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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4222 E Brown Road Unit 5 Mesa, AZ 85205

$1,299,888
4 Beds
3 Baths
3,730 SqFt
Status Active
MLS # 6739448
Property Type Single Family Residence
Price Type --
Stunning custom home in private gated neighborhood! Experience luxury living in this exclusive north Mesa enclave. NEW SOLAR OWNED, energy-efficient home on a PREMIUM cul-de-sac lot w/ flood irrigation. Interior boasts attention to detail w/ plantation shutters, new tile flooring, vaulted ceilings, surround sound, a den/office, & formal dining room. Bonus room in the BASEMENT w/ built-in cabinets. The great room is enriched by exposed ceiling beams, media niches & a warm fireplace. Beautiful kitchen equipped w/ Dacor S/S appliances, GAS stove, mosaic backsplash, walk-in pantry, custom cabinets, island, desk, breakfast bar & nook. The 3.5 tandem car garage offers 22V outlet for an electric vehicle, epoxy flooring, mud room & built-in cabinets. The backyard is great for outdoor entertaining The backyard is great for outdoor entertaining, featuring a pool with water feature, NEW variable speed pump, 2 NEWlarge permanent rotating umbrellas 360 degrees, & volleyball net. PLUS a putting green, bocce court, built-in BBQ, fire pit, outdoor shower, & extended covered patio. More features include: Pool is plumbed using waterfall for return 2 NEW water heaters (12/22 & 7/23) 2 NEW variable speed A/C units (9/21) NEWER roof (2019) Aluminum patio cover 400 amp service, 2 electrical panels Many windows have tint Dog run or garden area Citrus, apple and apricot trees Motion exterior lights Metal plants in pots and the metal wall art do not convey. Metal plants in ground do convey. All furniture and solar torches available on separate bill of sale. BBQ is on natural gas. 34 solar panels for a total of 12.24kw. HOA service includes irrigation and the opening/closing of irrigation ports/gates. 35 homes in the community The lifestyle here is exceptional because of the blend of tranquility and convenience, with nearby stores, restaurants, and the vibrant cultural scene of Downtown Mesa just minutes away. This peaceful, gated community offers the best of both worlds, surrounded by lush orange groves and abundant outdoor activities like hiking at Usery Mountain Regional Park and enjoying the scenic beauty of Saguaro Lake.

6775 E Horned Owl Trail Scottsdale, AZ 85266

$1,299,600
5 Beds
3 Baths
3,312 SqFt
Status Active
MLS # 6702999
Property Type Single Family Residence
Price Type --
Embrace the essence of desert living in your 5 bedroom 3 bathroom stunning retreat nestled in Scottsdale's serene enclave. This luxurious Carriage Trails residence offers an unparalleled blend of sophistication, comfort, and natural beauty, providing a tranquil sanctuary for those seeking the ultimate desert lifestyle. Step inside to discover an architectural masterpiece, featuring high ceilings, plantation shutters, neutral tones, a wet bar, and expansive windows that capture breathtaking views of the surrounding desert landscape. The functional layout offers a seamless flow between the living spaces, perfect for both relaxation and entertaining. The chef's kitchen is a culinary haven, equipped with matching stainless steel appliances, sleek countertops, a custom center island, R/O drinking system, and plenty of cabinet space with soft close hinges. Whether you're hosting a dinner party or preparing a casual meal, this kitchen is sure to inspire culinary creativity. Step outside to your own private oasis, where you'll find a beautifully landscaped backyard with a covered patio, a sparkling pool and spa, a fire pit, a built-in outdoor tiled island equipped with a plumbed gas barbeque and fridge, low maintenance beautiful turf, and a putting green. It's the ideal setting for outdoor dining, entertaining, and enjoying the Arizona sunshine year-round. Situated in a coveted North Scottsdale neighborhood, this home enjoys a prime location with easy access to hiking trails, golf courses, shopping, dining, and entertainment. Experience the best of desert living with all the conveniences of urban amenities just moments away! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available on this home via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $1,303/month in year 1 and $668/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.

4880 E Beehive Road San Tan Valley, AZ 85140

$1,299,500
5 Beds
3.5 Baths
3,420 SqFt
Status Active
MLS # 6753373
Property Type Single Family Residence
Price Type --
Stunning Custom home nestled on a 1.25-acre irrigated lot. **NO HOA** This Barndominium style home offers 5-bedrooms, 3.5-baths + 1200 Sq. Ft. air-conditioned detached shop with extended 2 car garage, 2 additional rooms, a bathroom which is perfect for a guest quarters or home business. This home offers a spacious open concept, new interior paint, gourmet kitchen with Knotty Alder cabinets complimented by a HUGE island, granite countertops, stainless steel appliances, propane stove, dual ovens, copper farm sink, coffee bar and walk-in pantry. The WOW factor of the stone and metal fireplace is such a focal point to the home. First level primary suite provides backyard access, dual closets with stackable washer & dryer, spacious walk-in rain shower and separate vanities. Stunning barn doors at the primary bedroom and dining areas. Mudroom doubles as an office just off the garage. The garage is oversized with additional storage allowing for ample parking of larger vehicles. Travel up the custom metal staircase and enjoy the open loft with 3 additional bedrooms, 2 bathrooms, 2nd laundry room and additional storage area. North/South orientation adds to the enjoyment of the extended wrap around porch which is perfect for large gatherings and views of this great property. Fully fenced pasture with 40 ft. round pen, 60x20 covered shed-row barn w/4-stalls and 18x10 hay storage area. The shop is equipped with foam insulating, A/C, electrical and 30-Amp plug. Plenty of room for all your toys and animals. Don't miss out on this wonderful home!

19980 E El Nido Lane Litchfield Park, AZ 85340

$1,299,371
4 Beds
3.5 Baths
3,261 SqFt
Status Active
MLS # 6752334
Property Type Single Family Residence
Price Type --
FORMER MODEL HOME; Fully furnished 4 bed, 3.5 bath, study, tv room and 6 car garage; fully landscaped front and backyard including backyard furniture, purgula, outdoor kitchen and gas firepit; vaulted ceiling & 16' sliding glass door in family room; tray ceiling in study & owner's retreat, custom celing and wall treatments; waterfall island, GE Monogram appliances w/refrigerator & wine/bev refrig; GE W/Dryer; upgraded plank tile flooring, custom tile in both kitchen and baths, multiple shower heads in owner's bath; clean, modern and ready to move in with all furniture and accessories.

2526 W Fernwood Drive Phoenix, AZ 85086

$1,299,000
4 Beds
3.5 Baths
2,810 SqFt
Status Active
MLS # 6758171
Property Type Single Family Residence
Price Type --
This stunning new construction spec house offers modern luxury and spacious living on a sprawling flat acre lot. Boasting 2810 square feet of carefully crafted open-concept living space, this home features a desirable split floor plan with 4 bedrooms and 3.5 bathrooms, providing ample space and privacy for the entire family. The heart of the home is the beautifully designed kitchen, perfect for entertaining and everyday living. The expansive living area seamlessly flows from the kitchen, creating a warm and inviting atmosphere for gatherings. In addition to the generous living space, this property comes with a rare and highly sought-after feature - a 4-car garage with an attached RV garage. Whether you're a car enthusiast or an avid traveler, this space offers the flexibility... and convenience you need. Outside, the vast acre lot provides plenty of room for outdoor activities, gardening, or even the possibility of adding a pool or guest house in the future. Located in a desirable area, this home offers the perfect combination of tranquility and convenience. Don't miss the opportunity to make this exceptional property your own. This home is ready for occupancy, come experience the luxury and comfort this home has to offer! Note, Photos are of same model home, previously completed.

37-39 Ok Street Bisbee, AZ 85603

$1,299,000
3 Beds
5 Baths
2,987 SqFt
Status Active
MLS # 6737148
Property Type Single Family Residence
Price Type --
Truly Unique Old Bisbee Property- 3 Bedroom/5 Bath, 3,712 sq ft (including heated/cooled finished basement) with dedicated 2,000 sq ft PARKING LOT. Formerly Copper City Saloon and Hot Licks Saloon, now zoned Residential, with fully intact bar, fully furnished (complete with pool table), retrofitted to serve as a residential kitchen. Finished Basement serves as a Primary Bedroom with Jacuzzi, and 2 additional bathrooms, and separate Laundry Room. Second Floor currently rented as Airbnb- with two separate units, vast Great Room with full Kitchen, 14' ceilings, hardwood floors, Covered Deck with great views of Downtown Old Bisbee and surrounding hillsides. Includes 2 Parcels: 103-62-312 and 103-62-313.

3865 S Mingus Drive Chandler, AZ 85286

$1,299,000
5 Beds
4.5 Baths
3,424 SqFt
Status Active Under Contract
MLS # 6750721
Property Type Single Family Residence
Price Type --
Bring your most discerning buyers - this one shows like a brand-new model home! Luxury, privacy, and modern living all in one! Located on a quiet corner lot that backs to greenbelt in the gated community of Cantabria, this stunning home features 5 beds + 4.5 baths + office. Though it was already a showstopper, an additional $160k+ of recent upgrades have taken it to the next level! Enjoy cooking and gathering in the gorgeous chef's kitchen that boasts white shaker soft-close cabinets, designer wood hood, grand island with quartz counter tops, upgraded stainless steel appliances, new farmhouse sink and new refrigerator. The spacious primary suite is a luxurious haven featuring elegant coffered ceilings and a bathroom that looks like you stepped into a high-end resort spa! Huge sliding arcadia doors lead you to your private oasis in this sleek, newly re-designed backyard that has it all: sparkling pool, custom shade pergola, outdoor kitchen, misters to keep you cool on a hot Arizona day, cozy outdoor fireplace, mountain views and low-maintenance turf. It's the perfect setting for entertaining or unwinding in style! Located in top-rated Chandler school district and just 15 min to vibrant Downtown Chandler & Downtown Gilbert restaurants, shopping & amenities. Enjoy effortless access to major highways including Loop 202, Loop 101, & I-10 and located within 20 minutes of the thriving Price corridor, home to renowned companies such as Intel, Orbital, Northrup Grumman, Wells Fargo, GM and more!

6803 E Main Street Unit 2210 Scottsdale, AZ 85251

$1,299,000
2 Beds
2 Baths
1,684 SqFt
Status Active
MLS # 6751253
Property Type Apartment
Price Type --
ABSOLUTELY GORGEOUS remodeled beauty with designer touches at every turn as well as the largest balcony of any unit at The Mark!Unit boasts so many upgrades including top of the line lighting throughout, the Entertainers Kitchen has been totally renovated to include marble countertops, 2 built in wine cooler's, new sink and fixtures as well as brand new appliances. TVs and Fire feature framed in by WI Appliance along with stunning custom chandeliers , motorized shades/plantation shutters, California Closet upgrades and so much more. The Mark features top of the line amenities which includes the STUNNING BRAND NEW roof top pool area, fitness center underground parking and Concierge. Room service delivered from the Valley Ho!! Extra storage cabinets installed in the parking spots. MUST SEE

10731 N Sonora Vista Fountain Hills, AZ 85268

$1,299,000
4 Beds
3.5 Baths
3,637 SqFt
Status Active
MLS # 6743623
Property Type Single Family Residence
Price Type --
Prepare to enjoy breathtaking, unobstructed views from almost every room in your home. Step inside, passing through the entryway to the great room, where high ceilings and large windows capture the breathtaking views, from Red Mountain to the north, Four Peaks and Mazatzal Mountains, all the way to Superstition Mountains beyond the east valley. The great room comfortably connects the living room with the dining room and flows to the open kitchen, with abundant cabinet and counter space, large pantry, gas range, double-ovens, and Sub-Zero fridge. Just beyond the living room is the primary suite, with the ensuite bathroom and spacious walkin closet you would want in a home of this caliber. Also on the main level you'll find a guest bedroom with ensuite bathroom, laundry room, and a half bathroom. Don't miss the garage, with extra depth and 12' ceilings on the main 2-car garage, plus a separate third bay garage. Downstairs you'll find another ensuite guest bedroom and a huge office which could easily be an additional bedroom (currently no closet). These rooms are split by a family/game room with an impressive 4k LED projector and screen. The double-sliding doors to the back yard make this another great space for indoor/outdoor entertaining. Outside offers multiple areas to relax, with a balcony off the main living space, both covered and uncovered patios in the back yard, as well as a putting green, all of these of course with the idyllic panoramic Arizona views as your backdrop. Homes with these amazing features and stunning views don't come around often, come see it today!

7521 E Camino Salida Del Sol -- Scottsdale, AZ 85266

$1,299,000
3 Beds
2.5 Baths
3,210 SqFt
Status Active
MLS # 6720520
Property Type Single Family Residence
Price Type --
Welcome to this peaceful, light and bright home in the hidden gem gated community of Las Piedras at Sevano Village. Located just seconds from the site of the new Ashler Hills Park and the convenience of shopping and restaurants, this home boasts many upgrades in a neutral palette including a beautifully renovated kitchen all in an open, great room concept. A gated courtyard entry with a babbling water feature make a welcoming entrance and comfortable outdoor living space. A well thought out floor plan separates the two guest bedrooms from the grand primary suite with its dual walk-in closets in a spa-like bathroom. A large den located off the great room through double doors makes a great office, library or media room. The rear outdoor living space has a wonderful fire pit, artificial turf area, covered patio, pavers and Southerly down valley mountain views to round out this fabulous home.

28021 N 156th Street Scottsdale, AZ 85262

$1,299,000
3 Beds
2.5 Baths
2,704 SqFt
Status Active
MLS # 6760088
Property Type Single Family Residence
Price Type --
Welcome to this stunning new home, offering 2700+ SF of modern living with breathtaking area views. This beautifully designed residence features three spacious bedrooms, versatile den, 2-1/2 baths, oversized 2 car garage w/ attached RV garage. The open-concept floor plan showcases a gourmet kitchen with high end appliances, an inviting living room with a cozy fireplace, and large windows that fill the space with natural light. The primary suite is a tranquil retreat, complete with an ensuite bathroom and walk in closet. Step outside onto a covered patio perfect for outdoor entertaining while enjoying some area mountain views. With beautiful landscaping and energy efficient features, this home perfectly blends comfort, style, and functionality for your dream lifestyle.

11776 N 81st Street Scottsdale, AZ 85260

$1,299,000
4 Beds
3 Baths
2,472 SqFt
Status Active
MLS # 6736662
Property Type Single Family Residence
Price Type --
Easily one of the BEST INTERIOR LOTS in the subdivision. Home has elevated views of the water and Golf Course. Super quiet and private interior optimal lot with only one home sharing lot line! This is a stunner complete with private pool and spa. Home also boasts a detached casita with full bath that is 399 SF not included in the 2472 SF Count. Better hurry as these properties sell fast!! Priced to SELL!!

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