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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3931 N 87th Street Scottsdale, AZ 85251

$995,000
3 Beds
2 Baths
1,679 SqFt
Status Active
MLS # 6745502
Property Type Single Family Residence
Price Type --
MOST FAIRYTALE'S BEGIN WITH ''Once Upon a Time'' AND END WITH TELLING THE READER THAT EVERYONE 'Lived Happily Ever After!'....'SCOTTSDALE'S PREMIER LUXURY BRAND' HAS BLENDED STORYBOOK ELEMENTS IN THIS LATEST DESIGN, CREATING A LIFESTYLE 'FAR, FAR AWAY' FROM THE ORDINARY! STREET-SIDE IT LOOKS LIKE A 'CANDY HOUSE', ENVELOPED IN ENCHANTING FLOWERS & TREES, WITH A WINDING PAVED DRIVEWAY, UPON ENTERING YOU'LL BE TRANSPORTED INTO A WORLD OF MAKE BELIEVE!!.... Greet your Family & Friends at the entry, lead them through the Herringbone porcelain tiled floored grand open-living area spaces, where their eyes are drawn to the signature WINE GALLERY, Family Room with focal point fireplace, Formal Dining Room with 'HALO' Chandelier & wall to wall Slider's effortlessly connecting the inside with outdoors where you'll find a FANTASY ENTERTAINING PARADISE consisting of covered terrace looking onto HEATED POOL with Martini Seat, JACUZZI, OUTDOOR LOUNGE w/BBQ & BEVERAGE BAR, HUGE GRASSY AREA WITH PICTURE PERFECT LANDSCAPE & LIGHTING. It's time to show off your white designer KITCHEN with sleek European Style Cabinetry and State-of-the-art appliances, extra long Brazilian Quartz waterfalled breakfast bar which is the perfect place to meet and eat. Venture upstairs to the PRIMARY EN-SUITE RETREAT which really is a TREAT to Relax, Rejuvenate & Meditate in your pajama lounge, with coffee/ beverage bar, tucked away from the rest of the home and with magnificent en-suite bathroom, it's all part of this surprising journey!! Now to find the other bedrooms... The split floorpan leads you downstairs to 2 more bedrooms with Luxurious 2nd bathroom. Rounding off this enchanting journey is a dedicated Laundry with office built-ins, a 2 CAR GARAGE with E-V Car Charger & THIS IS A FAIRYTALE RESIDENCE THAT TRULY BELONGS IN A STORYBOOK! FEATURES INCLUDE: New HVAC System & Minisplits, New Electric Meter, Tankless Water Heater, Gas Cooktop, Brand New Heated Pool & Spa with New Pool Equipment, New Plumbing, Porcelain Tiled Flooring, 2 Brand New Bathrooms, 2 Car Garage with E-V Charger, Thousands of SF of Pavers, All New Landscaping & Lighting, Built-in BBQ & Beverage Bar, Signature Pewter & Gold Hardware Throughout, Handpicked Lighting, Chandeliers & Fans, All New Kitchen Appliances, Washer & Dryer in Dedicated Laundry with Floor to Ceiling Cabinetry and Desk Space, New Dual Pane Windows & Sliding Doors Throughout, Covered Terrace, Custom Window Drapery & Hardware, Ample off-street Parking, Scottsdale Schools.

2130 E Turney Avenue Unit 4 Phoenix, AZ 85016

$995,000
4 Beds
4.5 Baths
2,530 SqFt
Status Active
MLS # 6705302
Property Type Townhouse
Price Type --
Cosmopolitan Living in posh Biltmore Phoenix area! Dazzling modern design will captivate you at first glance! Opportunity to purchase one of four smart/green three-level single family homes with attached two car garage featuring a third level roof deck with terrace and spa. Home features state of the art kitchen with Bosch appliance package, all ensuite bedrooms. Don't miss out on this exceptional new home opportunity.

7413 E Parkview Lane Scottsdale, AZ 85255

$995,000
4 Beds
2.5 Baths
2,511 SqFt
Status Active Under Contract
MLS # 6757184
Property Type Single Family Residence
Price Type --
PRICED TO SELL! PRISTINE 4BR-2.5BA - 3 Car Garage - PREMIUM corner lot - backing open land. Walking trail to the west side. LOCATION LOCATION....PEACEFUL AND QUIET. This is one of those meticulously maintained properties that don't come along often. OPEN kitchen/ Family room~Split floorplan~newer AC and Roof and pool equipment. WHOLE HOUSE water treatment. Garage lift plus a garage sink. ALL important information to be confirmed by buyer! PROFESSIONAL PHOTOS SEPT 18TH

230 S Mount Vernon Avenue Prescott, AZ 86303

$995,000
4 Beds
4 Baths
2,779 SqFt
Status Active
MLS # 6750658
Property Type Single Family Residence
Price Type --
Step into a piece of Prescott history at 230 S Mt. Vernon Ave, a captivating home that beautifully marries timeless charm with modern comforts. Nestled in the heart of Prescott's historic district, this enchanting residence exudes character & sophistication, presenting a unique opportunity for those seeking a home that tells a story. The first thing you'll notice is the picturesque L-shaped covered porch. Wrapped in stained wood decking & classic white railings, it invites you to relax & soak in the serene surroundings that this historic neighborhood provides. Inside, the warmth & allure continue with preserved touches from its original 1914 architecture. The expansive great room serves as the heart of the home, seamlessly blending classic elegance with contemporary style. A cozy gas fireplace, recessed lighting, & a striking coffered ceiling set the stage for gatherings & quiet evenings alike. Double doors beckon you to the side porch, effortlessly connecting indoor & outdoor living spaces. The great room flows into the gourmet eat-in kitchen that's a chef's dream! Featuring a spacious island with a breakfast bar, a farmhouse sink, stone countertops, & a classic tile backsplash. Imagine preparing meals on the industrial Kucht Professional stove while basking in the beauty of two-toned cabinetry that stretches to the ceiling, ensuring ample storage without sacrificing style. The primary suite offers a private sanctuary. Double doors open to the porch, where you can enjoy tranquil mornings or relaxing evenings. The en-suite bathroom rivals a spa retreat, featuring dual vanities, a walk-in shower with marbled elegance, & a soothing jacuzzi soaking tub. The primary bathroom leads into an oversized walk-in closet, perfect for all of your storage needs. Functionality meets convenience in the thoughtfully designed mudroom, equipped with a washer, dryer, on-demand hot water system, & utility sink. This practical space cleverly accommodates the needs of modern living. Elevating this property is a separate coach house in the backyard, perfect for guests, multi-generational living, or rental income potential. With its own bedroom, living room, full kitchen, bathroom, & washer & dryer, the coach house provides privacy & versatility, complete with its own parking & patio space. This exceptional home stands out as a true treasure, offering a perfect blend of historic charm & contemporary amenities. Don't miss out on the opportunity to experience the unique character, comfort, and style of this Prescott gem!

4058 E Thunderheart Court Gilbert, AZ 85297

$995,000
5 Beds
4.5 Baths
4,593 SqFt
Status Active Under Contract
MLS # 6699975
Property Type Single Family Residence
Price Type --
Tucked into a quiet Cul de Sac without any houses across the street and no 2 story homes looking in over the back yard fence, this amazing Power Ranch family home offers a privacy and serenity not found anywhere else in the neighborhood. With a recently painted and remodeled interior, this 4,593 square foot home boasts a one-of-a- kind layout that offers 5 bedrooms (3 of which have en-suite baths) 4.5 bathrooms total and one of the largest backyard pools in the community. The homeowners have recently added a modern top-of-the-line sliding glass door to the backyard that has a lifetime warranty. The recently remodeled backyard has areas for swimming, laying out in the sun, relaxing around a fire table with friends and a beautiful green turf throughout that is easy to relax on and care for. There is even room for a trampoline if your family likes to jump. The gourmet kitchen will delight the home chef with an abundance of cabinetry, high-end granite countertops, tiled backsplash, a gas cooktop with wall ovens, and a walk-in pantry. The main floor laundry room offers an abundance of upper/lower cabinetry with sink, and the 4 car garage is equipped with as much cabinet storage space as you could ever need and 2 additional covered spots provide ample parking for friends and family. This is the perfect home for anyone who likes to be near top level schools, with shopping in all directions, quick access to the highway but still wants the feel of a quiet oasis in one of the highest ranking neighborhoods for family satisfaction in the country. Connected to the massive Power Ranch green belts and walkways, you are never far from a park, one of two community pools, a walk around the lake or even a rock climbing gym. But, with a giant backyard pool that sports LED multi-colored lights, a grotto, water fall, slide and spa, all remotely controlled from your smart phone, there really is no reason to ever leave.

26886 N 90th Avenue Peoria, AZ 85383

$995,000
5 Beds
5 Baths
4,543 SqFt
Status Active
MLS # 6756882
Property Type Single Family Residence
Price Type --
Beautiful, well maintained 5 bedroom/5 Bath home with a 3 car garage. The backyard is landscaped with gorgeous pavers and a heated pool and spa that backs up to a private desert scene. The kitchen has a gas stove top, granite counters, an abundance of cabinetry, a butler's pantry and walk in pantry. The large primary is on the main level with a large master bathroom with walk in closet and a slider that leads you to the backyard. You will also find a living room with soaring ceilings and a fireplace off of the kitchen, a great room up front, dining and an office/extra space. Upstairs has four bedrooms and a loft area with a built in desk. The loft also has a handy laundry shoot that drops straight to the laundry room. This house has everything you need and more!

6621 S Balboa Drive Gilbert, AZ 85298

$995,000
4 Beds
3.5 Baths
4,015 SqFt
Status Active
MLS # 6723238
Property Type Single Family Residence
Price Type --
Luxurious Oasis in Prime Gilbert, AZ Location Welcome to a stunning home in South Gilbert! Nestled in a sought-after neighborhood, this residence offers the perfect blend of luxury and convenience. Discover unparalleled comfort and elegance in this exquisite Gilbert, AZ home, ideally located near top schools, premier shopping and dining, Seville Golf and Country Club (with add'l membership), and Gilbert Regional Park near. Step inside to find gorgeous open living area boasts tall ceilings and 4 1/2 inch baseboards, creating a spacious and airy ambiance, brand-new porcelain plank tile floors throughout. The chef's kitchen is a highlight, featuring a central island, new stainless steel vent, elegant backsplash, MARBLE COUNTERTOPS, Beautiful cabinets, and top-of-the-line appliances. The eat-in kitchen offers abundant storage, a walk-in pantry, a bar, and a cozy nook. Also features a convenient bathroom, ample closet space, formal living and family rooms, and an exercise room or office space as desired. Upstairs, a welcoming HUGE LOFT and Jack and Jill bathroom serve the generously sized bedrooms, each with its OWN Walk-in Closet. A large laundry room adds to the home's practicality. The luxurious master bath includes double sinks, a soaking tub, standing shower, and plenty of cabinet space. Additional linen cabinets and his-and-her closets provide extra convenience. Experience the epitome of luxury living in this breathtaking Gilbert oasis. The private backyard is meticulously designed for comfort and style, featuring a sparkling Pebble Tec pool with waterfalls, beautiful travertine that remains cool to the touch even in the heat of summer, a putting green, and artificial grass, perfect for entertaining. Additional features include a tankless water heater and a Tesla charger, adding to the home's modern conveniences. This home represents the pinnacle of luxury living in Gilbert, offering both elegance and functionality in a prime location.

1116 W Stellar Place Queen Creek, AZ 85144

$995,000
5 Beds
3 Baths
3,582 SqFt
Status Active
MLS # 6710776
Property Type Single Family Residence
Price Type --
Discover the comfort and charm of this recently updated home that's got all the space and features you've been looking for! With an open layout that's great for hosting friends and family, and a split floor plan for when you need a little privacy, this place has it all. It comes with five bedrooms and another room that's perfect as a hangout spot for teens, a quiet office, or even your own workout space. You'll have plenty of room for storage with a large pantry and laundry area. The master bedroom is a spacious escape with its own bathroom that feels like a mini spa, plus there's an extra room attached that's ideal for a home office, a big walk-in closet, or just extra storage. Outside, the views are stunning and you can spend many happy hours in the refreshing saltwater pool. There's lots of space on the 1.6-acre lot to make your own, including a new shed and a garden that's watered using water from a fish tank (and yes, the fish tank is optional). You'll even get a chicken coop with hens that are already laying eggs. The home's got a brand-new solar system that'll help save on energy bills. Come check out this unique place.

4328 E Cheery Lynn Road Phoenix, AZ 85018

$995,000
3 Beds
3 Baths
2,684 SqFt
Status Active Under Contract
MLS # 6674394
Property Type Single Family Residence
Price Type --
FLOOR PLAN HAS BEEN RECONFIGURED - NOW FEATURES PRIMARY SUITE WITH WALK-IN CLOSET, JUNIOR SUITE AND ADDITIONAL BEDROOM AND BATHROOM. This completely remodeled property, offers open-concept living, a chef's kitchen with quartz countertops, butler's pantry, and a spacious primary suite with walk-in closet. The open concept floor plan seamlessly integrates the living spaces, creating an inviting atmosphere perfect for entertaining or everyday living. Outside, enjoy a private oasis with built in BBQ, artificial turf and even a view of Camelback! Located in the highly sought-after 85018 zip code, this home offers easy access to the best that the Arcadia area has to offer.

9342 W White Feather Lane Peoria, AZ 85383

$995,000
4 Beds
3.5 Baths
3,631 SqFt
Status Active
MLS # 6686001
Property Type Single Family Residence
Price Type --
Indulge in the epitome of elegance and convenience at 9342 W White Feather Lane. This gated property boasts over $60,000 in upgrades, ensuring a level of luxury that exceeds all expectations. With four spacious bedrooms and a loft upstairs, plus an office downstairs, this home offers ample space for both relaxation and productivity. From the brand new organic carpet with a memory foam pad to the meticulously chosen paint palette and state-of-the-art water system, no expense has been spared in creating a residence that epitomizes refined living. The sparkling pool in the backyard oasis promises endless enjoyment, and with no neighboring homes behind you, you can relish in beautiful, unobstructed sunsets every night.

6480 E Burris Lane Flagstaff, AZ 86004

$995,000
2 Beds
2 Baths
2,614 SqFt
Status Active
MLS # 6679317
Property Type Single Family Residence
Price Type --
AMAZING property, GREAT price! You won't find a better, more secluded 5 Acre Property in the Tall Pines AND Close to Town for Under a Million Dollars. No HOA, Picturesque Mountain Views, Previous horse property, and Mother in Law/Guest quarters and an Incredible Wrap-Around Deck. The Perfect Place to Gather Family, Entertain Friends, or Simply Escape. Additional Features Included in this Nearly 2600 Square Foot Home Include; 2BR/+Loft/2BA, Air Conditioning, Cedar Lap Siding, Huge Open Family Kitchen with Large Dining Area, HVAC Unit, 2 Water Heaters, Double Convection Oven, Skylights, and Oversized Heated 3-Car Garage! Do Not Delay, Make Your Appointment Today!

935 Happy Trail Wickenburg, AZ 85390

$995,000
4 Beds
2 Baths
2,019 SqFt
Status Active Under Contract
MLS # 6666446
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living in the prestigious Listening Hills community! Nestled amidst the serene desert landscape, this custom-built ranch-style home stands as a testament to impeccable craftsmanship and unparalleled comfort. Boasting panoramic views that stretch across the desert expanse, this stunning residence invites you to indulge in a lifestyle of tranquility and refinement. Step inside to discover a sprawling 2019-built home that exudes sophistication and elegance at every turn. As you explore the expansive floor plan, you'll be greeted by a wealth of upgrades and amenities that elevate the living experience to new heights. The heart of the home features a chef's kitchen adorned with top-of-the-line appliances, custom cabinetry, and sleek countertops perfect for culinary enthusiasts and entertainment alike. Step outside and immerse yourself in a resort-like oasis, complete with a sparkling pool and spa, surrounded by meticulously manicured landscaping that creates a picturesque backdrop for outdoor gatherings and relaxation. Additionally, the 3-car garage and separate workshop building offers the ideal space for pursuing hobbies and creative endeavors. Embracing sustainable living, this home is equipped with owned solar power and batteries, ensuring low-cost energy costs. Moreover, the owned water softener enhances the quality of water throughout the home, providing an added level of comfort and convenience. Situated on over an acre of land, privacy abounds, offering ample space for expansion or customization according to your desires. Located adjacent to public lands makes desert hikes a breeze. Tucked away on a quiet cul-de-sac, enjoy the peace and tranquility of low-traffic street access, providing a sense of seclusion while still being within reach of all that the community has to offer.

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