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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7330 E Palo Verde Drive Unit 9 Scottsdale, AZ 85250

$1,020,000
2 Beds
2 Baths
1,863 SqFt
Status Active
MLS # 6696670
Property Type Townhouse
Price Type --
Indulge in the lap of luxury with this meticulously updated residence, nestled within The Plaza community—an enclave of 25 exquisite townhomes artfully crafted by Edmunds Toll. Positioned discreetly on a private interior lot, this exceptional home offers serenity and seclusion within a vibrant neighborhood. The charming courtyard at the entrance exudes elegance and provides a delightful spot for morning coffee or twilight gatherings. As you step inside, a timeless aura of beauty washes over you. The open great room plan features newly installed white oak wood flooring, elegant wood-beamed ceilings, and a beautifully designed fireplace that serves as the heart of the space, complete with a stunning wood mantle, creating a warm and inviting atmosphere. A dry bar nestled within the great room with recessed lighting and stylish floating shelves, adds to the allure. Adjacent to this welcoming space, the dining area boasts French doors that open to a beautifully landscaped backyard, seamlessly blending indoor and outdoor living. Plantation shutters grace every window, infusing the home with classic sophistication. The kitchen is adorned with white cabinetry, stainless steel appliances, and a farmhouse sink. Contemporary designer light fixtures throughout the home illuminate the space in a warm and inviting glow. The master suite is a sanctuary of comfort and style, featuring a bay window that bathes the room in natural light. The remodeled master bathroom boasts dual floating vanities, exquisite hardware, beautifully framed mirrors, quartz countertops, new designer tile flooring, and a spa-like walk-in shower. The guest bedroom is equally enchanting, with its own remodeled bathroom showcasing quartz countertops and a tastefully designed walk-in shower. A magnificent den, with an oversized bay window and wood-beamed ceiling, provides an ideal work-from-home space. Step outside to the recently updated backyard, offering easy-care synthetic grass, lush landscaping, a built-in BBQ grill and bar area, and space for outdoor diningcreating a serene haven for outdoor enjoyment and entertaining. Additional features of this home include new epoxy garage flooring, and a new EV charger installed in the garage that provides fast charging capabilities. Also enjoy a proximity to the community pool for your convenience. Discover the epitome of Arizona luxury living in this beautiful townhome conveniently located near Old Town Scottsdale, offering access to fine dining, arts, entertainment, and world-class shopping.

8534 W Salter Drive Peoria, AZ 85382

$1,020,000
6 Beds
3 Baths
4,151 SqFt
Status Active
MLS # 6712229
Property Type Single Family Residence
Price Type --
Stunning home in great Peoria location! Close to schools, shopping, dining, and Arrowhead Mall. Soaring ceilings and warm wall tones throughout. Open concept kitchen is complete with center island, breakfast bar, granite countertops, stainless steel appliances, and kitchen cabinets with recent upgraded finish.This home has 6 beds and 3 baths. Large open floorplan and huge backyard with RV gate.kids can walk to both grade/high school, walk to community pool with huge slide. Owner did ton of practical upgrades. This home has ample space for relaxation and entertainment. Come and discover comfort and style in this sought after Silverton neighborhood in Peoria.

5100 S Leisure Court Gilbert, AZ 85298

$1,020,000
4 Beds
4 Baths
3,576 SqFt
Status Active
MLS # 6714362
Property Type Single Family Residence
Price Type --
Explore this highly desired ''next gen'' floor plan in Layton Lakes, featuring an attached casita with a private entrance & separate garage access. This home includes a 3-car garage & is situated on an oversized, dead end cul-de-sac lot adjacent to open/green space & a park with sport/volleyball courts, making it a prime location. Inside, the large primary bedroom & bathroom offer his & hers vanities with a separate shower/tub & a spacious walk-in closet. A chef's kitchen & huge great room concept make it perfect for entertaining or for a large family. The backyard includes a luxurious pool & spa, grill, a cozy seating area with a firepit, & a view fence overlooking lush greenery. Enjoy easy access to additional community amenities like parks, lakes, sport courts, & other common areas.

8090 N Rose Grace Lane Prescott Valley, AZ 86315

$1,020,000
4 Beds
3 Baths
2,263 SqFt
Status Active
MLS # 6731344
Property Type Single Family Residence
Price Type --
RV GARAGE! This 2-acre property is 4-bed, 2.5-bath with a 3-car garage. The detached RV garage includes a heated/cooled workshop with 30 AMP hookup / gray water system. This home has a split floor plan with beamed ceilings and a cozy wood-burning fireplace. The kitchen features luxury granite countertops, hickory cabinets, a pantry, veggie sink and gas stove. Primary suite includes a tiled walk-in shower, dual vanities, and garden tub. 2 guest bedrooms have full walk-in closets plus Jack & Jill bath. This home has a great floor plan, an extra-large laundry room & a fresh exterior whole house paint job. The efficient barn includes 2 shaded stalls (20' x 30') with electricity, water, hay/tack storage, wash rack, & hitching post. Outdoors is a custom gazebo & views. A MUST SEE HOME.

4813 S Quantum Way Mesa, AZ 85212

$1,020,000
6 Beds
4.5 Baths
4,295 SqFt
Status Active
MLS # 6741019
Property Type Single Family Residence
Price Type --
Your Dream Home Awaits in Eastmark—Don't Let It Slip Away! Discover this breathtaking Maracay model home, nestled in the sought-after Eastmark community. Beautifully upgraded, this former model exudes modern luxury & privacy—perfectly positioned between two single-story homes & across from a peaceful open park, with no rear neighbors. Since 2017, the owner has made meticulous enhancements, including an H2O Concepts Whole Home Water Treatment System, elegant window shutters, & a saltwater chlorinating system for the pool. The spacious garage comes with four 4'x8'x2' Safe Racks for optimized storage. This home is truly the complete package with nearly every upgrade imaginable, including an extended patio for outdoor living, SEE MORE... and sophisticated wood and iron stair and balcony rails. Artistic tiled accent walls and an epoxy-coated garage floor add both flair and functionality. The private guest/in-law suite is a showstopperfeaturing tile flooring, a walk-in shower, and its own fully-equipped kitchenette with a microwave, dishwasher, mini refrigerator, and more. With a stacked washer and dryer, shuttered windows, walk-in closet, and a TV, it's the ideal retreat for guests or extended family. Opportunities like this are rare!

8220 E Mariposa Drive Scottsdale, AZ 85251

$1,019,900
3 Beds
3 Baths
2,419 SqFt
Status Active
MLS # 6716796
Property Type Single Family Residence
Price Type --
Truly gorgeous remodel with warm wood like tile floors, quartz countertops, large modern baseboards & elegant lighting throughout. Furnishings incl! Beautifully remodeled in 2022 with High-end finishes, fixtures, windows & doors. Stunning kitchen is the heart of this home & open to main rooms flooded with natural light. Meticulously designed with quality cabinetry, SS appliances, and expansive island. Open floor plan Perfect for entertaining! Neutral paint hues create an inviting ambiance. Surround sound everywhere including garage & patio. Large windows overlook backyard oasis & beautiful pool. HUGE 12,194 Sf lot with 2 RV gates. Location is everything! Old Town Scottsdale, Camelback Mtn, parks, shopping, dining, golf, Spring Training, 101 Fwy & More! This property delivers! See doc Sec Don't miss this rare find! All Large rooms including bedrooms and baths. Many modern conveniences seen in new custom homes like WiFi controlled items: lighting, oven, etc. High end central vac with integrated self retracting hose, spray foam insulation for low energy costs and extremely quite environment. Beautiful pool, large lounge deck, perfect setting for outdoor gatherings. Circular driveway & pass thru garage! Space for RV's, trailers, boats, etc No HOA. Pull down stairs in garage for storage safe from the heat. So much more! Come take a look! Easy show! Interior Improvements: Complete new kitchen: New Cabinets, New countertops, New appliances High end WiFi enabled LG oven with Smart ThinQ New LG Stainless Steel appliances, incl high end super quite dishwasher Super quiet and powerful high end disposer with 8 year warranty Modern LED lighting with specialty lighting in kitchen, baths and garage New Milgard windows with lifetime warranty New vanities in Master Bath, Large Hall Bath and Large 3rd Bath New custom wood looking tile throughout home for easy care & clean look Beautifully Tiled Walk in Shower in Master bath and 3rd bath Central Vacuum with self retracting hose. Super easy, clean & quiet! New whisper quite exhaust fans in all baths & laundry WiFi enabled Google Thermostat, Entry Door, Oven and Garage openers New HVAC ductwork for a much more efficient, cleaner and effective home cooling and heating environment Exterior Improvements: Largest Lot in neighborhood at over 12,000 SF Two RV gates with Large storage area for several vehicles AND an RV!! Pool totally remodeled play pool All new beautiful and expansive stone pool deck New roof with 2 new sky lights with loads of Natural Light Brand new pass thru garage with opposing garage doors both with WiFi showing and controlling garage doors opened or closed from your phone Garage has drop down stairs to insulated (heat proof) storage above garage Surround sound wiring in garage with extra Lighting and spray foam insulation Expanded covered patio with surround sound New interior and exterior paint Nice new landscaping for easy care always looking clean!Way too many extras to list!! Circular driveway, Central Vacuum, Structured Wiring Panel with Super High Speed Fiber Optic internet. Check out the Room sizes... All large rooms with nice open Floor plan! Kitchen 24 X 15, Front Room 24 X 13, Master bedroom 16 1/2 X 11 1/2, Master bath 8 1/2 X 8 1/2, Front bedroom 14 1/2 X 11 1/2, Front bath 12 X 7, Living room: 19 1/2 X 18 1/2, 3rd bath 11 X 8 1/2. Home is super insulated with spray foam thru entire home and garage. Items up in garage storage are safe from the long summer heat!! Very low A/C usage. Beautifully remodeled play pool with locations for umbrella, water volley ball & basket ball. Great pool deck and tons of space for chairs, lounges, etc. This meticulously maintained single-story home was completely renovated in 2022 with a revised very open floor plan creating a light & bright space perfect for entertaining. With new flooring, kitchen, and bathrooms, you'll enjoy all the modern conveniences you need while surrounded by a Zen atmosphere. Great Location in Scottsdale! *Close to Everything! Restaurants, Fashion Square Mall, the Pavilions, Golf Courses, Hiking & Biking, Fine Dining, Baseball Spring Training, Old Town Scottsdale, Talking Stick Casino, Top Golf, Aquarium, Great Wolf Lodge & 101 Fwy! *Ready for a Quick Close & Move Right In!* Complete remodel in 2022 with top quality superior finishes, fixtures, flooring, Lifetime warranty windows, largest lot in neighborhood at over 12,000 SF! Two RV gates and storage for RV, boat, several vehicles and MORE!! Very quiet location with north-south exposure. Long time 20 plus year owner

14466 N 14th Street Phoenix, AZ 85022

$1,015,000
4 Beds
2.5 Baths
2,832 SqFt
Status Active
MLS # 6753550
Property Type Single Family Residence
Price Type --
THIS HOME IS TRULY ABOUT LOCATION. ENVISION WALKING OUT YOUR FRONT DOOR TO THE GRAND VIEW OF A BEAUTIFUL MOUNTAIN PRESERVE. SITUATED IN A PRIVATE CUL DE SAC AT THE BASE OF LOOKOUT MOUNTAIN WITH VIEW FENCING/FACING NORTH. IF YOU ARE LOOKING FOR A NATURE FEEL AND PRIVACY WHILE LIVING IN THE CITY, THIS IS YOUR HOME. VIEWS FROM INSIDE AND OUT OF MOUNTAINS IN ALL DIRECTIONS -ADD TO ITS APPEAL. TUCKED AWAY IN MOON VALLEY, THIS LOVELY HOME HAS UPDATED PAINT INSIDE AND OUT, NEWER ROOF and HVAC, UPDATED KITCHEN /BATHS, AND NEW CARPET. WALK OUTSIDE ONTO THE BACK PATIO, STEP INTO THE SPA or POOL IN YOUR PRIVATE OASIS. THE HOME IS LIGHT, BRIGHT AND OPEN. THIS IS ALSO PART OF A GOLF COURSE COMMUNITY. THE HOME HAS IT ALL AND IS A GREAT SPACE FOR ENTERTAINING OVER HOLIDAYS AND YEAR AROUND.

1029 Picket Court Prescott, AZ 86301

$1,015,000
3 Beds
2 Baths
2,370 SqFt
Status Active
MLS # 6758675
Property Type Single Family Residence
Price Type --
RV GARAGE! This beautifully designed home is nestled on nearly half an acre, offering both luxury & functionality in a prime location. Featuring a 3-car attached garage PLUS a fully insulated 18' x 48' RV garage equipped w/ 50 AMP service & RV dump, it's perfect for RV enthusiasts. The home boasts level entry & an open floor plan, w/ a great room that flows seamlessly into a spacious kitchen and dining area. It includes 3 bdrms, an office/den, and 2 baths, plus a HUGE laundry room. Every inch of the interior has been professionally designed w/ attention to detail. Step outside to enjoy stunning views of wide-open spaces from the rear deck. The home backs up to a common area, seasonal wash & mature trees, creating a peaceful, private retreat. This is a rare find in desirable Yavapai Hills.

19643 E Estrella Road Queen Creek, AZ 85142

$1,014,995
3 Beds
3.5 Baths
3,190 SqFt
Status Active
MLS # 6730616
Property Type Single Family Residence
Price Type --
Entertaining is easy in the ranch-style Harley plan, which boasts a well-appointed kitchen with a walk-in pantry, center island and breakfast nook, and an adjacent great room overlooking a relaxing covered patio. You will also find a quiet study, and a spacious primary suite with attached bath and walk-in closet is separated from two additional bedrooms for privacy. Both a 2-car garage and an RV garage are included. Lot size is 18,119 and includes double gates on both sides of the property.

1155 E Gleneagle Drive Chandler, AZ 85249

$1,014,612
5 Beds
4.5 Baths
3,615 SqFt
Status Active
MLS # 6734121
Property Type Single Family Residence
Price Type --
New Home in the City of Chandler!!! Earnhardt Ranch is a new Master Planned Community in Southeast Chandler. Dramatic tree lined Entry, with stone walls, oversized entry monuments, rustic gatehouse, and ranch style gates, opening up to a 3.2 acre Park. Large Homesites, and Extensively landscaped open space, will pay tribute to the properties history as a working Ranch residential retreat. Estimated Dec 2024 Completion! White Cabs, Woodlook Tile Floors, Upgrade Kitch, Counters, Floors, Must See Dramatic Entrance (**Photos are of a Model Home of plan built offsite). Easy access to the San Tan Freeway, I-10, and Hwy 87, located amidst top rated Chandler Unified Schools, shopping, and dining! Taxes Estimated. Buyer to Choose, Flooring, Countertops, bath finishes, more.

12345 N Petra (lot 244) Circle Prescott, AZ 86305

$1,012,116
4 Beds
3 Baths
2,315 SqFt
Status Active
MLS # 6652381
Property Type Single Family Residence
Price Type --
TAKE ADVANTAGE OF BUILDER INCENTIVES! $20,000 BUILDER OPTIONS CREDIT or 1 YEAR INTEREST RATE BUY DOWN TO 5.99%. New home/lot with 3 CG and separate RV garage in Whispering Canyon, 1/2 acre+ lots, pinon oaks, & rolling hills. This plan offers great room open concept design w/highly upgraded kitchen cabinets, granite counters, walk in pantry, & s/s appliances standard, or upgrade to Bosch. 17''x17'' tile flooring & carpet in the main living areas & 10' + coffered ceilings add architectural interest. Split floor plan w/ 4 bedrooms provide room for an office. Primary en suite has walk in closet, bathroom featuring walk in shower, dual sinks, & linen closet. Front landscaping included. Select builder options & design center finishes. Paved patios & driveway standard. VISIT OUR MODEL HOME.

1429 E Sweet Citrus Drive Queen Creek, AZ 85140

$1,009,000
2 Beds
3 Baths
2,143 SqFt
Status Active
MLS # 6743091
Property Type Single Family Residence
Price Type --
This home offers approximately 2,143 square feet of living space across one level. It features two bedrooms and two and a half bathrooms. The property is situated on a golf course lot, providing scenic mountain views from the southwest-facing backyard. The gourmet kitchen is well-equipped, offering ample counter space and high-end appliances to cater to the culinary enthusiast. Adjacent to the kitchen, a bistro patio provides a tranquil outdoor space for al fresco dining or relaxation. The primary bedroom suite offers a spacious layout with an en-suite bathroom, providing a private retreat. The additional bedroom and bathrooms offer flexibility and accommodate guests comfortably. The home's orientation and placement on the lot maximize the enjoyment of the golf course and natural surroundings, allowing residents to immerse themselves in the beauty of the mountain vistas. This property presents an opportunity to experience the harmony of indoor and outdoor living. Since the owners are golf members, you will move to the front of the wait list if you are interested in joining the club as a golf member.

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