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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6131 E Kings Avenue Scottsdale, AZ 85254

$1,565,000

5 Beds

3 Baths

2,639 SqFt

Status Active

MLS # 6741591

Property Type Single Family Residence

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LOCATION, LOCATION!!! Located in ''MAGIC ZIPCODE'' of 85254 (Scottsdale address and Phoenix city services) Kings 2.0 is are top demanded 5BR vacation home! This completely updated home has everything including vaulted ceilings, incredible open kitchen concept, an indoor-outdoor primary shower, heated salt water pool, putting green and more. It is located in North Scottsdale's most desired zip code, 85254. You are just steps away from premier shopping centers and boutiques like the Kierland Commons and Scottsdale Fashion Square. For a more laidback experience, a quaint park is right across the street, perfect for outdoor picnics, soccer games, and all sorts of family fun! Move IN Ready Home!

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14236 S Canyon Drive Phoenix, AZ 85048

Open House

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$1,565,000

4 Beds

4.5 Baths

4,259 SqFt

Status Active

MLS # 6762641

Property Type Single Family Residence

Price Type --

Nestled on 1.5 acres in the gated Canyon Reserve, this luxurious single-level home offers privacy and natural beauty. With 4 bedrooms, 4.5 baths, and stunning travertine and hardwood floors, it blends comfort and modern design. The gourmet kitchen features a 6-burner gas range, granite countertops, and custom cabinetry, perfect for casual dining with views of the $100k+ landscaped yard. The primary suite is a retreat with a fireplace, dual closets, and a snail shower. Enjoy a 20x26 game room, Pebble Tec pool, and direct access to South Mountain's 51 miles of trails. The home's expansive 1,100 sq ft patio is perfect for hosting, offering ample space for gatherings. Situated minutes from Sky Harbor airport, top-rated schools, dining, golf and shopping you will love the location of this home

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14118 E Highland Avenue Fountain Hills, AZ 85268

$1,559,995

3 Beds

3.5 Baths

2,359 SqFt

Status Active Under Contract

MLS # 6717266

Property Type Single Family Residence

Price Type --

This contemporary Meyer home is our most popular plan! This home features a beautiful detached casita and the main home has 2 bedrooms and a private study. Open foyer leads to the kitchen with large island, Wolf appliances including double ovens and Sub Zero 48'' side by side refrigerator. Sliding glass doors from great room with fireplace to enjoy outdoor entertaining. The primary bedroom is tucked away at the back of home and features a separate soaking tub, walk-in shower and spacious closet. This beautifully designer appointed home is ready to move in Summer 2025!

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3022 S Clubhouse Circle Unit 57 Flagstaff, AZ 86005

$1,558,000

3 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6735684

Property Type Single Family Residence

Price Type --

Home is currently under construction. This unit has been enhanced with a large spacious patio. Situated within the high-country forest and including a covered wrap around patio with built-in BBQ, this spacious condo offers a unique mountain escape during any season. Featuring an open concept design, the great room and gourmet kitchen provide an easy flow making it the perfect layout for gathering with family and friends. Incentives are currently being offered. Please call the Pine Canyon Sales Office for more information.

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5250 E Deer Valley Drive Unit 435 Phoenix, AZ 85054

$1,556,951

2 Beds

2.5 Baths

2,025 SqFt

Status Active Under Contract

MLS # 6647664

Property Type Apartment

Price Type --

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1910 W Roderick Lane Wickenburg, AZ 85390

New

$1,555,000

3 Beds

2.5 Baths

1,800 SqFt

Status Active

MLS # 6765165

Property Type Single Family Residence

Price Type --

She's a beauty! Premium Horse Property in the heart of Wickenburg, on paved road. NEW Custom Horse Facilities. Roping Arena with covered steer pen, 55ft Round Pen with custom sprinklers, pristine 12 stall barn with expansive custom tack and covered hay storage. Auto waterers and stall turn-outs. TWO RV hook ups each with 30, 50 and 110 plug-ins. Home is a 3-bedroom 2.5-bath. Stunning second story views from the dinning and kitchen complimented by evenings on the porch overlooking the arena and equine facilities. Two car garage and an abundance of storage. Bonus room, workshop and full bath in the lower level as well as tailor-made 2 washer/2 dryer laundry with walk-out and secluded covered patio. Updated kitchen with granite counter tops, custom cabinetry and and spacious pantry. Leased Solar equates to very minimal electricity bills. Owner is a licensed Arizona Real Estate Agent.

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10603 N Skyline Drive Fountain Hills, AZ 85268

Open House

$1,555,000

4 Beds

3.5 Baths

4,046 SqFt

Status Active

MLS # 6749712

Property Type Single Family Residence

Price Type --

Brand New Construction featuring incredible views! This home offers the ease of single-level living with the added luxury of a walk-out basement. The main floor features a giant great room with expansive picture windows that capture the stunning views, alongside a gourmet kitchen that opens to a spacious covered terrace overlooking Red Rock, Four Peaks, and the surrounding landscape. Conveniently located near the Scottsdale border, this home provides easy access to everything the area has to offer. The main level also includes the primary bedroom, a dedicated office, and an inviting living area, while the walk-out basement surprises with a generous media room and two additional bedrooms. Guests will enjoy their own private retreat on the lower level. Come see our model home today

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4150 Black Mountain Road Wickenburg, AZ 85390

$1,550,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6734077

Property Type Single Family Residence

Price Type --

Welcome to your dream Santa Fe style oasis in Wickenburg! This gorgeous 4-bedroom, 3.5-bathroom horse property is the epitome of southwestern elegance and modern comfort. As you enter through the beautiful front courtyard, you'll immediately feel at home. The front door beckons you into a western showpiece with soaring ceilings, log beams, custom paint and a fantastic floor plan. The chef's kitchen is truly a masterpiece, featuring a Viking 6-burner gas stove, two kitchen islands, and all the space you need to create culinary delights. Step outside to your backyard paradise, where a fully fenced yard offers complete privacy. Enjoy evenings by the koi pond, dine al fresco in the outdoor dining area with a cozy fireplace and BBQ, and take in the beautiful landscaping. It's an entertainer's dream come true! Inside, the airy living spaces are perfect for both family gatherings and quiet nights in. A stunning dual-sided fireplace adds a touch of warmth and luxury to the primary suite and en suite bath, creating your own private retreat. The dedicated office provides a peaceful workspace, and the large additional bedrooms ensure comfort for everyone. For car enthusiasts, the attached 3-car garage and detached, climate-controlled 2-car garage provide plenty of room for your vehicles and toys. This home is ready to accommodate your equestrian lifestyle with all the amenities you need. Experience the unique blend of style, comfort, and functionality in this Santa Fe gem. Located in a vibrant community, this exceptional property offers unparalleled living in a prime Wickenburg location. Don't miss your chance to own this incredible home!

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13630 W Peoria Avenue Surprise, AZ 85379

$1,550,000

4 Beds

5.5 Baths

7,249 SqFt

Status Active

MLS # 6746555

Property Type Single Family Residence

Price Type --

Presenting the legendary 7,200 square foot mansion on Peoria Ave that has graced the city of Surprise since the mid 1990's. The grand foyer greets you with an impressive spiral staircase with formal living and dining areas to each side. The heart of the home is the spacious great room with a cozy fireplace and gourmet kitchen. The spacious owner's suite includes dual walk-in closets, a private living room, jetted soaking tub, walk-in shower, dual sinks and a secret storage room. This impressive home also includes a massive entertainment room, two en-suite guest bedrooms, an apartment with private entrance, a separate guest home with a full kitchen, a den, laundry both upstairs and downstairs and oversized 6 car garage.

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1484 Eagle Crest Drive Prescott, AZ 86301

New

$1,550,000

4 Beds

4 Baths

4,800 SqFt

Status Active

MLS # 6764731

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury & breathtaking views in this stunning home. Floor-to-ceiling windows & beamed ceilings create an open, airy atmosphere, enhanced by a seamless floor plan & elevator. The spacious living room with a cozy fireplace flows into a chef's kitchen w/ granite counters, SS appliances, a bar, double oven, & formal dining. The primary bedroom offers outdoor access & a lavish bathroom w/ a walk-in shower and dual heads. Entertain w/ a game room & bar, plus an office & in-law suite with kitchenette. A car lover's dream 5-car garage awaits. This space is designed to captivate &cater to the needs of any automotive or RV enthusiast. Step outside to a landscaped backyard w/ a fireplace & pergola, backing serene reservation land.

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41552 N 107th Way Scottsdale, AZ 85262

$1,550,000

2 Beds

2.5 Baths

2,922 SqFt

Status Active

MLS # 6757211

Property Type Single Family Residence

Price Type --

Come home to this charming Cochise Ridge home in meticulous condition, recently painted inside and out, new roof and in an extremely private setting. Two separate primary en suites, open living space, office or den, and ample breakfast area looking out on to the lush front courtyard, and views. Kitchen is fully equipped with double ovens, microwave, under counter lighting, spacious island and pantry. Backyard space offers several different sitting and dining areas, tranquil, pool, and exotic landscaping. Located conveniently on the mountain, a lifestyle membership can be purchased immediately. Contact club for additional information about golf privileges.

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5377 E Herrera Drive Phoenix, AZ 85054

$1,550,000

4 Beds

3.5 Baths

3,604 SqFt

Status Active Under Contract

MLS # 6756616

Property Type Single Family Residence

Price Type --

**Luxurious Home in Premier Gated Community** Experience elegance in this stunning residence featuring a spacious living and dining area. The gourmet kitchen boasts a Miele 6-burner range, Sub-Zero fridge, double Dacor ovens, and a sleek granite island with a veggie sink. The master suite offers a marble bath with a jetted tub, walk-in glass block shower, and custom closet. Enjoy an ensuite secondary bedroom, Jack-and-Jill bath, versatile den/office, plantation shutters, and wood-look tile. The private backyard oasis includes an epoxy-coated patio, heated pool with spa, artificial grass, mature trees, built-in BBQ, and remote shades. Conveniently located near Desert Ridge, JW Marriott, Wildfire Golf Club, top schools, and major freeways.

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