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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29537 N 155th Avenue Surprise, AZ 85387

$2,250,000
4 Beds
3.5 Baths
5,114 SqFt
Status Active
MLS # 6756050
Property Type Single Family Residence
Price Type --
Welcome to an unparalleled estate that seamlessly blends luxury living for horse and car enthusiasts on 8 gated acres. This property is designed with the discerning equestrian in mind, featuring ample space and tranquil surroundings perfect for riding and training. The main residence, showcasing 4 bedrooms and 3.5 baths, exudes timeless elegance with refined finishes throughout. Culinary enthusiasts will love the gourmet kitchen, equipped with Viking appliances and a central island, perfect for post-ride meals. The home also offers a private movie theater, a sprawling primary suite, and two grand fireplaces, creating a warm and inviting ambiance. Car lovers will be thrilled by the massive detached 3,000 sqft garage, ideal for housing RVs, classic cars, or any prized vehicles. This versatile space provides ample room for car restoration projects or simply securing your collection. Step into your backyard oasis, where a sparkling pebble tec pool awaits, perfect for Arizona's sunny days. Designed for both relaxation and entertaining, the outdoor area includes a BBQ station and a professional-grade misting system that keeps you cool on the hottest days. Low-maintenance turf adds lush greenery without the hassle, creating a perfect setting for gatherings or peaceful solitude. The estate is equipped with owned solar panels, delivering energy efficiency and significant savings. Additionally, the property features its own private well, providing a reliable water source for both household and equestrian needs. This estate offers the ultimate lifestyle for those passionate about horses, cars, or simply enjoying the finer things in life. Whether you're cooling off by the pool, working on your car collection, or riding through the serene grounds, this property is the perfect blend of luxury, functionality, and comfort. Make it your private sanctuary and experience the best of both worlds.

6609 E 4th Street Scottsdale, AZ 85251

$2,250,000
6 Beds
6 Baths
4,082 SqFt
Status Active
MLS # 6755889
Property Type Single Family Residence
Price Type --
Do not miss this stunning architectural marvel, nestled in the heart of Old Town Scottsdale, boasting a 24-foot ceiling and 4,082 square feet of luxurious living space. The NEW home seamlessly blends into its natural surroundings, offering a harmonious union of form and function. As you approach the home, you are greeted with views of Camelback Mountain, right at your front door. As you enter, you are greeted by an impressive foyer that sets the tone for the rest of the home, and the spacious living areas boast an abundance of natural light and elegant finishes, creating an inviting atmosphere for entertaining guests or relaxing with the family. The gourmet kitchen is a chef's dream, featuring high-end appliances, custom cabinetry, thick slab Quartz and French Oak wood floors throughout. The home is more than just a sanctuary in the desert, it provides a vantage point to witness the beauty of Arizona's sunsets and the twinkling city lights below from the strategically placed view deck. Walking distance to Old Town Scottsdale. Providing an unparalleled setting amidst picturesque landscapes and breathtaking mountain vistas, the home offers a lifestyle of convenience and sophistication, with proximity to upscale shopping destinations, fine dining establishments, and world-class entertainment venues, ensuring every desire is effortlessly met. Yet, despite its proximity to urban amenities, the home remains a sanctuary of serenity and seclusion, offering a peaceful retreat from the hustle and bustle of city life. Situated with prominence, the home embodies luxury living with its timeless design and modern amenities.

3506 E Ivyglen Circle Mesa, AZ 85213

$2,250,000
8 Beds
6.5 Baths
8,103 SqFt
Status Active
MLS # 6754378
Property Type Single Family Residence
Price Type --
This rare estate spans three floors & offers the equivalent of three homes in one with 3 full kitchens. The main floor inspires w/ soaring ceilings & abundant natural light that fills both formal & casual living spaces. Here, you'll find a stunning gourmet kitchen, a guest bedroom, a full bathroom, and a private in-law suite (ADU) complete with its own office, spacious living area, garage and fully equipped kitchen. On the second floor, the master suite awaits, a luxurious retreat. Plus 2 additional bedrooms & an office, perfect for work or relaxation. The lower level offers a second ADU w/ 3 bedrooms, 1 bathroom, & its own living/dining area & kitchen— perfect for extended family or rental potential. The backyard features a pool, spa & fire pit. Room for pickleball ct. Virtually staged.

3510 E Claremont Avenue Paradise Valley, AZ 85253

$2,250,000
6 Beds
4 Baths
3,718 SqFt
Status Active
MLS # 6707201
Property Type Single Family Residence
Price Type --
Nestled in the tranquil back of a cul-de-sac within the prestigious Mirada Los Arcos subdivision of Paradise Valley, this extraordinary property offers breathtaking mountain views in multiple directions. Its prime location places you close to the finest amenities that Paradise Valley, Scottsdale, and Phoenix have to offer, including the scenic Phoenix Mountain Preserve trails, an array of popular restaurants, boutique shops, and top-rated public and private schools. The expansive lot tucked into the back of a gorgeous cul-de-sac provides the perfect opportunity to build your dream home, creating a custom living space that takes full advantage of the stunning natural surroundings. This one-of-a-kind property combines a prime location, stunning views, and exceptional potential. This is an unparalleled opportunity to create a luxurious and personalized living environment in one of the most desirable areas of Paradise Valley.

9327 W Vereda Solana Drive Peoria, AZ 85383

$2,250,000
7 Beds
6 Baths
7,091 SqFt
Status Active
MLS # 6724854
Property Type Single Family Residence
Price Type --
This stunning Santa Fe-style north Peoria property, nestled on a serene 1.1-acre lot on a private cul-de-sac, boasts breathtaking mountain views & a host of premium features! The large main house features Energy-efficient solar panels, large 3-car garage & RV gate. Discover the large great room & gourmet kitchen, with plantation shutters & pre-wired surround sound throughout the home. The generous owner's suite offers direct access to the backyard & a luxurious bathroom. A den, teen/Bonus room and 3 large bedrooms make this the perfect family retreat. Outside you will find a sparking pool, putting green, batting cage, grill/outdoor kitchen and sprawling yard perfect for hosting and gathering. The large 3bed/2ba casita with separate entrance and private garage is perfect for extended famil The oversized backyard is an entertainer's dream, featuring a refreshing pool, a covered patio, & putting green for golf enthusiasts. A detached guest house provides additional living space, ample bedrooms, & a fully equipped kitchen, making it perfect for visitors or extended family. This residence is more than a home; it's a lifestyle!

3623 N 54th Court Phoenix, AZ 85018

$2,250,000
3 Beds
2 Baths
1,968 SqFt
Status Active
MLS # 6748768
Property Type Single Family Residence
Price Type --
This is a beautiful midcentury home that was built in 1962. It was one of the original designed home in this subdivision. The house has been remodeled with new flooring, paint. and new lighting. Bathrooms have been completely remodeled. This is a fantastic rental or short term home that is ready to be torn down and remodeled from the studs up. The architectural plans have already been submitted and approved.

8049 E Via Sierra -- Scottsdale, AZ 85258

$2,250,000 - 4Br/3Ba -  for Sale in Heritage Village 1, Scottsdale
Open House
$2,250,000
4 Beds
3 Baths
2,539 SqFt
Status Active
MLS # 6758557
Property Type Single Family Residence
Price Type --
Truly spectacular complete remodel in sought after McCormick Ranch's ''Heritage Village''! Exceptional gorgeous golf lot with views of Lake Margherite & McDowell Mountains - with home being completely private with no home views either in front or back! Take personal back gate out onto golf course & walk to nearby restaurants, coffee shops and outdoor activities. Home is designed with wonderful taste to support the needs of daily life. Natural wood & marble floors, custom marble fireplace & and iron/glass entry door...... Gourmet kitchen features waterfall Quartzite island, custom European lighting, cabinet drawers, large 2 door pantry with coffee area, 2 magnificent armoires with cabinet shelves, & new stainless appliances. New Pebbletec pool coating, Travertine pavers (front & back), landscaping , synthetic stucco on home & property walls, roof recoated, new Anderson custom windows & solid wood doors, hardware & interior/exterior lighting throughout! Too much to mention - this is a must see home!!!

3244 E Daley Lane Phoenix, AZ 85050

$2,250,000 - 4Br/4Ba -  for Sale in Sky Crossing-parcel 3, Phoenix
Open House
$2,250,000
4 Beds
3.5 Baths
4,163 SqFt
Status Active
MLS # 6704743
Property Type Single Family Residence
Price Type --
This exceptional home is nestled within the PRESTIGIOUS GATED enclave of Astarea in Sky Crossing. This Dignitary model boasts a custom steel security gate enclosing the courtyard, guest casita and boasts lavish upgrades throughout its open-concept design. Experience seamless indoor/outdoor entertaining with retractable doors. The gourmet kitchen features quartz countertops, a backsplash extending to the ceiling, a butler's pantry, and dual dishwashers. Step into a resort-style backyard featuring an expansive patio, a Pentair heated pool and spa with LED lighting, a swim-up bar, built-in barbecue, fire pit, and misting fan. Ample side storage accommodates recreational toys. Complementing the 3-car tandem garage. Sky Crossing amenities include multiple pools, sports courts, and play... areas. Ideally situated near the 101/51 freeways, Desert Ridge Marketplace, Mayo Hospital, and more! This property has a lease to purchase opportunity, as well as a fully furnished option.

8325 W Cantera Avenue Peoria, AZ 85383

$2,250,000 - 6Br/4Ba -  for Sale in Cantera Gates, Peoria
Open House
$2,250,000
6 Beds
4 Baths
7,272 SqFt
Status Active
MLS # 6745117
Property Type Single Family Residence
Price Type --
Welcome home to this absolutely stunning North Peoria estate! Nestled in the private Cantera Gates community, sitting on an almost 22,000 SF cul-de-sac lot, with a 7000+ SF block home plus additional office/casita, double RV garage, pool and spa. This home is the picture of luxury with a huge chefe's kitchen featuring a wrap around breakfast bar, and large island giving you ample cooking space, professional Wolf gas stove and double ovens, two dish washers, a full size Sub Zero refrigerator, walk-in pantry, beverage cooler, and tons of storage. Enter the primary suite through double doors, to an oversized bedroom, and bathroom offering a huge walk-in shower, soaking tub, double sinks with, dream walk-in closet, and full size stackable washer/dryer. The primary and one other guest room are located on the main floor with three additional bedrooms in the basement. All guest rooms offer walk-in closets and on-suite bathrooms. Basement also includes a large movie/game room with professional home theater system, and full size bar, a golf simulator room, large laundry room, and an extra room that would make a perfect home gym. Smart Home Control 4 system runs throughout, controlling TVs, music, cameras, and much more. RV garage is temperature controlled and includes an office/workshop that could easily be converted to a guest house. Home offers 2 EV charges. Also, two good size storage rooms. Just a few upgrades include new LVT flooring throughout the main level in 2023, permanent Christmas and accent lighting on both the house and RV garage 2021, new roof 2021, new ACs between 2019-2023, two tankless water heaters installed in 2019, remote control window treatments 2020, and so much more.

24423 S 195th Way Queen Creek, AZ 85142

$2,250,000 - 6Br/6Ba -  for Sale in Sonoqui Creek Ranch Phase 1, Queen Creek
Open House
$2,250,000
6 Beds
6 Baths
5,675 SqFt
Status Active
MLS # 6728742
Property Type Single Family Residence
Price Type --
Welcome to the prestigious Sonoqui Creek Ranch in Queen Creek, where luxury meets lifestyle! This one-of-a-kind 6-bedroom, 6-bathroom custom estate offers 5,675 sq ft of beautifully designed living space on an expansive acre-plus corner lot. Perfect for entertainers, car and RV enthusiasts, or families, this home offers unmatched versatility and elegance. The heart of the home is the gourmet kitchen and showcases quartz countertops, a spacious island, and top-of-the-line appliances including dual dishwashers, double ovens, a 64'' refrigerator/freezer, and a built-in icemaker. Custom cabinetry, under-cabinet lighting, and thoughtful design make this space both functional and stunning. The master suite is a true retreat with dual vanities, an oversized soaking tub, a walk-in shower, and an expansive walk-in closet. Additional features include ensuite guest bedrooms, a game room, a secondary living space, and smart home technology, all bathed in natural light from oversized windows. A private wing with two bedrooms, a bath, and a plumbed bonus room offers the option of a full casita, second generational home or an ideal family retreat. Step outside to the beautifully landscaped backyard featuring a built-in BBQ, firepit, large covered patio, outdoor speakers, fans, LED lighting, dual RV gates, and maintenance-free synthetic turf. A standout feature and nearly impossible to find, is the 1,532 sq ft dual RV garage, perfect for a car collection, RV/ ATV enthusiast, or anyone looking for a fully insulated (ready to be climate controlled) hobby or shop space. This alongside the oversized 4-car garage make the garage space some of the most versatile and luxurious in all of Queen Creek. Backing to the scenic Sonoqui Wash Trail system, this home offers direct access in just a short walk or bike ride to the new Pecan Lake entertainment district and some of Queen Creek's best dining and recreation. This is a rare opportunity to own an extraordinary home in a prime location!

21987 E Stacey Road Queen Creek, AZ 85142

$2,249,900
4 Beds
5 Baths
3,683 SqFt
Status Active
MLS # 6695783
Property Type Single Family Residence
Price Type --
Completely Remodeled 4 bedroom home in Pegasus Airpark. DO NOT MISS THIS ONE. This is your chance to live in one of the most exciting neighborhoods in the east valley. All the upgrades you are looking for, 60'' WOLF double oven gas range! Subzero double wide fridge freezers. New tile floors through out! Exquisite quartz counter tops. Extra storage in the garage. Pool bath. Double laundry. Spa style master suite with added sitting room or office. Every space is perfectly sized through out. Big closets and bathrooms with extras you don't see in most homes. Room to grow on this huge lot w/ pool and other amenities.

2130 Kinsey Court Sedona, AZ 86336

$2,249,000
5 Beds
4 Baths
3,000 SqFt
Status Active
MLS # 6703266
Property Type Single Family Residence
Price Type --
Welcome to your luxurious retreat in Sedona's prestigious West location, where modern elegance harmonizes with panoramic views of Thunder Mountain, Coffee Pot, and Sugarloaf. This brand new construction, ideal for short-term rentals, promises both indulgence and investment potential. Step into unparalleled single-level living across 5 bedrooms and 4 baths, centered around an open-concept great room seamlessly blending indoor-outdoor living. A grand 3-car garage with 8 ft doors and a gas fireplace sets a tone of convenience and sophistication. Upon entry, soaring 14 ft ceilings and a window wall frame the majestic Red Rock vistas, casting a serene ambiance throughout. The heart of the home is a chef's dream kitchen featuring a Forno gas range, stainless farm sink, Bosch dishwasher, & a sprawling black leathered granite island amidst white and gray Cambria quartz counters. Soft-closing white cabinetry with black accents enhances the modern palette. Entertaining is effortless with a dining area in the great room, complemented by a generous quartz-topped buffet and additional cabinetry. The primary suite offers a private retreat with more breathtaking views, complemented by a spa-like bath featuring a curbless shower, separate soaking tub, dual sinks, and a substantial walk-in closet. Guests enjoy suite-like comfort with walk-in closets and en-suite baths, while bedrooms 4 and 5 share a jack-and-jill 3/4 bath with a curbless shower. A fourth 3/4 bath echoes soothing greige tones and features its own curbless shower. The property includes a $50,000 landscaping/pool concession, taking advantage of the pristine terrain. Notable features include iron and glass front doors, interior 8 ft modern doors, 3-inch baseboards, ceiling fans, and refined black/brushed gold hardware throughout. The decor theme of black, white, and greige includes open shelving in the dining room and kitchen, with ample wall space for art.

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