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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376 N Iron Horse Drive Coolidge, AZ 85128

$1,300,000
6 Beds
4.5 Baths
3,121 SqFt
Status Active
MLS # 6751108
Property Type Single Family Residence
Price Type --
TWO PARCELS are included in the sale for a total of 5 acres! Stunning 5 bd/4 bath rustic home situated on a 2.5 acre lot featuring resort style pool and a 1 bd Casita with kitchen. Formal dining room, gourmet chef's kitchen, custom cabinetry, broken edge granite counters, center island, breakfast bar, pantry, SS appliances, & French doors to the patio. Generous size bedrooms, ample closets & upscale travertine baths. Oversized doors, 12' ceilings, travertine floors, grid ceiling in the den, hand hewn beams throughout. The primary bedroom offers patio access, plush carpet, & private en suite w/dual sinks. House includes 8 insulated garage spaces. Enjoy the backyard covered patio, lush green grass, outdoor kitchen & exquisite pool. Horse shades, 24X40 hay barn, 2000 sq ft non-climbable horse fence. Surrounded by fantastic mountain views!

2110 E Kerry Lane Phoenix, AZ 85024

$1,300,000
6 Beds
5.5 Baths
4,535 SqFt
Status Active
MLS # 6707330
Property Type Single Family Residence
Price Type --
Back on market with a massive $500k price cut and priced way under appraisal. Cheapest non-HOA 4,000sqf home and cheapest acre lot for miles in any direction. This is a one-of-a-kind Phoenix Mansion, built mountainside on a former gold mine overlooking the entire valley. Great PV school district, and conveniently located, just 5 mins from Desert Ridge, 10 mins from Scottsdale, and just a 15-minute commute to the new TSMC factory & campus. Noteworthy Items: 1) Second floor completely remodeled in 2021. 2) 400ft wide lot. 3) 30-foot ceilings 4) No HOA. 5) Sub-Dividable Lot. 6) RV Garage, with restroom and mezzanine level. 7) Fire Sprinklers throughout the house, casita and garages. 8) Mountainside, with gas and city sewer. 9) Casita with kitchenette. Please contact listing agent for drone footage, 3D walkthrough, floor-plan, and any more details.

23461 N 76th Place Scottsdale, AZ 85255

$1,300,000
3 Beds
3 Baths
2,220 SqFt
Status Active
MLS # 6749317
Property Type Single Family Residence
Price Type --
New in North Scottsdale! This single-level, three bedroom-plus, three bathroom home is located in the gated community of Paseo at Pinnacle Peak. One of the last new home subdivisions to be built in all of North Scottsdale! Featuring an efficient, open floor plan; 12' ceilings; Monogram appliances; Samsung washer/dryer; HomeKey + Ring security systems; and more! Permits for a pool already in place. Paseo at Pinnacle Peak is within one mile of golf at Grayhawk, Pinnacle Peak Country Club, and top-rated Pinnacle Peak Preparatory school. Also convenient to the McDowell Sonoran Preserve, shopping at the Promenade, Mayo Clinic, TPC Scottsdale, and much more. Less than 3 miles to the Loop 101 freeway! Seller concessions available. Please include with your offer.

31709 N 55th Way Cave Creek, AZ 85331

$1,300,000 - 3Br/4Ba -  for Sale in Santolina, Cave Creek
Open House
$1,300,000
3 Beds
3.5 Baths
3,342 SqFt
Status Active
MLS # 6745697
Property Type Single Family Residence
Price Type --
Welcome to Santolina. Enjoy exclusive access to community amenities, including walking trails, recreational areas, and more. This home is not just a place to live, but a lifestyle to be experienced. An exquisite luxury residence nestled in the highly sought-after gated community in Cave Creek, this stunning property boasts unparalleled mountain views that will take your breath away. It features three bedrooms + den, 3.5 Baths, a great room, soaring 10' & 12' ceilings throughout, & low maintenance. Step inside to discover a meticulously designed interior that exudes elegance and sophistication. With spacious living areas, high-end finishes, and an abundance of natural light, this home offers the perfect blend of comfort and luxury. The gourmet kitchen features top-of-the-line appliances, custom cabinetry, and a large center island, making it a chef's dream. The expansive master suite is a private oasis, complete with a spa-like bathroom and a generous walk-in closet. Additional bedrooms are well-appointed and offer ample space for family and guests. Outside, the beautifully landscaped yard provides a serene backdrop for relaxation and entertainment, featuring a covered patio, outdoor BBQ, lush greenery, and stunning views of the surrounding mountains.

12565 N Flying Hawk Trail Prescott, AZ 86305

$1,299,999
4 Beds
3 Baths
3,565 SqFt
Status Active
MLS # 6736625
Property Type Single Family Residence
Price Type --
In the heart of Williamson Valley in a private subdivision of approx 10 homes is an exquisite Santa Fe nestled on hilltop slope with breathtaking panoramic views of Granite Mountain, Mingus Range. Perched on almost 3 acres of improved high desert landscape this extraordinary custom architecture on one level includes many upgrades & features such as several covered patio spaces with natural stone to enjoy the scenery on cool summer nights. Inside soft earth tones with new porcelain tile flooring & carpet throughout. Gas/woodburning fireplace in living rm with stacked stone & tray ceilings. Remodeled kitchen designed for entertaining with convection oven-air fryer combo, Wolf induction cooktop, includes eat-in dining area with seamless windows giving modern twist inviting expansive views. Beautiful spacious primary has peeled post ceiling & sitting area & leads into en suite with walk in closet. Bath was totally reconfigured which incorporated a walk in shower with rain glass front. Replaced ceiling fans, new lighting in guest & primary baths, new chandelier in dining. Levolor & Bali shades with retractable screens installed for all windows/doors & motorized. Smart phone programmable. All screens replaced. Interior also has central vac system. Beautiful spacious primary has peeled post ceiling & sitting area & leads into en suite with walk in closet. Bath was totally reconfigured which incorporated a walk in shower with rain glass front. Replaced ceiling fans, new lighting in guest & primary baths, new chandelier in dining. Levolor & Bali shades with retractable screens installed for all windows/doors & motorized. Smart phone programmable. All screens replaced. Interior also has central vac system. Driveway space has a turn-around or RV space or two car parking & another RV space on side of 3-car garage, both with 50 amp RV plug. Casita boasts approx 828 sq ft of cooled and heated space with split units currently used as an art studio is cozy & could be mother-in-law suite, exercise room or your choice. Room adjoining converted into large wood workshop with access to backyard. Other updated areas include Bosch HVAC heat pump system with gas backup installed 1/2024. All units replaced inside & out. Navien tankless hot water heater located garage. Ten porch pillars replaced and repainted with a metal pillar base. Newly excavated asphalt paved driveway sealed. Covered patios wrap around several sq ft of house exterior. Side patios to east include an adobe fireplace with another paver patio spacious enough for a large group. Truly a relaxing area to have a cool beverage at the end of the day and enjoy the city lights and captivating peacefulness.

13512 N Granite Way Fountain Hills, AZ 85268

$1,299,999
4 Beds
4.5 Baths
3,269 SqFt
Status Active
MLS # 6675282
Property Type Single Family Residence
Price Type --
Here's a rare chance to own a home in Sunridge Canyon, cherished by its owner for over 25 years. This spacious 4-bedroom, 4.5-bathroom home features a family-friendly split master floor plan. Situated on more than 34,000 square foot lot (+/-.78 acres), you'll enjoy vaulted ceilings and stunning views of the mountains and Sunridge Canyon golf course. The backyard boasts a beautiful negative edge pool and spa as well as a built in BBQ island. Inside, the living room impresses with cantera stone floors and a natural gas fireplace. The primary bathroom seamlessly blends with the surrounding natural environment. Every room is generously sized and offers great views. This lovely home will make you feel right at home.

15615 N 55th Street Scottsdale, AZ 85254

$1,299,950
4 Beds
3 Baths
3,070 SqFt
Status Active
MLS # 6742254
Property Type Single Family Residence
Price Type --
Once-in-a-Lifetime Opportunity with NO HOA in Magic Zip Code 85254! Step into the world of Nintendo with this Super Mario Bros-inspired home, designed to captivate and entertain. As you pass through the impressive iron doors, you're instantly transported into Mario's realm. The cozy living room boasts an 85'' TV, perfect for any sports enthusiast and seamlessly flows into a dining room with high vaulted ceilings. The updated kitchen features a small island, plenty of cabinet space, and is opt to a bar area that overlooks into the family room. The main floor includes a spacious bedroom with a 3/4 bath & direct access to the backyard. Step outside through the French doors and be greeted by a brand-new heated pool w/ a baja shelf, and a gazebo to lounge under the shades. The outdoor space is perfect for hosting w/ a BBQ area under the lanai, surrounded by professionally landscaped turf in both the front and backyard. This rare find sits on over .25 acres, right next to Desert Horizon Park and offers 4 bedrooms, 2.75 baths and 3,070 SF of living space! Ideally located near Kierland, Scottsdale Quarter, the WM Phoenix Open, Barrett Jackson and with easy access to HWY 101 & 51. Tons of restaurants and retail shops all within distance! Furniture is available for purchase separately. Don't miss out on this extraordinary opportunity to own this home!

12121 E Remuda Lane Mayer, AZ 86333

$1,299,900
5 Beds
5 Baths
6,693 SqFt
Status Active
MLS # 6746811
Property Type Single Family Residence
Price Type --
Beautiful Home with Magnificent Views in Mayer with no HOA. Plenty of room for cars, toys, and much more on this 3+ acre lot. Downstairs features additional living area including: movie theater room, additional kitchen, 2 bedrooms with a luxurious steam shower in the bathroom. Walk out onto the covered patios for endless views. Home has zoned HVAC with 2 separate zones. Oversized Workshop below. Come take a look at this magnificent home and make it yours.

20554 W Pasadena Avenue Buckeye, AZ 85396

$1,299,900
3 Beds
3.5 Baths
3,341 SqFt
Status Active
MLS # 6756062
Property Type Single Family Residence
Price Type --
Stunning Serendipity by David Weekley home is situatted on corner lot facing Georgia Park in Victory at Verrado has 3 bed, 3.5 bath, den, & hobby room (set up as a gym), features a courtyard at front door with a fountain. Outdoor living abounds with a large covered north-facing rear patio, full-size pool w/ baja shelf, hot tub/spa, gas fire pit, & kitchen/bbq/bar area w/pergola. Inside, the home is equipped with so many options/upgrades/updates, including gourmet kitchen appliances, plantation shutters, upscale ceiling fans, RO system, & full house audio video by Control4. Engineered wood floors run throughout the home, with wood-look tile in the bathrooms. The home also features a spaciuos 2.5-car garage featuring an epoxy floor. Hurry, this will not last long!

9159 N 108th Place Scottsdale, AZ 85259

$1,299,900
4 Beds
2.5 Baths
3,697 SqFt
Status Active
MLS # 6745405
Property Type Single Family Residence
Price Type --
REDUCED! Scottsdale Ranch HOA fee for subject is $463/yr. Excellent Buyer Opportunity in high demand Scottsdale Ranch including convenient access to 101 freeway, nearby shopping, restaurants, and so much more! This beautiful 2 story open layout features high ceilings and backyard views showcasing pool & its mature landscape. Floor plan features 4 Bedrooms (main level Owners Suite) + Den, 2.5 baths, 3 fireplaces, updated Kitchen & appliances, Pool & Spa, approximate 1/3 acre cul-de-sac lot with backyard putting green, gas & electric utilities for maximum efficiency, 3G, and more! Submit all offers now for Seller review and approval. To help visualize this home's floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing

2131 Golf Links Drive Prescott, AZ 86301

$1,299,900
5 Beds
5 Baths
3,850 SqFt
Status Active
MLS # 6714951
Property Type Single Family Residence
Price Type --
WATER -200ft ''Lakefront'' property!! Overlooking the 3rd Fairway Lake of the of Antelope Hills Golf Course with panoramic mountains, this custom contemporary has views from every room. One level living: spacious Master w/Fireplace, Great room w/Fireplace, 2nd Living/Dining room, Chef's Kitchen, Office (3rd bed) 1/2 bath, Laundry with flex space, 3/4 Bath plus a 3 car garage & Wine Cellar! The kitchen includes a 6 burner gas range, wall oven, granite counters, prep sink & huge island. Additional living and dining space includes a grand double door entrance with 25' Soaring Ceilings and a wet bar with (2) 3 panel sliders accessing the covered patio. The upper level has a 2nd Master, 2 more bedrooms w/private patios. New Exterior paint and many updates -see docs tab. A gem like no other!

6235 E Larkspur Drive Scottsdale, AZ 85254

$1,299,900
3 Beds
2 Baths
2,528 SqFt
Status Active
MLS # 6734145
Property Type Single Family Residence
Price Type --
NO HOA - Welcome HOME to your private oasis in the coveted 85254 zip code. Situated on over half an acre, this meticulously updated property offers an abundance of amenities. Step into elegance with this remodeled home featuring an open concept design that seamlessly blends indoor and outdoor living. Enjoy the warmth of plank tile flooring in the spacious living and family rooms, complete with a cozy fireplace. The upgraded kitchen boasts stainless steel appliances & an oversized butcherblock island with sleek finishes. Overlook your personal paradise through expansive kitchen window to see sprawling landscape of mature trees & a vast park-like yard, complemented by a stunning PebbleTec diving pool and a charming gazebo (with misting system). Kids will revel in their own wonderland with a great lighted climbing tree & jungle gym offering endless joy and laughter from morning to night. For the adventurous adults, the property features a generously sized RV gate with 30amp power on one side & another RV gate ideal for a boat or trailer on the opposite side. Additional 2 car detached garage with workshop. Conveniently located near Kierland Commons & Scottsdale Quarter, this exceptional home caters to every family member's desires. Don't miss this opportunity to own a slice of Scottsdale paradise!

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