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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25314 S 194th Street Queen Creek, AZ 85142

$1,350,000
5 Beds
4.5 Baths
3,700 SqFt
Status Active
MLS # 6710317
Property Type Single Family Residence
Price Type --
Welcome to your new HOME - an exquisite property situated on a sprawling 1+ acre lot. This move-in-ready home boasts 3,700 sqft of luxurious living space on a single level, featuring 5 spacious bedrooms & 4.5 baths. Experience the grandeur of high ceilings & an open floor plan, complemented by a gas fireplace & wide windows in the family room. The gourmet kitchen includes all stainless steel appliances, a double wall oven, a huge quartz kitchen island w/ a breakfast bar & a walk-in pantry. The oversized master bedroom offers a huge walk-in closet, a full master bath w/ a separate shower/tub, a private toilet room & double sinks. The property also features a 1,200 sqft RV garage w/ AC - designed to accommodate business use, complete w/ a 1/2 bath, double-sided entry, 6-inch concrete pour for heavy vehicles & RV hookups for water, electric & sewer. Animal lovers will be thrilled by the unique animal privileges this property offers, allowing you to keep an array of animals such as horses, goats and chickens. Centrally located near Newell Barney Jr High, major equestrian centers, entertainment venues, Queen Creek Marketplace & Costco, this home is perfect for those seeking luxury & convenience. Enjoy endless hiking, mountain biking, & outdoor activities just 5 miles away.

33023 N 53rd Way Cave Creek, AZ 85331

$1,350,000
4 Beds
3.5 Baths
4,281 SqFt
Status Active
MLS # 6745271
Property Type Single Family Residence
Price Type --
Luxury home with 75K in upgrades on a 1/2 acre lot in a gated community! Ideal floor with 2 master suites. The gourmet kitchen is a chef's delight with a spacious island, subzero refrigerator, Dacor dishwasher, walk-in pantry, & a gas cook top. The primary master suite in the back of the home boasts a new custom walk-in closet, & a lavish bath w/ a soaking tub, walk-in shower, & dual vanities. There is a private patio where you can overlook the green grass. Special features include Leviton LED Customizable Lighting & solid core doors. The second master suite in the front of the home provides ultimate privacy with doors to the custom pool/spa with waterfalls. The backyard oasis is perfect for entertaining. Swim, play lawn games, barbecue & enjoy the fire. 4-car garage for car enthusiasts!

10563 E Thorite Avenue Mesa, AZ 85212

$1,350,000
5 Beds
4 Baths
4,195 SqFt
Status Active Under Contract
MLS # 6733940
Property Type Single Family Residence
Price Type --
10563 E. Thorite is yours. Complete luxurious home in The Estates at Eastmark. Gated community. Premium corner lot with only one adjacent neighbor. Gated entrance to home with sitting area. 12 ft. ceilings in the great room and 10 ft. everywhere else. Modern finishes with wireless technology enabling you to control the majority of the home, including cooking appliances, lighting, music, etc. Separate Casita which includes a living room separated from bedroom/bath. Separate den with sliding glass wall featuring a fountain. Bar/game room (pool table negotiable). The backyard is COMPLETE. Heated pool/spa with lighting, fire and landscape speakers. Entertainment area including grill, 2 fridge drawers, ice chest and sink. Outdoor furniture included with reasonable offer.

22448 N 77th Way Scottsdale, AZ 85255

$1,350,000
5 Beds
3 Baths
3,722 SqFt
Status Active
MLS # 6634506
Property Type Single Family Residence
Price Type --
WELCOME HOME TO THIS STUNNING IMMACULATE HOME IN SONORAN HILLS! THIS AMAZING HOME SITS ON A PREMIUM LOT BACKING TO NATURAL OPEN SPACE SHOWCASING THE BEAUTY OF THE SONORAN DESERT. ENTER THROUGH THE GATED PRIVATE COURTYARD WITH 5 SPACIOUS BEDROOMS, 3 BATHROOMS. OVERSIZED WINDOWS, HIGH CEILINGS LEND A VERY OPEN AND SPACIOUS ATMOSPHERE. THE BACKYARD IS GREAT FOR ENTERTAINING! HEATED POOL WITH WATERFALL. BBQ AREA. GOURMET KITCHEN FEATURES ISLAND WITH GAS COOKTOP, GRANITE COUNTERS, STAINLESS STEEL DOUBLE OVENS. THE MASTER SUITE IS DESIGNED WITH R&R IN MIND. A MUST SEE! FURNISHINGS AVAILABLE FOR SALE. HAVE A LOOK AT THE RENDERING PROVIDED TO MAXIMIZE THE OUTDOOR SPACE. THE FIFTH BEDROOM COULD BE CONVERTED TO A 3RD GARAGE.

5442 E Saint John Road Scottsdale, AZ 85254

$1,350,000
5 Beds
4 Baths
3,845 SqFt
Status Active
MLS # 6719935
Property Type Single Family Residence
Price Type --
Major Price Improvement on this profitable STR Investment or create the perfect primary residence in a highly desirable neighborhood. Updated TW Lewis Home in Arabian Crest! There's no HOA, and it's conveniently located near Copper Canyon Elementary located in the popular 85254 ''Magic Zip code.'' This property is within 10 minutes from TPC Scottsdale, The Westin Kierland Golf Club, the Mayo Clinic Hospital, Kierland Commons, Scottsdale Quarter, and Desert Ridge Marketplace. The home has a downstairs primary suite with direct access to the patio and pool area. The large owner's bathroom includes a separate tub and shower, and plenty of closet space. The big family room has high ceilings, a gas fireplace, patio access, and an open layout connecting to the kitchen and breakfast room. The kitchen features beautiful Bali veined Calacutta quartz countertops with a full backsplash and Samsung black-stainless appliances, including a double wall oven. Upstairs, there's a very large bedroom with its own bathroom, accessible through double doors, which can be used as a bedroom suite or a second family room, plus three additional bedrooms. The home has plantation shutters throughout. The well-kept backyard features lush landscaping, newer turf, and a pebble-finished pool, all perfectly oriented with north/south exposure.

18381 N 93rd Street Scottsdale, AZ 85255

$1,350,000 - 4Br/3Ba -  for Sale in Dc Ranch, Scottsdale
Open House
$1,350,000
4 Beds
3 Baths
2,563 SqFt
Status Active
MLS # 6751337
Property Type Single Family Residence
Price Type --
Beautiful family home in the highly coveted DC Ranch community. This is one of the few homes in the neighborhood with a private lot that backs to a wash with views of the McDowell mountains. This 4 bedroom and 3 full bath home features gorgeous hardwood floors, stainless steel appliances, white kitchen and open floor plan. The backyard boasts a large heated pool/spa and brand new turf. Upstairs offers 2 guest bedrooms and a loft area for the kids. The spacious primary suite has a large walk in shower and balcony with unobstructed mountain views. This gated neighborhood features 2 large parks offering plenty room for outdoor play and gatherings. You will also have access to the DC Ranch community pools, tennis/pickleball courts, and fitness center. Conveniently located close to Market Street, DC Ranch Crossing, the 101 freeway, and world class restaurants, shopping, golf and hiking.

2245 E Desert Lane Phoenix, AZ 85042

$1,350,000 - 5Br/3Ba -  for Sale in South Mountain Acres 5-12, 22-29, Phoenix
Open House
$1,350,000
5 Beds
3 Baths
3,108 SqFt
Status Active
MLS # 6759148
Property Type Single Family Residence
Price Type --
Beautiful new build W/ a separate Casita/ADU, nestled in South Mountain, offers stunning views and impeccable attention to detail.Constructed with 2x6 framing, spray foam insulation, fire sprinklers, and W/ a HERS rating of 51, the home ensures superior energy efficiency, safety, and durability.Fully enclosed with its own gated entry for maximum privacy,it welcomes you through an oversized metal door into a breathtaking open floor plan featuring a huge island.The kitchen boasts a built-in refrigerator, drawer microwave, farm sink, and an oversized 36'' range. The outdoor space is equally impressive, featuring a sparkling pool, covered patio, and low-maintenance artificial grass, perfect for enjoying the Arizona lifestyle. Complete w AV, sound and smart technology, this property is perfect

3453 E Decatur Street Mesa, AZ 85213

$1,350,000 - 5Br/4Ba -  for Sale in Hidden Groves, Mesa
Open House
New
$1,350,000
5 Beds
4 Baths
4,031 SqFt
Status Active
MLS # 6757239
Property Type Single Family Residence
Price Type --
Discover your dream home at 3453 East Decatur Street, Mesa, AZ! This immaculate, custom-built residence is nestled in the highly desirable Hidden Groves gated neighborhood. The grand entryway welcomes you to a formal living and dining room. The large kitchen boasts 42'' alder cabinets with a light cherry finish, an island, 2 sinks with disposals, 2 ovens, a built-in microwave, granite countertops, 7-person counter seating, a breakfast nook, and a huge walk-in pantry. The kitchen opens to a spacious family room with a gas fireplace, perfect for entertaining. The generous primary suite features double walk-in closets and an executive bathroom with 2 sinks, a jetted tub, and a separate double-head walk-in shower. Enjoy 12-foot ceilings and crown molding throughout most of the home, along wit beautiful travertine floors and carpet. The property includes 2 extra-length 2-car garages. The large backyard is perfect for gatherings, with a built-in BBQ, new pavers, mature citrus trees, and ample grass for play. Additional features include a security system, central vac, solid interior doors, plantation shutters, and abundant storage. Neighborhood amenities include lighted tennis, pickleball, and basketball courts, as well as a picnic and children's play area. Top-rated schools and parks are just a short distance away, making this the perfect place for your home.

8714 E Rancho Vista Drive Scottsdale, AZ 85251

$1,350,000 - 4Br/3Ba -  for Sale in Scottsdale Estates 14 Lots 1845-1925, Scottsdale
Open House
$1,350,000
4 Beds
3 Baths
2,475 SqFt
Status Active
MLS # 6746081
Property Type Single Family Residence
Price Type --
Welcome to home Old Town Scottsdale! This modern charmer underwent a complete remodel in 2023 — taken down to the studs—and added on a spacious primary suite encompassing 777sf. Highlights include dramatic 10ft/9ft/8ft ceiling elevations, custom lighting, and a new heated AND chilled PebbleTec pool. Every detail has been upgraded, from ABS plumbing and dual Goodman HVAC units to custom landscaping with a putting green. Also featuring an outdoor Napoleon BBQ, two indoor fireplaces, a spacious primary closet, CAT 5 cabling, and more. Enjoy living in the heart of Old Town Scottsdale with close proximity to nightlife, shopping & dining, Giants Spring Training Stadium, endless golf courses, Scottsdale's green belt - perfect for bike rides, HWY 101, Camelback Mtn, and only 15-minutes from ASU.

5250 E Deer Valley Drive Unit 153 Phoenix, AZ 85054

$1,349,999
3 Beds
2.5 Baths
2,175 SqFt
Status Active
MLS # 6717025
Property Type Apartment
Price Type --
Beautiful Corner Unit Featuring a huge wrap-around patio area. Interior finishes professionally selected featuring European Oak Engineered Hardwood Floors, Custom Black Metal Glass Doors, and a relaxing jet tub in primary suite. This home feels like a model home when you walk in. Outdoor patio area truly feels like an extension of the main living area. Exclusive clubhouse features meeting spaces, a large entertaining kitchen, coffee bar and movie lounge, 4400 sqft gym, and Olympic-length pool. The Luxe residents also get to enjoy additional amenities, including access to Toscana's staff service, heated pools, spas, fitness centers, & etc. Just minutes away from Mayo Clinic, Scottsdale Quarter, & Kierland Commons, with easy freeway access to downtown Phoenix & surrounding suburbs 2 Parking spaces with a large storage area in parking garage located next to the elevator. Power has been run for EV charger as well.

1731 Cambridge -- Prescott, AZ 86305

$1,349,999
5 Beds
5 Baths
5,384 SqFt
Status Active
MLS # 6751642
Property Type Single Family Residence
Price Type --
Welcome to your Dream home in the highly sought after Kingswood neighborhood. This immaculate custom residence combines luxury, comfort, and functionality making it the perfect home for modern living. Offering a new concrete tile roof and a secure screen metal door, this level entry home offers all main level living with tile and laminate flooring, high ceilings and recessed lighting throughout. The Master bedroom is spacious w both his and hers closets, a huge walk in shower plumbed for steam, cherry cabinetry, a gas fireplace and an adjoining private sitting area. The Gourmet kitchen is a chefs dream with newer appliances including a premium oversized Jenn Air refrigerator, a Gas range, cherry cabinets and a walk in pantry with every room offering access to the exterior covered patio The family room is the heart of the home, complete with a cozy fireplace and a stylish bar including a wine fridge and wired for surround sound. Ideal for hosting guests or enjoying a quiet evening in the Pines. Skylights brighten the space, the connected covered decks offer a private outdoor retreat. The lower level offers a Junior Suite and 3 additional bedrooms, newer carpet, and an additional laundry room and a Connected Mother in Law Suite with a private bathroom, kitchenette and separate entrance. The decks are all coated and solid surface, equipped with a gas connector for grilling! The extra wide, extra deep 3 car garage features built in cupboards and overhead bins for even more storage. Additional amenities include dual zoned A/C system with electro static filtration and 2 nest thermostats, a central vac system, an exterior drip system, a finished crawl space with even more storage, water softeners and a recirculating hot water instant system. Each downstairs bedroom opens to a covered patio providing private outdoor space for all. With its luxurious features, abundant storage and flexible living spaces, this home is perfect for multi-generational living or anyone seeking a blend of style, comfort and functionality. Don't miss the change to make this exceptional property your own!

2132 W Legends Way Anthem, AZ 85086

$1,349,990
4 Beds
4 Baths
3,950 SqFt
Status Active
MLS # 6726770
Property Type Single Family Residence
Price Type --
THE HOME YOU HAVE BEEN WAITING FOR! ABSOLUTELY STUNNING! Nestled at the base of Daisy Mountain in Anthem Country Club is this stunning home, offering a blend of elegance and comfort. You will experience an immediate calming and peaceful feeling as you look to the mountains and desert behind you. As you approach the home, you will find the beautiful desert landscaping outside the private courtyard, offering another sanctuary type setting for your comfort and enjoyment. Upon entering this home your eyes will immediately be drawn to the views out the living and dining room windows. The foyer is stunning with a new Iron and glass door and travertine flooring. Updates galore in this 3 bedroom, 3 1/2 bath home that also has an attached casita with powder room. The gourmet kitchen was updated with a new kitchen island, new granite counters, newly re-faced and beautifully stained cabinetry, and 2023 Subzero fridge, Bosch dishwasher, microwave and range hood. Adjacent to the kitchen is the cozy den/family room with stone surround fireplace and plenty of room to relax and enjoy family and friends. The master retreat features a walk in shower with new glass doors, refinished cabinets and granite counter tops at the vanities, and His & Her walk in closets with organizers. Wonderful views from the master bedroom where you can relax in front of the fireplace or head out the sliding door to the private covered patio. The other two bedrooms are en suite and upgraded with granite countertops, new Toto toilets, tub/shower combos and both have walk in closets. Finishing off the interior of the home is an office with built in cabinetry and a powder room nearby. The lot, which is over 17,000 square feet has a gazebo with fireplace, 2 soothing water features on remotes, artificial turf and lots of space to do whatever your heart desires. Looking for space for golf cart or ATV? The side gate can be changed to a double gate to allow for a secured parking space. Updates to this home include all new windows (42) and French door sliders (3) with Low E Glass, new frames, and a transferable lifetime warranty; 3 Trane AC units including new furnaces (2017);entire home replumbed with PEX in 2022, including all valves throughout the home. New exterior drip system installed with 4 zones, artificial turf and new trees/plantings. New smoke alarms and carbon monoxide detectors with hard wire interconnect. New exterior paint is beautiful! See documents section for a full list of features and upgrades. Welcome to Anthem Country Club offering two 18 hole Greg Nash designed golf courses, 2 club houses with restaurants, bars, and pro shops. 2 work out facilities with tons of classes offered daily, 2 swimming pools, the Oasis Bar and Grill at the Persimmon pool, tennis courts, pickleball courts, bocce ball at The Back Yard at Persimmon, ball room at Ironwood to host large events. In addition to all of that, you also have access to the Anthem Parkside facilities that includes over 60 acres of parks, catch and release fishing pond, sand volleyball, water park, pool, pickleball, tennis, skate park, playgrounds and more!!! Welcome home!!!

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