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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4210 E Desert Vis Trail Cave Creek, AZ 85331

$1,269,999
4 Beds
3.5 Baths
3,558 SqFt
Status Active
MLS # 6614047
Property Type Single Family Residence
Price Type --
Homesite 1-SpurCross-This home includes the multi-generational living with the great room and bedroom 2 suite. Complete with a kitchenette featuring an eat-in kitchen island and washer/dryer/fridge hook ups and walk in shower in lieu of tub/shower, it's a private apartment within the home. Other options included in this price are vaulted ceilings with beams, exterior stone, laundry room sink, 15' multi-slide doors in great room, and bbq gas preplumb. The upgraded finishes include hardwood flooring, quartz countertops, upgraded cabinets, and bathroom surrounds. Upgraded kitchen appliances include double ovens, built in microwave, chimney hood, and 36'' cooktop.

11264 N 128th Place Scottsdale, AZ 85259

$1,269,900
5 Beds
3.5 Baths
3,720 SqFt
Status Active
MLS # 6723945
Property Type Single Family Residence
Price Type --
Beautiful Family Home with Mountain Views and Pool Welcome to your dream family home! This exquisite property is meticulously maintained and ready to welcome a new family. With its stunning features and prime location, it offers everything you need for comfortable and luxurious living. Grand Entrance as you step inside, the gorgeous grand staircase immediately captures your attention, setting the tone for the elegance that awaits throughout the home. High ceilings create an airy and open feel, and unique flooring adds a touch of sophistication. Spacious Living Areas. The spacious downstairs primary suite is a true retreat, featuring its own private fireplace for cozy evenings and a sense of serenity. The huge loft upstairs opens to a balcony that showcases spectacular mountain views a perfect spot for morning coffee or evening relaxation. Gather around the stunning family room fireplace, ideal for family movie nights or entertaining guests. The formal living and dining rooms are designed for memorable family gatherings and special occasions. The upstairs family room or entertaining area offers a versatile space for various activities. Whether you need a game room, a home theater, or a secondary living room, this area provides ample space and comfort for your family's needs. The chef-style kitchen is a highlight, equipped with top-of-the-line appliances and ample space for culinary adventures. Its layout ensures that cooking and entertaining are a breeze, making it the heart of the home. Outdoor Oasis Step outside to the large lot and discover your personal oasis. The fenced pool invites you to cool off on hot days, while the covered patio and outdoor grill area are perfect for summer barbecues and outdoor dining. The turf grass provides a lush, green space for play and relaxation, and the spiral staircase from the balcony to the backyard adds a unique touch of charm. Prime Location located in close proximity to top-rated schools such as Desert Mountain High School and BASIS Scottsdale, this home is perfectly situated for families seeking quality education and a friendly community. Enjoy the convenience of nearby shopping, dining, and recreational opportunities. Don't miss the chance to make this beautiful home yours. With its blend of elegance, comfort, and prime location, it's the perfect place to create lasting family memories. Newer Seller owned 18KW Fusion Power solar panel system with transferable 25 year warranty buyer can assume monthly payments or payoff at buyer's discretion.

11377 E Diamond Cholla Drive Scottsdale, AZ 85255

$1,269,000
4 Beds
2 Baths
2,248 SqFt
Status Active
MLS # 6743404
Property Type Single Family Residence
Price Type --
This beautifully maintained home, nestled in the desirable Troon neighborhood, offers a perfect blend of classic charm and modern convenience, set against the breathtaking backdrop of Troon Mountain. Upon entering, you'll immediately appreciate the expansive windows showcasing picturesque desert landscaping and gorgeous mountain views. The spacious split floorplan ensures privacy and comfort featuring three generously sized bedrooms plus a versatile den, ideal for a home office, playroom, or additional guest space. The open-concept living and dining spaces create an inviting atmosphere for both relaxing and entertaining, while the well-appointed kitchen boasts ample cabinetry, counter space, and modern SS appliances, making meal preparation a pleasure. The highly desirable south-facing yard offers a perfect low-maintenance spot for outdoor dining, gardening, or simply soaking in the stunning scenery. This home is ideally located near a variety of amenities, including world-class golf courses, hiking trails, and vibrant dining and shopping options. Troon is renowned for its natural beauty and outdoor recreational opportunities, ensuring you'll always have something to explore right in your backyard.

6919 E Ivyglen Street Mesa, AZ 85207

$1,269,000
5 Beds
3.5 Baths
4,170 SqFt
Status Active
MLS # 6748564
Property Type Single Family Residence
Price Type --
MOTIVATED SELLER! The epitome of luxury living! Located in the prestigious gated community of Annecy, & one of the few custom homes within the community. Grand entryway, with elegant stone & wood flooring, custom ceiling trim & exceptional craftsmanship found throughout. Seamless blend of stone & hardwood floors, wide baseboards, arched doorways, & intricate crown moldings. The primary suite is a true spa-like retreat, complete with his & hers walk-in closets. Enjoy two sets of Jack & Jill bedrooms/bathrooms, a remarkable laundry room, & an entertainer's kitchen with new appliances that will leave you in awe. Stunning all-black tile swimming pool, complete with waterfall, slide, built-in hot tub, & stone pool decking. Outdoor kitchen features a large gas grill with granite countertops The property also offers a paver driveway, a massive extended length three-car garage with plenty of storage, and an RV gate. This home is truly a showstopper!

19235 E Peartree Lane Queen Creek, AZ 85142

$1,268,999 - 4Br/5Ba -  for Sale in Quail Creek, Queen Creek
Open House
$1,268,999
4 Beds
4.5 Baths
4,022 SqFt
Status Active
MLS # 6761607
Property Type Single Family Residence
Price Type --
Rare and unique opportunity to own a highly updated and former model home in Quail Creek subdivision. All 47 Quail Creek homes are single level with large lots and superior quality. This Sunridge model includes 4 bedrooms with ensuite baths and an office, a half bath and bonus area that could be a library or game room. Step into a luxurious open floor plan with 2 pantries, tons of cabinet space, large island and meticulous kitchen. Don't miss the disappearing wall that melds indoor and outdoor space, with a beautiful backyard, gazebo and patio area. This 13,248 sf lot allows ample room for entertaining or room for a pool and spa. Professional turf in backyard with perfect landscaping. Plantation shutters throughout! So close to Mansel Carter Oasis Park that boasts tennis, pickleball, volleyball, fishing, fields, and a children's playground. There is so much more like the paver driveway and sidewalk, Front and back yard landscaping, gourmet kitchen with GE SS Monogram® appliances, including double ovens and 36 gas cooktop. Tile throughout, with upgraded carpet in the bedrooms and dining area. Custom paint accent walls and 2 tone paint. Plus so much more! Regency at Quail Creek Estates

4962 S Topaz Road Flagstaff, AZ 86005

$1,265,000
4 Beds
3.5 Baths
4,218 SqFt
Status Active
MLS # 6697677
Property Type Single Family Residence
Price Type --
THE COOLEST AND MOST INTRIGUING ARCHITECTURE in the greater Flagstaff area! This spectacular custom home sits on a hill and enjoys phenomenal views of the San Francisco Peaks and amazing Arizona sunsets. An abundance of natural light in this terrific four bedroom that features an open floor plan, cathedral ceilings, gourmet kitchen with breakfast bar, custom cabinetry and appliances, wine fridge, double oven, and six burner range. Perfect for entertaining! Very private primary suite and bath offers gorgeous views, deck, walk-in shower, soaking tub, and dual vanities. Outstanding bonus room ideal for family gatherings, spacious guest bedrooms, and maintenance free landscape. Excellent location close to the neighborhood trail, park, and national forest. A very unique custom home.

88 Chapel Road Sedona, AZ 86336

$1,265,000
4 Beds
4 Baths
3,038 SqFt
Status Active
MLS # 6686863
Property Type Single Family Residence
Price Type --
Enjoy up close and unobstructed Red Rock views, along with extraordinary privacy, from this custom 3 bedroom, 3 bath home, with an additional attached casita. Set in the Mystic Hills subdivision, this spectacular single-story Sedona oasis sits on almost a half an acre containing dozens of mature native trees and ample vegetation, providing natural screening and privacy.The primary home is an open and bright 2,348 sq ft, with expansive windows on both sides of the house letting in ample natural light. All the windows look out at the native forest, where homeowners can enjoy watching swaying trees, flowering cactus, birds, and native wildlife with the upmost privacy. Enjoy 10.5' high ceilings in the large family room and kitchen. The split floor plan offers a primary suite that is open and spacious, with large windows, two walk-in closets, and a lovely master bathroom that pampers you with dual vanities, an oversized shower, and a window-side soaking tub. On the other side of the split floor plan are two large and spacious bedrooms, with a rustic bathroom complete with a shower and soaking tub. The recently remodeled kitchen is large and open, with abundant counter space, and plenty of room to move around while preparing your favorite meals. It boasts new appliances, granite countertops, tile, and knotty hardwood cabinets with soft close doors and drawers. Floor to soffit hardwood cabinets offer plenty of storage for pantry items. Walk out the back door to the expansive 1,400 sq/foot deck with up close and dramatic Red Rock views of the massive Mystic Mountain. Relish in the changing views of the season, from snow dusted red rock cliffs, to cliffs partially shrouded in mist and clouds, to the evening alpen glow that warmly reflects off the crimson cliff faces. The large deck is partially covered, partially open, providing sunny seating areas for the cooler months, and shaded seating during hotter months. This large outdoor space is perfect for daily relaxation or entertaining guests. From the Jacuzzi, enjoy breathtaking views of the massive Mystic Mountain to the east and Steamboat rock and the Acropolis to the north. From the deck, access the attached 690 sq ft casita, which contains its own bathroom with shower and kitchenette. The casita contains ample space for a home office, guest quarters, workout room, artists' studio, or even an income-generating ADU. With its own heating and cooling, expansive windows, and cork flooring, this comfortable space can be custom tailored for a variety of needs. Other notable features in the home include a laundry room with additional storage, a custom fireplace for cozy winter gatherings, a bathroom/powder room off the hallway and a large buffet for storing occasional dinnerware, wine and spirits, or just hiding clutter. The entry room offers an area to leave coats and shoes, with large built-in shelving for displaying art. Attached is a two car garage, with ample driveway space for additional vehicles. From the home, a short walk along the new city sidewalk leads to some of the Sedona's most scenic trails, including the Mystic and Chapel trailheads. Perfect for the healthy lifestyle that draws people to Sedona. Mystic Hill residents enjoy regular opportunities to meet up with neighbors to play tennis or pickle ball, participate in regular hikes, a book club, holiday barbeques at the clubhouse, and other activities. The beautifully designed clubhouse is open to homeowners and their guests, can be reserved for special events, and has a quiet swimming pool and spa with dramatic views. The clubhouse also contains a weight room and a kitchen. In spite of these luxurious amenities, Mystic Hills maintains some of the lowest HOA dues around. Come for a tour before the opportunity passes you by!

3748 E Mare Court Phoenix, AZ 85044

$1,264,500
6 Beds
3.5 Baths
4,801 SqFt
Status Active
MLS # 6718151
Property Type Single Family Residence
Price Type --
Huge BASEMENT-HEATED Pool-Oversized Lot with dreamy mountain views and sunsets-4.5 Car Garage. Welcome home! Beautiful custom home situated in the Equestrian Estates.Step into your elegant home boasting 6 bedrooms, 3.5 baths, a chef kitchen with 2 workstations, built in appliances, double ovens and stainless appliances.Heated travertine floors in main living area. Wood flooring in bedrooms-lots of storage and walk in closets. Primary suite with sitting area and 2 closets and direct access to backyard.Full built out basement w/ bonus room, bar, 2 bedrooms and bath. Perfect place to send the kids or create a quiet cool place to retreat from the heat. Built in BBQ, view deck&storage shed.Beautiful neighborhood, Kyrene School District, horse back riding trails and more.

15027 N 28th Street Phoenix, AZ 85032

$1,263,000
4 Beds
3 Baths
3,448 SqFt
Status Active
MLS # 6732094
Property Type Single Family Residence
Price Type --
This fine custom home offers a world of possibilities for both personal and business needs. This property has plenty of open living space and available land for additional building — perfect for someone working from home or desiring to customize a lot. Its convenient location in the heart of the city makes this 36,000 sqft lot (zoned R-14) an incredibly rare find. The property includes both the 3443 sqft main home and detached 1200 sqft workshop/garage — and the lot still offers room to grow. The interior of the residence boasts 4 bedrooms, an office/bonus room, and a large loft area with access to a spacious observation deck/balcony built with entertaining in mind. The exterior features an enormous paved parking space and a stylish backyard with always green artificial grass, fruit ..... fruit trees and a flower garden. The focal point, however, is the covered patio and BBQ area plus the large fire pit. They make the backyard perfect for entertaining large groups. And that's not all! The home also has an oversized RV gate.The interior finishes include recently updated real wood floors /large stone tiles /solid wood doors. The owner has also installed solar panels on the roof, providing you substantial savings on electricity bills. This spacious lot would also be perfect for the addition of a pickle ball or a tennis court. Don't miss out on your chance to make an offer on this remarkable property that has an ideal combination of convenient location and acreage! Short distance to 51 FRWY , Great Hearts Academy, Basis School, PV GOLF, Kierland Shopping and Mayo Hospital. Ready to Move- In.

9845 E Inglewood Street Mesa, AZ 85207

$1,262,500
5 Beds
3.5 Baths
4,289 SqFt
Status Active
MLS # 6750670
Property Type Single Family Residence
Price Type --
Dream home in gated community of Whisper Mountain! Extraordinary 5-bedroom basement home boasts panoramic mountain views on a huge lot. Resort style property includes a beautiful play pool with built in hot tub, large putting green, RV gate, 3-car garage, and courtyard. Large formal living, dining, and great room on the main floor make entertaining a breeze. Gourmet kitchen is well appointed with Jenn-Air appliances, walk in pantry, granite countertops, large island with bar and an eat in kitchen. Beautiful primary room with large ensuite and direct backyard access offers picturesque desert views. The basement offers extra room for the family with an additional family room with bar, two bedrooms, and a full bath. Motivated sellers w/ concessions available for rate buy down or updating! A finished basement offers a wet bar and space for a media center. Outdoors, enjoy a covered patio, built-in BBQ, fire pit, pool, spa, and stunning mountain views. This home is a haven that won't disappoint. Make it yours today!

3129 W Kuralt Court Anthem, AZ 85086

$1,260,000
6 Beds
4.5 Baths
4,705 SqFt
Status Active
MLS # 6712898
Property Type Single Family Residence
Price Type --
This stunning property in Anthem's highly sought-after ''Enchantment'' neighborhood is a remarkable single-level home situated on a generous 18,571 square foot lot. With 6 bedrooms and 4.5 bathrooms sprawling across 4,705 square feet of beautifully designed living space, this home offers a luxurious and comfortable lifestyle. Nestled on a north/south corner lot within a small cul-de-sac, the residence boasts exquisite curb appeal, drawing you into a charming front courtyard complete with a fireplace and flagstone surfacing. The interior layout promotes a seamless and casual flow, featuring wide hallways and thoughtfully arranged living spaces. The main living area includes 6 bedrooms, an office, and a dedicated...CONTINUE READING... work/study station. The master bedroom is a true retreat, offering a luxurious ensuite bathroom and a separate area perfect for yoga, workouts, or a quiet reading nook. The heart of the home is the kitchen, which has been updated with refurbished white cabinets and a massive granite slab island with a vegetable sink. It also features a butler's pantry, a wine room, and modern appliances, including a cooktop, built-in microwave, multiple ovens, and a walk-in pantry. The kitchen opens up to a spacious living area, perfect for entertaining. The backyard is a resort-style oasis, meticulously designed with a private pool, heated spa, and an exterior fireplace. The landscaping includes synthetic grass, a watering system, and a built-in BBQ. The home is equipped with multiple fireplaces, including a gas fireplace in the family room, and features such as skylights, high ceilings and no interior steps. Additional highlights include a three-car garage, a covered patio, and private courtyard areas. The community offers an array of amenities, including biking and walking paths, a children's playground, a clubhouse, tennis & pickleball courts, heated community pools, a fishing pond, ball fields, indoor & outdoor basketball courts, indoor rock climbing wall, sand volleyball courts and a workout facility. This home truly embodies luxury and comfort in the Award Winning Master Planned community of Anthem!

14226 N 69th Place Scottsdale, AZ 85254

$1,260,000
5 Beds
3 Baths
3,655 SqFt
Status Active
MLS # 6759773
Property Type Single Family Residence
Price Type --
This exceptional 5 bedroom home with no HOA is nestled on a corner lot of a quiet cul-de-sac in the ''Magic'' zip code. This home offers a BRAND NEW ROOF (Oct. 2024), backyard oasis with a newly refinished PebbleTech pool (2024), covered patio & large lawn! The floorpan flows effortlessly with 18' tall ceilings, arched doorways, new plush carpets (2024), tile flooring, plantation shutters, & recessed lighting. The large family room comes with a wet bar & direct backyard access promoting easy entertaining. The updated kitchen features wood cabinets, tile backsplash, granite countertops, SS appliances, with a large island. Updated bathrooms, tons of storage, walk-in closets & huge rooms make this home a must! Located minutes away from Scottsdale, Kierland, shopping, restaurants, golf & more New upgrades completed in October 2024 include: Brand New Roof, comes with a 20 year warranty transferable to the new owner, and upgrades completed in April 2024 include: 3 Stage Reverse Osmosis Water Filtration System, Water softener system, refinished PebbleTec pool & brand new carpet throughout. The generously sized primary bedroom hosts a bountiful walk-in closet and an immaculate ensuite with an oversized granite dual vanity and expanded shower. The entertainer's backyard is comprised of a full-length covered patio, a lush lawn, a fragrant citrus tree, and a sparkling blue pool. Everything you're looking for, you'll find it here! Don't miss out. Act now!

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