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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8301 E Angus Drive Scottsdale, AZ 85251

$1,295,000
4 Beds
3.5 Baths
2,615 SqFt
Status Active
MLS # 6745058
Property Type Single Family Residence
Price Type --
This stunning residence features engineered hardwood flooring throughout and boasts raised 10-foot ceilings that create an airy, open atmosphere. Custom 18 foot slider that leads to a beautifully landscaped outdoor oasis that features a built-in ramada and grill, multiple citrus tress, a detached gazebo and full privacy with a 15 foot wall of greenery! The kitchen is a chef's dream with marble countertops and high-end Viking appliances. Huge custom master suite with a 10x10 walk in closet and a private secret garden! With four oversized bedrooms and 3.5 elegant bathrooms, this home offers ample space for relaxation and entertaining. This home also has a massive side yard built perfectly for an RV and lastly, paid off solar panels!

22611 W Patton Road Wittmann, AZ 85361

$1,295,000
6 Beds
3.5 Baths
4,179 SqFt
Status Active
MLS # 6761177
Property Type Single Family Residence
Price Type --
Nestled just outside of Surprise in Wittmann, this exquisite custom home offers the perfect blend of luxury living and equestrian convenience. Situated on 2.5 acres of fully walled, private land, this estate is accessible via a paved main road and provides an idyllic retreat with easy freeway access. Step inside to find a beautifully remodeled kitchen (2022) that is a chef's dream, featuring a Forno 8-burner stove with double oven and pot filler, a Forno microwave/convection oven, and a spacious refrigerator—all designed for gourmet cooking and entertaining. The kitchen is complemented by dark wood-stained doors, adding to the home's warm, inviting ambiance. Outside, the property is thoughtfully designed for both leisure and practicality. Enjoy the expansive paved patio area with solar lighting for a peaceful evening outdoors. For horse enthusiasts, the second parcel boasts 3 horse stables, a round pen, and an arena, all equipped with water, fans, and high-speed internet. Additional highlights include a private well with a recently replaced pump and well box, owned and PAID-OFF SOLAR PANELS ensuring low utility costs, a gated entrance for added privacy, and a 4-car garage with an RV charging outlet. The property's central vacuum system adds modern convenience to this serene country estate. With unparalleled amenities, privacy, and high-speed internet, this property is the perfect haven for those seeking luxury and the equestrian lifestyle.

3014 E Winchcomb Drive Phoenix, AZ 85032

$1,295,000
4 Beds
3 Baths
3,272 SqFt
Status Active
MLS # 6742731
Property Type Single Family Residence
Price Type --
A rare opportunity in the Cimarron Manor community. this beautifully appointed custom home with No HOA on over a 1/4 acre lot, and close to Scottsdale, 51 & 101 Freeways, Camelback Corridor, Downtown Phoenix, Central Corridor, and minutes to the airport. 4 bedroom 3 bath home. In 2022 replaced roof, solar panel system, remodeled pool, pool heater, repainted, new flooring, putting green, exterior paint., and LG Fridge. There is an 80 gallon water heater, soft water & filtration system. In primary bedroom, there is a gorgeous walk in closet, Steam Shower, and Toto Toilet. Full wet Bar. Backyard and a sizeable grassy lawn, and does the front yard. Plenty of space to entertain both inside and out. You do not want to miss this one. Can sell as fully furnished as well.

2347 E Orangewood Avenue Phoenix, AZ 85020

$1,295,000
3 Beds
2 Baths
2,341 SqFt
Status Active Under Contract
MLS # 6733665
Property Type Single Family Residence
Price Type --
LOCATION, LOCATION, LOCATION! Priemeir location at the end of cup-de-sac backing up to Piestawa Peak. Enjoy 360 degree mountian views on this elevated lot and walking out your back gate to the piestawa peak hiking trails. Easy access to HWY51; Lots of fabulous property updates include a beautiful remodeled kitchen, new flooring, updated master bath and closet, newer roof and HVAC, updated wiring and more. Great spacious back yard with updated play pool, fireplace and easy access to the piestawa peak trails. Spacious site and room for addition or additional improvements. No HOA

1410 W Sandpiper Drive Gilbert, AZ 85233

$1,295,000
5 Beds
3.5 Baths
4,172 SqFt
Status Active
MLS # 6733283
Property Type Single Family Residence
Price Type --
Stunning luxury lakefront home with private dock! SELLER FINANCING AVAILABLE. AVAILABLE FURNISHED! This property offers luxury living with breathtaking views. Nestled on a private cul-de-sac lot, this expansive residence boasts nearly 4,200 sq. ft and is one of the largest lake frontage lots in the area. Additionally, you'll find an extended patio, large private balcony, expansive primary suite, pool with spa, gourmet kitchen, huge windows, and breathtaking vaulted ceilings. All of this while being just minutes from Downtown Gilbert - The Heritage District. This is a must see as homes like this do not come on the market often!

8311 E Vista De Valle -- Scottsdale, AZ 85255

$1,295,000
3 Beds
2 Baths
2,027 SqFt
Status Active
MLS # 6709251
Property Type Single Family Residence
Price Type --
This beautifully updated 3-bedroom, 2-bath home spans 2,027 square feet and is situated on a generous 13,496 square foot cul-de-sac lot in the prestigious Pinnacle Peak Country Club. Boasting numerous modern updates and charming features, this home is designed for both comfort and style. As you approach the property, you'll be greeted by a lovely courtyard in the front of the home, mountain views, complete with a tranquil water feature, setting the tone for the serene ambiance that awaits inside. Step through the entryway to discover gorgeous Saltillo tile flooring throughout the living spaces, accentuated by striking wood beams in the living room that add character and warmth. The home's layout is both functional and inviting, featuring a spacious living area and a beautifully updated kitchen with new refrigerator May 2024. New Pella sliding doors, installed in 2024, provide seamless access to the backyard, creating an effortless flow for indoor-outdoor living. The backyard is a true retreat, featuring a recently updated, resurfaced, and retiled pool (2020) and a putting green, perfect for outdoor fun and relaxation. You'll spend countless hours enjoying the sunrises and sets in this breathtaking backyard. The owner's suite is a private sanctuary, boasting a large walk-in closet and plush new carpet, installed in 2023 along with office/bedroom, for ultimate comfort. All bedrooms are equipped with wooden shutters & guest bedroom new window and blinds at sliders (2024) ensuring privacy and an abundance of natural light. Fresh paint and minor repairs completed in 2024 make this home truly move-in ready. Additional features include a roof that has been maintenanced in 2024 and new wooden door installed for the 2-car garage. This home combines modern updates with classic Southwest charm, offering the best of both worlds.

2731 W Desert Ranch Road Phoenix, AZ 85086

$1,295,000
5 Beds
4 Baths
3,068 SqFt
Status Active
MLS # 6665619
Property Type Single Family Residence
Price Type --
Resort style backyard on one acre w/ NO HOA! Entertainer's dream! NINE HOLE PUTTING GREEN COURSE! TENNIS/BASKETBALL COURT! COMPLETE SEPARATE GUEST HOUSE! 2 GARAGES FOR 5 CARS (2 + 3 CAR CLIMATE CONTROLLED GARAGE) + parking for more! MOUNTAIN VIEWS! Heated AND cooled pool w/ baja shelf! Fire pit, outdoor kitchen, OWNED solar! Open floorplan, & master bedroom split floorplan! This home truly has it all. Must see to truly appreciate the unique character & setting of this home, located conveniently near the immediate suburban/shopping areas in Anthem, AZ. Easy freeway access to continue to enjoy the natural playgrounds of Lake Pleasant, or to hike one of the many trail nearby, just to name a few options. Drive South for a dose of ''city'' in Phoenix, or North towards Sedona, Flagstaff & more INTERIOR DETAILS *Smart House w/many features programmable through apps *Custom Built in 2003 *Owned Whole-Home Solar System (19.77kw, 59 LG Panels) *Superior Architectural Details *Mantel-and-Hearth Fireplace *Dual-Pane Windows *Owned Water Softener *Indoor Laundry w/Cabinetry *Built-In Microwave & Wall Oven *Walk-In Pantry w/Shelving *9', 10', 12' Ceilings *Updated indoor/outdoor LED lighting *Wooded Accent Wall *Hardwood Floors & bedroom wood flooring & baseboards *Natural Travertine Tile *Master Shower Tile *Fresh Well Water *2-Car epoxied Garage w/side entry & built in cabinetry *3-Car drive thru Garage, epoxied w/Built-In cabinetry EXTERIOR DETAILS * Lighted tennis/basketball court *9 hole mini putting greens *Three 50 amp RV plug-ins on property *Landscape rock in front and back yards *Painted front walls (2021) *Upgraded Septic System/Tank *Garage doors-added outside keypads w/lifetime warranty *100% Silicone Roof Coating w/50-Year Warranty (2019) *Custom Iron-And-Glass Entry Door *Preferred North/South Exposure *Split-Stone Fireplace Column *Pebble-Finish Pool: Heats & Cools, Variable Speed Pump *Heated Spa *Guest House Paver Patio w/Extensive Sail Shade *Covered Front & Back Patios *Front/Back Auto Watering System *East & West Side RV Gates *Easy-Care Desert Front Landscape *Block Wall Fencing for Privacy Not ready to make this home your primary residence? With no HOA, consider this home, currently an active short term rental, as a spacious and unique opportunity for short term rentals, seasonal rentals, and more. MAIN HOUSE: 3 BD 3 BA 2,591 SF 2-CAR GARAGE GUEST HOUSE: 1 BD 1 BA 477 SF 3-CAR GARAGE (previously was used as a drive-thru option, currently being used as a game room and with a new sliding glass door).

3918 W Bowen Avenue Glendale, AZ 85308

$1,295,000
3 Beds
2.5 Baths
2,944 SqFt
Status Active
MLS # 6734292
Property Type Single Family Residence
Price Type --
PRICE IMPROVEMENT-like new construction SINGLE LEVEL - in premium cul-de-sac N/S location with stunning Mountain Views! Everything you want in a new home - only better with SOLAR OWNED 38 panels, 3-car garage/epoxy floors/storage (2 EV GARAGE), & walls of glass & soaring ceilings opening to an expansive back patio w/privacy & views. Large great room opens to chef's kitchen w/state-of-the art appliances w/gas cooktop/large center island/wine and coffee area/huge WI-panty & dining that opens to front courtyard patio. Expansive primary suite - sitting area w/views & sumptuous primary bath w/soaking tub/large WI shower, and large primary WI-closet. Game room, office/bedroom/bath & guest suite/bedroom/bath. Easy access to freeway/hospitals & shopping in this newer subdivision VISION HILLS

8707 E Clarendon Avenue Scottsdale, AZ 85251

$1,295,000
5 Beds
2 Baths
1,993 SqFt
Status Active
MLS # 6746680
Property Type Single Family Residence
Price Type --
Introducing the ''House of Gucci.'' a property that redefines what luxury, tranquility, and living your best life looks like! This stunning home features a spacious 5 bed/2 bath with the finest decor exuding elegance and beauty! The bright open floor plan leads out to the resort like backyard where endless fun begins. Take a dip in your sparkling heated pool and spa, roast marshmallows by the fire pit, entertain friends at your BBQ, or putting green, or simply just lounge on the beautiful outdoor furniture. Or perhaps stay inside the custom game room gathering with family and friends making memories. All this and in the most sought after part of Sunny Scottsdale, just minutes from the heart of Old Town where you can enjoy the finest dining, shopping and night life!

39101 N 26th Street Cave Creek, AZ 85331

$1,295,000
3 Beds
2.5 Baths
2,862 SqFt
Status Active
MLS # 6736724
Property Type Single Family Residence
Price Type --
Exceptionally Energy efficient Home with Huge Resort Retreat backyard & Mountains you can almost touch!! Stunning Integra Energy-Efficient Block Custom home on over 1 acre. Just under 3,000 sq ft. Perfect size for your forever home. Roomy entertainers kitchen with Sub Zero built in refrigerator, GE Convection double ovens & range, Bosch dishwasher, kitchen island, built-in microwave, R/O system, roll-out shelving & large walk in pantry. Eat-in Kitchen breakfast area , Plus a Formal Dining room. First Class all the way professionally designed backyard oasis that Includes PIZZA over and a separate dance floor level. 25 year warranty Rhino paint exterior. RV spot with own 50 Amp hook up. 3 car extended garage with epoxy floor.

24350 N Whispering Ridge Way Unit 35 Scottsdale, AZ 85255

$1,295,000
3 Beds
3 Baths
2,853 SqFt
Status Active
MLS # 6678546
Property Type Single Family Residence
Price Type --
VIEWS & LOCATION! Beautiful single story home in Troon with spectacular views from every window! 3 bedroom, 3 bath with an office it's a perfect getaway in Scottsdale! All bathrooms and the kitchen have been remodeled with new appliances and cabinetry! Sunrise, sunset and mountain views are amazing! A must see home!

4114 Cactus Blossom Road Wickenburg, AZ 85390

$1,295,000
2 Beds
2.5 Baths
2,381 SqFt
Status Active
MLS # 6705527
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis in the heart of the exclusive Wickenburg Ranch community! Within the serene beauty of this Brasada home, this stunning residence offers an unparalleled blend of luxury and tranquility. As you step through the front courtyard, you're greeted by the inviting charm of this home's curb appeal. Modern neutral colors adorn the exterior, setting the tone for the elegance that awaits inside. Prepare to be captivated by the breathtaking views that greet you from the backyard oasis. Overlooking the mountains, lush golf course, and tranquil creek, the backdrop is nothing short of awe-inspiring. Spend evenings gathered around the cozy firepit, soaking in the serenity of the desert landscape. With two remote controlled patio shades you have the ability to easily shade the patio at will. Inside, the home exudes warmth and sophistication, with plenty of natural light streaming through numerous windows. The updated kitchen boasts sleek appliances, granite counters, ample cabinets, and extra storage areas, making it a haven for any culinary enthusiast. The dining room and master bedroom both have window seats for additional seating and storage. In the living area, a gas stove beckons for cozy evenings spent curled up with a good book or enjoying the company of loved ones. Retreat to the luxurious master suite, where the updated bathroom awaits with a spacious walk-in shower and indulgent soaking tub. Relax and unwind in style, surrounded by elegant finishes and serene ambiance. The oversized laundry room serves as a multifunctional space, doubling as a convenient office area. The guest bedroom offers privacy and comfort with its own en-suite bathroom, ensuring that visitors feel pampered during their stay. Pleated shades and plantation shutters throughout the home provide both style and functionality. In addition, the home has a central vacuum for convenience and a wine fridge for making entertaining a breeze. Completing this exceptional property is an oversized 3-car garage, complete with beautiful, attached cabinets for additional storage, and two golf cart electrical outlets for charging. Whether you're a car enthusiast or simply in need of extra space, this garage has you covered. Don't miss your chance to experience resort-style living in this exquisite Brasada Shea home!!

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