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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440 Raintree Road Sedona, AZ 86351

$1,499,999

3 Beds

3 Baths

2,006 SqFt

Status Active

MLS # 6722389

Property Type Single Family Residence

Price Type --

Stunning home and guest house in the beautiful Sedona countryside! WITH VIEWS! Property is currently used as a highly successful, upscale vacation rental! Incredible 2022 updates throughout. The beautifully upgraded 3 bed 2 bath main house boasts a variety of premium features, including stamped concrete, wood, and carpet flooring. The kitchen is equipped with high-end stainless steel appliances from Wolf, new countertops, and a striking Quartzite island with a leather finish. The hickory cabinets add warmth and sophistication to the space. Additional upgrades include a new perimeter fence and pavers. The home offers ample natural light, due to numerous windows and 13 skylights. The separate formal living room and family room feature a versatile gas or wood-burning fireplace. The master bath is a serene retreat, complete with a spacious walk-in shower featuring dual shower heads. A large walk-in closet provides ample storage, and an office nook offers a convenient workspace. The landscaped yard is a peaceful oasis, showcasing a variety of trees, including two mature plum trees, and fragrant rosemary bushes. Relaxation awaits in one of the two hot tubs, and Starlink WiFi ensures reliable internet access. The property is ideally located just steps from Jack's Canyon Trail and a short drive from all of Sedona's amenities. The 813 square foot guest house features a mini-split system for comfortable temperature control, a cozy wood-burning fireplace, and all electric appliances. This charming residence is the perfect accompaniment to the main house making this a plug and play investment!

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32633 N 137th Street Scottsdale, AZ 85262

$1,499,999

4 Beds

3.5 Baths

3,903 SqFt

Status Active

MLS # 6719842

Property Type Single Family Residence

Price Type --

Discover an Amazing opportunity to own a Gorgeous Custom Built Luxury Home in the Peaceful Sonoran Desert. Situated on almost two acres, this property offers Breathtaking 360-degree Views with incredible High-End Luxury Finishes throughout. Adjacent to the Scottsdale Sonoran Preserve, enjoy access to miles of trails for hiking, mountain biking, and horseback riding right from your backyard. With multiple trailheads within walking distance, adventure awaits at The Tom's Thumb and Fraesfield trailheads just a short drive away. For off-road enthusiasts, ATV/UTV, dirt biking, and off-road vehicle trailheads are also nearby. Conveniently located just three miles from the exclusive Scottsdale National Golf Club and six miles from the Tonto Verde Golf Club, this home is a golfer's paradise. A short drive to West World and some of the world's finest dining and shopping establishments, this location offers the perfect blend of luxury and convenience. This home must be seen to be truly appreciated because the finishes are truly incredible.

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3743 E Hazelwood Street Phoenix, AZ 85018

$1,499,995

3 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6756925

Property Type Single Family Residence

Price Type --

Premium lower Arcadia opportunity on Hazelwood. Well cared for three bedroom and two baths plus office sits on 11,966 square foot lot including mature landscaping, large pool, barbeque area and a finished casita. Wonderful master suite with huge dual shower and walk in closet. Situated in one of the most desirable neighborhoods in Phoenix. Large .27 acre private lot is mid-block with no alley. Full remodel and addition completed in 2011 on this 2,167 sq ft home. This is a rare opportunity for a buyer to purchase a move-in ready home on Hazelwood at this price point. Otherwise, its a prime lot for a custom home.

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34642 N 52nd Street Cave Creek, AZ 85331

$1,499,995

2 Beds

2 Baths

1,935 SqFt

Status Active

MLS # 6753929

Property Type Single Family Residence

Price Type --

LOCATION ! LOCATION ! LOCATION ! Beautifully updated Home on 2.5 acres in the charming fun town of Cave Creek! Walk to Starbucks, restaurants, shopping and Golf..So convenient !! While still enjoying the luxury of your own ranch..Horseback Riding, biking and hiking trails take you into the Cave Creek Preserve from your driveway! Room for all your Horses and a spot ready to build a full size Roping Arena(with engineered plans) Features a brand new never been used Gourmet Chefs Kitchen TOP of the line appliances including a ZLINE natural gas range. Fantastic fenced backyard with a sparkling blue pool all ready for your finishing touches. New Flooring with southwest flair, Natural stone fireplace/gas insert. Make this your Winter Resort destination or Stay all year!!

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23730 N 125th Place Scottsdale, AZ 85255

$1,499,995

3 Beds

3 Baths

2,222 SqFt

Status Active

MLS # 6612078

Property Type Townhouse

Price Type --

Modern, Desert Contemporary style architecture! This open floor plan offers ample space for entertaining. Beautiful front and backyard landscaping with views of Troon Mountain and close proximity to the Mountain House Lodge Community Amenity. The Caullins' welcoming covered entry and inviting foyer reveals the spacious great room and dining room, with views of the large covered patio beyond. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space. The beautiful primary bedroom suite is highlighted by a huge walk-in closet and deluxe primary bath with dual-sink vanity, large soaking tub, luxe glass-enclosed shower with seat, and private water closet. Landscaping includes water feature, fire feature and built-in BBQ.

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14437 N Valencia Drive Fountain Hills, AZ 85268

Open House

$1,499,995

3 Beds

3.5 Baths

2,573 SqFt

Status Active

MLS # 6717380

Property Type Single Family Residence

Price Type --

This popular Marden floorplan is ready to move in this fall. This home offers 2 bedrooms in the main house, separate office plus an attached casita for guests and a 3 car garage! Open concept floor plan is great for entertaining with sliding glass door to covered patio for indoor outdoor living. The kitchen boasts a huge island, Wolf appliances including 36'' cooktop and double ovens with 48'' Sub-Zero refrigerator. Enjoy the ambiance of the 60'' liner fireplace in the great room. Luxurious primary suite includes spacious walk-in closet, bathroom has dual vanities, walk-in shower and separate soaking tub. Imagine enjoying the upcoming holiday season in this amazing home!

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1657 E Minton Street Mesa, AZ 85203

$1,499,991

4 Beds

3.5 Baths

3,499 SqFt

Status Active

MLS # 6750153

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Mesa! This stunning 4-bedroom, 3.5-bathroom home is currently under construction and scheduled for completion by the end of September. As you step inside, you are greeted by an open-concept floor plan that seamlessly connects the living, dining, and kitchen areas, creating a spacious environment perfect for both family living and entertaining. The gourmet kitchen features high-end stainless steel appliances, upgraded cabinet lighting, a large center island, and ample cabinetry for all your storage needs. Conveniently located just off the garage, the spacious pantry is designed with efficiency and organization in mind, making it the perfect solution for easy access and storage after shopping trips. The home also features a thoughtfully designed rear bathroom with dual access from both inside and outside, offering ultimate convenience for outdoor activities. Additionally, a charming bonus room provides versatile space that can be tailored to your needs, serving as the perfect extension of your living area. The luxurious master suite is a true retreat, complete with a walk-in closet and a spa-like en-suite bathroom that boasts dual vanities, a makeup vanity, a soaking tub, and a separate glass-enclosed shower. Outside, the backyard is a blank canvas ready for your personal touch, whether you envision a serene garden, a sparkling pool, or an outdoor entertainment area. With a prime location in Mesa, you'll enjoy easy access to the 202 Freeway.

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11460 N 71 Street Scottsdale, AZ 85254

$1,499,900

4 Beds

2 Baths

1,868 SqFt

Status Active Under Contract

MLS # 6749763

Property Type Single Family Residence

Price Type --

FANTASTIC REMODELED FAMILY HOME ** BEAUTIFUL MODERN RECENTLY COMPLETED NEWLY UPDATED ** 4 BEDROOMS ** 2 BATHROOMS ** HUGE OPEN GREAT ROOM ALL NEW KITCHEN AND DINING ** ALL NEW FLOORING ** ** NEW INTERIOR AND EXTERIOR PAINT ** NEW AC 2021 ** NEW GAS WATER HEATER 2021 ** BOTH MASTER AND GUEST BATHROOMS COMPLETELY REMODELED ALL NEW CABINETS & COUNTERTOPS IN KITCHEN AND BATHROOMS ** NEW QUARTZ COUNTERTOPS ** NEW ROOF 2019 ** NEW BARN ROOF 2023 ** NEW FRONT AND GABLE END CONCRETE BOARD SIDING 2022 ** NEW DUAL PANE WINDOWS 2012 ** NEW EXTERIOR DOORS 2022 ** NEW COVERED RAISED PATIO ROOF ** MUST SEE !!!!!

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10995 E Lofty Point Road Scottsdale, AZ 85262

$1,499,900

4 Beds

3.5 Baths

3,238 SqFt

Status Active Under Contract

MLS # 6731631

Property Type Single Family Residence

Price Type --

Views, Views, Views...Welcome home to 10995 E Lofty Point Rd, Scottsdale, AZ 85262, located in the gated community of Mirabel Village in North Scottsdale. Resting on an oversized .79-acre lot, this light and bright single-story home with oversized 3 car garage is just what you've been waiting for, featuring 4 bedrooms, and 3.5 REMODELED bathrooms. Entertain in style from your open kitchen, boasting stainless steel appliances, and a new butlers pantry. Enjoy the flexibility of a charming guest casita and a welcoming front courtyard complete with gas outdoor fireplace and plenty of room for outdoor dining. The backyard space is an entertainer's delight. Backyard features include an attached infrared outdoor patio heater, motorized patio sunshade, poolside ramada, and a beautiful contemporary heated pool and spa, with multiple water/fire features all controlled from by the convenience of your Smart Phone. Embrace the chance to call this desert oasis your forever home...

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3015 E Daley Lane Phoenix, AZ 85050

$1,499,900

3 Beds

3.5 Baths

2,779 SqFt

Status Active

MLS # 6737721

Property Type Single Family Residence

Price Type --

Welcome to your perfect family home in one of the most sought-after communities in North Phoenix, Astarea in Sky Crossing! This hard-to-find ranch-style home boasts upgraded features throughout starting with a dream backyard that includes a heated pool, outdoor kitchen, extended patio with full motorized roller shades, commercial misting system for true full year-round indoor-outdoor living. The massively upgraded interior has a gourmet kitchen with Monogram Gas appliances, built in refrigerator, oversized island, pull out custom shelves to start. Every bedroom has its own full bath, walk-in closet and smart fan. Property includes a separate home office with built in cabinetry that can double or serve as a home gym or another guest bedroom. The laundry room comes with custom cabinetry. All carpeting is new and upgraded. The community provides a state-of-the-art Gym, Community center, parks and activities. Highly rated schools nearby. Your new family home is just minutes from Desert Ridge shopping and numerous nearby eateries. Location, location, location with easy access to the 101, 51, and I-17 freeways. For a virtual tour go to Vimeo video 997864865

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19974 E El Nido Lane Litchfield Park, AZ 85340

$1,499,812

4 Beds

3.5 Baths

3,250 SqFt

Status Active

MLS # 6752380

Property Type Single Family Residence

Price Type --

FORMER MODEL HOME W/RV GARAGE; fully furnished; no leaseback; incredible gourmet kitchen with Thermador appliances including sliding in gas range, hood vent, built in refrigerator, two wine refrigerators, stacked cabinets with lighted uppers, 12' sliding glass door and 12' ceilings; outdoor pool w/water feature, outdoor furniture & modern firepit; MOUNTAIN VIEWS; custom tiling, custom wall & ceiling treatments; firesprinklers, ATTACHED CASITA; 4 bed, 3.5 bath, study & 3 car plus RV GARAGE; all furniture and accessories included.

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1437 E Aris Drive Gilbert, AZ 85298

$1,499,000

4 Beds

3.5 Baths

4,122 SqFt

Status Active Under Contract

MLS # 6742075

Property Type Single Family Residence

Price Type --

Welcome to your dream home, located in the coveted Waterston community and boasting the most sought-after Radiance floor plan! This stunning residence offers everything you need for comfortable and luxurious living. Enjoy porcelain tile throughout the house interior and exterior, especially large glossy tiles in the main living spaces, ensuring durability and easy maintenance. Enjoy endless summer days in your private swimming pool, equipped with an in-floor cleaning system for hassle-free maintenance. The expansive turf area provides ample space for outdoor entertainment, whether you're hosting a barbecue or playing with the kids. The property is adorned with a variety of tropical fruiting trees, including banana, mango, mulberry, fig, guava, apricot, and more, offering a fresh supply of home-grown fruits. Experience premium audio throughout the home with in-built surround sound speakers both inside and out. The main living area features electronic roller shades for effortless light control, while the remaining windows are fitted with stylish shutters. Additionally, enjoy the convenience of upgraded closets and garage cabinets, providing ample storage and organization solutions. This home also includes a spacious generation suite with a private entry, perfect for guests or extended family. With many more features and upgrades, this corner lot home in Waterston is a must-see. Don't miss the opportunity to make this exceptional property yours!

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