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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7272 E Gainey Ranch Road Unit 70 Scottsdale, AZ 85258

$950,000
2 Beds
2.5 Baths
1,777 SqFt
Status Active
MLS # 6751553
Property Type Townhouse
Price Type --
Introducing a sophisticated and timeless renovation in the highly coveted Pavilions at Gainey Ranch. This property showcases meticulous attention to detail throughout. The chef's kitchen is equipped with premium cabinetry, exquisite quartz countertops, stainless steel appliances, wine chiller, updated plumbing, light fixtures and new energy-efficient windows and sliding glass doors.. The open floor plan enhances the sense of spaciousness, while the fireplace in the living area adds a warm, inviting ambiance complemented by numerous decorative elements. The residence features elegant flooring with carpeted bedrooms and boasts twin master suites, each with private balconies, in addition to a loft area suitable for an office or den. Enjoy beautifully designed walk-in showers and creatively designed walk-in closets. Private floor plan with no neighbors living above or below. Experience luxurious resort-style living in the prestigious Gainey Ranch community, with convenient access to Gainey Village's shops and restaurants, community clubhouse, fitness center, pool, pickleball and tennis facilities. This exceptional opportunity should not be missed.

11673 N 136th Street Unit 1005 Scottsdale, AZ 85259

$950,000
2 Beds
2.5 Baths
2,179 SqFt
Status Active
MLS # 6712315
Property Type Apartment
Price Type --
Stunning luxury condo in the desirable Reserve Scottsdale community. This open floorplan with over 9' ceilings is great for entertaining family & friends! The private courtyard leads you into the home as you enter a beautiful designed herringbone stone entry & you will love the beautiful easy care luxury plank vinyl flooring. Spacious kitchen looks into the great room w/ Bosch Stainless appliances, 5 burner gas cooktop, beautiful white cabinetry, custom designed oversized quartz island w/ fun pendant lighting for a splash of color. Inviting master bedroom has a beautiful bathroom w/ a large walk in shower, separate soaking tub to relax after a hike or a game of golf and dual vanities. Large secondary bedroom with a beautiful en suite. You will love the open large den! Laundry room has storage and fun tile to make the laundry process an enjoyable time! You will love the 3 private patios off the main living areas to relax and unwind enjoying our AZ lifestyle! In the cooler months cozy up to the fireplace on one of the patios off of the great room with your favorite beverage! The home comes equipped with a whole house water filtration system. You will love this ground unit with no interior steps! This community is surrounded by the McDowell Mountains and walking distance to a great coffee shop! You will love the North Scottsdale lifestyle with great shopping, dining, entertainment, hiking, golfing, spas, tennis, pickleball in the surrounding area. The gated community offers a community pool with BBQ and is great for a full time resident or second homeowner wanting a lock and go lifestyle!

11005 W Lower Buckeye Road Tolleson, AZ 85353

$950,000
3 Beds
2 Baths
1,512 SqFt
Status Active
MLS # 6751982
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat! This beautifully renovated ranch home offers the perfect blend of modern comfort and rustic charm, all set on a sprawling 2+ irrigated acre lot. Step inside to discover a thoughtfully updated interior featuring an open-concept layout, 9ft ceilings, natural light, and high-quality finishes all under a new roof. The spacious living area with tile floors, a cozy fireplace, and large windows. The gourmet kitchen is complete with new stainless steel appliances, farm sink, quarts countertops, a large center island including a beverage fridge and ample cabinet space in laundry room. The home offers 3 generously-sized bedrooms, including a luxurious primary suite with a custom barn door and a walk-in closet. Property Includes both parcels 101-22-248 and 101-22-247

10702 E Sheffield Drive Mesa, AZ 85212

$950,000
4 Beds
3.5 Baths
2,662 SqFt
Status Active
MLS # 6747380
Property Type Single Family Residence
Price Type --
Absolutely Stunning Single Story Home with Top-of-the-Line Everything in Prestigious Eastmark Master Plan in Mesa!! Location, Location in the Heart of the Expanding SE Valley Employment Corridor!! This Exceptional home has a Premium 11,767 SF corner lot and is a Rare Find! This home boasts 4 bedrooms and 3.5 baths, encompassing a Master Suite and Junior Suites, ensuring ample space for family and guests. The Open layout includes a Great Room, Spacious Dining area, and a dedicated Office space, offering flexibility for work from home and comfort for various living and entertainment needs. The Showstopping Chef's kitchen is a culinary masterpiece. It Features double-stacked cabinetry, quartz countertops, designer glass backsplash, a grand center island, breakfast bar, and Stainless Steel appliances. The Master Ensuite is a highlight, boasting a floor-to-ceiling tiled super shower with a rain shower, offering a spa-like retreat within the comfort of your home. Outside step into your private oasis - the rear yard is designed for relaxation and entertainment. The modern rectangular pool with water features and a Baja step takes center stage, surrounded by travertine decking that seamlessly flows into multiple patios and low-maintenance artificial turf, ideal for various outdoor activities. Plenty of Room for Future Pergola, Outdoor Built-in BBQ or Fireplace features. A covered patio equipped with wired speakers and a patio TV provides the perfect setting for outdoor entertainment. The home boasts fiber internet and a mobile-app-controlled sound system, lighting, and pool functionalities, offering exceptional convenience and control. Top-Rated Eastmark Master Plan Community: Situated within Eastmark you'll be sure to enjoy not only offers luxurious living but also access to top-rated schools, the Great Park, community events, food trucks and an array of recreational amenities including Fishing Lake, Walking Trail, Exercise Court, Community Pool & Shaded Splashpad, Basketball, Baseball & Sand Volleyball Courts, Skate Park, Dog Park as well as Picnic & BBQ Ramadas that can be reserved for your Event. Discover the perfect union of luxury, technology, and space in this exceptional home within the prestigious Eastmark Master Plan community just off the 24 Frwy at Ellsworth.

11238 N 125th Avenue El Mirage, AZ 85335

$950,000
4 Beds
3 Baths
2,300 SqFt
Status Active
MLS # 6754380
Property Type Single Family Residence
Price Type --
Welcome home! Tastefully updated beauty is move-in ready! Featuring a 3-car garage, several RV gates, & a well-maintained front yard. Immaculately designed interior exudes elegance with its vaulted ceilings, two-tone trending palette, pre-wired surround sound, sleek-style flooring, & a family room w/backyard access. The spacious open layout is bathed in natural & recessed lighting & a striking floor-to-ceiling fireplace. The impeccable kitchen is fully equipped with granite counters, stylish tile backsplash, a handy pantry, hickory cabinets. Discover a main split floor plan suite that offers a double-door entry, a pristine private ensuite, & 2 walk-in closet. Plunge into the refreshing pool in the expansive backyard! That consist of almost 2 acres of land .

8644 W Rowel Road Peoria, AZ 85383

$950,000
5 Beds
3.5 Baths
4,070 SqFt
Status Active
MLS # 6724219
Property Type Single Family Residence
Price Type --
Welcome to your desert oasis in the beautiful Westwing Mountain area. This stunning home offers modern comfort and luxury with new flooring upstairs and gorgeous travertine downstairs. Just painted interior complements the brand new A/C units, dishwasher, water softener, and tankless hot water heater. Kitchen boasts spectacular stone work, stainless steel GE appliances spacious area for dining and a gas cook-top. Enjoy a spacious three-car garage, RV gate, with room to park, an enormous heated pool with spa and fire feature. Backs to a mountain preserve with stunning sunset views, this move-in ready home boasts fruit trees,(one lemon, one lime) a huge lot, and proximity to schools, parks, and trails—a perfect blend of serene living and convenient amenities in beautiful Peoria, AZ. Welcome to your new oasis in esteemed West Wing, Peoria! This gorgeous home is a true desert living dream, boasting countless upgrades and amenities that ensure comfort and luxury. Step inside to discover brand new flooring upstairs and beautifully steam-cleaned travertine downstairs, creating a seamless blend of elegance and practicality throughout the home. Fresh paint adorns both the interior and exterior, offering a pristine canvas ready for your personal touch. The heart of the home features two brand new A/C units, ensuring year-round comfort, along with a new dishwasher, water softener, and tankless hot water heater for modern convenience. Outside, indulge in the expansive three-car garage and RV gate, providing ample space to store vehicles and toys with ease. The enormous heated pool and spa, framed by fire pots, beckon relaxation and entertainment under the Arizona sun. Enjoy the serene backdrop of a mountain preserve and breathtaking mountain views that surround the property. The large lot is dotted with fruit trees and offers plenty of room for outdoor activities and gatherings, making it an ideal space for both relaxation and entertainment. Located in the highly sought-after West Wing community, this home is within walking distance to top-rated schools, parks, and scenic trails, offering the perfect balance of tranquility and convenience. Don't miss out on the opportunity to experience desert living at its finest. This move-in ready home requires no additional worksimply unpack and start enjoying the unparalleled lifestyle that awaits you! Pool Dimensions:35' long by 15' wide. Depth: 3.5' at the steps and 5' on the spa side. The spa is 8' X 8' and 3.5' deep. Appliance Microwave and Dishwasher are GE, Double Ovens and Gas Cooktop are GE Profile, Range Hood is GE Monogram, Refrigerator is Samsung.

7401 E Turquoise Avenue Scottsdale, AZ 85258

$950,000
3 Beds
2 Baths
1,806 SqFt
Status Active Under Contract
MLS # 6744922
Property Type Single Family Residence
Price Type --
Amenity rich ranch style home with three-car garage & resort like backyard in the highly sought-after ''3 Cs'' school district of Scottsdale's 85258 zip code. Wow! Split floor plan showcasing chic bamboo flooring under airy vaulted ceilings. The kitchen & primary bedroom are located in the rear with access to & view of the custom pool, built in 2018 with all the upgrades you want. Low maintenance desert botanical landscape serviced by auto irrigation. OWNED SOLAR & Brand-New ROOF! Prewired surround sound speakers. RV gate & storage shed. Located in heart of Central Scottsdale with proximity to Kerland, Fashion Square, Gainey Village & more. Casa Buena has pickle ball, tennis courts & a children's playground. This home has too many upgrades to list. Make it yours today!

18020 W North Lane Waddell, AZ 85355

$950,000
5 Beds
3 Baths
4,862 SqFt
Status Active Under Contract
MLS # 6706712
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis! This stunning 5 bedroom, 3 bath home boasts an array of impressive features, ensuring both luxury and convenience. Enjoy the perks of solar energy with a fully paid system, complemented by pigeon guards for hassle-free maintenance. Indulge in a purified water with reverse osmosis system and marvel at the built -in kitchen cupboards, complete with pull-out draws and large island for effortless organization. Entertain with ease thanks to the double ovens, a rack organizer under the gas stove, and a walk-in pantry for ample storage. Whether you're relaxing in the library with built-in floor-to ceiling bookshelves or stepping into the mudroom with storage lockers this home offers comfort at overturn. Outdoor enthusiast will appreciate the citrus trees, mountain views and proximity to the white tank mountains and library, just 5 minutes away. Park with ease on the expansive 12-car driveway or in the 3-car garage with carport. Relish in the spaciousness of the 5 bed layout, with guest room on the main floor and a master bedroom featuring his and hers walk-in closets and luxurious walk-in shower. Step outside to discover the 1-acre professionally landscaped front and back yard, complete with artificial turf a full size multi-use sports court, and a walking path. Relax under the large covered patio, take in the serene surroundings by the fire pit, or cool off in the splash pad. Located in a gated neighborhood backing up to a golf course community, this home offers privacy and security. HOA fees cover garbage and recycling services, adding to the convenience of upscale living. Don't miss the opportunity to make this exquisite property your own!

1891 E Lodge Drive Tempe, AZ 85283

$950,000
4 Beds
2.5 Baths
2,689 SqFt
Status Active
MLS # 6756574
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of Tempe! This beautifully updated property offers a perfect blend of modern comfort and timeless charm. The spacious layout features an open-concept living area with abundant natural light, ideal for entertaining or relaxing. Enjoy cooking in the stylish kitchen with sleek countertops, stainless steel appliances, and ample storage. The private backyard oasis is perfect for outdoor gatherings or quiet evenings under the stars. Ideally situated on a cul-de-sac and conveniently located near top-rated schools, shopping, dining, and easy freeway access, this home is a rare find. Make it yours today!

18211 W Sequoia Drive Goodyear, AZ 85338

$950,000
3 Beds
3 Baths
2,570 SqFt
Status Active
MLS # 6757941
Property Type Single Family Residence
Price Type --
Prepare to be impressed by this spectacular single-level TurnKey mostly Furnished home nestled on almost a 1/4 acre golf course lot at Estrella Mountain Ranch! This beauty showcases an exquisite façade with stone accents & desert vegetation. The elegant & sophisticated interior boasts a large, open floor plan complemented by tall ceilings, ceramic tile floors, stylish chandeliers, recessed lighting, and plantation shutters. The captivating living room comes with a built-in entertainment center equipped with a wall-mounted fireplace, the dining room allows unobstructed views of the backyard oasis, and the gourmet kitchen features staggered off-white cabinetry with crown molding, custom mosaic tile backsplash, black granite counters, SS appliances, and an oversized island with breakfast bar The primary suite has access to the back patio and hosts a lavish ensuite retreat comprised of a dual vanity, a sep-sin shower, and a bountiful walk-in closet. This spectacular layout includes a sizable den and an attached guest's quarter with a living room & a private bathroom. The stunning backyard is an entertainer's dream, offering a desert paradise with travertine flooring, an extended covered patio with a retractable lighted awning, a built-in grill, a meticulously maintained landscape with artificial turf, and a fabulous pool with a rain curtain. This gem is a rare find that won't last. Act now!

31207 N 124th Drive Peoria, AZ 85383

$950,000 - 3Br/4Ba -  for Sale in Blackstone At Vistancia Parcels B11 B13 And B14, Peoria
New
$950,000
3 Beds
3.5 Baths
2,149 SqFt
Status Active
MLS # 6761995
Property Type Single Family Residence
Price Type --
BEAUTIFUL PROPERTY IN THE PRESTIGIOUS BLACKSTONE COUNTRY CLUB. THIS PROPERTY OFFERS PRIVACY WITH ITS PRIME CORNER LOT IN THE GREENS LOCATION. YOU WILL BE AMAZED BY THIS WELL MAINTAINED PROPERTY. THE DESERT LANDSACPE IS LOW MAINTENANCE YET INVITING AND WELL MANICURED. THE FIRST FEW STEPS INTO THE HOME FEELS SPACIOUS WITH HIGH CEILINGS AND NATURAL LIGHT. YOU WILL FALL IN LOVE WITH THE GOURMET KITCHEN AND LARGE ISLAND. THE SPACE IS PERFECT FOR ANYONE WHO LOVES TO COOK OR HOAST EVENTS. EACH BEDROOM IN THIS HOME HAS ITS OWN BATHROOM WITH A HALF BATH IN THE HALL FOR GUESTS. DON'T MISS THIS OPPORTUNITY TO GET INTO THE HOME OF YOUR DREAMS WITH ALL THE AMENITES. ITS YOUR CHANCE TO INDULGE IN A LUXURIOUS LIFESYLE.

9945 E Strobe Avenue Mesa, AZ 85212

$950,000
4 Beds
4.5 Baths
3,457 SqFt
Status Active
MLS # 6679950
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of Eastmark! This stunning single-story residence sits on an oversized lot, offering ample space for relaxation and entertainment. Boasting 3457 square feet of living space, this home features 4 bedrooms and 4.5 baths providing comfort and privacy for the whole family. Step into the breathtaking courtyard, adorned with double doors, inviting you into a space of elegance and comfort. The great room boasts vaulted ceilings, creating an airy ambiance ideal for relaxation or entertainment. The entertainer's kitchen, complete with a morning kitchen nestled within an oversized walk-in pantry, seamlessly flows into the adjacent dining room, perfect for hosting gatherings of any size. Designed for ultimate comfort and privacy, the split floor plan features a luxurious primary suite complete with a spa-like master bath featuring his and her sinks, a soaker tub, and an oversized tile shower. On the opposite wing, discover an office space, three generously sized bedrooms, three full baths, and a versatile teen room, offering ample space for every member of the household. Step outside into the backyard oasis, where entertainment awaits with a large pool and an indoor-outdoor sliding wall, seamlessly blending the indoors with the outdoors. Whether relaxing poolside or hosting lively gatherings, this backyard retreat is sure to impress. Welcome home to a perfect blend of luxury, comfort, and entertainment possibilities.

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