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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18250 S Backwoods Trail Kirkland, AZ 86332

$995,000
3 Beds
3 Baths
3,040 SqFt
Status Active
MLS # 6650812
Property Type Single Family Residence
Price Type --
Looking for an Off-Grid, private homestead with NO HOA on nearly 30 acres? This is the home for you! Located 3.7 miles down a private dirt road behind a locked gate, you'll find this oasis of serenity and be gauranteed the peace you have been seeking. The community has minimal restrictions ensuring you have the freedom to do what you like with your property while still protecting and preserving the future value of the home and land sites. Surrounded by Junipers and Pinion Pines in the Weaver Mountains, at just under 5,000 ft elevation with great views and a seasonal creek, it's the perfect way to escape the heat and enjoy four mild seasons. 4WD is recommended for the winter months. Built with energy efficiency and great economy in mind, structural insulated panels (SIPS) provide excellent insulation and comfortable climate control. The home is perfectly situated to utilize passive solar for heating and cooling year round but also comes with two cozy propane stoves. The metal roof gives you longevity and reliability. This two story custom home is 3040 sqft PLUS an additional 480 sqft glassed and screened Arizona Room on the upper level and a covered patio below for your relaxation and enjoyment. The open floor plan has beautiful pine cathedral ceilings and a spacious kitchen with granite counter tops and built-in appliances. The island comes with the added bonus of under-counter shelving and built in sink! The upper floor has 3/4 solid red oak flooring and the lower floor and large upstairs laundry room have new solid core plank vinyl flooring. Master bedroom is on main level along with kitchen, laundry, office, and Arizona room. The master bathroom is a 3/4 with walk-in tile shower. On the lower level of the home, you will find a 608 sqft workshop with an overhead door. This could also be used as a tandem 2-car garage. Outside is an oversized detached carport and fenced back yard. Plenty of space in the two-bay covered RV parking! Your garden is irrigated and entirely enclosed in hardware cloth fencing. Large 55 gallon drum has been buried outside to create an in-ground cook pit for your large family gatherings and BBQ events! Grass backyard is fully fenced and well-lit at night with motion sensing lights. The private well is connected to a 5,000 gallon water storage tank and a solar pump. The solar for the well is conveniently placed right next to the well and storage tank. All other solar equipment and batteries are housed in an additional outbuilding. This would be an ideal location for horses! Clean and well maintained, one owner home - what a unique opportunity! This truly needs to be seen to appreciate it fully.

120 E Rio Salado Parkway Unit 204 Tempe, AZ 85281

$995,000
2 Beds
2.5 Baths
1,968 SqFt
Status Active Under Contract
MLS # 6703040
Property Type Apartment
Price Type --
Relish the Stunning Views of Tempe Town Lake & the Nearby Beautiful Mill Avenue Bridge From the Comfort of Your Lakefront Condominium Home at the Edgewater in Tempe Town Lake, & Embrace Luxury Living at its Finest. Feast Your Eyes on Rowing Crews, Cyclers, Walkers & Joggers While Enjoying the View Through Expansive Picture Windows. Step Outside Your Door to Hike Hayden Butte or Attend a Concert. Take advantage of On-site Amenities Which Include Heated Pool & Spa, Pizza Oven, Grills, Fitness Center, Media Room & a Lounge with Full Kitchen. Then Imagine Relaxing into an Evening with Breathtaking Views of Magnificent Sunsets & Skylines of Simmering City Lights as You Gaze Upon a Cresting Sun. Football, Basketball, Hockey, Wrestling & More are a Walk Away as is the Heart of Downtown Tempe... Where You can Enjoy a Variety of Restaurants & Shops on the Famous Mill Avenue. Enjoy Easy Access to Freeways, Entertainment, Dining, Mill Avenue & ASU, as well as Running, Walking & Cycling Paths. Set in the Walkable Heart of Downtown Tempe, This Beautiful Unit, With a Northeast Exposure, Boasts an Open Floor Plan, Expansive Picture Windows, Two (2) Outside Private Balconies, King Size Primary Suite, Luxurious Master Bath, Gourmet Kitchen, Gas Fireplace, Engineered Hardwood Flooring, Automated Hunter Douglas Blinds, Tile & Waterfall Kitchen Island. A Climate Controlled Storage Unit & Secured Parking is Included. Peace of Mind is Offered by 24 Hour Security. Sky Harbor Airport is only a 15 Minute Drive Away.

8608 E Angus Drive Scottsdale, AZ 85251

$995,000
4 Beds
3 Baths
1,942 SqFt
Status Active
MLS # 6740068
Property Type Single Family Residence
Price Type --
Welcome to this beautiful, entertaining home, located in a highly desired prime location, just southeast of Old-Town Scottsdale! This 4 bed, 3 bath, which includes a guest house, is ready for you to move-in. Home has been used as a vacation rental, making the possibilities endless for one to continue as one, or a great family home! Situated on a corner lot in the cul-de-sac with an alleyway separating your lot from the neighboring lots behind you. Inside you will find wood-plank flooring throughout all the main living areas of the home for easy care and maintenance. An open, tri-level split floor plan with the great room, formal dining, kitchen, and laundry areas all on the main level. The kitchen has plenty of counter-top space for easy prep, an eat-up bar area, all stainless-steel appliances including an all glass-top electric range, smart-fridge. Extra storage space in the laundry area. Wet bar area with beverage fridge and built-in microwave. Exit out the formal dining area to the back yard. Take a few steps down and you'll find two guest bedrooms and a full bath, perfect for the kids. The master suite takes up the entire upstairs area, complete with your own sitting area, private bar area, workspace for you, and ensuite bath. Step outside to the large backyard beautifully designed with a mixture of artificial grass, tall palm trees and desert landscaping. An abundance of patio space throughout for entertaining your guests. Your own refreshing pool to take a dip in every day. Private lounging area just off to the side. Cook up a feast on the built-in BBQ. Relax and enjoy the beautiful nights in the above-ground spa. No need to go to a resort - it's all here as your very own oasis! Just off the private lounge area is a guest house, great for the in-laws or extended-staying guests, complete with its own wet-bar and bath areas. Just a short drive to Camelback Fashion Square with plenty of shopping, eating and luxury lifestyle. No HOA makes this home the perfect place for you!

1955 E Clubhouse Drive Phoenix, AZ 85048

$995,000
4 Beds
3 Baths
2,980 SqFt
Status Active
MLS # 6718625
Property Type Single Family Residence
Price Type --
GOLF COURSE LOT: Custom Built Single Level Home located on Foothills Golf Course. Eight Foot front door with glass side lites and large arched window welcome you to a dramatic foyer with formal dining and living room. Huge Family Room with open kitchen and Wet Bar for entertaining. Large kitchen has room for two cooks, , walkin pantry and tons of cabinets. Views Of The Pool, lush yard, Foothill Mountains and the Majestic Estrella Range. We sit high above the T-Box of the newly Troon managed Foothills Golf Course. This location offers quiet and serene nights on the covered patio with unending views.. The split floorplan features a huge primary suite with sitting area,large bath and Walk-In Closet. The Other Wing Has Three large bedrooms,two full bathrooms and laundry room with sink. Wooden shutters throughout the home Three Car Garage and one is air conditioned. One AC unit is newer. This Home Is very well taken care of and has had only two owners. Backyard offers an Amazing Setting with a photo friendly backdrop. The Troon Golf Course offers incredible Golf with unmatchable views and wonderful dining. The Ahwatukee Area provides a unique lifestyle throughout the Community with award winning schools and miles of hiking and biking trails. Close proximity to Freeways and many restaurants leave this unmatched.

38724 N 10th Street Phoenix, AZ 85086

$995,000
4 Beds
3.5 Baths
3,184 SqFt
Status Active Under Contract
MLS # 6720982
Property Type Single Family Residence
Price Type --
Stunning & tranquil family home nestled on a 1+ acre quiet cul-de-sac lot, NO HOA, an RV gate & an open concept floor plan! 4 total bedrooms PLUS A DEN. 3.5 baths, including 2 master baths. Crown molded 12-foot ceilings, plantation shutters, updated fixtures throughout. The kitchen features maple crown molded cabinets, granite countertops, an island with a veggie sink, a butler's pantry, soft water & filtration, stainless steel GE monogram dishwashers (2) & an oversized refrigerator! AC's, pool equipment, water heater, soft water AND new windows all installed within the last 18 months!! Relax or entertain in the fully custom resort style backyard with a ramada, built-in BBQ, fire pit, & a fenced 6'7'' deep pool with a Baja step! BRAND NEW ARTIFICIAL TURF JUST INSTALLED!! GOT TOYS??? Extended depth 4-car garage has epoxy floors, overhead storage, a built-in workbench, 30/50 amp RV outlet & more!!

7341 N 157th Avenue Litchfield Park, AZ 85340

$995,000
4 Beds
3.5 Baths
3,465 SqFt
Status Active
MLS # 6662271
Property Type Single Family Residence
Price Type --
Upscale rural neighborhood featuring custom houses on acreage & no HOA. Horses welcome. Stunning hacienda w/old world aura on a quiet street. Luxurious custom touches. Your guests will be greeted by a huge designer Andersen door at the gracious entry & that's only the beginning. Custom wood touches from the elegant beams to the tile floors. Hand crafted tiles & brickwork display this home. Plenty of room for everyone w/quiet nooks, relaxing balcony & a gorgeous view. Home is great for entertaining & has room for large or more intimate parties. Beautiful casita perfect for a guest suite. Trees shade the huge (over an acre) private yard. Plenty of space for the toys. Home is in an exclusive rural area. It's close to Luke AFB & the 303. Freshly painted Impressive & move-in ready.

18011 N Timber Ridge Drive Surprise, AZ 85374

$995,000
3 Beds
3 Baths
2,779 SqFt
Status Active
MLS # 6748346
Property Type Single Family Residence
Price Type --
Totally Refreshed and updated MESQUITE, fabulous Estate Home in the Summit with panoramic views of #11 Fairway on Granite Falls South Golf Course. Impressive fireplace wall with metallic tile face in vaulted Great Room. Kitchen features custom Shaker Alder cabinets of varies heights and depth - extra large center island with storage galore. Dining areas for special dinner and everyday meals. You'll love the Club Room with bar for Bridge, Mahjong, Poker, board games. Master Bedroom opens to Patio. Master Bath shower is one you'll immediately want - extra large walk-in Travertine w/multiple shower heads. Guest Bedroom is en-Suite. All baths have been updated. Large covered Northeast facing Patio features an outdoor kitchen and custom private spa. New Roof underlayment install Sept 2024.

3634 E Glacier Place Chandler, AZ 85249

$995,000
4 Beds
3 Baths
3,289 SqFt
Status Active Under Contract
MLS # 6721764
Property Type Single Family Residence
Price Type --
Welcome to this stunning 4BR, 3BA home in the highly sought-after city of Chandler. Boasting an impressive 3,289 sq' of living space, this immaculate residence is a true gem in a desirable neighborhood known for its charm and convenience. The home has been meticulously cared for and features a host of upgrades that are sure to impress. Step outside to your own private paradise, where you'll find a sparkling pool with a new tranquil waterfall feature,a perfect spot to cool off on hot Arizona days. The outdoor space is ideal for dining and lounging or sitting by the fire, with plenty of room for outdoor furniture and a barbecue area for summer cookouts. Additional features include new carpet throughout, two newer A/C units and thermostats, a front iron door for added security, a new water heater, a water softener, RO system, pool has been updated with all automated multiple functions, new pool pump, outside LED lighting, wine fridges, ADT system, blower on fireplace to keep room cozy in winter. Don't miss this rare opportunity to own a piece of paradise in one of Chandler's most coveted neighborhoods. Come see this home today and experience the luxury and serenity that this home has to offer.

1332 W Edgemont Avenue Phoenix, AZ 85007

$995,000
3 Beds
2 Baths
2,326 SqFt
Status Active
MLS # 6722152
Property Type Single Family Residence
Price Type --
Welcome home to this beautiful red brick home in the Encanto Historic District. This home sits on a large and luscious lot on an aesthetic and quiet block. This home has been meticulously designed to give you that historic charm feeling from the moment you walk in. From custom cabinets in the kitchen, laundry room, and bathrooms, to a custom library nook. The gourmet kitchen features an extra large kitchen island, perfect if you like to entertain or if you love to cook, this kitchen features gorgeous cabinetry and brand new Kitchen Aide appliances. This 3 bedroom 2 bath homes features an open floor plan an oversized 2 car garage and a gorgeous back yard with a sparking pool. This home is perfectly centrally located for an easy commute to any place in the valley. Check this home out!!

6434 E Military Road Unit 110 Cave Creek, AZ 85331

$995,000 - 2Br/3Ba -  for Sale in Sonoran Villas Condominiums, Cave Creek
Open House
$995,000
2 Beds
2.5 Baths
2,450 SqFt
Status Active
MLS # 6759166
Property Type Townhouse
Price Type --
Fully furnished turnkey luxury townhome in the heart of Cave Creek! This beautifully appointed home offers private gated courtyard entry, lovely fenced backyard with large covered patios & balconies. Located at the base of Black Mtn in the heart of Cave Creek. Every detail has been thought of here, granite counters , custom alder cabinets, travertine tops in the bathrooms, brick lay tile floor on main level, upgraded plush carpet in the bedrooms/loft & 20 ft high ceilings at the living room/loft area. Master #1 has a corner gas fireplace, large bath w/soaking tub & 2+ shower, dual walk-in closets and a private balcony. Master II is very spacious with large walk in closet, bath w/shower, and balcony with mtn views! Large loft accommodates office space/sleeping area & coffee bar. More...

2689 S Rockwell Street Gilbert, AZ 85295

$995,000 - 4Br/3Ba -  for Sale in Chaparral Estates West, Gilbert
Open House
$995,000
4 Beds
3 Baths
2,862 SqFt
Status Active
MLS # 6760353
Property Type Single Family Residence
Price Type --
This luxuriously upgraded, move-in-ready home, situated on an expansive corner lot in a quiet cul-de-sac, will be sure to impress! Quick access to the 202, San Tan Mall Village and some of the most desirable school districts in Gilbert. The gourmet chef's kitchen is a standout, featuring double Bosch stainless steel ovens, a massive Cambria quartz island, custom cabinetry with under-cabinet lighting, crown molding, soft-closing drawers and pull-outs. The 3-car garage is equipped with built-in cabinets, an RO system, and a water softener. Throughout the home, you'll find beautiful wood-look plank tile. The backyard is perfect for entertaining with a heated pool and spa, built-in BBQ island, extended covered patio, and outdoor shower.

120 E Rio Salado Parkway Unit 102 Tempe, AZ 85281

$995,000 - 2Br/3Ba -  for Sale in Edgewater Hayden Ferry Lakeside Condo Amd, Tempe
Open House
$995,000
2 Beds
2.5 Baths
1,840 SqFt
Status Active Under Contract
MLS # 6739707
Property Type Apartment
Price Type --
WOW!!! Amazing, unique, lakefront condo. Outdoor and luxury living at its finest. Welcome to the remarkable Edgewater at Hayden Ferry Lakeside! This stunning 2-bedroom, 2.5-bathroom condo is a true gem nestled in the heart of a resort-like community, offering an abundance of amenities. Step into this elegant condo and be greeted by the open floor plan and amazing view of Tempe Town Lake. The gourmet kitchen is a chef's dream, featuring black granite counters & backsplash, pantry, recessed lighting, island w/breakfast bar, and SS appliances w/gas cooktop. Remarkable 1100 Square foot patio wraps the entire home with private BBQ. Steps away from the community pool, hot tub, ping pong table, BBQ and Pizza oven. Don't miss this chance to own 1 of only 4 ground floor, lake facing, units.

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