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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25603 N Bronco Trail Scottsdale, AZ 85255

$1,235,000
5 Beds
3 Baths
3,274 SqFt
Status Active Under Contract
MLS # 6724335
Property Type Single Family Residence
Price Type --
Experience true Arizona living, nestled in the heart of Happy Valley Ranch. Spacious residence boasts five bedrooms, three full bathrooms, and bright open living areas with vaulted ceilings and natural light pouring in. Kitchen features dark wood cabinetry, stone tile countertops, and stainless steel appliances. New interior paint throughout and brand new carpet installed, alongside the classic Saltillo tile. Perfect for entertaining or relaxing, the expansive backyard boasts a sparkling pool and lush turf, creating a private retreat ideal for gatherings or peaceful moments. Enjoy the perfect balance of tranquility and convenience. Explore nearby trails for outdoor adventures or indulge in Scottsdale's renowned dining and shopping destinations just minutes away.

4206 E Hunter Court Cave Creek, AZ 85331

$1,234,379
3 Beds
3.5 Baths
3,264 SqFt
Status Active Under Contract
MLS # 6739681
Property Type Single Family Residence
Price Type --
Quick Move-in Ready Home! Peak View is an intimate gated enclave of luxury single-level homes offering modern home designs by Cachet Homes. This Unity Plan Three is situated on a view lot that backs to open space and features 3,264 SF, 3 bedrooms, 3.5 baths, a 3-car garage, game room, den, and an open-concept kitchen with a large island and quartz countertops. Additional upgrades include desert front yard landscaping, Maple stained cabinets throughout, engineered wood, tile, and upgraded carpet floors, huge laundry room with pre-plumb for a sink and second fridge, private split floorplan and so much more!

3263 E Bryce Lane Phoenix, AZ 85050

$1,230,000
4 Beds
3 Baths
3,297 SqFt
Status Active
MLS # 6736726
Property Type Single Family Residence
Price Type --
Back on market after buyer couldn't perform! Welcome home to the amazing Sky Crossing Community! This elegant 4 bedroom/3 bath contains endless upgraded amenities including, quartz countertops throughout, custom accent walls, panoramic doors, chefs kitchen, fireplace, outdoor built in grill, in ground trampoline, no maintenance turf lawn, extra large loft area and much more! Situated in a cozy culdesac located across the street from Sky Crossing Elementary School. An outstanding community center complete with outdoor swimming pool, splash pad, and a full workout gym. This property is ready for you to make yourselves at home today!

7408 N 173rd Avenue Waddell, AZ 85355

$1,229,999 - 4Br/4Ba -  for Sale in Romola Of Arizona Grape Fruit Unit No. 43 Resub Bl, Waddell
Open House
$1,229,999
4 Beds
3.5 Baths
2,893 SqFt
Status Active
MLS # 6741446
Property Type Single Family Residence
Price Type --
This beautiful, newer home is nestled on nearly 2 acres, offering stunning mountain views. An energy-efficient masterpiece, it features fresh paint and fully paid solar panels! And expansive four car garage seamless connection to the main house featuring a sleek floor coating, abundance of excessive cabinets, complementary by the dedicated work area that invites creativity and organization. Each bedroom includes its own walk-in closet. Enjoy the charm of plantation shutters, energy-efficient doors, and wood-look tile flooring throughout. The spacious great room is ideal for relaxing evenings or lively gatherings. The gorgeous kitchen is a chef's dream, with ample white cabinetry accented by crown molding, recessed and pendant lighting, high-end graphite appliances, a water softener, a walk-in pantry, a mosaic tile backsplash, a prep island with breakfast bar and under-cabinet storage, plus sleek quartz countertops. to the grand owner's suite, featuring plush carpet, direct outdoor access, a private bath with his-and-her vanities, a designer tile shower, and two walk-in closets. Don't miss the large in-law suite, complete with its own entrance. Step outside to the expansive backyard, where you'll find a covered patio, built-in BBQ, brick pizza oven, and a 2,000 sq ft shop with dual 12' roll-up doors. Enjoy fruit trees and a sparkling pool with a swim-up bar. Additionally, the property includes a chicken coop, three shaded stalls, an arena, and plenty of space for horses or livestock. A waterline was conveniently run to the chicken coop, horse stalls, and the back of the property. The front planter area features its own timed drip system. This irrigated lot allows for easy watering of the entire property. Don't miss your chance to make this exceptional home your forever haven! Seller is willing to help with concessions!

12640 N 70th Street Scottsdale, AZ 85254

$1,229,000
4 Beds
2 Baths
2,669 SqFt
Status Active
MLS # 6524222
Property Type Single Family Residence
Price Type --
Come and see this amazing property in the beautiful city of Scottsdale! This fully remodeled home features 4 bedrooms, 2 bathrooms, with a pool, plus a separate game room in the converted garage. The remodel included upgrades to the electric and plumbing system, new bathrooms and flooring throughout, redone pebbletec pool finish, landscaping in the front and back yards and more! It's in the perfect location in the heart of Scottsdale just minutes away from Golfing, Dining, Shopping, and easy access to anywhere in the valley including Scottsdale Fashion Square and Kierland Commons which has some of the best shopping in the valley.

9505 S Kenneth Place Tempe, AZ 85284

$1,229,000
6 Beds
3.5 Baths
2,889 SqFt
Status Active
MLS # 6735594
Property Type Single Family Residence
Price Type --
Welcome home to this stunning, completely remodeled brick tri-level masterpiece in the coveted Estates Del Sol community! With 6 spacious bedrooms, 3.5 luxurious bathrooms, and a 3-car garage, this home is perfect for those who crave functionality and style. Be prepared to be amazed by the grandeur of the circular driveway and ample parking space. Punctuating the elegance of this property has NO HOA, giving you the freedom to truly make this house your own. Step inside and prepare to be wowed by the chef's kitchen, Featuring a gas cooktop (tanks in the back yard are own), butler's kitchen, and a pantry fit for a king, this space is a food lover's paradise. & perfect for hosting! For those who love outdoor living, this property has it all, private diving pool. Plus, with a sprawling .35 acre lot, you'll have plenty of space for all your outdoor activities, from hosting unforgettable barbecues to creating your own private oasis. With 6 bedrooms, there's plenty of room for everyone to have their own private sanctuary. Retreat to the master suite, complete with a spa-like bathroom, for the ultimate relaxation after a long day. Located in the desirable Estates Del Sol community close to shopping, dining, and entertainment. This truly is a perfect balance of tranquility and accessibility. Don't miss out on the opportunity to make this remarkable home your own. Get ready to fall in love with the epitome of luxury living. Welcome home to your dream oasis in Estates Del Sol!

16016 E Bobwhite Way Scottsdale, AZ 85262

$1,225,000
4 Beds
3 Baths
3,267 SqFt
Status Active
MLS # 6704446
Property Type Single Family Residence
Price Type --
Mountain Views! BRAND NEW custom home on a PAVED ROAD in a community with NO HOA! Large lot, 1.25 acre, with a new, highly producing SHARED WELL. Please see the DOCUMENTS tab for more info on the WATER in the area. 3 more homes on the same street are available, please request info.

8033 N Harmony Lane Flagstaff, AZ 86001

$1,225,000
4 Beds
3 Baths
3,180 SqFt
Status Active
MLS # 6756252
Property Type Single Family Residence
Price Type --
To be built. Plans semi-customizable. This luxurious home will be built on one acre at the base of the San Francisco Peaks. Almost instant access to Arizona Snowbowl Ski Resort and world-class hiking/biking trails, yet only minutes from downtown Flagstaff! This open floor plan with 9'' ceilings features a gourmet kitchen, a great room that transitions seamlessly to outdoor living with spectacular views of the peaks. Four spacious bedrooms, three baths with the option for the upper level to be a lock off rental with it's own entrance!! Homes by this builder completed on adjacent lots. Pictures & additional info available upon request.

18213 N 93rd Street Scottsdale, AZ 85255

$1,225,000
3 Beds
2 Baths
1,935 SqFt
Status Active Under Contract
MLS # 6745182
Property Type Single Family Residence
Price Type --
Welcome to this true gem in Desert Parks at DC Ranch. This beautifully upgraded Park-front property also offers stunning views of the McDowell Mountains and a seamless blend of indoor and outdoor living. The recently updated open-concept kitchen and living space features modern finishes and upgraded appliances, while the professionally designed primary bath adds a touch of luxury to your daily routine. Wood-grain tile floors, gorgeous shutters, a working office space, and Murphy bed are just some of the features that you are sure to love! In the backyard, the living space seamlessly extends outside, with a covered patio perfect for dining or relaxing while enjoying the mountain views. Enjoy your own private backyard paradise, featuring a pool and waterfall feature, low maintenance landscaping, and desert trail access just steps from the backdoor. Location is everything, and this home delivers. Within walking distance, you'll find a variety of dining options, including Koi Poke, Vito's, and The Spot, as well as the conveniences of AJ's Fine Foods and Tom's Thumb. The proximity to events at WestWorld and the hiking trails at Gateway Loop makes this home a perfect base for enjoying all that Scottsdale has to offer. Whether you're hosting a backyard barbeque or enjoying a quiet evening by the pool, this home has a relaxed, welcoming feel that just makes you want to stay a while. It's not just about owning a houseit's about loving where you live. Don't miss the opportunity to make this exceptional property your own.

5337 E Palo Brea Lane Cave Creek, AZ 85331

$1,225,000
3 Beds
2.5 Baths
2,541 SqFt
Status Active Under Contract
MLS # 6753030
Property Type Single Family Residence
Price Type --
Discover Arizona living at its finest in this spacious, single-level Toll Brothers-built home in the gated Monte Vista neighborhood. Featuring three bedrooms and a versatile flex space ideal for an office or playroom, can even convert to it to another bedroom. The open floor plan enhances natural light, and the kitchen includes an eat-in island, walk-in pantry, and professional-grade appliances. The master suite boasts a spa-like bath with dual vanities, a soaking tub, and a walk-in shower. Recent improvements totaling $100,000 include a heated pool designed and installed by California Pools in 2023, new window coverings, new landscaping, and a new water heater. The south-facing backyard features the pool, spa, built-in grill, fire pit, pergola, and low-maintenance turf.

2687 N Carefree Circle Flagstaff, AZ 86004

$1,225,000
4 Beds
3 Baths
3,587 SqFt
Status Active Under Contract
MLS # 6758121
Property Type Single Family Residence
Price Type --
Welcome to your peaceful mountain retreat in Flagstaff's beautiful, amenity-rich Continental Country Club neighborhood! If you appreciate custom features and quality finishes at every turn, you'll fall in love with this meticulously maintained, move-in ready home. With over 3,500 square feet, there's plenty of space for all your needs with a versatile floor plan. Welcome your guest to your home with vaulted ceilings and gleaming 18-inch travertine flooring as they enter the massive foyer, formal living and formal dining room. Continue to your custom gourmet kitchen with premium KitchenAid Architect gas double ovens and separate 36-inch gas cooktop with custom built-in hood, microwave, dishwasher (2018) and refrigerator (2022), and large single basin Blanco Performa Silgranit sink with Delta touchless pull-down faucet. Marvel at the quality natural stone granite surfaces, stunning solid alder woodwork, and the abundance of natural light from multiple skylights and large, modern Pella energy-efficient windows. Enjoy the breathtaking views with two levels of expansive low-maintenance synthetic wood decks for relaxing, outdoor dining, and magnificent sunsets. Enjoy the convenience of a main floor bedroom and full bathroom with a large walk-in shower, along with three additional bedrooms upstairs highlighted by a fully remodeled luxurious primary suite. Upstairs you'll discover the large primary suite that impresses with a custom alder wood vanity, remote controlled venting skylights with blackout shades, two artisan hammered copper sinks, thermostatically controlled heated wood tile floors, and a walk-in closet. Two additional upstairs bedrooms feature walk-in closets and a full-sized recently remodeled bathroom. You'll love the walk-out basement at the ground level with an extra family room or home theater, office space with built-in desk, bookcases, wrap-around entertainment bar seating six, kitchenette with full-size refrigerator, and bathroom. Move in knowing the big improvements have been taken care of. Recent upgrades include a new Rheem Performance gas hot water heater (2024), roof (lower 2020, upper 2017), gutters, downspouts and leaf guards (2023); PLUS central air conditioning was added to the home featuring two top-of-the-line Trane units (2021). Two Trane gas furnaces have been recently installed to enable year-around comfort and peace of mind. Do you need storage space? Let's start with your optimized three-car garage (renovated in 2021) with gleaming epoxy flooring, fresh paint, sleek modern cabinetry, workbench, slatwall, ski/snowboard rack and wall to floor-to ceiling utility cabinets. If you still need storge, the basement offers a bonus un-finished walk-in area perfect for a wine cellar or any other storage needs. Through the HOA, enjoy tennis, pickleball, access to two outdoor pools, fitness center, dining facilities, and discounted golf green fees, all within walking distance of this fabulous home. Don't wait to schedule your showing TODAY!

10804 N 146th Avenue Surprise, AZ 85379

$1,225,000
6 Beds
3.5 Baths
5,167 SqFt
Status Active
MLS # 6756033
Property Type Single Family Residence
Price Type --
Welcome to the rapidly growing city of Surprise! This 5,167 sq ft home on a one-acre lot is perfect for a family and entertaining! It features a massive 6ft deep pool, jacuzzi, bar/grill area, and a private 18-hole golf course with 2 sand pits. Inside, the open kitchen has custom cabinets, stainless steel appliances, a built-in fridge, granite countertops, an island, and a butler's area for food preping. The massive owner's suite offers a sitting area, dual sinks, and a large walk-in closet. Upstairs, there are 5 more bedrooms, game and media rooms, and recessed lighting throughout. With a solar roof, security cameras, 10+ 30ft palm trees, a 4-car garage, and built-in storage, this home has it all!

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