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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6023 E Campo Bello Drive Scottsdale, AZ 85254

$1,550,000

5 Beds

3 Baths

3,796 SqFt

Status Active

MLS # 6759947

Property Type Single Family Residence

Price Type --

RARE Mantissa model with a BASEMENT! This floorplan is known for its open-concept Great Room & easy flow design. Soaring 12' ceilings. New windows. Light & bright. The Kitchen features an oversized granite-covered island & breakfast bar, built-in espresso & coffee makers, veggie sink, warming drawer, loads of cabinets, soft-close drawers, pull-out shelves, gas cooking & stainless appliances. Renovated Primary Bathroom has a stand-alone tub, two spacious vanities, an oversized shower with multiple water jets & two walk-in closets. Two more bedrooms & bathroom on the main floor. Downstairs is a bonus room, two bedrooms & a bathroom. Amazing Outdoor Kitchen with pergola, BBQ, sink, fridge, side burner, blender, cooler. Multiple seating areas. Heated pool & hot tub. Great location. No HOA.

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11638 E Estrella Avenue Scottsdale, AZ 85259

$1,550,000

3 Beds

3 Baths

3,125 SqFt

Status Active

MLS # 6729566

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in North Scottsdale! This charming 3-bedroom ranch-style property sits on an expansive, oversized lot in a prime location. The possibilities are limitless with this gem! The spacious interior boasts 3 bedrooms, providing ample room for a growing family, guests, or a dedicated home office. Step outside to your private paradise, where the generous lot size allows for endless creative opportunities. Imagine designing your own resort-style outdoor retreat, complete with a lush garden, pool, or even a spacious patio for entertaining under the Arizona sun. The premium location ensures convenience to renowned golf courses, upscale shopping, and exquisite dining experiences that Scottsdale is famous for. With its desirable single-level layout and abundant lot size...

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2968 E Posey Court Payson, AZ 85541

$1,550,000

3 Beds

3 Baths

3,048 SqFt

Status Active

MLS # 6749066

Property Type Single Family Residence

Price Type --

This 3,480sf, Pioneer Log Home, sitting on just over 1 acre in a private gated community, will take your breath away! Constructed of Massive Western Cedar Logs, carefully sited into the natural surroundings with a year round creek at the rear of the home has unmatched beauty! This home features a 2 way wood burning fireplace that heats both the large great room and spacious master bedroom, Small pond and waterfall feature in great room, big kitchen with gas cook top, kitchen island, breakfast bar, and giant laundry area/ mud room, and fire suppression system. Walk upstairs to find another living area, two huge bedrooms, and giant jacuzzi tub with double sinks and walk in shower! Bring the outdoors in with floor to ceiling windows, and great natural lighting. There is 5,000 Square Feet Under Roof which includes the covered porches, breezeway and the garage (provided by the owner).

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306 W Alamosa Drive Chandler, AZ 85248

$1,550,000

6 Beds

5.5 Baths

5,149 SqFt

Status Active Under Contract

MLS # 6755839

Property Type Single Family Residence

Price Type --

Enter thru private courtyard, private fireplace. Casita guest quarters. Dramatic curved staircase. Travertine flooring, Formal living and dining rooms! Chef's delight in upgraded kitchen with Viking appliances, built in refrigerator. Granite, breakfast bar, butlers pantry, family room w/ stone fireplace and built in. Master Suite downstairs. Granite counters, walk in shower, dual sinks, makeup vanity. Jacuzzi tub. Two walk in closet w/organizers. Laundry on each floor. Downstairs Den/office. Upstairs bonus/loft with stunning built in. Jack and Jill Bath. Bedroom 5 with private bath. Baths with extensive use of tile/granite/stonework. Backyard with private heated pool, grotto, stone slide and Built in BBQ area. Firepit,4 car garage w/ cabinets. Border common park area.

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37202 Ne Greythorn Circle Carefree, AZ 85377

$1,550,000

3 Beds

3.5 Baths

3,088 SqFt

Status Active

MLS # 6732284

Property Type Single Family Residence

Price Type --

This nearly new Catalonia model by Toll features a fantastic great room split floor plan w/great Black Mountain views in gated Reserve at Tranquil Trail. 3 ensuite bedrooms, 3.5 baths, an office, & a bonus room plus a 3 car garage all on one level w/a gorgeous pool/spa & gazebo. Upgrades throughout including courtyard entry w/travertine pavers & modern water feature, huge great room w/sliding pocket door, gas fireplace, wood-look tile floors, dark wood cabinets, granite counters, glass tile backsplash, SS appliances, custom lighting, clerestory windows, plantation shutters, & ceiling fans. Large primary bedroom w/lavish bath featuring dual sinks, floating tub, tiled shower surrounds w/dual shower heads, & walk-in closet w/organizers. Great secondary en suite bedrooms and bonus room in

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22770 Fox Ranch Road Munds Park, AZ 86017

$1,550,000

3 Beds

2.5 Baths

2,416 SqFt

Status Active

MLS # 6662555

Property Type Single Family Residence

Price Type --

All reasonable offers considered! Act fast to secure with built in equity since its listed below 3 appraisals! Open to investor offers! Flexible Financing Available Seller willing to carry with sizeable down and Interest rates tailored to fit your needs. Peace & Quiet on 11+ Acres Perfect for Short Term Rental, running a business, hobby farm, or simply embracing tranquility. Price Lowered - Owner Extremely Motivated! Over 300k in Equity immediately! ACT NOW NO HOA, 11.98 Acres Bordering the majestic Coconino National Forest, this property offers a rare opportunity to live in harmony with nature while enjoying Munds Park amenities just a stone's throw away. -Custom Home Features Stainless appliances, wood stove, entertainers bar, spacious bedrooms, large mudroom, and more! Available fully furnished! -Peace of Mind Amenities Equipped with Briggs & Stratton generator, septic system, and shared well for continuous comfort. -Equestrian Paradise Full arena, round pen, cross-fenced areas, shelters, and out-buildings provide everything you need to care for your horses. A haven for both horse and rider! -Four-Season Comfort Mild climate ensures year-round enjoyment of your outdoor pursuits. Don't miss out on this once-in-a-lifetime opportunity to own your slice

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11218 N 56th Street Scottsdale, AZ 85254

$1,550,000

5 Beds

4.5 Baths

4,210 SqFt

Status Active

MLS # 6604383

Property Type Single Family Residence

Price Type --

You cannot find a property like this in 85254! A one-owner sprawling ranch. NO HOA! Over 4,000 sf sits on .8 acre estate-sized lot in a beautiful multi-million dollar neighborhood. Private frontage road. 5 bedrooms/4-1/2 baths. Dual oversized masters. RV gate and parking, circle drive. Vaulted ceilings, 2 fireplaces, large AZ room with HVAC. Private backyard with Pebble Sheen diving pool, gazebo, sport court and sunsets! This rare find has a great split floor plan and is very well maintained! Newer roof, remodeled pool/equipment. Walk to Orange Tree golf! Top-rated Scottsdale Schools. Close to fabulous restaurants, retail, Costco, Trader Joes, Sprouts, Wholefoods, Kierland/Scottsdale Quarter/new PV Mall. Turn this rare opportunity into your dream home.

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21258 E Orion Way Queen Creek, AZ 85142

$1,550,000

4 Beds

2.5 Baths

3,392 SqFt

Status Active Under Contract

MLS # 6694789

Property Type Single Family Residence

Price Type --

Beautiful Custom Estate in the Exclusive Gated Pegasus Air-park community. The Prime 1.1 Acre lot allows room to build your personal aircraft Hangar, RV garage and /or Casita with direct access to the taxiway. The taxiway leads to a 5000 ft runway with night landing lights. Comfortable Luxury living is complete with a serene landscape, pool and outdoor kitchen on this stately home. The extended 4-car garage with oversized garage doors and expanded driveway allows ample parking accommodations. For the accomplished achiever to relax in this stunning spacious comfortable single level Estate. Aviation enthusiast or toy lover live your dream in the nicely appointed Custom Estate in one of the finest gated fly in communities you'll find.

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39667 N Country Lane Queen Creek, AZ 85140

$1,550,000

4 Beds

2.5 Baths

2,861 SqFt

Status Active

MLS # 6600764

Property Type Single Family Residence

Price Type --

This beautiful equestrian estate on 3.3 acres is located in a highly sought-after neighborhood w/ a rare find, COVERED ARENA! The arena boasts 120'x125' w/ sprinklers, & seating area w/ fire pit. The 12 stall barn is complete w/ auto waters, fans, feeders, pavers, AI station, tack room w/ rotating tack wall & feed room! Added features include 5 RV Hookups, 8 ton pellet bin, 6 Bay Exercise Walker, pastures, barn office, & more! The shop is complete w/ roll up door, bathroom, washer/dryer & loft. The backyard is complete w/ the pool and spa. The home is comprised of 10' ceilings, new paint & carpet t/o, 2 dens/offices, 2 fireplaces, kitchen w/ ample cabinet/counter space, built-in appliances, walk-in pantry, breakfast bar, & an island. Another rare feature in Arizona is FLOOD IRRIGATION. Very few horse properties offer irrigated property. And even fewer offer their own community irrigation well in addition. For all those many projects around the house or working on the toys, check out the workshop, otherwise known as a steel building with a bathroom and loft for extra storage. Additional Barn Features Include: 120' x 175' lighted barn and covered arena 12 stalls w fans, auto water, feeders. 120' x 125' lighted, sand arena Water system 6 wash rack and tie-out bays Set of stocks with stainless steel cabinets and sinks for AI process. Paver walkways Large tack room with rotating tack wall. Multiple saddle racks and bridle hooks. Feed room Office with bathroom and AC 8 ton pellet bin 2 large irrigated pastures w shade structure. 6 horse exerciser/panel walker 5 RV hookups Large 50' x 60' shop w bathroom and washer/dryer Large parking area and hay storage

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14834 E Birchwood Place Chandler, AZ 85249

$1,550,000

4 Beds

3.5 Baths

3,178 SqFt

Status Active

MLS # 6705095

Property Type Single Family Residence

Price Type --

If you are looking for a unique county island horse property, look no further! This gorgeous 3178 square foot home sits on 1 1/2 acres of horse property! It offers 4 bedrooms, that includes an oversized master with an en suite, sunken jetted tub, walk in shower and walk in closet, beautiful formal dining room, plus an eat in kitchen with custom cabinets and large island! Great room that includes wall built ins and a fireplace! Full size laundry room equipped with a sink, folding counter and lots of cabinet space for storage! This home is esquite from it's large open floorplan, to it's 12 foot solid wood doors throughout, mountain views, 6 car garage equipped with heat/AC and custom cabinets, with an empty backyard pallet for someone to create something amazing!! Homeowner owns well right

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20063 N 83rd Place Scottsdale, AZ 85255

$1,550,000

3 Beds

2.5 Baths

2,704 SqFt

Status Active

MLS # 6740838

Property Type Single Family Residence

Price Type --

Step into this exquisite single-story home nestled on a coveted corner lot overlooking the lush Golf Course in the exclusive guard-gated Talon Retreat community at Grayhawk. This TW Lewis home offers stunning sunrises, tranquil desert views and vibrant golf course activity. This refined residence offers an open floor plan with soaring 12' ceilings, gas fireplace with natural stone surround, a gourmet kitchen with elegant Shaker cabinets, sleek quartz counters with timeless Calacatta Gold marble herringbone tile backsplash. The serene primary suite provides a tranquil escape with a cozy sitting area and private access to a secluded patio. Relax in the backyard sanctuary complete with heated pebble tech pool, gas fire pit and sweeping mountain vistas. Situated in a peaceful and impeccably manicured neighborhood and a short leisurely stroll to a vibrant shopping district and exceptional dining.

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2448 E Amber Court Gilbert, AZ 85296

Open House

$1,550,000

6 Beds

6.5 Baths

5,204 SqFt

Status Active

MLS # 6736219

Property Type Single Family Residence

Price Type --

Live the ultimate lifestyle in this rare find: an exquisite home on over a half-acre lot, nestled in the prestigious gated community of TH Ranch. Recently updated in 2024 with fresh paint throughout, this luxurious retreat promises an unparalleled lifestyle, combining modern amenities, ample space, and a tropical ambiance that will transport you to vacation mode every day. The interior boasts a gourmet kitchen with granite countertops and custom wood cabinets, beautiful flooring that blends wood plank tile and plush carpet, and custom wooden shutters that add elegance and privacy. An expanded walk-in pantry meets all your culinary needs, and a versatile casita can serve as a bedroom, garage, or guest suite with a bath and fridge. The exterior features a sparkling pool with a stunning waterfall feature and an expansive lot with space for an RV garage, all set amidst lush landscaping that provides a serene and private outdoor oasis. Centrally located close to downtown Gilbert, SanTan Village Shopping Center, and a variety of amazing restaurants, this home offers the perfect blend of luxury, comfort, and convenience, making it the ideal place to call home.

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