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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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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28500 N Camel Rock Court Rio Verde, AZ 85263

New

$1,450,000

2 Beds

2.5 Baths

2,161 SqFt

Status Active

MLS # 6764656

Property Type Single Family Residence

Price Type --

STUNNING GOLF COURSE LOCATION AT TRILOGY VERDE RIVER. MANY UPGRADES TO THIS 1-YEAR-OLD HOME. Situated on the 14th fairway, this 2161sf Brasada plan has 2 beds + den, 3 baths, a heated pool, golf course & mountain views. Park-like setting with carefree turf front/back & 550sf covered back patio for entertaining. Open floor plan w/ custom flooring and 8' 6-panel doors. Large primary en-suite, walk-in closet & bath w/ custom glass shower + tub. Office/den with double doors. 3 wall-mounted TVs convey. Upgraded kitchen appliances, recessed lighting, pendant lights, soft-close cabinet doors & drawers, artwork lighting package. All countertops top of line. Smart space laundry with full cabinets. 580sf 3 bay garage with separate Mini Split AC unit. Perfect for home gym/art studio/workshop.

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6828 N 177th Place Waddell, AZ 85355

$1,450,000

5 Beds

3.5 Baths

3,300 SqFt

Status Active

MLS # 6744338

Property Type Single Family Residence

Price Type --

This brand new beautiful home is nestled on a private street surrounded by other brand new beautiful homes. No HOA. The 1 acre lot provides ample space to build out your backyard how you have always dreamed. The detached Garage provides plenty of space for all your toys, cars, RVs, boats, etc. You do not want to miss this one!

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3800 W Coyote Drive Lakeside, AZ 85929

$1,450,000

3 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6654248

Property Type Single Family Residence

Price Type --

Seller is licensed to sell Real Estate in the State of Arizona. Buyer to verify all material facts. Discover your dream escape in this White Mountain Log Cabin nestled on 5.8 acres of pure serenity. Fully fenced, the property boasts two spacious 3-car garages—one finished with a workshop and a 475 sq. ft. upstairs office. Revel in the comforts of AC/ETS, skylights, and exposed beams. An electric private gate and security system ensure your peace of mind. Tall pines, mature oaks, junipers, and native vegetation surround, creating a picturesque landscape. Enjoy the covered screened porch with lighting and fans, a large open Trex deck, and outdoor grill & entertainment areas. The metal roof, stone stem wall, and engineered drainage add durability. The property features a large established fenced garden with a drip system, offering a green oasis. Inside, find hand-crafted cherry wood cabinets, exposed granite countertops, a hammered copper sink, and quality stainless steel appliances. The vaulted T&G ceiling, custom tile work, half-log steps, and new Anderson Walnut Metal Clad Wood Windows showcase meticulous craftsmanship. Experience the luxury of a Wolf Dual-Fuel Gas Range & Hood, a private well with a water softener, and numerous custom touches throughout. This haven is close to Forest Service Land, Show Low Creek & Show Low Lake, a trail system for hiking, biking, or horseback riding, and Sunrise Ski Resort. Secluded and unique, this property offers your own piece of White Mountain Heavenan unparalleled retreat for those seeking a one-of-a-kind lifestyle. All most all furnishings will convey with full price offer.

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8989 N Gainey Center Drive Unit 114 Scottsdale, AZ 85258

$1,450,000

2 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6756528

Property Type Townhouse

Price Type --

Experience the Gainey Ranch Lifestyle in this 2 bed with office/den, 3 bath remodeled & expanded floor plan w/ unmatched views of the golf course, lake, mountains, & clubhouse! Great room opens to the wrap-around patio w/ BBQ & stone fireplace, perfect for entertaining. The beautifully remodeled kitchen offers granite countertops, a large island, custom cabinetry, two breakfast bars, & top of the line appliances. The kitchen opens to a custom bar seating area, complete with a 200-bottle wine refrigerator and ample storage. The main level office/den offers privacy for guests w/ full bath, The upstairs master suite features a private balcony, sitting area, walk-in closet, & a spacious bath w/ jacuzzi tub. The upstairs second bedroom & exercise room complete the layout. Enjoy resort-style living with access to sparkling pools, spas, walking trails, & an array of gourmet dining / shopping just steps away. Plus, the world-class Hyatt Regency is right around the corner for the ultimate five-star experience. Don't miss out on this extraordinary opportunity to live in one of Scottsdale's most coveted communities!

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5659 W Chaparal Lane Pine, AZ 85544

$1,450,000

9 Beds

8 Baths

8,500 SqFt

Status Active

MLS # 6742110

Property Type Single Family Residence

Price Type --

Discover an extraordinary lodge retreat in picturesque Pine, AZ, offering a unique opportunity to own a sprawling estate that includes two stunning homes and a cozy guest quarters, totalling 8,500 sq. ft. all set on 0.72 acres with breathtaking mountain views. Main Home: This expansive residence boasts 5 bedrooms and 4 bathrooms across. The versatile layout includes a welcoming living room, a spacious family room, and a large recreation room. The chef's kitchen is equipped with elegant granite countertops, an island, a pantry, an electric cooktop, and a double oven. Enjoy casual meals in the kitchen dining area or host formal dinners in the dining hall, which accommodates up to 16 guests. The upstairs master suite is a private sanctuary featuring a walk-in shower, double sinks, and a massage table room. An additional bedroom and guest bathroom complete the upper level. On the main floor, you'll find another master bedroom, two guest bedrooms, and an additional guest bathroom. Outside, a covered deck, patio area, astro turf lawn for games, and a large deck with a built-in fireplace offer ample space for relaxation and entertainment. Second Home: This charming residence includes 3 bedrooms, each with its own ensuite bathroom, along with a large laundry room and a full kitchen. The living room features warm knotty pine finishes and a pellet stove for cozy warmth. Guest Quarters: The separate 1-bedroom, 1-bathroom apartment-style unit is perfect for visitors or additional family members. It includes a living room, abundant storage space, and a potential kitchenette. The property is fully fenced with a gate and showcases beautifully landscaped grounds surrounded by tall ponderosa pines, enhancing the woodsy, serene atmosphere. A hot tub invites you to unwind and enjoy the cool evening air. Whether you seek a spacious family retreat or a thriving business opportunity, this property stands out as a one-of-a-kind gem with endless possibilities.

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14848 N 62nd Way Scottsdale, AZ 85254

$1,450,000

4 Beds

3 Baths

3,044 SqFt

Status Active

MLS # 6759013

Property Type Single Family Residence

Price Type --

Welcome to a meticulously maintained 4BR + office or 5th bedroom, 3BA home offering modern updates and timeless elegance. Nestled in a quiet, peaceful community in Scottsdale, this 3,044 sq. ft. gem features plantation shutters on all 32 new custom windows, providing privacy and style. New roof & both AC units were installed in 2016, ensuring peace of mind for years to come. The expansive primary bedroom is a retreat of its own, featuring three walk-in closets and a luxurious ensuite with dual vanities, a soaking tub & separate shower. The heart of the home is the elegant kitchen featuring granite countertops, stainless steel appliances, gas cooktop and a large island...ideal for entertaining! The backyard is a true oasis, boasting a Pebble Tec play pool with a serene waterfall feature, built-in BBQ area, and lush landscapingperfect for entertaining or quiet relaxation. Located just minutes from Kierland Resort & Golf Course, premier shopping, and dining in Scottsdale Quarter, this home combines luxury living with a prime location in Scottsdale's most desirable neighborhood... come see for yourself today!

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8743 E San Victor Drive Scottsdale, AZ 85258

$1,450,000

2 Beds

2.5 Baths

2,819 SqFt

Status Active

MLS # 6763640

Property Type Single Family Residence

Price Type --

This beautifully remodeled home in McCormick Ranch backs onto a serene greenbelt and features an open, bright floor plan with soaring ceilings. The spacious layout includes formal living and dining areas, plus a family room with a fireplace, built-in bookshelves, luxury wet bar & dual master suites. Gourmet kitchen boasts brand new white quartz countertops, Wolf appliances, a Sub-Zero fridge, double ovens, two sinks, & breakfast bar. Both master suites have walk-in closets and backyard access. The backyard is a green oasis offering a built-in BBQ, pool & spa! The master bathroom is a freshly remodeled dream. Milgard windows, & garage w/ cabinets & epoxy floors. Bonus, 2 rentable community casitas! Remodeled & move-in ready! Don't hesitate, a home this good won't last.

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3314 E Azalea Drive Gilbert, AZ 85298

$1,450,000

6 Beds

4.5 Baths

4,554 SqFt

Status Active

MLS # 6699370

Property Type Single Family Residence

Price Type --

Entertainers Dream Home meets Luxury Family Home w/5 Bedrooms Plus a Casita, 4.5 Bathrooms and a 3 Car Garage that is Located on a PREMIUM Oversized Lot in Gilbert. THE BRIDGES Community is a Highly Desirable Neighborhood in Gilbert. Over $250,000 has been spent on the home for the Heated Pool/Spa, Landscaping, Pavers, Enclosed AZ Room, Owned Solar (19 KWS). The Premium Location is just a short walk from the New Gilbert Regional Park. The Downstairs features a Master Retreat with His & Her closets, Dual Sinks, Soaking Tub & walk-in shower. A Detached Casita is perfect for NextGen Families, Home Theater, Bonus Game Room, Office, Gym, or Guests visiting for the Holidays. The Backyard is perfectly set up for Entertaining, Large Family Gatherings, Kids Playground and Memories to be made!!

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12429 E Cayuse Court Scottsdale, AZ 85259

$1,450,000

4 Beds

2.5 Baths

3,600 SqFt

Status Active Under Contract

MLS # 6744475

Property Type Single Family Residence

Price Type --

Welcome to your dream desert oasis! This stunning 4-bedroom, 2.5-bathroom single-story horse property boasts 3,600 square feet of spacious living in over an acre with no HOA. Located on a quiet cul-de-sac, this home offers panoramic views of the McDowell Mountains and city lights, providing a picturesque setting for everyday living. As you step inside through the custom front door, you are greeted by vaulted Pine ceilings and a freshly painted interior (2024). The open floor plan flows seamlessly from the living areas to the eat-in kitchen, featuring Cherry cabinets, Granite countertops, and updated lighting and fans (2024). The private space off the kitchen is a perfect space for work, study or play. The backyard is a true entertainer's paradise with a pool, Ramada, built-in BBQ, lush... turf yard, and a covered patio perfect for gatherings. The powder room is conveniently located for pool access from the exterior patio. Enjoy the beauty of mature landscaping while relaxing in your private courtyard or hosting guests. Horse enthusiasts will appreciate the corral with a bridle path, tack room, and North/South exposure. The block construction ensures durability, and the 3-car garage offers plenty of space for vehicles and storage. Enjoy the convenience of walking to nearby schools, equestrian parks, and horse-riding trails. This rare find offers the perfect balance of luxury living, breathtaking views, and equestrian amenities. Don't miss your chance to make this exceptional property your own!

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129 E Foothill Trail Williams, AZ 86046

$1,450,000

3 Beds

2 Baths

2,239 SqFt

Status Active

MLS # 6753024

Property Type Single Family Residence

Price Type --

Welcome to one of the most exquisite homes Williams has to offer. Nestled in the heart of the Pines and located in the highly desirable subdivision of Mountain Shadows. This custom owner build offers everything you are looking for in a mountain getaway. The sweeping, covered decks usher you in to the front entrance. The home offers vaulted ceilings with touches of tongue and groove. Three oversized bedrooms and a large den that could be converted into a bonus room. The primary bedroom is abundant in space and offers an en-suite bathroom. The primary bath has dual vanity's and a custom walk-in shower. The kitchen is a master piece featuring custom cabinets and custom granite backsplash that is a work of art. Move into the open living room and cozy up by the wood stove on those cold winter nights. The covered back deck overlooks the gorgeous scenery. The property also features an attached two car garage and a separate RV garage! Attached to the RV garage is separate guest quarters! With a partial bathroom and kitchen downstairs and a loft upstairs. The RV garage also features additional covered parking spaces for toys or equipment. The property is situated perfectly towards the end of the subdivision with easy access to the Forest Service. Just minutes from the surrounding lakes, forest and downtown Williams! This is a dream property in one of the most desirable areas of Williams! Don't miss out on this amazing opportunity!

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12015 S Tuzigoot Drive Phoenix, AZ 85044

$1,450,000

6 Beds

4 Baths

5,062 SqFt

Status Active

MLS # 6720121

Property Type Single Family Residence

Price Type --

Imagine waking up in a home where adventure begins the moment you step outside. Nestled at the edge of breathtaking trails, this home offers unparalleled access to nature. If you're an avid mountain biker or a passionate hiker, you'll love the convenience of having rugged terrain and scenic paths just steps away from your front door. Embrace an active lifestyle and savor the thrill of the great outdoors without ever having to drive to your next adventure. Ahwatukee Custom Estates, 6 Bed 4 Bath Estate on Half Acre with Luxurious Pool. Features the perfect blend of formal living for family and friends' gatherings. One bed/bath on the main level. Downstairs is a versatile haven. Oversized 3-car garage, provides ample storage space for vehicles and has EV Charger. Don't miss this gem

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