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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4919 E Acoma Drive Scottsdale, AZ 85254

$825,000
3 Beds
2 Baths
2,076 SqFt
Status Active
MLS # 6704406
Property Type Single Family Residence
Price Type --
Nestled in Scottsdale's vibrant 85254 area, this remodeled 3 bed/2 bath home offers luxurious living, updraged kitchen with Cambria countertop, stainless steel appliaces and walk-in pantry. The primary master suite boasts two walk-in closets, dual vanity sinks, and French doors opening to the backyard oasis with a sparkling pool, commercial-grade misting system, and XL Teakwood-covered patio. Mature fruit trees and a garden enhance the landscape. With no HOA, it's ideal for snowbirds to park their RVs. All new roof with warranty. Nearby, enjoy top-rated schools and easy access to Scottsdale and North Phoenix day-to-day amenities, luxury shoping and world class dining. This home epitomizes comfort and convenience for any lifestyle.

1962 E Drake Drive Tempe, AZ 85283

$825,000 - 4Br/3Ba -  for Sale in Oasis At Anozira, Tempe
New
$825,000
4 Beds
3 Baths
3,027 SqFt
Status Active
MLS # 6758388
Property Type Single Family Residence
Price Type --
**🏡 ATTENTION Tempe Enthusiasts - Your Dream Home is Almost Here! 🏡** Nestled in the stunning *Oasis Lake Community*, this is the Fulton Homes floor plan you've been dreaming of! In the heart of the top-ranking *Kyrene School District*, this home is perfect for families who want the best in both style and location. Let's start with the crown jewel—a **Downstairs Master Suite** that's fit for royalty. Seriously, the bathroom is remodeled for Princess Kate herself, and the closet? It's grande enough to fit your entire Louboutin collection, honey! 👠✨ But don't worry, the kids won't mess up your space—they've got their very own party loft upstairs, just outside the 3 additional bedrooms and bath. You can keep an eye on the fun from your *designer kitchen a large breakfast island, pearly white 42-inch cabinets, stainless steel appliances, and gorgeous granite countertops. I mean, at this price, what else would you expect?! Now, let's talk about the real star of the showthe **resort-style backyard**. Recently redesigned with sleek travertine tile, mature trees, beautiful vines, a built-in BBQ, and stunning overhead lighting, it's your personal paradise. And we haven't forgotten about your furry friendsthey've got their own private gated side yard complete with a pet entrance. Because even your pets deserve a little luxury! This home is truly one-of-a-kind and offers everything your family could want, all with that signature Fulton Homes layout you know and love. But here's the thinghomes like this don't stay on the market long. It's hitting the market very soon, and public tours will begin shortly. If you're a serious buyer, have your agent reach out *ASAP* to see if we have any private pre-launch tours available. And just so you know, I hope something wonderful happens to you today! < **Get readythis dream home won't last long!**

15931 W Myrtle Avenue Litchfield Park, AZ 85340

$825,000
3 Beds
2 Baths
1,860 SqFt
Status Active
MLS # 6681308
Property Type Single Family Residence
Price Type --
Step into this beautiful 3-bedroom, 2-bathroom home in Litchfield Park. All hard wood floors, freshly painted and move in ready. Huge Extra room that can be used for a den, workspace, or family room. This 2 acre property is fully fenced, horse property with irrigation, and No HOA. Bring your animals and toys. Extra storage space in the large shed at the back of the house. Come view your next home.

1853 E Hale Street Mesa, AZ 85203

$825,000
4 Beds
2.5 Baths
2,803 SqFt
Status Active
MLS # 6740565
Property Type Single Family Residence
Price Type --
Hello Gorgeous! Absolutley stunning remodeled custom home w/ no HOA in the old Orange Groves of North Mesa. HUGE irrigated lot with lush greenery abound! Beautiful courtyard entry w/ brick pavers, tons of flower beds, & large seating area. GIANT great room w/ soaring vaulted ceiling w/ exposed beams & handscraped T/G boards between. Real wood burning fireplace, great for the holidays and family gatherings! GIGANTIC open concept kitchen w/ LARGE island and peninsula, 3 waterfall edges, Level 6 premium granite white w/ HUGE pockets of quartz, stunning white marble backsplash w/ retro sconces over the sink, newer cabinets w/ soft close doors & drawers, 42'' uppers, pull outs in the lowers, & matte brass hardware including matching sink & RO faucet. OVER-SIZED side entry garage w/ mudroom entry including bench, hooks, & upper cabinets. All 3 of the guest rooms are a great size and have access to a remodeled bathroom featuring oversized 90 gallon tub, real subway stacked marble tile, matte gold hardware, & beautiful white oak custom vanity. Master suite of your dreams w/ his/hers walk-in closets, private patio, BIG walk-in shower w/ bench, Kohler hardware, & wrapped in marble. Backyard oasis w/ BIG diving depth pool, tons of grass & orange trees, built-in-grill, above ground spa w/ custom built gazebo, & HUGE covered patio. Truly too much to list, must see!! Other upgrades includes include newer energy efficient windows, variable speed pool pump, newer drip irrigation & sprinkler system w/ all pvc pipes & connections herringbone set wood-look tile floors, Top of the line & extra thick dimensional roof shingles, R-30 cellulose insulation including the garage A rated schools, highly sought after area, one of the best streets in the neighborhood! Have plans available for adding additional living space in the garage and doing a 4 car tandem garage addition.

185 Ross Road Sedona, AZ 86336

$825,000
3 Beds
2 Baths
1,720 SqFt
Status Active
MLS # 6711127
Property Type Single Family Residence
Price Type --
West Sedona location, privacy, and in excellent condition? Look no further! This adorable home with two Trex type decks (and a possible third if you turn the flat roof of the second garage into an excellent deck to take in Red Rock views of Thunder Mountain & Coffee Pot Rock) & a fenced backyard for Fido, with beds for gardening, make this home a very affordable option. Hiking Trail access via neighborhood social trail only 3/4 mile away. Level entry from garage, with 220V in garage. The HVAC Furnace and Air Conditioner is new as of March 2022, the water heater is new as of March 2022, new garage doors and tracks. New induction stovetop and new stainless steel refrigerator, plus four new ceiling fans/light fixtures. Nest thermostat, new ''Dusk to Dawn'' front door lights. All new re-insulation of the attic, plus sealing of old evaporative cooler vents, new weatherization of front door and new weatherization of garage entry door, with CozyHome doing a home energy audit before completing the work. Asphalt Shingle roof is barely halfway through it's lifetime at only 12 years old. Property has TWO garages-both are oversized single car garages. One could be for parking, and one could be for workshop, hobby area, or artist studio-have fun deciding! Ample parking with paved driveway plus a pull through gravel driveway...great for RV parking! It's rare to see a Sedona home this well taken care of with clear pride of ownership. West Sedona location means you have City amenities, with an abundance of hiking trails and natural beauty to choose from on a daily basis. Come see what peaceful Sedona living is all about, and snag this home today!

7181 E Camelback Road Unit 201 Scottsdale, AZ 85251

$825,000
1 Bed
2 Baths
1,147 SqFt
Status Active
MLS # 6731911
Property Type Apartment
Price Type --
Welcome to the epitome of sophistication and convenience in Old Town Scottsdale! Nestled in the heart of one of Arizona's most vibrant communities, this exquisite one-bedroom, two-bathroom condo offers an unparalleled lifestyle blending modern elegance with the energy of Scottsdale's entertainment district. This residence is a true lock-and-leave that allows for low-maintenance living in one of the most exclusive high-rise communities in Scottsdale. The smart floor plan (see docs) includes a den with an adjacent full bathroom that can be used as a home office, game room, or an extra space to host guests. This space has been meticulously maintained and is outfitted with luxury finishes and Viking appliances, including a new refrigerator, dishwasher, and microwave installed in July 2024. This unit includes a spacious walk-in closet, two parking spaces in the underground garage, and a storage unit. At the Waterfront, step into a world of luxury where every detail has been carefully curated for the most discerning tastes. Lifestyle amenities include a rooftop pool and spa with stunning, 360-degree views, a fully equipped gym, luxury his- and hers-locker rooms including steam room and massage rooms, 24/7 doorman and concierge, valet parking, and luxurious private event spaces. This private sanctuary is within walking distance of Scottsdale's renowned dining, entertainment, and cultural hotspots. Discover the allure of Old Town Scottsdale living - where luxury meets lifestyle, and every day is an opportunity to embrace the essence of cosmopolitan living in the desert. Your oasis in the heart of it all awaits!

7640 E Golden Eagle Circle Gold Canyon, AZ 85118

$825,000
3 Beds
3 Baths
2,382 SqFt
Status Active
MLS # 6644783
Property Type Single Family Residence
Price Type --
2ND PRICE REDUCTION! MOTIVATED SELLER! Superstition Mountain villa with MOUNTAIN VIEWS!. OFFERED FURNISHED! Very PRIVATE lot with views of the 9th hole of the Prospector Golf Course. WALKING DISTANCE TO THE CLUBHOUSE! Three bedrooms, one being a separate guest Casita, and 3 baths. OPEN KITCHEN, DINING, GREAT ROOM LAYOUT. Granite counter tops in the kitchen, wood beams in the great room, wood shutters and pleated shades throughout the home. Carpet in the bedrooms have been replace with wood floors. EXTENDED PATIO WITH FIRE PIT AND PLENTY OF ROOM FOR OUT DOOR SEATING. TWO JACK NICKLAUS GOLF COURSES! Not a golfer? Enjoy pickle ball, tennis, bocce, hiking and many other activities. You will love it here! Cub amenities under a separate agreement. 24 HOUR GUARD GATED COMMUNITY!. 35 minutes to Sky Harbor and 20 minutes to Mesa Gateway airports. Buyer and buyer's agent to verify all pertinent information including square footage.

36601 N Mule Train Road Carefree, AZ 85377

$825,000
2 Beds
3 Baths
1,970 SqFt
Status Active
MLS # 6692497
Property Type Townhouse
Price Type --
MUST SEE THIS TOTALLY REMODELED AND FULL FURNISHED CONDO!! This absolutely stunning 2nd floor condo offers an open concept floor plan that is fully furnished with brand new furniture, appliances, flooring, remodeled kitchen and baths. It features two patios, a deck with a beautiful view, and a shared one-car garage. The unit boasts LED lighting, new roller shades, and fresh interior and exterior paint. Enjoy a beautiful community pool and proximity to hiking trails. A perfect blend of modern upgrades and leisurely comforts in a sought-after location. You won't be disappointed!

5861 S Delaware Street Chandler, AZ 85249

$825,000
4 Beds
3 Baths
2,649 SqFt
Status Active Under Contract
MLS # 6741954
Property Type Single Family Residence
Price Type --
Stunning NextGen split floor plan home located on spacious corner lot in beautiful community of Asher Pointe. Beautiful decor, highly upgraded throughout. Main house w/ 3 beds/2 baths, & attached luxurious casita w/ full kitchen, 1 bed, 1 bath, separate laundry room, spacious living area, attached one car garage. Home has lots of natural light, beautiful wood look plank tile flooring, high quality carpeting in bedrooms. Open, comfortable living room w/ retractable sliding doors to patio. Gorgeous eat-in kitchen, white shaker cabinetry, gleaming SS appliances, quartz counters, huge island w/ bkfst bar. Spacious primary bedroom, elegant primary bathroom, dual vanities, large glass/tile shower, huge walk in closet. Secondary bedrooms both very spacious. Beautiful 2nd bathroom. Gorgeous home! Spacious backyard w/ large covered patio is a perfect outdoor retreat, and is ready for the landscaping or pool of your dreams! Pool plans are available to an interested buyer. Large laundry room in main home. Spacious two car garage for main home, plus separate one car garage adjacent to casita. Home is just steps away from the beautifully landscaped HOA park. Two BASIS charter schools, one primary, one secondary, located very close to Asher Pointe. The Asher Pointe community is also adjacent to the Bear Creek Golf Complex featuring two 18-hole golf courses, beautiful clubhouse and bar & grill. Don't miss this beautiful home in an exclusive community close to countless amenities.

2324 W Tanya Trail Phoenix, AZ 85086

$825,000
3 Beds
2.5 Baths
2,739 SqFt
Status Active
MLS # 6690866
Property Type Single Family Residence
Price Type --
Discover the epitome of desert living in this exceptional 1+ acre property in North Phoenix, where privacy meets convenience in a breathtaking setting with NO HOA! This home is a sanctuary of peace and tranquility, perfectly situated just minutes from Anthem Country Club, the vibrant Norterra shopping and dining scene, Boulder Creek High School, Sonoran Health Medical Center, Lake Pleasant, and a short trail ride North or South to state land. Experience unparalleled energy efficiency with OWNED solar panels that dramatically reduce your energy bills. This remarkable residence boasts a welcoming circular driveway leading to a spacious 2-car garage, an RV gate, and a charming courtyard entry. Step inside to find an interior that embodies modern elegance with clean lines, an abundance of natural light, and a soothing color palette. With fire sprinklers installed throughout, this home features a formal dining room and a spacious living room equipped with surround sound, media niches, perfect for entertaining or quiet evenings in. The fusion of tile and carpet flooring under high ceilings, illuminated by recessed and pendant lighting, creates a warm and inviting atmosphere. The gourmet kitchen is a chef's dream, complete with built-in appliances, a walk-in pantry, granite countertops and backsplash, ample cabinetry accented with crown molding, a prep island, and a breakfast bar. Adjacent to the kitchen, a cozy breakfast nook with a bay window offers a delightful spot for casual dining. The primary suite features direct outdoor access, an en-suite bathroom with dual sinks, a soaking tub for ultimate relaxation, and a spacious walk-in closet. With ample space for horse stalls, barn or an arena, the incredible backyard features a tranquil water feature, a full-length covered patio, and a gazebo, making it the perfect venue for weekend gatherings and creating unforgettable memories. This property is not just a home; it's a lifestyle waiting to be embraced. See for yourself the true beauty and rare opportunity this North Phoenix gem offers.

21030 E Misty Lane Queen Creek, AZ 85142

$825,000
5 Beds
2.5 Baths
3,435 SqFt
Status Active Under Contract
MLS # 6750731
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning residence is brimming with luxurious upgrades and is ready for you to move in and start living. The gourmet kitchen is a chef's delight, featuring elegant granite countertops, classic white shaker cabinets, a generous island, and high-end stainless-steel appliances. This culinary space seamlessly flows into the inviting family room, highlighted by a chic wood-planked feature wall. On the main floor, you'll find a versatile bedroom perfect for guests or an office. Head upstairs to discover a spacious loft, ideal for playtime or relaxation. The master suite is a true retreat, boasting a large bedroom, a lavishly upgraded en-suite bath, and a walk-in closet designed for ample storage. The upper level also includes three additional bedrooms, a convenient laundry room, and a well-appointed bathroom. Step outside to the backyard oasis, where a sparkling pool awaits for refreshing swims and sun-soaked lounging. The built-in BBQ area, featuring a sleek flat top grill, and a stylish ramada make this space perfect for entertaining. The home also offers a three-car garage for all your storage needs. And last but not least, convenient access to the Queen Creek Marketplace, plenty of new restaurants, shopping and the Frys Marketplace.

3828 E Covina Street Mesa, AZ 85205

$825,000
4 Beds
2 Baths
2,673 SqFt
Status Active
MLS # 6748771
Property Type Single Family Residence
Price Type --
This custom home, situated on a spacious half-acre lot, features stylish upgrades and a brand new pebble tech pool. Located in a charming neighborhood characterized by grassy front yards and irrigated backyards, bring your animals and all your toys! This much land in the city doesn't come by often. The home is a split floor plan and has two large living rooms with the main living room having vaulted ceilings, showcasing added dimension and character with the wood beams and unique skylights overhead. The large primary suite includes a spacious closet and an en-suite bathroom complete with a standalone soaking tub and a separate shower. The kitchen provides plenty of cabinet space, a family-sized pantry, an eat-in area, and a separate dining room. The garage features newly installed epoxy floors, adding both style and durability. Every aspect of this home reflects attention to detail, with thoughtful designs and high-end finishes that make it truly special. Don't miss out on this one-of-a-kind custom home that offers all the modern amenities you desire.

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