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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31423 N 41st Place Cave Creek, AZ 85331

$1,395,000
4 Beds
3.5 Baths
3,292 SqFt
Status Active
MLS # 6763326
Property Type Single Family Residence
Price Type --
Embrace sustainable luxury in this 4-bedroom, energy-efficient masterpiece! A 4-car & RV garage w/a paver driveway, timeless stone accents, mature landscape, & a courtyard are just the beginning. Meticulously maintained interior w/clean lines promotes a modern feel & sophistication, boasting high ceilings, wood-look tile flooring, plantation shutters, upscale ceiling fans, & perfectly matched neutral paint. Highlights include an open den/office, bonus room, formal family room, & a harmonious open floor plan offering wide sliding glass doors to the back patio. Culinary enthusiasts will be thrilled w/this well-appointed kitchen, featuring recessed & pendant lighting, a plethora of cabinetry adorned w/crown moulding, subway tile backsplash, a pantry, & a custom prep island w/a breakfast bar. Exquisite Scottsdale Home with Luxury Upgrades and Backyard Oasis! Step into unparalleled elegance with this meticulously updated Scottsdale home, boasting custom renovations throughout. From the moment you walk in, you'll notice the impeccable attention to detail. Interior Highlights The home features beautiful tile flooring throughout, replacing all carpet for a clean, modern feel. Custom closet organizers in every room provide ample storage and a luxurious touch. The gourmet kitchen is a chef's dream, complete with brand new Thermador appliances, including a built-in espresso machine. Stainless steel appliances like a double wall oven, range hood, cooktop gas, and wine cooler make entertaining effortless. The laundry room has been upgraded with double washers and dryers and a beautifully tiled back wall. In the grand main retreat, enjoy direct access to the outdoors and an elegant ensuite bathroom that features dual vanities, a garden tub, a designer-tiled shower with a drying area, and a spacious walk-in closet. One of the guest bedrooms features a convenient Jack & Jill bathroom, perfect for family or guests. Additional features include crown molding throughout the home, stylish shutters on every window, and power sunshades for energy efficiency and comfort. The garage has been epoxied, with walls and cabinets freshly painted, and even a built-in workbench installed. Outdoor Paradise Step outside to your own private oasis! The backyard is an entertainer's dream, complete with a sparkling pool, relaxing spa, and a built-in outdoor kitchen and BBQ area. Gather under the custom gazebo, or relax on the covered patio - this space is perfect for hosting summer BBQs or enjoying quiet nights by the pool. Outdoor trim lighting enhances the ambiance, creating a magical atmosphere in the evenings. The front yard has been expertly landscaped for impressive curb appeal. This home is also equipped with state-of-the-art solar panels, helping reduce energy costs, and new baseboards have been installed for added detail. Don't miss the chance to own this breathtaking, move-in ready home with all the bells and whistles.

4315 Noble Drive Wickenburg, AZ 85390

$1,395,000 - 3Br/4Ba -  for Sale in Wickenburg Ranch, Wickenburg
Open House
New
$1,395,000
3 Beds
3.5 Baths
2,725 SqFt
Status Active
MLS # 6764356
Property Type Single Family Residence
Price Type --
This meticulously designed 3-bed, 3.5-bath home with Casita offers 2724 sq feet of refined living space, located on a quiet cul-de-sac in Wickenburg Ranch. As you enter through the courtyard, you're greeted by a colorful water feature set in beautiful travertine tile, creating a tranquil and inviting first impression. Inside, the open floor plan is highlighted by striking beams that extend through the living room, kitchen, and guest casita. The gourmet kitchen, designed for both beauty and functionality, features a large island, stunning cabinetry, one-of-a-kind tile backsplash, and a high end Wolf cooktop. Off the entry to the home, you'll find a separate den being used as a EuroCave wine cellar, an intimate room perfect for showcasing and preserving your wine collection. The expansive living area is perfect for hosting gatherings or unwinding, where natural light floods in through the 20-foot corner rolling walls of glass that seamlessly blends indoor and outdoor living. The primary suite is a retreat of its own, boasting a spa-like bathroom with a walk-in shower, soaking tub, and dual vanities, along with two spacious walk-in closets. It also offers direct access to the backyard, enhancing the connection to the outdoor space. Outdoors, a large covered patio with an outdoor fireplace extends the living area, creating the ideal setting for relaxation or entertaining. A sparkling pool and spa, an outdoor kitchen sheltered by a charming pergola, a putting green, and an amazing fire pitall framed by sweeping views of the desert, mountains and golf courseawait your enjoyment. The extended and climate controlled garage provides ample space for vehicles and storage, while the well-appointed laundry room includes a built out smart space and desk for convenience. With its blend of luxurious finishes and thoughtfully designed spaces, this home is the epitome of desert living at its finest.

5250 E Deer Valley Drive Unit 251 Phoenix, AZ 85054

$1,391,944
3 Beds
2.5 Baths
2,177 SqFt
Status Active
MLS # 6651544
Property Type Apartment
Price Type --

18206 W Solano Court Litchfield Park, AZ 85340

$1,390,000
5 Beds
3.5 Baths
3,267 SqFt
Status Active
MLS # 6684888
Property Type Single Family Residence
Price Type --
Welcome to this amazing custom home nestled at the foot of the beautiful White Tank Mountains. This stunning home is located in the gated community of Russell Ranch and presents the ultimate in modern living boasting a single-level design, 5 bedroom, 3.5-bathroom spacious open concept split plan residence. As you enter, you'll immediately appreciate the upgraded wood-look plank flooring that flows gracefully throughout. Enjoy and relax in the huge oversized Great Room for all of your family gatherings. The spacious warm gourmet kitchen with designer touches offers an abundance of cabinetry with soft-close function, extra large quartz countertops and island., double wall ovens, gas stove and more. Enjoy the relaxing and incredible master suite with elegant soaking tub, separate shower, and brand new custom designed large closet. Spectacular views give way to the large resort like back yard with putting green, saltwater pool, pergola and built in sitting area for those cool spring nights perfect for AZ outdoor living. Located close to the 303 and much, much more.

7979 E Evening Glow Drive Scottsdale, AZ 85266

$1,390,000
3 Beds
3.5 Baths
2,800 SqFt
Status Active
MLS # 6696426
Property Type Single Family Residence
Price Type --
Truly a luxury home you don't want to miss. This impeccable 3 Bed/3.5 Bath Winfield home is move-in ready. Stylishly modern with custom renovations throughout. You will love the designer Kitchen with beautiful custom cabinets, pull-out drawers, stainless appliances and Quartz countertops and spacious island. The Owner's suite is bright and spacious with beautiful wood floors, separate entry to the patio, dual sinks and makeup vanity in the bathroom, modern roll-in shower, large linen closet and generous walk-in closet with beautiful custom closet system. Two ensuite guest rooms and a 3-car garage are an added benefit. Tile and wood flooring throughout. New roof in 2022. Solar panels offer remarkable electricity savings. Too many fabulous features to mention - please see Features Sheet

1734 E Mossy Oak Court Unit 1 Flagstaff, AZ 86005

$1,390,000
3 Beds
2 Baths
1,842 SqFt
Status Active Under Contract
MLS # 6708012
Property Type Apartment
Price Type --
The feeling of a mountain home is like being embraced by the soul of nature itself. It's a combination of tranquility, awe, and adventure that envelops you the moment you step through the door. The air is crisp and clean, carrying with it the scent of pine and wildflowers. Sunlight filters through the trees, casting dappled shadows on the walls and floor, while the distant call of birds and the rustle of leaves provide a soothing soundtrack. Combine this with the outstanding amenities of Pine Canyon, and you have the ideal home. Enjoy all of this from a beautiful, lock and leave property overlooking the open green space of the driving range, with filtered mountain views. Aspens greet you upon arrival. With Real wood flooring and cabinetry, easy to care for granite and stone, this home speaks to easy living. The open floor plan of the great room is large enough to entertain family and friends, and small enough to keep the intimate feeling important to making memories. Clean-lined Stainless Viking Appliances and built in Grill are striking against wood tones and rock face. The living room fireplace puts the cozy in winter holiday or ski trips. Spacious bedrooms accommodate guests in comfort. Freshly painted, this home is ready for immediate occupancy. The mountain style infuses the real feel of vacation in the mountains like nothing else. Competitively priced, this home is move in ready. In a mountain home, every moment is infused with a sense of wonder and possibility, reminding you to slow down, appreciate the beauty around you, and savor the simple joys of life. Start unwinding this summer! Furniture is available on separate bill of sale. SELLER IS A LICENSED REAL ESTATE AGENT IN THE STATE OF ARIZONA. RENTALS ARE 30 DAY MINIMUM RENTAL UNLESS TO ANOTHER PINE CANYON MEMBER. MEMBERSHIP IN PINE CANYON IS NOT REQUIRED. BUYERS SHOULD CHECK WITH PINE CANYON FOR VERIFICATION OF ANY MEMBERSHIP FEE OR OTHER INFORMATION, AND RENTAL RESTRICTIONS. BUYER TO APPLY FOR AND SECURE MEMBERSHIP, IF DESIRED, DURING INSPECTION PERIOD.

30009 N 58th Street Cave Creek, AZ 85331

$1,390,000
3 Beds
2.5 Baths
3,391 SqFt
Status Active
MLS # 6739883
Property Type Single Family Residence
Price Type --
Welcome to your private oasis—an exquisite estate nestled on two sprawling acres of lush, manicured grounds. Elegantly gated and approached by a long driveway, this meticulously maintained residence radiates pride of ownership. The estate boasts an impressive array of features, including ample parking space for all your vehicles and recreational toys. A generous 5-car parking area on a sturdy slab complements the massive 4-car garage with three doors, providing abundant room for your prized collection. The property offers additional potential with ample space for a guest house, detached garage, or even equestrian facilities. Step inside this impeccably appointed home and discover a thoughtfully designed split floor plan that effortlessly combines comfort and style. The chef's kitchen is a culinary dream, equipped with a Sub-Zero refrigerator and a Viking oven, perfect for crafting gourmet meals. Adjacent, the expansive family room invites relaxation with its warm fireplace and abundant natural light, creating an ideal space for gatherings and cozy evenings. The master suite serves as a sanctuary of luxury, featuring a spacious layout and an oversized bathroom that epitomizes indulgence. Enjoy the convenience of separate his and hers water closets, complete with a bidet, ensuring a private and serene retreat. Despite its serene, secluded feel, this remarkable estate offers the ultimate convenience, placing you just minutes away from vibrant shopping and dining options. Experience the perfect blend of seclusion and accessibility in this enchanting home that truly embodies the essence of refined living.

8105 E Plymouth -- Mesa, AZ 85207

$1,390,000
8 Beds
3.5 Baths
6,046 SqFt
Status Active
MLS # 6744382
Property Type Single Family Residence
Price Type --
Under the backdrop of Thunder and Usery Mountain Regional Park, resides an east valley equestrian estate with over 6,000 sqft of livable space, heated pool & spa, 4 horse stalls, tack room, and walker. Located on over an acre and a half in a non-HOA community of a Maricopa County Island. This Santa Fe custom basement home has 8 bedrooms, spacious living area with fireplace, and private entrances. The estate can accommodate various uses such as multi-generational living, home businesses, investment opportunities (short term rental) and assisted living or behavioral health as well. This special property in the heart of the Sonoran Desert is surrounded by mountain ranges, luxury golf communities, parks and recreation, and Red Mountain Freeway for ease of commute and endless opportunities.

6415 E Sunnyside Drive Scottsdale, AZ 85254

$1,390,000
4 Beds
2 Baths
1,855 SqFt
Status Active
MLS # 6745519
Property Type Single Family Residence
Price Type --
Come see this beautifully unique corner lot listing that possess a highly desired rare & scarcely available 1+acre lot size. Located in the sought after 85254 Scottsdale zip code, the existing 1962 ranch home and lot are being sold ''as-is.'' The current home is still livable, as desired by the new owner, with a new roof, floors, and bathroom updates. Found within the Desert Estates subdivision just north of Paradise Valley, this neighborhood and street contains an array of new custom homes and remodels. This lot is a must see for your new custom built Scottsdale home!

24664 N 109th Place Scottsdale, AZ 85255

$1,390,000 - 3Br/4Ba -  for Sale in Tusayan, Scottsdale
Open House
$1,390,000
3 Beds
3.5 Baths
3,394 SqFt
Status Active
MLS # 6748213
Property Type Single Family Residence
Price Type --
Discover the epitome of Tusayan luxury at Troon Village, boasting a 3-bed haven (2 in the main house plus a separate casita) with 3.5 baths.Nestled amidst majestic boulders, this exquisite residence is located a short walk from the community pool, and is impeccably maintained, retaining its pristine allure. A meticulously crafted kitchen overlooks the elegant dining area, family room, and panoramic views. Indoor and outdoor entertaining are a breeze with sliding doors that open to a spacious, landscaped patio with stunning vistas. Southern exposures bath the home in natural light throughout the day. The primary suite indulges with mountain panoramas, complemented by a lavish bath and spacious walk-in closet. Not to be missed, the oversized casita has its own entrance, full bath and... walk-in closet. Serenity awaits in the backyard oasis, surrounded by mountain vistas in every direction. Unwind by the fireplace at dusk and embrace the allure of Arizona's desert living. This amenity-filled home also features a stately study overlooking the lush cactus garden. The serene second bedroom has its own full bath and walk-in closet. The pristine two-car garage has custom cabinetry for year-round storage. Find yourself in the gorgeous Tusayan community, just a short walk to Troon Country Club.

11609 N 84th Street Scottsdale, AZ 85260

$1,390,000
5 Beds
2.5 Baths
2,501 SqFt
Status Active Under Contract
MLS # 6757452
Property Type Single Family Residence
Price Type --
Welcome to your dream equestrian retreat nestled near the 5th hole of the prestigious Starfire Golf Course in the sought-after Scottsdale Cactus Corridor. This exceptional property, currently a highly sought-after vacation rental, offers an unrivaled blend of luxury and leisure. Boasting 5 spacious bedrooms and 2.5 beautifully appointed bathrooms, this home is perfect for both relaxation and entertainment. The outdoor living spaces are a true highlight, featuring multiple dining areas where you can savor meals al fresco, a cozy fire pit for intimate gatherings, and a built-in BBQ for your culinary delights. The heated pool promises year-round enjoyment, while the 9-hole putting green adds a touch of fun for golf enthusiasts. For those with equestrian interests, the tack room is currently utilized for storage but could easily be adapted to suit your needs. This property can be purchased fully stocked for your convenience or enjoyed as a premier entertainer's haven in a serene and friendly neighborhood. Conveniently located, it offers the perfect blend of tranquility and accessibility. Don't miss the opportunity to own this unique and versatile gem in Scottsdale.

2991 S Morningside Lane Gold Canyon, AZ 85118

$1,390,000 - 4Br/3Ba -  for Sale in Desert Retreat, Gold Canyon
New
$1,390,000
4 Beds
3 Baths
3,300 SqFt
Status Active
MLS # 6765021
Property Type Single Family Residence
Price Type --
Spectacular Superstition Mountain views from gated custom single level home on 1.99 acres. Private oasis features 2019 pool and spa with wave machine/lazy river, baja shelf, fire & water features & stunning stone treatments. This 3331SF energy efficient solar powered home offers 4 bedrooms (one shown as office), 3 baths, 3+ car over-sized garage. Highly upgraded Tuscan Desert design presents acacia, bamboo, travertine flooring, impressive stone fireplace in owner's suite and living room. Gourmet kitchen features expansive granite counters, island, breakfast bar, walk-in pantry & oodles of alder cabinetry. Enjoy truly tremendous Superstition Mountain, city lights, golf course & sunset views from turret observation deck. Generous covered patio boasts built-in barbeque, fridge, bar & misting system. Lovely landscaping includes mature fruit trees orange, grapefruit, lemon, Mexican lime, pomegranate and fig! Raised vegetable garden & 2 irrigation systems. Entire home is solar powered, including solar hot water heater. High tech water filtration system. Private well has 2,000 gallon under-ground storage tank. 2024 & 2021 Trane A/C units. Huge yard is fully enclosed-- half an acre unfenced is privacy buffer or available for new owner projects. No HOA, easy access for all vehicles & toys. 35 minutes to Phx Sky Harbor, close to 5 Gold Canyon golf courses, restaurants & world class hiking. Come experience the ultimate private resort.

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