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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6601 E Lone Mountain Road Cave Creek, AZ 85331

$1,645,000

3 Beds

2.5 Baths

3,421 SqFt

Status Active Under Contract

MLS # 6748204

Property Type Single Family Residence

Price Type --

The first residents took the best lots! That's what happened here. This 2.2 acre lot is elegantly elevated giving you best views you can imagine! Charming home with Burnt Adobe Style brick. Newer bathrooms and kitchen. You will love the beautiful choice of granite. Solid Wood Doors! Large master bedroom with fireplace. Heartwarming fireplace in living room where you can enjoy the tremendous views! There is another ensuite on the other side of the home. Private Pool. Four stall barn that matches the charm of the home. And a large arena and round pen, tack and hay storage! Pick up the horse trails on School House and head North to the most scenic riding you can imagine! The garage is 38Ft long with the divider wall removed for mud room. Possible Tandum 4 car garage.

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5600 S Ashley Drive Chandler, AZ 85249

$1,645,000

4 Beds

4 Baths

4,031 SqFt

Status Active Under Contract

MLS # 6697520

Property Type Single Family Residence

Price Type --

Beautiful 4br+den/4ba custom home on one of the largest lots (1.25+ acres) in prestigious Circle G neighborhood that includes some of the finest homes in S. Chandler. Numerous improvements and tasteful upgrades throughout this traditional Adobe home. Parklike backyard includes basketball/pickleball court, lighted batting cage, playset, citrus grove, pond with waterfall, and mature desert landscaping throughout. Inside is a fabulous split floorplan with large primary suite with fireplace, jetted tub, and separate exit to backyard. Large office/5th bedroom with full bath off main entrance and three, large secondary bedrooms. Two bedrooms are easily converted to an in-law suite with adjoining jack-and-jill bathroom. Come see everything this wonderful home has to offer!

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28413 N 59th Place Cave Creek, AZ 85331

$1,639,995

3 Beds

3.5 Baths

2,946 SqFt

Status Active

MLS # 6673429

Property Type Single Family Residence

Price Type --

Estimated completion spring of 2025. Personalize your finishes including flooring, countertops, and more. Well-appointed kitchen with stainless steel JennAir appliances. Spacious great room with 90-degree multi-slide door. The Elden's warmly inviting porch leads into a soaring foyer. The impressive great room overlooks a desirable covered patio. A cozy casual dining area complements the well-appointed kitchen featuring a large center island with breakfast bar, ample counter and cabinet space, a roomy walk-in pantry, and a butler pantry to the dining room. The serene primary bedroom suite is highlighted by a generous walk-in closet and spa-like primary bath with dual-sink vanity, large soaking tub, luxe shower with seat and drying area

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7500 E Boulders Parkway Unit 78 Scottsdale, AZ 85266

$1,639,000

3 Beds

3 Baths

3,285 SqFt

Status Active Under Contract

MLS # 6758474

Property Type Single Family Residence

Price Type --

Gorgeously updated and impeccably maintained 3Bd/3.5 bath custom home w/casita in world-renowned Boulders in N. Scottsdale. Completely remodeled, the current owners have lovingly continued to add stylish updates. This rare single story home (NO STEPS) features custom iron double entry doors & casita door, redesigned courtyard with gardens, a beautifully landscaped backyard with hot tub, paver patio & freshly painted interior, 2 new Trane ACs, a recoated roof w/warranty & Much More, Enjoy views of Black Mountain & the famous Boulder pile from the elevated deck above the separate guest casita. Desirable 3-car garage with plenty of overhead & cabinet storage, workshop & epoxy flooring. This home is a MUST SEE! Enjoy life here and the amazing resort amenities offered to Boulder residents!

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8901 N 87th Court Scottsdale, AZ 85258

$1,639,000

4 Beds

3 Baths

2,706 SqFt

Status Active

MLS # 6754801

Property Type Single Family Residence

Price Type --

Welcome Home to this Gorgeous Fully Remodeled Modern 4 Bdrm, 3 Bath Home w Great Room, Living Room, Formal Dining, Chef's Kitchen w/ Decton Countertops, Diving Pool, Putting Green, and Custom Features all on a Cul-de-Sac Lot! The home underwent a full remodel in 2020 including windows and roof replacement and owners continued remodel by adding a 3rd bathroom. The 4th bedroom or in-law quarters comes complete with a private entrance and is perfect for extended family and guests. Spend countless hours entertaining in the amazing backyard with the 10 foot deep pool, 20X40 covered ramada and golf putting green. This home combines luxury and practicality, making it the perfect choice for any buyer seeking comfort, style and outdoor living at it's finest all in the school district w the 3 Cs

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5310 E Nordica Loop Flagstaff, AZ 86004

$1,625,000

5 Beds

4 Baths

3,902 SqFt

Status Active

MLS # 6710483

Property Type Single Family Residence

Price Type --

Welcome to your dream home in prestigious Lakeside Acres! This expansive one-story residence sprawls on a generous 1.1 acre lot, offering both luxury and comfort. Abundant, large windows beneath the soaring vaulted ceiling allow ample natural light as well as fabulous mountain & forest views. The chef's kitchen boasts a large island with sink, double ovens, warming drawer, large JennAir range, stainless appliances & granite. Among many other remarkable amenities, the impressive primary suite offers an additional retreat room and the split floorplan offers privacy & functionality. The whole home humidifier, central air conditioning, heat and two beautiful fireplaces ensure this home is not only stunning but luxuriously comfortable. The spacious, private outdoor living area offers a large semi-covered patio for entertaining or relaxation. With 5 bedrooms, 4 bathrooms, a 3 car garage and so much more, you will not want to miss this incredible home in the pines of Lakeside Acres in the Continental Country Club!

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19771 E Willow Drive Queen Creek, AZ 85142

$1,625,000

5 Beds

4.5 Baths

4,002 SqFt

Status Active Under Contract

MLS # 6754539

Property Type Single Family Residence

Price Type --

Don't miss this beautiful 4,000 square foot, 5 bedroom, 4.5 bath with attached guest casita on a RARE 1 acre lot in the desirable La Jara Farms community! Backyard is a dream for sports lovers - half court basketball, 2 in-ground trampolines, putting green and 70' batting cage. Enjoy entertaining with the heated pool, spa and alumawood pergola seating area. Step inside to pure luxury! Soaring 12' ceilings in the kitchen + family room. Gourmet kitchen includes massive island, farmhouse sink, stainless appliances, double ovens, gas range and large pantry. Master bedroom includes electric fireplace and 2 walk-in closets, with one leading to laundry room. Jack & Jill for secondary beds + a bedroom ensuite and the guest casita has its own private entrance. Can't forget the oversized driveway and 4 car garage (not tandem). This home has it all, too many upgrades to list. It is a must see home!

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3602 E Briarwood Terrace Phoenix, AZ 85048

$1,625,000

4 Beds

3 Baths

3,521 SqFt

Status Active Under Contract

MLS # 6746007

Property Type Single Family Residence

Price Type --

Perfectly situated on a premier waterfront lot, an oasis of elegance, tranquility and modern comfort awaits. Nestled in the community of Lakewood, this residence offers an idyllic setting. From the interior of this 4 bed, 3 bath, meticulously remodeled home, you'll enjoy uninterrupted, panoramic views of the lakes, mountains and sunsets that spread across the entire back of the home. This luxurious, 2 story home mimics the functionality of a single story and boasts a range of exquisite features designed to enhance both style and practicality. Vaulted ceilings and elongated windows portray a feeling of grandeur flooding the living space with natural light, creating a bright and inviting atmosphere. Custom beams and wood-wrapped archways add a touch of rustic elegance. The kitchen is a chef's and entertainer's delight, featuring new stainless steel appliances, expansive quartz countertops with waterfall edges, quartz wrapped range hood and backsplash and a layout that seamlessly blends culinary creativity with social gathering. The custom cabinetry in the kitchen and throughout the home offers both ample storage and sophisticated design, ensuring that every room is as practical as it is visually stunning. Each bathroom showcases unique, custom tile choices that blend perfectly with the home's aesthetic, complemented by designer lighting that illuminates the space beautifully. Every detail has been precisely crafted, with each space carefully considered to provide the ultimate in luxury living. The community boasts two stunning lakes, each with two boat docks, offering residents access to a world of aquatic adventures. Enjoy catch-and-release fishing, or take to the water in electric boats, paddle boats, kayaks, or stand-up paddleboards. Whether you're seeking relaxation or excitement, the lakes of Lakewood provide the perfect backdrop. Embrace the opportunity to become part of this vibrant neighborhood and to own a piece of paradise. Come see this beautiful, dream home today!

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8301 E San Salvador Drive Scottsdale, AZ 85258

$1,625,000

4 Beds

2.5 Baths

2,556 SqFt

Status Active Under Contract

MLS # 6760645

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the desirable McCormick Ranch neighborhood! This stunning remodel boasts hardwood floors and a vaulted ceiling with striking wood beams, creating an inviting atmosphere. Enjoy the warmth of the fireplace in the spacious living area, which seamlessly connects to the upgraded kitchen featuring Thor appliances and an oversized range—perfect for culinary enthusiasts. The accordion slider and new windows, both with a lifetime warranty, flood the home with natural light. Step outside to a beautifully refinished Pebble Tec pool surrounded by cool decking, and entertain with ease at the built-in BBQ. The newly landscaped front and backyards enhance curb appeal, complemented by a modern smooth stucco finish and a striking black iron front door. Luxurious marble countertops throughout add a touch of elegance. Don't miss your chance to own this exquisite property!

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28602 N 58th Street Cave Creek, AZ 85331

$1,625,000

4 Beds

3.5 Baths

4,102 SqFt

Status Active

MLS # 6680685

Property Type Single Family Residence

Price Type --

Step into your own private retreat in Cave Creek! This 1+ acre property offers incredible sunset views that you need to experience in person to truly appreciate. With over 4,000 sq. ft. of single-level living space, this home has it all—an expansive bonus/game room perfect for hosting friends and family, and a cozy living area complete with a stunning stone fireplace. The climate-controlled, oversized RV garage is a rare find, offering more than enough space for all your toys. Step outside into a resort-style backyard with a sparkling pool, spa, and lush desert landscaping that feels like a vacation every day. Minutes from shopping, dining, and recreation, yet offering ultimate privacy. This is a home you *must* see to believe—plan a tour today and experience Cave Creek living at its finest!

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7934 W Orangewood Avenue Glendale, AZ 85303

$1,625,000

2 Beds

1.5 Baths

1,080 SqFt

Status Active

MLS # 6746362

Property Type Single Family Residence

Price Type --

Large 3.6 Acre Ranches are scarce in Glendale, but this sprawling horse property is available! The main residence features an inviting living room with a soothing palette and carpeting. Two cozy bedrooms provide peaceful retreat. Additionally, a separate modular home on the property offers versatile additional living space. The detached garages accommodate up to six vehicles & extensive storage space. The expansive grounds are an equestrian lover's dream, offering vast space for horses and facilities to maintain and train your equine companions. Don't miss out on this fantastic opportunity! R-6 Zoning also permits for developing a community if you are looking to invest and develop in the sought after city of Glendale this is your opportunity! Lets talk about the infinite possibilities!

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7151 E Rancho Vista Drive Unit 2006 Scottsdale, AZ 85251

$1,624,999

3 Beds

2 Baths

2,222 SqFt

Status Active

MLS # 6656387

Property Type Apartment

Price Type --

*SELLER FINANCING AVAILABLE IN LOW 5'S* Step into this newly remodeled luxury 3 bedroom, 2 bathroom condo, spanning an impressive 2,222 square feet. Meticulously redesigned and upgraded, this condo offers a blend of sophistication, comfort, and contemporary style. As you enter, you are greeted by a spacious open-concept living area, featuring high ceilings and an abundance of natural light. The living room provides a welcoming space to relax and entertain, with ample room for plush seating arrangements and stylish decor. The kitchen is a chef's dream, meticulously designed with top-of-the-line appliances, sleek cabinetry, and luxurious finishes. It offers a perfect balance of functionality and elegance, making it a delightful space for culinary creations. The adjacent dining area provides a seamless transition for enjoying meals with family and friends. The condo boasts three well-appointed bedrooms, each offering ample space and comfort. The master bedroom is a tranquil retreat, featuring a walk-in closet and a luxurious ensuite bathroom. The additional bedrooms are generously sized and can be utilized as guest rooms, home offices, or a combination of both. The bathrooms have been remodeled to reflect a spa-like ambiance, with modern fixtures, elegant vanities, and beautiful tilework. With 2,222 square feet of living space, this condo also one of the largest patios in the entire community. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, & so much more

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