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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5250 E Deer Valley Drive Unit 403 Phoenix, AZ 85054

$1,150,000
2 Beds
3 Baths
1,781 SqFt
Status Active
MLS # 6737255
Property Type Apartment
Price Type --
Penthouse Level Condo-where luxury and convenience come together to create an extraordinary resort lifestyle in an incredible location! Enjoy 2 BRs/den-flex room/2-1/2 baths, open floorplan, 11' ceilings, 2 walk-in closets in primary BR, laundry room, upgraded appliances/lighting/quartz, expansive patio/built-in barbecue, 2 parking spaces + 7' x 13' storage room in gated underground parking garage. Soft water, sewer, garbage, gas, internet included. Lush grounds, outdoor entertainment areas, fire pits, 12,000+ sf upscale clubhouse, 4000+ sf state-of-the-art gym, yoga room, conference room & working lounge, wine tasting room, Olympic-size pool + walk across the street to everything you could want with over 160+ restaurants/bars/shopping. Seller concessions for buyer closing costs! Unit 403 is perfectly positioned with no unit above, and no unit directly facing you! This like-new condo with its clean color pallet is ready for your personal touches and creativity. This incredible location in the master-planned community of Desert Ridge is just a few miles from Scottsdale, the hosting city for national events annually! You'll also have access to additional amenities at the adjacent sister development Toscana for your pleasure and enjoyment! THE LUXE is the place to live for the most discerning buyers providing a superior level of living at the greatest value among competitors. Not only do you have unbelievable entertainment and shopping across the street in the Desert Ridge Marketplace and High Street, but now underway is the newest 100+ acre mixed-use development City North that will provide more entertainment and value. Don't wait, this ready-to-move-in unit is far below the new-build prices, so make an offer the seller cannot refuse! (See the docs tab for an expanded list of condo upgrades, LUXE amenities & info about the surrounding area.) *Five minutes to Interstate 51 and Interstate 101 & 20/30 minutes to the airport. *Mayo Clinic - 2 miles; Abrazo Hospital Campus & HonorHealth Scottsdale Thompson Peak Medical Center - within 5 miles. *The Luxe/Toscana/Desert Ridge is perfectly positioned less than a few miles west of Scottsdale Road where national events are hosted annually such as the Waste Management Golf Open, Barrett-Jackson Car Show, and Arabian Horse Show to name a few. *The new City North development across the street is now under development!!! Planned with over 2 million square feet of office, 3,416+ multifamily units, 1,000+ hotel rooms, and retail and dining options. *Invest in The Luxe of Desert Ridge where you won't pay the higher North Scottsdale real estate prices for this kind of luxury and convenience. *Pickleball at the JW Marriott Desert Ridge right behind Toscana, Paradise Valley Community Center, Thompson Peak Park. *Golf - Numerous golf courses within a short distance from Desert Ridge.

16829 E Nicklaus Drive Fountain Hills, AZ 85268

$1,150,000
4 Beds
3 Baths
2,897 SqFt
Status Active
MLS # 6707240
Property Type Single Family Residence
Price Type --
Nestled in a serene neighborhood and backing to a picturesque golf course, this exquisite 2-story Spanish Colonial home, built in 1987, offers timeless elegance and contemporary convenience. Spanning just under half an acre, the property features 4 spacious bedrooms, including a versatile main-level room that can serve as an office, and 3 bathrooms. A 3-car garage provides ample space for vehicles and storage. Inside, the home boasts classic Spanish Colonial elements such as arched doorways and a front central courtyard. While the home retains its original charm, it offers a wonderful opportunity for updates and renovations. The beautifully landscaped yard and pool provides space for gardening and recreation. This rare find combines enduring charm with modern amenities. Do not miss out.

4535 E Walter Way Phoenix, AZ 85050

$1,150,000
4 Beds
3 Baths
3,508 SqFt
Status Active
MLS # 6753307
Property Type Single Family Residence
Price Type --
Fantastic home with 4 bedrooms, 3 baths, spacious office that could be 5th bedroom & large loft/game room in the desirable Sanctuary gated community in Desert Ridge. Gourmet chef kitchen with upgraded appliances, plenty of cabinets for storage & walk-in pantry. Huge granite kitchen island with breakfast bar. Open spacious family room to entertain family & friends. Relaxing/large primary suite with spacious primary bathroom, 2 vanities, walk-in shower & roomy walk-in closet. Nice 3-car garage with epoxy flooring, 220V EV charger & room for storage. Peaceful/quite backyard with plenty of pavers & no home(s) behind back fence. Community playground is just 2 houses away. The community clubhouse/pool/spa/grills/entertainment areas & work-out facility is just a short walk away. Great location.

420 W Adamanda Drive Phoenix, AZ 85086

$1,150,000
4 Beds
3.5 Baths
2,359 SqFt
Status Active
MLS # 6756967
Property Type Single Family Residence
Price Type --
Embrace the ranch lifestyle on this exquisite Santa Fe-style horse property, sprawling over an acre w/ no HOA—your opportunity to truly personalize your space. This custom-built, single-level home has been newly updated w/ nearly $200k in upgrades, enhancing its natural light-filled interior, cozy fireplace, & impressive kitchen. It features two primary bedrooms, two generous guest rooms, & tranquil backyard views. Step outside to a private oasis complete w/ a pool, spa, new gazebo, & a detached casita w/ a kitchenette & bath. W/ two RV gates, hookups, and zoning for an additional septic system, this property is perfect for all of your needs. Experience peaceful country living just minutes from shopping, Lake Pleasant, North Scottsdale, & world-class golf.

7250 E Calle Primera Vista Scottsdale, AZ 85266

$1,150,000
3 Beds
2 Baths
2,182 SqFt
Status Active
MLS # 6747214
Property Type Townhouse
Price Type --
North Scottsdale luxury home with over $165k in upgrades! Nestled in the gated 55+ community of Scottsdale Heights this fully furnished home features an open floorplan with 12' ceilings, hardwood and tile flooring, custom window coverings, recessed lighting, and a convenient office/flex room. The gourmet kitchen highlights a 12' foot long island with waterfall quartz countertops, gas cooktop, and walk-in pantry, perfect for entertaining. The living area includes a linear gas fireplace and transitions to the outside patio through 9' multi-sliding glass doors. Enjoy Arizona living in your private backyard with a covered patio featuring marble pavers, a retractable sunshade, tranquil water feature and built-in BBQ. A must see in this boutique community!

2402 E Esplanade Lane Unit 305 Phoenix, AZ 85016

$1,150,000
2 Beds
2 Baths
2,417 SqFt
Status Active
MLS # 6736657
Property Type Apartment
Price Type --
A special opportunity to own a delightfully maintained and spacious 2,417sf residence at Esplanade Place, the award-winning high-rise in the iconic Biltmore, Esplanade area of Phoenix. Residence #305 has tree top views and numerous upgrades throughout including a wet bar, wood floors, designer tile and finishes in the kitchen and bathrooms. Two bedrooms, two bathrooms, a separate den/office, and a separate balcony. Enjoy the finest services and amenities such as valet parking, full fitness center, rooftop pool, fire pit, seating, BBQs and panoramic views. 24hr staffed lobby desk, club room, and much more. The ultimate high-rise address!

33317 N 71st Street Scottsdale, AZ 85266

$1,150,000
3 Beds
2 Baths
2,303 SqFt
Status Active
MLS # 6734451
Property Type Single Family Residence
Price Type --
Enjoy the Terravita Lifestyle in this gorgeous three Bedroom Caelum Model. The Great Room shows a Stone Fireplace and Wood Plank Tile Flooring. Master Bath and Junior Bath are remodeled as well as the Kitchen with high Quality Cabinets, Granite Countertops and built-in Wine Bar. The spacious Office has Alderwood built-in Bookcase and Desk. Watch the Sun and the Moor rise in your Resort Like Back Yard with View of Winfield Mountain, heated Pool, Putting Green, built-in Barbeque and Fireplace.

947 Morins Ranch Road Show Low, AZ 85901

$1,150,000
5 Beds
4 Baths
3,964 SqFt
Status Active
MLS # 6762236
Property Type Single Family Residence
Price Type --
Lush green grass and the beautiful park like landscaping welcome you to the perfect family home. No HOA on 3.08 acres in Show Low is quite the find. This spacious home is the perfect spot for family gatherings and holidays. The chef's kitchen has an indoor vented grill, large island, double ovens and an oversized pantry. A pellet stove keeps this wing of the house cozy in the winter and conserves energy as well. Large double pane windows throughout the house let in plenty of light. The family/great room boasts tongue and groove aspen ceiling and accent wall as well as a wood burning fireplace. French doors open to the fully fenced yard where the natural vegetation and landscape has been preserved. The oversized bedrooms all have plenty of closet space and shelving Newly constructed 2400sf Mueller shop, 16 foot ceilings, 2 - 60x15 covered car ports on either side of the shop. Shop is equipped with water, electric and air lines for air compressors.

7516 E Mercer Lane Scottsdale, AZ 85260

$1,150,000
3 Beds
2.5 Baths
2,635 SqFt
Status Active Under Contract
MLS # 6752117
Property Type Single Family Residence
Price Type --
Welcome to a residence of unparalleled charm and sophistication within the coveted Enclave of Briarwood North - featuring no land lease. This renowned Malouf built home greets you with a handsome exterior stone entrance and a travertine walkway, setting the tone for the elegance within. A custom iron entry with rain glass, ushers you into a gracious foyer, revealing a luminous living room anchored by a breathtaking floor-to-ceiling stone fireplace. Clerestory windows bathe the space in natural light, creating an airy and inviting ambiance. The formal dining room, adorned with built-in bookcases, flows seamlessly into the inviting ''heart of the home'' living room, further enhanced by wood beamed ceilings, creating an ideal setting for both grand entertaining and intimate gatherings. A gourmet kitchen is a culinary enthusiast's dream, showcasing gleaming white cabinetry, expansive granite countertops, a 5-burner gas cooktop, and a rotunda-style breakfast room bathed in sunlight. Elegant plank wood flooring, graceful French doors with retractable screens, and tasteful tile accents further enhance the home's allure. The expansive master suite boasts a luxurious ensuite bath and a walk-in closet complete with custom built-ins. The den and powder room offer privacy and convenience with electric roller shades. Step through the French doors to a covered back patio where a sparkling pool w/slate decking awaits amidst a private, green, lush, and spacious outdoor entertaining area. This exceptional residence, thoughtfully appointed and meticulously maintained, epitomizes refined living in an idyllic setting

2329 W Speer Trail Phoenix, AZ 85086

$1,150,000
3 Beds
3 Baths
3,137 SqFt
Status Active
MLS # 6726118
Property Type Single Family Residence
Price Type --
Welcome to your desert oasis in Arizona! This stunning property offers luxury living on a one-acre lot, providing ample space and privacy. The house features 3 spacious bedrooms and 3 bathrooms, perfect for accommodating family and guests. With a generous 3,137 square feet of living space, there is plenty of room for relaxation and entertainment. The home also includes a convenient car garage for working on your next car rebuild plus ample storage! There is over 7,200 roof covered space! Enjoy the tranquility and breathtaking views of the desert landscape from your own backyard. Whether you're watching sunsets or stargazing at night, this property offers a peaceful retreat away from the hustle and bustle of city life. Priced at $1,150,000.

6616 S Bridal Vail Drive Gilbert, AZ 85298

$1,150,000
5 Beds
2.5 Baths
2,825 SqFt
Status Active
MLS # 6742793
Property Type Single Family Residence
Price Type --
Welcome to Seville in Gilbert, AZ, a luxurious master-planned community featuring high-end homes, lush landscaping, and resort-style amenities, including the optional Seville Golf & Country Club with golf, pools, and fitness facilities. This home in Seville is positioned beautifully on the golf course and corner lot in a gated golf course community. It features a fun, relaxing backyard that can entertain guests with lots of space, a private swimming pool, a cabana, and a built-in BBQ grill with all the amenities. This home also features a split four-car garage, and one of the bays is tandem, giving you plenty of space for a larger vehicle or a boat, etc. The inside of the house features a split floor plan, and a large great room is in the middle. The chef's delight gourmet kitchen has two built-in stoves, a beautiful gas cooktop, and a large kitchen island. The master bedroom features a separate exit to the backyard, dual closets, dual sinks, and a separate shower and tub.

7200 N 34th Avenue Phoenix, AZ 85051

$1,150,000
3 Beds
3 Baths
2,065 SqFt
Status Active
MLS # 6744364
Property Type Single Family Residence
Price Type --
Welcome to this charming 3-bed, 2-bath home featuring a convenient food cellar in the laundry room. Additionally, there's a 1-bed, 1-bath guesthouse complete with a living area and kitchen, all situated on a secluded 1-acre irrigated lot in the heart of the city. With a gated entrance, this property has been maintained by the same family for 60 years, showcasing true pride of ownership and beautifully kept grounds. The main house offering a comfortable living space, while the cozy 480 sq. ft. guesthouse is perfect for guests or extended family. Outside, enjoy your own private oasis with a sparkling pool surrounded by lush, green grass. The spacious garage is tall enough to accommodate a full-size RV, multiple cars, a boat, or even serve as an impressive workshop. A unique property!

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