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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1825 E Adams Street Phoenix, AZ 85034

$1,590,000

5 Beds

5.5 Baths

4,791 SqFt

Status Active

MLS # 6626952

Property Type Single Family Residence

Price Type --

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32541 N Thompson Road Queen Creek, AZ 85142

$1,590,000

4 Beds

3.5 Baths

3,284 SqFt

Status Active

MLS # 6750283

Property Type Single Family Residence

Price Type --

WOW - Fully custom, newly-built, and never lived in luxury home with a 6.500 square foot garage with 16-foot ceilings & 14-foot tall steel garage doors! No HOA! Over 3,200 square feet of living space with an open floor plan & huge entertainer's kitchen! Around 10,000 sqft of under-roof space! 16-foot wide powered glass door in the living room with an electric fireplace & vaulted ceilings! 42-inch custom solid wood cabinets with quartz counters, 5-burner cooktop, & a 14-foot wide island! Extra-large walk-in panty, and over-sized laundry room w additional storage. Primary suite has separate exit, walk-in tile rain shower, and an absolutely huge primary closet. 3 other bedrooms, plus a den/office/flex room! Garage has 200-amp sub panel & spray-foam insulation as well! Hiking trails nearby!

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23032 N 38th Place Phoenix, AZ 85050

$1,590,000

6 Beds

4.5 Baths

4,599 SqFt

Status Active

MLS # 6727040

Property Type Single Family Residence

Price Type --

One of the largest lots in the coveted Aviano community, this updated north/south facing six-bedroom home with office and fully finished basement is located minutes from shopping and schools. This home is perfect for work-from-home families who want lots of space to spread out. Large backyard oasis includes BBQ area, Pebble-tech pool, hot-tub and gas fireplace. Plenty of lush landscaping and grass on both sides gives this over-sized lot a large, open, feeling and backs up to a designated open area with beautiful sunset views. With no neighbors directly behind you plus an 8' backyard wall will ensure plenty of privacy while poolside and entertaining. Master bedroom and bath have been remodeled and showcase a lit stonewall, walk-in shower with porcelain tile throughout. The chef's kitchen is a masterpiece with warm cabinetry, exquisite granite countertops, high-end appliances, and an oversized island made for entertaining. With AC units only 3 years old, your summers will be refreshingly cool in this opulent sanctuary.

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1314 E Coyote Pass Carefree, AZ 85377

$1,589,000

3 Beds

2.5 Baths

2,786 SqFt

Status Active

MLS # 6658952

Property Type Single Family Residence

Price Type --

Rare opportunity! Beautiful custom home in the highly sought after Boulders Community. Perfectly sited on the world renowned North Course, this home presents a Southwest contemporary style that is timeless. Tastefully remodeled kitchen and baths and travertine flooring add to the charm. Thoughtful design and abundant windows showcase the high desert palette. Single level with a generous, shaded patio and mature landscaping, the location is ideal with large homesites in the desirable north community providing uncommon privacy. A new water heater and concrete tile roof for easy maintenance. Discover the Boulders. Close to all the shopping, dining and fun events of Carefree and Cave Creek. The world famous Boulders Club offers championship golf, tennis, pickleball and fitness.

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3018 N 50th Street Phoenix, AZ 85018

Open House

$1,585,000

5 Beds

4.5 Baths

3,819 SqFt

Status Active

MLS # 6739740

Property Type Single Family Residence

Price Type --

Experience the best of Arcadia living - walking distance to the greenbelt, OHSO, all of Arcadia's best amenities. This home features 5 bedrooms, 4.5 bathrooms, and over 3,800 square feet of luxurious living space. The gourmet kitchen boasts slab granite counters, an island, an eat-in area, and opens to a large family room. The primary suite includes a private balcony with Camelback Mountain views, dual walk-in closets, a jetted tub, and a walk-in shower. With two primary suites, one on each floor, the home offers flexibility and privacy. Enjoy high ceilings, formal living and dining areas, a loft, and covered patios in front and back. The property includes a three-car tandem garage and ample sized backyard. Situated on a cul-de-sac street and in the popular Arcadia Osborn neighborhood.

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7014 E Aster Drive Scottsdale, AZ 85254

New

$1,580,000

6 Beds

3 Baths

3,916 SqFt

Status Active

MLS # 6765644

Property Type Single Family Residence

Price Type --

Unlock a Unique Investment Opportunity with TWO HOMES UNDER ONE ROOF! Perfect for the savvy investor or multi-generational family, this remarkable, nearly 4,000 square foot, 6 bedroom, 3 bath home is in a prestigious multi-million dollar neighborhood. Recently remodeled inside and out, it boasts a sprawling 23,372 sq. ft. lot with an RV gate, a sparkling pool, and an outdoor kitchen. The main house features a spacious kitchen with warm cherry wood cabinets and granite countertops, making it an excellent space for anyone who loves to cook. This versatile property includes a main house with 3 spacious bedrooms and a huge bonus room perfect for a home theater, game room, or man cave separate from the main living area. The guesthouse has a private entrance and 3 bedrooms, a full bath... ... laundry, kitchen, and living area. This setup allows for privacy and independence, making it perfect for accommodating additional family members or renting it out for extra cash. In addition, the 692-square-foot, 3-car garage with soaring 10.5-foot ceilings offers plenty of storage space. The ample backyard space also provides the perfect opportunity for future expansions or additions. This home is a rare find in today's market. Don't miss your chance to own this remarkable home! Home also comes with a Home Warranty valid through Sept 2027.

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8372 E San Salvador Drive Scottsdale, AZ 85258

$1,580,000

4 Beds

3 Baths

2,486 SqFt

Status Active Under Contract

MLS # 6747650

Property Type Single Family Residence

Price Type --

Fully Remodeled 4 Bedroom, 3 full bath shows like a model home. Open Great Room Layout with white gourmet kitchen, gas cooktop oversized textured stone center island overlooks lush green resort back yard with sparkling pool. 15' retracting glass door opens to Arizona outdoor living. Luxurious wide-plank wood floors throughout the home with no steps anywhere. Wide hallways, high ceilings, recessed can lights, and smooth stucco exterior make this 2014 remodel feel new. Low maintenance green turf with pavers. 3 Car Garage. Owner's suite overlooks pool and provides generous closets, spa jetted tub, walk-in shower, and private toilet room with smart-commode. Dining room with gas fireplace opens to front courtyard. Private back yard on this quiet street near Cochise Elementary. NEW 14 SEER A/C

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3743 E Maffeo Road Phoenix, AZ 85050

$1,580,000

4 Beds

2.5 Baths

3,402 SqFt

Status Active

MLS # 6762455

Property Type Single Family Residence

Price Type --

Single-Story, Custom Interior Design, Oversized Corner Lot, 5-min to Magnificent Aviano at Desert Ridge Comm Clubhouse, Pool & Fitness/Recreation Facility. Home is an Exceptional Property in an Incredible Location within the Community. Past the Security Entrance Gate is the Courtyard w Chihuly inspired art, modern free-form Sculpture, & Red Bougainvillea's. Refined Modern Interior w Chef's Kitchen, Separate Wing w 3 Bd's & Flex Room, and more. Backyard is Party Perfection w NEW: Turf, Irrigation, Lighting, Plants & many New Trees: White Oleanders, 1 Peach, 2 Plum, 2 Apricot. Volleyball-Court sized Lawn, Resort-Style Pool, Dining-Living-TV's-Grill Bar Island-Misters in Covered 35' Patio. 1.5 Miles to Desert Ridge Marketplace w over 100 shops, restaurants, etc. 4 Miles to Mayo Clinic.

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9552 E Monument Drive Scottsdale, AZ 85262

Open House

New

$1,580,000

3 Beds

2.5 Baths

3,138 SqFt

Status Active

MLS # 6763223

Property Type Single Family Residence

Price Type --

Pride of ownership shines bright in this lovely, and bright open concept home set in the quite gated community of the Monument in Troon North. This 3 bedroom + office stunner will grab your attention from the minute you enter the front door. The soaring ceilings and huge windows flood the home with natural light. Enjoy tranquil afternoons in the luscious yard equipped with a sparkling pool and fun bar area. As the sunsets stoke up the outdoor fireplace and lovely landscape lights and relax as the sun sets. You and your guests can retired in the split floor plan for maximum privacy The owners of this casa will enjoy the large primary suite and extensive primary closet offering plenty of space for all of your treasures. Close to restaurants, shopping, Troon North parks and golf club

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8145 E Juan Tabo Road Scottsdale, AZ 85255

$1,575,000

3 Beds

3 Baths

3,124 SqFt

Status Active Under Contract

MLS # 6743894

Property Type Single Family Residence

Price Type --

Nestled on a serene 1-acre lot with highly coveted southern exposure, this 3,124 square foot gem is a true entertainer's paradise. The home welcomes you with a beautifully landscaped front yard, featuring a circular drive leading to a side-entry 3-car extended garage, complete with ample built-in cabinets and an RV gate. Inside, the spacious living and dining area is bathed in natural light, with French doors that open to a vast covered patio, seamlessly blending indoor and outdoor living. The heart of the home is a bright and inviting kitchen and family room, perfect for gatherings and daily life. Designed with versatility in mind, the split floor plan includes 3 bedrooms, 3 bathrooms, a den, and an additional den/hobby room, providing plenty of space for both work and relaxation. Recently refreshed with soft, neutral tones and adorned with elegant plantation shutters, this home exudes comfort and style. The resort-style backyard is an oasis, featuring a large diving pool, a soothing spa, built-in BBQ, and expansive patios framed by lush greenery. The crowning jewel is the expansive view deck, where you can savor breathtaking mountain and sunset vistas. With its thoughtful design and array of features, this home is ideal for family fun and memorable entertaining.

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6617 E Evening Glow Drive Scottsdale, AZ 85266

$1,575,000

3 Beds

2.5 Baths

2,784 SqFt

Status Active

MLS # 6758361

Property Type Single Family Residence

Price Type --

Terravita sought-after Aurora model! Impeccably maintained with 13 foot soaring coffered ceiling and multiple rows of windows to bring in beautiful Arizona sun and sunsets. Three bedrooms, 2.5 baths, 2 car garage and spectacular backyard with pool. Lovely landscaping! Split primary and guest areas. Entrance has colorful Chihuly chandelier. Travertine flooring throughout. All cabinetry in home feature exotic woods: zebrawood, burled walnut, Bird's eye maple, Wenge and Rosewood! Open floorplan with lots of windows and doors to outside. Den/office off entrance. Plenty of great built-in cabinetry. Great room, dining room, kitchen and nook area also surrounded with windows and door to patio. Kitchen is a chef's dream! Great island design with extended seating area. See Floor Plan! Subzero refrigerator/freezer, new gas cook top with SS vent, new French door double ovens, new microwave, large pantry, exotic wood cabinetry with some glassed front upper cabinets, designer backsplash. Great room has stacked stone with a tiled framed fireplace. Striking chandelier over table. Primary bedroom large and again with lots of windows. Separate alcove seating area. Doors to patio. Hallway with exotic wood linen cabinet. Primary bath has separate exotic wood vanity areas, large whirlpool tub, walk-in shower. Second bedroom is spacious with glass fronted linear closet. Bathroom has exotic cabinetry and lovely stone with walk-in shower. Powder room has stunning glass bowl sink with designer faucet. Large laundry room and beverage/serving room. Lots of cabinets, sink and wine cooler. The backyard! A continuation of immaculate attention to detail! An entertainer's paradise. Covered and paved patio area has extended slatted cover. Stacked stone seating wall with stone featured fireplace. Pool with wall of water features. Multiple seating and dining areas. Separate grill area. Paved walkway on side of home and the lush landscaping is everywhere. Roof and HVAC replaced. This home is truly a magnificent gem! Make it your own!

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27101 N Palo Fiero Road Rio Verde, AZ 85263

$1,575,000

3 Beds

3 Baths

3,949 SqFt

Status Active

MLS # 6757927

Property Type Single Family Residence

Price Type --

Welcome to your dream home, nestled in the highly sought-after Tonto Verde community. GOLF COURSE MEMBERSHIP available for purchase. This bright and energetic 3,949 sq. ft. residence offers breathtaking views of the fairway and Four Peaks from its expansive large windows, allowing natural light to fill every corner. The oversized primary suite offers comfort & space to unwind, while the other two spacious bedrooms provide ample room for family or guests. With 3 full bathrooms, this home is perfect for both everyday living and entertaining. The heart of the home is the open kitchen, featuring a large island ideal for meal prep or gathering with friends. The kitchen flows seamlessly into the living areas, where you'll find a wet bar—perfect for hosting and making memories. Situated on a large lot, the backyard is a true resort style living space, featuring a beautiful pool overlooking the stunning landscape, providing a tranquil escape after a day on the course. Don't miss out on this incredible opportunity to live in a community that combines luxury living with an active lifestyle!

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