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.

What‘s 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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2647 E Vista Place Williams, AZ 86046

$1,695,000

3 Beds

3.5 Baths

4,184 SqFt

Status Active

MLS # 6692525

Property Type Single Family Residence

Price Type --

Discover tranquility & expansive beauty of the High Country. Stunning log home nestled on 5.03 acres secluded amidst towering juniper and pinon trees. A picturesque retreat boasts a charming wrap-around composite deck offering panoramic vistas, 3 bedrooms and 3.5 bathrooms, a spacious kitchen complete with a farmhouse sink, a welcoming great room & family room, versatile loft space, office for remote work or creative pursuits, hardwood floors, and luxurious in-floor heating. The main floor master suite offers a sanctuary with a generous walk-in closet, a separate jetted tub, and shower. Extra-large 2-car garage, measures 25x38, 950 sq ft, equipped with heating. Experience the epitome of mountain living in this idyllic haven.

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7250 E Paradise Drive Scottsdale, AZ 85260

$1,695,000

5 Beds

3 Baths

3,650 SqFt

Status Active

MLS # 6708996

Property Type Single Family Residence

Price Type --

Welcome to the Cactus Corridor. Single level home, Situated on 1/2 acre lot, 3 car garage, & sparkling play pool, mature landscaping & fruit trees. NO HOA. This home features 5 spacious bedrooms PLUS a dedicated office, perfect for remote work. You're greeted by soaring high ceilings and windows that create an open feel. Multiple living spaces are the ideal setting for family gatherings and entertaining guests. Formal dining. Bright and open kitchen with white cabinets, kitchen island, & granite countertops, Oversized garage provides plenty of room for your vehicles and additional storage. Living room with real fireplace. Oversized primary bedroom with French doors to the backyard. Separate soaking tub and walk in shower, dual sinks and large walk-in closet. For those who love to travel, Scottsdale Airport is just a short drive away, making your getaways and business trips incredibly convenient. Shopping enthusiasts will appreciate the close proximity to Kierland Commons and Scottsdale Quarter, where you can indulge in a variety of dining, shopping, and entertainment options. Don't miss out on the opportunity to own this exceptional Scottsdale property, where luxury meets convenience. Experience all that this magnificent home has to offer!

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5805 E Agave Place Carefree, AZ 85377

$1,695,000

5 Beds

4 Baths

3,329 SqFt

Status Active

MLS # 6711345

Property Type Single Family Residence

Price Type --

This stunningly remodeled and modernized residence was crafted by the renowned architect Ilan Baldinger from Baldinger-Studio. Nestled at the foot of Black Mountain in Carefree, AZ, this exquisite home offers a tranquil setting. Step inside this luminous and spacious home to experience a sense of relaxation and serenity. Explore the expansive living and dining area with a revamped entertainment center, complete with a water vapor electric fireplace. The kitchen, with its contemporary white design, boasts top-of-the-line finishes and overlooks the living space and pool. The master suite features a private gas fireplace, a lavish bathroom with a freestanding tub, and a walk-in shower. Additionally, there is a guest casita or office ideal for remote work or visitors. The property includes a 3-car garage equipped with electric charging for your EV. Moreover, there is a separate air-conditioned RV garage or workshop. Countless other upgrades and amenities await discovery in this remarkable home - a true gem that should not be missed.

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3523 E Cashman Drive Phoenix, AZ 85050

$1,695,000

5 Beds

3.5 Baths

3,710 SqFt

Status Active

MLS # 6730295

Property Type Single Family Residence

Price Type --

This stunning two-story home in the highly sought-after Sky Crossing Community features a great room floor plan with 5 bedrooms, 3.5 baths plus office/den, and a resort-like pool. Nestled at 3523 E Cashman Drive, Phoenix, AZ 85050, home is 3,710 sq ft and sits on a 15,308 sq ft oversized corner lot, one of the largest in Sky Crossing. Feel right at home in the Chef's kitchen with upgraded stainless appliances, a gas cooktop, an oversized island with seating, quartz countertops, and beautiful wood-look plank tile flooring that flows elegantly throughout the home. Enjoy the expansive backyard with an outdoor Ramada area and a resort-like pool featuring a swim-up bar, two baja shelves, a spa and multiple water features. Feel comfortable and relaxed while creating many memories for years!

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6601 E Military Road Cave Creek, AZ 85331

$1,695,000

3 Beds

3 Baths

4,045 SqFt

Status Active

MLS # 6744285

Property Type Single Family Residence

Price Type --

Nestled on the slope of Black Mountain, this renovated home offers breathtaking panoramic views throughout. Owned solar equals $25-30 electric bills! Recent upgrades include a NEW roof, redesigned landscaping, a completely resurfaced heated pool and spa and all NEW equipment. NEW smooth stucco and paint, a NEW septic system, and a dramatic entrance featuring a massive glass and wrought iron door, hinting at the craftsmanship within. Inside, the open floor plan and high ceilings create a spacious and airy atmosphere. The completely transformed kitchen features all NEW appliances, including dual refrigerators, dishwashers and ovens, refaced cabinetry, and a grand chandelier. Renovated baths, new lighting, and custom paint add a modern and distinctive touch. Polished stained concrete floors gleam throughout for a clean esthetic. Solid-core alder doors and cabinetry, and ceiling details add substance and interest. The rotunda foyer, illuminated by an enormous wrought iron chandelier, welcomes you with both elegance and sophistication. The natural flagstone walkway and the grand entrance set the tone for the opulence within. Notably, a large solar system ensures almost zero electric bills, aligning with a commitment to sustainability. In summary, this home seamlessly blends modern luxury with thoughtful design and eco-conscious features. From the grand entrance to the polished interiors, each element contributes to a sophisticated living experience complimented by the stunning backdrop of Black Mountain.

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4202 E Windsor Avenue Phoenix, AZ 85008

$1,695,000

4 Beds

2.5 Baths

3,420 SqFt

Status Active

MLS # 6716435

Property Type Single Family Residence

Price Type --

WOW! A new custom home in Arcadia Lite! Walk in to a spacious foyer with tall ceilings & tons of natural light. The living room is open to the kitchen & has spectacular views of the green grass & sparkling blue pool in the backyard. The kitchen boasts TWO islands, walk in pantry, induction cooktop, stainless steel appliances, quartz counter tops, & under-cabinet lighting. Enjoy hosting family & friends in the large dining area with additional cabinet storage. The master suite is a special oasis with a custom accent wall, wall sconces, and spa-like bathroom featuring double sinks, standalone tub, & pristine shower. The master closet even has it's own washer & dryer! The private backyard is ready for entertaining with both covered & uncovered patios and shimmering pool! RV gates! No HOA!

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6836 N 13th Place Phoenix, AZ 85014

$1,694,500

4 Beds

4.5 Baths

3,195 SqFt

Status Active

MLS # 6745364

Property Type Single Family Residence

Price Type --

Opportunity is knocking. *TO BE BUILT* Welcome to your future dream home in one of Phoenix's most sought-after neighborhoods! Nestled in the prestigious, A+ rated Madison School District, this rare, custom build opportunity offers you the chance to create a home that's as unique as you are. Imagine designing your perfect sanctuary, tailored to your every desire, right in the vibrant heart of Uptown Phoenix! Whether you envision a modern architectural masterpiece or a charming, classic farmhouse, this prime location offers the perfect canvas to bring your vision to life. Stroll through the nearby trendy cafes, indulge in gourmet dining experiences, or enjoy a night out at the local bars, all within a stone's throw of your future doorstep. *Photos are of previous homes. This is more than just a lot; it's an invitation to build your forever home in a community known for its charm, convenience, and top-tier amenities. Don't miss out on this incredible opportunity to create the home you've always dreamed of, in a location that truly has it all.

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6836 N 13th Place Phoenix, AZ 85014

$1,694,500

4 Beds

4.5 Baths

3,195 SqFt

Status Active

MLS # 6745366

Property Type Single Family Residence

Price Type --

Opportunity is knocking. *TO BE BUILT Discover the endless possibilities of crafting your dream home in one of Phoenix's most coveted neighborhoods! Located in the prestigious Madison School District, known for its A+ rating, this rare custom build opportunity allows you to design a residence that perfectly reflects your style and aspirations. Imagine creating your own oasis, tailored to your every wish, right in the lively heart of Uptown Phoenix. Whether your vision is a sleek, modern architectural gem or a timeless, classic farmhouse, this prime location serves as the ideal backdrop to bring your dreams to life. Enjoy the convenience of trendy cafes, gourmet dining, and vibrant nightlife, all just steps from your future doorstep. Please note: Photos are of previous builds.

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41893 N Bonanza Lane San Tan Valley, AZ 85140

$1,690,000

3 Beds

2 Baths

2,230 SqFt

Status Active

MLS # 6747014

Property Type Single Family Residence

Price Type --

Discover the ultimate rural retreat on this nearly 5-acre horse property in the Queen Creek Ranchos neighborhood! The main house features 3 bedrooms, 2 bathrooms across 1,780 square feet with a stylish kitchen that includes beautiful granite countertops. A 450 sq. ft. casita offers additional accommodations with 1 bedroom, kitchenette, full bathroom and laundry room. In 2023, a new outdoor space was added with a brand new heated pool and spa surrounded by travertine, a built-in grill under a pergola, and a wood-burning fire pit. The property offers extensive equestrian facilities, including a 13-stall barn, a large riding arena, and a metal hay shed. The property also boasts an equine therapy pool, ideal for horse enthusiasts, along with a 1,080 sq. ft. workshop for versatile use.

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2502 N 85th Street Mesa, AZ 85207

$1,690,000

4 Beds

3 Baths

3,299 SqFt

Status Active

MLS # 6733761

Property Type Single Family Residence

Price Type --

Stunning new Farmhouse architectural custom home. 3299 sf livable with designer interior finishes including oak floors in livable areas and master bath. Custom cabinetry, white quartz counters with extensive use of visual comfort light fixtures and high end finishes. Automated swimming pool with spa and baja shelf and in water lounge chairs. This home is a must see in the high desert and includes a fenced desert landscaped yard with synthetic grass in front and back. Room for RV parking or future RV Garage.

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10507 E Conieson Road Scottsdale, AZ 85255

$1,690,000

5 Beds

3.5 Baths

3,466 SqFt

Status Active

MLS # 6745186

Property Type Single Family Residence

Price Type --

This beautifully remodeled McDowell Mtn Ranch home within the gated community of Sonoran Fairways, features a golf course lot, 5 bedrooms, 3.5 bathrooms, a host of modern upgrades, including engineered white oak hardwood throughout. The downstairs boasts high ceilings and beautifully remodeled kitchen, featuring new white oak and white cabinets, appliances and quartz countertops. Step into backyard oasis through the 16 ft stacking sliding glass door onto a sparkling pebble tech pool and spa and a view fence, looking over the 9th hole of the McDowell Moutain Ranch Golf Club. All of the bathrooms have been completely remodeled and enjoy the stunning views off the Master Suite. Lastly, the home has a brand new roof with a 10 year warranty from Prime Roofing and 2-year old Trane HVAC units. Don't miss this stunning remodel in the safe and secure gated community of McDowell Mountain Ranch, adjacent to award winning schools!

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10688 E Butherus Drive Scottsdale, AZ 85255

Open House

$1,690,000

4 Beds

3.5 Baths

3,509 SqFt

Status Active

MLS # 6762116

Property Type Single Family Residence

Price Type --

Beautifully updated home nestled in gated Desert Cliffs in McDowell Mountain Ranch. GORGEOUS MOUNTAIN VIEWS backing to a wash with no one behind! The resort-like backyard oasis features a pebble tech pool w/ water feature, putting green, stone-encased spa w/ a pergola, and a custom-built BBQ entertaining area. Inside is a beautifully remodeled kitchen w/ an oversized granite island, white shaker cabinets, & stainless appliances. Wood-look tile floors are featured throughout the downstairs, additional custom cabinetry in the dining room, & designer paint throughout. Master bedroom is DOWNSTAIRS. Upstairs has 3 spacious bedrooms, 2 bathrooms, loft area and HUGE bonus room which works as the perfect 'game room', office or 5th bedroom. New HVAC upstairs (2020), HVAC downstairs (2023). WOW The three-car garage includes built-in storage cabinets and a water softener. Award-winning McDowell Mountain Ranch is a premier master-planned community located in North Scottsdale. Situated at the foothills of the McDowell Mountains, enjoy the beautiful desert serenity, yet also have all the conveniences of living in-town just outside the neighborhood. The 101 Freeway is 5 minutes away, as well as restaurants, shopping, groceries, and so much more! This friendly neighborhood features 2 heated community pools/spas, playgrounds, basketball courts, tennis courts, and one of the best Pickleball leagues in town! The HOA hosts several events throughout the year for everyone to enjoy and connect with neighbors. Numerous trails, both paved & unpaved that, meander throughout the community. McDowell Mountain Golf Club, designed by Phil Mickelson, with the clubhouse & restaurant, is open to the public. The City of Scottsdale Aquatic Center w/lazy river & Library is close by in addition to miles and miles of hiking, biking & equestrian trails at the landmark Gateway to the McDowell Sonoran Preserve trailhead.

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