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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2325 N 64th Street Scottsdale, AZ 85257

$1,496,000

4 Beds

3 Baths

2,637 SqFt

Status Active

MLS # 6733867

Property Type Single Family Residence

Price Type --

PRICED BELOW APPRAISAL! Great value. Experience modern luxury in this newly constructed contemporary masterpiece located near Old Town Scottsdale. Custom designed with high-end finishes throughout, this home offers the ultimate in sophisticated living. The heart of the home is a chef's dream kitchen featuring Fisher and Paykel appliances, perfect for culinary enthusiasts and entertainers alike. Upstairs, the primary suite exudes comfort and elegance, while an entertaining loft boasts stunning mountain views and opens onto a second-story deck through expansive glass doors. On the first floor, a second en suite guest room provides privacy and comfort for visitors. The backyard is a sanctuary with a Thermador swim spa, ideal for relaxation and fitness. Swim against the jets for training or simply relax. This home combines contemporary design with luxurious amenities, offering a lifestyle of comfort and sophistication.

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100 W Northern Avenue Unit 13 Phoenix, AZ 85021

$1,495,500

3 Beds

2.5 Baths

3,063 SqFt

Status Active

MLS # 6759072

Property Type Single Family Residence

Price Type --

Welcome to 100 Northern! Nestled in the prime location of North Central Phoenix, this unique, gated new community features 3 different floor plans and only 17 homesites. Experience the elegant sophistication and uncluttered feel of these thoughtful, light flooded designs, where soaring ceilings, sleek lines, and open spaces all converge to evoke a true sense of serene ambiance throughout the home. This 2 level plan features the owner's suite and all primary living on the ground floor with additional bedrooms and flex loft upstairs. Subzero/Wolf appliances, Trane cont. AC units, and tankless water heaters all set the standard for the list of included high-end features. A community pool, dog park and walking path all provide the outdoor enjoyment without the upkeep.

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Show Low AZ 85901

$1,495,000

4 Beds

3.5 Baths

3,232 SqFt

Status Active

MLS # 6760708

Property Type Single Family Residence

Price Type --

Come and experience ''Mountain Luxury'' in this meticulously maintained custom built home with breath taking views of the fairway! FULLY FURNISHED with attention to every detail. Boasting 3 Master Suites, Gourmet Kitchen w/Subzero Frig, Lg Walk-In Pantry, Game Rm w/Bar, Flex Rm/w Murphy bed & more!

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6031 E Waller Lane Phoenix, AZ 85054

$1,495,000

4 Beds

4.5 Baths

3,505 SqFt

Status Active

MLS # 6737135

Property Type Single Family Residence

Price Type --

Gated Community! Located in Talinn at Desert Ridge. Premium N/S lot across from the park. 3,505 sq. ft. 4 bed 4.5 bath plus an office, a loft, 3 car garage w/ EV Charger & a pool. Chef's kitchen includes quartz counters, Island w/ a dramatic waterfall edge, built-in fridge, floor to ceiling white cabinets, a 48'' gas range, vent hood, & a pot filler. Butler's pantry & walk-in pantry. Wood like tile throughout. Primary suite has a walk-in closet & primary bathroom has sep tub & shower, vanities w/ down lighting. Resort style backyard has a pool, large grass area w/ artificial turf. Home is wired for motorized blinds, pre-wired for speakers & theater. Ring cameras inside/out plus Ring security system. Owner water softner. Neighborhood amenities include heated pool, spa & work out facility. A+ schools & parks. Close to shopping, Freeways & Mayo Clinic!

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27722 E Mount Ord Drive Fort Mcdowell, AZ 85264

$1,495,000

3 Beds

2.5 Baths

3,083 SqFt

Status Active

MLS # 6667696

Property Type Single Family Residence

Price Type --

Welcome to this stunning southwestern home in Sunflower, AZ, offering the perfect blend of comfort & luxury. Nestled in a private gated community, this property boasts breathtaking mountain views and enjoys the great climate of Sunflower. This home features 3 bedrooms, 2.5 bathrooms, a bonus room, providing ample space for relaxation. The open-concept living area is perfect for hosting gatherings, while the well-appointed kitchen, complete with modern appliances and a spacious island. Outside the property spans 5.22 acres across 3 parcels, making it ideal for horse enthusiasts. The property includes grass paddocks, corrals & hay storage, Solar Electrical System, Community well, whole home off grid.

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27221 N 71st Place Scottsdale, AZ 85266

$1,495,000

4 Beds

3 Baths

4,440 SqFt

Status Active

MLS # 6748322

Property Type Single Family Residence

Price Type --

Discover a rare opportunity to own and update a classic North Scottsdale compound with unparalleled potential and value. Nestled on a peaceful cul-de-sac, this expansive property spans over 1.25 acres and boasts no HOA restrictions, making it a truly unique find. Car enthusiasts will appreciate more than 2,400 sq ft of garage space, accommodating up to 7 cars or 5 cars plus an RV. The main residence offers approximately 3,404 sq ft of living space, complemented by a 530 sq ft full casita and a 506 sq ft bonus room—ideal for a home office, gym, art studio, or additional guest accommodations. In all, this property provides around 4,400 sq ft of interior space, with a generous 634 sq ft covered patio overlooking a refreshing pool. Although the home is ready for your personal touches and modern updates, it features solid bones and is appropriately priced, offering a fantastic opportunity to build significant equity or refresh it for a profitable resale. With dual entry points and ample parking for boats, cars, toys, RVs or equipment, this property stands out as a truly one-of-a-kind offering in the current market. Don't miss the chance to make this versatile estate your own!

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5023 E Lucia Drive Cave Creek, AZ 85331

New

$1,495,000

5 Beds

4 Baths

4,587 SqFt

Status Active

MLS # 6764284

Property Type Single Family Residence

Price Type --

This beautifully partly-renovated & extremely well maintained semi-custom executive / family home exudes quality craftsmanship at every turn. The impeccable craftsmanship and high-end finishes immediately catch your eye, showcased by the 20-foot ceilings in the living room & entryway. The first floor Wood & tile floors. The kitchen is a haven for culinary enthusiasts, equipped with a Wolf cook top, SS appliances , including a built in ice maker & beverage fridge, all centered around a sprawling island that comfortably seats six...... A butler pantry & additional full pantry adds convenience, accommodating all your small kitchen gadgets. Downstairs, you'll find a bedroom with a bath. A large laundry room awaits, complete with additional access to the yard. Ascending upstairs, you're greeted by a generous loft area, perfect for a home office, fitness room, or children's play area. The master suite indulges with an all stone bathroom, including double sinks, a walk in shower, and a soaking tub. Her & his master closet are adorned with exquisite built-ins to assist in staying organized. Bedroom 3 boasts an ensuite bathroom with a shower/tub combination, while bedrooms 4 and 5 share a bathroom featuring dual sinks and a tub/shower combo The outdoor space forms a lush oasis, featuring artificial turf, a putting green, an expansive travertine patio (both covered and non-covered), and pool deck housing a sparkling solar heated pool and a built in spa. In addition, you have a fire pit, built in bbq & outdoor mist system. In this truly exceptional home, you'll find it hard to ever want to depart from this serene haven. Mechanically you have 2 brand new HVAC systems. This home is better than a new build and completely move in ready!

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7180 E Kierland Boulevard Unit 509 Scottsdale, AZ 85254

$1,495,000

2 Beds

2 Baths

1,511 SqFt

Status Active

MLS # 6731549

Property Type Apartment

Price Type --

Welcome to Optima Kierland turn-key luxury Living. This Beautiful East Facing Unit offers spectacular views along with all the amenities & location, location! Enjoy an open floor plan with lots of space. The split floorplan offers expansive windows & walk-in closets in each suite. The outdoor patio is a wonderful place to watch the sunrise or relax in the evening. This unit includes a storage unit located on L3. Optima Kierland has amazing amenities. Rooftop Pool & Spa with scenic views of Mountains and City lights. Walking/jogging track on the rooftop. The world-class fitness center, golf simulator, 2 yoga studios, indoor basketball/pickleball & more. Shopping & Dining within walking distance.

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3413 E Equestrian Trail Phoenix, AZ 85044

New

$1,495,000

6 Beds

4 Baths

5,769 SqFt

Status Active

MLS # 6765363

Property Type Single Family Residence

Price Type --

Step inside this recently renovated estate located in the sought after Ahwatukee Custom Estates community. Everything you need on one property including large pool and custom basketball court sitting on a large half acre lot with three car garage. Home consists of 6 bedrooms with two additional bonus rooms acting as fitness room and office room. 2 of the 6 bedrooms are located in the spacious basement that was also renovated and contains kitchen and living room, great for the ideal man cave or additional living space for guests (basement photos coming soon). High ceilings and grand layout make this home feel larger than it truly is.

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21390 W Sage Hill Road Buckeye, AZ 85396

$1,495,000

3 Beds

4.5 Baths

3,400 SqFt

Status Active

MLS # 6754670

Property Type Single Family Residence

Price Type --

Luxury Home for Sale in Verrado, Arizona Looking for your dream home? Look no further! We have an exquisite luxury home in Verrado, Arizona, that is sure to take your breath away. With stunning mountain views, this property offers the perfect blend of elegance and natural beauty. Features: - Three spacious bedrooms, plus a den and a bonus room, providing ample space for all your needs. - Four and a half bathrooms, ensuring convenience and comfort for you and your family. - A four-car garage, providing plenty of room for your vehicles and extra storage. - A beautiful pool that will be your oasis during the warm Arizona summers. - An amazing backyard, perfect for entertaining friends and family or simply enjoying peaceful moments, Mountain Views.

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3501 E Gold Dust Avenue Phoenix, AZ 85028

$1,495,000

4 Beds

3 Baths

2,348 SqFt

Status Active

MLS # 6754407

Property Type Single Family Residence

Price Type --

Welcome to Paradise Gardens! Home has been lovingly restored & updated while maintaining the authenticity of Al Beadle's vision. Main home is 2,068sqft, 3 beds & 2 baths. Concrete & cork flooring, renovated walnut kitchen, wet bar & multiple seating areas create space for entertaining & relaxation. Primary features a spa-like bath with Steam Shower & free standing soaking tub. Sliding doors throughout home open it up to a resort style backyard where indoor-outdoor living seamlessly converge. Outdoor features include diving pool w/solar heat, vintage umbrellas, outdoor shower, fishpond w/waterfall, misting system, BBQ w/bev center & wood burning fireplace. Furnished 280sqft Pool House has a private bathroom & kitchenett that is great for overnight guests. Furniture*&Vintage Trailer convey! Vintage travel trailer currently being used as an office with additional sleeping quarters. Possibilities are endless! There is a small workshop for extra storage and/or tools. RV Gate is convenient for access and additional vehicles. Walk to the Phoenix Mountain Preserves to enjoy the multiple hiking trails, minutes to great neighborhood restaurants and easy 51fwy access. Come own a piece of architectural history and make it your home. HOME: Widely accepted as a Palo Verde Floor plan by Al Beadle, A1 Builders deviated from the original flat roof line during development. A common theory was this very deviation from flat roof to pitched roof initiated Al's departure from the project.

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8 E Biltmore Estate Unit 109 Phoenix, AZ 85016

$1,495,000

2 Beds

2.5 Baths

2,376 SqFt

Status Active

MLS # 6747783

Property Type Apartment

Price Type --

Biltmore Fairway Lodge ground floor unit offering wonderful views of the 10th fairway at the Newly renovated Biltmore Estates golf course. Come and enjoy the Biltmore lifestyle with walking paths, hiking, world class shopping & dining at Biltmore Fashion Park, and the best-in-class Biltmore Resort all in the immediate area. The Estates golf course has been perfectly transformed and the New Adobe restaurant and golf shop are oh so cool, hip and trendy. This is the spot you want to be in! The gently lived in unit offers two spacious bedrooms, a large den and 2.5 bathrooms. Newer AC units Kitchen features Wolf and Subzero appliances, warming drawer and wine fridge. Updates include new carpeting, new kitchen tile and backsplash. Two assigned underground parking spaces along with spacious storage unit. The location is excellent - Phoenix Sky Harbor airport is less than 10 minutes away, Biltmore Fashion Park is walking distance too

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