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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1501 N Miller Road Unit 1006 Scottsdale, AZ 85257

$875,000 - 3Br/3Ba -  for Sale in Vistas Of Scottsdale, Scottsdale
Open House
$875,000
3 Beds
2.5 Baths
2,080 SqFt
Status Active
MLS # 6732417
Property Type Townhouse
Price Type --
NEW HOMES DELIVERING NOW. The Magic of Vistas of Scottsdale. A boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale - Location is Everything. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

2670 E Parkview Drive Gilbert, AZ 85295

$875,000
5 Beds
3.5 Baths
3,530 SqFt
Status Active
MLS # 6711229
Property Type Single Family Residence
Price Type --
EZ to show now with no restrictions! *Gorgeous home in the highly sought after neighborhood of Vincenz* RARE 5 BR, 3.5 BA, 3,530 sq ft home + office + loft + game room + 3 car ''Tesla ready'' garage. Newer interior paint & carpet! N/S facing with lots of windows for plenty of natural light + plantation shutters for privacy! Gorgeous backyard with mature trees, extended covered patio, pergola, heated pool/spa, BBQ gas stub, dog area & artificial turf. Fantastic kitchen with stainless appliances, tons of cabinets, 5 burner gas cooktop, slab granite counters, 2 ovens & butler's pantry. Large laundry room with sink & folding area. One BR/BA and office downstairs. The BEST location just minutes to the 202 freeway, shopping/ dining at SanTan Mall, many school choices & Mesa Gateway AirpOR

15802 W Avalon Drive Goodyear, AZ 85395

$875,000
4 Beds
3 Baths
3,401 SqFt
Status Active
MLS # 6757924
Property Type Single Family Residence
Price Type --
Must see this exquisite 4-bedroom, plus den, home boasting 3 full bathrooms and exceptional features. Enjoy the benefits of OWNED solar panels, providing both efficiency and cost savings. The new 2023 pool is a standout, equipped with heating and cooling options for year-round enjoyment! Situated on the 12th hole of the Tuscany golf course, this home offers an ideal location with an extended distance from the home to the green and no cart path interruptions. The updated kitchen is a chef's dream, featuring newly finished cabinets, huge island with seating for 6+, a gas stove, and double ovens. Additional highlights include full interior and exterior paint, a spacious 3-car garage with ample storage, and upgraded hardware throughout the entire home...see more This home combines modern comfort with elegant design, making it a perfect retreat for both relaxation and entertaining. Too many upgrades to list!

5160 E Hawthorne Drive Flagstaff, AZ 86004

$875,000
4 Beds
3 Baths
2,190 SqFt
Status Active
MLS # 6750406
Property Type Single Family Residence
Price Type --
COUNTRY CLUB STUNNER! This Gorgeous 4 Bedroom, 3 Bath Home is Situated on a Heavily Treed Oversized Lot and Priced to Sell. Completely Move in Ready and Utterly Fantastic! The Property Literally Speaks for Itself including Abundant Windows Allowing for Natural Light to Fill Each Room, Luxury Vinyl Plank Flooring, Granite Countertops, Plush Carpet, Up Dated Bathrooms, 2 Separate Living Areas & 2 Car Garage for Added Value. The Beautiful Kitchen, Dining Room, Primary Living Area and Back Patio Space are All Intertwined and Allow You to Entertain to Your Hearts Content. Whether it be Golfing in the Summer or Skiing in the Winter, You Have Got It All Covered. Don't Forget, you have Access to All of The Country Club Amenities, Golf, Fitness Center, Pickleball, 2 Pools and Recreation Center.

1526 E Coronado Road Phoenix, AZ 85006

$875,000
3 Beds
2 Baths
1,949 SqFt
Status Active
MLS # 6758822
Property Type Single Family Residence
Price Type --
** REFINED URBAN LIVING IN HISTORIC CORONADO PARK ** You will Love Coming Home to this Modern Masterpiece ** Exudes Comfort and Casual Elegance at Every Turn ** Built in 2019 with Block Exterior Construction and 2 x 6 Interior Framing ** Private Pool ** Detached One-Car Garage with Alley Access and Electric Charging Station ** GE Cafe Appliances ** Lutron Lighting System ** Remote Operated Window Shades ** 10 Foot Ceilings ** Interior Laundry Room with Cabinets ** Tankless Hot Water Heater ** Just Down the Street from Coronado Park ** Close to Downtown Arts & Entertainment Venues and Multiple Freeways ** A Must-See Property **

24623 S Lakeway Circle Unit 39 Sun Lakes, AZ 85248

$875,000
3 Beds
2.5 Baths
3,166 SqFt
Status Active
MLS # 6744605
Property Type Single Family Residence
Price Type --
This PREMIUM HOMESITE with desirable SOUTHERN EXPOSURE overlooks the 7th hole of the LAKES GOLF COURSE in Oakwood, It is a very PRIVATE site separated from the golf course by a lovely lake. So, NO GOLF BALLS OR GOLF CARTS invade this oasis with gorgeous PRIVATE POOL. This 2 STORY 3 CAR Marbella has a NEW 2023 ROOF with a 20-YEAR WARRANTY, new exterior paint, new irrigation system a new pool filter and newer pump. The sizable living/dining room area has SOARING CELINGS, a gas FIREPLACE and an adjoining DEN. The GOURMET KITCHEN has a huge island, maple cabinets, and gas cooktop. The OVERSIZED MASTER has plenty of room for a sitting area, 2 walk-in closets, a soaking tub with separate shower and double vanity. The upstairs features 2 large bedrooms and bath making it a great GUEST RETREAT

5361 W Arrowhead Drive Prescott, AZ 86305

$875,000
4 Beds
3 Baths
3,454 SqFt
Status Active
MLS # 6753709
Property Type Single Family Residence
Price Type --
Discover the tranquility of mountain living in this beautiful 4-bedroom, 3-bath home, set on 1.6 acres of stunning Ponderosa Pine covered forest in the lovely Highland Pines community. Boasting 3,454 square feet, this home features a finished walk-out basement, creating a versatile space for family, guests, or a private retreat. Step inside to find vaulted ceilings, an open floor plan, and expansive windows in every room, allowing you to enjoy panoramic forest views and abundant natural light. Gather around the cozy wood-burning fireplace, perfect for chilly mountain evenings. With ample space inside and out, this home is perfect for entertaining or simply relaxing in the beauty of nature. If you're searching for a peaceful mountain escape, this Highland Pines property is the one for you.

10463 E Karen Drive Scottsdale, AZ 85255

$875,000
4 Beds
3 Baths
2,132 SqFt
Status Active
MLS # 6760732
Property Type Single Family Residence
Price Type --
Nestled in highly sought-after McDowell Mountain Ranch in North Scottsdale, this beautifully updated 4-bedroom plus loft, 3-bathroom home offers 2,132 SqFt of refined living space. The home welcomes you with a dramatic 2-story living room, and features stunning quartz countertops, upgraded cabinetry, and gorgeous flooring throughout. Spacious, light-filled rooms and an open floor plan make this a perfect retreat. The lush, low-maintenance backyard boasts mature trees, a firepit, BBQ, and an oversized covered patio. Conveniently located on quiet Cul-de-Sac near hiking trails, pools, parks, restaurants, shopping, and other community amenities. This is a must-see home and you will be impressed with the care and maintenance your future home has received. See update list: Home Improvements Performed at 10463 E Karen Drive: -New Rheem Air-conditioner in 2021 (8 year warranty) -New owned solar system in 2021 (Solar Energy) -New roof in 2021 (10 year warranty) -New water heater in 2022 (Wifi enabled) -New water softener in 2024 -Landscape full of flower plants and fruit bearing plants (figs, orange, lemon, pomegranate, olive) -New wooden floor throughout upstairs -New window screens -Update drip lines in backyard with new controller -Placed new gutters on roof -New refrigerator -New water filtering system -New screens for windows and patio door -Custom made blinds for patio door -Owned Cox security system/cameras -All house interior painted 2021 Improvements listed by prior owner (2021) -Hot water circulating pump for instant hot water -New garage door and hardware -½ inch thick windows sills at all windows -Mister system all around the back patio -Built-in BBQ and and fire pit (natural gas) with additional gas stub for future outdoor kitchen -Recessed lighting -All bathrooms remodeleddual flush, water sense, soft close, and tall height toilets -Kitchen remodeled with LED under cabinet lighting -Quartz countertops in kitchen and bathrooms -All cabinet doors and drawers throughout installed soft close -Build in garage cabinets Epoxied garage floor -House painted in 2020 -Fans in all rooms -Nest products installed: Thermostat 3G, front door bell with camera, smoke and carbon monoxide monitors. -Surround sound system in living room

10829 N 11th Place Phoenix, AZ 85020

$875,000
5 Beds
3 Baths
2,600 SqFt
Status Active
MLS # 6755698
Property Type Single Family Residence
Price Type --
Welcome to El Castillo, an extraordinary residence located on a tranquil street, with breathtaking North Mountain Park views, this meticulously maintained home blends comfort, luxury, and nature. With 2,600 square feet of living space, security monitored 24/7 and surround sound, this home is perfect for families and entertainers alike. This home also boasts five spacious bedrooms and three bathrooms, including a convenient first-floor bedroom and full bath, this home provides flexibility for guests, a home office, or multi-generational living. At the center of this home is a beautifully updated gourmet kitchen (2016), complete with a top-of-the-line Dacor gas range, double ovens, sleek granite countertops, and a spacious walk-in pantry. The open layout effortlessly connects the kitchen to the great room, making it the ideal spot for entertaining or enjoying family time. Upstairs, an expansive loft offers additional room for relaxation or fun. The primary suite is a peaceful haven, boasting dual vanities and a luxurious dual-head shower. Outside, the backyard is a true retreat, with a sparkling pool, spa, and lush landscaping with a brand new irrigation system (2023). All this, framed by stunning mountain views. The recently refreshed exterior and interior paint add to the home's pristine condition, while the firepit provides a cozy ambiance for fall and winter nights. Located near the North Mountain Park hiking trails, this home offers a rare balance between natural beauty and city conveniences with dining, entertainment, major highways, shopping and Scottsdale or Sky Harbor Airports only minutes away. Plan your tour of El Castillo Today!

17878 E Cindercone Road Rio Verde, AZ 85263

$875,000
2 Beds
2 Baths
1,542 SqFt
Status Active Under Contract
MLS # 6741600
Property Type Single Family Residence
Price Type --
This luxurious home in the heart of prestigious Trilogy at Verde River is the pinnacle of luxurious desert living offering spectacular PANORAMIC MOUNTAIN VIEWS and a PRIVATE HEATED AND CHILLED SPARKLING POOL. Loaded with incredible features and upgrades this home is a true gem. The generous Great Room, complete with a sliding Wall of Glass, custom built-in wall unit and electronic window coverings is the perfect place to relax and unwind. The Kitchen is a culinary enthusiast's dream, featuring all stainless-steel appliances and exquisite details such as granite countertops and beautifully upgraded cabinets. The Smart Space includes a custom built-in desk area and a walk-in pantry, catering to both convenience and style. The master retreat is a true sanctuary, featuring a spa-like en-suite bathroom with custom barn doors. The open floor plan seamlessly blends indoor and outdoor living, creating a harmonious space for relaxation and entertaining alike. One of the highlights of this stunning home is the exceptional outdoor living area, featuring an oversized covered patio with a built-in grill, making it the ideal spot for al fresco dining. Situated on a spacious lot, this property offers plenty of room for outdoor activities, whether you want to lounge by the sparkling pool, gather with friends or family around the built-in Firepit, or simply soak in the Arizona sunshine. Don't miss this opportunity to own a truly remarkable property in the prestigious Trilogy at Verde River. This luxurious home in the heart of prestigious Trilogy at Verde River is the pinnacle of luxurious desert living offering spectacular PANORAMIC MOUNTAIN VIEWS and a PRIVATE HEATED AND CHILLED SPARKLING POOL. Loaded with incredible features and upgrades this home is a true gem. The generous Great Room, complete with a sliding Wall of Glass, custom built-in wall unit and electronic window coverings is the perfect place to relax and unwind. The Kitchen is a culinary enthusiast's dream, featuring all stainless-steel appliances and exquisite details such as granite countertops and beautifully upgraded cabinets. The Smart Space includes a custom built-in desk area and a walk-in pantry, catering to both convenience and style. The master retreat is a true sanctuary, featuring a spa-like en-suite bathroom with custom barn doors. The open floor plan seamlessly blends indoor and outdoor living, creating a harmonious space for relaxation and entertaining alike. One of the highlights of this stunning home is the exceptional outdoor living area, featuring an oversized covered patio with a built-in grill, making it the ideal spot for al fresco dining. Situated on a spacious lot, this property offers plenty of room for outdoor activities, whether you want to lounge by the sparkling pool, gather with friends or family around the built-in Firepit, or simply soak in the Arizona sunshine. Don't miss this opportunity to own a truly remarkable property in the prestigious Trilogy at Verde River. This luxurious home in the heart of prestigious Trilogy at Verde River is the pinnacle of luxurious desert living offering spectacular PANORAMIC MOUNTAIN VIEWS and a PRIVATE HEATED AND CHILLED SPARKLING POOL. Loaded with incredible features and upgrades this home is a true gem. The generous Great Room, complete with a sliding Wall of Glass, custom built-in wall unit and electronic window coverings is the perfect place to relax and unwind. The Kitchen is a culinary enthusiast's dream, featuring all stainless-steel appliances and exquisite details such as granite countertops and beautifully upgraded cabinets. The Smart Space includes a custom built-in desk area and a walk-in pantry, catering to both convenience and style. The master retreat is a true sanctuary, featuring a spa-like en-suite bathroom with custom barn doors. The open floor plan seamlessly blends indoor and outdoor living, creating a harmonious space for relaxation and entertaining alike. One of the highlights of this stunning home is the exceptional outdoor living area, featuring an oversized covered patio with a built-in grill, making it the ideal spot for al fresco dining. Situated on a spacious lot, this property offers plenty of room for outdoor activities, whether you want to lounge by the sparkling pool, gather with friends or family around the built-in Firepit, or simply soak in the Arizona sunshine. Don't miss this opportunity to own a truly remarkable property in the prestigious Trilogy at Verde River. Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

3979 E Wood Drive Chandler, AZ 85249

$875,000
4 Beds
3 Baths
2,803 SqFt
Status Active
MLS # 6756988
Property Type Single Family Residence
Price Type --
Welcome to a home where every detail blends comfort, luxury, and style. The split master design offers privacy, while three full baths and a 3-car garage provide space for family and guests. In a pet-friendly neighborhood close to the 202 and shopping, this home offers a secluded retreat. The kitchen features stunning quartz countertops with unique blue veining, and a matching island that makes the space a showstopper. Step outside to a resort-like backyard with a pool, spa, bocce court, fire pit, and outdoor kitchen under a pergola—every day feels like a vacation.

5960 W Via Montoya Drive Glendale, AZ 85310

$875,000 - 4Br/2Ba -  for Sale in Arrowhead Ranch Parcel 2, Glendale
New
$875,000
4 Beds
2 Baths
2,475 SqFt
Status Active
MLS # 6762432
Property Type Single Family Residence
Price Type --
A must see!! Stunning & spectacular sought out Arrowhead area with easy access to the loop 101 freeway. Near all the Arrowhead shopping venues, restaurants along Bell Rd, near Midwestern University, Banner Thunderbird Hospital and not far from ASU West & more! A gorgeous Arrowhead 4 bedroom home w/vaulted ceilings & with such a grand entrance with a beautiful custom door beyond spacious and a feeling of such a grand entrance, as you walk in with such openness in the living room with lots of windows in the family room for that open area and a spacious kitchen with granite and island that opens to the family room and some electric blinds in the kitchen, with a view with some beautiful mountain views in the back yard to sit and soak up some sun while swimming and or entertaining

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