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.

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21714 N 38th Place Phoenix, AZ 85050

$1,474,900
6 Beds
4.5 Baths
4,212 SqFt
Status Active Under Contract
MLS # 6742901
Property Type Single Family Residence
Price Type --
YOU'VE FOUND THE PERFECT FAMILY HOME IN THE HIGHLY SOUGHT AFTER COMMUNITY OF FIRESIDE AT DESERT RIDGE! Enter through the PRIVATE COURTYARD into this 6 BED/4.5BATH SPACIOUS 4302 SQ/FT(Builder) beauty with soaring ceilings, an Entertainers Kitchen featuring gorgeous Quartz tops and stainless steel appliances. The Floor Plan boasts a 1st Floor Split Master Suite with 2 large Walk-In Closets and luxury master bath. Designer touches at every turn, including a stunning gas fireplace, wood flooring and so much more. Step out into the manicured yard featuring a relaxing pool with water feature and plenty of space for entertaining or just relaxing. Just a short distance to the clubhouse complete with a fitness center, two heated pools, Tennis and numerous other amenities for the entire family.

8927 E Wethersfield Road Scottsdale, AZ 85260

$1,470,000
3 Beds
3 Baths
3,116 SqFt
Status Active
MLS # 6750382
Property Type Single Family Residence
Price Type --
Charming 3 bedroom/3 bathroom home including separate entry guest casita located in a private gated community of 35 homes. Features include walk-in closets for each bedroom, custom cabinetry, granite counter tops, tile flooring throughout the great room/kitchen, open floor plan and spacious rear yard for entertaining. A gorgeous resort like pool with covered spa area make this hard-to-find home in a sought after Scottsdale location a one of a kind. Come see for yourself and make it yours today!

7347 E Turquoise Avenue Scottsdale, AZ 85258

$1,470,000
3 Beds
3 Baths
2,439 SqFt
Status Active
MLS # 6714079
Property Type Single Family Residence
Price Type --
This impressive residence, nestled in the heart of Scottsdale, epitomizes luxury living at its finest! This stunning 3-bedroom, 2.5-bathroom home boasts a seamless floor plan, a private split master suite, soaring ceilings, and a cozy great room complete with a fireplace. Take in the picturesque southern views of the shimmering pool and Jacuzzi from the comfort of your home. The expansive dining patio is ideal for entertaining, surrounded by lush citrus trees. The bright and airy kitchen features double ovens, an electric cooktop, a convenient breakfast bar, and a cozy breakfast nook. The oversized Master Bath is a serene oasis, offering a luxurious soaking tub, a tall vanity for him, and a dedicated makeup vanity for her. Step outside to the verdant backyard oasis, enclosed by a towering block fence, where you'll find a heated pool, relaxing spa, and soothing waterfalla perfect retreat for both relaxation and entertaining. This home is situated in a gated community that exudes a relaxed yet refined ambiance, with amenities that include a heated swimming pool, inviting jacuzzi, and well-maintained tennis court. Whether used as a primary residence, lock-and-leave property, or a second home, this residence offers the ultimate blend of comfort, elegance, and sophistication in an enviable Scottsdale location.

6301 E Redfield Road Scottsdale, AZ 85254

$1,470,000
5 Beds
3 Baths
2,895 SqFt
Status Active
MLS # 6754911
Property Type Single Family Residence
Price Type --
This remodeled modern farmhouse home in the highly sought after 85254 zip code is turnkey and ready for a new owner. It has an open concept kitchen to living floor plan, large island, stainless steel appliances, and a custom-built in breakfast nook that makes this home perfect for entertaining family and friends. This 5 bed 3 bath, with a dedicated office ( currently used as a bunk room) is ideal for a family, great second home or investment property. With a full cosmetic update and luxury finishes this home is truly turnkey. The dream backyard comes complete with a large, covered patio with an outdoor tv, sparkling pool, putting green, bocce ball, hot tub, RV gate, upgraded pool equipment, and an a outdoor shower. Fantastic location just minutes from the Scottsdale Quarter, Golf, Kierland Commons, and not far from events like the Waste Management Open and the Barrett Jackson car show. Home is being used as a short-term rental and is being sold fully furnished.

8430 E Fairmount Avenue Scottsdale, AZ 85251

$1,470,000 - 4Br/3Ba -  for Sale in Pointe Scottsdale Unit 1, Scottsdale
Open House
$1,470,000
4 Beds
3 Baths
2,451 SqFt
Status Active
MLS # 6760913
Property Type Single Family Residence
Price Type --
Welcome to a beautifully remodeled home with modern upgrades and an open-concept layout. The home features added square feet of permitted living space, enhancing its functionality. The Master Suite offers a spacious closet, dual vanities, a soaking tub, and a separate shower. Throughout, you'll find sleek 24x48 tile flooring, while the gourmet kitchen boasts a waterfall island, quartz countertops, new cabinetry, and appliances. The front door is equipped with smart glass that shifts from clear to frosted on demand, providing instant privacy and added security. Outside, enjoy a resurfaced Pebble Tec pool, new pump, pergola, built-in BBQ, and paver patio—perfect for entertaining. With upgraded electrical, new windows, and fresh paint throughout, this move-in-ready gem is waiting for you!

5827 E Waltann Lane Scottsdale, AZ 85254

$1,469,900 - 5Br/3Ba -  for Sale in Cactus Glen, Scottsdale
New
$1,469,900
5 Beds
3 Baths
3,349 SqFt
Status Active
MLS # 6765002
Property Type Single Family Residence
Price Type --
Wow, just wow! Spectacular single-level property in Cactus Glen with all of the bells & whistles. Sits on a coveted corner lot of over 1/4 acre, showcasing an attached guest house with separate entrances! Exquisite craftsmanship, complemented with a desert landscape. Enter through the grant glass & iron door to discover a fabulous open floor plan with spacious living areas that blend seamlessly, promoting a smooth traffic flow. Travertine tile flooring, plantation shutters, recessed lighting, fireplace with stone façade, and a two-way dry bar are features worth mentioning. The gourmet kitchen features wood cabinets with crown moulding & textured glass doors, travertine tile backsplash, granite counters, SS appliances, and an oversized island with breakfast. Brand new master suite in 2024. The generous-sized owner's suite hosts an elegant & luxurious ensuite comprised of two vanities, wall-mounted LED mirrors, an island for added storage, and a massive walk-in closet. The outdoor oasis was made for R&R with its extended covered patio, cozy Ramada, above-ground spa, and sparkling blue pool. Enjoy this private resort for entertaining or relaxing in solitude. Wait, that's not all! The attached casita offers a gated entry, a sizable living/dining room, a kitchenette, and a bright bedroom with a murphy bed & access to the backyard. Words don't make this gem justice. Act now!

18140 N 92nd Street Scottsdale, AZ 85255

$1,469,000
4 Beds
3 Baths
2,563 SqFt
Status Active
MLS # 6729174
Property Type Single Family Residence
Price Type --
This meticulously maintained move-in-ready home is situated on one of the most desirable lots in the heart of DC Ranch. Remodeled from top to bottom in the last three years, this gem boasts luxury upgrades in every single room. **See list below. The impeccable, fully renovated white kitchen is open to the family room, which has picture-perfect views of the backyard and stunning Arizona sunsets. The outdoor sanctuary is an entertainer's dream with a newly remodeled pool and hot tub, new top-tier pool equipment, new travertine pavers, turf lawn, covered patio, kids' jungle gym, and gas fire pit. The upstairs primary bedroom is bright and spacious, with a brand new sparkling en suite bathroom and cedar walk-in closet. The top floor boasts two additional inviting bedrooms, another fully remodeled bathroom, and a loft area that can be used as an office or playroom. Downstairs, the home has one airy bedroom (which can double as an office) and a bathroom, making this a four-bedroom, three-bath dream. Enjoy all the amenities that DC Ranch has to offer, such as miles of walking/jogging/biking paths, work-out facilities, two clubhouses, a heated lap pool and wading pool, playgrounds, multiple parks, tennis and pickleball courts, plus easy access to the 101 and nearby shopping and dining at DC Ranch Crossing and the charming Market Street. This property epitomizes the essence of North Scottsdale living, offering a perfect blend of elegance, community, and functionality. Updates from 2021-2024: New air conditioning units installed in August 2022 The pool and spa were completely renovated with new mini pebble interiors and tile. The pool plumbing was replaced from shell to equipment. The new pool equipment includes a Pentair IntelliCenter automation system, IntelliFlo pump, IntelliChlor salt cell, IntelliBrite lights, gas heater, and cartridge filter. New flooring, baseboards, and casing (trim) in the entire home New plantation shutters throughout (38 total) New quartz countertops in the kitchen and all bathrooms New KitchenAid appliances (refrigerator, dishwasher, double convection oven, and gas cooktop) All three bathrooms were completely remodeled New stone accent wall and 72 linear gas fireplace New epoxy flooring, overhead storage, and attic storage in the immaculate 3-car garage Ceiling speakers in multiple rooms (5.1 surround sound in the family room) LED recessed lighting throughout the home and garage New light fixtures and hardware throughout Reverse osmosis (R/O) water filtration system New irrigation system with smart home controls New travertine pavers and pool deck in the backyard New fire pit and seating area with smart controls New interior and exterior paint

11111 E Beck Lane Scottsdale, AZ 85255

$1,465,000
4 Beds
2.5 Baths
2,788 SqFt
Status Active Under Contract
MLS # 6701908
Property Type Single Family Residence
Price Type --
This meticulously maintained, single level in Cimarron Hills is move in ready. Soaring 10 and 12 foot tall ceilings, natural stone flooring, newer carpeting in secondary bedrooms, and fresh paint. Kitchen features new stainless LG appliances, slab granite countertops, undermount sink, and gas cooktop. Split floor plan, primary has custom closet enclosure. Newly added large wine cabinet, all new Anderson sliding doors and moveable windows, 2 brand new AC units with air scrubber in attic area w/new filter. Office offers built-in cabinetry, newly remodeled hall bath, new toilets, & Toto pedestal sink. Resort style backyard with newly remodeled pool & BBQ area, & custom metal art piece along pool back wall. New stone walkways around both sides of house & front walk path. Incredible

21616 N 37th Street Phoenix, AZ 85050

$1,460,000
6 Beds
4.5 Baths
4,302 SqFt
Status Active
MLS # 6748243
Property Type Single Family Residence
Price Type --
REDUCED TO SELL! $15,000 SELLER CREDIT FOR PAINT, CARPET, UPGRADES AVAILABLE! Own this 6 bed, 4.5 bath Amazon model in Fireside near the school! With a 4-car garage, heated pool, 4,302ft² & located on a premium view lot with no neighbors behind, this won't last long! The main floor includes your open concept great room, upgraded kitchen, formal dining room, den/bonus room, primary bedroom suite (which is epic!), powder bath, laundry, & a casita/mother-in-law suite with a private entrance & bathroom! Upstairs you'll find the additional 4 bedrooms (all with walk-in closets), a loft, tech space, & two more bathrooms! The back yard is filled with beautiful travertine, a heated (& cooled!) pool with smart equipment + controls, a pergola-covered outdoor kitchen + firepit , & view fencing without neighbors behind you! The front yard's desert landscape is maintained with an auto drip system, as is the courtyard! The home also features a TON of upgrades including but not limited to a new dishwasher (2024), AC (2022), solar system, RO water system, soft water system, new back turf (2022), misters on the patio, outdoor security system, new pendant lighting, in-ceiling surround sound speaker system, landscape lighting, and more! New Carpet installed (9/30) in the primary suite, too!

10220 N 175th Avenue Waddell, AZ 85355

$1,459,000
5 Beds
6 Baths
4,053 SqFt
Status Active
MLS # 6755960
Property Type Single Family Residence
Price Type --
Welcome to you new home in Waddell! This unique horse property with a rare opportunity for income producing potential is nestled in a serene location, offering many amenities for both horse enthusiasts and those seeking a tranquil retreat! Wrangle into your equestrian haven on a nearly 2 sprawling acres with an''A'' frame main house, modern guest house, charming casita, yoga studio, horse stables w/arena, and a myriad of mature citrus and shade bearing trees! The 2,008 sq ft main house holds loads of character and features a high vaulted ceiling in the family room, formal dining, durable tile flooring, 3 carpeted bedrooms, 2 bathrooms, neutral paint throughout, a galley kitchen fully equipped w/SS appliances, and large bonus room which can be your home office or covert into a bdrm. Main house with front, sideyard, and backyard patios offer plenty of room for entertaining! Storage galore with separate tool and tack sheds! Important extras include flood irrigation, tankless water heater, and bidet! The newly built 1,050 sq ft guest house boasts contemporary flair throughout with 10 ft ceilings, wood-look floors, a fully equipped kitchen including large walk-in pantry and breakfast bar, great room, a sizable bedroom with double doors, 1.5 bathrooms, laundry room, convenient front/side/back entries and wifi! The 125 sq ft casita with bathroom and wrap-around deck offers endless possibilities as extra space for guests, an art & crafts studio, detached office, reading room, or just your own private space! In the detached 870 sq ft yoga/fitness studio, you'll find an ample carpeted area for multiple purposes with 1/2 bathroom, & an adjacent foyer. The impressive horse boarding facility produces an approximate monthly revenue of $10k from 13 stalls and includes a lighted riding arena, tack rooms with electricity, and wash station. A must-see property with ample parking and NO HOA! Bring your best offer today!

1250 E Smokehouse Trail Phoenix, AZ 85085

$1,455,000
4 Beds
4.5 Baths
4,124 SqFt
Status Active
MLS # 6719513
Property Type Single Family Residence
Price Type --
Discover the Sedona, a contemporary open-concept design, soon to be constructed. This luxury home features an island kitchen and top-tier Wolfe and Subzero appliances as an option, perfect for culinary enthusiasts. The property includes a vast paver driveway, oversized three-car tandem garage, and a 49' RV garage, ideal for car collectors and RV enthusiasts. The layout includes 4 bedrooms plus an office, 4.5 bathrooms, grand guest suite with its own living area, and a sumptuous owner's suite with a freestanding tub, walk-through double shower, and oversized walk-in closet. Details include 90/10 smooth contemporary wall finishes, 8' doors, & 12 ft. ceiling. 2x6 frame exterior, fully sheathed walls, spray foam insulation and post tension foundation. Photos & options are from a recent.

43720 N Acadia Way New River, AZ 85087

$1,453,900
4 Beds
3.5 Baths
3,036 SqFt
Status Active
MLS # 6758276
Property Type Single Family Residence
Price Type --
Former gorgeous model home! Welcome to The Orion Monterey Model Home - a single-story gem offering 3,036 sq ft of luxury. This 4-bed, 3.5-bath home features a 20 ft multi-slide door and 12 ft glass wall in the Great Room, blending indoor and outdoor spaces. Enjoy mountain views from the extended covered patio. Highlights include an oversized kitchen island, a luxurious master suite with an oversized shower, a versatile den, and a multi-generational suite with its own amenities. Additional features: a 50 x 16 RV garage with workshop, a Ramada with an outdoor kitchen, a beautifully landscaped backyard, and practical touches like a pet shower and bench with lockers. For more information or to schedule a private tour, please contact us. Discover the perfect blend of elegance and practicality.

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