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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7806 E San Carlos Road Scottsdale, AZ 85258

$1,595,000

3 Beds

3 Baths

2,382 SqFt

Status Active

MLS # 6744714

Property Type Single Family Residence

Price Type --

Discover the epitome of luxury living in this exquisitely remodeled 3-bedroom haven. Each bedroom boasts its own private ensuite bathroom and walk-in closet, offering ultimate privacy and indulgence. A chef's dream, the kitchen is equipped with top-of-the-line Viking appliances and provides a stunning centerpiece for the home. Abundant natural light fills the space through large sliders that open to a serene courtyard. Experience peace of mind within the secure confines of this guard-gated community. Enjoy resort-style living with multiple swimming pools, nearby golf courses, and convenient shopping just moments away. This turnkey property offers effortless living without the stress of maintenance. Indulge in the ultimate lifestyle.

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33601 N 64th Street Scottsdale, AZ 85266

$1,595,000

4 Beds

2.5 Baths

3,009 SqFt

Status Active

MLS # 6762787

Property Type Single Family Residence

Price Type --

First, this home has an assumable VA loan at 2.75% with a loan a balance of approximately $556k. Great leverage for the qualified buyer and they don't have to be a Veteran. This stunning 3,009 square foot home located in the desirable Terravita Country Club offers a perfect blend of luxury and comfort. With four spacious bedrooms and 2.5 bathrooms, this property caters to both relaxed living and entertaining. As you enter, you are greeted by abundant natural lighting due to the large windows and high ceilings that create an airy, open atmosphere. The expansive living areas feature all tile floors, providing a sleek and modern look that's also easy to maintain. The heart of the home is the gourmet kitchen, which boasts beautiful quartz countertops, ample cabinetry, and top-of-the-line appliances, making it a chef's dream. The adjacent dining area is perfect for family gatherings or entertaining guests, with views of the backyard oasis with heated spool. The primary suite is a true retreat, featuring a generous layout and a luxurious ensuite bathroom with modern fixtures, a therapy tub, and a spacious walk-in shower. The additional bedrooms are well-sized and share a stylish full bath, while a convenient half bath is available for guests. Step outside to discover the heated play pool, ideal for year-round enjoyment, whether for relaxation or entertaining. The outdoor space also includes a covered patio, perfect for alfresco dining or lounging under the stars. With a three-car garage, this home provides ample parking and storage options. Located within the prestigious Terravita Country Club, residents enjoy access to top-notch amenities, including golf, fitness facilities, and social activities. This property is perfect for those who appreciate a blend of elegance and functionality in a community-oriented environment.

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9781 E Gamble Lane Scottsdale, AZ 85262

$1,595,000

4 Beds

3 Baths

3,166 SqFt

Status Active

MLS # 6754348

Property Type Single Family Residence

Price Type --

Fantastic opportunity to own a completely remodeled, single level home in the Monument at Troon North. Fall in love with its gorgeous open floorplan featuring wood floors, linear fireplace in great room, chefs kitchen with Wolf Range, double ovens, under/over/inside cabinet lighting, huge breakfast island and quartzite counters. Your favorite room will be the dining room with its lovely view and wall to wall hutch that makes a statement. The inviting primary suite features cozy fireplace and a exit to back patio and view deck. Enter primary bath thru barn door into spa like bath with free standing tub, double sinks, huge shower, private water closet and large walk in closet with organizers. Huge second ensuite with lots of closet space and lovely bath with backlite mirrors, tiled mirror, tiled wall and a lot of style. Large 3rd and 4th bedroom offer walk in closets, shutters, nicely sized, 4th has private patio. Well laid out laundry room with sink and extra refrigerator space. This corner lot gem is a must see, desert landscape with a lot of lights and RV gate, this lot is large enough for putting green, pool and ramada! Garage is 3.5 at least and extended.

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14147 W Greentree Drive Litchfield Park, AZ 85340

$1,595,000

4 Beds

3.5 Baths

4,110 SqFt

Status Active

MLS # 6756275

Property Type Single Family Residence

Price Type --

This stunning remodeled ranch on Wigwam's Red Golf Course offers luxury and comfort in every detail. Featuring 4 bedrooms, a separate office, and 3.5 bathrooms in 4110 sq ft of living space, this single-level home includes a 3 car garage with a separate golf cart door. The heated pool and spa, covered outdoor kitchen and open floor plan make this property perfect for entertaining and enjoying the Arizona weather. With Vaulted ceilings, spectacular views and chef's kitchen this ranch is a blend of modern luxury and classic charm. Don't miss the opportunity to own this exceptional property in a PRIME golf course location.

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7834 N 11th Avenue Phoenix, AZ 85021

$1,595,000

4 Beds

3.5 Baths

3,480 SqFt

Status Active Under Contract

MLS # 6746049

Property Type Single Family Residence

Price Type --

This is the home you've been waiting for! Built in 2018, featuring stunning surfaces, an amazingly functional floorplan, a brand new pool and yard, and located in one of the best neighborhoods in North Central, this is an absolute must see. This residence offers a spacious and functional layout with an office and a split floor plan that includes a luxurious master suite with a large bathroom and walk-in closet. The kitchen features a large island, high-end cabinets, and quartz countertops. The open living area features the best of ''great room'' living with defined spaces but flow and breadth. Features are too numerous to list but will be sent upon request. The generous lot includes a backyard perfect for entertaining and a huge patio ideal for alfresco dining.

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18140 W Marshall Court Litchfield Park, AZ 85340

$1,595,000

4 Beds

4.5 Baths

3,896 SqFt

Status Active

MLS # 6737384

Property Type Single Family Residence

Price Type --

Brand New Beautiful Custom Home In Lovely Gated Community!! This custom built home was crafted with high end features from construction to cosmetics. 4 bedrooms, 4.5 bath, en suites in every room. Additional office space, plus another game room/theatre room/bonus room. High end gourmet kitchen with custom cabinets. Beautifully landscaped exterior and interior with firepit, spa and pool! Marble entryway, 16 ft wide by 10 ft high sliding door, oversized garage with 14 ft RV gate. Enjoy this private community close to mountain trails, while still conveniently located next to a variety of shops, restaurants, and freeway access! Definitely a must see!!

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33101 N 82nd Street Scottsdale, AZ 85266

$1,595,000

5 Beds

3.5 Baths

4,026 SqFt

Status Active

MLS # 6713004

Property Type Single Family Residence

Price Type --

Your N. Scottsdale oasis can be found here! This stunning 5 bedroom home sits on just over an acre with expansive desert views seen from the covered balcony off the incredible primary suite featuring its own sitting room & 2 walk-in closets. Enjoy the propane heated sparkling pool & spa with true privacy in your dream backyard due to lush and mature landscaping on this corner lot! No HOA here- currently a successful vacation rental & great opportunity to take over if interested. The pride of ownership, extensive upgrades & high attention to detail the owners have had in maintaining this property has prevented the typical ''wear & tear'' of STR. Solar is OWNED & a huge asset for enjoying this property however you like (electric bills & list of major property upgrades in documents tab)!

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19617 N 39th Drive Glendale, AZ 85308

$1,595,000

4 Beds

3.5 Baths

4,024 SqFt

Status Active

MLS # 6733689

Property Type Single Family Residence

Price Type --

Welcome to Vision Hill Estates! This brand-new, single-level home is perfect for creating unforgettable memories. With 4 spacious bedrooms, 3.5 luxurious baths, and a 3-car garage, it offers ample space for family and guests. The expansive lot, just under half an acre, ensures privacy and space to enjoy. Step inside to discover a large, open gourmet kitchen with high-end finishes, a walk-in pantry plus an additional room for extra storage. Conveniently located near the 101, 51, and 17 freeways, Vision Hills Estates provides easy commutes throughout the Valley of the Sun. The large backyard is ready for you to create your own private oasis. Don't miss this opportunity to make this stunning home your own in this exclusive community. Come and experience a blend of luxury and convenience. Energy Efficient home built with 2x6 construction and a 400 amp electrical panel.

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10887 E Peak View Road Scottsdale, AZ 85262

Open House

$1,595,000

3 Beds

3 Baths

3,284 SqFt

Status Active

MLS # 6751836

Property Type Single Family Residence

Price Type --

Beautiful Custom Build in Highly Desirable Guard Gated Community of Candlewood Estates at Troon North. Walking distance to Brown Ranch Trail. Enjoy Breathtaking Views of the Mountains and Watch the Sunset Over the Sonoran Desert. The House is Nestled on a Corner Lot of a Cul-De-Sac Surrounded by Protected Land Giving You Privacy. Recently Renovated; Wood Floors, Custom Built Cabinets, Pella Doors, Custom Power Blinds, Primary Bath, and SubZero/Wolf Appliances. A Resort Style Backyard and Pool. Pool Equipment, Outdoor Kitchen Equipped with Twin Eagles BBQ, Teppanyaki Grill, and Power Super Burner in June 2022. No Expense Spared on Upgrades. Water Features and a River Flowing Into the Pool to Complete Your Own Private Resort. Don't Miss This Perfect Opportunity to Have Your Own Oasis.

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4471 W Randolph Road Casa Grande, AZ 85194

$1,590,000

4 Beds

2.5 Baths

3,359 SqFt

Status Active Under Contract

MLS # 6763170

Property Type Single Family Residence

Price Type --

Truly a ''ONE OF A KIND'' Custom Horse Property on 6+ irrigated acres in upscale equestrian neighborhood. 3300 Sq Ft. Main house features 4 bedrooms/2.5 baths ,with wood flooring everywhere.The island kitchen is a master piece, granite counters, huge breakfast area, all stainless steel Kitchen Aid appliances, Knotty Alder 42'' cabinets. 9' doors, Large family room with flagstone fire place. Shutters & window coverings throughout. Den/Game room, wet bar, 4 car garage. Plus 784' guest house complete with kitchen/laundry & 1 car garage. Beautiful Backyard for entertaining with sparkling pool, pavered decking, heated spa and block fence. Outside this property has an 8 stall barn, Fans/Mist auto water's, tack room, covered parking for tractor & RV, irrigated pastures with shade(s) A MUST SE

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30855 N 117th Drive Peoria, AZ 85383

$1,590,000

3 Beds

2.5 Baths

3,696 SqFt

Status Active

MLS # 6749385

Property Type Single Family Residence

Price Type --

Spectacular Toll Brothers home sitting on over 1/3 of an acre in the exclusive guard-gated community of Blackstone! The resort-style backyard features high-end travertine decking, heated pool & spa, built-in stone wrapped BBQ, fire pit and water features, pergola, lush greenery, and a power sun shade. Inside you will find a custom iron/glass front door, 10' ceilings throughout, white gourmet Kitchen with extra large island, lighted upper cabinetry, Wolf and Sub-Zero appliances, 15' glass pocket door in Great Room, 4' extensions in the Primary Suite and Breakfast Room, and an oversized Laundry Room. The Primary Suite has a custom built-in closet, a floor-to-ceiling luxury tile shower and soaking tub. OWNED solar and indoor/outdoor surround sound system. The 3 car garage has a 4' extension.

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700 N Dobson Road Unit 22 Chandler, AZ 85224

$1,590,000

6 Beds

4.5 Baths

5,200 SqFt

Status Active Under Contract

MLS # 6738230

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this 5,200 sq ft custom home, located in the exclusive La Glorieta community on just under ½ an acre. This residence features 6 bedrooms, 4¼ baths, and a versatile den/office. The property makes a striking impression with its extended driveway and spacious 3-car garage. Inside, you'll find Saltillo flooring, high ceilings with exposed beams, and abundant natural light, creating a welcoming and sophisticated atmosphere. Also a formal dining room and cozy family room with a fireplace. The chef's kitchen is a culinary delight, showcasing rich wood cabinets, granite countertops, stainless steel appliances, recessed lighting, a built-in desk, double wall ovens, a pantry, a center island, and a breakfast bar. This home is the essence of AZ luxury living! Double doors open to the main retreat, comprised of soft carpet throughout, private outdoor access, a convenient sitting area, a walk-in closet, & an enchanting bathroom with dual vanities. The amazing backyard is an entertainer's dream, including a pergola-style covered patio, manicured landscape, built-in BBQ, & a sparkling swimming pool with a stone waterfall & a slide! This gem is TRULY a remarkable place to call HOME!! Don't miss out!

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