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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1 Howell Avenue Bisbee, AZ 85603

$1,670,000
6 Beds
8.5 Baths
5,098 SqFt
Status Active
MLS # 6712946
Property Type Single Family Residence
Price Type --
Stunning & very well maintained Multi-Use Historic Building in the heart of Bisbee AZ's Historic District. 6 Bedrooms 8.5 bathrooms, separate office. Run a business & live upstairs in one of the best climates of S. Arizona! At a desirable 5,500 ft elevation you can experience all 4 seasons, gorgeous mountain views, world-class birding & hiking, award winning restaurants & quaint coffee shops. Bring your family & friends & make this a destination home! Want short term rentals? This is the space to do it! Currently operated as a highly successful boutique hotel w/ a manager & staff in place. 60 seat Restaurant space comes w/ all existing equipment. Zoned Commercial, however the possibilities are endless, convert to a huge living space or have retail downstairs, live upstairs. This is it! *Room 3 upstairs is a full apartment with complete kitchen. Seller Carryback Financing terms available for qualified buyers.

2850 E Boot Track Trail Gilbert, AZ 85296

$1,660,000
4 Beds
3.5 Baths
3,806 SqFt
Status Active
MLS # 6740749
Property Type Single Family Residence
Price Type --
Welcome to this unrivaled gem in Warner Groves at Morrison Ranch, now available! This beauty flaunts a well-manicured landscape, brick detailing, a cozy front porch, and a 3-car garage with a paver driveway. Prepare to be impressed by an exquisite interior featuring an inviting hallway adorned with pendant lighting! The spacious living room highlights expansive windows, recessed & decorative light fixtures, calming color schemes, gorgeous hardwood floors, and a built-in entertainment hutch with an electric fireplace. The heart of this home is the stunning eat-in kitchen, designed with high-end SS appliances, including a gas cooktop and a wall oven. Elegant quartz counters, recessed lighting, a subway tile backsplash, a plethora of white shaker double stak cabinetry, a walk-in pantry, and a large island with a breakfast bar elevate the space. Discover a sizable den with stylish tile flooring and a charming chandelier ideal for a home office. The two bonus rooms are excellent for an additional bedroom or a game room! Find your sanctuary in the romantic main suite, showcasing a luxurious ensuite with a sliding barn door, dual vanities, a stand-alone tub, a seat-in tiled shower, a walk-in closet, and direct backyard access. Secondary bedrooms enjoy a Jack & Jill bathroom. Modern conveniences include a water softener and a tankless water heater. The home's elegance extends outdoors to the enchanting backyard. A covered patio, a Travertine tile flooring, artificial turf, a built-in BBQ, and a crystal blue pool complete the picture. Excellent location! It has easy access to the 202 and 60 freeways, restaurants, shopping, and more. Plus, it's within the highly rated Gilbert Schools district. Hurry! Your paradise awaits!

36222 N Wildflower Road Carefree, AZ 85377

$1,659,000
4 Beds
3 Baths
3,315 SqFt
Status Active
MLS # 6744597
Property Type Single Family Residence
Price Type --
ENJOY SPECTACULAR SUNSET VIEWS !PEACE & PRIVACY! Originally owned & designed by, Kilbane Architect, 4 bd/3ba/OFFICE-den.Over 1+ ACRE -Feels like 3!SW Contemporary; updated -great entertainment home; family home!ALL ONE LEVEL except for 1 bedroom upstairs w/awesome view deck! 12x48 porcelain tile flrs.!Poured Concrete counters;MBR split-soaking tub;sep shower;limestone floors; his/hers walkin closets;custom draperies;3 other spacious bedrms w/views! Office w/FP. LG Chef's kitchen w/2 full size Jennaire gas cooktop ovens.Butlers pantry ; viking fridge;wine fridge;floating shelves;open to LR. Several covered patios;2 outdoor FP's; Formal DR. GR w/FP.Skylights! Windows!Cntral Vac! Resort back yard w/diving pool ;Entirely walled in for pets?kids?Cantera decking;grass ;roses;fruit trees;3CG

25099 S 190th Street Queen Creek, AZ 85142

$1,659,000
5 Beds
3.5 Baths
4,190 SqFt
Status Active
MLS # 6691073
Property Type Single Family Residence
Price Type --
Outstanding and Highly Upgraded CUSTOM Home Located in the Saddlewood Estates! Situated on a sprawling Huge 43,896 lot, resort style backyard with Gazebo, barbecue, fridge etc. Heated Pool with a swim up bar & a raised hot Tub. This home is ready for anything that is desired, a custom shop or play space. Inside is highly upgraded with a chef's kitchen, walk-in pantry, fireplace, formal dining, office, huge laundry room, in a split floor plan. Primary retreat is enormous w/HIS AND HERS closets, sinks & separate tub/walk in shower. The owner's suite overlooks the beautiful backyard with mountain views.. Gorgeous, spacious front yard with circular driveway and private side entry to garages, rv gate. Mtn views ABOUND! Newer Exterior Paint, Water Heater & Water Softener. A must see! amenities, shopping, entertainment, restaurants, hiking , walking paths.

5224 W Creedance Boulevard Glendale, AZ 85310

$1,650,000
5 Beds
4.5 Baths
4,592 SqFt
Status Active
MLS # 6665837
Property Type Single Family Residence
Price Type --
WOW! This magnificent horse property, nestled on a one-acre lot in a tranquil cul-de-sac, offers an exceptional living experience. It features a circular driveway leading to a 5-car garage, an RV garage, and extensive parking spaces, accommodating various vehicle types with ease. The home's interior is a testament to luxury and comfort, boasting vaulted ceilings that create an airy and open ambiance. The stone floors add an element of rustic elegance, while plantation shutters provide both privacy and style. The living areas are spacious and well-appointed, featuring a wet bar, wall niches, and a two-way fireplace that serves as a focal point, enhancing the home's cozy yet sophisticated feel. Culinary enthusiasts will be delighted by the kitchen, which is equipped with wood cabinetry, granite counters and backsplash, stainless steel appliances including wall ovens, and a large center island with a breakfast bar, making it a perfect space for both cooking and socializing. The main bedroom is a haven of relaxation, complete with a sleek bathroom that includes a soothing tub and dual sinks. Additional bedrooms are thoughtfully designed with built-in cabinets and desks, catering to various needs. A spacious loft with built-in cabinets serves ideally as an office or studio space. The property also features an in-law suite, offering a living/dining room, a kitchenette, a cozy bedroom with private outdoor access, a laundry area, a personal bathroom, and a loft that can be used as another bedspace, providing comfortable and independent living quarters. The backyard is a masterpiece of outdoor living, boasting a covered patio, gazebo, private putting green, built-in BBQ, multiple sitting areas, a firepit, and a fenced-in pool, offering endless entertainment and relaxation possibilities. Horse enthusiasts will appreciate the horse stalls and amenities, perfectly integrated into the spacious backyard. This property also offers breathtaking mountain and sunset views, adding to its allure. This is more than just a home; it's an experience waiting to be cherished. Come and see for yourself what makes this property so special!

23484 N 76th Place Scottsdale, AZ 85255

$1,650,000 - 4Br/3Ba -  for Sale in Paseo At Pinnacle Peak, Scottsdale
New
$1,650,000
4 Beds
3 Baths
2,757 SqFt
Status Active
MLS # 6765677
Property Type Single Family Residence
Price Type --
A must-see 2,757 square foot Lennar's contemporary Next Gen® design concept featuring The Home Within A Home® constructed in 2022. The property is located in the sumptuous gated community of Paseo at Pinnacle Peak in North Scottsdale. The floor plan was designed to offer two homes under one roof with upgraded wood floors throughout. The main home features expansive open living areas, a stunning entertainer's kitchen with stainless steel appliances, a spacious center island, white cabinetry, and a walk-in pantry. The three bedrooms - including a sophisticated owner's suite and two luxurious bathrooms. Custom electronic shades and plantation shutters provide privacy in the living and sleeping spaces. The main two-car garage is equipped with a charging station for electric vehicles. The attached guest casita offers lots of flexibility. You could use the space as an integral part of the house or as a multigenerational independent living space complete with a separate garage, private entrance, luxurious kitchen, living room, bathroom, bedroom and even an additional laundry hookup. This space can also be transformed into a private home office. The low maintenance private backyard has an above-ground spa and serves as a haven for outdoor entertainment and relaxation. This part of Scottsdale offers close proximity to popular hiking trails, golf courses, high-end restaurants, shopping and the loop 101.

3817 E Hiddenview Drive Phoenix, AZ 85048

$1,650,000
4 Beds
2.5 Baths
3,083 SqFt
Status Active
MLS # 6761480
Property Type Single Family Residence
Price Type --
This stunning 4-bed, 2.5-bath modern home offers 3,083 sq. ft. of luxurious living space, fully remodeled to perfection. The gourmet kitchen features a sleek 10ft island, quartz countertops, and top-of-the-line appliances, ideal for culinary enthusiasts. Enjoy an airy, open-concept layout that seamlessly connects living spaces with breathtaking lakefront views from multiple rooms. Step outside to your private oasis with a brand-new PebbleTec pool, perfect for entertaining or relaxing. Every detail of this home blends modern elegance with timeless charm, making it a must-see in the Lakewood Estate community.

9602 E Allison Way Scottsdale, AZ 85262

$1,650,000
5 Beds
4 Baths
4,004 SqFt
Status Active
MLS # 6695491
Property Type Single Family Residence
Price Type --
Welcome to this private cul-de-sac home in the gated community of Mirabel Village! Experience this stunning property with a short film (not a photo slideshow - 2nd image click play) showcasing the elegant interior and resort-like grounds. After, further explore this impressive home with a full interior 3D walk-through. Tour this home at your own pace. New roof underlayment completed 07/2024. 1.2 acres featuring a newly resurfaced heated pool, spa, fire pit and BBQ pergola. Expansive private courtyard with fireplace and access to attached casita. Iron entry door opens to a foyer and formal living room with fireplace. The main home features 4 bedrooms, 3 full bathrooms, a total of 3 interior fireplaces, stacked stone accent walls, window shutters, soaring ceilings and built ins throughout

7151 E Rancho Vista Drive Unit 5001 Scottsdale, AZ 85251

$1,650,000
3 Beds
2 Baths
1,681 SqFt
Status Active
MLS # 6758412
Property Type Apartment
Price Type --
Warm, Inviting, Modern/Contemporary, Light and Bright... this Optima Camelview Luxury Remodel is simply a breath of fresh air. From the moment you walk inside you'll feel right at home with the abundance of natural wood / natural stone elements, huge open floor plan and abundance of floor-to-ceiling glass windows. This property boasts a very desirable split floor plan with glass enclosed study featuring custom built in murphy bed acting as a usable third bedroom. Huge Private patio perfect for relaxing or entertaining. Subzero/Wolf Appliances, Fully integrated smart home with automated blinds, nest thermostats, sonos speakers and smart tv's. Two premium side by side parking spaces. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

22415 N La Senda Drive Scottsdale, AZ 85255

$1,650,000
3 Beds
3.5 Baths
3,717 SqFt
Status Active
MLS # 6755685
Property Type Single Family Residence
Price Type --
Looking for privacy? Nestled in the gated community of Pinnacle Peak Country Club Estates, this charming 3 BR/ 3.5 BA desert retreat is situated on a quiet, private half acre corner site. You will immediately feel the tranquility & peace of this property due, in part, by the mature ficus & citrus trees. This home features 2 BR with Office/Den & 3 BA in the main house as well as a beautiful, detached 738 SF Casita which can be used for extended family or guests, as a home office, gym or studio.The gorgeous estate features Saltillo tile, wood beams and ceilings throughout, 4 fireplaces, & French doors opening from each room to covered patios for true Southwestern indoor/outdoor living. A large, sparkling pebble tech pool invites complete relaxation and a backyard just perfect for pet lovers. Enjoy the outdoors against the backdrop of Arizona's stunning landscape. The property truly embodies the essence of upscale desert living in the prestigious Pinnacle Peak community.

11691 E Turquoise Avenue Scottsdale, AZ 85259

$1,650,000
5 Beds
3.5 Baths
4,004 SqFt
Status Active Under Contract
MLS # 6760615
Property Type Single Family Residence
Price Type --
Pride of ownership is shown in this enchanting Custom home featuring a sprawling corner lot in Stonegate! Fall in love with an exquisite interior showcasingbountiful natural light, soft carpets, surround sound, soothing color palette, and recessed lighting. Delightful fireplaces complemented the inviting living/dining room and thedesirable great room. Stunning chef's kitchen is ready for you to cook your favorite meals, offering gray cabinets adorned with crown moulding, granite counters, SS appliancessuch as a wall oven & electric cooktop, a center island, a peninsula with a breakfast bar, and a breakfast nook with a lovely bay window. Grand owner's retreat boasts privateoutdoor access, a spotless ensuite with two vanities, make-up area, a relaxing jetted tub. H2O water concept throughout the house installed in 2020. Interior has solid core doors, custom baseboards, newer paint and many many upgrades. Newer roof approx 3 years old, Newer AC units, that are 16.5 SEER with Variable speed fans / two 5 ton units and pool was recently refinished along with cool deck and and patio. 3 car garage has plenty of storage, including an air conditioned storage area. The incredible backyard is an entertainer's dream, complete with a covered patio, manicured landscape, & a crystal-clear swimming pool with a spa & a stone waterfall! No neighbors behind for privacy and a great view of the Arizona sky! Buyer is required to pay pre payment of two months HOA dues and a property Transfer fee of .005 of the full sales price

5054 E Yucca Street Scottsdale, AZ 85254

$1,650,000
4 Beds
3 Baths
2,934 SqFt
Status Active
MLS # 6753416
Property Type Single Family Residence
Price Type --
Located in the sought-after community of Eagle's Eyre, centered around a private park, with tennis, pickleball & basketball courts. Bordered by the Stone Creek golf course, is a true neighborhood where holidays are celebrated and people know one another. This gorgeous renovated home on a sprawling near half-acre of lush landscaping, shade trees, with an enormous sparkling pool, also has an RV gate. Classic timeless hardwood floors throughout & dramatic vaulted ceilings add volume. Multiple glass doors offer outdoor access points, creating the ideal Arizona lifestyle. The redesigned kitchen is highlighted by upscale stainless steel appliances, fresh white cabinetry, a custom coffee station and Cosmic Black granite with striking silver, gold & copper veining against a deep black background.

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