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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4311 E Campbell Avenue Phoenix, AZ 85018

$1,995,000
4 Beds
3.5 Baths
3,319 SqFt
Status Active
MLS # 6760039
Property Type Single Family Residence
Price Type --
Exquisite brand new home, full of luxury, nestled in Arcadia Lite area. This spacious property features 4 bed 3.5 bath including guest suite on the main level. Facade is adorned with stone accent walls and a cozy courtyard that offers breathtaking mountain views.The kitchen is a culinary delight with a large center island, with stunning stone waterfall finish, and beautiful custom cabinets, including a butler's center. Great room features a stylish fireplace wall, perfect for entertainment that sets the stage for creating cherished memories. I promise you will never want to leave the luxurious owner's suite! Oversized shower, soaking bathtub, large closet with own W/D hook up, and modern art lights throughout. And the balcony...overlooking famous Camelback Mountain. Backyard has a grassy area, covered patio with a fireplace, and a built-in barbecue. There is plenty of parking space available on a circular driveway. This house is simply perfect.

34651 N 49th Street Cave Creek, AZ 85331

$1,995,000
4 Beds
5 Baths
4,608 SqFt
Status Active
MLS # 6627038
Property Type Single Family Residence
Price Type --
TWO SEPARATE HOMES: PRIVATE stunning 2.5 Acre Estate with TWO fully Remodeled Homes and a Luxurious Pool & Outdoor Kitchen Oasis. PERFECT for extended family or short/ longer term investment opportunity. Welcome to your private paradise! This exceptional 2.5-acre estate boasts not one but two beautifully remodeled homes and a sparkling pool, making it the perfect retreat for multi-generational living, an income-generating property, or a serene haven for those who desire space and luxury. Main Features: - 2.5 acres of ample space for recreation, horses, or business ventures. - Two exquisitely remodeled homes offer a combined living space that's perfect for a large family or multiple households. - Outdoor pool oasis with kitchen and court yard, offering endless entertainment. First Home: 2 Bedrooms/ 2 Baths & an Office (2263 sq feet) Step inside the main residence, where elegance meets modern comfort: -Expansive living spaces with high ceilings and an abundance of natural light create a welcoming atmosphere. - Brand new electrical wiring. -Gourmet kitchen with top-of-the-line appliances and a center island for culinary adventures. -The master suite is a true retreat, featuring a spa-like ensuite shower and a walk-in closet. -The guest bedrooms and bathroom provides ample space for family and guests. -The office/ multi-purpose room upstairs is the perfect place to soak up expansive mountain views. Second Home: 2 Bedrooms/ 2 Baths (2345 sq feet) The second home is equally impressive, making it perfect for extended family, guests, or rental income: - Spacious living and dining areas, along with a fully equipped kitchen, make this a self-sufficient living space. -Two bedrooms and two bathrooms provide comfort and privacy for residents. -Access to a private patio and outdoor spaces allows for outdoor relaxation and enjoyment. Outdoor Space: -The beautifully landscaped grounds feature a variety of mature trees, and areas for outdoor dining and recreation. Winter grass has currently been seeded and expecting an appearance any day! -A covered outdoor kitchen with a built-in BBQ area is perfect for dining and entertaining. -The potential for gardening, horse facilities, or additional development awaits in the vast acreage. Location: This estate is situated in a peaceful and upscale neighborhood, offering the perfect blend of tranquility and convenience. It's just minutes from local schools, shopping, dining, and recreational amenities. Don't miss the opportunity to own this magnificent 2.5-acre estate with two remodeled homes. Whether you're looking for a multi-generational haven, a rental property, or a personal sanctuary, this property offers the best of Western living. Your dream home is waiting!

4340 E Forest Pleasant Place Cave Creek, AZ 85331

$1,995,000
5 Beds
5.5 Baths
4,136 SqFt
Status Active
MLS # 6496714
Property Type Single Family Residence
Price Type --
Build your new home today! 1 acre lots availability with 4 homesites total. Plenty of room for a house in addition to RV Garage, Barndominium, Casita, ETC, the possibilities are endless! Walk to the lots with the builder today. Permits available in 90 days or less. Close proximity to Desert Ridge or Carefree along with shopping & dining. Rural living, but close to it all. Builder to put paved cul-de-sac in to all 4 homesites.

23188 N 79th Way Scottsdale, AZ 85255

$1,995,000 - 3Br/4Ba -  for Sale in Sonoran Hills, Scottsdale
Open House
$1,995,000
3 Beds
3.5 Baths
4,445 SqFt
Status Active
MLS # 6705462
Property Type Single Family Residence
Price Type --
An Entertainer's Delight...A True Soft Southwestern Retreat in the Heart of North Scottsdale! Welcome to this warm & inviting residence within gated Arroyo Canyon in Sonoran Hills. Expansive areas for entertaining including the recent addition of an interior outdoor kitchen with expansive telescoping doors to let the outside in. Boasting a large kitchen with island & walk in pantry, custom cabinetry, tons of storage & open to the family room for casual gatherings. Large primary retreat & bath with soaking tub & large walk in closet. Two additional guest rooms, plus separate office space, updated flooring, & neutral finishes throughout. Large private lot, pool & spa perfect for relaxing. Convenient North Scottsdale near restaurants, shopping, and entertainment.

4231 E Ashler Hills Drive Cave Creek, AZ 85331

$1,995,000 - 5Br/5Ba -  for Sale in 4 Homes Walled In., Cave Creek
Open House
$1,995,000
5 Beds
5 Baths
4,250 SqFt
Status Active
MLS # 6756428
Property Type Single Family Residence
Price Type --
LOCATION. All PAVED Roads /35min to sky harbor. Minutes to Restaurants /stores /hospital. BRAND NEW, modern home offers a perfect blend of style and functionality. As you approach, you'll be greeted by a spacious circular driveway and a 4-car garage. Sitting on an over an acre with no restrictions there is plenty of room for toys. Inside, the open layout features contemporary light fixtures and a striking wainscoting wall. The formal dining area boasts access to the courtyard, while the family room includes sliding glass doors that seamlessly connect the indoor and outdoor living spaces. The gourmet kitchen is a chef's dream, with high-end stainless steel appliances, quartz countertops, a walk-in pantry, abundant cabinetry. A MUST SEE Delightful main retreat has a private backyard access and a spa-like ensuite. Dual vanities, a freestanding tub, and a glass enclosure raindrop shower complete the main bathroom. Don't forget about the mudroom and ample laundry room with cabinets, refrigerator, and utility sink. The huge backyard offers an extended covered patio and so much space for a pool, sports courts, etc. You don't want to miss this excellent opportunity!

12634 N 80th Place Scottsdale, AZ 85260

$1,994,999
5 Beds
3 Baths
2,725 SqFt
Status Active
MLS # 6717392
Property Type Single Family Residence
Price Type --
New exterior paint color on this Scottsdale private oasis with an incredibly lush back yard and amenities. A gorgeous lawn, semi-circular drive and courtyard invite you into this stunning remodeled home with updated fixtures and finishes. Wood flooring, double French exits, skylights and dual pane windows throughout. No interior steps! Richly appointed kitchen. Living, family and formal dining rooms. Spacious owners suite. Resort-style back yard complete with an expansive covered patio, Diving pool, sports court and built-in BBQ. Large lot with room to add more!

14018 N 48th Way Scottsdale, AZ 85254

$1,994,900
4 Beds
3 Baths
3,100 SqFt
Status Active Under Contract
MLS # 6723704
Property Type Single Family Residence
Price Type --
Welcome Home to your 4 bedrooms, 3 bath dream home in a highly sought-after area of Scottsdale with no HOA! This stunning single level property has been fully re-imagined by the design talents of 555 Angel Designs and is now in immaculate, like-new condition. As you enter the home, you'll be greeted by a spacious and open floor plan. The living area features custom wood work and multi door sliders that flood the space with natural light, creating a warm and inviting atmosphere. The kitchen is a chef's dream with brand new top of the line appliances, honed marble countertops and custom cabinetry that provide ample space for cooking and entertaining. The adjacent dining area and butler's pantry are perfect for hosting dinner parties or casual meals with family and friends. The luxurious primary bedroom is a true retreat, boasting a spacious bedroom with plenty of natural light, a stunning grand ensuite bathroom with a walk-in shower, freestanding tub, double vanity and a large walk-in closet. Three additional well sized bedrooms and full bathrooms provide plenty of space for family, guests or a home office. A large private oasis backyard, with a pool, covered patio and new landscaping provide the perfect space for outdoor living and entertaining. Owned solar another huge benefit along with 3 car oversized garage. This home is just minutes away from shopping, dining, and entertainment, as well as top-rated golf courses, schools and parks. Don't miss this opportunity to own a completely updated and move-in ready home in one of the most desirable areas of the city!

48940 W Long Rifle Road Aguila, AZ 85320

$1,994,000
3 Beds
2 Baths
1,544 SqFt
Status Active
MLS # 6721279
Property Type Single Family Residence
Price Type --
Beautiful Ranch Property in Wickenburg, AZ 10 Acres, this meticulously maintained property boasts a wealth of features tailored for the discerning horse owner, recently updated with new landscaping featuring a drip irrigation system & yard fencing, ensuring a picturesque & low-maintenance outdoor environment, enjoy a full-size roping arena complete with a fan deck overlooking the action, perfect for training & entertainment 5 large steer pens, 5 covered pens (50 x 20), 12 covered pens (50 x 100) all equipped with lights & automatic watering systems for the utmost convenience, tack room with a dual-sided cover & wash rack, Includes 2 hay sheds/equipment parking area, conex box for secure storage, 2 RV plug-ins, recently upgraded with new gravel throughout the property, ample parking

1500 N Crismon Road Mesa, AZ 85207

$1,993,000
4 Beds
3.5 Baths
4,042 SqFt
Status Active
MLS # 6671375
Property Type Single Family Residence
Price Type --
STUNNING OPPORTUNITY to own an amazing custom home with separate casita on a beautiful mountain top lot. Views forever from your front porch or rooftop deck. 3177 sq ft of custom living space in the main house and 450 sq ft of casita, both sitting poolside and mountian side on this spectacular parcel of land. Both had roofs replaced 5/24. 1 of just 5 homesites in this quiet cul de sac. Main home features beautiful finishes and flowing floorplan with gorgeous kitchen, formal dining, owners retreat and oversized media room. Guest house has 2 car oversized garage with it's own kitchen and laundry. Horse facilities include stalls, tack room and arena. This amazing propery sits against a rugged Arizona mountianside and offers amazing views and peaceful living.

1 E Lexington Avenue Unit 1606 Phoenix, AZ 85012

$1,990,000
2 Beds
2.5 Baths
2,835 SqFt
Status Active Under Contract
MLS # 6750533
Property Type Apartment
Price Type --
Welcome to 1 E Lexington - a pinnacle of luxury living in the heart of Midtown Phoenix. This stunning penthouse is a masterpiece of design and sophistication, offering an unparalleled lifestyle with unmatched views from every room. As you step inside, you are greeted by soaring high ceilings that offer a sense of grandeur and a true open concept. This home features floor to ceiling windows and sliding glass doors that run along the perimeter of the 1,200 sq ft patio, creating the ultimate indoor-outdoor living. The southwest exposure perfectly captivates Arizona's spectacular sunsets. A state-of-the-art Savant smart home system seamlessly controls shades, lighting, surround sound, and TVs, allowing for effortless living tailored to your preferences. The heart of the home features a fully custom Bulthaup kitchen, meticulously designed with the finest materials and finishes. Gaggenau appliances offer professional-grade cooking capabilities, while the expansive counter space provides both functionality and style. The European touch cabinetry adds a sleek, modern aesthetic, making this kitchen a chef's dream. Adjacent to the kitchen, the wet bar offers a wine fridge and additional beverage refrigeration, and it is equipped with an additional seating area that is perfect for entertaining guests or enjoying a quiet evening at home. A sanctuary of comfort and elegance, the primary suite features a custom closet with ample storage for all your wardrobe needs. The spa-like en-suite bathroom offers a seamless custom vanity, illuminated LED mirror, and dual showerheads, adding an additional essence of luxury to your daily routine. The oversized, loft-style office is designed for productivity, complete with additional storage to keep your space organized and clutter-free. This penthouse at 1 E Lexington is not just a home; it's a lifestyle. Experience the epitome of urban luxury living with breathtaking views, top-of-the-line amenities, and sophisticated finishes throughout. Don't miss your opportunity to own this one-of-a-kind residence in the heart of Midtown.

5440 N Calico Drive Camp Verde, AZ 86322

$1,990,000
4 Beds
4 Baths
4,059 SqFt
Status Active
MLS # 6688733
Property Type Single Family Residence
Price Type --
MODERN CUSTOM FARMHOUSE with WRAP AROUND PORCH. Meticulously remodeled in 2023-2024 is situated on 4 acres, No HOA, Registered Well, Oil pipe fence, Barn w/ 4 stalls, Private access to National Forest land, luxurious 4 bedrooms-two being Masters w/ ensuite, conveniently located on main level, 2 oversize bedrooms upper level with dormers,4 Custom Bathrooms with Granite wainscoting on walls, Granite Showers full walls to ceiling, Custom Vanities, Wainscoting on walls in all bathrooms & laundry room, Wood Beams in the great rooms wood steps on stairs,Custom Glass throughout the Farm House & wood beam on stairs has a custom glass window to allows visual through going to upper level keeping that grand open feel to the space, Wrap around porch has 20ft glass slider doors & 8 ft glass sliders on the back of the house to allow beautiful views of Coconino National Forest.National Forest Land, Energy saving sunshades on all windows, Dog friendly Screens on back of home, outside patio for entertaining with fire pit fully enclosed yard for your furry friends. Wonderful breezes keep the outside living comfortable - CLEAN Air - Mountain Views - Quiet - Secure - Private Entrance. 2 New AC/heat units w/warranty, New roof w/warranty, 3 Car Garage, Water Treatment for entire house w/warranty, New lighting, New fixtures throughout, Fire & Smoke Alarms throughout the home. Main level has formal living w/wood burning fireplace & Antique Mantel, Office/Library. Primary Master offers Gas fireplace with Full Feature Wall of Granite with 80 Flat Screen TV, Elegant chandelier lighting, Sitting area, Custom Master Bathroom floor to ceiling marble & marble Wainscoting on walls throughout the master bathroom, Master Closets HERS & HIS in primary master. Makeup Vanity with Elegant chandelier lighting, Double Sink Antique Vanity with Huge Custom Mirror Grand living space provides ample seating with a great room, dining room, boasting a gourmet kitchen with Wolf Induction 5 burner cooktop, Commercial size refrigerator/ freezer, farmhouse copper sink, double ovens, hightop bar and breakfast bar, granite counters and abundant storage. Custom Knotty Alder doors throughout Kitchen & House, Laundry/mud room equipped with a front-load washer and dryer, living/dining area has 20 ft. slider & 8 ft slider glass doors creating a seamless Indoor-Outdoor Living Space. Upper level, TV Theater Room, with Walkout DECK provides you with Direct access to the balcony to watch sunsets with panoramic mountain views & STARS Wet Bar for snacks with your movies in addition you'll find two additional bedrooms, one with dazzling chandelier lighting, additional bath w/ walk-in shower, loft/media room complete with 2 built-in desk spaces inside the dormers plus a refreshment bar w/wine drink fridge, microwave and cozy Wood Burning Fireplace. New OIL PIPE FENCE $100,000 in fencing leveled and planted with wheat fertilize soil for growing pastures, crops 4 Stall Horse Barn 4 Turnouts for your horses Property - (1) registered well domestic (1) registered irrigation well 6 Miles from I 17 on paved roads until you get to the Private Entrance to the Equestrian Estate AMAZING Access to breathtaking panoramic mountain views of the majestic Red Rocks of Sedona, adjacent Coconino National Forest, views of the Prescott National Forest,Flagstaff's Snow Bowl San Francisco Peaks and Lights of Historical Jerome. Unobstructed Views you are surrounded by National Forest one will ever build in your view. Private & Direct access to the Verde River that stretches 18 miles meandering through town limits, the winding waterway creates a habitat for bald eagles, hawks, blue heron, beavers, and otters... Located in the Napa Valley of Arizona, surrounded by wineries, this property presents the possibility for your own vineyard, become connected with a thriving wine community. Some area attractions include Montezuma Castle is the third National Monument dedicated to preserving Native American culture, Out of Africa WildLife Park, Inflatable Kayak Adventure down the Verde River, Cliff Castle Casino. Western Horseback adventures & Horse Boarding at the Nashwa Farms Equestrian & Event Center Horse boarding stable only minutes from your Custom Equestrian Estate.

7420 E Reins Court Prescott Valley, AZ 86314

$1,990,000
3 Beds
5 Baths
4,804 SqFt
Status Active
MLS # 6685848
Property Type Single Family Residence
Price Type --
Your new memories begin here! Enter through the giant pivot front door to this fully custom home, enter the warm and welcoming living room with space for everyone. You'll find you're eager to entertain all of your friends more than you ever have. The large great room flows to the formal dining area and then into the chef's kitchen with the very large gas, 6 burner range with its 2 ovens in addition to the built -in wall convection oven. A built -in ice maker helps when entertaining outside on the very large patio that overlooks FIVE holes of the Stoneridge Golf Course! Ready to BBQ with friends? No worries, use the easy to slide corner window from the kitchen and pass all the provisions right out to your guests! Enjoy a relaxing swim in the 25 YD indoor pool. The master suite is truly.... spa-like with the walk- in stone surround shower. The dual vanities with Brazilian Quartzite and Illuminating mirrors and the large, jetted tub tucked into the custom corner view windows, lower one blind for complete privacy while enjoying the stunning views of the mountains and the golf course below. The jetted tub heats the water and recirculates it so you can enjoy a very long, relaxing soak. The master walk in closet is very large and has great storage too. The 2 guest bedrooms are also very large and both have great big closets...so much storage in this home! These rooms are also complete with the custom corner windows for the wonderful views as well as blackout blinds for a good nights' rest. The loft has it's own patio with views of Glassford Hill and also the beautiful neighborhood below. The second floor has an art studio which could be used as a rec room or a great movie room. This room has 2 separate patios, corner windows for the views and beautiful wood floors....not to mention...the room is plumbed to add a bathroom, so this could make a 2nd master en-suite! On the main floor there is an office area that has a great view of the pool and lots of productivity space for you....all rooms have Cat 6 hard wired high speed data connections. There are so many special features....please read the Special Features page to get even MORE information about this very special home nestled in the Mingus Mtns. Golf cart and some furnishings may convey with full price offer.

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