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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5124 N 10th Way Phoenix, AZ 85014

Open House

$1,550,000

5 Beds

4.5 Baths

3,809 SqFt

Status Active

MLS # 6748714

Property Type Single Family Residence

Price Type --

**PRICED UNDER APPRAISED VALUE!!** Tucked in a private enclave of new Luxury homes by Thomas James Homes. This 5 bed, 4.5 bath, modern style home comes complete with an open concept split floorplan and an attached private entry casita featuring a bedroom, bath and a home office or gym. The design of the home is perfect for entertaining, with a gourmet kitchen featuring high-end stainless-steel appliances, quartz countertops, and a massive island. The home has a very large great room, and floor-to-ceiling windows that flood the space with natural light. Retreat to the spacious grand suite, complete with a spa-like bathroom and large walk in closet. The three additional bedrooms are generously sized and offer ample closet space. The lush backyard is complete with patio and swimming pool. A very large upstairs bonus room offers additional family living space. A bike ride away from Luci's at the Orchard, Rokerij and minutes from the 51, close to the Valley's best schools, including Brophy and Xavier.

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8196 E Sunnyside Drive Scottsdale, AZ 85260

$1,549,999

4 Beds

3 Baths

3,097 SqFt

Status Active

MLS # 6709760

Property Type Single Family Residence

Price Type --

Discover refined living in this exquisite 4-bedroom, 3-bath home in the prestigious Scottsdale Country Club. Nestled on a large lot, this residence offers an oasis of tranquility with its sparkling pool and captivating golf course views. The spacious interior is a blank canvas, ready for your personal design touches. Imagine creating your dream home with elegant spaces perfect for both relaxation and entertaining. Enjoy the serene surroundings and exclusive lifestyle this community offers. A remarkable opportunity at an exceptional price for this highly sought-after area. Indulge in luxury and make this dream home yours today.

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8 Biltmore Estates Drive Unit 310 Phoenix, AZ 85016

$1,549,900

3 Beds

2.5 Baths

2,329 SqFt

Status Active

MLS # 6747648

Property Type Apartment

Price Type --

Beautifully maintained TOP FLOOR LUXURY and golf course views. Sunsets into your patio. Hardwood floors throughout. Wolf & Sub-Zero appliances, granite countertops, wine cooler, bar area with glass shelves, fireplace, custom lighting & ceiling fans. 2 large walk-in closets, big shower & dual vanities. Newer hot water heater & soft water w/ pans, 3 newer toilets & cabinet hardware. Fabulous clubhouse, incredible workout facility, pool, spa & 24/7 security guard. Fob necessary to enter all gates & elevators. 2 underground parking spaces with a storage room plus a bicycle room. Walk out Biltmore 8 and walk the Biltmore Circle, Happy Hour at the Biltmore Hotel, or indulge at the New Adobe Restaurant after playing 18 holes at the newly finished Biltmore Golf course. Best Location in Phoenix!!

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9574 E Preserve Way Scottsdale, AZ 85262

New

$1,549,000

4 Beds

4 Baths

3,390 SqFt

Status Active

MLS # 6757622

Property Type Single Family Residence

Price Type --

This gorgeous home is located in North Scottsdale in the gated section of the breathtaking Legend Trail Community, just minutes from the iconic town of Cave Creek. Sought after north Scottsdale is known for stunning desert landscapes, hiking & biking trails & golf courses all around including in the community. Over 200K renovation single-level residence perfectly combines luxury & comfort. Once you step inside the gated courtyard & into the home you feel the elegant open living w/high ceilings & lots of windows to the outside. The main home is 3 bdrs/3 baths w/3110 sq.ft + 280 additional sq.ft. in the attached casita w/separate entry. The private backyard oasis features heated pool & spa, putting green, fire pit & multiple patio areas. Elegant & upscale! Truly immaculate! All closets are walk in's.

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2230 E Belmont Avenue Phoenix, AZ 85020

$1,549,000

3 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6719843

Property Type Single Family Residence

Price Type --

Nestled perfectly against the Phoenix Mountain Preserve in the highly desirable Biltmore Highlands neighborhood, this home truly has it all. This original Hallcraft home has been completely reimagined by a previous owner/architect, transforming it into a contemporary, artistic, and architecturally unique haven. Enjoy complete privacy on the front patio perched perfectly above the city for the most amazing sunset viewings you've ever seen. The backyard is equally as secluded, with untouched preserve land directly outside the view fence. With no trails covering any inch of the mountain surrounding the back of the home, you have a private oasis with a beautiful pool and sitting area completely surrounded by mountain views. The home boasts a sleek modern kitchen featuring custom Italian cabinets, a Sub-Zero refrigerator, and Caesarstone quartz countertops with a waterfall island. Each bedroom is complete with floor-to-ceiling windows, perfectly capturing the city and mountain views. A private gate provides direct access to the extensive hiking trail system within the Phoenix Mountain Preserve, just a short walk from your backyard. Additional features include custom woodwork and cabinetry throughout, a garage with custom storage, and an electric car charger. Conveniently located near the 51 freeway, this home offers easy access to the entire city and is just minutes from downtown Phoenix and Sky Harbor Airport. Experience luxury, style, and unparalleled views in this extraordinary home - come see it for yourself!

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5719 E Sweetwater Avenue Scottsdale, AZ 85254

$1,549,000

4 Beds

2.5 Baths

2,875 SqFt

Status Active

MLS # 6738666

Property Type Single Family Residence

Price Type --

Check out this stunning, fully remodeled 4 bedroom plus office / bonus room 2.5 bathroom residence nestled in a quiet setting across the street from 40 acre Sereno Park. This home has undergone extensive upgrades inside and out, top to bottom, soup to nuts... everything is brand new! Multiple indoor and outdoor sitting areas, sparkling rebuilt pool and low maintenance artificial turf. Step into a culinary haven adorned with exquisite granite counters complemented by floorto-ceiling white shaker cabinets that provide ample storage and timeless elegance. Details include sleek tile backsplash and stainless steel GE appliances, Illuminated by gorgeous light fixtures. The master bedroom has sliding glass doors, an en suite bathroom, and a JINORMOUS walk-in closet. This home is a true gem!

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16244 N 21st Street Phoenix, AZ 85022

$1,547,000

3 Beds

2.5 Baths

2,829 SqFt

Status Active

MLS # 6750356

Property Type Single Family Residence

Price Type --

Discover the perfect blend of modern comfort and opportunity in this custom home built in 2020. This unique property features an 870 sq ft guest house with 2 bedrooms, 1 bath, with its own separate entrance, currently generating $1,600/mo. in rental income until 04/2025—an excellent investment opportunity! The main home offers a spacious kitchen with two pantries and a primary bedroom with dual closets. The property also includes a stand-alone 2-car garage or workshop located behind the primary home. The oversized lot provides ample space for RVs, commercial trucks, or equipment. Has 2 sewer outflow pipes on side yard. No HOA, horses are allowed. This property is filled with endless possibilities.

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28448 N 95th Place Scottsdale, AZ 85262

$1,546,860

3 Beds

2.5 Baths

2,667 SqFt

Status Active

MLS # 6653166

Property Type Single Family Residence

Price Type --

Troon North masterpiece of modern luxury! This stunning property boasts a top to bottom extensive remodel, showcasing a crisp, clean, and contemporary style that shines from every angle. The rooftop patio, offers breathtaking 365-degree views of Pinnacle Peak Mountain and the Phoenix valley's evening city lights. Step inside and be impressed by the flawless attention to detail, evoking the feel of a model home. Luxury finishes abound, from the striking multiway fireplace to the elegant entry and lighting. Upgrades include a new roof and walking deck, and Thermador Chef's kitchen appliances, complemented by beautiful Pergo flooring throughout. Unwind in the remodeled Spool area, complete with new equipment, or adventure up the spiral staircase and be in awe of the sonoran desert all around

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3825 E Tracker Trail Phoenix, AZ 85050

New

$1,545,000

3 Beds

4 Baths

4,152 SqFt

Status Active

MLS # 6763341

Property Type Single Family Residence

Price Type --

This highly sought-after Venado model features an expansive open floorplan ideal for both grand entertaining & intimate gatherings. The stunning great room, with its soaring ceilings & views of the large back yard, creates an impressive atmosphere. At the same time, a cozy fireplace & wet bar add warmth & charm. The gourmet kitchen is equipped with top-of-the-line stainless steel appliances, including a Sub-Zero refrigerator & Viking range, plus recently remodeled in 2021 with freshly painted cabinets & stylish backsplash. Outside, the resort-style backyard is an entertainer's paradise, featuring a large pool with swim up bar, cascading water features, fire pots, hot tub, and a sunken outdoor kitchen with pizza oven & gas bbq. This and so much more (like new A/C) await you in Aviano!

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34596 N 99th Way Scottsdale, AZ 85262

$1,545,000

4 Beds

3.5 Baths

3,117 SqFt

Status Active

MLS # 6763085

Property Type Single Family Residence

Price Type --

Welcome to this beautiful residence nestled within the prestigious gated community of Legend Trail. This captivating home offers 4 bedrooms and 3.5 bathrooms. As you approach, an inviting iron gate opens to a serene private front courtyard with lush landscape and water feature. As you enter, you'll be greeted by soaring 9+ft ceilings and an abundance of natural light streaming through the windows, offering picturesque views of the backyard oasis. The expansive living features a charming brick fireplace, providing a warm and inviting atmosphere perfect for relaxation or gatherings. Large windows offer views of the sparkling pool, enticing you to unwind and enjoy indoor-outdoor living at its finest. Both the front and back of the home include desert landscaping ideal for low maintenance and lock and leave lifestyle. The kitchen, ideal for culinary enthusiasts, is equipped with a breakfast bar accented by a brick knee wall and pendant lighting, granite countertops, ample white cabinetry, a pantry, and a striking blue kitchen island with a gas cooktop. Stainless steel appliances, including a double wall oven, elevate the functionality of this space, which also includes an eat-in area and a wet bar, making it perfect for entertaining. For more formal gatherings, the home offers a separate dining area with French doors leading to the front courtyard, enhancing the indoor-outdoor flow. Retreat to the luxurious primary bedroom offering expansive windows framing views of the backyard, a dual sink vanity, a separate tub and shower, and a generously sized closet. Additional highlights include a laundry room with more cabinet space for storage and a sink, as well as a split 3-car garage for added convenience. The private backyard area includes a built-in BBQ, fireplace and seating, perfect for outdoor entertaining. Enjoy the covered patio, offering a cool retreat on hot summer days, complete with a ceiling fan and electric awnings. Experience the sought-after amenities of Legend Trail, including golf, a clubhouse, fitness room, pool and spa, pickleball and tennis courts making this home an ideal choice for those seeking the ultimate desert lifestyle!

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3124 E Blackhawk Drive Gilbert, AZ 85298

$1,545,000

4 Beds

4.5 Baths

4,324 SqFt

Status Active

MLS # 6661174

Property Type Single Family Residence

Price Type --

This spacious beauty in Acacia Estates boasts the addition of a separate living quarters and a recent remodel with high-end upgraded features such as solid hardwood knotty alder doors and baseboards, a Chef's kitchen with GE Monogram appliances, 3 beverage fridges and a 4-car insulated and temperature-controlled garage. Additional highlights include front yard artificial turf, plantation shutters throughout, remote blackout shades in the bedrooms and a home surveillance system. Other luxury features such as a private courtyard, ensuites in secondary bedroom, attached casita with a full bathroom remodel to include an oversized shower and soaking tub

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8148 W Avenida Del Sol -- Peoria, AZ 85383

$1,545,000

3 Beds

2.5 Baths

5,554 SqFt

Status Active

MLS # 6713008

Property Type Single Family Residence

Price Type --

Custom Basement home on 1.6-acres. Crafted with Structural Insulated Panel walls and featuring a full basement with soaring 10-foot ceilings, this residence also offers a 5.2KW OWNED solar system. The heart of the home, the kitchen, has been completely gutted and redesigned to perfection, showcasing top-of-the-line appliances, and a spacious walk-in pantry. Dining room area has been expanded adding additional square footage onto the footprint of the home. Primary bath has also been gutted and redesigned to perfection with a very large walk in shower with tub wet room, dual sinks, and a private toilet room. Primary bedroom has a door right out to your backyard. Entertain in style with an expansive covered patio overlooking a luxurious new pool and jacuzzi, creating a private retreat for relaxation and enjoyment. For the automotive enthusiast, a remarkable 4,000-square-foot detached garage awaits, providing ample space for up to 20 cars with tabled and lighted workshop area. Additional features include a three-car attached garage with epoxy floors, brand-new flooring throughout most of the house, a tankless hot water heater, and an RV gate for added convenience, and also a private well. Home has a coveted North-South exposure. Located mere moments from the shores of Lake Pleasant and surrounded by scenic hiking trails, this residence offers the perfect blend of serenity and convenience. Embrace the vibrant lifestyle of the area, with abundant shopping options and the promise of a new entertainment district just moments away.

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