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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5617 E Claire Drive Scottsdale, AZ 85254

$1,100,000
4 Beds
2.5 Baths
3,058 SqFt
Status Active
MLS # 6761281
Property Type Single Family Residence
Price Type --
This beautifully updated home is conveniently located just minutes from everything Scottsdale has to offer. The residence features a spacious, open family room with vaulted ceilings, and a wood-burning fireplace. The kitchen is designed to impress, with modern smart stainless steel appliances, a wine refrigerator, quartz countertops, skylights, and a large island with extensive storage and seating. The natural light enhances the bright, airy atmosphere throughout the entire home. All the bedrooms are generously sized with the primary suite conveniently located on the first floor. It includes a sizable closet and an elegantly updated private bathroom, complete with a modern tiled shower, contemporary flooring and cabinetry, a stand-alone tub, and ample counter space w/ dual sinks Numerous 2020 upgrades, including a Trane HVAC system, a full new roof, complete tile flooring, new windows throughout, and a smart heat-pump hot water system with smart thermostats. More recent upgrades include owned solar panels, ev charger and wired for a second, and a pool heat pump (heats in cooler months and cools in summer). The outdoor space is thoughtfully designed for both beauty and functionality, featuring a large covered patio and a pebble tech pool. The xeriscape landscaping is low-maintenance and water-efficient, attracting hummingbirds, while evening accent lighting adds charm. A vegetable garden, positioned to thrive in spring without the harsh afternoon sun, offers the perfect spot for growing tomatoes. For outdoor cooking enthusiasts, the unique penny-tiled pizza oven provides a special touch. This residence represents a perfect blend of modern enhancements, purposeful design, and an excellent locationa truly exceptional opportunity for those seeking a refined Scottsdale lifestyle.

16442 N 58th Street Scottsdale, AZ 85254

$1,100,000 - 4Br/3Ba -  for Sale in Paradise Park Vista Lot 1-3, Scottsdale
New
$1,100,000
4 Beds
2.5 Baths
2,725 SqFt
Status Active
MLS # 6763151
Property Type Single Family Residence
Price Type --
Welcome to Your Desert Oasis! Nestled in the heart of Scottsdale, this beautifully updated 4-bedroom + den, 2.5-bath home offers a blend of modern luxury and Southwest charm. Situated on a spacious lot this property boasts a lush backyard with a sparkling pool, perfect for Arizona's sunny days. Step inside to find a bright, open floor plan w/vaulted ceilings, tile flooring, & large windows that fill the space w/natural light. The gourmet kitchen features granite countertops, stainless steel appliances, & a breakfast bar, ideal for entertaining. The primary suite is your personal retreat, offering a spa-like bathroom w/dual vanities, a soaking tub, and a walk-in closet. Tons of recent updates like new A/C & thermostats, exterior paint, micro & fridge, garage storage, full list available Located in the desirable 85254 zip code, this home is minutes from world-class dining, shopping, and outdoor activities. With a 2-car garage, ample storage, and proximity to top-rated schools this home is perfect for families or those looking for an Arizona getaway. Don't miss the chance to experience luxury living in Scottsdale's prime location!

1112 E Arroyo Road Phoenix, AZ 85086

$1,100,000
4 Beds
2.5 Baths
3,181 SqFt
Status Active
MLS # 6760214
Property Type Single Family Residence
Price Type --
Check out this wonderful 4 bed, 2.5 bath residence now for sale! Nestled on an oversized 1-acre lot w/gorgeous mountain views and featuring a facade w/ stone accents, a low-care desert landscape, oversized 3 car garage, extended paver driveway. Inside, you will discover a sizeable living area & a cozy family room w/an entertainment niche, fireplace, and wet bar. High ceilings, graceful archways, and neutral palette throughout! The eat-in kitchen is comprised of wood cabinetry w/crown moulding, a large pantry, granite counters, newer Cafe appliances, a prep island, and a charming breakfast bar. Relax in the spacious master bedroom, with direct outdoor access, a walk-in closet, and a lavish ensuite w/dual sinks. Finally, the expansive backyard includes a covered patio, extended seating area, artificial turf, and a wood burning fire pit. All of this plus tons of room for your toys with 2 RV gates including 1 dedicated RV parking with 50 amp, water, and sewer. The home of your dreams is here, hurry and act now!

10100 N Elsie Lane Prescott Valley, AZ 86315

$1,100,000
3 Beds
3 Baths
3,448 SqFt
Status Active
MLS # 6715054
Property Type Single Family Residence
Price Type --
This sprawling estate boasts a single-level main house, guest casita and a massive RV barn/shop all set on 2 acres. The circular drive lined with mature trees, and meticulously manicured landscaping, contribute to the outstanding curb appeal of this property. Inside, the foyer leads to a massive open great room. The kitchen offers elegant cabinetry including some with decorative glass-fronts, a large island with gleaming granite countertops, a generous walk-in pantry, a Jenn Air six-burner downdraft cooktop, farmhouse style Kohler sink, and a sleek black appliance package. The dining room's functional bay window overlooks the gorgeous backyard with views of Granite Mountain. The great room has white-oak ¾'' solid wood flooring, extensive built-ins, and space for a flat-panel TV. The split bedroom floor plan includes a generous master suite with pendant lighting, backyard and mountain views, and an oversized jetted tub. The elegant walk-in shower features rain heads, and there are double walk-in closets with natural light. Guest bedroom one has beautiful views of the Mingus Mountain range. The centrally located powder bath features a custom vanity. Guest bedroom two is a junior suite with a raised height vanity, walk-in shower, linen storage, and mountain views. The utility/laundry room includes a sink, washer and dryer setup, folding table area, home network panel, smart panels, and upper and lower storage cabinetry. The home is equipped with a central vacuum and an attached 3.5-car garage with epoxy flooring, soft water, tankless hot water, and recirculating hot water. The Guest Casita offers a kitchenette with a full-size range oven, upper and lower cabinets. It features great storage with ample room for a full-size refrigerator. The three-quarter bath includes a raised vanity, double vessel sink, and a utility area. The utility room houses the soft water system, tankless hot water, and in-floor radiant heating system, with washer and dryer hookups available. Upstairs, you'll find soaring ceilings, beautiful views from the bedroom, and a spacious closet. Adjacent to the Casita, the massive RV barn/shop includes drive-through 14-foot overhead doors, accommodating a diesel pusher or full-size RV with ease. The shop is equipped with a lift, extensive built-in workbenches, storage shelving, a sink, and a washing machine. It is wired for 240-volt, 50-amp service for your RV, as well as 220-volt for equipment. The shop and the Guest Casita have in-floor radiant heating, while the upstairs area is heated by baseboards and AC with a backup propane furnace. The property includes a fully owned solar system and a well that is 480 feet deep, producing over 30 gallons per minute. The perimeter of the property is fenced, except for the front. The fully fenced backyard includes privacy fencing, beautiful grass, and stained and stamped concrete covered patios.

634 E County Down Drive Chandler, AZ 85249

$1,100,000
4 Beds
3.5 Baths
3,599 SqFt
Status Active
MLS # 6738354
Property Type Single Family Residence
Price Type --
Nestled within the upscale gated community of Fieldstone Estates, this pristine home showcases an ambience of Arizona living throughout. This premium north/south facing property situated on a 1/3 acre greenbelt lot in Chandler is an entertainers delight. A gated front courtyard leads into a formal living room featuring an elegant two-way fireplace and views directly showcasing the outdoor resort oasis. This desert gem highlights ultimate living with an impressive gourmet Chef's kitchen including a deluxe island with breakfast bar, double ovens, gas cooktop, stainless steel appliances, built in fridge, warming oven, built in microwave and a large walk-in pantry. The primary suite boasts an abundance of natural sunlight offering direct outdoor access to a spacious covered patio. Custom wood shutters and two stone accent walls amplify the exquisite nature of the room. The luxe bathroom with his and her separate vanities is complete with a soaking tub, private double shower and a considerable walk-in closet. This luxurious home boasts 4 bedrooms including a guest suite/den with built-in Murphy bed and desk, a formal office with impressive bookcase and additional cozy theatre room perfect for entertaining or relaxing. Exclusive outdoor living space offers a resort style heated pool with waterfall and elevated spa backing to a vast common area. A wooden slat pergola covers a fully functioning outdoor kitchen complete with built-in BBQ, dual gas burner stovetop, electric deep fryers, wood burning pizza oven, kegerator and sink providing a significant space perfect for open-air dining. Additional lower level outdoor patio with impressive wood burning fireplace provides ample seating areas for tranquility & relaxation. Don't miss out on this exclusive property designed for superior indoor and outdoor enjoyment!

3503 E Princeton Court Gilbert, AZ 85234

$1,100,000
5 Beds
7 Baths
4,924 SqFt
Status Active
MLS # 6691810
Property Type Single Family Residence
Price Type --
Welcome to this exquisite basement home in Gilbert Arizona. Meticulously designed to offer an abundance of space, comfort, and entertainment options! This home provides you with 5 bedrooms, 4 full baths, and 3 1/2 baths, 3-car garage, an RV gate, pool, 12k+ size lot in a cul-de-sac, and plenty of modern designs throughout the home. Be greeted by an inviting dining & living area w/high ceilings, gleaming hardwood flooring, pristine tile, graceful archways, and dazzling light fixtures. Continue into the carpeted family room, offering crown moulding and a fireplace to keep you warm during the winter months. The kitchen features ample cabinetry, granite countertops, SS appliances such as dual wall ovens, mosaic tile backsplash, a pantry, and an island w/a breakfast bar. The main level of the home will provide you the master suite that includes a private sitting area, a walk-in his & her closet, and a pristine ensuite w/dual vanities & a garden tub. The main level also has a full jack & jill bath, a 1/2 bath in the hallway, & a 3/4 bath in the guest room. When you go upstairs you get a spacious loft and a 1/2 bath, & 1 bedroom that offers a 3/4 bath. One of the most unique features is the large basement that comes with your own media/theater room, and a wet bar and a 1/2 bath. Finally, the fabulous backyard showcases a covered patio, free standing BBQ, and a sparkling diving pool!

270 Long Branch Prescott, AZ 86303

$1,100,000
4 Beds
3 Baths
3,966 SqFt
Status Active Under Contract
MLS # 6680664
Property Type Single Family Residence
Price Type --
Prepare to be utterly captivated as you approach this extraordinary property, where opulence intertwines with breathtaking views and serenity at every glance. From the iconic Thumb Butte to the sparkling Prescott city lights to the majestic Granite Mountain, the vistas are simply mesmerizing. A grand pavered driveway welcomes you to the expansive flagstone atrium entry, setting the tone for the unparalleled experience that awaits. From the custom stone hearth fireplace to the million-dollar mountain views to the unexpected privacy and the convenient dumb waiter from the garage to the kitchen, this home epitomizes a lifestyle of unmatched refinement. Nestled among towering pines, the oversized homesite spans just over a half-acre, offering ample room to roam and revel in nature's splendor. The upper/main level of the home showcases a master suite, guest bedroom suite, laundry facilities, and an expansive great room where custom hickory flooring and knotty alder cabinetry exude warmth and sophistication. The gourmet kitchen is a culinary haven, boasting stainless steel appliances, a vast granite island and countertops, and space for both formal dining and casual meals in the breakfast nook. Venture downstairs to discover two additional bedrooms, a Jack-and-Jill bath, an oversized family room, and convenient garage access. Throughout the home, custom window treatments and wooden blinds add a touch of refinement, while the nearly 800 square feet of exterior decks offer unparalleled views of the natural surroundings. Additional highlights include a 50-year roof, a 3.5 car garage, and zoned heating. Although there is no AC downstairs, the partially underground setting ensures natural cooling during warmer months. For those in pursuit of the ultimate luxury living experience, this home presents a rare opportunity to immerse oneself in the finest that Prescott has to offer. Don't let this chance slip away to make this extraordinary property your own. Some furnishings are available for sale outside of escrow.

16014 E Glenbrook Boulevard Fountain Hills, AZ 85268

$1,100,000
5 Beds
3 Baths
2,965 SqFt
Status Active
MLS # 6683581
Property Type Single Family Residence
Price Type --
Looking for a home with a casita in the NorthEast Valley? Look no further than this remodeled home on over an acre corner lot! Spectacular mountain and sunset views from backyard! Primary home consists of 3 bedrooms, 2 baths. Open and inviting ''circular'' floorplan with soaring ceilings and custom fireplace. Updated kitchen with oversized island, granite countertops, and stainless steel appliances. Beautiful views from large master bedroom complete with remodeled bath and walk-in closet with shelving. Casita has two additional bedrooms (one with a murphy bed for easy space conversion,) a kitchenette, and laundry hookups. Inviting patio off casita great for grilling with built in sink and counter space. New exterior landscape lighting adds ambiance to your outdoor retreat Owners invested over $25k to add new landscaping to compliment the easy-care turf. New PVC watering system with auto timers installed in front and backyards and hard-wired retractable awnings in back. Too many additional features to list: brand new water heater (9/24,) plantation shutters, electric wireless roll-up blinds at sliding doors, smart home nest thermostat and ring doorbell, RV gate, 4 car garage, with storage room and attic, water softener, fully fenced backyard, newer pool equipment. No steps, wheelchair friendly doors and hallway. Prior owner installed new dual pane windows and doors, added sunscreens, remodeled baths, recoated roof, and updated AC, air handler, and ductwork. Seller offers loan programs to make this home more affordable for you! Inquire within.

38730 N Donovan Lane Phoenix, AZ 85086

$1,100,000
5 Beds
4.5 Baths
5,065 SqFt
Status Active
MLS # 6690310
Property Type Single Family Residence
Price Type --
WOW Breathtaking Vista's from every room Enjoy the City lights from your own home. So much privacy, no neighbors in front of you or looking in your backyard! Unbelievable indoor ,outdoor entertainment. Courtyard w/ Fireplace to enjoy in the winter and evenings. Travertine stone flooring throughout the downstairs. Hand scraped hardwood floors nested in the family room w/ a fireplace to enjoy.Gorgeous Granite counter tops & stone backslash in your Kitchen. Soaring ceiling in the dining area. Mutigerenational living ensuite downstairs. Huge master bedroom upstairs to enjoy the amazing views with plus huge closet. Bonus room w/ cabinets in it. Perfect for a family fun room. Bonus downstairs where a 4 car garage was.A man cave or arts / craft room. RV gate. 5 bed & 4.5 bath. Owner Agent

3216 E Orange Drive Phoenix, AZ 85018

$1,100,000
3 Beds
2 Baths
1,580 SqFt
Status Active
MLS # 6739869
Property Type Single Family Residence
Price Type --
PRICE REDUCTION This charming home is located in the Biltmore corridor(North of Camelback road) on an extra large cul de sac lot with a backyard large enough for an addition. Dual pane windows, recessed lighting, maple wood flooring through-out and many upgrades makes for the perfect home for year-round residence or winter visitor. Located near the best restaurants, shopping, hiking, biking and walking trails Your clients won't be disappointed. LOCATION LOCATION LOCATION

4547 S Raster -- Mesa, AZ 85212

$1,100,000
5 Beds
4.5 Baths
3,802 SqFt
Status Active
MLS # 6652779
Property Type Single Family Residence
Price Type --
Priced $134k BELOW appraised value! Do you love New Construction but are not interested in doing finishing touches after closing like window treatments, landscaping, pools, bbq's, & personal design elements? You won't have to with this 5 bedroom, 4.5 bath, 3800+ SF home built in 2023. Everything has already been done inside & out. Master has private sitting/office area, huge double walk-in showers & 2 closets. One even exits to large laundry room. 2 additional bedrooms have personal on-suites. The kitchen is a dream come true, w/double ovens, pot filler, huge island w/seating, quarts counter tops & coffee bar area, but it doesn't end there! Bonus Butler's Pantry awaits around the corner & has additional counter space w/cabinet storage above & below, 2nd sink, 2nd fridge & large walk-in pantry. The kitchen/dining/living area is open & flowing w/vaulted ceilings & beautiful faux wooden beams. To top it off, there is also an added bonus/game room. We said inside & outside! The exterior has the same attention to detail. Enter through a private courtyard & immediately look through to a wall of glass inviting you to the backyard. It includes a sitting area, luxury pool & spa, covered pellet BBQ, fire-pit w/sitting area, play/game area, outdoor shower & even a dog run. The list of amenities goes on, including 3-car garage, electric blinds, located across from a park & more. Our suggestion - you owe it to yourself to check it out! We're convinced you will not be disappointed!

3888 S Iroquois Lane Gold Canyon, AZ 85118

$1,100,000
6 Beds
6 Baths
6,968 SqFt
Status Active
MLS # 6644778
Property Type Single Family Residence
Price Type --
Take a look at this incredible find! This stunning 6-bed, 6-bath residence is set on a sprawling 1.1-acre lot boasting private streets, desert landscapes, and breathtaking mountain views. The home welcomes you with a lovely living room with high ceilings, elegant wood flooring, and a cozy fireplace. The great room offers an intimate setting for cherished moments with loved ones. You'll be delighted by the gourmet kitchen, equipped with sleek granite counters, wood cabinets, recessed lighting, SS appliances, a pantry, a serving window, and an island with a breakfast bar. You'll also find a bonus room with a wet bar, perfect for entertaining. The primary bedroom features balcony access, a walk-in closet, and an ensuite with dual vanities and an additional fireplace. Enjoy a breath of fresh air on the balcony, presenting sweeping views of the surrounding scenery. Make this gem yours!

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