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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1330 E Lynx Way Chandler, AZ 85249

$1,000,000
5 Beds
3.5 Baths
4,041 SqFt
Status Active
MLS # 6720736
Property Type Single Family Residence
Price Type --
Discover your dream investment property in Southeast Chandler. This pristine 5-bedroom, 3.5-bath home boasts a 4,041 sq. ft. interior with new updates, including a roof, two HVACs, granite/quartz countertops and more. Has an oversized private pool, hot tub, lush backyard with a secret garden, a 3-car garage, RV gate, and top-notch interior finishes. Located one block from San Tan K-8 and Quail Run Park. - Long term tenant in place

15731 E Sycamore Drive Fountain Hills, AZ 85268

$1,000,000
5 Beds
4 Baths
3,362 SqFt
Status Active
MLS # 6727663
Property Type Single Family Residence
Price Type --
Discover this hidden gem on a scenic acre hillside lot with a pool house/casita overlooking a resort-style pool and spa. This custom-built home offers 5 bedrooms, 4 bathrooms, a 4-car garage, and a walkout basement with an exercise room, all showcasing breathtaking mountain views. With a gourmet kitchen, updated appliances, cozy fireplace, modern flooring, and energy-efficient Rastra (ICF) construction, this home also features a new roof (2021) and two AC units (2019). Covered patios on every level offer the perfect setting for enjoying sunrises and sunsets. The walkout basement provides endless potential for additional rooms or an in-law suite. Sold as is, this property is a fantastic investment opportunity. Located in a prime area with low taxes and no HOA, this home has it all!

17408 N 57th Street Scottsdale, AZ 85254

$1,000,000
3 Beds
2.5 Baths
2,434 SqFt
Status Active
MLS # 6728246
Property Type Single Family Residence
Price Type --
Your family will love living in the 85254 zip code of Scottsdale! This home is close to the Scottsdale Airpark, Kierland, Desert Ridge & Mayo Hospital. The 1st floor primary bedroom is very convenient. It has a huge travertine tiled double head shower. The kitchen and bathrooms have been updated with beautiful granite & tile. The front yard is low maintenance desert landscaping & artificial turf. The backyard oasis has a built in BBQ, a new putting green & a pool! There are 2 outdoor patios. The upstairs loft area you will notice has a closet since it was at one time a 4th bedroom. The flooring is travertine & plank tile. Best of all..... this property has no H.O.A.!

18932 W Arlington Road Buckeye, AZ 85326

$1,000,000
5 Beds
4 Baths
3,700 SqFt
Status Active Under Contract
MLS # 6732078
Property Type Single Family Residence
Price Type --
Brand new never lived in custom home on a sprawling 2.22 acre lot in Buckeye with breathtaking sunset and mountain views. The home boasts vaulted ceilings large glass windows and a neutral palette creating a bright and airy atmosphere. Gourmet dream kitchen with plenty of space for family gatherings. Oversized three car garage 10 ft ceilings throughout, 15 ft vaulted ceiling in the living room. Office, game room, mud room and lots of custom details and finishes. Come see why you should call this home Home should be completed in the next 30 to 60 days

26522 S Tangelo Avenue Queen Creek, AZ 85142

$1,000,000 - 4Br/3Ba -  for Sale in Chandler Heights Citrus Tr Unit 3626, Queen Creek
Open House
$1,000,000
4 Beds
2.5 Baths
2,643 SqFt
Status Active
MLS # 6736564
Property Type Single Family Residence
Price Type --
You have to see this one! Perfect for contractors trucks and trailer, equine and animal lovers or maybe you simply want elbow room. 4 Bedrooms, 2.5 baths and an attached three car garage. County Island with Cox Internet, flood irrigation, No HOA, 1+ Acre with views of the San Tan Mountains! Your new home has been meticulously maintained and has all the right touches added for modern comfort including temperature control. Your heat pump and two zone AC is on a programmable thermostat making utility bills low and your comfort high. A formal dining room meets you off the entry and on your left you have the 4th bedroom which makes an amazing office. 9'+ flat ceilings make this home feel much bigger than it's 2643 square feet Your kitchen has a spacious dining area big enough for a large farm table. A walk-in pantry is perfect for storage. Additional counter top space plus your kitchen island makes food prep a breeze. Beautiful Granite countertops and knotty alder cabinetry give your home a warm inviting feel. Family dinners and holiday parties are easy and enjoyable with your double oven, high-efficiency dishwasher and built-in microwave. Your homes appliances and pipes are also protected by a water softener and you can safely drink the Arizona water from your own RO system. Your great room is comfortable with wood plantation shutters, high potshelves to display your art and treasures and a beautiful, new stackstone, floor-to-ceiling fireplace that is fueled by clean burning Propane. A large Propane tank is included. Your new fireplace is on a remote control so you can control the ambiance from anywhere. The great room also has a wetbar complete with a beverage/wine fridge. A half-bath has easy access from the kitchen or the great room and a full capacity washer and dryer make your separate laundry room complete. The Master Bedroom is oversized and has his and hers walk-in closets and an amazing en suite bath with double vanity, a huge jetted tub, separate water closet and stunning glass tile shower. Step outside onto your wraparound covered porch and enjoy the view. It's a great place to hang out and watch the horses. All of this is situated on 1.118 acres of land. Your property includes many shade trees. Lemon, orange, tangelo, pistache and oak trees that are easy to water with flood irrigation. Being located very close to the San Tan Mountains means plenty of trail riding and amazing views from anywhere on your new property. For the equine lover, your horse area features a large riding arena, a 2-stall shedrow barn with a tack/feedroom that has water, cooling misters and electricity. It has its own electrical panel. In addition to the shedrow barn is a separate covered stall that would be great for hay storage or the current owners use it as a third covered stall for their horses. The new 20' x 60' shade structure was added in 2023 and is situated so you can park your trucks, trailers and toys in the shade and you can also use it as an open corral or you can fence it to make additional stalls. This makes a great RV pad and already has an electrical connection. This area is covered by a camera that will stay so you can watch your property and your animals from the comfort of your home. Nervous about backing a trailer? Don't be. Your new property is located on a corner lot and allows you to pull through one gate and out the other. Hay delivery and loading horses is a breeze with this setup. A separate shed/tack room is situated outside the horse area and is perfect for grooming and saddling up. Time to relax? Your 75' Pebble Tec pool was added in 2020 and has an in-floor self-cleaning system and amazing views of the San Tan Mountains. Enjoy a cool beverage surrounded by lush, tropical landscaping with mountain views and watch your horses from your private oasis. It doesn't get any better than this! Your pool is fully fenced to protect your family members, pups, and horses. Your property has recently been surrounded by a block wall to keep you and your animals safe and secure. This brings added privacy to your property as well. If you enjoy holiday lights, the sellers have electrical plugs in the front by the eves for easy lights and decorations. Flood irrigation is through Chandler Heights Citrus and one great feature of this property is the fact that it has Cox Internet/cable. It can cost thousands of dollars to have Cox Internet/cable brought to your home when located on a County Island. The seller has already setup Cox to this property. This truly is an amazing horse property and is close to everything. Ride off property, in your own arena or trailer to the San Tan Mountains in 14 minutes. Queen Creek Marketplace is great for shopping, casual and fine dining and is only 14 minutes and San Tan Village is a short 20 minute drive to the north. Mesa Gateway Airport and Gilbert Mercy Hospital are minutes away. This one has it all. Watch the video and view additional amenities in the documents tab.

11420 W Remuda Drive Peoria, AZ 85383

$1,000,000
4 Beds
3 Baths
3,228 SqFt
Status Active
MLS # 6740226
Property Type Single Family Residence
Price Type --
CUSTOM HOME ON OVER AN ACRE OF LAND, 4.5 CAR GARAGE, 2 RV GATES, RV PARKING, AND A DIVING POOL. Welcome to your secluded oasis! Nestled on an over-acre lot, this stunning property offers the unique opportunity to add an RV garage, guest house, or barn for your horses. The beautiful Territorial Architecture seamlessly blends with the natural surroundings, creating an inviting atmosphere from the moment you arrive. Attention to detail is evident throughout the property, starting with the courtyard and the rare oversized front porch featuring stunning wood column posts. As you enter through the large knotty pine door, you'll be awed by the seamless design and flow of the split bedroom floor plan. The heart of the home is the luxurious great room, filled with natural light and centered ... around a custom stone fireplace. The adjacent chef's kitchen is a culinary dream, featuring custom countertops, a breakfast bar, stunning knotty pine cabinets, stainless steel appliances, an eat-in kitchen area, a coffee bar, and a large walk-in pantry. The highlight of this home is the spectacular oversized game room. Featuring a full bar, hardwood floors, a billiard table, and a massive entertainment center, this space promises endless fun and timeless memories with family and friends. Step outside to discover the enchanting outdoor living area. Dive into the beautiful blue pool, enclosed by stone pavers, or fire up the built-in BBQ under the shaded pergola. The outdoor workout room, spacious grass areas, and pickleball court provide ample opportunities for recreation. Relax on the covered patio, overlooking the valley with stunning mountain and sunset views. This backyard oasis is perfect for entertaining and enjoying the best of outdoor living. Prime Location with easy access to ATV trails out your backdoor, close to the 85-acre Paloma Park, Lake Pleasant Crossing Shopping Center, Super Frys, Sprouts, and Harkins Dine-in Movie theater, and approximately 10 minutes from TSMC and Lake Pleasant, making this home's location a true gem where seclusion and convenience merge.

907 W Restin Road Phoenix, AZ 85086

$1,000,000
4 Beds
3 Baths
2,573 SqFt
Status Active
MLS # 6741259
Property Type Single Family Residence
Price Type --
Located on private street, this custom home was designed for comfort! Formal living and dining room features three way gas fireplace great for entertaining. Large kitchen has island, granite countertops and ample storage open to dining area and family room with built in entertainment center. Split floor plan with large master suite with private access to back yard large walk-in closet and spacious bathroom. Screened in patio looks out to spectacular back yard with large pool and pool house as well as custom bbq and fire pit. Four car garage has tandem bay for all your toys or great for workshop. Block wall surrounds property and separates large area of lot to keep your animals and toys! Minutes from schools, close to shopping, restaurants and trails.

4935 W Lariat Lane Phoenix, AZ 85083

$1,000,000
4 Beds
3.5 Baths
3,296 SqFt
Status Active
MLS # 6745866
Property Type Single Family Residence
Price Type --
Welcome to this unbelievable semi-custom home in the highly sought-after Stetson Valley community. This single-level stunner is loaded with upgrades and offers over 3,200 sqft of living space, showcasing meticulous attention to detail and quality throughout. Built with 2x6 construction and featuring 12 ft ceilings, this home offers an open and spacious feel from the moment you step through the grand entry with its impressive rotunda and statement iron front door. The home boasts 4 bedrooms plus a den, 3.5 baths, and a 3-car garage, along with an RV gate for added convenience. The family room is a cozy retreat with a stone fireplace, perfect for relaxing evenings. The chef's kitchen is a true highlight, featuring granite counters, a large island, stainless steel GE Mono gram double oven and built-in refrigerator including a gas range and a butler's pantry. The primary bedroom ensuite is a luxurious escape, complete with double sinks, soaking tub, walk-in shower, and an expansive closet. Step outside to the backyard, an entertainer's dream come true. Enjoy a beautiful PebbleTec pool, a built-in BBQ, a travertine patio, lush landscaping, and a large covered patio with breathtaking mountain views. The pool, built in 2019, adds a modern touch to this immaculate outdoor space. Additional upgrades include new interior paint within the last year, new shutters, and sunscreens throughout, and a new AC installed in 2019. Stetson Valley is a master-planned community offering a range of amenities, including playgrounds, splash pads, greenbelts, and access to hiking trails at Deem Hills. The nearby Deem Hills Park features playgrounds, soccer fields, pickleball courts, and a dog park, making it a perfect place for families. Excellent schools in the area further enhance the appeal of this fantastic home. This home truly offers a combination of luxury, convenience, and community living. Don't miss the chance to make it your own!

1110 Kellis Road Wickenburg, AZ 85390

$1,000,000
3 Beds
2.5 Baths
2,349 SqFt
Status Active Under Contract
MLS # 6746231
Property Type Single Family Residence
Price Type --
Turtleback Mountain Ranch Estate is nestled on 10 acres, boasting captivating vistas of the Sonoran Desert's majestic mountains. Impeccably maintained by its sole owner, this property promises to mesmerize you at every turn. As you approach, a gated entrance and secluded driveway extend a warm welcome. The front entry patio is adorned with enchanting cacti gardens, setting the tone for the home's desert oasis ambiance. Step inside to discover a spacious great room characterized by its graceful curved architecture and floor-to-ceiling windows that frame the sweeping views of the expansive back patio. A cozy fireplace anchors the room, complementing the generous living area and seamlessly flowing into the open dining space. The kitchen is a chef's delight, boasting custom cabinets &MUCHMORE

31586 N 126th Avenue Peoria, AZ 85383

$1,000,000
4 Beds
3 Baths
3,658 SqFt
Status Active
MLS # 6747797
Property Type Single Family Residence
Price Type --
Beautiful North Peoria home is perfect as a private retreat and an entertainer's dream! The spacious floorplan offers 4 bedrooms, a den, a bonus room, and 3 full baths on a 12,000 sq ft lot. The chef's kitchen has GE Monogram appliances, a 6-burner range with griddle and overhead heat lamps, a double oven, roll-out shelves, a walk-in pantry, and a butler's pantry with a beverage cooler. Custom glass-paneled den doors provide just the right amount of privacy and beauty, as do the custom plantation shutters throughout the home. The bonus room has built-in cabinets, a sink, a wine fridge, and a microwave and features Frigidaire appliances. Outside is an oasis with a pool and water feature, an extended patio, a putting green, and synthetic turf for easy care and maximum enjoyment.

8114 E Piccadilly Road Scottsdale, AZ 85251

$1,000,000
4 Beds
2 Baths
2,049 SqFt
Status Active Under Contract
MLS # 6748016
Property Type Single Family Residence
Price Type --
This brand new, renovated home just minutes from the most popular dining, nightlife and shopping in all of Arizona is now available! This gorgeous home features NO HOA, 4 bedrooms AND a bonus room/office/game room, making it a great option for primary occupants, snowbirds or Airbnb-enthusiasts alike. This gem has been completely renovated top to bottom, including a NEW ROOF, NEW ELECTRICAL, NEW PLUMBING, NEW POOL EQUIPMENT, NEW INSULATION and HARDWOOD flooring. Seller is willing to convey all furniture with reasonable offer if a buyer wishes, making this the MOST MOVE IN READY HOME IN OLD TOWN SCOTTSDALE!! It features an open concept so you can easily entertain. The chef's kitchen has an incredible, oversized, 6-burner, professional pro grande commercial depth gas Thermador range, pot filler, a waterfall island and custom cabinetry all the way to the ceiling. Off the great room, you will find a spacious bonus room -- perfect for an office, playroom or game room. Upon entering the primary bedroom, you'll be welcomed by by a separate exit allowing light to flood into the room, and giving access to your outdoor shower. In the bathroom, you will find a dual vanity, private toilet room and an impressively sized wet room with 2 rainfall shower heads and a soaking tub. In the backyard, you'll find a gorgeous pool, astroturf for low maintenance, a fireplace and a pergola for extra shade. This home could be your's.

13833 W Bloomington Street Litchfield Park, AZ 85340

$1,000,000
4 Beds
3.5 Baths
3,373 SqFt
Status Active
MLS # 6749951
Property Type Single Family Residence
Price Type --
PRICE IMPROVEMENT! Discover contemporary elegance in the gated Sunset Terrace, just minutes from the Wigwam Resort. This stunning home showcases exceptional design, curb appeal, and a private backyard oasis. Enter through the iron-gated entry into a serene courtyard with a casita suite, complete with a mini bar, full bath, and room for a king-sized bed. The Great Room features a soaring beamed ceiling and a striking custom gas mirrored fireplace. The gourmet kitchen offers custom cabinetry, granite countertops, high-end appliances, and walk-in pantry. The luxurious owner's suite has a bath with an enormous shower and dual custom closets. Outside, enjoy the heated pool, lush landscaping, and oversized 3-car split garage. Request the full list of home improvements!

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