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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4237 E Sierra Madre Avenue Gilbert, AZ 85296

$1,185,000
4 Beds
3.5 Baths
4,191 SqFt
Status Active
MLS # 6741643
Property Type Single Family Residence
Price Type --
Your dream home is within reach! Discover this exquisite 4-bedroom, 3.5-bath residence, complete with a 4-car garage in Morrison Ranch!! New AC, New Flooring, New Kitchen, and much more! You will be captivated by the soaring ceilings in the great room and the fresh kitchen remodel featuring: linen colored shaker cabinets, white quartz counters, a farm sink, butler's pantry, large walk-in pantry, and updated fixtures. The primary suite is spacious and boasts dual vanities, separate shower and tub, and the closet of your dreams. Golfers beware.. there is a indoor golf simulator in the home gym. Additional rooms include a formal living room, office, loft, and play room/gym. Backyard is spacious featuring mature landscape, real grass, a large covered patio and an RV gate. Come take a look!

3281 W Falling Leaf Road Show Low, AZ 85901

$1,180,000
4 Beds
3.5 Baths
3,136 SqFt
Status Active
MLS # 6680231
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat nestled among the tall Ponderosa Pine trees of Torreon. Home was beautifully remodeled inside and out in 2020 and comes Fully Furnished. The breath taking views makes this a truly exquisite property. As you approach this stunning 4-bedroom, 3.5-bathroom estate, which includes a ground level 1 bedroom, 1 bath separate casita. The exterior boasts a spacious 4-car garage, being oversized allows for your vehicles and outdoor gear. Step inside, and you'll be captivated by the warm ambiance of the interior, accentuated by the glow of not one, but two fireplaces—one inside for cozy evenings indoors, and another outside, perfect for gathering with loved ones under the starlit sky. Experience the excitement of mountain living in this exceptional Torreon residence

2326 E Montebello Avenue Phoenix, AZ 85016

$1,180,000
4 Beds
3.5 Baths
2,321 SqFt
Status Active
MLS # 6721487
Property Type Single Family Residence
Price Type --
Your Dream Home Awaits in the Heart of the Biltmore! Welcome to your new sanctuary in the prestigious Biltmore area! This fully remodeled 3-bedroom, 2.5-bathroom gem offers the perfect blend of modern luxury and timeless elegance. As you step inside, you'll immediately be captivated by the open, airy layout and stunning details throughout. Picture yourself in the breathtaking kitchen, featuring crisp white quartz countertops and chic shaker cabinets, perfect for creating culinary masterpieces and seamless entertaining. The primary suite is a true retreat, boasting a spa-like bathroom with a walk-in shower, a luxurious free-standing tub, and double vanities, providing the ultimate relaxation experience. Imagine the convenience of a full guest house on your property, complete with a kitchenette and full bathroom, ideal for visiting family, a private office, or rental income. Step outside to your private backyard oasis where every day feels like a vacation, with lush, green turf and a massive diving pool perfect for summer fun and pool parties. Situated in one of the most desirable areas, you'll enjoy easy access to top-rated schools, upscale shopping, gourmet dining, and beautiful parks. This home is more than just a place to live; it's a lifestyle. Don't miss the opportunity to make this incredible home yours!

19914 E Calle De Flores -- Queen Creek, AZ 85142

$1,180,000
4 Beds
3 Baths
4,104 SqFt
Status Active
MLS # 6672215
Property Type Single Family Residence
Price Type --
This stunning custom-built residence sits on a corner lot in the desirable Circle G community in the heart of Queen Creek! Sitting on 8/10th of an acre offering flood irrigation and horse privileges. Feel the country living with the convenience of all the shops and restaurants around the corner. Upon entry into this open 4 bed 3 bath you'll be greeted by the 12-foot ceilings, travertine diagonal tile, stunning granite countertops and beautiful Alder cabinets. This home boasts an Oversized garage for all your toys and offers quality craftmanship at every turn. Outside, the Side Rv gate allows for easy access to park your boat and trailers. This expansive yard and sparkling pool awaits your enjoyment providing endless opportunities and entertainment.

15215 N Kierland Boulevard Unit 436 Scottsdale, AZ 85254

$1,180,000
2 Beds
2 Baths
1,378 SqFt
Status Active
MLS # 6684481
Property Type Apartment
Price Type --
Lifestyle living at its finest. This 2 bedroom, 2 bathroom condo offers expansive living space that opens to floor-to-ceiling glass with gorgeous views of the Westin Kierland Golf Course, McDowell Mountains, and City Lights with beautiful Arizona sunrise and sunsets. High-end Gourmet Kitchen with Wolfe range, SubZero refrigerator, and Asko dishwasher. Spacious primary bedroom with wall of windows highlighting golf course views. The bathroom has an oversized shower, double sinks, a separate room for the toilet, and a generous walk-in closet. The secondary bedroom is beautifully designed with an En Suite Bath. Freshly remodeled in 2019 this lock and leave is spectacular. Conveniently located on the 4th Floor, just steps from the outdoor kitchen/dining area, covered ramadas, fireplace, fire pit, and gas barbeque. Scottsdale living at its best with Kierland Commons, Scottsdale Quarter, Kierland Resort & Spa, and 27-hole Kierland Golf Course. Enjoy the many amenities a luxury home can offer without the maintenance. Amenities include on-site concierge staff and property management, a private fitness studio, two community lounges, two resort-style sundecks, a heated lap pool, grilling stations, pet park, reserved owner parking, and guest parking in the private garage, and exclusive VIP discounts on shopping and dining throughout Kierland Commons, Scottsdale Quarter and special privileges at the Westin Kierland Spa and Kierland Golf Club.

15604 E Scorpion Drive Fountain Hills, AZ 85268

$1,179,000 - 3Br/3Ba -  for Sale in Fountain Hills Arizona No. 505-d, Fountain Hills
New
$1,179,000
3 Beds
3 Baths
2,046 SqFt
Status Active
MLS # 6763720
Property Type Single Family Residence
Price Type --
Gorgeous Spec Home with a private pool just completed! Contemporary styled crown molding & exquisite features throughout this one! Fabulous kitchen boasts Quartz countertops with waterfall edges to the floor on the island, shaker style cabinets with lighting & hidden outlets on backsplash. Bosch stainless steel appliances which includes full size oven as well as a Convection/Microwave combo. Beverage fridge added for additional cooled storage & entertaining. 6 foot electric, color changing, remote controlled fireplace. Ensuite master has his/her sinks, custom shower with dual heads, shampoo niches & a bench seat as well as a huge walk in closet with multi-level shelving/rods and a window for ample lighting. Wonderful laundry room has upper/lower cabinets, a sink & hanging rod. Over-sized & insulated 3 car garage pre-wired for future wall mount mini split AC system with epoxy floor, utility door & on demand tankless hot water heater. Fully landscaped desert front yard & artificial turf in back both featuring lighted steps & pathway lighting. Pool has pebble sheen finish, raised tile wall, 3 waterfall scupper features & a bathing platform/over-sized seat. wifi accessible controls, Dusk to dawn exterior photocell coach lights. Custom wrought iron view fencing & side gate to the backyard. All cabinets are soft close doors & drawers with custom 7 black hardware. Ceiling fans throughout the home. Home is pre-wired for cable, satellite, wi-fi, surround sound speakers in the greatroom & back patio ceiling speakers. Elongated low water use, comfort height toilets in all 3 bathrooms. Upgraded spray foam insulation in the home & garage to help save on electric bills.

4525 N 40th Street Unit 5 Phoenix, AZ 85018

$1,179,000
3 Beds
2.5 Baths
2,278 SqFt
Status Active
MLS # 6682069
Property Type Townhouse
Price Type --
VIP Homes is Arizona's premier builder specializing in quality construction with state of the art features. Brand new luxury condo. Very rare to find something this highly upgraded in the highly desirable location of the Biltmore and Arcadia!! . This 3 Bed, 3 Bath, 2 Car Garage Condo has gorgeous tile floors, bosch appliances, walkout terrace, incredible kitchen and tons of upgrades. Other models also available for your client to purchase!! Come see this today!

218 W Ridgecrest Road Phoenix, AZ 85086

$1,177,000
4 Beds
3 Baths
2,861 SqFt
Status Active
MLS # 6758144
Property Type Single Family Residence
Price Type --
STUNNING VIEW! & Room for Toys! Private Custom 4 Bedrm 2.5 Bath Home, on 1.62 Ares 2.5 Car Garage and (2) RVs Carport w/ electric hook-up PLUS Additional Separate DETACHED Metal Building-Work-Shop/ Garage) w/HVAC- 30X50 (1500 sq ft) has 220 circuit & (2)50 HP 3 Phase generator. Gorgeous Custom Home w/ 14ft ceilings, scraped wood flooring thru-out! Exposed Vega Beams in Great Room & Open Kitchen w/ floor to ceiling gas fireplace! Kitchen has hightop bar/island granite counters, Custom Knotty Alder Cabinets w/ high-end appliances! Subzero Refrige/freezer, GE Induction cooktop, GE Double Ovens, Bosh Dishwasher, Wall of Windows for PHENOMENAL VIEWS to backyard & beyond=Mountain Range! Split Floor-plan/ 2 Landry areas! HUGE Master Suite =cozy gas fireplace & Those Unbelievable views w/ French private walk-out to spacious patio and backyard!! Newly remodeled Ensuite featuring vessel tub & separate tiled shower, double vanities, large walk-in closet w/ access to Master Laundry Room. Powder Room custom herringbone tile floors & rustic vessel sink! 2nd Bedroom has Custom Murphy Bed! Double Door entry to Office/4th Bedroom off Great Room w/ views of the backyard & Mountains- Closet has pulldown stairwell for storage in attic. Large Pebble tec pool w/ gorgeous rock waterfall & gas fire-pit! Newly built 20 X18 Beautiful Ramada w/ Edison lighting. This home has so much to offer!! MUST SEE!! Custom Built 2002 By Sunlore Homes - Original Owner! 1.62 Acres with Mature Trees and AMAZING VIEWS!! 8ft Doors, 14 ft Ceiling! Custom Knotty Alder WOOD Doors and Cabinets! & Vega Beams 2.5 Car Garage with 220 Volt Circuit Large Covered Attached RV Parking with electric hookup 30 X 50 (1500 sq ft ) Separate Metal Building Shop/ Garage with 220 circuit (and 50 HP 3 Phase generator available that will not convey unless requested). 20 X 18 Oversized New Ramada in the Backyard with Edison lighting. 3 NEWER HVAC 2020 90 Gallon Propane Tank for Fireplaces and Fire-pit Roof Recoated 2023 Oversized Septic Great Water Pressure from Private Well !! Wired for surround sound and security Custom Murphy bed in 2nd Bedroom Horse Property Chicken Coop Block Fenced Backyard and separate fenced side yard. Wash on Property

17962 W Montecito Avenue Goodyear, AZ 85395

$1,176,000
6 Beds
5 Baths
4,800 SqFt
Status Active
MLS # 6726126
Property Type Single Family Residence
Price Type --
STUNNING ENTERTAINERS DREAM HOME W/ In-law Suite. STEP THROUGH THE FRONT IRON DOOR AND DOWN THE HALLWAY TO A TRUE GOURMET KITCHEN! 60'' DOUBLE GAS OVEN/ 8 BURNERS 60'' DOUBLE FRIDGE & FREEZER. 24''DISHWASHER & 18'' DISHWASHER. TWICE IS ALWAYS NICE! 1 LAUNDRY DOWNSTAIRS, & 1 UPSTAIRS. ATTACHED IN-LAW SUITE ON 1ST FLOOR HOSTS SEPERATE SIDE PATIO & ENTRANCE, KITCHEN & LIVING!!! THIS IS TRULY A UNIQUE HOME. 1BD EN-SUITE, 2 BD, 1 BA, W/ TEEN ROOM, PLUS MASTER/ EN-SUITE ON SECOND LEVEL & AN OPEN LOFT UPSTAIRS. GUEST BD ACROSS FROM FULL GUEST BATH DOWNSTAIRS. WALK THROUGH THE 12' & 8' BI-FOLD DOORS TO A BACKYARD THAT BOASTS A BUILT IN BBQ, 2 MINI FRIDGES, ICE MAKER, BAR SEATING. IN-GROUND TRAMPOLINE, HOT TUB & SPARKLING POOL w/ GROTTO. EVEN THE POOL HAS JETS! A/C FULLY REPLACED IN 2022, 2x6 construction, 400amp panel, Spray Foam throughout, all irrigation replaced with PVC, extended paver driveway and RV gate

32875 N 73rd Way Scottsdale, AZ 85266

$1,175,000
3 Beds
3 Baths
2,109 SqFt
Status Active
MLS # 6757401
Property Type Single Family Residence
Price Type --
Your chance to own a gem with views of Boulder Mntn is finally here! Over 300k in upgrades to this 3 bedroom 3 bath split plan. Soaring 12' ceilings, Custom kitchen w/ Thermador refrigerator/ Freezer columns, built in Thermador coffee maker, Double oven, 220 Conv/Micro oven, Dual dishwashers, 15' waterfall island with added storage, custom upper lighted display cabinets, beautiful upgraded lighting, linear F/P. Laundry with additional cabinets, Expansive patio slider wall to take in the gorgeous mountain view! Custom closets throughout, designer paint, built in Vacuum, custom made draperies w/ shades, all grout color sealed, R/O system, spectacular epoxied garage floor. Close to all amenities yet quiet and private. Next to Summit at Scottsdale Shopping Center & walking trail

4345 Copperhead Drive Wickenburg, AZ 85390

$1,175,000
3 Beds
2.5 Baths
2,366 SqFt
Status Active
MLS # 6760452
Property Type Single Family Residence
Price Type --
Welcome to this highly upgraded 3-bedroom, 2.5-bathroom home with a den/office, perfectly positioned on an oversized, premium lot in the sought-after Wickenburg Ranch community. With no homes behind, this property offers stunning, uninterrupted views, creating a private and serene atmosphere. Inside, you'll find a carefully curated interior that showcases designer finishes and thoughtful touches throughout. The open-concept layout is perfect for modern living, with a gourmet kitchen featuring high-end appliances including a gas cooktop, beautiful quartz countertops, and custom cabinetry. The spacious great room with tasteful beams is ideal for relaxing or entertaining, featuring large windows to bring in natural light while framing those beautiful views. The primary suite is a true... retreat, complete with a luxurious en suite bathroom and ample closet space. Two additional bedrooms and a versatile den provide plenty of room for family, guests, or a home office. Upgraded solid core doors throughout the home. With the coveted 4' extended garage, there's plenty of space for vehicles, storage, or even a workshop. Outside, the oversized lot is simply priceless, whether you want to relax in your dream backyard or simply enjoy the tranquility of the surrounding landscape. This home combines premium upgrades, incredible views, and unmatched privacy, all in the exclusive Wickenburg Ranch.

14103 S 44th Avenue Laveen, AZ 85339

$1,175,000
3 Beds
3 Baths
2,975 SqFt
Status Active
MLS # 6710653
Property Type Single Family Residence
Price Type --
This is desert living with amazing mountain views, privacy, seclusion, peace and quiet! This includes additional 1+ acre lot south (APN: 300-04-036) and north (APN: 300-04-034) of the house. Basement home with guest house/shop offers flexibility for various living/working arrangements! Perfect for horses, hobby enthusiast, multi gen living, basement offers a separate living level along with the detached building for extended family or vacation rental. Ideal for small business 1200sf unit located across wash with bridge, keeps home private and work separate! Think of the savings not having to pay for an additional work space or more than one home! NO HOA and centrally located close to freeway and access to the entire valley! Set at the base of the mountain/preserve, perfect quiet, peaceful setting to enjoy sunsets and natural desert life! This multifunctional property is for those nature lovers and those not wanting cookie cutter living. Chef Kitchen. Modernized interior. Located in the county with lower property taxes.

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