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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155 N Brookside Street Chandler, AZ 85225

$1,150,000
5 Beds
3.5 Baths
3,332 SqFt
Status Active
MLS # 6734166
Property Type Single Family Residence
Price Type --
This home is GORGEOUS! Custom built in a great area. You will enter through Extra Wide Custom solid wood door imported from Guadalajara Mexico. The entire home is well built with 2x6 construction. blown foam insulation throughout and Dual Pane windows - keeps utilities low. Oversized windows let in a lot of natural light. Floors are Imported porcelain Italian Tile and carpet in the bedrooms. Kitchen and bathrooms have Solid wood cabinets. This home has a backyard Oasis with a tranquil waterfall. Front yard was recently all redone with all new watering system and low maintenance artificial grass. 3 car garage has large solid wood built-in cabinets. Additionally, there is a mother-in-law suite attached with it's own direct access from inside the garage.Can also be excellent AirBNB

8246 E Kael Street Mesa, AZ 85207

$1,150,000
4 Beds
3.5 Baths
3,297 SqFt
Status Active
MLS # 6731205
Property Type Single Family Residence
Price Type --
BRING ALL OFFERS! Exquisite move-in-ready CUSTOM home nestled in the upscale Gated Community of Savona. Plenty of room for all your toys with the oversized 3-car garage, RV gate with space to build an RV garage or casita, and an extended paved driveway for ample parking. Great curb appeal and a beautiful 10ft tall custom iron entry door sets the stage for the grand entry. Soaring 12ft ceilings with coffered designs in the office and bonus room, 8ft solid wood doors, and beautiful Versailles patterned travertine throughout with architectural delights await. Gourmet Kitchen with Double Ovens, Stainless Steel Appliances, Gas Cooktop, Kitchen Island, and opens to the dining area and great room with fireplace. Bonus Room perfect for a game/TV room connects to the Guest/Mother-in-law suite with en-suite private entrance and its own private patio. Large primary suite and primary bath offers jetted soaking tub, snail shower and walk-in-closet. A separate wing offers two additional spacious bedrooms with individual sinks and an adjoined bathroom. Large laundry room with lots of cabinets for added storage and a laundry sink. Enjoy the privacy and desert landscape in your backyard with a sparkling saltwater pool, extended covered patio, and breathtaking sunsets. Plenty of room to build an RV garage or casita, a ramada or outdoor kitchen. The possibilities are endless, just waiting for your design. Upgrades include: New AC Units in 2019, 2 new Water Heaters in 2021, Water Softener in 2023, Exterior and Interior Painted in 2023, and Roof Inspected in 2024. Enjoy Pickleball, Basketball and Children's Playground. Great location just minutes to the 202 Freeway, Shopping and Restaurants, Hiking and Biking Trails, 20 minutes to Scottsdale Sky Harbor Airport, and 15 minutes to Lake Saguaro. Schedule your private showing today.

8301 E Malcomb Drive Scottsdale, AZ 85250

$1,150,000
4 Beds
3 Baths
2,284 SqFt
Status Active Under Contract
MLS # 6698854
Property Type Single Family Residence
Price Type --
INCREDIBLE Park Scottsdale home that checks EVERY BOX ~ SINGLE LEVEL, FULLY UPDATED MASTERPIECE w/PICTURESQUE BACKYARD & AMAZING FRONT COURTYARD ~ 4 Bedrooms ~ 3 Full Bathrooms ~ SPLIT floor plan ~ 2 MASTER BEDROOMS W/ENSUITE BATHS ~ GORGEOUS UPDATED kitchen w/Stainless Steel Appliances, QUARTZ countertops, LARGE KITCHEN ISLAND & WALK IN PANTRY ~ 1st Primary Bedroom features an ensuite Bathroom w/JETTED TUB & SEPARATE SHOWER, DOUBLE SINKS & WALK IN CLOSET and skylights ~ 2nd primary bedroom was added in 2023 & is OVERSIZED w/GORGEOUS EN-SUITE BATHROOM w/ WALK IN SHOWER & ACCESS TO THE BACKYARD ~ Spacious Guest Bedrooms have large closets ~ Guest Bathroom has been COMPLETELY UPDATED w/white executive height vanity, quartz countertops, updated plumbing fixtures, lighting, mirrors, flooring, tub ~ shower ~ Main Living areas feature SMOOTH CEILINGS w/RECESS LIGHTING & SMOOTH FINISH DRYWALL~ Living Room features Large BAY WINDOW ~ Newer LUXURY VINYL PLANK flooring t/o ~ Air Ducts replaced & ceiling height raised to be all one height (no more soffits) ~ Two Trane HVAC Units (new in main house 2019, Guest Bedroom side 2023)~ Dual Pane Windows ~ Roof 2023 ~ Gutters added 2024 ~ Hot Water Heater replaced 2023 ~ Water Softener loop ~ LUCIOUS & BEAUTIFUL Backyard features Covered Patio w/PAVERS added in 2024 and T&G ceiling with recessed lights and fan ~ REFINISHED POOL w/water auto fill (few homes in the area have this), dedicated cleaning line & pebble finish ~ Removable pool fence ~ Newer pool pump 2023 ~ OUTDOOR SHOWER ~ Large Grassy yard w/abundance of MATURE LANDSCAPING & PRIVACY~ Automatic yard watering system ~ RV Gate ~ Side Yard COVERED w/durable WATERPROOF material for storage of bikes, outdoor gear & more ~ Additional shed in yard ~ 2 Car Garage w/EPOXY flooring & newer cabinets in 2023, plenty of storage, newer lights & newer garage door & track 2023 ~ UNBELIEVABLE LOCATION walking distance to the Canal, Saguaro High School & A+ Rated Dual Language Immersion Pueblo Elementary School ~ Short walk or bike ride to the Scottsdale Greenbelt, Chaparral Park, Chaparral Dog Park, Baseball Fields, Soccer Fields, Xeriscape Garden, the 101 Freeway, Scottsdale Community College, Talking Stick Fields ~ 3 Miles to Old Town Scottsdale, 15 Minutes to PHX Airport ~ THIS ONE CHECKS EVERY BOX & then some!

6331 N 16th Drive Phoenix, AZ 85015

$1,150,000
4 Beds
2 Baths
2,691 SqFt
Status Active
MLS # 6738312
Property Type Single Family Residence
Price Type --
Secluded Oasis in Central Phoenix. CASITA, POOL AND SO MUCH MORE! Discover this secluded oasis in the heart of central Phoenix, where you'll feel as if you've escaped to your own private paradise. This single-story home features 4 bedrooms and 2 baths, showcasing charming arched openings, a marble fireplace, and a beautifully updated kitchen with cherry wood cabinets, quartz countertops, and a new sink. Enjoy the modern touches of luxury vinyl plank and tile flooring, along with recessed lighting throughout. Both the primary and secondary bathrooms have been recently upgraded with elegant walk-in tile showers. The entire house has been freshly painted inside and out, ensuring a pristine move-in experience. Adding to the property's allure is a studio-style casita, complete with a full bathroom, kitchenette, and its own elegant fireplaceperfect for guests or as a private retreat. The third building on the property is currently utilized as a gym but offers endless possibilities with its full bathroom, laundry room, ac unit and private garage. Set on less than half an acre with gorgeous matured, easily maintained desert landscaping among other distinguished and stunning homes, this property boasts a garden shed, a pebble tec pool with new pool equipment and a solar-safe pool cover. The backyard offers an automated irrigation system, natural gas for grilling, a designated spot pre-wired for a hot tub, and a large iron swinging gate leading to RV parking. Additional bonus features include built-in cabinets in the garage with attic space, a smart thermostat, smart doorbell, ADT security system, and fiber optic internet. The air ducts have been cleaned and sealed, and the property has undergone recent termite treatment with drill hole technology for added peace of mind This is truly a hidden gem in central Phoenix, offering a perfect blend of luxury, comfort, and convenience..

1034 E Sandpiper Drive Tempe, AZ 85283

$1,150,000
4 Beds
3 Baths
3,143 SqFt
Status Active Under Contract
MLS # 6744043
Property Type Single Family Residence
Price Type --
Snag this top-notch gem located in Tempe's sought-after Lakes before it's gone! Not only will you enjoy living in a well established neighborhood with a dynamic HOA engaged in constant community improvements, but you will also delight in the comfort of your gorgeous new home! Permitted and taken down-to-the-studs, this 2021 reconstruction boasts over 3,100 sq ft of meticulously planned living space with high-end finishes throughout. Enter through the custom Alder Dutch door and enjoy the new open floor plan including a deluxe primary suite upstairs, and additional primary area downstairs with an attached multi-use den/office/playroom/nursery. No expenses spared- owned energy-efficient solar (ask agent for summer AC savings), dreamy Quartzite kitchen island, 2021 matching LG stainless steel kitchen appliances, dimmable LED lighting beneath upper kitchen cabinets, a sparkling pool with new pump and LED multi-color lighting, 4-panel electric outdoor security screen for added pool safety and privacy, all-new windows, wiring, garage charging for 2 EVs, an outdoor 50 amp plug-in for potential RV visitors, reconfigured low-maintenance landscaping, and the list goes on! Tempe area homes like this rarely come available. Discover for yourself the warmth and sophistication of every upgrade thoughtfully crafted to enhance your living experience!

11722 S 38th Avenue Laveen, AZ 85339

$1,150,000
4 Beds
4.5 Baths
3,408 SqFt
Status Active
MLS # 6721960
Property Type Single Family Residence
Price Type --
This exquisite mountain estate is a home unlike any other in the area. Situated in one of the city's highest points, in an exclusive community on 1 ACRE of land. The interior has porcelain tile flooring throughout, soaring vaulted ceilings in the great room, and 10-foot ceilings elsewhere. Each of the 4 generous bedrooms features its own private ensuite bathroom and walk-in closets. Two large covered patios equipped with surround sound and misting systems. The large backyard provides the perfect canvas for a pool, a casita or other improvements. Additional features include an oversized 3-car garage, RV gate and a small open workshop.

716 Country Club Drive Prescott, AZ 86303

$1,150,000
3 Beds
2 Baths
2,100 SqFt
Status Active
MLS # 6752466
Property Type Single Family Residence
Price Type --
Step back in time and enjoy the modern comforts in this enchanting 1926 Sears and Roebuck Bungalow, in the heart of Prescott's historic district. This 2,184 sqft, 3-bedroom, 2-bathroom home boasts a coveted Crescent floor plan and features original wood floors --warmth and timeless elegance. Tastefully remodeled kitchen and bathrooms offer perfect balance of historic charm and contemporary convenience. The big private backyard is a tranquil oasis, complete with a charming guest house—ideal for guests or potential rental income. Located within walking distance to Prescott's special events and downtown attractions, this rare gem offers a unique blend of history, community, and convenience. Whether you're looking for a full-time home or a lucrative vacation rental, this home is a must see.

1501 N 67th Street Mesa, AZ 85205

$1,150,000
6 Beds
3 Baths
4,043 SqFt
Status Active
MLS # 6721410
Property Type Single Family Residence
Price Type --
Discover the perfect blend of luxury and convenience in this exceptional property! Nestled on just under an acre with no HOA, this expansive 6-bedroom, 3-bathroom home offers everything you could ever want. The layout includes additional great rooms that provide versatile living spaces. Step outside to find a stunning diving pool complete with a slide, a charming gazebo, and a dedicated grilling area—perfect for outdoor entertaining. Car enthusiasts and adventurers will love the incredible RV and 4-car detached garage, featuring high ceilings and air conditioning for comfort. The property has RV gate, an in-ground trampoline, and lush citrus trees. With all these amazing features, this home won't be on the market for long. Don't miss your chance to own this extraordinary property!

1045 E Cloud Road Phoenix, AZ 85086

$1,150,000
4 Beds
2 Baths
2,874 SqFt
Status Active
MLS # 6720123
Property Type Single Family Residence
Price Type --
Nestled within an expansive acre lot, this picturesque estate boasts a charming 2800 sq ft main house alongside a spacious 1300 sq ft guest house and a versatile 1800 sq ft workshop, creating an idyllic retreat for both living and creative endeavors. This semi-custom home exudes warmth and elegance and welcomes you with its timeless architecture, featuring a blend of wood and stone accents and rustic timber framing. Vaulted ceilings paired with mountain views create a breathtaking living space. This home features large, spacious bedrooms complete with walk-in closets. The backyard is an oasis where a sparkling pool takes center stage amidst a beautifully landscaped yard, creating a haven of relaxation and recreation. Solar panels keep the APS bill under $100/month for the entire property! Imagine stepping into a spacious and inviting living room that seamlessly blends the beauty of open floor plan design with the grandeur of vaulted ceilings and breathtaking mountain views. As you enter, you're greeted by a sense of airiness and light, accentuated by expansive windows that surround the home, framing panoramic vistas of majestic mountains in the distance. The 2 bedroom, 2 bathroom guest house mirrors the main home's architectural style, providing a private retreat for visitors, or longterm guests. Inside, a cozy living area greets guests with soft lighting and a full kitchen. Adjacent to the guest house stands the workshop, a haven for creativity and craftsmanship. The workshop also features a full bath. This property is not to be missed!

11626 S Appaloosa Drive Phoenix, AZ 85044

$1,150,000
5 Beds
3 Baths
3,649 SqFt
Status Active
MLS # 6669571
Property Type Single Family Residence
Price Type --
Located in the Equestrian Estates Custom home neighborhood. Original Owner, the home has been meticulously maintained and updated, Great mountain views from both levels. Footsteps away from hiking and biking in the desert preserve. Large backyard for entertainment and family activities. Mature citrus trees. Recently remodeled pool and deck. Newer roof, well insulated home for energy savings. newer Trane variable speed hvacs. Custom knotty alder cabinets and doors, new floors, kitchen and master bedroom/bath remodel, ionization water system, new paint, bar in family room, propane fireplaces in family room and master suite. ceiling fans throughout, Open floor plan, great neighborhood. Location, location, location!

205 W Quartz Rock Road Phoenix, AZ 85085

$1,150,000
4 Beds
3.5 Baths
3,529 SqFt
Status Active
MLS # 6665297
Property Type Single Family Residence
Price Type --
Seller is offering 2-1 Buydown to lower your interest rate to 5.125% for the 1st year! Private oasis with detached guest home located on over an acre of with city lights and mountain views. Only 2 blocks from the Preserve's 38-miles of hiking and horseback trails. The 2506sf open floorplan, wood beamed ceilings, and Arcadia doors create a bright, inviting space. A spacious kitchen offers granite counters and plenty of storage. Primary suite has 2 walk-in closets, jetted tub and walk-in shower. Outside, relax on the covered patio or by the pebbletec pool. New exterior paint, new carpet in bedrooms and 2 new AC units. The detached building includes over 1,000sf of livable space with a kitchenette and full bathroom, plus a 1-car garage & workshop. County island with no HOA

5366 E Juniper Avenue Scottsdale, AZ 85254

$1,150,000
4 Beds
3.5 Baths
2,781 SqFt
Status Active
MLS # 6650821
Property Type Single Family Residence
Price Type --
: EXQUISITE! Stunning North/South home in sought after location. Four bedrooms and three and a half bath, two level home. This home has been completely remolded and redesigned. Fabulous kitchen with new cabinetry and quartz counters. and newer stainless appliances. All new windows throughout the home. Formal dining room, living room and family room, with high soaring ceilings. Downstairs suite with own bath. Three large bedrooms and two full baths upstairs. Half bath off living. Separate laundry and 3 car garage. Master bedroom has walk-in closet and its view balcony. Beautifully redesigned master bath with soaking tub and large open shower. Landscaping is beautiful with care free artificial grass, sparkling pebble-tech pool, fruit trees galore, two covered patios and a louvered extension

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