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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8626 E Mackenzie Drive Scottsdale, AZ 85251

$1,100,000
3 Beds
3.5 Baths
3,120 SqFt
Status Active
MLS # 6730874
Property Type Single Family Residence
Price Type --
Turnkey Mid-Century Modern by reknowned architect E.T. Wright in Highly Desirable Sands East Community. An entertainer's dream home! Beautifully remodeled! Open concept kitchen with walnut custom cabinetry, sleek quartz countertops, 14ft peninsula and professional appliances - 36in all-induction cooktop and 48in built-in fridge. Wet bar features additional cabinets, icemaker, & wine fridge. Open design with floor to ceiling windows. All bedrooms feature ensuite bathrooms! (Please see listing document highlighting extensive upgrades! Heated community pool and hot tub! Conveniently located just off the 101, in the heart of Old Town Scottsdale. Must see this home!

16008 N 60th Street Scottsdale, AZ 85254

$1,100,000
5 Beds
5 Baths
3,282 SqFt
Status Active
MLS # 6751356
Property Type Single Family Residence
Price Type --
PRICED TO SELL! Seller is offering a $50,000 credit for cosmetic updates at closing!! LOCATION, LOCATION, LOCATION! Within 3 miles to over 3,000,000sf of premier shopping and restaurants including Desert Ridge, Kierland Commons, Scottsdale Quarter, PV Mall, and Scottsdale/101! Home features updated kitchen granite counters, vaulted ceilings, 5 bedrooms, 5 bathrooms, custom Iron front door, all new light fixtures, and new interior paint. Plenty of natural light. Large 2 car garage with storage closet. RV Parking.

8307 E Valley View Road Scottsdale, AZ 85250

$1,100,000
4 Beds
2 Baths
2,018 SqFt
Status Active Under Contract
MLS # 6696036
Property Type Single Family Residence
Price Type --
Truly stunning and immaculate remodel with warm hardwood floors, quartz countertops, large modern baseboards, and elegant lighting throughout. The centralized kitchen has a bold backsplash, luxury cabinets, and brand new appliances. The perfect oversized laundry room with lots of storage and counter space. Large windows throughout the home and plantation shutters in all rooms for privacy. Front and backyard patios, mature lush landscaping with automatic irrigation lines, fully enclosed and shaded dog run, and a sparkling pool. Inquire about the option to purchase the furniture with this fabulous home! Absolutely fantastic location in Scottsdale! Minutes from the 100-acre Chaparral Park with fishing lakes, popular dog parks, green belt paths, golfing, and much more. Excellent shopping and dining in Old Town, Fashion Square, and Kierland.

924 E Holbrook Street Gilbert, AZ 85298

$1,100,000
4 Beds
3 Baths
3,615 SqFt
Status Active
MLS # 6759245
Property Type Single Family Residence
Price Type --
Rare Opportunity to Live in South Gilbert's Destination Master Plan Community of Layton Lakes! This new market offering portrays picture perfect living in every way. Open Floor Plan w/ expansive Home Spaces & Generous Owner's suite. 4 bedrooms, 3 full bathrooms and a large game room that includes a wet bar with private garage access, can be used as a teen room or mother in law suite. Fully Landscaped Premium Corner Lot that borders a Beautiful Greenbelt. Enjoy the summer days & nights in your outdoor escape featuring Sparkling PebbleTec Swimming Pool, Large Spa, Built in Natural Gas BBQ, Fire pots, raised garden, EV Charger, and so much more. Layton Lakes has been the destination community known for its picturesque scenery and neighborhood charm. It's warm and inviting, full of friendly neighbors, engaging lifestyle, and exceptional educational opportunities. Featuring several tree-lined parks, playgrounds, tennis, basketball and volleyball courts, soccer and baseball fields, lakes, streams, waterfalls, and splash pad all surrounded by scenic water lined walking trails. Nestled between both the thriving City of Chandler & Town of Gilbert, residents take advantage of the countless nearby amenities including the 101 & San Tan 202 freeways, shopping, dining, entertainment, airports, hospitals, booming business corridors, and new Southeast Valley Developments.

5116 N 190th Drive Litchfield Park, AZ 85340

$1,100,000 - 5Br/4Ba -  for Sale in Zanjero Trails Infrastructure Phase 1a & 1b Parcel, Litchfield Park
Open House
$1,100,000
5 Beds
3.5 Baths
4,310 SqFt
Status Active
MLS # 6736228
Property Type Single Family Residence
Price Type --
Step into your luxurious 5-bedroom, 3.5-bathroom haven nestled in sought-after Litchfield Park, where breathtaking mountain vistas and captivating sunsets await you in your entertainer's paradise of a home! Your 2022 fully renovated outdoor oasis boasts a heated pebble tech pool, a built-in BBQ, a synthetic turf cornhole court, mini-golf amenities, and a cozy gas fire pit surrounded by seating. Added privacy with no rear neighbors, offering a serene retreat. Stepping inside through the double slider door, the entertainment continues in the grandeur of the great room, featuring an inviting electric fireplace, sleek polished concrete floors, and soaring ceilings. The kitchen, the heart of the home, beckons with its stainless steel appliances, double wall ovens, quartz countertops, and a convenient breakfast bar. The first floor primary bedroom boasts a grand entryway overlooking the pool, a lavish ensuite with two separate sinks, a large soaking tub, a spacious rain shower, as well as a sizable custom walk-in closet seamlessly connecting to your laundry room. The first floor rounds out with a built in custom wet bar area and additional entertainment space that welcomes the party inside. Guests have a seperate half bath on the first floor as well. The additional four bedrooms found upstairs are anchored by a generous loft and game room area along with space to build workstations in the hall area for additional work or school from home flexibility. The home features a three-car garage and is thoughtfully set back from the street to provide additional private parking in the extended driveway. INVESTORS take note, This home is an active short term rental with successful reviews and rental history and stays already booked that can transfer to you! You will want to see this one!

16652 N 51st Street Scottsdale, AZ 85254

$1,100,000 - 5Br/4Ba -  for Sale in Palos Verdes Ranch, Scottsdale
Open House
$1,100,000
5 Beds
3.5 Baths
3,573 SqFt
Status Active
MLS # 6760148
Property Type Single Family Residence
Price Type --
This amAZing 5 bedroom home in PALOS VERDES RANCH features primary bedroom down & 4 other bedrooms up. Tile T/O 1st floor & carpet on 2nd level. Enter home to foyer then Formal Living & Dining. Family room features Gas fireplace & Kitchen boasts white cabinetry, granite counters, & matching LG brushed stainless kitchen appliances including fridge ALL LESS THAN 5 YEARS OLD! Sept 2024 Exterior house & stuccoed back fence were painted. Completed in last 2 years: ROOF, CARPET, SUN SCREENS, ROLL UP SUN SHADES, PRIMARY BATH FIXTURES & SHOWER, TOTAL HOUSE WATER SOFTNER SYSTEM (NuvoH2O), PAINTED KITCHEN CABINETS, PRIMARY BATHROOM VANITY, & BRUSHED STAINLESS PULLS. Nest Thermostats T/O, BLINK Front door, driveway, backyard sidewalk & patio cameras w/Solar Charging. Front entry ceiling light is auto motion & front garage coach lights are photo sensor. Security system is owned and comes with CO detectors - monitored by AAA Home Security. 3 car garage with landing for extra storage and built-in cabinets. Both garage doors can be opened remotely and one garage door opener is new 9/2024. Built-in BBQ & back patio is the full width of the house and tiled. Ceiling fans on back patio & TV hookup. Interior back fence is stuccoed freshly painted to match new house paint (9/2024). Landscape lights in backyard & accent lights on patio. Desert landscaping front & back so low maintenance & watering. Pebble tec pool play pool with electric heater - in floor cleaning system & remote pool light (inside). 2 AC units - one replaced 7 years ago. Gas Heat. Wired for surround sound in family room. Speakers in ceiling of living room, master, garage & patio. These can be connected to a 2 nd audio feed. Volume control in each room. There are outlet photo sensor night lights in non-bedroom hallways for after dark.

5617 E Claire Drive Scottsdale, AZ 85254

$1,100,000 - 4Br/3Ba -  for Sale in Stratford Unit 2 Lot 117-123, Scottsdale
Open House
$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.

1112 E Arroyo Road Phoenix, AZ 85086

$1,100,000 - 4Br/3Ba -  for Sale in Desert Hills, Phoenix
Open House
$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!

16442 N 58th Street Scottsdale, AZ 85254

$1,100,000 - 4Br/3Ba -  for Sale in Paradise Park Vista Lot 1-3, Scottsdale
Open House
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!

9950 E Acacia Drive Scottsdale, AZ 85260

$1,100,000 - 4Br/3Ba -  for Sale in Trails North At Horseman's Park, Scottsdale
Open House
$1,100,000
4 Beds
2.5 Baths
3,374 SqFt
Status Active
MLS # 6719635
Property Type Single Family Residence
Price Type --
SPECTACULAR, ENERGY-EFFICIENT home nestled in a GATED COMMUNITY! Fantastic floorplan with an office downstairs, 4 bedrooms, plus a loft and laundry room upstairs! Well appointed kitchen boasts SS appliances and large walk-in pantry with tons of storage. Generously sized family room has large picture windows looking out to the backyard which includes inviting pool, spa, and fireplace - perfect for outdoor gatherings any time of year. No carpet - Shaw luxury vinyl and tile throughout. Enjoy breathtaking views of the McDowell Mts from your upstairs balcony off the primary bd rm which also boasts two WICs and a spacious bathroom. All of this wrapped in a VERY energy efficient home featuring 2 Lennox 18 SEER, variable speed HVAC units - 2021; new variable speed pool pump - 2020; and 12'' of additional insulation added to attic. This results in very low electric bills, historically 39% less, with an average 74 degrees home temp, see documents tab for details! All kitchen outlets upgraded to 20 amp. Ring doorbell and Swann System video security system for peace of mind. Prime Scottsdale location close to top-rated schools: Notre Dame Prep and highly rated charter schools Archway Scottsdale and Scottsdale Prep. Minutes from the 101, Westworld, the TPC, restaurants and shopping. A must see!

1987 S 141st Place Gilbert, AZ 85295

$1,099,999
4 Beds
3 Baths
2,590 SqFt
Status Active
MLS # 6746393
Property Type Single Family Residence
Price Type --
Welcome to a unique and rare opportunity to own an acre horse property in the heart of Gilbert. Situated at the end of the neighborhood on a desirable corner lot, this expansive property offers endless potential for those looking to create their dream ranch or equestrian estate. The lot features ample space for horse facilities, gardens, or any outdoor pursuits you envision. The existing home, though in need of work, provides a solid foundation for renovation and customization to suit your tastes. With a little TLC, this house can be transformed into a charming country retreat. Opportunities like this are hard to come by in Gilbert. Don't miss your chance to own a piece of prime real estate with the potential to become a stunning horse property. Whether you're an equestrian enthusiast or someone looking for space and tranquility, this property is a true gem. Contact us today to schedule a viewing and explore the possibilities that await at 1987 S 141st Pl!

7112 W Redfield Road Peoria, AZ 85381

$1,099,999 - 5Br/3Ba -  for Sale in Redfield Estates Amd, Peoria
New
$1,099,999
5 Beds
3 Baths
3,561 SqFt
Status Active
MLS # 6762897
Property Type Single Family Residence
Price Type --
Over $163K Upgrades since 2023 summer! New windows entire home (45K), New solar ($21K), New remodeled workshop with New AC ($17k), New artificial turf ($12K), New pool heater ($9K) - and more! This meticulously maintained 5-bedroom, split-level home sits on a 0.54-acre lot within the highly sought Peoria School District. A beautiful kitchen featuring All Brand New appliances and luxurious tile floors. The primary suite boasts a private patio with stunning views of the heated pool, waterfall, gazebo, and a sports court. Upstairs are two additional bedrooms and a full bathroom; the lower level offers a spacious family room, two more bedrooms, and a full bath. The property includes a 3-car garage, gated RV and boat parking & extra RV space. This home truly has it all!

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