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.

Whats 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.

Click Here to See What Your Home is Worth

2875 S Azurite Street Dewey, AZ 86327

$1,475,000
5 Beds
4 Baths
4,742 SqFt
Status Active
MLS # 6658738
Property Type Single Family Residence
Price Type --
Welcome to a one-of-a-kind, fully sustainable and luxurious estate, perfect for multi-generational living, business and church retreats, or as a unique party venue, etc. Nestled on 4+ serene acres, the expansive grounds are a true oasis with the added benefit of a private pond, boasting over 2,000 fish. The lush landscape includes a variety of fruit trees and many raised garden beds to plant your favorites, while two workshops with electricity provide ample space for any hobby or entrepreneurial endeavor. Read to the END! A grandiose stairway leading to the stunning rain glass double doors entering the main house that features 4 bedrooms, including two master suites, and 3 bathrooms, AND a lower level in-law suite with 1 bedroom, 1 bathroom and full kitchen for additional privacy and comfort. The new appliances, oversized L-shaped quartz kitchen counter, and custom Forno fridge make the kitchen a chef's dream. For endless entertainment and relaxation, the indoor heated pool with diving board, jacuzzi, sauna and ¾ bathroom are sure to please. Also, offering a projector with screen and elevated deck with hood vent for BBQing. A separate 2,900 square foot guest house, along with a cozy studio apartment, provide even more space for family, friends, or potential renters. Attached is a RV garage and an oil change pit for the mechanics out there. For outdoor enthusiasts, the sand volleyball court is a fantastic addition. The electric gated entry to the partially fenced private yard, and lack of HOA and CCRs allow for a truly unique living experience. Notable features include solar power, a private well with new pump and pressure tanks and city water, brand new roof on both homes, new 5-ton and 3.5-ton AC units, and propane tankless water heater for the main house. New split units in the guest house and new electric water heater. Experience the ultimate in luxury, sustainability, and versatility in this unparalleled estate ensuring self-sufficiency and eco-friendliness. All in a breathtaking Arizona setting, only 30 mins from the Prescott Courthouse Square and 50 mins from Anthem's outlet mall.

6918 N 178th Lane Waddell, AZ 85355

$1,475,000
4 Beds
3.5 Baths
3,834 SqFt
Status Active
MLS # 6762928
Property Type Single Family Residence
Price Type --
Brand new home full of custom finishes throughout. Situated on an acre lot with access to flood irrigation in the backyard. NO HOA. Fully landscaped front yard with oversized driveway and plenty of room for all your needs. You do not want to miss this one!

36618 N Wildflower Road Carefree, AZ 85377

$1,475,000
4 Beds
4 Baths
4,274 SqFt
Status Active
MLS # 6763051
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Carefree, North Scottsdale! This exceptional property is not only listed below its appraised value but also includes a stunning 1+ acre vacant lot next door, making it a rare find in this desirable area. Featuring breathtaking views of the surrounding mountains, this home offers a perfect blend of comfort, style, and the opportunity for outdoor living. Imagine sipping your morning coffee while taking in the serene landscape or creating your own private oasis on the adjoining lot. With spacious living areas, well-appointed bedrooms, and ample natural light throughout, this home is designed for both relaxation and entertainment. The fantastic layout provides the flexibility to customize your space according to your lifestyle. This home also features a spacious separate guest house, offering 647 sq ft of versatile living space. Whether you envision it as a cozy office, a private gym, or a creative studio, this additional dwelling is perfect for whatever you desire. Enjoy the flexibility and convenience it provides! Don't miss out on this incredible value. This property is a unique investment opportunity in one of Arizona's most sought-after locations. Schedule a showing today and experience the beauty and potential this home has to offer! **BUYER MUST Waive Spds and Insurance Loss history report in contract. These are not available. Sale must be ''As Is''. New Roof Installed 2022

7131 E Rancho Vista Drive Unit 2011 Scottsdale, AZ 85251

$1,475,000
3 Beds
2 Baths
1,886 SqFt
Status Active
MLS # 6637093
Property Type Apartment
Price Type --
Located near Old Town Scottsdale in the Optima Camelview, this urban residence is the essence of modern city living. Thoughtfully designed, this haven offers comfort and style bathed in natural light with floor-to-ceiling windows and captivating views of one of the community pool areas from two private balconies. Three generously sized bedrooms are perfect for relaxation while the bathrooms offer premium fixtures and finishes. The kitchen is equipped with sleek cabinetry, stainless appliances and offers plenty of space for culinary exploration. Residents of Optima can enjoy amenities such as the state-of-the-art fitness center, multiple pools and spas, and the lush landscaped gardens. The prime location is moments away from fine dining, shopping, entertainment and the best that Scottsdale has to offer. The community also offers 24-hour security and underground parking.

31904 N 19th Avenue Phoenix, AZ 85085

$1,475,000
7 Beds
6.5 Baths
6,460 SqFt
Status Active
MLS # 6748389
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious gated community of Sonoran Foothills! This stunning retreat boasts over 6,400 sq. ft. of luxurious living space, including 7 bedrooms and 6.5 bathrooms. As you arrive, the striking entrance with a semi-circular driveway and flagstone walkway sets the stage for what's inside. Step through the grand double doors into a dramatic foyer with dual curved staircases that lead to the second floor. The open and airy floor plan features expansive living areas, highlighted by large picture windows and soaring ceilings that create a sense of grandeur. On the main level, you'll find an elegant dining room and a spacious living room, perfect for entertaining. The casual family room with a cozy fireplace flows seamlessly into the gourmet kitchen, which is a chef's dream with its granite countertops, stainless steel appliances, upgraded cabinets, walk-in pantry, gas cooktop, and double wall ovens. Also featured on the main level, is an ensuite guest bedroom, a dedicated office with double-glass doors, a convenient powder room, and a well-appointed laundry room with cabinets and a sink complete this level. The second floor offers a thoughtful layout with two generously-sized bedrooms sharing a Jack-and-Jill bathroom, an additional ensuite bedroom, and the luxurious primary bedroom. The primary suite is a true sanctuary, featuring a private sitting area, a balcony overlooking the serene backyard oasis, and a spa-like bathroom with a walk-in shower, large soaking tub, and dual vanity stations. The fully-finished basement adds versatile living space with 2 bedrooms, 2 full baths, and a spacious living area that can be customized to suit your needs. Outside, the expansive backyard is a haven for relaxation and recreation, featuring a heated pool and spa, a charming outdoor fireplace, and a basketball court. With double 2-car garages, this home ensures you have ample space for both vehicles and storage. Enjoy all the community amenities that Sonoran Foothills has to offer- pools, splash pad, parks, sports courts and club house. Located just minutes from convenient freeway access, shopping, dining, and award-winning schools!

2211 E Camelback Road Unit 702 Phoenix, AZ 85016

$1,475,000
2 Beds
3 Baths
2,985 SqFt
Status Active
MLS # 6760687
Property Type Apartment
Price Type --
Views of Piestwa Peak from every room! Fully Remodeled Immaculate Condo at the Residences at 2211! Two primary Bedrooms and a Den/media room or 3rd bedroom. 3 bathrooms, Primary bedroom bath updated 2 yrs ago. Kithcen with Dacor appliances and stone counter top. Tile and wood flooring plus high-end carpet in bedrooms. Hunter Douglas remote control shades. Surround sound throughout, 2 parking spaces. Laundy room includes washer/dryer. Club room for entertaining up to 100. Full catering kitchen. Fully equipped gym, sauna and massage room. Roof top heated pool, fireplace, jacuzzi, 2 BBQ pits with fridge, warmers and all utensils. Rooftop party room with huge TV and seating for parties and a band. 24 hour Concierge and Valet. Available for immediate occupancy!

6900 E 1st Avenue Unit 1 Scottsdale, AZ 85251

$1,475,000
3 Beds
3.5 Baths
2,010 SqFt
Status Active
MLS # 6685905
Property Type Townhouse
Price Type --
Seller financing available! 20% down payment (preferred) at 5.99% interest rate / 6.05% APR; 10% down payment at 6.99% interest rate / 7.06% APR. Nearly new 4-story townhome in the heart of old town Scottsdale! Level 1: Full studio suite & private bathroom; attached garage. Level 2: Living room, high-end kitchen, half bath & walk-out covered patio. Level 3: Master suite & 2nd bedroom, 2 full baths. Level 4: Wet bar, small game area, large rooftop deck. Use the entire property or live in the main home & rent out the lower-level studio to generate income (short-term vacation rental could cover as much as half your monthly payment). Located across the street (towards old town) from the iconic Hotel Valley Ho

9487 E Trailside View Scottsdale, AZ 85255

$1,475,000
3 Beds
2.5 Baths
2,775 SqFt
Status Active
MLS # 6692735
Property Type Single Family Residence
Price Type --
Welcome to DC Ranch's premier & highly desired gated community, Terraces at Desert Parks Village! This exquisite and immaculately cared for home features a North/South exposure with a wonderful open floor plan, high ceilings, a private courtyard, 3 large bedrooms, 2.5 baths, 3 car garage (with brand new opener w/camera) a heated pool and epitomizes luxury living with state-of-the-art enhancements and elegant finishes such as; refinished cabinetry throughout, newer Viking appliances, newer HVAC systems, new water heater, new water softener, newer water filtration system, tinted windows with new sun screens, Hunter Douglas fabric window coverings, retractable awnings, surround sound, home security system with cameras and much more! The gourmet kitchen boasts gorgeous Quartz counters, under & over counter lighting and an extended island creating the perfect place to enjoy your morning coffee! This Monterey home neighborhood has wonderful parks and sidewalks, perfect for afternoon walks! This gem not only offers luxurious living spaces but also great proximity to the best of Scottsdale's amenities, including shopping, dining and outdoor activities. It represents a perfect blend of comfort, convenience, and sophistication & will not disappoint the fussiest of buyers!

32731 N 74th Way Scottsdale, AZ 85266

$1,475,000
5 Beds
4 Baths
3,738 SqFt
Status Active
MLS # 6731334
Property Type Single Family Residence
Price Type --
Located in the wonderfully discreet gated community of Las Piedras in North Scottsdale lies this exceptional residence. Directly across from the community pool, spa and fitness room it is accessed by a gated courtyard to the front door. The bright, spacious interiors begin with an open plan living area including the kitchen and breakfast nook, formal dining area and living room. Sliding doors open to a covered patio and private rear yard with putting green. The primary bedroom suite includes a large bedroom, beautifully appointed bathroom and fitted closet. The home is complete with 4 additional bedrooms, one used as a home office. From the front courtyard you access the guest house above the 3 car garage. Beautifully located near restaurants and shopping it offers luxury desert living.

17775 E Veit Springs Drive Rio Verde, AZ 85263

$1,475,000
3 Beds
3.5 Baths
2,681 SqFt
Status Active
MLS # 6760283
Property Type Single Family Residence
Price Type --
Absolutely stunning newly built SHEA HOMES property with endless on-trend features located in the 55+ gated Trilogy at Verde River community. This massive 9567 sqft golf course lot has breathtaking mountain views of Four Peaks and no rear neighbor for optimal privacy. As you approach you are greeted by a relaxing private courtyard with a charming stacked stone fireplace. The chef's kitchen has a formal eat-in area and boasts custom cabinetry, stainless appliances, granite counters, large island with breakfast bar, backsplash, wine fridge, R/O system, and a gas cooktop with hood. Relax in the spacious great room with oversized sliding doors to create the perfect indoor/outdoor space for entertaining. The luxurious master suite has a private patio slider, large walk-in closet, and a full bathroom with dual sinks and a walk-in shower with glass enclosure. Other features include Smart Home technology, gas water heater, home office den, owned water softener, laundry space with built-in desk, 3 car garage, and an underground 250 gal propane tank. Utilize the separate guest casita as the perfect spot for hosting family or friends. The resort style backyard has a sparkling heated pool and spa, wrought iron view fence, faux grass lawn, raised fire pit seating area, and a large covered patio with a custom heater, privacy screen, mounted TV, and a full BBQ kitchen area. Don't miss out on this perfect property that has everything today's market seeks!

22881 E Via De Olivos -- Queen Creek, AZ 85142

$1,475,000
4 Beds
3.5 Baths
3,625 SqFt
Status Active
MLS # 6756968
Property Type Single Family Residence
Price Type --
Not a single detail has been missed in this home thoughtfully curated by an interior designer, with an eye for sophistication. This home seamlessly blends elegance and comfort in this stunning 4 bedroom, 3.5 bathroom home nestled in the heart of Queen Creek. Boasting 3,625 square feet of thoughtfully designed living space, this residence seamlessly combines style with functionality. As you step inside, you are greeted by a spacious open-concept layout that features a statement wine wall housing 420 bottles, embellished with ambient lighting and additional shelving to display all your spirits! Mirroring your dedicated wine room is a custom designed built-in office, with quartz counters, hidden charging ports and floor to ceiling functional storage. Following down the hallway you first pass the walk in the pantry and coffee bar. Built with storage and aesthetics in mind, these are not only functional but perfect for those who appreciate dedicated spaces. Upon entering this custom designed kitchen you are welcomed with an 11 foot quartz island which is complimented by the floor to ceiling custom cabinetry. Elegance continues to grace this space with an 8 burner 'Ilve' gas stove placed as the focal point of the kitchen, with a range that extends to the hood. New appliances including a gold hardware dual faucet sink that discern this space from others you have seen before. Seamlessly built in are the 'Jennair' fridge and freezer, paneled with custom cabinetry, making this space warm and inviting. Ambient under and over lighting accentuate the glass door displays and offers a comfortable and elegant atmosphere for winding down. Shared with the kitchen you will see the living room and formal dining. Dining is complemented with a fluted wood accent wall and distinguished chandelier which defines the space. The sizable living area offers a thoughtfully designed media wall and soaring 'Panoramic' doors showcasing your large outdoors patio and outdoors oasis. Marble 'Arctic White' patio tiles and automatic sun shades keep your patio cool and elegant while you enjoy your choice of music with your outdoor speakers. Take a dip in the pool or lounge with guests while entertaining under your built in shaded steel cantilevered pergola, your guests are sure to be impressed. Finish up with conversations by the built in natural gas fire pit while kids enjoy the yard and the dogs enjoy the dog run. Retreat to your primary suite secluded and complete with an electric fireplace and solid oak floors for optimal relaxation. Steps away is your primary bathroom finished with a stand alone soaking tub, dual sinks and walk in shower with dual shower heads. This space only gets better with the custom designed walk in closet with dedicated shoe wall and ample hanging space. Like most of the home, this space is embellished with warm under lighting that continues to bring elegance throughout. Each additional bedroom provides ample space and comfort for family and guests. Separate from the primary suite, you can be sure of your privacy and their comfort. Don't miss the opportunity to make this exceptional custom designed property your own.

1734 E Mossy Oak Court Unit 3 Flagstaff, AZ 86005

$1,475,000
3 Beds
2 Baths
1,812 SqFt
Status Active
MLS # 6722862
Property Type Apartment
Price Type --
Escape to Serenity in this Luxurious Mountain Retreat Nestled in the heart of mountain pines, this luxurious condo offers the perfect retreat for those seeking tranquility and adventure. Wake up to the chirping of birds and the rustle of squirrels, unwind by the cozy fireplace, or step onto your private balcony, to breathe in the crisp, fresh air. The location offers filtered mountain views and overlooks green space and the driving range beyond. Walk to the clubhouse and pool or sport courts. This single owner home includes many upgrades, from wood floors throughout, to upgraded lighting. Throughout this high-end residence, attention to detail is evident in every corner. From the hand-selected art pieces to the meticulously crafted furniture and the custom window treatments, each element contributes to an atmosphere of luxury and comfort. This is not just a house; it is a testament to impeccable taste and a commitment to luxurious living. Entirely single level, with no interior or exterior steps and gated courtyard family and pets will love this easy access. Two single car garages flank the courtyard, one with direct access to the home. Whether you're hitting the golf course, exploring hiking trails, or simply relaxing in nature, this mountain getaway provides the ideal blend of comfort and outdoor beauty. This lock and leave getaway is one of the best priced properties in Pine Canyon. Looking for the ultimate retreat? You've found it. Seller prefers a 30-day close. Furnishings are negotiable via separate Bill of Sale, with the exception of items listed in Attachment A.

Leave a Reply

Your email address will not be published.