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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9270 N Legend Hills Road Prescott Valley, AZ 86315

$1,099,000
4 Beds
3 Baths
5,699 SqFt
Status Active
MLS # 6700049
Property Type Single Family Residence
Price Type --
Welcome to the premier equestrian estate in Prescott Valley. Nestled in the picturesque Legend Hills neighborhood, this custom-built home sprawls across nearly 3 acres, offering panoramic views of the Mingus Mountains to the east, and Bradshaws, Granite Mountain, Glassford Hill and city lights to the west. Approach the residence via a grand circular driveway, accentuating the low-maintenance native landscaping of the front yard and the expansive front porch, ideal for soaking in the stunning mountain vistas. Upon stepping inside, you'll be captivated by the home's rustic allure, exuding a blend of warmth and western elegance throughout. Elevated ceilings adorned with beams and tongue-and-groove woodwork grace the common areas while luxury vinyl plank flooring adds style and durability. The spacious formal living and dining areas showcase views in both directions, while the cozy family room boasts a striking corner fireplace adorned with floor-to-ceiling wood accents. The kitchen is a chef's delight, featuring granite countertops, a chic backsplash, an oversized single-basin farmhouse sink, and exquisite raised panel knotty alder cabinetry. The split floor plan ensures privacy, with the master suite and an additional bedroom secluded on one side of the home. The master retreat offers direct access to the covered back patio, rustic woodwork accenting one wall, and charming beams and tongue-and-groove ceilings. The ensuite bath boasts dual vanities, an oversized soaking tub, a walk-in shower, and a generously sized walk-in closet. Two more bedrooms and a bathroom are situated on the opposite side of the home, providing ample seclusion for both homeowners and guests. For the horse enthusiast, the equestrian amenities are unparalleled, featuring perimeter fencing, cross fencing, RV and trailer parking, a custom 5-stall barn with tack room, round pen, 2 large turnouts, and an arena. Specially prepared substrate in the turnouts and arena ensures the optimal working and training experience for your equine companions. This property is impeccably turn-key for horse lovers. Additional highlights include an oversized 3-car garage, a large covered back patio enclosing a fenced grassy yard area (perfect for pets and children), and a durable metal roof. Don't let this opportunity slip awayschedule your tour today!

10328 W Avenida Del Sol -- Peoria, AZ 85383

$1,099,000
3 Beds
2.5 Baths
3,842 SqFt
Status Active
MLS # 6652572
Property Type Single Family Residence
Price Type --
2 Homes situated on over an acre of Horse Property. Large 4-bedroom 2.5 bath home with covered patios in the font & back of the home. Fire Sprinkler's throughout the home, Security Camera's, Water Softener, 74 Solar Panels, 2 A/C in Main House, 2 Hot Water Heaters in Main House, 3 Car Garage, RV Parking with Gate, Shared Well, 2 Septic Tanks, Chicken Coop, and 2 sheds. Guest home is 2-bedroom 1.5 bath appx 1142 sq ft. Great opportunity for Remodelers, Flippers, or Do it Your Selver's.

10445 W Camino De Oro -- Peoria, AZ 85383

$1,099,000
5 Beds
4.5 Baths
3,331 SqFt
Status Active Under Contract
MLS # 6687520
Property Type Single Family Residence
Price Type --
***LOOKING FOR SPACE, NO HOA & CLOSE TO AMENITIES? THIS IS IT!*** Welcome to your oasis in Peoria! This fantastic property sits on a spacious 1.3+ acre lot, offering ample space for privacy and outdoor enjoyment. With NO HOA, you have the freedom to customize and enjoy your home without restrictions. Inviting private, courtyard entry with stunning palm trees. This residence boasts 5 Ensuite Bedrooms, 4.5 Baths, Bonus Room + Den. Desirable split floorplan featuring soaring ceilings & exposed beams, wood-look tile flooring, surround sound, stylish light fixtures & skylights. Formal Dining area could also serve as home office/game room. Ideal floorplan for multi-generation living. Extended length 3-car garage for those over-size vehicles, RV parking with motorized gate provides plenty of room for RV parking, large work vehicles/equipment & more. Fantastic covered patio overlooks artificial turf, cozy exterior fireplace and kids play area. Plenty of space for home addition, RV Garage/Workshop, guest house, future pool & more! Whether you're relaxing in the expansive backyard, entertaining guests, or simply enjoying the impressive views & serene surroundings, this property offers the perfect blend of comfort & luxury. Don't miss out on this rare opportunity to own your piece of paradise in Peoria!

4486 E Encinas Avenue Gilbert, AZ 85234

$1,099,000
4 Beds
2.5 Baths
3,066 SqFt
Status Active
MLS # 6695253
Property Type Single Family Residence
Price Type --
This like-new, lavishly upgraded split floor plan home has 4 bedrooms, 2.5 baths along with a bonus room and is located in the highly sought after subdivision The Groves at Superstition Ranch. Entering through the oversized wrought iron and glass door, you will discover a property that has been well maintained and presents itself as immaculate! This home features a pleasing color palette, hardwood floors along with 24'' tile, carpeted bedrooms, plantation shutters, cellular shades, as well as crown molding and 5'' baseboards throughout the home. The family room features a stunning stacked stone wall and fireplace. The kitchen has 42'' maple cabinets, designer backsplash, stainless steel appliances, quartz counter- tops and a large island. A jacuzzi tub, walk-in glass shower, dual vanities and large closet are features in the en-suite. A stunning ceiling-to-floor embossed tile adds an elegant touch to the primary bedroom's impact wall. The tranquil and resort-like backyard has a newly remodeled pebble tech pool including a new pump and filter along with an artificial turf putting green. Upper and lower cabinets, a stainless steel sink and an overhead pull-down ladder for access to extra attic storage space make for an efficient laundry room. You will love the spacious three car garage with epoxy floor and built in floor-to-ceiling cabinets. This home has been beautifully maintained, freshly painted interior and exterior along with a new roof. You will love this home and it won't last long.

1434 E Hoover Avenue Phoenix, AZ 85006

$1,099,000
4 Beds
3 Baths
2,372 SqFt
Status Active
MLS # 6700939
Property Type Single Family Residence
Price Type --
Experience the perfect blend of modern luxury and convenience in this stunning home, ideally situated just minutes from the vibrant heart of Downtown Phoenix. This exquisite property boasts a sleek, contemporary design with expansive windows and high-end finishes that create an atmosphere of sophisticated urban living. The main house features an open floor plan that effortlessly flows from the spacious living area into a chef's dream kitchen. Equipped with state-of-the-art appliances, custom cabinetry, and a large center island, this kitchen is perfect for entertaining and culinary exploration. Step outside to your private oasis where a sparkling pool awaits, set in a beautifully landscaped backyard that offers a tranquil escape from the city buzz. Additionally, this property includes a charming 1-bedroom casita, providing privacy and comfort for guests or a peaceful home office space. The casita is just as modern as the main house, featuring a full kitchen, a cozy living area, and a private bathroom. This home's prime location allows for quick access to Downtown Phoenix's finest dining, shopping, and entertainment options, making it an exceptional choice for those seeking a stylish and convenient urban lifestyle.

2706 W Warner Road Chandler, AZ 85224

$1,099,000
5 Beds
3 Baths
2,342 SqFt
Status Active
MLS # 6638825
Property Type Single Family Residence
Price Type --
Wow! Rare Opportunity with easy freeway access for this 1.53 Acre Horse Property! This 2342 SqFt Single Level Ranch Home is well maintained and ready to move in. Instant equity builder features a Split 5 Bedroom - 3 Bath with extended Covered Patio and Basketball half court on a County Island with no HOA in the heart of Chandler. Both Living and family Rooms - Large eat in kitchen with Granite Tile. Newer HVAC Unit. 2 Car Garage with nearly unlimited parking options for all your toys - SRP Irrigated Lot - Separate Workshop with Electric with further covered parking attached.

28503 N 67th Drive Peoria, AZ 85383

$1,099,000
4 Beds
3.5 Baths
3,592 SqFt
Status Active
MLS # 6753955
Property Type Single Family Residence
Price Type --
Welcome to this stunning Camelot home nestled in the gated Canyon's Edge community of Sonoran Mountain Ranch. Enter through a charming Alumawood pergola-covered courtyard into 3,592 sq. ft. of thoughtfully designed living space. 4 spacious bedrooms and an office on the first floor, along with 3.5 bathrooms make this home perfect for both family living and entertaining. The open-concept kitchen is the heart of the home, boasting 42'' upper cabinets, granite counters, gas cooktop, a buffet/coffee bar, and an oversized island with breakfast bar. The great room's natural light along with the custom entertainment center add warmth and character, while oversized guest rooms provide plenty of comfort for a growing family. The owner's suite is a true retreat with backyard views and a large luxurious bathroom featuring a separate tub and shower. Upstairs, the enormous bonus/game room offers endless possibilities. With a full bath already in place, this versatile space can easily transform into additional bedrooms or be reimagined as a home theater, playroom, or entertainment area. Enjoy spectacular mountain views from your backyard complete with an extended covered patio, large outdoor kitchen, a gorgeous pool with waterfall, and a spacious synthetic grass yard. A custom built 10x20' shed adds extra storage and functionality. The spotless 3 car garage adds plenty of room for parking, storage or a home gym. Owned solar and two new primary HVAC units installed in 2023 complete this exceptional home offering efficiency for years to come. Do not miss the opportunity to make this marvelous Camelot beauty your next home!

19326 E Silver Creek Lane Queen Creek, AZ 85142

$1,099,000
4 Beds
3 Baths
3,240 SqFt
Status Active
MLS # 6704221
Property Type Single Family Residence
Price Type --
Welcome Home! Step into the lap of luxury with this exquisite 4-bedroom, 3-bathroom abode, situated on nearly an acre of lush estate grounds. The property boasts a resort style backyard oasis, lots of upgrades and the ultimate entertainers paradise Spanning an impressive 3240 square feet of living space, this residence offers abundant areas for both unwinding and hosting guests. The split floor plan features vaulted ceilings and expansive windows in every room, providing picturesque views of the private courtyard adorned with mature palms, assorted trees, blooming shrubs, a tranquil desert pool with cascading waterfall, a relaxing jacuzzi, and a charming paver patio. Revel in the stunning 180-degree vistas of the backyard, creating a peaceful retreat that feels worlds away from the urban bustle. Updates include a new roof installed in 2023, connection to city sewer in 2024, fresh interior and exterior paint, and all-new custom-tiled bathrooms featuring walk-in showers. The addition of a new walk-in master closet enhances the convenience and luxury of the home. Enjoy the elegant wood tile flooring throughout most areas, while the east bedrooms have been upgraded with plush new carpeting. The property also boasts a spacious 3-car garage with an additional workroom for added functionality. Ample room on the east side of the estate allows for the potential addition of an RV space or expansive workshop, catering to various lifestyle needs.

35618 N 142nd Place Scottsdale, AZ 85262

$1,099,000
3 Beds
2 Baths
2,879 SqFt
Status Active
MLS # 6713498
Property Type Single Family Residence
Price Type --
ULTIMATE IN SECLUSION & PRIVACY! NEAR TONTO NATIONAL FOREST! 3+ ACRE RANCH OFFERING SENSATIONAL SWEEPING MT. VIEWS & MAGNIFICENT SONORAN DESERT BEAUTY!TUCKED IN AMONG ROLLING HILLS TOWERING SAGUAROS & DISTANT SUN KISSED MT'S.! THE CENTERPIECE OF THE RANCH IS THE CUSTOM-BUILT HACIENDA STYLE HM W/ ITS ROMANTIC COURTYARD,IRON/GLASS FRONT DOOR,EXTENDED COVERED PATIOS, & VIEW DECK CAPTURING BREATHTAKING SUNRISES & SUNSETS.THIS QUALITY BLT. CUSTOM HOME OVERLOOKS THE GROOMED & MANICURED 3 RAIL FENCED HORSE PROPERTY,2 STALL MARE MOTEL,2 TACK/HAY STORAGE RMS, AUTO WATERS, LIGHTS,TURNOUT,ROUND PEN.PLENTY OF ROOM TO EXPAND!GREAT RM. PLAN,NEW KIVA FP,WALL OF GLASS WINDOWS, SPACIOUS KITCH.,SOLID HICKORY CABINETS & ISLAND,RAINFALL GLASS DOOR PANTRY,APPROVED W/EPCOR WATER, TRANSFERRABLE TO NEW OWNER. GRANITE CTR TOPS, COFFERED CEILINGS,BLT-IN SOUND,SOLID ALDER WOOD DOORS,MASTR SUITE W/FIREPLACE,SOAKING TUB,WALK IN SHOWER,WALK IN CLOSET TO DIE FOR,OVERSIZED 3 CAR GAR.,NEWER EXTERIOR PAINT. NEWER FOAM ROOF, 1 NEW A/C. HOME AND PROPERTY ARE METICULOUSLY MAINTAINED. NEW WATER PROVISION AGREEMENT SIGNED WITH EPCOR, AND IS TRANSFERRABLE TO NEW OWNER! Please visit their website for more information.

23075 E Stonecrest Drive Queen Creek, AZ 85142

$1,099,000
4 Beds
3.5 Baths
3,633 SqFt
Status Active
MLS # 6730210
Property Type Single Family Residence
Price Type --
This HIGHLY UPGRADED ENERGY STAR SINGLE LEVEL home built in 2019, sits on an OVER SIZED north/south facing 12,600 sq ft lot & has a 3 car garage. Enter this HIGHLY UPGRADED home and enjoy the AMAZING FLOOR PLAN featuring a LARGE OFFICE and DEN sitting at the front of the home. The OPEN FLOOR PLAN is perfect for entertaining guests & has a STUNNING KITCHEN with an ENORMOUS GRANITE ISLAND, UPGRADED SLATE CABINETS, LARGE WALK THROUGH PANTRY, and STAINLESS STEEL APPLIANCES. The Kitchen overlooks the SPACIOUS GREAT ROOM boasting a LOVELY BUILT IN ENTERTAINMENT CENTER with a RELAXING FIREPLACE and 2 LARGE SLIDING GLASS DOORS overlooking the GORGEOUS HEATED POOL and FULL OUTDOOR KITCHEN with a ramada. The split floor plan has a ginormous owners suit with a private door leading to the backyard and is complete with a SPACIOUS WALK IN CLOSET, HUGE FULL BATHROOM with an OVER SIZED WALK IN SHOWER, SOAKING TUB, DUAL VANITIES, & PRIVATE TOILET ROOM. 3 additional bedrooms are located in their own separate wing & feature a guest bedroom with a private bathroom, and 2 additional bedrooms are complete with a jack and Jill and walk in closets. The backyard is a TRUE OWNERS PARADISE paved with Stone, Custom Designed Synthetic Turf, Outdoor Fire place, and a Complete Outdoor Kitchen with a LARGE ISLAND. This is a MUST SEE!

7216 E Camino Salida Del Sol -- Scottsdale, AZ 85266

$1,098,995
3 Beds
3 Baths
2,113 SqFt
Status Active
MLS # 6755322
Property Type Townhouse
Price Type --
Shows like a MODEL!! Offered Turnkey. North Scottsdale luxury living. Modern Spanish single-level (no steps) featuring an open concept great room with a highly desirable split floor plan. Enter into this thoughtfully designed home with 2,113 square feet of serenity. High quality dovetail cabinets throughout with soft close and full extension drawers. Cabinet pull-outs and accent lighting in kitchen with upgraded stacked upper cabinets and walk-in pantry. Monogram stainless steel appliance package including gourmet gas cooktop, double ovens, built-in microwave, under-cabinet beverage cooler and dishwasher. Sprawling island including reverse osmosis system and seating complemented by quartz countertops. Showcasing 12' tall soaring ceilings in a spacious great room layout and multi-slide glass doors which deliver smooth indoor to outdoor living transitions. Travertine paver patio enhanced with artificial turf and fresh landscaping. Tranquil water feature, outdoor gas fireplace at covered patio seating and additional gas stub for grill. Split floor plan allows for luxe private owner's suite with tray ceiling and an expansive walk-in closet. Offering a spa inspired bath featuring additional cabinetry with accent lighting, dual sinks, and quartz countertop. Separate lounge tub and large shower. Upgraded comfort height commodes in all water closets. Airy secondary bedrooms have ensuite baths with added cabinetry and quartz countertops (3rd is shown as an office in photos-see floor plan). Utility sink in laundry room with upgraded cabinetry, quartz countertops, and drop zone. 220V in garage for electric vehicle charging. Owned water softener and gas tankless hot water heater. In a boutique community, Scottsdale Heights is a gated, 55+ community with a heated community pool and spa, pickleball and bocce ball courts, dog park and hiking/biking paths. Convenient location with nearby dining, shopping and grocery store. Located in North Scottsdale conveniently close to Carefree and Cave Creek along with a multitude of shopping, dining and outdoor recreation such as Bartlett Lake, Tonto National Forest and several golf courses. Special Features: -Ascent Floor Plan -Furnishings Included/Turnkey -Built 2021 -3 Bedrooms 3 Baths 2 Car Garage -Patio Fireplace -Patio Water Feature -Tankless Hot Water Heater -Gas Cooktop Wall Ovens -Walk-in Pantry -EV Charger in Garage HOA maintains front exterior landscaping, roof, exterior paint, private street maintenance, and common areas. Community Amenities: Gated, Pool, Spa, Bocce Ball, Pickleball, Dog Park and Walking/Biking Paths View Ascent Floor Plan under Documents

1647 W Yosemite Place Chandler, AZ 85248

$1,098,000
4 Beds
3.5 Baths
3,282 SqFt
Status Active
MLS # 6691207
Property Type Single Family Residence
Price Type --
Beautiful TW Lewis home in gated Balboa Point in Ocotillo. Open great room plan with a formal dining area. Eat-in kitchen with upgraded cabinets, breakfast bar, kitchen island, and desk/work station. Stainless steel appliances, including gas cooktop, and granite counters. Stacked stone fireplace creates a nice focal point in the spacious living room. Huge primary bedroom with private access to backyard. Primary bath has double sinks, large bathtub, separate walk-in shower & walk-in closet. One of the secondary bedrooms has its own private bathroom! Tall ceilings, lots of windows and plantation shutters throughout! Almost 12,000 sq.ft. lot has pool with water feature, covered patio, built in BBQ and outdoor fireplace with cozy seating area- perfect for relaxing or entertaining! Walking distance to the Village Health Club & Spa.

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