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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6963 W Aurora Drive Glendale, AZ 85308

$1,095,000
6 Beds
4.5 Baths
3,953 SqFt
Status Active
MLS # 6681725
Property Type Single Family Residence
Price Type --
Experience the Pinnacle of Living in Sierra Verde Estates. Discover Arizona elegance and comfort in this semi-custom Jackson Properties build home, nestled in the prestigious Sierra Verde Estates of Glendale. This property is designed to cater to buyers seeking an unparalleled living experience. With original owners, this home has been meticulously cared for and crafted to blend luxury, functionality, and an active lifestyle. PROPERTY FEATURES: Spanning 6 bedrooms and 4.5 bathrooms, including three en-suites, this residence offers expansive living options. The layout includes the highly sought-after first-floor suite with a walk-in closet and linen closet. The first floor boasts of three walk-in closets, ensuring generous storage solutions. The oversized primary suite is a testament to the masterful design, boasting dual sinks, a vast walk-in closet, separate toilet room, and a linen closet, ensuring functionality and comfort. Custom touches throughout such as bay windows in the kitchen and a third en-suite bedroom. Speaker wiring in the dining room and primary suite, the extended covered patio and the convenience of a laundry chute from the second floor into the massive laundry room. At the property's heart, the kitchen, bay windows overlook the oversized lot, complete with a pool, spa, built in gas grill, with built in ice chest, outdoor sink, gas fire pit, herb garden, mature citrus trees, generous grass area and paved entertaining spaces, perfect for hosting gatherings! Premier upgrades including big tickets items like; AC units replaced in 2013, 4.5 inch custom shutters throughout, a new roof in 2020 (includes a 10-year warranty), exterior paint in 2021, and exterior landscaping upgrades including remodeling pool to add pebble tech in 2007, this home is ready for you to move in! Check out the full upgrades list in the documents tab. Positioned directly in front of the community green belt, residents enjoy immediate access to volleyball courts, playgrounds, walking paths, and a serene lake, encapsulating the essence of an active and peace-filled lifestyle. LOCATION ADVANTAGE: Strategic proximity is displayed with the accessibility to all your necessities and community amenities. Located within 30 minutes of major sports facilities and just 25 minutes from Downtown Phoenix, this home is a hub for entertainment and urban convenience. TSMC within 20 minutes further underscores the strategic location for professionals. This Sierra Verde Estates masterpiece is not just a home; it's a lifestyle. With its thoughtful design, custom enhancements, and prime location, this home invites you to embark on a living experience defined by boundless opportunities. Seize the opportunity to make this exceptional property your own!

7344 E Keim Drive Scottsdale, AZ 85250

$1,095,000
4 Beds
3.5 Baths
3,353 SqFt
Status Active
MLS # 6728867
Property Type Single Family Residence
Price Type --
Come see this luxury 4 bed/3.5 bath home in the heart of Scottsdale! It is nestled within a gated community positioned on a desirable corner lot. This home is fully updated. The first floor consists of an open floor plan, vaulted ceiling, tiled floors, and a two way fireplace. It has a gourmet kitchen, perfect for entertaining, that features a gas stovetop, double ovens, large SS refrigerator, oversized granite island and a wet bar. It has a formal dining area and eat-in kitchen. The primary bedroom and beautifully updated bathroom with jetted tub is on the first floor and overlooks the patio and pool. There is a second primary bedroom with an en-suite bath upstairs. All 4 bedrooms have walk in closets. The 2 car garage has epoxy floors and a large storage room. Make this your new home! You can't beat the location of this home, it is close to Scottsdale Fashion Square, Old Town Scottsdale, various fine dining establishments, and Gainey Ranch! You're also in close proximity to The McCormick Railroad Park, Kierland Commons, Phoenix Sky Harbor Airport and the 101 Freeway. Don't miss the opportunity to own this exceptional home in one of Scottsdale's most sought-after communities!

3545 W Yorkshire Drive Glendale, AZ 85308

$1,095,000
3 Beds
2 Baths
1,888 SqFt
Status Active
MLS # 6716411
Property Type Single Family Residence
Price Type --
Come and see this recently renovated oasis home that checks all the box's & so much more! Upon arrival you will enter the main security gate & notice this Arizona ranch home is sitting on over an acre of irrigated land. The Main home features a 3 bed 2 bath 1,888 sqft. with high beam ceilings and lots of windows to enjoy the landscape. The Casita is a 2 bed 1 bath 900 sqft attached to the 1,500 sqft Commercial Grade Workshop . The Shop has four roll up doors (one pass thru), 2 master cool evaps & lots of 220, 2 additional Garages a total of 9 garaged spots and a Carport, resort style pool, spa. You must see to appreciate all this home has to offer, and still so much room on this lot located just minutes off of the Loop 101. Casita has its own electric meter. Pool was just resurfaced with- pebble tec finish. Please see docs for full upgrades & detail list. More pictures coming soon.

7231 E Tailfeather Drive Scottsdale, AZ 85255

$1,095,000
3 Beds
2 Baths
2,225 SqFt
Status Active
MLS # 6720615
Property Type Single Family Residence
Price Type --
Escape to Paradise with this Stunning 3Bed, 2Bath Oasis! This beautifully designed and meticulously maintained home, perfectly blending modern comfort with serene natural beauty. As you step inside, you'll be greeted by the warm and inviting atmosphere of this spacious split floor plan of living, featuring sleek SS appliances and granite countertops. The MBed is a tru retreat boasting an additional room with its own mini split air conditioning system, perfect for an exercise room or nursery, MBath is spacious offering a walk in shower, double sink vanity, separate toiletry room. 1of the spare bedrooms has a Murphy bed and desk perfect for guest or office, Backyard is a truGem with private (heated) Pool&Spa controlled by Aqua-link, Surrounded by fruit/lush trees, your very own Sanctuary! This is more than just a place to live - Grayhawk community is an experience, Grayhawk community is located in North Scottsdale and is known for being one of the most sought out places to live in Arizona, with their top-rated Schools, world-class Golf Courses, luxurious resorts, and fine dining options, with scenic trails for hiking and biking take along a map, and Add to that its just minutes away from the 101 freeway.

5250 E Deer Valley Drive Unit 256 Phoenix, AZ 85054

$1,095,000
2 Beds
2.5 Baths
1,777 SqFt
Status Active
MLS # 6646796
Property Type Apartment
Price Type --
Pool View from oversized balcony featuring a vented built-in grill. Luxury living with prime amenities at The Luxe at Desert Ridge. Located across from High Street and Desert Ridge Marketplace, this community offers a refined living experience. The exclusive clubhouse features meeting spaces, a large entertaining kitchen & coffee bar. Relax in the movie lounge, stay fit in the 4400 sqft gym, or swim in the Olympic-length pool. The Luxe residents also get to enjoy additional amenities, including access to Toscana's staff service, heated pools, spas, fitness centers, & etc. Just minutes away from Mayo Clinic, Scottsdale Quarter, & Kierland Commons, with easy freeway access to downtown Phoenix & surrounding suburbs.

7499 E Casitas Del Rio Drive Scottsdale, AZ 85255

$1,095,000
3 Beds
2.5 Baths
2,154 SqFt
Status Active
MLS # 6719862
Property Type Townhouse
Price Type --
Welcome to this exquisite three bedroom, two and half bath home in the conveniently located gated community of Summit at Silverstone. Community amenities, including a pool, fitness center, and barbecues, are conveniently located just steps away. The home is also close to shopping and restaurants, making it an ideal location. The spacious, open floor plan features stunning finishes and upgrades and creates a welcoming flow. This home boasts custom closets, plantation shutters, designer light fixtures and mirrors, high ceilings, a Crystal Tech water filtration system, a tankless hot water heater, & so much more. The great room boasts a wall of glass that overlooks a covered travertine patio, leading to a meticulously manicured and easily maintained, private north/south-facing backyard complete with a tranquil water feature and a covered patio. The kitchen is a chef's delight, featuring stainless steel appliances including a gas cooktop and double wall ovens, an R/O system, large center island with seating and waterfall edge, quartz counters, and wood cabinetry. The primary bedroom has an attached ensuite bath with dual sinks, walk-in shower, spacious closet, and private water closet. The second bedroom is a junior primary suite with an ensuite bath. The den has been transformed into a custom home office by California Closets, offering built-in organization and an efficient workspace ideal for remote work but could easily be used as an optional third bedroom if needed. An extended private driveway provides additional parking for guests and leads you to the two car garage with epoxy garage floors and a Tesla charging hook-up.

6412 E Blanche Drive Scottsdale, AZ 85254

$1,095,000
3 Beds
2.5 Baths
2,397 SqFt
Status Active
MLS # 6737924
Property Type Single Family Residence
Price Type --
Discover your ideal sanctuary in the highly sought-after Kierland community. Embrace the convenience of premier shopping and dining at Kierland Commons, Scottsdale Quarter, Westin Resort, and Kierland Golf Course, all just steps away. This home boasts a coveted layout with the owner's suite on the ground floor and guest bedrooms and office above. Recent updates include a resurfaced and retiled pool, remodeled bathrooms, a new hot water heater, and updated AC units. The mature backyard landscaping adds privacy and charm to your poolside retreat. Don't miss out on this gem!

7525 E Gainey Ranch Road Unit 206 Scottsdale, AZ 85258

$1,095,000
3 Beds
2 Baths
2,053 SqFt
Status Active
MLS # 6753348
Property Type Single Family Residence
Price Type --
Beautiful single-family home in the private and friendly community of ''The Greens'' located in beautiful Gainey Ranch [Scottsdale, AZ.] This home incorporates a subtle balance of contemporary finishes with a southwest design. It features 3 bedrooms, 2 full baths a nicely appointed kitchen with solid surface counters, raised panel cabinetry, an eat-in island, and a bay-windowed breakfast room. This open-concept floor plan includes spacious formal & informal living areas with a fireplace, flagstone flooring, designated dining space, and a dedicated master retreat featuring spacious sleeping quarters, a large dual vanity, a shower/tub, and a walk-in closet. The home features a 2-car garage and a private wrap-around patio space featuring mature landscaping - perfect for .. entertaining guests & family. Gainey Ranch is a guard-gated community offering residents luxury amenities, including a newly remodeled clubhouse, gym, multiple pools, tennis, and pickleball. Golf and great shopping, restaurants, and entertainment are just minutes away.

1952 E San Miguel Avenue Phoenix, AZ 85016

$1,093,000
4 Beds
3 Baths
2,412 SqFt
Status Active
MLS # 6759992
Property Type Single Family Residence
Price Type --
Beloved and Noteworthy Biltmore location! Totally renovated home on large lot with pool w/mountain views! Gourmet kitchen has deluxe 36'' Gas range & hood, new shaker cabs, European inspired backsplash, oversized black island with cabinetry and walk-in pantry. New Provenza wide plank flooring w/exclusive bevel edge. New Chic lighting & fans with striking fireplace. Stunning bathroom vanities, fixtures, showers, bath. 2 primary bedrooms each w/ full bath & 2 more rooms with full bath. Custom front door & back sliders, dual pain windows throughout! Fully enclosed 2 car garage, Yard is entertainers dream! New built-in BBQ & bar seating, sealed concrete and decking w/sparkling diving pool. New interior & exterior paint. New water heater, sprinkler valves, timer, pavers, rocks, plants & more (20th St. is a quieter residential street) Do not miss this amazing coveted residential neighborhood known for its mid-west charm, amazing hiking, dining, entertainment, golfing, and shopping. Close to freeways and the esteemed Biltmore Hotel and Spa, with 18-hole championship golf courses. * Full List of upgrades available in the Documents Tab*

37711 N 12th Street Phoenix, AZ 85086

$1,090,000
4 Beds
2.5 Baths
2,750 SqFt
Status Active
MLS # 6749883
Property Type Single Family Residence
Price Type --
Located in the desirable community of Desert Hills, this breathtaking custom home sits on a spacious lot without HOA constraints and provides the security of city water. The exterior includes a double RV gate, circular driveway, and synthetic stucco. Upon entering the residence you will be mesmerized by the craftsmanship and character of the home. The elegant office features a wall of custom cabinets including a hidden closet to double as a 4th bedroom. The heart of the home is a dramatic great room with 12-ft ceilings, a grand fireplace, and expansive windows to display the custom-designed backyard. The gourmet kitchen features a 10-ft island, counter to ceiling custom cabinets, and a walk-in pantry with a convenient wall-to-wall countertop. The spacious dining room opens up to a pergola covered outdoor entertainment space which includes a 13-ft stone bar, wet sink, and built-in stainless steel cabinets. The full length patio provides the perfect haven for relaxing; featuring a spacious paver-lined artificial grass area and beautiful mountain views. The luxurious primary suite offers ample natural light and an en-suite with deep soaking tub, super shower, and an oversized walk-in closet conveniently connected to the laundry room. Features include additional custom cabinetry, a washing sink, and a pet door to access the attached fenced run. Located on the other side of the house are 2 large bedrooms, a bonus room, and a spacious full bath with double sink custom vanity. This custom home is a must see! A full list of additions is below. Additional Details: - 400 amp service - City water - Spray foam insulation - 10-Year Hybrid High Efficiency Smart Tank Electric Heat Pump Water Heater - Pre wired for speakers inside and outside - Newly installed rain gutters with underground drainage - Baldwin exterior door hardware - Soft close door and drawers throughout the home - Large Minkaaire fans in great room and primary suite - Exterior hunter fans - Interior hunter fans in the office, bonus room, and additional bedrooms - Gas cooktop and fireplace - Pot filler - LED lighting throughout house - Spacious attic storage - Switched exterior outlets for exterior string lighting - Holiday light package - Outlet for EV charging - 2 phase outlet in garage for larger equipment - Pull down stairs for attic access - Built in swing set - High speed internet - RV access on both sides of house with access to clean outs - Pet run with interlocking hex ground panels for drainage, erosion resistance, and dig proof - Unlimited potential: expansive buildable area for horses or workshop

16058 N Aspen Drive Fountain Hills, AZ 85268

$1,090,000
4 Beds
3 Baths
3,576 SqFt
Status Active Under Contract
MLS # 6753674
Property Type Single Family Residence
Price Type --
Welcome to this meticulously designed and updated home, perfect for family living and entertaining. Highlights include two master suites, vaulted beamed ceilings, a coffered ceiling, and French doors leading to a beautifully landscaped backyard featuring a Pebble Tec diving pool, with waterfall, and hot tub. The chef's kitchen offers custom cabinetry and new stainless steel appliances. Recent updates include a new roof, renovated pool, new irrigation system, fresh paint inside and out, a new roof, and an updated garage door. Additional features consist of new window coverings, a replaced heating/cooling system, new water heaters, and a security system with cameras.

61 W Coconino Place Chandler, AZ 85248

$1,090,000
5 Beds
3 Baths
3,312 SqFt
Status Active
MLS # 6762485
Property Type Single Family Residence
Price Type --
This Home is located in the Upgraded Series of The Gallery at Fulton Ranch. This Gainsborough Floorplan is the Only One of It's Kind in Fulton Ranch Featuring 5 Bedrooms 3 Baths, Formal Living and Dining, Gourmet Kitchen with Double Ovens Built in Microwave, 42'' Staggered Cabinets w/Crown Molding and Island. Large Family Room with Stone Gas Fireplace. Large Primary Suite includes Snail Shower, Jacuzzi Tub, Dual Sinks. Large Walk-out Deck to Enjoy the Sunsets and Views. Upstairs Laundry. Gorgeous Backyard Includes Large Pool, Jacuzzi, Built in BBQ and Smoker. What a Great Place to Relax !!

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