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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102 N 67th Avenue Phoenix, AZ 85043

$1,225,000
5 Beds
3.5 Baths
2,626 SqFt
Status Active Under Contract
MLS # 6740387
Property Type Single Family Residence
Price Type --
Welcome to 102 N 67th Ave, a unique and expansive property situated in the vibrant heart of Phoenix. Spanning 2.34 acres, this versatile land offers boundless opportunities making it a rare find in today's market. Main Residence: * Spacious Living: The main house is thoughtfully designed to provide ample living space, featuring a fully equipped kitchen that caters to both everyday meals and entertaining. With open living areas and comfortable bedrooms, this home ensures a welcoming environment. Guest House: * Comfortable Accommodations: The charming guest house offers additional flexibility with its own private kitchen and bathroom. Ideal for hosting visitors or even as a potential rental, it provides a cozy and self-contained living space. Additional Structures: * Outbuildings: The property includes several outbuildings, each presenting opportunities for customization. Whether you need extra storage, dedicated workshop space, or hobby areas, these structures are versatile and can be repurposed to meet your needs. * Expansive Grounds: The property's extensive grounds provide room to explore and create. Whether you envision serene gardens, recreational areas, or additional buildings, the space accommodates a wide range of uses and activities. Investment Opportunity:

1868 Flicker Drive Forest Lakes, AZ 85931

$1,225,000
3 Beds
2 Baths
2,400 SqFt
Status Active
MLS # 6708884
Property Type Single Family Residence
Price Type --
Escape the hustle and bustle of city life and immerse yourself in the beauty of Forest Lakes. Situated on a generous 1.04-acre lot, this property boasts unparalleled tranquility. Surrounded by towering pine trees and lush greenery, it's a nature lover's paradise. Spread across 2400 sq ft, this home features 3 bedrooms and 2 bathrooms, providing ample space for comfortable living. Whether you're hosting gatherings or enjoying quiet evenings with loved ones, the large game room with a pool table and card table offers endless entertainment possibilities. Step outside onto the expansive wrap-around deck and soak in the beauty of your surroundings. Perfect for morning coffee, it's a space you'll never want to leave. With a large 2-car garage, there's plenty of room for your gear.

1505 W Calle Escuda Drive Phoenix, AZ 85085

$1,225,000
5 Beds
3.5 Baths
4,454 SqFt
Status Active Under Contract
MLS # 6726241
Property Type Single Family Residence
Price Type --
NEW neutral interior paint Aug 2024. Private one-half acre lot near the Sonoran Preserve with panoramic mountain views, five spacious bedrooms, office, 3-car garage and over $200,000 in upgrades in 2023. In a North Valley gated community with a variety of amenities including pool, splashpad, parks, soccer, ballfields, dog park and nearby schools, dining and shops. All living is on the main floor including primary suite, two guest rooms, baths, kitchen, living and dining rooms, office, and laundry with direct access to pool patio and garages. NO STEPS for main floor living with split plan design offering comfort and functionality. Lower level offers expansive family room, two guest rooms with walk-in closets, and full bath. *NEW PAINT NOT SHOWN IN LIVE VIDEO Quality craftsmanship and fine finishes, scalloped archways, shutters and recessed ceilings throughout. *Updated photos to come. *Note: Solar Panels are NOT LEASED. They were dedicated to heat the pool. Current seller abandoned the solar pool heater in favor of a new pool heater in 2023. Key Features: Spectacular Mountain Views: Enjoy stunning panoramic mountain views from the comfort and privacy of your own home. Whether you're relaxing in the living room or enjoying Arizona's coveted outdoor living, the beauty of nature is always within sight. Private Pool: The sparkling pool is perfect for hot summer days, gatherings, or simply unwinding after a long day. Covered patio, built-in grill and refrigerator make dining alfresco a breeze. 3-Car Garage: Plenty of space for your vehicles and storage needs with newly added wall-racking system. The 3-car garage provides convenience and security for your prized possessions. 5 Bedrooms: Spacious and inviting, each bedroom offers a peaceful retreat. Spacious primary suite and spa-inspired bath with dual dressing rooms, private water closet, walk-in shower and multiple vanities. Home Office: Perfect for remote work or a quiet study space, the home office is designed to inspire productivity and creativity. Additional Highlights: + Gourmet Kitchen: Equipped with modern appliances, gas cooktop, wall oven, granite countertops, large walk-in pantry and ample cabinetry providing excellent storage options. Two islands both useful for meal preparation and social seating, it's a chef's delight. + Open-Concept Living Areas: Voluminous and perfect for entertaining, with seamless flow between the kitchen, and indoor to outdoor living areas. + Luxurious Bathrooms: Spa-like bathrooms with high-end finishes for a touch of elegance. + Beautiful Landscaping: Lush, professionally designed landscaping by Creative Environments with citrus trees and producing raised garden enhances the property's curb appeal and provides a serene outdoor environment. + Convenient Location: Close to shopping, dining, schools and outdoor recreational activities. + Sonoran Foothills Community Association: Blending the beauty of the desert with amenities that embrace an outdoor lifestyle. Comprised of 1,295 homes with ten gated enclaves, and boasts open spaces, parks, tot-lots, community center, large resort style pool, wading pool splash pad, lighted tennis court, lighted basketball court, soccer field, recreational field space, trail system and more. Sonoran Foothills community features a 4,000 square foot clubhouse as well as a 12-acre park situated in the heart of the community. The clubhouse has both a lap and leisure pool, wading pool and splash pad, multiple sports courts, soccer and baseball fields and monthly social gatherings. Sonoran Foothills Community Association is located within proximity to The Sonoran Preserve that offers 9,600 acres of open space, three trailhead locations; Desert Vista, Desert Hills and Apache Wash with over 36 miles of trails The Sonoran Preserves offers great recreation and serenity. This home is a rare find and a true gem. Don't miss the opportunity to own this spectacular property with all the amenities you've been dreaming of. See this home today and experience the finest of Arizona living! Recent Seller Upgrades: *New Neutral Interior Paint-Aug. 2024 throughout- photos to be updated. *Flooring (Tile & Carpet) *Light Fixtures & Ceiling Fans Throughout *Whole Home Generator *Pool Heater, Pump, Filter *Bath Fixtures Throughout *Washer & Dryer *2 Guest Bath Showers *Exterior Trim Paint *Downstairs Bath Remodel *Downstairs Blinds *New Trees, Gardens, Pavers - Backyard *Garage Doors, Motors *Garage Wall-Racking Systems *Front Door *Patio Doors

3308 E Cashman Drive Phoenix, AZ 85050

$1,225,000
5 Beds
3 Baths
3,078 SqFt
Status Active
MLS # 6739543
Property Type Single Family Residence
Price Type --
This pristine property that checks all the boxes! Single-story, 3 car garage is a like new residence situated in the corner lot of cul-d-sac that sits with the desert behind and around you. View fencing in the back and large yard ready to be made your own. Lots of builder and seller upgrades. Very desirable, open floor plan is enhanced with high ceilings, recessed lighting, ceiling fans added, sleek wood-plank tile flooring, and multi-sliders to the back patio for easy entertaining. Immaculately designed kitchen is fully equipped with top of the line appliances. Gas cooktop, wall ovens, and includes large fridge. Quartz counters, a honeycomb tile backsplash, and a huge island with a breakfast bar, elevate the space. Walk in pantry and hidden bar/prep area make it perfect. Find your sanctuary in the primary suite, featuring an ensuite with a sliding barn door, dual sinks, a step-in glass shower, and a walk-in closet. This home seamlessly combines style and comfort, offering a unique and inviting space for modern living. Welcome home! -- Soft water system installed and conveys -- Fridge included -- Custom cabinetry in large laundry room -- upgraded lighting -- epoxy garage floor and storage -- community center is amazing with amazing pools and so much more

5721 N 20th Street Phoenix, AZ 85016

$1,225,000
4 Beds
3.5 Baths
2,575 SqFt
Status Active
MLS # 6735728
Property Type Single Family Residence
Price Type --
Tucked in the heart of the Biltmore, this 4-Bed/3.5-Bath hidden gem won't last long! A full renovation has been completed with all permitting and COFOs accounted for any major construction. An additional ~600 sq ft has been added with a new primary bedroom, laundry room, and half bath. A brand new pebble tech pool with pentair equipment installed. Front patio exposed gable added. All new updated bathrooms with curbless entry on showers. LTV flooring, NEW 6-ton AC unit and plumbing throughout. The kitchen features Cafe appliances, Quartz countertops. Flood Irrigation lot plus added drip system for shrubs and landscaping.

1323 E Oregon Avenue Phoenix, AZ 85014

$1,225,000
5 Beds
4.5 Baths
3,100 SqFt
Status Active
MLS # 6709552
Property Type Single Family Residence
Price Type --
Welcome to this stunning, fully renovated home with a detached guest house, located in the highly sought-after North Central Corridor of Uptown Phoenix. The home features an open floor plan with a spacious great room and a front den. It includes three bedrooms and two bathrooms in the main house, arranged in a split floor plan for privacy. The expansive primary bedroom provides a spa-like sanctuary with a large walk-in shower, dual vanities, an illuminated mirror, and a private water closet. The walk-in closet is equipped with built-ins for efficient storage and organization. The guest house offers two additional bedrooms, each with its own bathroom, a powder room, and a separate laundry room ready for washer/dryer installation. The kitchen boasts SS appliances and vaulted ceilings. ceilings. NO HOA! With potential for short-term rentals, home office, or a mother-in-law setup, the possibilities are limitless.

10484 E Mission Lane Scottsdale, AZ 85258

$1,225,000
4 Beds
2.5 Baths
2,121 SqFt
Status Active
MLS # 6733308
Property Type Single Family Residence
Price Type --
Opportunity awaits in highly-desirable Scottsdale Ranch! Situated on an oversized corner lot in a quiet cul de sac, this property offers a thoughtful floor plan with 4BR/2.5BA. Soaring ceilings and over 2,100 SQFT introduce travertine stone floors, solid wood cabinets, and granite countertops throughout. Entertain in the chef's kitchen, feat. stainless steel appliances, a massive center island, and dining area. Getaway to the primary suite feat. a private backyard entrance, dual vanities, separate shower/soaking tub, and large walk-in closet. Relax in the spacious backyard with sparkling pool/spa, built-in fireplace, and lush landscaping. SUPERIOR LOCATION: Less than 3 mi to Loop 101 FWY, shopping, and dining. Less than 20 min to TPC Scottsdale, Kierland Commons, and Old Town Scottsdale.

5342 E Hartford Avenue Scottsdale, AZ 85254

$1,224,900
5 Beds
3.5 Baths
2,995 SqFt
Status Active Under Contract
MLS # 6733107
Property Type Single Family Residence
Price Type --
Welcome to Your Dream Desert Oasis! 🌵✨Discover luxury living in this Fully Remodeled 5-bedroom (including mother in-law guest wing), 4-bathroom Scottsdale gem. Located in the coveted 85254 zip code, this home offers elegance, comfort, and convenience.*Spacious Living - Open floor plan perfect for relaxing and entertaining.*Gourmet Kitchen - Granite countertops, high-end stainless steel appliances, and a large island.*Primary Suite - Luxurious sitting area, en-suite bathroom with freestanding tub.*Resort-Style Backyard - Sparkling salt pool, built-in BBQ, and beautiful lounging areas. Prime Location - Near top-rated schools, Kierland/Scottsdale Quarter, City North/Desert Ridge and Mayo Hospital. Ez access to 101 & 51*Step into a world of luxury and comfort.*Your Desert Oasis

1470 E Cullumber Street Gilbert, AZ 85234

$1,224,000
5 Beds
5.5 Baths
4,635 SqFt
Status Active
MLS # 6709905
Property Type Single Family Residence
Price Type --
Welcome to your dream home on a corner lot in the heart of Gilbert, featuring GUEST QUARTERS with a private living room, kitchen, bedroom, and bathroom! The gourmet kitchen showcases a stunning oversized island, top-of-the-line stainless steel appliances, and a spacious walk-in pantry—every chef's dream. Adjacent to the kitchen is a versatile space that can serve as a butler's pantry or a second downstairs laundry room. This breathtaking two-story residence is adorned with custom plantation shutters and offers 5 generous bedrooms and 5.5 bathrooms. The expansive open-concept living area provides the perfect space for family gatherings, relaxation, and entertaining. Upstairs, the tranquil master suite features a spa-inspired bathroom with double vanities, a soaking tub, a large shower and separate his-and-her closets. Three additional sizable bedrooms and three full bathrooms surround the large upstairs loft are three additional roomy bedrooms and three full bathrooms. The home features the convenience of the primary laundry room upstairs with the secondary laundry room downstairs. Step outside to your private oasis backing to a private common area. Your family and guests will enjoy the sparkling diving pool and spa, ideal for cooling off on hot Arizona days. The outdoor space is further enhanced with a covered patio and built-in Pergola with outdoor kitchen providing an excellent setting for outdoor dining and entertainment. The 3-car tandem garage offers plenty of space for vehicles and storage. Don't miss the opportunity to own this beautiful property that combines luxury, comfort, and functionality in one of Arizona's most sought-after cities!

10860 E Cactus View Circle Gold Canyon, AZ 85118

$1,220,000
3 Beds
4 Baths
3,661 SqFt
Status Active
MLS # 6757807
Property Type Single Family Residence
Price Type --
Enjoy breathtaking views of the Superstition Mountains from this beautifully upgraded 3 bed / 4 bath home. Designed for multi-generational living or perfect for having friends & family stay comfortably in their own private guest quarters. The open floor plan features a Great Room with hardwood floors, a stunning stone fireplace, & sliding glass doors on either side to provide seamless indoor/outdoor living & tons of natural light. The kitchen is a chef's dream w/ solid cherry cabinets, marble countertops, a Wolf 5-burner cooktop, double ovens, & multiple refrigeration options. The spacious island is perfect for entertaining. The main living area includes a large office (easily converted to a bedroom) w/ built-in solid cherry cabinetry & desk. The hall bath has a travertine shower, glass sink & wall faucet. The primary suite is a spacious & bright private oasis. The primary bath has travertine flooring, dual travertine sinks, dual shower w/ bench seating, jet tub, & private toilet room. Walk into your custom closet, designed by Classy Closets, w/ plenty of built-in storage. Bedroom 1 has sliding glass doors to the front patio-courtyard & a spacious walk-in closet, and bedroom 2 has sliding glass doors to the back patio & en-suite bath. The Main living area has a 2-car garage & the attached flex space also has its own 2-car garage w/ a workshop that is temperature controlled. Can be used for rental, in-law, or guest quarters, w/ its own living room w/ fireplace, full kitchen, and spacious bedrooms. Flex space features wood plantation shutters, solid cherry cabinets, Maytag double oven glass top stove, Fisher & Paykel dishwasher, & efficient washer & dryer, & jacuzzi bathtub. This single-story home is fully equipped with owned, automated solar (21kW) & three AC units. The expansive backyard features natural desert landscaping, a fire pit, and extensive covered patios. This property is zoned for two horses. You'll fall in love with the views and the endless possibilities this home offers!

5312 N Sierra Hermosa Court Litchfield Park, AZ 85340

$1,220,000
6 Beds
3.5 Baths
4,824 SqFt
Status Active
MLS # 6749766
Property Type Single Family Residence
Price Type --
Move in Ready property located in the gated community of Dreaming Summit at Barrington Estates! 6 bedrooms + loft/game room, office on first floor with separate entrance/exit, 3.5 baths, 4,824 square feet, 4 car garage on an oversized cul de sac lot (1.172 acres), huge first floor master bedroom with French doors leading to the backyard, dual vanities, separate tub & walk-in shower, his & hers walk in closets, gourmet kitchen boasts Dual-Viking ovens, gas cooktop, Sub Zero refrigerator, kitchen island, ample cabinets & counter space, granite counters, family room has gas fireplace with stone mantle, 5 bedrooms upstairs, plantation shutters, backyard oasis awaits you that includes children's playground, Playhouse with air conditioning, trampoline, large covered patio, RV gate, large grass area, pool for those hot Arizona summers, built in BBQ with gazebo, outside fireplace, sport court, walking path, close to freeways, shopping, entertainment, too much to list here, see this home today!

1624 Stoney Lane Prescott, AZ 86303

$1,220,000
3 Beds
3.5 Baths
2,880 SqFt
Status Active
MLS # 6686800
Property Type Single Family Residence
Price Type --
Designed by the esteemed Prescott Architect Joe Webb and expertly constructed by Naus Construction, this exquisite home is nestled in a gated community within the Hassayampa golf community, exuding timeless Prescott elegance. Recent upgrades include a new roof, state-of-the-art AC units, and an energy-efficient water heater, ensuring the utmost comfort and sustainability. The interior showcases architectural marvels such as beetle art timbers, knotty alder doors and cabinets, and a grand stove fireplace that adds a touch of rugged sophistication to the soaring great room. The gourmet chef's kitchen has been upgraded to perfection, featuring a spacious 9' island, high-end Viking ovens and range, and top-quality KitchenAid fridge and dishwasher. The thoughtful split design offers main-level living convenience, while each of the three bedrooms offers a private living area and ensuite bathrooms for ultimate comfort and privacy. The private backyard is a serene oasis, complete with a stone water feature and panoramic views that invite relaxation and contemplation. Residents have the option to enjoy membership at the prestigious Capital Canyon Country Club, adding an extra layer of luxury to this exceptional living experience.

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