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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6212 S 37th Street Phoenix, AZ 85042

$1,250,000 - 4Br/4Ba -  for Sale in Heard Ranch, Phoenix
New
$1,250,000
4 Beds
4 Baths
2,775 SqFt
Status Active
MLS # 6763715
Property Type Single Family Residence
Price Type --
NO HOA FEES! This sprawling ranch-style home offers a total of 3,895sf. Located in the heart of Phoenix, it maintains its Southwestern charm. The expansive 2+ acre horse property lot offers stunning mountain views & is situated in the desirable Heard Bartlett Ranch neighborhood at the end of a quiet cul-de-sac. Inside, a modern kitchen w/ a top-of-the-line Viking gas range complements an elegant vintage study with built-in cabinets + 3 spacious bedrooms. This home also features a detached 1 bedroom Casita with workshop and newly remodeled full bathroom, ideal for guests or as an in-law suite. Additional highlights include a central location near major freeways, Sky Harbor, the Raven Golf Course, + numerous entertainment options. Come discover what makes this home unique!

14424 N 64th Place Scottsdale, AZ 85254

$1,250,000
3 Beds
2 Baths
2,275 SqFt
Status Active
MLS # 6728224
Property Type Single Family Residence
Price Type --
This stunner of a home is available now! She has a peaceful and grand feel bringing you a little piece of heaven. Brand New Trane AC unit Sept. 2021. Brand New Roof underlayment Oct 2021. 3 Car garage w/(2) 50amp Tesla charging hook-ups, plus extra-long double bay that fits a full-size truck/ Range Rover. 3 bed, 2 bath, and a dedicated separate office at front of home. The Primary bedroom is wonderfully sized with a private entry to the backyard. Primary bathroom accommodates separate sink vanities, separate soaking tub, step in shower and a very large walk-in closet. Gas fireplace, gas washer/dryer, white dove-tail custom cabinets, kitchen island w/breakfast bar and modern finishes - don't skip this stunner!

15035 E Tequesta Court Fountain Hills, AZ 85268

$1,250,000
4 Beds
2.5 Baths
3,002 SqFt
Status Active
MLS # 6756606
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious North Heights Community! Nestled on a serene cul-de-sac lot, this expansive single-story residence offers breathtaking views and a meticulously designed split floor plan. Spanning 3,002 square feet, this home features 4 bedrooms, 2.5 bathrooms, and a convenient side-load 2-car garage. The heart of the home is the gourmet kitchen, complete with a large island, stainless steel appliances, and dual ovens—perfect for both everyday living and hosting. The primary bedroom is a true retreat, boasting vaulted ceilings, an ensuite bath with dual sink vanities, an oversized tub, a separate shower, and a spacious walk-in closet. There's your private backyard oasis, where you'll find a sparkling Pebble Tec pool with a tranquil waterfall, a covered... patio for relaxation, and plenty of space to enjoy the stunning surroundings. This home combines luxury, comfort, and privacy in a highly desirable location. Don't miss your opportunity to make it yours!

7646 E Miami Road Scottsdale, AZ 85258

$1,250,000 - 3Br/3Ba -  for Sale in Sandpiper Scottsdale 3, Scottsdale
New
$1,250,000
3 Beds
3 Baths
2,608 SqFt
Status Active
MLS # 6764337
Property Type Single Family Residence
Price Type --
Resort style Sandpiper! Soaring ceilings, neutral paint, with carpet and tile throughout. Open concept, upgraded kitchen feature white cabinets, stainless steel appliances, large center island/breakfast bar. Tons of cabinet space. Each bedroom is very spacious with sliding glass doors to your patio. SANDPIPER is a 24/7, resort style, guard gated community in the heart of SCOTTSDALE with 7 pools! It is surrounded by McCormick Ranch Golf Course and has easy access to restaurants, shopping, the greenbelt, Old Town, Fashion Square and more....

1882 Kingsbury -- Prescott, AZ 86305

$1,250,000
5 Beds
4 Baths
3,957 SqFt
Status Active
MLS # 6735370
Property Type Single Family Residence
Price Type --
Step into the lap of luxury in this beautifully updated 5 bedroom, 3957 square foot home. No stone left unturned. From the new designer engineered hardwood floors to the light fixtures and everything in between. This home would be perfect for multi-generational living with 2 en suites and an additional office/bedroom on the main floor. Many windows offer an abundance of light, and the open floor plan makes it perfect for entertaining. The kitchen is complete with a gas cooktop on the island, electric double wall oven, stainless steel appliances and new quartz countertops. Lower level is perfectly laid out with large family room (with wet bar), 2 bedrooms sharing a jack-and-jill bathroom, office and its own private deck. Forever views of Granite Mountain complete this dream property. The large 3 car garage has newly-epoxied floors and opens out to a separate dog run. Fully landscaped yard on a watering system makes for ease of maintenance. Solar panels on roof offer affordable electric bills (see document attached.)

8371 Eagle Point Road Pinetop, AZ 85935

$1,250,000
5 Beds
4 Baths
3,688 SqFt
Status Active
MLS # 6657404
Property Type Single Family Residence
Price Type --
Amazing property and custom home now available in the prestigious Pinetop Country Club Community. This home is located on a RARE DOUBLE LOT in the heart of pine country. This property offers so much potential to enjoy the amenities of town while being surrounded by towering ponderosa pines. The property is located within easy walking distance to the Apache-Sitgreaves National Forest where miles and miles of outdoor fun awaits. Whatever your passions may be, this property offers the best of it all from a very short distance including golfing, hiking, biking, camping, hunting, fishing and the list goes on. The home is another wonder in and of itself. With impressive curb appeal along with top quality construction materials. This home was undoubtedly built to last and screams quality the moment you enter the front door. This home shows fantastic pride of ownership and attention to detail as a custom home should. As you enter the home, your eyes will be drawn to the warmth and beauty of the magnificent fireplace located in the center of the large living space. This feature is truly awe inspiring with floor to ceiling masonry work that more closely resembles custom art than a functional fireplace. The kitchen is spacious and open with plenty of working space offering custom solid cabinets, hard surface countertops and a large pantry. The floor plan is very family oriented with all five bedrooms having easy access to one of the four beautifully designed full baths. Three of the five bedrooms are conveniently located on the main floor including the master suite. The additional two bedrooms upstairs are each unique with one offering a nice balcony retreat. A large open den on the main floor offers a great space for families to gather and guests to enjoy while watching the game or entertaining at the built-in bar. This home has a comfortable professional office space that could be utilized in many ways depending on your needs. There is even a fun loft area set up for kids, grandkids or young at heart with plenty of space to entertain, play video games, sleep, or study. The home has a nice combination of beautiful hardwood flooring, travertine tile, and well-maintained carpets. There is a large back deck that creates a perfect spot to enjoy cool summer evenings grilling and chilling. This home showcases wonderful, exposed wood beams along with solid tongue and groove throughout, bringing the cabin feel to life while offering luxurious home comfort. Did I mention the home comes furnished? Wow, yes, the furnishings are included and as you will see many of the unique pieces match the high quality of the home. There is also a beautifully wooded .33-acre lot adjoining and directly behind the property (parcel 411-52-074) available for sale with a separate contract. If you have been waiting for the perfect family mountain retreat, or full-time home in the perfect location...wait no longer, make this one yours today!

12654 N 17th Place Phoenix, AZ 85022

$1,250,000
4 Beds
3 Baths
3,410 SqFt
Status Active
MLS # 6666445
Property Type Single Family Residence
Price Type --
The elevated, hillside location delivers unparalleled sunset, golf, and mountain views in a gated community overlooking Lookout Mountain Golf course. This Ridge at Lookout Mountain property surrounded by scenic beauty, is now freshly painted, with a clean, modern ambiance, grounded with natural stone flooring and flooded with natural light through panoramic windows. The kitchen features custom cabinetry and high-end SubZero and Wolf appliances. Owned solar = sunshine pays the bill. A split owner's suite is a lavish escape with hardwood floors, sitting area, gas fireplace, dual walk-in closets, jetted tub, and snail shower. The low-maintenance yard enhances outdoor relaxation with a covered patio, pebbletec pool, built-in BBQ, and artificial turf, creating a perfect retreat. A new roof, tankless water heater, all new smart locks, shutters, invisible screen doors, electronic window screens, both a water softener and reverse osmosis, new insulated garage doors, two pergolas, gutters and a backyard gate are recent improvements. Overall, this residence combines modern elegance, integrated with its natural surroundings, offering a luxurious and tranquil lifestyle for those seeking a sophisticated home with breathtaking views and upscale amenities.

8731 E Starlight Way Scottsdale, AZ 85250

$1,250,000
4 Beds
2 Baths
1,931 SqFt
Status Active
MLS # 6749733
Property Type Single Family Residence
Price Type --
This darling ranch style home has been updated into a show-stopping residence! The contemporary style has all the right colors and finishes and will be the perfect place to welcome family and friends. The great room boasts a modern fireplace accented by large windows that look out onto the backyard and pool, a kitchen that makes you think ''yes, I want to cook -no more takeout!'' and a cute dining room niche that is ideal for gatherings. The rear yard has been designed with outdoor fun in mind, and the heated pool will be available all year for your enjoyment. Close to all that Scottsdale has to offer, you will be minutes from the Talking Stick Fields, Casino, golf, parks, OdySea Aquarium, Butterfly Wonderland, walking paths, Old Town Scottsdale, unique dining opportunities, high end shopping and all kinds of entertainment like a luxury movie theater, Farmer's Market and Art Shows.

1540 E Sharon Drive Phoenix, AZ 85022

$1,250,000
4 Beds
3.5 Baths
3,900 SqFt
Status Active
MLS # 6657328
Property Type Single Family Residence
Price Type --
Make yourself at home in Moon Valley's privately gated Views at Mountainside enclave! Enter this custom home through the enchanted courtyard with the peaceful sounds of the water feature as you enjoy the view from the front patio. When you open the door to this home, you will see and feel a bright and inviting atmosphere complete with elegant soaring ceilings, travertine flooring, dedicated formal dining and two spacious living rooms. The eat-in kitchen provides granite countertops, ample custom cabinetry, double ovens, and a cozy breakfast nook. Utilize the wet bar as you host effortlessly with two large back covered patios, a built in BBQ and a sparkling swimming pool wrapped with captivating views of the surrounding Lookout and Phoenix Mountain Preserve. The expansive primary suite has the perfect space for reading, working out or simply enjoying the mountain views. The primary bathroom has a large soaking tub, dual vanities and a large walk-in closet. Enjoy the perks of an extended 3-car garage with additional storage. This home has only had one owner and offers easy access to a wide variety of world renowned golf courses, hiking + biking trails, restaurants, Paradise Valley Mall and Mayo Clinic. This gem truly has it all!

26254 S Sossaman Road Queen Creek, AZ 85142

$1,250,000
4 Beds
3.5 Baths
4,058 SqFt
Status Active
MLS # 6733706
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This incredible home sits on a sprawling 1.77-acre lot with flood irrigation and no HOA. Enjoy the convenience of electric gates with backup batteries, a 400 amp electric service, and fully irrigated land with two water meters. The 25 owned solar panels, ground set 7k system, ensure energy efficiency. Spanning 4,058 sqft, this home features all solid knotty Alder doors, engineered wood floors, and travertine tile. Fresh paint and repainted baseboards enhance its appeal. The house has no gas and is pre-wired for surround sound as well! The kitchen is a masterpiece of design and functionality, boasting newer appliances (2022), wood cabinetry, granite counters, a unique backsplash, a large island with a 2-tier breakfast bar, and a walk-in pantry. The main bedroom is a retreat, featuring a wall niche with a fireplace, a tray ceiling, a dry bar, and a spa-like ensuite with dual vanities, a soaking tub, two walk-in closets, and a huge snail shower with two shower heads. Upstairs, a private guest quarter offers a kitchen, living area, bedroom, and full bathroom. The upstairs serves as a second guest quarters / in-law suite with its own private kitchen, living room, bedroom, and bathroom! The backyard is an oasis, with a covered patio, pergola with LED dimmable lights and electric fans, a saltwater pool with floor cleaners, green grass, and scenic mountain views. Vehicle enthusiasts will appreciate the ample car and RV garage space (3,750 sqft) with three 20ft wide by 14ft high doors, a car lift, and an air compressor that conveys, all set on poured commercial concrete. With no HOA, you can bring your horses, goats, chickens, and other animals, and still have room to keep vehicles and trailers covered in the garage. Located minutes away from Horseshoe Park & Equestrian Centre, this property offers the perfect blend of luxury, comfort, and convenience. Don't miss this unique opportunity to own a piece of paradise in Queen Creek!

1372 E Lovebird Court Gilbert, AZ 85297

$1,250,000
5 Beds
3 Baths
4,000 SqFt
Status Active
MLS # 6749965
Property Type Single Family Residence
Price Type --
Welcome to this beautifully maintained home, lovingly cared for by its original owners. This exceptional property is situated on a quiet cut-de-sac, that provides ample parking. There is an adjacent walking path, green space and a volleyball court. The home has been thoughtfully updated throughout, ensuring a modern aesthetic and timeless appeal. You'll feel the attention to detail that makes this house a home. There are spacious living areas that include a bonus room, perfect for a teen hangout, home gym or guest space. The highlight of the property is the resort-style backyard, that includes a diving pool, hot tub, outdoor kitchen and fire pit. It's an ideal spot for relaxation and entertaining. There are many options for additional storage, including overhead garage racks, cabinets and an outdoor shed. The property is conveniently located near shopping, restaurants and the San Tan freeway. Don't miss the opportunity to make this property your own! All tv's convey.

7415 E Beryl Avenue Scottsdale, AZ 85258

$1,250,000
4 Beds
2.5 Baths
2,794 SqFt
Status Active
MLS # 6733758
Property Type Single Family Residence
Price Type --
Gorgeous, fully furnished home in Mountain View Phase 2! Spacious 4-bedroom 2.5 bath floor plan with the option to utilize the 4th bedroom as a den/office/guest bedroom. Enjoy the beautifully appointed kitchen, large living and family rooms, and split master bedroom with backyard access. Relax in your own backyard oasis with the recently renovated private pool! 2-car garage with plenty of space for work shop and storage. This is your opportunity to own an incredible original owner home!

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