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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10959 E Kora Lane Scottsdale, AZ 85255

$1,495,000

4 Beds

2.5 Baths

2,787 SqFt

Status Active

MLS # 6720593

Property Type Single Family Residence

Price Type --

This single level home is located within private guard gated Cimarron Hills. Its split floor plan includes a separate living and dining room and family room that opens to the center island kitchen w/Alder cabinets. The primary suite includes a nice bath with separate ceramic tiled shower, tub, double sinks and a walk-in closet. The home includes plantation shutters and a computer work or study station outside the guest bedrooms. The covered patio overlooks the low maintenance yard with a heated pool and spa. The 3 car garage includes built-in storage cabinets.

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14211 S 5th Street Phoenix, AZ 85048

$1,495,000

4 Beds

3.5 Baths

4,083 SqFt

Status Active Under Contract

MLS # 6741580

Property Type Single Family Residence

Price Type --

Spectacular Hillside haven nestled in the shadows of South Mountain! Amazing views welcome you to this meticulously maintained home. An expansive split floor plan lends itself to family living. Cascading glass doors open to the backyard creating a perfect environment for entertaining! Ideal kids space or guest suite w/ a transitional bonus room adjacent to 2 secondary bedrooms. For the avid outdoor enthusiast, over 16,000 acres of trails await just beyond your front door! Kyrene schools & abundant amenities surrounding this gated community enhance the desirability of this Ahwatukee Foothills location w/ easy access to parks, shopping, freeways, city centers & airports. This distinctive home represents Arizona living at it's finest! Come see if it feels like home to you!

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6701 N Scottsdale Road Unit 30 Scottsdale, AZ 85250

$1,495,000

3 Beds

3 Baths

2,323 SqFt

Status Active

MLS # 6692670

Property Type Townhouse

Price Type --

FABULOUS GATED CUERNAVACA!!...AN UNBEATABLE 'SCOTTSDALE ADDRESS', A LUXURIOUS, 'LOCK & LEAVE' LIFESTYLE, 'RESORT STYLE' AMENITIES..JUST MINUTES FROM THE MECCA OF WHAT OLD TOWN SCOTTSDALE HAS TO OFFER IN RESTAURANTS, FASHION & NIGHTLIFE, ACROSS THE STREET FROM AJ'S & THE 'COMING SOON' RITZ CARLTON & WITH 3 BEDS (DUAL PRIMARY SUITES), 3 BATHS, SECLUDED COURTYARD ADORNED IN GREENERY, A ROOFTOP DECK WITH ENDLESS MOUNTAIN VIEWS, THE ULTIMATE LIVING EXPERIENCE AWAITS YOU!! As you enter, you're immediately transported to what feels like the English Countryside, the open concept Living Spaces will wow you! Step into the high tech kitchen with stand around kitchen island, eat-in overlooking the front picturesque courtyard of green. Dine formally in the separate Dining Room off of the Great Room with French Doors opening onto most idyllic terrace framed in verdant landscaping, perfect for indoor outdoor entertaining. ACCOMMODATION is sensational with 2 bedrooms downstairs (one en-suite) & 2 bathrooms or escape to the primary bedroom suite, hidden away from the rest of the home private & secluded with lavish en-suite bathroom & huge walk-in his/hers closet. Perhaps have a sundowner on the rooftop patio off of the primary bedroom while taking in the spectacular views. ADD IN 2 CAR ATTACHED GARAGE, INSIDE LAUNDRY & WITH INCREDIBLE COMMUNITY AMENITIES that include Tennis courts, Pool, Spa, Fitness Center and Club House, EXPERIENCE THE THREE L's....LOCATION, LIFESTYLE & LUXURIOUS LIVING ALL ENCOMPASSED AT #30!

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8510 E Santa Catalina Drive Scottsdale, AZ 85255

$1,495,000

5 Beds

3.5 Baths

3,508 SqFt

Status Active Under Contract

MLS # 6739047

Property Type Single Family Residence

Price Type --

Stunning beautifully appointed home in desired Pinnacle Peak Estates! 3,500+ sf 5 bedroom 3 bath home with double door entryway, hardwood flooring, vaulted ceilings, plantation shutters throughout, built-in cabinetry and much more! This home is light and bright and perfect for entertaining. The Chef's kitchen features all white cabinetry, center island, breakfast bar, granite counters, walk-in pantry, gas cooktop, stainless steel appliances including a double oven! Split floorplan with the spacious primary bedroom including a sitting area opening privately to the backyard. With North/South Exposure, you will love entertaining in your private backyard with a large lovely covered patio overlooking your sparkling heat spa and pool. So many throughtful features in this home, especially the large laundry room with plenty of storage as well as the workshop area off of the laundry as you enter the 3 car garage - amazing amount of storage in this home! This one is special - don't miss out!

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34508 N 99th Way Scottsdale, AZ 85262

$1,495,000

5 Beds

3.5 Baths

3,712 SqFt

Status Active

MLS # 6699305

Property Type Single Family Residence

Price Type --

A Contemporary Home in the Prestigious Gated Legend Trail. Located on the 13th hole of the Golf Course. While sunning at the new pool and spa with water feature or just taking in the sunset views, this home is a stunner! The high ceilings and large expansive floor to ceiling windows capture the gorgeous views at the living room, great room and owner's suite; all overlooking the backyard and perfect for entertaining. This spacious home with private owner's suite and spa-like bath with floating lit vanity cabinetry, beautifully tiled glass shower, separate free standing soaking tub and 2 walk-in closets is fabulous! Also, an additional ensuite bedroom can easily transform into a casita. Legend Trails is among Top 100 Facilities by Golf Magazine/Best Places to Play by Golf Digest Magazine

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7378 E Del Acero Drive Scottsdale, AZ 85258

$1,495,000

3 Beds

3 Baths

3,472 SqFt

Status Active Under Contract

MLS # 6650859

Property Type Single Family Residence

Price Type --

This impeccably renovated villa offers a luxurious, modern resort lifestyle in convenient guard-gated Gainey Village Villas. Through the elegant gated front courtyard, step inside the grand foyer to soaring ceilings and abundant light in the great room with updated granite fireplace and bar area. The remodeled contemporary kitchen, featuring Woodmode cabinets, stainless steel appliances and quartz countertops, opens to a breakfast room bathed in sunlit windows, and a cozy den. The spacious upstairs primary bedroom with beautifully redone custom bath is split from the other two bedrooms and has a large walk-in custom closet. Two additional bedrooms are joined by an ensuite Jack and Jill bath. An additional office/4th bedroom is downstairs, with a full hall bath, to easily host winter visitors! Cozy up to the outdoor kiva fireplace and grill and dine alfresco in the private manicured yard, all with a hard-to-find 3-car garage! A must-see home in Gainey Village, where world-class restaurants and shopping are but a short walk away!

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5952 E Adobe Drive Phoenix, AZ 85054

$1,495,000

4 Beds

4.5 Baths

3,505 SqFt

Status Active

MLS # 6713904

Property Type Single Family Residence

Price Type --

Shasta swimming pool quotes are available upon request. Seller is willing to provide pool credit with full price offer. Discover the exquisite Shea 5016 floor plan home in the exclusive Talinn gated community. This upgraded residence features 4 bedrooms and 4.5 bathrooms, located within 3 miles of Desert Ridge Marketplace, High Street Mall, and Scottsdale Quarters. Upon entering, you're greeted by an elegant accent wall and marble-look flooring. The gourmet kitchen includes quartz waterfall countertops, a matching backsplash, upgraded cabinets, and a custom-built refrigerator. The first floor has a guest bedroom and a den with double doors, ideal for a home office. The living area boasts high ceilings, creating a grand atmosphere. Upstairs, find three additional bedrooms and a versatile loft for entertainment or relaxation. The private backyard oasis features turf and limestone landscaping, a built-in fireplace, pergola, built-in BBQ, separated plants, and mountain views with no neighbors behind. Prime Location: Minutes from Desert Ridge Mall, Scottsdale, Mayo Clinic, High Street, JW Marriott, and major IT hubs like American Express and PayPal. Nearby Desert Horizon Park enhances the appeal. Interior highlights include large-format marble-look tiles, soaring ceilings, over $300,000 in upgrades, a waterfall quartz countertop, and zebra shades. The entertainment-ready backyard has a large pergola, TV wall, bar with refrigerator, BBQ, two fireplaces, a sink, and a gas stove. Luxurious bathrooms feature quartz countertops and upgraded showers. The master suite offers custom-built closets. Modern amenities: state-of-the-art security, smart home capabilities, a three-car garage, high-efficiency water drop RO system, and water softener. Provisions for a projector in the main living area and multi-colored paint themes add personalized touches. The premium lot offers park views and no neighbors behind, ensuring privacy and prestige. Community features include gated access, parks, biking trails, a swimming pool, and a gym. Make this luxurious home yours today!

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2069 E Cedar Place Chandler, AZ 85249

$1,495,000

5 Beds

6.5 Baths

4,957 SqFt

Status Active

MLS # 6701571

Property Type Single Family Residence

Price Type --

BIG PRICE REDUCTION & MOTIVATED SELLER!! WRITE YOUR OFFERS. Prepare to be captivated by this stunning Tierra Linda residence, boasting curb appeal & a spacious 4-car garage. Inside, high ceilings, sleek tile, plush carpet, a fireplace, & arched doorways adorn the exquisite interior. The chef's kitchen is a dream, with SS appliances, quartz counters, a stylish backsplash, & an island. The main retreat features outdoor access, a lavish ensuite, & a walk-in closet. An impressive basement offers endless possibilities. Plus, there's a dedicated office room for remote work or study. Outside, enjoy a covered patio, built-in BBQ, fire-pit, sparkling pool, & spa. Unwind in the luxury of a steam bath and sauna! You'll find an impressive basement offering an open living area with endless possibilities! Fall in love with the remarkable backyard, including a covered patio, built-in BBQ, a cozy firepit, & a sparkling swimming pool with a spa! Don't let this rare gem pass you by!

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9430 N 25th Street Phoenix, AZ 85028

$1,495,000

3 Beds

3 Baths

2,725 SqFt

Status Active

MLS # 6693253

Property Type Single Family Residence

Price Type --

Welcome to your oasis in the gated community of Dreamy Draw Estates, nestled North of the Phoenix Mountain Preserve. This completely renovated home offers the perfect blend of design, luxury, comfort, and convenience. Step into single floor living where the open floor plan seamlessly connects the two living spaces with dinning and kitchen areas creating the perfect atmosphere for entertaining. The kitchen features new appliances, vaulted ceiling, oversized island and unique natural stone countertops. The wood burning fireplace is accompanied with a wet bar, wine refrigerator, and sleek granite counter tops. Situated moments from endless hiking, biking, and horseback riding trails. Easy access to state route 51 and minutes away from Downtown Phoenix, Paradise Vally and North Scottsdale.

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13778 E Charter Oak Drive Scottsdale, AZ 85259

$1,495,000

3 Beds

2.5 Baths

3,060 SqFt

Status Active

MLS # 6740773

Property Type Single Family Residence

Price Type --

Experience luxury living in this guard gated Scottsdale Mountain home. Updated with light & bright finishes, floor-to-ceiling windows & sliding glass doors that frame breathtaking mountain views. The chef's kitchen boasts an immense island w/ stainless steel appliances & endless counter space that seamlessly flows into the family room & out to the backyard. Enjoy alfresco dining in the spacious covered patio, overlooking a sparkling lap pool. The primary suite is a true retreat, w/ direct access to the outdoors. The spa-like bathroom offers a large walk-in glass shower, a luxurious soaking tub, and an expansive walk-in closet. Secondary bedrooms are equally spacious, providing tremendous flexibility for your needs. This exquisite home combines elegance, comfort & breathtaking scenery. Go to our website for more information.

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10043 N 106th Place Scottsdale, AZ 85258

Open House

$1,495,000

3 Beds

3.5 Baths

2,363 SqFt

Status Active

MLS # 6758225

Property Type Single Family Residence

Price Type --

Experience luxury in this fully remodeled custom home, featuring 3 beds, 3.5 baths, and a convenient powder room. Every inch exudes elegance with high-end finishes, and designer bathrooms. Your gourmet chef's kitchen is outfitted with built-in custom appliances and featues a large island with a buffet window for serving. Relax by the sparkling pool, including new equipment which is surrounded by beautiful landscaping and a stylish built-in grill area that is perfect for outdoor entertaining. Enjoy year-round comfort with a brand-new A/C system, including all new duct work. This home combines sophisticated design with modern amenities for an unparalleled living experience. Embrace the perfect blend of style and luxury in your new custom dream home.

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6445 S Honor Court Gilbert, AZ 85298

Open House

$1,494,000

5 Beds

3.5 Baths

3,700 SqFt

Status Active

MLS # 6700971

Property Type Single Family Residence

Price Type --

Experience the ultimate vacation vibe every day in this freshly painted resort-style TURN KEY home that feels like an exclusive getaway estate. This exquisite single level semi-custom 5 bedroom home is in the Seville Golf Club in Gilbert. The open floor plan offers a spacious great room with a custom Cantera stone fireplace, upscale kitchen w/ a huge island and a professional gas range. The secluded backyard centers around a beautiful heated saltwater pool & spa w/ swim up bar, and entertainment portico. Low-maintenance turf, mature landscaping, in-ground trampoline, fire pits & BBQ complete the serene setting. The primary suite & huge spa like bathroom include dual sinks/vanities, soaking tub & glass block shower. There is also a secondary suite PLUS 3 more bedrooms. This impeccably maintained property is TURN-KEY and ready for new owners. There is quick access/short-cut to the clubhouse for golf enthusiasts. All furnishings, decor, kitchenware, TVs, etc. are negotiable. Truly Amazing Property! For information on the country club lifestyle please visit Seville Golf & Country Club website.

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