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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5221 Silver Bell Drive Prescott, AZ 86301

$1,275,000
3 Beds
4 Baths
2,839 SqFt
Status Active
MLS # 6757765
Property Type Single Family Residence
Price Type --
STUNNING CUSTOM HOME IN THE BEAUTIFUL NEIGHBORHOOD OF GRANITE DELLS ESTATES: OFFERING 2,839 SQ FT WITH 3 BEDROOMS WITH ENSUITE BATHS. THE PRIMARY SUITE AFFORDS HIS AND HERS CLOSETS, SPACIOUS SHOWER, TUB AND DOUBLE SINKS AND PULL OUT SHELVES. IN ADDITION, THE HOME OFFERS A CHARMING POWDER ROOM, FORMAL DINING, DEN/OFFICE WITH FRENCH DOORS LEADING TO GUEST SUITES FOR PRIVACY. WOOD-LOOK TILE FLOORING, HIGH-END QUARTZ STONE COUNTERS THROUGHOUT, CUSTOM TILE SHOWERS, 8 FT INTERIOR DOORS, GOURMET KITCHEN WITH STAINLESS STEEL APPLIANCES & NXR PROFESSIONAL HOOD. CUSTOM BAR AND CABINETRY. CUSTOM WINDOW COVERINGS ALONG WITH 4 INCH PLANTATION SHUTTERS. ENJOY YEAR ROUND OUTDOOR LIVING ON THE EXPANSIVE COVERED PORCH AND PATIO. PAVER DRIVEWAY AND WALKWAYS, $175,000 LUSH LANDSCAPING PACKAGE IN FRONT AND REAR YARD WITH 2 CUSTOM WATER FEATURES, 2 RAISED PAVER PATIOS EACH WITH A PERGOLA. RAISED GARDEN BEDS FOR EASY CARE GARDENING. THIS HOME SITS ON A .39 ACRE LOT WITH OVER-SIZED 3 CAR GARAGE WITH WORKBENCH AND OVERHEAD STORAGE. RECENTLY INSTALLED ERV (ENERGY REMOVAL VENTILATOR), ATTIC FAN, AIR PURIFICATION SYSTEM AND WATER REMOVAL PUMPING SYSTEM. GRANITE DELLS ESTATES AMENITIES INCLUDE: OUTDOOR POOL, FITNESS CENTER, PICKLE BALL, CLUBHOUSE, EVENT LAWN, FIREPIT AND COMMUNITY KITCHEN.

4530 W Fox Glove Lane Show Low, AZ 85901

$1,275,000
4 Beds
4.5 Baths
4,077 SqFt
Status Active
MLS # 6756548
Property Type Single Family Residence
Price Type --
FULLY Furnished Beautiful and PRIVATE location in Trailhead at Torreon, this custom-built residence promises an unparalleled living experience. Spanning a generous 4000+ square feet on a .62 acre lot, the home boasts four bedrooms and 4.5 baths, each designed with comfort in mind. The heart of the home is the open great room with HUGE windows, bathed in natural light from expansive windows that offer views of the majestic pines. An elegant rock fireplace stands ready to warm chilly evenings, while the flowing hardwood floors add a touch of sophistication. The built-in entertainment center and formal dining area are perfect for hosting, complemented by an oversized granite island. READ MORE Culinary enthusiasts will delight in the chef's kitchen, equipped with top-of-the-line stainless appliances. The opulence extends to the large master suite, featuring a soaker tub, tiled shower, and spacious walk-in closet. A second master suite provides additional luxury, and guests are accommodated with ample bedroom space and private bathroom. Entertainment options abound with a finished basement that includes a Rec Room with a bathroom of over 1,000 sq ft, leading out to an impressive 2,000 sq ft of outdoor decking. Here, a 6-person hot tub and gas firepit create the perfect ambiance for relaxation or social gatherings. There is an upper deck off of the guest bedroom for extreme enjoyment! This exquisitely fully furnished home is ready for you - just bring your toothbrush. The seller is taking their art and decor, so you can accessorize it to your taste. This home is TOP of the line - no detail untouched. Come feel the magic! This home has never been rented - it has extreme pride of ownership. Sellers have added a beautiful paver driveway and back paver area with a natural gas fireplace for enchanting evening under the stars. Furnishings are included; NO artwork, decor, or lamps to Convey - NOTHING in the garage conveys. Don't miss this piece of MAGIC. The community of Torreon has it ALL. Imagine breathing in the crisp mountain air while enjoying the 36 hole championship golf course, swimming pool, work out facility, tennis, volleyball, basketball, outdoor amphitheater and an equestrian center! In addition, Torreon has a 10 acre family center that will appear magical to the kids with games and crafts galore, plus a fishing pond for catch and release, plus childcare options. In addition to all that Torreon has to offer, the White Mountains has even more! Fools Hollow lake is just a short distance away. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 60 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside AREA was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

10050 E Mountainview Lake Drive Unit 21 Scottsdale, AZ 85258

$1,275,000
2 Beds
3 Baths
2,530 SqFt
Status Active
MLS # 6716930
Property Type Townhouse
Price Type --
INCREDIBLY FABULOUS HOME LOOKS DOWN THE ENTIRE LENGTH OF LAGOON. LUSH, LUSH LANDSCAPE EVERYWHERE. INTERIOR IS TO DIE FOR WITH TRAVERTINE FLOORS,GRANITE,CANTERRA STONE FLOOR TO CEILING FIREPLACE,SHUTTERS, DESIGNER LIGHT FIXTURES. ELEGANT TOUCHES EVERYWHERE.THIS HOME IS GRACIOUS AND ELEGANT AND IN A WONDERFUL CLOSE IN LOCATION. THIS IS AS GOOD AS IT GETS. SUBDIVISION HAS 2 POOLS, LAKE ACCESS. LOTS OF OLD WORLD CHARM

43320 N 11th Street New River, AZ 85087

$1,275,000
3 Beds
2.5 Baths
3,120 SqFt
Status Active
MLS # 6714157
Property Type Single Family Residence
Price Type --
Welcome to your future dream home! This proposed new construction offers an exciting opportunity to create the perfect living space designed for your lifestyle. Once contracted, this thoughtfully designed floor plan will be built to meet the highest standards of quality and modern design. This spacious ranch offers over 3,120 square feet of living space, featuring a well-appointed design to facilitate bonding with friends and family. The primary suite includes dual closets and an oversized bathroom that can be upgraded for a more luxurious experience. The price covers the lot, base home, site preparation, around $100K in upgrades, and an RV garage. To begin the process, Adair Homes must be contracted for construction. The buyer will first purchase the lot from the seller, and then engage a builder specializing in build on your own lot projects. You'll work directly with the builder to select the floorplan, elevation, and finishes to customize the home to your preferences. For added convenience, the builder's preferred lender can streamline the financing process with a single loan that covers the lot purchase, site improvements, home construction, finishes, and the long-term mortgage. The entire construction timeline is estimated to take up to 12 months from the time the new home construction contract is signed, offering a realistic timeframe for bringing your vision to life. This is a unique opportunity to build your custom home in a setting that combines the best of modern living and nature. Don't miss out on the chance to create a home that is truly yours!

1802 N 69th Street Scottsdale, AZ 85257

$1,275,000
4 Beds
3 Baths
3,026 SqFt
Status Active
MLS # 6755823
Property Type Single Family Residence
Price Type --
Welcome to your Scottsdale sanctuary! This beautifully updated home is versatile, ideal for multi-generational living or as an income-generating property, thanks to its attached casita. Inside, the open floor plan provides both a living room with dining space and a cozy family room that opens to an amazing backyard. The fully equipped kitchen boasts ample counter space, a walk-in pantry, and beautiful cabinetry, giving you plenty of room for family meals and entertaining. Your primary suite is a true retreat with a large en suite bathroom featuring a walk-in shower, soaking tub, and an expansive closet. The secondary bedroom is just as inviting with its own en suite bathroom. Additionally, you'll find a third bedroom and a large laundry room with plenty of storage in the main home. The attached casita offers a perfect space for guests or additional income opportunities. It features a full kitchen, a generous living and dining area, a private bedroom, and a full bathroom. The casita also comes with its own private carport. Step into your resort-style backyard and you'll fall in love with the Pebble Tec pool featuring a stunning waterfall. The area includes a built-in gas grill, multiple seating spaces for relaxing and socializing, and a misting system around the large covered patio to keep you cool on hot summer days. You can also soak in the breathtaking views of Papago Mountain. One of the most unique features of this home is the oversized 3-car garage, with doors nearly 8 feet tall and an extra-deep third bay that can accommodate longer vehicles or even a boat. Plus, you'll enjoy peace of mind with a new HVAC system and roof installed in 2021. Located just minutes away from Old Town Scottsdale, Papago Park, and the Desert Botanical Garden, this home offers the perfect blend of relaxation and convenience. Don't miss the chance to make this Scottsdale gem your new home or income property!

3940 Rolling Stock Way Wickenburg, AZ 85390

$1,275,000
3 Beds
3.5 Baths
3,058 SqFt
Status Active
MLS # 6749602
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis nestled in the serene landscape of Wickenburg Ranch!! This luxurious 3000 square foot home boasts breathtaking views that will leave you in awe every day. Step inside to discover a massive kitchen, meticulously designed with numerous appliance upgrades, perfect for the culinary enthusiast. Adorned with a stunning tile backsplash and granite countertops, the kitchen exudes both elegance and functionality. As you wander through this impeccable abode, you'll be greeted by beautiful timeless tile floors that add a touch of sophistication to every room. The spa-like bathrooms are a sanctuary unto themselves, featuring a rejuvenating sauna for ultimate relaxation. The oversized laundry room serves as a multifunctional space, doubling as an office to accommodate your lifestyle needs seamlessly. Step outside to your own private paradise, where a gorgeous outdoor living space awaits. An artistic fountain sets the tone for tranquility, while the travertine tile extended length patio provides the perfect setting for al fresco dining or simply soaking up the sun. Entertain with ease in the built-in outdoor kitchen, remote controlled screens, complete with all the amenities you need to host memorable gatherings. The landscaping is meticulously curated, enhancing the beauty of your surroundings and creating a serene ambiance. Keep your utility bills low with OWNED solar panels!! The home comes with HOA approved plans for a 795 sq ft Casita plus an RV garage!

11082 E Mark Lane Scottsdale, AZ 85262

$1,275,000
4 Beds
4 Baths
3,691 SqFt
Status Active
MLS # 6746093
Property Type Single Family Residence
Price Type --
Discover this exceptional residence in one of Scottsdale's coveted neighborhoods, Troon North. Perfectly situated on a premium corner lot & backing to the open common area, this stunning home provides an ideal setting for privacy & tranquility. A welcoming courtyard entrance with authentic flagstone sets the stage for a thoughtfully designed main residence & separate guest casita, equipped with its own entrance, ensuite bath, wood shutters, wood tile and walk-in-closet. Once inside, the open floorplan features high ceilings, elegant finishes & an abundance of natural light. Desirable neutral tones were used throughout, including stone & hardwood floors, new carpet, wood shutters & a new electric Hunter Douglas blind. Additional main level amenities include an executive office, 2 generous sized BR's, 2 BA's, an oversized laundry room w/ storage, a laundry chute, sink & outdoor access, an oversized 2 CG w/ built in storage & generous amounts of closets & storage throughout the home. The HUGE primary suite encompasses the entire second level, offering an oversized bedroom with a sitting area and an additional bonus room, perfect for a home office or gym. A private covered patio provides stunning views of the surrounding Sonoran Desert. Enjoy the primary ensuite bath with a separate soaking tub and a nearly $20K remodeled shower. Enjoy resort style living in the backyard oasis, offering a sparkling pool, an extensive covered flagstone patio ideal for alfresco dining, desert landscaping and an abundance of privacy. Located in desirable Troon North, this home provides easy access to world-class golf courses, the famous Brown's Ranch Trailhead less than 1 mile away, and a wealth of local amenities. Whether you're relaxing in your private retreat or exploring the vibrant community, this property offers a lifestyle of luxury and convenience. Come and experience all that North Scottsdale has to offer!

2909 N 81st Place Scottsdale, AZ 85251

$1,275,000 - 4Br/2Ba -  for Sale in Trail West Unit 5, Scottsdale
New
$1,275,000
4 Beds
2 Baths
2,217 SqFt
Status Active
MLS # 6763705
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the vibrant heart of Scottsdale! This stunning, completely remodeled home combines modern luxury with beautiful design. From the new roof, AC, plumbing, electrical, flooring, cabinets, bathrooms, level 5 smooth drywall, etc., every detail has been meticulously crafted. Bright, open-concept living area perfect for entertaining. Stylish kitchen that features sleek quartz countertops, stainless steel appliances, walk-in pantry, and striking black cabinetry. Large open living room with a new gas fireplace, sets the perfect backdrop for gatherings with family and friends. There is a spacious master suite with a lavish en-suite bathroom featuring a soaking tub and separate shower. Step outside to discover your backyard paradise! With a large covered patio, sparkling pool, spa, and lush turf, it's the ideal space to soak up the Arizona sun or host unforgettable outdoor gatherings. The low-maintenance landscaping enhances the home's curb appeal while providing a tranquil escape. Nestled in a highly sought-after Scottsdale neighborhood, you're just moments from the vibrant Old Town, with its exceptional shopping, dining, and entertainment options. This home isn't just a property; it's a lifestyle waiting for you to embrace. Don't miss your chance to make this stunning oasis your own!

103 W Tanya Road Phoenix, AZ 85086

$1,275,000
4 Beds
3.5 Baths
2,650 SqFt
Status Active
MLS # 6739815
Property Type Single Family Residence
Price Type --
Rare opportunity for a custom built home in Desert Hills! With 1.25 usable flat acreage, this home has been beautifully remodeled with over $150k in upgrades in the last 12 months, including a new water heater, new windows and new AC's. The large open floor plan features a spacious kitchen with an oversized island with room for seating, marble countertops and knotty alder cabinets. The split Master suite has a huge walk in closet, double sinks, walk-in shower, and french doors to the back patio. The extensive fully enclosed backyard has a wrap around covered patio, sparkling pool with limestone/travertine decking, 2 sheds, and an outdoor kitchen. Custom security doors and custom RV gate. Multiple hook ups for your toys, with a 50amp, 30 amp and oversized 3 and a half car garage It even has City water at the property line.

2308 E Dry Wood Road Phoenix, AZ 85024

$1,275,000
4 Beds
3 Baths
2,865 SqFt
Status Active
MLS # 6563647
Property Type Single Family Residence
Price Type --
Step into this dramatic 4-bedroom home with a private office, where luxury and modern design meet in perfect harmony. Freshly painted inside and out, the home features a spacious 4-car garage with smart doors and sleek epoxy floors, offering the ultimate convenience. The exposed aggregate driveway and beautiful Travertine courtyard create an inviting first impression, setting the tone for the elegance within. In the backyard, you'll find your own private resort. A sparkling pool, surrounded by fire pits, a tranquil waterfall, and commercial-grade misters, invites relaxation and effortless entertaining. Inside, the great room is a showstopper, with soaring 12-foot ceilings and the latest designer colors, creating a modern yet refined atmosphere. The gourmet kitchen is a chef's dream, complete with stainless steel appliances, granite countertops, a stunning stone center island, and a chic backsplash. The eat-in kitchen offers sweeping views of the pool, mountains, and Travertine patio, blending indoor and outdoor living seamlessly. Throughout the home, plantation shutters add a touch of elegance, while surround sound throughout the entire house enhances your entertainment experience. You'll also love the added comfort and efficiency of a tankless water heater, ensuring endless hot water while saving energy. This is a must-see, luxury living at its finestwhere every detail has been thoughtfully designed to create a space that's both beautiful and functional. Measured at 2,728 square feet by a prior appraisal, this home is ready to impress.

8874 E Flathorn Drive Scottsdale, AZ 85255

$1,275,000
3 Beds
2 Baths
2,003 SqFt
Status Active
MLS # 6729431
Property Type Single Family Residence
Price Type --
NEW PRICE!!!Highly desirable DC Ranch location! Wonderful single level patio home in gated community, surrounded by open space & beautiful homes w/all the great DC Ranch amenities! Recently refreshed w/new paint & wood floors in bedrooms. You'll love the great rm floor plan/totally open to kitchen & dining rms. High ceilings add to the openness of this home. You'll love the kitchen w/it's huge island/granite counters & gorgeous custom alder cabinets/gas range/wall oven & microwave/sub zero fridge & walk in pantry! 3 split bedrms / lg master suite w/exit to yard/double vanity & 2 walk in closets/separate tub & shower/Murphy bed in 2nd bdrm/Built in desk in hallway/ nice laundry room w/sinks & lots of storage/ Solid alder doors/Private yard W/spa &/water feature./Built in BBQ/2 car garage. HOA fee includes access to the DC Ranch amenities.

30804 N 120th Avenue Peoria, AZ 85383

$1,275,000
5 Beds
4 Baths
3,354 SqFt
Status Active
MLS # 6712297
Property Type Single Family Residence
Price Type --
Blackstone exclusive golf and CC community. Newest upgrades Including new paint in/out, flooring, pool pump, custom power window treatments and so much more. Super clean move in ready home! Kitchen overlooks great room with fireplace and boasts SS appliances, oversized island with prep sink an abundance of cabinets with roll outs, huge walk in pantry with second fridge. This split floor plan provides privacy to master in one corner, across the home a guest suite and separate hall leads to three addition bedrooms with media area. Large private lot with natural space behind, mtn views, pool, spa, extended paver patio, gas plumed for bbq, putting green to sharpen your game,. It's your chance to live the lifestyle you deserve in a spectacular home. provides privacy to company. Staycations are a thing of the past with this spacious resort style yard that includes extended covered paver patio, pool, spa, putting green complimented with mountain views. Freshly painted inside and out, new flooring, added enhancements make this home move in ready. It takes only moments to fall in love with this home. Area highlights include biking/walking paths, play areas, clubhouse/rec, tennis/pickleball, work out facility, golf, and more all within minutes of the 303 access. It's time to enjoy life!

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