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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1349 Rockwood Drive Prescott, AZ 86305

$949,900
3 Beds
3 Baths
2,276 SqFt
Status Active
MLS # 6747336
Property Type Single Family Residence
Price Type --
Here's your chance to own a stunning home in the highly sought-after Preserve at Prescott neighborhood. Built recently by Premier Development, this better-than-new residence has been very lightly lived in and offers the perfect blend of modern luxury and natural beauty. With 3 bedrooms, a dedicated office space, an oversized 3-car garage, and set on .42 acres, this home is a rare find, especially when you consider its unique setting. Nestled among impressive granite boulder outcroppings, the property provides an unparalleled level of privacy while still being located just minutes from all that Prescott has to offer. As you step inside, you'll be captivated by the breathtaking views of the city lights, and distant glimpses of the iconic Bradshaw Mountains framed by the surrounding boulders The great room, designed with an open concept, seamlessly connects the living space with the outdoors, The heart of the home is the chef's kitchen, featuring a massive granite island, a commercial-grade Wolf gas range, and top-of-the-line Bosch appliances. Whether you're cooking a gourmet meal or enjoying a casual breakfast, this kitchen is sure to impress. The master bedroom is a true retreat, with serene views of the granite boulders and offering direct access to the private backyard. The ensuite bathroom is the epitome of luxury, with a floor-to-ceiling custom tile walk-in shower, dual vanities topped with granite counters, and a spacious walk-in closet. The home's split floor plan places the guest rooms on the opposite side, ensuring privacy for all. These rooms share a beautifully appointed full bathroom with a jetted shower/tub combo, perfect for unwinding after a long day. There's also a convenient powder room to accommodate your guests, and a well-appointed laundry room complete with a folding shelf, utility sink, hanging bar, and plenty of storage cabinets. The oversized 26+ foot depth 3-car garage is a standout feature, offering ample space for all your vehicles and storage needs. Whether you're a car enthusiast with a collection of classic cars, an off-road adventurer, or simply someone who values extra storage space, this garage has you covered. Each bay is generously sized, allowing for easy access and maneuverability, with plenty of room left over for tools, equipment, or even a small workshop. Homes like this, with such attention to detail and prime location, don't come around often. Skip the hassle and wait of building newthis Preserve at Prescott gem is ready to become your dream home. Don't miss out on this exceptional opportunity!

31229 N 49th Street Cave Creek, AZ 85331

$949,900 - 3Br/3Ba -  for Sale in Desert Foothills North, Cave Creek
New
$949,900
3 Beds
3 Baths
2,554 SqFt
Status Active
MLS # 6763579
Property Type Single Family Residence
Price Type --
Welcome home to this incredible one acre plus horse property in Cave Creek. This beautiful estate features plenty of room for all of your toys and features 3 bedrooms, 2.75 bath, attached 2 car garage, Covered RV Storage and 2 additional detached storage Sheds for quads, tools, and toys. Inside the home you'll enjoy this open kitchen remodeled with beautiful new cabinets/granite counters and SS appliances. The open concept great room features vaulted and beamed ceilings and is a perfect gathering place for family and friends. Huge primary bedroom that has a sperate sitting area and fireplace along with a gorgeous remodeled bath and large closet. Step through the French doors and outside you will enjoy a covered patio, two gazebos, a newly remodeled pebblesheen pool and cool decking, new pavers along with an outdoor kitchen, and putting green. This horse property also features 2 horse stalls and an arena with both areas being plumbed with water. Bonus detached bunk house for kids, grandkids, or guests features privacy and is cooled by a wall unit ac and is not included in square footage or bedroom count. Must see and walk this property to appreciate all the improvements and features.

6328 N 126th Avenue Litchfield Park, AZ 85340

$949,900 - 4Br/3Ba -  for Sale in N/a, Litchfield Park
New
$949,900
4 Beds
3 Baths
3,605 SqFt
Status Active
MLS # 6763571
Property Type Single Family Residence
Price Type --
Welcome home to this stunning two-story residence nestled on over an acre of fenced land. Boasting over 3,600 sqft, this spacious property features 4 bedrooms and 3 bathrooms, along with a detached porch and a 3-car garage. Recently remodeled, the home offers a new kitchen with granite countertops, modern metal stair railings, and updated bathrooms with new tile showers. Enjoy the convenience of synthetic front and back yards, providing low-maintenance outdoor spaces. With new porcelain tile downstairs and laminated tile upstairs, this home combines modern elegance with functional living spaces. Don't miss the opportunity to make this your new dream home!

617 N 107th Street Mesa, AZ 85207

$949,900
5 Beds
3 Baths
3,651 SqFt
Status Active
MLS # 6736665
Property Type Single Family Residence
Price Type --
Sitting on a large 1.26-acre lot with stunning low-maintenance desert landscaping, this exquisite 5-bedroom, 3-bathroom home offers 3,651 sq. ft. of luxurious living space with no HOA restrictions! As you arrive, you'll be greeted by an inviting circular driveway, surrounded by the beauty of the desert surroundings, making an impressive first impression. Step inside to discover a light-filled interior with soaring ceilings that enhance the spacious feel of the home. The grand foyer leads you into the heart of the house, where you'll find a generously sized living area perfect for both relaxation and entertaining. The main floor features a spacious master suite, offering a private retreat with ample space, ensuring comfort and serenity. A separate office provides a quiet space for work or study, ideal for remote work or managing your personal affairs. The large kitchen and dining area are the heart of the home, equipped with sleek stainless steel appliances that cater to all your culinary needs. The open-concept design ensures seamless flow between the kitchen and dining areas, making it perfect for family gatherings and entertaining guests. Recent updates include newer interior paint and stylish wood laminate flooring throughout, adding a modern touch to the home. The expansive game room/flex space offers endless possibilities, whether you envision it as a playroom, home theater, or personal gym. With three full bathrooms, this home provides ample convenience for a large family or visiting guests. Outside, the property continues to impress. The large 2-car garage, RV gate, and extended driveway offer ample space for all your vehicles and recreational toys. The backyard is a true highlight, featuring a pad cut into the hillside behind the home, ready for you to build a shop or guest house, adding even more value and potential to this remarkable property. Don't miss out on this exceptional home that truly has it all! Come and experience the beauty and tranquility of desert living at its finest, where every detail has been thoughtfully designed to provide the perfect blend of luxury, comfort, and functionality.

5635 W Deer Spring Place Prescott, AZ 86305

$949,900
3 Beds
2 Baths
2,808 SqFt
Status Active Under Contract
MLS # 6727114
Property Type Single Family Residence
Price Type --
This beautifully maintained property sits on a corner homesite in Inscription Canyon with stunning long-distance mountain views and surrounding vistas. As you step inside, you're immediately welcomed by gorgeous wood floors, and a floor-to-ceiling stack stone gas fireplace, flanked by windows that overlook the tranquil rear deck and the property beyond. The soaring vaulted ceilings are accented with tongue and groove wood and peeled pole beams, and a dormer window brings in natural light. The kitchen features chiseled edge granite counters, complemented by travertine flooring with a granite inlay, and solid Hickory cabinets that offer ample storage, including a wine rack, decorative glass fronts, and many pullouts. Stainless steel appliances include an LG inverter linear fridge/freezer. A dining peninsula, breakfast nook, and formal dining room with soaring ceilings provide options for entertaining. Architectural appeal is evident as you enter the master suite, which features a dramatic recessed dome inlay above the chandelier. The spacious master suite includes a fireplace, access to the rear deck, a wall of windows overlooking the rear of the property, and vaulted ceilings with peeled pole accents. The luxurious master bath boasts a barrel-arched ceiling, glass-block snail shower, separate dual granite vanities with stone travertine vessel sinks, an oversized Jacuzzi tub, and spacious dual walk-in closets. Two generously sized guest bedrooms feature vaulted ceilings and peeled pole accents and share a Jack and Jill bathroom with a dual vanity, full tub shower surround, and a linen closet. The laundry room includes upper storage cabinets, a utility sink, washer, dryer, and a planning desk. Recessed art niches and ample storage abound throughout the property along with solid core wood doors and wood-trimmed windows provide rustic elegance. The house is complemented by an owned solar system and a heat pump to take advantage of the solar and electric cost savings. Upon approach to the property, you'll notice an expansive driveway leading to an oversized 3-car garage, complemented by a concrete tile roof and stack stone accents. The garage is a showcase-style garage with eight-foot insulated doors, a built-in workbench, and storage cabinets. The expansive engineered back deck features an exposed beam pergola and an outdoor fireplace, while overlooking the grounds consisting of mature trees, foliage, and native desert plants, contributing to a low-maintenance natural vegetation landscape.

7151 E Rancho Vista Drive Unit 2007 Scottsdale, AZ 85251

$949,900
2 Beds
2 Baths
1,252 SqFt
Status Active
MLS # 6729347
Property Type Apartment
Price Type --
Welcome to this breathtaking 2 bed, plus den/office 1271 sq ft condo. The entire condo has been professionally remodeled and furnished with modern contemporary upgrades. Upgrades include Grohe fixtures, Custom lighting throughout, Dimplex E-Fireplace, Perlick Wine Cabinet, Miele Dishwasher, GE Cafe Refrigerator, Electric blinds, Gorgeous California Closets, Toto bidet toilets, and many more top of the line features. Unit also includes 2 side by side parking spaces (1 with electric charger) and a storage unit.Rarely does an Optima condo offer such captivating views of the pool and premium features.Top-of-the-line amenities in the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture. Amenities include- Two Outdoor Zen Pools, Spas & Bbqs One located at each side of the community (heated year round). 24,000 sq. ft. Fitness Center. Mens & Women's Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), shopping, conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

30120 N Suscito Drive Peoria, AZ 85383

$949,900 - 3Br/4Ba -  for Sale in Trilogy West Phase 1 Parcel C40, Peoria
Open House
$949,900
3 Beds
3.5 Baths
2,653 SqFt
Status Active
MLS # 6750638
Property Type Single Family Residence
Price Type --
STUNNINGLY APPOINTED 3BR/3.5BA+DEN 'Aspect' model loaded with CUSTOM FIXTURES and UPGRADES. Located on an OVERSIZED FULLY FENCED CORNER LOT with split 3-CAR GARAGE (2-car garage+air-conditioned GOLF CART GARAGE) that features premium built-in cabinets. This luxurious home SHOWS LIKE A MODEL and is walking distance to the Mita Club and Dog Park. Enter through the gorgeous custom clear stained glass and metal front door into the OPEN CONCEPT floorplan with soaring 12ft ceilings, plantation shutters, and gorgeous gray wood-look wide PLANK TILE in all main areas. The GOURMET KITCHEN is a chef's dream and boasts PREMIUM GRANITE countertops, an oversized island w/breakfast bar, and HUGE walk-in pantry. Built-in stainless appliances including GAS 5-burner cooktop, & French-door refrigerator w/dispenser, premium cabinets w/rollouts, recycle/trash center, and designer pendant lights. SERENE primary suite features barn door to grand ensuite bath w/large soaking tub, enclosed walk-in shower w/floor-to-ceiling tile, dual vanities, LARGE WALK-IN CLOSET, and door to back patio. Two spacious guest bedrooms with upgraded ensuite baths are split from primary suite for privacy. Enjoy chilly desert nights in front of your cozy DOUBLE-SIDED GAS FIREPLACE w/elegant floor-to-ceiling tile. Oversized MULTI-SLIDE sliding glass doors open to the RESORT-STYLE backyard that includes a gas firepit, gas BBQ, refrigerator, mature landscaping, and LARGE wraparound patio for indoor/outdoor living at its finest! Other upgrades: PREPAID SOLAR lease for exceptional energy savings, exquisite CUSTOM CHANDELIER in Morning Room, MOTORIZED sunshades in great room, surround sound, and large blade ceiling fan w/light. Other features include post tension slab, 8' doors throughout, whole home water softening system, Trane A/C heating and cooling units, exterior trash enclosure, and PVC drip system. So many PREMIUM upgrades and features, you MUST SEE this home in person. This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.

8738 N 9th Avenue Phoenix, AZ 85021

$949,900 - 4Br/2Ba -  for Sale in Why Worry Fields, Phoenix
Open House
$949,900
4 Beds
2 Baths
2,295 SqFt
Status Active
MLS # 6692502
Property Type Single Family Residence
Price Type --
Wonderful opportunity to own a home, with casita, in Royal Palms neighborhood! This stunning 4-bedroom, 2-bathroom residence is 2,295 square feet of living space, offering both elegance and functionality. You don't want to miss the additional 462 sf casita featuring a large spacious room with a wall of bookshelves, cabinetry with a sink, and a full bath! Whether you envision it as a guest house, mother-in-law suite, art studio, or workout room, this casita offers endless potential to suit your lifestyle. In the main home, enter through the custom rod iron doors into the large formal living and dining room. Inside you will find beautiful plank style flooring, neutral paint, updated baseboards, and carpet in each bedroom. Plantation shutters adorn every window, adding a touch of elegance to the inviting atmosphere. Each bathroom showcases beautiful tile work, adding a touch of luxury to your daily routine. The heart of this home is undoubtedly the gourmet kitchen, with small eating area and open to the family room. Equipped with top-of-the-line appliances including a Sub-Zero refrigerator and Wolf gas range, granite countertops, painted cabinets, and an island, this kitchen is sure to inspire your inner chef. Adjacent to the kitchen, a spacious laundry room offers additional pantry cabinets for all your storage needs. Retreat to the large primary suite, complete with a beautifully appointed primary bath and a generous walk-in closet. You will also find 3 additional generous sized bedrooms, 2 overlooking the beautiful backyard. French doors, from the kitchen/family room, lead into the backyard to discover a tranquil oasis awaiting your enjoyment. A lush grass yard surrounds the property, complemented by an outdoor fireplace, built-in BBQ, small refrigerator, heated spa, and a covered patio. Whether you're unwinding after a long day or entertaining guests, this outdoor space is sure to impress. Complete with a 2-car garage and situated in the prestigious Royal Palms neighborhood, this home offers the perfect blend of luxury, comfort, and convenience.

3530 S Velero Street Chandler, AZ 85286

$949,900 - 6Br/5Ba -  for Sale in Saguaro Canyon, Chandler
Open House
$949,900
6 Beds
5 Baths
4,309 SqFt
Status Active
MLS # 6743202
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the exclusive Saguaro Canyon neighborhood! This magnificent 6-bedroom, 5-bathroom estate sits on an expansive 15,979 SF lot in a tranquil cul-de-sac, offering privacy and serenity. Some rooms of the home have been virtually staged. As you enter through the grand courtyard, you'll be captivated by the elegant design and luxurious features of this 4,309 SF residence. The grand entry staircase and soaring vaulted ceilings create an inviting atmosphere, while the rich wood floors add warmth and sophistication. The heart of the home is the gourmet kitchen, boasting stainless steel appliances, granite countertops, a large center island, and an eat-at bar, making it a perfect space for culina in the formal dining room. The master suite is a true sanctuary, complete with a spa-like bathroom featuring a soaking tub, separate shower, double sinks, and a makeup vanity space. A generous walk-in closet provides ample storage. Each additional bedroom is thoughtfully designed to ensure comfort and privacy for family and guests. Step outside to your private backyard oasis. Take a dip in the sparkling pool, unwind in the hot tub, or entertain friends at the built-in grill area. The expansive lot provides endless possibilities for outdoor activities and relaxation, with a shed for added storage. This home is the epitome of luxury and convenience, offering a perfect blend of elegance and functionality. Nestled in a prime location with a large lot, it's a rare find in the desirable Saguaro Canyon neighborhood.

642 N Sun Road Apache Junction, AZ 85119

$949,900 - 3Br/3Ba -  for Sale in Arroyo Vista Estates, Apache Junction
Open House
$949,900
3 Beds
2.5 Baths
2,450 SqFt
Status Active
MLS # 6514532
Property Type Single Family Residence
Price Type --
Fully finished, Quick Move In home. Ultimate RV Garage: 47x23 fully finished RV garage, completely insulated, 14 ft tall door, 16ft ceilings, floor drain, hose bib faucet, and an upgraded electrical package with 400 amp service, 50 amp outlet; over lit with multiple fixtures. Bring the Bus, the Boat, the side by sides, and still have room for a workshop or home gym! Arroyo Vista Estates, a gated community of 26 semi-custom homes with unforgettable views of the Superstition Mountains. Fantastic 1 acre lot. Modern light desert toned colors, this single level home has something for everyone! Three bedrooms plus open den. Extensive tiled flooring, 42'' cabinets with full height backsplashes, and more! Fully landscaped front yard, and fenced, leveled rear yard all included. waterfall kitchen island, the extremely popular Calacutta Maywood quartz counters, Samsung appliances including wall ovens. Baths have tiled showers surrounds with a custom design. Spectacular setting! Includes front yard landscaping, paver walks, courtyard and more!

630 N Star Court Apache Junction, AZ 85119

$949,900 - 4Br/4Ba -  for Sale in Arroyo Vista Estates, Apache Junction
Open House
$949,900
4 Beds
3.5 Baths
2,550 SqFt
Status Active
MLS # 6649910
Property Type Single Family Residence
Price Type --
JUST COMPLETED IN ARROYO VISTA ESTATES with spectacular unobstructed Superstition views! 4 Bedrooms, 3.5 baths. Flat, fully useable 1-acre lot facing the mountain with loads of backyard space. This is one of our last multi-Gen design homes available! Give your teen/parent or guests the ultimate in comfort and privacy by having them stay in their own 2-room suite, bedroom and sitting room with private full bath and kitchenette with private door to the courtyard and a sliding glass door to a private patio. 4-Car garage with insulated doors. Includes front yard landscaping. All Interior finishes and design have been pre-selected. Fully fenced backyard included, as is a beautiful front yard landscape package.

9946 W Blue Sky Drive Peoria, AZ 85383

$949,800
4 Beds
3.5 Baths
3,532 SqFt
Status Active
MLS # 6716468
Property Type Single Family Residence
Price Type --
Look no further! This stunning Northlands 4 bed/3.5ba dream home is picturesque! Excellent curb appeal, perfectly manicured landscape w/artificial turf, 3 car garage, paver driveway, and oversized RV gate are just the beginning. Enter to discover the spacious open floor plan, tall ceilings, upgraded light fixtures, and freshly painted neutral palette. No upgrade was spared, from the formal dining room w/elegant crown molding, to the custom built entertainment console in great room w/surround sound. The expansive gourmet kitchen boasts stainless steel appliances and large island. The oversized primary suite sits apart from two secondary bedrooms joined by a large sitting/teen area. A fourth bedroom & bathroom sit separate near the theatre/game room perfect for entertaining guests or family Enjoy a good night's sleep in the primary bedroom, boasting private outdoor access, a walk-in closet, and a full ensuite w/dual vanities & a garden tub. Don't forget about the sizeable bonus room w/soft carpet or the cozy den! Finally, the wonderful backyard includes a covered patio, extended seating area, a children's playhouse w/French doors, a refreshing hot tub, and a sparkling blue pool! The home of your dreams is here, act now!

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