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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3336 E Mountain View Road Phoenix, AZ 85028

$1,125,000
3 Beds
3 Baths
2,538 SqFt
Status Active Under Contract
MLS # 6746792
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Paradise Gardens, offering mountain views of the Phoenix Preserve. Whether you're sipping your morning coffee or entertaining guests you'll love relaxing on your spacious front patio. Step inside to discover vaulted ceilings and 16-ft double sliding doors in the great room, leading to a beautifully renovated home, both inside and out. This home perfectly blends modern luxury and comfort, featuring a stunning custom wood-burning fireplace and premium luxury vinyl plank flooring throughout, creating a warm and inviting atmosphere for lively gatherings or quiet, cozy evenings. The heart of the home is the completely modernized kitchen, with sleek cabinets, quartz countertops, stainless steel appliances, and an under-counter drawer microwave-ideal for... preparing meals and entertaining. Retreat to the primary suite, your private sanctuary with luxurious solid wood flooring and a spacious walk-in closet with built-in shelving. The spa-like en-suite bathroom boasts an oversized double shower with dual rainfall shower-heads, a free-standing tub, and a back-lit LED mirror. The secondary suite provides a haven for guests, featuring its own freshly remodeled bath and a private entrance to the backyard from the adjacent flex room. This space can be utilized as an office, a sitting area, a hobby room, or even converted into a kitchenette for an in-law suite or Airbnb. Step outside to your personal oasis. Relax on the oversized baja shelf in the completely remodeled pool, or host barbecues amidst lush landscaping and extensive paver patios. The circular driveway, with extended RV parking, offers ample space for guests and room for your toys. This stunning property, with NO HOA, promises both tranquility and convenience in one of the area's most sought-after locations. Whether you enjoy hiking, mountain biking, or easy access to endless shopping and culinary experiences, welcome to your new home on Mountain View Rd. where every detail is designed for your comfort and enjoyment.

1540 N Mariposa Road Flagstaff, AZ 86004

$1,125,000
4 Beds
4 Baths
3,873 SqFt
Status Active
MLS # 6724027
Property Type Single Family Residence
Price Type --
Welcome to 1540 North Mariposa Rd! This stunning property is a true gem that offers a combination of comfort, style, and natural beauty. Curb appeal galore, you'll enter impressed by the enlarged Trex front deck, perfect for enjoying the beautiful Flagstaff weather and watching the deer graze with a peak view of the golf course. Entering you'll notice hickory hard wood floors that lead you to the formal living and dining room to the left and an office/bedroom on the right. From there you'll enter the great room a.k.a. ''the heart of the home!'' It touts high ceilings, a massive rock fireplace, a large breakfast nook, an Arizona room and a chef's dream kitchen. With modern appliances, ample storage space with pull out drawers, and a large island that serves as the perfect gathering spot for family and friends. Whether you're preparing a quick meal or hosting a dinner party, this kitchen has everything you need to make many great memories. The bedrooms in this home are spacious and comfortable, providing a tranquil retreat after a long day. The primary suite bathroom has a walk-in shower, separate soaking tub and a walk-in closet! There are 3 spacious guest bedrooms with a jack and jill bathroom. The 3-guest bedrooms also comes with a full bathroom and an additional flex room to be used for a workout space, extra tv room or for sleeping extra guests. But the true highlight of this property is its outdoor space. Step out onto the back patio, and you'll find yourself in a private oasis with three areas for dining and entertaining. The back is beautifully landscaped with split-rail fencing around the back perimeter. Whether you're enjoying a morning cup of coffee, hosting a barbecue, or simply taking in the stunning views, this outdoor area is sure to become your favorite spot. On colder days, you can still enjoy the backyard views by soaking in the sun from the Arizona Room! The location is perfect with easy access to a variety of Country Club amenities, outdoor activities, including hiking, biking, and skiing. With its proximity to the beautiful Coconino National Forest, you'll have endless opportunities to explore and enjoy the natural beauty of the area.

7328 E Laredo Lane Scottsdale, AZ 85250

$1,125,000
3 Beds
2.5 Baths
2,751 SqFt
Status Active
MLS # 6756338
Property Type Single Family Residence
Price Type --
Detached 3 bed/2.5 bath single level home located in desirable Briarwood 5 community, a quiet and private neighborhood. Property features include newly painted exterior/ interior as of 2024, spacious, light & bright floor plan with vaulted ceilings/exposed wood beams, desirable 3-way FP, model (original floor plan intact), H2O softener included, stainless D/W and fingerprint proof fridge, lg garage storage, 2022 neutral terrazzo tile at kitchen, eating & family room, covered patio with sun screen, Phoenix tent & awning canopies front & rear (2022) & a private pool! The large primary suite includes renovation concept (architect designed). Land is owned, not leased. Rare detached unit, only a few exist with views of Camelback Mtn from the family room, living & rear yard! Property Sold AS-IS

1635 W Frier Drive Phoenix, AZ 85021

$1,125,000
5 Beds
3.5 Baths
4,045 SqFt
Status Active
MLS # 6751379
Property Type Single Family Residence
Price Type --
North Central Phoenix Charmer! One of a kind 5 bedroom/ 3.5 bath in 85021. Great opportunity to own a 4,045 sq foot home situated on over a half an acre in North Central Phoenix. The floor-plan offers four bedrooms on the main level as well as a formal living room, family room, 2 fireplaces, separate laundry room and a relaxing den. Upper level you will find a loft and the private spacious master bedroom with fireplace and sitting area that also includes your very own balcony for those relaxing AZ mornings having coffee or reading a book at Sunset. The kitchen provides plenty of cabinets, multiple windows overlooking the backyard, and beautiful tile countertops that spread throughout. The list continues, wait till you hear about the landscape, Click the More button. Exterior features a relaxing pool, sunbathing area, outdoor pool restroom, upgraded custom fire pit and oversized concrete entertainment pad. The landscape is a story of its own that is breathtaking with a huge lot that has lush grass, and the following trees: Lemon, Orange, Lime, Peach, Apricot & Apple. All Delicious!! Like I said RARE FIND property. This size lot and square footage does not come available often, here's your chance. Come home and live that North Central Phoenix Charmed Lifestyle!

9242 E Desert View Scottsdale, AZ 85255

$1,125,000
3 Beds
2 Baths
1,740 SqFt
Status Active
MLS # 6721539
Property Type Single Family Residence
Price Type --
MOVE-IN PERFECT! Beautifully Updated, Single Level 3 Bed + Den Home, in the Highly Sought After, Gated Community of DC Ranch w/ State-of-the-Art Workout, Pool & Community Center, Tree-Lined, Quiet Streets, Convenient to Everything North Scottsdale has to offer. You will Love the Charming Entrance through the Courtyard, to the Arched Blue Front Door. Enter the Rotunda Foyer w/ Wide Plank, White Oak Hardwood Flooring throughout. Kitchen w/ Quartz Countertops, Tile Backsplash, Kitchen Aid Professional Appliances, Kohler Farmhouse Sink & Pantry, Opens to Dining & Great Room w/ Gas Fireplace. Plantation shutters, Pottery Barn lighting, 3rd bedroom/office has French doors to outside courtyard entrance. Gorgeous Bathrooms w/ Marble Flooring, Countertops & Ceramic Handmade Tiles. Primary w/ Calacatta Double Oak Vanities, Kohler Stand-Alone Tub & Large Walk-in Closet. Exit from Kitchen Area to Private Patio w/ Built-in BBQ & 2nd Gas Fireplace, Beautiful Travertine Pavers & Low-Maintenance Yard w/ Turf.

4812 W Greenway Road Glendale, AZ 85306

$1,124,900
4 Beds
2 Baths
1,770 SqFt
Status Active Under Contract
MLS # 6633211
Property Type Single Family Residence
Price Type --
Here is a Rare opportunity for a move In Ready/Updated horse property on 1.7 +\- acres. Bring your horses, toys, trucks, trailers, and more. (Irrigation Available) on lot in Sunburst Farms with NO HOA and barn with approximately 3100 sqft +\- under Roof. This fully upgraded property has a new roof, windows, garage door, AC, water heater, cabinets, counter tops and much more. Lease to purchase option available.

7979 E Princess Drive Unit 14 Scottsdale, AZ 85255

$1,120,000
3 Beds
3 Baths
2,253 SqFt
Status Active
MLS # 6760232
Property Type Single Family Residence
Price Type --
Keep those promises you made to yourself: more time gathering with family and friends, more sunny days and more calm desert evenings. Easy to maintain and beautiful to behold, this soft contemporary remodel speaks casual ''everyday luxury''. Made for entertaining, the expansive great room segues into the dining space and open kitchen that invites comeraderie. Large quartz Center island, abundant cabinets and white oak style floors, wide baseboards, and tasteful fresh paint. Pleasant Natural light pervades accented with wooden shutters. Spacious primary with remodeled bath, plus bonus addition for an office/ work area. North/South exposure with Privately landscaped lot for backyard dinners or coffee in the Courtyard with Mountain Views. A gem ready to enjoy with North/South exposure, mature fruit trees, extra parking space in the cul de sac. ***Plus This PRIME LOCATION is walking distance to TPC GOLF COURSE, FIVE STAR FAIRMONT SCOTTSDALE PRINCESS RESORT & SPA (Princess spa membership option), SCOTTSDALE SPORTS COMPLEX, & WESTWORLD. QUICK DRIVE TO SCOTTSDALE AIRPORT, AIRPARK, WHOLE FOODS, MAYO CLINIC, KIERLAND & SCOTTSDALE QUARTER FOR A VARIETY OF RESTAURANTS, SHOPPING & ENTERTAINMENT....PLUS JUST MINUTES TO THE 101 LOOP AND 51 FOR CONVENIENT TRAVEL TO THE GREATER SCOTTSDALE AND PHOENIX AREAS. THIS IS THE PLACE TO BE FOR ACCESS TO THE BEST AMENITIES SCOTTSDALE HAS TO OFFER WHILE ENJOYING THE PRESTIGIOUS PRIVATE GATED CROWN POINT COMMUNITY. MINIMAL HOA FEES, SMALL INTIMATE COMMUNITY. PROPERTIES LIKE THIS DO NOT COME UP FOR SALE OFTEN! THIS HOME IS TURNKEY AND THE FURNITURE CAN BE PURCHASED ON A SEPARATE BILL OF SALE. SEE LISTING AGENT FOR DETAILS. WOULD MAKE A WONDERFUL SNOWBIRD RENTAL AS WELL

8621 W Via Montoya Drive Peoria, AZ 85383

$1,120,000
4 Beds
3 Baths
4,028 SqFt
Status Active
MLS # 6589036
Property Type Single Family Residence
Price Type --
Welcome to this exquisite property that offers the perfect blend of luxury and functionality. This stunning main house was rebuilt in 2016 after a fire. It boasts 3,108 square feet with 4 bedrooms and 3 bathrooms. Alongside the main house, there is a 920 square foot guest house with an additional bedroom and bathroom; which wasn't rebuilt in 2016. It also has its own family room, dining area, fully functioning kitchen and washer/dryer hook ups. Throughout most of the main home you will find beautiful Turkish travertine flooring. The heart of this home is the entertainer's kitchen, featuring floor to ceiling custom cabinetry, a large granite island with ample storage, a custom glass cooktop and double ovens. Living room has a two-way fireplace that is shared with the master bedroom The fireplace is adorned with natural stone and a custom designed mantle, adding warmth and charm to the space. Master suite has double sinks, his/hers closest and an oversized walk in shower. Laundry room is thoughtful designed with custom cabinetry from floor to ceiling and plumbing for two washers and a dryer. Step outside and indulge in the paradise of your dreams with a sparkling pool complete with a relaxing cabana area, pool storage and shed. The property offers plenty of space for RV parking and a 50 amp breaker, ensuring convenience for your adventures. Beyond the aesthetics, practicality is not forgotten. The home comes equipped with a RO system and water softener. Situated on almost half an acre of land with no HOA restrictions, this property provides you with the freedom to enjoy your space and tailor it to your preferences. Don't miss this opportunity to call this place home.

11265 N 130th Way Scottsdale, AZ 85259

$1,120,000
5 Beds
3 Baths
3,253 SqFt
Status Active
MLS # 6723196
Property Type Single Family Residence
Price Type --
$55,000 PRICE REDUCTION! Welcome home to this stunning residence located in the heart of the coveted North Scottsdale. This beautifully designed home offers a blend of luxury and comfort. Open concept living featuring high ceilings, elegant finishes and large windows for natural light. Neutral tones to match any style. Kitchen boasts stainless steel appliances, granite countertops and a large island. Master bedroom located on first floor offers a double sided fireplace, French doors to the patio, jacuzzi tub, double sinks and large walk in closet. A second bedroom and 3/4 bath is located on first floor also. Three oversized bedrooms upstairs with another full bath. Three car garage with built-in storage, expansive covered patio in the back prime for entertaining next to the pool and built-in bbq. Lots of storage. Blocks away from the Mayo Clinic, top-rated schools Desert Mountain High School, Mountainside Middle School and BASIS Charter. Close to hiking, biking, shopping and dining providing the perfect balance of convenience and luxury.

8772 W Brooklite Lane Peoria, AZ 85383

$1,120,000
4 Beds
3.5 Baths
3,550 SqFt
Status Active
MLS # 6706187
Property Type Single Family Residence
Price Type --
Luxury living in the quiet gated and desirable community of Montoro Preserve can now be yours. This amazing home has everything you've been looking for and needs no updates. The inviting front door welcomes you with stunning flooring and upgrades galore. The open floor plan draws you into the large great room where the triple-door slider seamlessly allows access to the back yard. The gourmet kitchen is bright and ready for entertaining with beautiful white cabinets that tastefully blend with the massive quartz island and countertops. The immaculate attention to design details carryover to the appliances that includes a professional grade stovetop and double ovens. You'll also find peace and tranquility in the oversized owner's bedroom with a spa-like ensuite. Meticulously placed tile abounds with dual vanities with under cabinet lighting, soaking tub and a spacious walk-in closet. And as a bonus, there is private access to the backyard. The secluded office space is perfect for meeting with clients as it has a separate outside entrance. Enjoy quiet nights in the large back yard with covered patio and a built-in fire pit. Room for the boat can be found behind the RV gate with space for all of your outdoor toys. Don't forget, the finished 3 car garage has air conditioning, 220 volt outlet, air compressor, plumbed for a sink and 3 walls of attached garage cabinets! The gem is less than 5 years old, so it's like a new home but has all the finishing touches done!

1140 W Yosemite Place Chandler, AZ 85248

$1,120,000
4 Beds
2.5 Baths
3,000 SqFt
Status Active
MLS # 6746520
Property Type Single Family Residence
Price Type --
Hidden gem in Ocotillo, Private 10,000 sq.ft lot, with a Resort-Style back yard, Saltwater pool/spa. The 3rd garage was converted into a 4th bedroom. The home has wide plank Walnut floors, Rotunda Entry, 4 Bedrooms Plus and a den, great room with Gourmet Kitchen overlooking the beautiful back yard Oasis! 8' Solid Wood Interior Doors, Highly Upgraded Bathrooms, Wood Shutters and Blinds, Custom Faux Finishes, Wine Fridge, Fireplace, Cabinets in the Garage. Within walking distance to The Village Athletic club, restaurants and shops. This home has plenty of improvements. (See Documents Tab).

2255 E Piewesta Peak Drive Phoenix, AZ 85016

$1,119,900
4 Beds
3 Baths
2,183 SqFt
Status Active
MLS # 6703509
Property Type Single Family Residence
Price Type --
Explore this beautiful property located in one of Phoenix's most desired neighborhoods. This home offers a fully upgraded, open floor plan featuring four bedrooms and three bathrooms- two of which are ensuites. The heart of the home is the inviting kitchen perfect for family cooking or entertaining guests. Step outside to a resort style backyard where a refreshing pool, soothing jacuzzi, grill, and outdoor lounging await. Surrounded by desert landscaping and offering beautiful mountain views, the outdoor space would be your own slice of paradise. The neighborhood is truly one of a kind, offering direct access to hiking trails for those who seek outdoor adventures and exploration. Don't miss out—schedule your viewing today!

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