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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5626 E Charter Oak Road Scottsdale, AZ 85254

$1,050,000
3 Beds
2.5 Baths
1,808 SqFt
Status Active
MLS # 6749888
Property Type Single Family Residence
Price Type --
Bored of cookie cutter? Here's the opportunity for your own secluded sanctuary in the heart of 85254! Updated home, surrounded by masterfully placed towering boulders that create unexpected walkways with custom sculptures, and calming Koi pond in front. Inside, enjoy open spaces with lovely views from nearly every window, including custom-sculptured rock waterfall flowing into the pebble-finish pool. Block construction, with 3 large bedrooms, dual-pane windows with metal Roll Shutter Systems (for security, privacy and additional thermal control), water softener, drinking water filtration, walk-in pantry, gorgeous quartzite counters, 2022 Roof and HVAC, and many other custom updates throughout! All this, minutes to The Valley's best shopping and dining - many school options - and no HOA!

6411 E Presidio Road Scottsdale, AZ 85254

$1,050,000
3 Beds
2 Baths
1,895 SqFt
Status Active
MLS # 6751724
Property Type Single Family Residence
Price Type --
Welcome to 6411 Presidio, a beautiful home with 3 bedrooms, 2 bathrooms, and a hidden office. High quality furnishings for a casual luxury feeling are available on a separate bill of sale. Enjoy an abundance of natural light and a tranquil backyard, screened in patio, and a built in bbq. The office is located off the living room through a hidden door and features cabinetry storage, a desk, and bookshelf. Stainless steel appliances, 72'' fireplace and more. A true gem

11077 E White Feather Lane Scottsdale, AZ 85262

$1,050,000 - 4Br/3Ba -  for Sale in Echo Ridge At Troon North Lot 1-98 Tr A-k, Scottsdale
Open House
$1,050,000
4 Beds
3 Baths
2,836 SqFt
Status Active
MLS # 6752193
Property Type Single Family Residence
Price Type --
Come fall in love with this completely remodeled home with mountain views in the highly desirable Troon North! Prepare to be blown away as you walk through the oversize painted oak front door into a great room with soaring vaulted ceilings adorned with round gold chandeliers, LVP bleached oak flooring, plantation shutters on all windows, charcoal accent walls, new contemporary 4 inch baseboards, new designer fans & extra recessed lighting added too! The kitchen has had walls opened up to reveal the most exquisite finishes & was just filmed to be in a ''Forno'' commercial to feature its' all new Forno Luxury Appliances' package including: 60 inch side by side custom built-in fridge, 50 bottle wine fridge, 36 inch stove & custom hood & under counter built-in microwave.The 10 foot black & white veining quartz waterfall island just screams class with enough seating for 6 as well as a new under-mount stainless sink & black goose neck faucet. The abundance of 42 inch black shaker cabinets with gold hardware, quartz counters that continue up the wall, formal dining area & oversize pantry are all such nice features too! The family room off the kitchen is another area with walls opened up for a modern feel & is graced with dramatic floor-to-ceiling slate tiled wood-burning fireplace. A 1/2 bath off the kitchen makes entertaining here easy & has been recently renovated with black floating vanity, black quartz counter, sleek black faucet, LED lighted hanging mirror & custom shelving underneath for storage. The home office area has also been structurally improved & has new custom entry doors & closet added to make it a possible 4th bedroom option. The large laundry off the garage even boasts all new shaker cabinets & quartz counters too! The primary suite has its' own side of the home w/ exterior exit, plantation shutters & the same breathtaking vaulted ceilings as the rest of the home. The spa-like retreat of the primary bath has also just been remodeled too w/ high-end Bedrosian's tile marble flooring, custom tiled shower with glass door, rain shower faucet & hand-held, private commode, dual vanity with under mount sinks & vanity nook, stunning white quartz counters, 110 lighted LED hanging mirror, soaking tub w/ wicker chandelier, wall faucet & glass block for privacy. The oversize primary walk-in closet off the bathroom is also an amenity not to be missed! This Shea homes built floor-plan just makes sense with two extra large guest bedrooms that are split w/ 10 foot ceilings, all new doors & hardware, shutters & their own remodeled bathroom including adorable black & white octagon tile flooring, quartz counters, under-mount sinks, chrome faucets, another lighted LED hanging & an exquisite custom tiled shower & glass door too! The garage is very special as well with 3 large bays, all new blue epoxy flooring, water softener, extra storage & a utility door too! The oversize lot with lush front and back yards is nestled on a quiet street with north/south exposure & set below majestic mountain views. The backyard is a serene setting with expansive covered travertine-lined patio w/ electric awning, professionally curbing, designer landscaping, astro turf and a fire pit area w/ travertine patio & seated benches too! One of the best features about this home is its' location w/ majestic mountains behind & next to a preserve area w/ natural desert landscaping to enjoy sunsets under! The landscaping in the yards is so low maintenance yet still possessing lovely vegetation such as Aloe vera & Bougainvillea plants, Rosemary bushes, Cacti, & pots w/ vinca flowers! All this is located next to Troon North and all its' wonderful amenities, renown golf courses, high-end shopping & restaurants & also located in the award-winning Scottsdale School district....Welcome Home!

5725 E Evans Drive Scottsdale, AZ 85254

$1,050,000
4 Beds
2.5 Baths
2,324 SqFt
Status Active
MLS # 6754204
Property Type Single Family Residence
Price Type --
Move-In Ready. 4BR 2.5BA w/ 2.5 Car Garage in the ''Magic Zip Code'' of 85254. Desirable location close to Kierland Shopping, Restaurants, schools, parks and Entertainment. NO HOA. This home features open floorplan from Kitchen to Family Room, Sparkling Pool. Kitchen has Kitchen Craft Cabinets, with custom finishes inside .Stainless Appliances, Viking Beverage Cooler, Granite Counter Tops. Double French Doors lead to large patio with Sparkling Pool. The oversized back yard is ready for your landscape design. Luxurious Main BATH dual sinks and stand-alone tub. All baths remodeled. New Carpet & Tile. New Paint Inside & Out. New Garage Epoxy Floor. PLEASE REMOVE SHOES, or WEAR BOOTIES up stairs. New ACs in 2019 & 2020. New Water heater 2020. RF pet collar controlled PlexiDor Pet door.

3925 E Vallejo Drive Gilbert, AZ 85298

$1,050,000
5 Beds
3 Baths
3,720 SqFt
Status Active
MLS # 6757644
Property Type Single Family Residence
Price Type --
Location, Location, Location. Steps away from Seville Golf & Country Club for Resort Style Living. Many activities for Active Families. Home has a Resort Style Backyard as sliding glass door opens up to incorporate Indoor/Outdoor Living & Entertainment Space. Gourmet kitchen, large open floor plan. Master Suite w/door to Outdoor Space & Master Bath Suite. Formal Dining & Vaulted Ceilings in Grand Entrance w/Custom Iron Door at entry. Large Loft & Open Area w/3 Large Bedrooms + Bath. Backyard boasts Covered Patio, Ramada, Gazebo, Large built-in Barbecue & seating area. Lap Pool has 3 Large Cascade Shears for waterfall sounds & effects. LED pool light w/many options for lighting. Travertine Pavers + Pool Coping. Gorgeous layout. Paradise w/large Italian Cypress and Queen Palms for privacy. Top rated CUSD schools, neighborhood parks, and shopping close by. Minutes away from freeway.

20428 N Denizen Drive Surprise, AZ 85387

$1,050,000 - 3Br/3Ba -  for Sale in Sun City Grand Estancia, Surprise
Open House
$1,050,000
3 Beds
3 Baths
2,866 SqFt
Status Active
MLS # 6758740
Property Type Single Family Residence
Price Type --
STUNNING 'One of a Kind' 3 BR /3 BA Golf Course Home with a peek-a-boo view of the Lake on Cimarron #14. This expanded Hampton Model has been tastefully decorated with an updated media wall and fireplace in the Great Room. An additional 400 square feet was added to the home when built. The 3rd BR offers a massive walk-in closet. Enjoy the expanded covered patio with a two-person hot tub, gas fireplace, built in BBQ, mini refrigerator, water feature, infrared electric heaters, and misters. Sliding screens on all exterior doors. Perfect for entertaining or enjoying morning coffee or late evening beverages with a view of the Whitetank Mountains. This home has it all and once you enter the open foyer you will feel the love and warmth. Make 20428 N. Denizen Drive your new home.

5127 E Michelle Drive Scottsdale, AZ 85254

$1,050,000
4 Beds
2 Baths
2,159 SqFt
Status Active
MLS # 6759999
Property Type Single Family Residence
Price Type --
Gracious living in Triple Crown Community at its finest! This stunning home offers a 3-car garage and a low-care desert landscape. Discover sheer beauty & spectacular detail throughout! From the blend of wood-look & tile flooring, tall vaulted ceiling, dazzling light fixtures, and plantation shutters, this house will astonish you. Large living/dining room and harmonious great room are designed to maximize the space for airy and easy access to everyday living. Gorgeous kitchen boasts abundant cabinets & cupboards with crown moulding, stylish tile backsplash, SS appliances, quartz counters, and a waterfall island with a breakfast bar. You will be impressed by the owner's retreat, showcasing direct outdoor access, an ensuite with two vanities, and a walk-in closet with mirrored doors. PLUS! Outside, you will find the serene backyard oasis, complete with a covered patio and a shimmering pool perfect for boundless summer fun. This dream haven is the one!

8534 E Monterey Way Scottsdale, AZ 85251

$1,050,000 - 4Br/2Ba -  for Sale in Village Grove 19, Scottsdale
Open House
$1,050,000
4 Beds
2 Baths
2,358 SqFt
Status Active
MLS # 6761214
Property Type Single Family Residence
Price Type --
Stunning Mid Century Modern home on nearly ¼ acre with an east facing back yard! No HOA---a model vacation rental! Open floor plan! Kitchen boasts professionally refinished cabinetry, quartz counter tops, an enormous walk - in pantry and stainless steel appliances; gas cooking! Large picture window at kitchen sink looks out to the resort - style back yard. Four bedrooms and two bathrooms. The master suite has extensive custom closet storage; dual sinks, walk in shower and 2023 flooring in the master bathroom. Separate exit from the master bathroom to the back patio. Both bathrooms have been completely remodeled with trendy finishes; tile surrounds in the showers, and upgraded faucets, lights and fixtures. The same impeccable attention to detail on the inside is carried through to the front and back yards. Sparkling, heated pebble tec pool with 2022 filter and heater and 2024 variable speed pump. Elegant natural gas fireplace (with timer.) BBQ grill and artificial turf installed in the back yard in 2022. Extended covered back patio with ceiling fans. 2021 patio roof and 2022 concrete coating on the back patio floor (with 15 year warranty.) Quaint front porch with tile accent wall and wood fence enclosure. Tankless gas water heater, solid doors, water softener, 117 sf laundry room, RV gate. Seamless gutter was added to back of home in 2022, gas line replaced 2022, main sewer line and clean outs replaced 2023. Close to Old Town, Spring training, golf, hiking shopping and restaurants! All facts and figures including but not limited to square footage to be verified by buyer or buyer's representative.

1755 E Cullumber Court Gilbert, AZ 85234

$1,050,000 - 5Br/4Ba -  for Sale in Val Vista Meadows, Gilbert
New
$1,050,000
5 Beds
3.5 Baths
3,541 SqFt
Status Active
MLS # 6763097
Property Type Single Family Residence
Price Type --
Completely remodeled home on a 30,000SF cul-de-sac lot adjacent to a community park! 2 Separate RV Gates*Gourmet kitchen featuring top of the line appliances including Nugget ice maker, Bosch dishwasher, smart double convection wall ovens + 2 more ovens in the Thor gas range/hood which includes 6 burners & a griddle*Shaker Cabs, Quartz C-Tops, RO system, tile backsplash, breakfast bar, & an incredible butler's pantry offering additional cabinets, counter space & shelving*Tri-Fold accordion door opens up to a extended covered patio, sport/basketball court, batting cage, trampoline, fire pit, oversized yard, pebble-tech diving pool w/slide, grotto, & b-ball hoop*Spacious master suite offers backyard access, removable dry sauna, floor to ceiling tiled accent wall, dual shower head, double sinks, & large walk-in-closet*Attic radiant paneling to keep heat out, extra insulation added 2 years ago*Bonus room w/shutters perfect for an office, hobby room, toy room, gym, or library*Picture windows T/O*Updated fans/fixtures*Tinted windows*Recessed lighting*Dramatic 20ft vaulted ceilings*Shiplap*Norman blackout roller shades*Iron railing on staircase*Double Jack & Jill's*Barn doors*3 Car garage w/overhead racks & 1 year old water softener*Loft w/mini fridge conveys as-is*Wood-look tile floors in entire house but 1 room*Minutes from schools, shopping, restaurants, golf, Downtown Gilbert nightlife, airports, 60/101/202 freeways*

8100 E Camelback Road Unit 178 Scottsdale, AZ 85251

$1,049,999
3 Beds
2 Baths
2,254 SqFt
Status Active
MLS # 6758472
Property Type Single Family Residence
Price Type --
Luxury Living in Exclusive Cameldale - The One You've Been Waiting For Welcome to your dream home in Cameldale, the highly sought-after, exclusive guard-gated community in the heart of Scottsdale. This is the only home currently available in Cameldale, and it won't last long! With 2,254 sq. ft. of luxurious living space, this 3-bedroom, 2-bathroom home is perfect for your most discerning clients. As you enter, you're greeted by soaring 12 ft ceilings in the spacious great room, which features a custom stone fireplace with propane insert, designer archways, and beautiful rounded corners. To the right, is the bedroom currently used as an office with solid wood built-ins and updated lighting, ideal for working from home. The gourmet kitchen is a chef's dream, complete with high-end wood cabinets (dovetail construction), granite countertops, and premium Bosch appliances. Enjoy thoughtful details like pull-out spice racks, dual garbage bins, and a farm sink. The kitchen flows into an additional living area with sliding Anderson doors, leading to the outdoor oasis. Step outside to your private patio, where you'll find a fire pit, custom misters, a fountain, and commercial-grade heaters - all surrounded by mature trees and lush landscaping. The space is perfect for entertaining or enjoying peaceful Arizona evenings. The primary suite is a true retreat with space for a sitting area, private patio access, and an opulent en-suite bathroom featuring double sinks, a jetted whirlpool tub, heated towel racks, and a luxurious walk-in shower with a sitting bench. The oversized walk-in closet is fully outfitted with custom shelving, offering plenty of storage. The second bedroom, situated for maximum privacy, is adjacent to a full bathroom with extra storage. A full laundry room with matching cabinetry and sink leads to the immaculate garage, which offers additional storage and a stunning finished floor. This home has been meticulously upgraded with custom cabinetry, Sherwin-Williams classic neutral colors, and electrical enhancements. Tile flooring runs throughout, with plush carpet in the bedrooms. Immaculately maintained and move-in ready, this exceptional property is ready to go! Don't miss your chance to own in one of Scottsdale's most exclusive communities! --- Dolly Bayne REALTOR®

19691 E Estrella Road Queen Creek, AZ 85142

$1,049,995
3 Beds
3.5 Baths
3,190 SqFt
Status Active
MLS # 6731780
Property Type Single Family Residence
Price Type --
You will love this inviting Harley plan featuring 3 bedrooms, 2.5 bathrooms, a quiet study and an oversized game room. This multi-use home is great for entertaining. Fall into the 3 car garage as well as 40' RV garage. Lot is oversized with double gates on both side. All interior selections have been hand selected.

19561 E Estrella Road Queen Creek, AZ 85142

$1,049,995
3 Beds
3.5 Baths
3,190 SqFt
Status Active
MLS # 6734443
Property Type Single Family Residence
Price Type --
Entertaining is easy in the ranch-style Harley plan, which boasts a well-appointed gourmet kitchen with an oversized walk-in pantry, center island and breakfast nook, and an adjacent great room overlooking a relaxing covered patio. A quiet dining area is found near the kitchen and a spacious owner's suite with attached bath and walk-in closet is separated from two additional bedrooms for privacy. This plan features a 3 car garage as well as 40' RV Garage. N/S Facing, OVERSIZED LOT-RV gates on both sides. Don't wait on this!

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