countertops, and premium Fisher & Paykel appliances. Culinary enthusiasts will love the state-of-the-art induction cooktop. The built-in 62'' refrigerator and freezer, along with a wine fridge, add to the kitchen's functionality. The sleek cabinetry creates cohesion throughout the home, tying each room together with a sophisticated, modern aesthetic. The open concept living and dining areas are highlighted by soaring ceilings over 10 feet high and designer lighting, creating a welcoming ambiance perfect for both relaxation and entertaining. Step outside to experience a fully renovated Pebble Tec pool, new landscaping, a built-in BBQ, and breathtaking mountain views, all designed to enhance your outdoor living experience. Residing in a community that offers an Olympic-style heated pool, tennis, pickleball and basketball courts, and a wealth of recreational facilities, this home delivers more than just living space it offers a luxurious lifestyle. Conveniently located near top-rated schools, shopping, and hiking trails with easy access to the 101 freeway, every detail of this home has been thoughtfully curated for an unmatched living experience in Stonegate. This is more than just a home; it's a masterpiece waiting to be appreciated.

5679 E Beverly Lane Scottsdale, AZ 85254

$1,399,000
5 Beds
3 Baths
3,349 SqFt
Status Active
MLS # 6741331
Property Type Single Family Residence
Price Type --
This beautifully renovated home boasts a thoughtfully designed floor plan with striking vaulted ceilings and an array of high-end finishes and material selections. You'll find European oak engineered hardwood floors throughout, complemented by luxurious Taj Mahal quartz countertops. A brand new sleek steel pivot front door add a touch of sophistication. The expansive living area includes a stylish bar with a wine and beverage cooler. High end plumbing fixtures throughout. A versatile bonus room awaits your personal touch—whether as a home office, gym, or play area for kids. Backyard has an expansive pool featuring a spacious covered patio surrounded by lush trees, shrubs, and turf, creating a peaceful oasis.

20622 W Colter Street Buckeye, AZ 85396

$1,399,000
3 Beds
3.5 Baths
3,282 SqFt
Status Active
MLS # 6752369
Property Type Single Family Residence
Price Type --
Breathtaking GOLF COURSE MOUNTAIN & CITY VIEWS from this David Weekley Serendipity home! With 3 bdrms, 2 dens, 3.5 baths, you & your guests will have plenty of room to spread out, as each bedroom has its own bathroom. The large owner's suite features stunning views, luxurious shower and soaking tub, as well as access to the laundry room. The gourmet kitchen includes extra cabinets, and huge center island. The ''Walk-Through Pantry is spectacular! There is also a ''Command Center'' (tech area). The beautiful backyard has artificial turf & extended covered patio Wait... there's more.. the 2.5-car garage has a mini-split & overhead storage. There's an over $100K amount of options, upgrades, and updates in this home!!! Also leased solar reduces utility bills. Includes 1-year Home Warranty The addition of the hobby room, which is 12x24 adds another 124 square feet to the floorplan.

2462 S Polaris Way Flagstaff, AZ 86001

$1,399,000
5 Beds
4.5 Baths
3,168 SqFt
Status Active
MLS # 6747580
Property Type Single Family Residence
Price Type --
Experience luxury Flagstaff living in the highly desirable Timber Sky neighborhood! This nearly 1/3-acre semi-custom home boasts a luxurious 5-bedroom, 4.5-bathroom layout with modern amenities for perfect entertaining. Inside you will find a designer's dream with a gorgeous great room with gas fireplace, a chef's kitchen with new quartz countertops, an island with breakfast bar and a walk-in pantry. The first level includes an en-suite primary bedroom along with two additional bedrooms, while the upper level offers two more en-suite bedrooms with stunning views. The beautifully landscaped exterior includes an extended covered patio, gazebo, a serene water feature, and a built-in grill. Ideally situated near downtown Flagstaff, Snowbowl, and much more, this home is an absolute must-see!

37018 N Tree Lined Trail Carefree, AZ 85377

$1,399,000
4 Beds
3 Baths
3,721 SqFt
Status Active
MLS # 6754507
Property Type Single Family Residence
Price Type --
: Walk through the gated courtyard into this Mediterranean inspired home that sits on over an acre. This gorgeous home is perfect for multi-generation living or simply pampering your guests with complete privacy and their own separate entrance from the courtyard. Each of bedrooms are ensuite. you will enjoy fireplaces in two of the primary suites. The wall of windows opens to an entertainer's paradise with incredible mountain and amazing city light views Enjoy the peacefulness, privacy & beauty of the lushly landscaped grounds. From this vantage point you will enjoy breathtaking Arizona sunsets! The bench-height pool offers additional seating for your guests. The kitchen is a gourmet cook's delight, beautiful custom cabinetry, refrigerator, dishwasher and microwave oven, A wall of glass opens to panoramic mountain and city light views, creating an entertainers haven. Revel in the tranquility of lush landscaping and Arizona sunsets from the bench-height pool.The gourmet kitchen is a showstopper with custom cabinetry, a walk-in pantry, and direct garage access. With travertine flooring throughout(except in two carpeted bedrooms). Meticulous attentions has been given to littlest detail with recent roof, exterior paint and epoxy coating for the garage floor. This property is truly unique.

3637 E Appaloosa Road Gilbert, AZ 85296

$1,399,000
5 Beds
3 Baths
3,511 SqFt
Status Active
MLS # 6740656
Property Type Single Family Residence
Price Type --
Welcome to this beautifully remodeled single-level home, built in 2020, located in the prestigious Lakeview Trails of Morrison Ranch. This residence has been meticulously upgraded to surpass even the highest standards in the area, with every detail thoughtfully curated to create a luxurious and comfortable living space. Enjoy the warmth and beauty of white oak hardwood flooring throughout, complemented by new baseboards and trim. The exquisite kitchen renovation boasts slim shaker, floor-to-ceiling cabinetry with white oak accents and island, Caesarstone countertops, top-of-the-line GE Café appliances, a Brizo faucet, and Restoration Hardware knobs and pulls. A 72'' Dimplex fireplace with a custom wall surround adds a cozy yet sophisticated touch to the living area. The master bath offers spa-like tranquility with a full renovation featuring a tile wall, floor-to-ceiling frameless shower glass, large format floor tile, a deep soaking tub with slab marble surround, custom white oak cabinetry, Pottery Barn knobs and pulls, updated lighting, mirrors, and Kohler faucet hardware. All secondary bathrooms have been remodeled with designer finishes, new hardware, and updated lighting. The fully rebuilt laundry room includes custom cabinetry, a desk area, countertops, dual washers and dryers, and designer tile flooring. Modern conveniences such as LED lighting throughout, in-ceiling speakers, custom built-in his and hers master closets, an office with double doors, and a large bonus/playroom enhance the home's functionality. The outdoor oasis features a large covered patio with a pergola, a built-in grill area, a fire pit, artificial turf, and a fenced and heated saltwater pool. Permanent holiday lighting adds year-round ambiance. Situated on a premium lot just one house away from a playground and open space, this home offers both convenience and tranquility. Don't miss this unique opportunity to own a home that combines luxury, comfort, and prime location. This exceptional residence is a true gem in Morrison Ranch, ready to welcome you home.

17938 E Vista Desierto -- Rio Verde, AZ 85263

$1,399,000
3 Beds
3.5 Baths
2,946 SqFt
Status Active
MLS # 6678773
Property Type Single Family Residence
Price Type --
Exceptional Golf Course and mountain views offered with the unique Alora model. This 3 bedroom 3 1/2 bath also features an attached casita with a private entrance is a must see. 2 additional ensuites offer full baths with separate entries, no expenses spared in any of the 2 rooms. Casita offers a living/TV room with separate bedroom and full bath. The Open-air concept architecture is ideal for entertaining and dining. Gourmet kitchen with custom cabinets, Monogram appliances, dual ovens, gas cook top, oversized granite kitchen island, featuring ceiling height glass front cabinets. The large laundry and home office has custom cabinets and granite counter tops. Custom window shutters with window shades. Upgraded wood flooring and tile throughout. Central vacuum system, dual HVAC System

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