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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1075 E Ranch Road Payson, AZ 85541

$1,450,000

9 Beds

8 Baths

3,690 SqFt

Status Active

MLS # 6746854

Property Type Single Family Residence

Price Type --

Discover your next investment with Mountain Meadows Cabins! Just minutes from Christopher Creek, this nearly 2.7 acre property in Gordon Canyon offers a beautifully remodeled home and six cozy rental cabins. Each cabin features a fireplace, kitchenette, and air conditioning, with four boasting indoor spas/hot tubs. A perfect retreat that doubles as an income-generating property! Property comes with main home (3/2 b/b, 1792 sq ft) and 6 cabins (sq ft as follows: 424, 3 cabins at 320, and 2 cabins at 256). Property can be split into 2 parcels later if Buyer holds ability to later split into 2 parcels with the county if desired.

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3220 W Feather Sound Drive Anthem, AZ 85086

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$1,450,000

4 Beds

3.5 Baths

3,737 SqFt

Status Active

MLS # 6756314

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury living in this beautifully updated Anthem Country Club home, boasting a perfect blend of modern convenience and elegant design. Nestled on a prime lot with unobstructed views of both Daisy Mountain and Gavilan Peak, this property offers a serene backdrop that is simply breathtaking. Key Upgrades: •

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8132 E Windwood Lane Scottsdale, AZ 85255

$1,450,000

3 Beds

3.5 Baths

2,873 SqFt

Status Active Under Contract

MLS # 6721521

Property Type Single Family Residence

Price Type --

Guard gated Grayhawk. Aries great room plan + Casita. A large private courtyard greets you as you walk up to the home. Check out the large island cooking area & bar area with lots of seating. Plenty of cabinets and storage plus an induction cook top. The master suite looks out onto the back yard and courtyard and has a large sitting area. His and her closets and sinks in the bathroom. Plantation shutters.The private yard has easy care landscape and a beautiful fire wall for added ambiance. 3 car garage with epoxy flooring and lots of storage cabinets. Nu-Way water system throughout. the home. Close to the community pool and spa. Grayhawk has miles of walking trails is close to the 101 freeway, great shopping and places to eat.

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1024 E Buena Vista Drive Tempe, AZ 85284

$1,450,000

4 Beds

3 Baths

3,409 SqFt

Status Active

MLS # 6674888

Property Type Single Family Residence

Price Type --

Privately located at the end of a cul-de-sac, this spectacular contemporary home was rebuilt from the foundation up in 2016. Enjoy a cozy, warm living area with a double fireplace, an entertainer's dream great room, massive island, gorgeous cabinetry and giant sliding glass doors opening to a sparkling lap pool. Exquisitely landscaped with native Palo Blanco, purple blooming Jacaranda, Chinese Talo and Coral, Pine and Tangerine Trees and pink Mexican Primrose. Located in prestigious Buena Vista Ranchos, the subdivision has beautiful horse facilities and deeded to this particular home is a stall for your horse. There are miles of horse trails, a beautiful sparkling pool, children's playground, basketball court and ramada. The home is near shopping, restaurants and 4 major freeways. The home is near Chandler Fashion Center, shopping, restaurants and to the South 4 major freeways.

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37030 N Tree Lined Trail Carefree, AZ 85377

$1,450,000

4 Beds

3 Baths

3,924 SqFt

Status Active

MLS # 6692821

Property Type Single Family Residence

Price Type --

Stunning views from nearly every window in this 3924 square foot desert estate located on 1.49 acres! Experience luxury and privacy with miles of mountain views, city lights, and sunsets. Split floor plan and quality construction. A generous chef's kitchen features double ovens, wine fridge, island, and breakfast bar. The backyard oasis includes heated pool and spa with a waterfall feature, kiva fireplace, built-in bbq, and unobstructed views. Exquisite setting for relaxing or entertaining. 3 car garage, two way fireplace family room fireplace, and so much more. Experience the beauty of quintessential Arizona living

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31818 N 68th Street Cave Creek, AZ 85331

$1,450,000

5 Beds

4.5 Baths

4,232 SqFt

Status Active

MLS # 6744712

Property Type Single Family Residence

Price Type --

This breathtaking 4,200+ sqft home offers the perfect blend of luxury and comfort. Nestled on a one-acre lot with stunning mountain views, this residence boasts 5 spacious bedrooms, and 4.5 bathrooms. As you step inside, you'll be greeted by an open-concept living space with ten foot high ceilings and expansive windows that frame the picturesque surroundings. The gourmet kitchen features abundant cabinetry, brand-new stainless steel appliances, a large island, and a high counter—ideal for gathering with family and friends. Designed to accommodate all your needs, the home includes both a cozy eat-in kitchen and a formal dining area. The expansive primary suite is a true retreat with high ceilings, a walk-in shower, a deep soaking tub, and a spacious walk-in closet, plus direct access to a private outdoor fireplace, and plenty of room for hosting gatherings while enjoying the breathtaking mountain views. Adjacent to the pool, a separate pool house offers an additional bathroom and separate dry sauna. The property is completed by a 3-car extended garage with additional storage space, an RV gate, and room for expansion.

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2175 E Champagne Place Chandler, AZ 85249

$1,450,000

5 Beds

4.5 Baths

4,737 SqFt

Status Active

MLS # 6670635

Property Type Single Family Residence

Price Type --

PRICE REDUCED!!! Gorgeous CUSTOM Home in a distinguished, private, GATED South Chandler community! Tierra Linda is all Cul de Sac 1/2 acre properties & this home features so many unique touches! Split floor plan with 5 spacious bedrooms + den/office & 4.5 baths. You will be greeted in grandeur with the large courtyard & seating area, enter through the elegant Glass & Iron front door to the custom inlay mosaic entry. To the right proceed to the gourmet kitchen with top end granite, huge island, gas cook top, high end stainless steel appliances. With a seamless flow from the living area to the chef's kitchen, the open-concept layout is an entertainer's dream with ample space to gather. Private primary suite on opposite wing features an access door to back patio, cozy fireplace CLICK MORE for the cool desert nights, a large ensuite with soaking tub, custom tile shower, dual vanity. Primary closet features built-in shelving and drawers & ironing station. Neutral travertine flooring with all new carpet in great room, all bedrooms & office, ceiling fans throughout, tons of storage/ closet space and so much natural light from the frameless windows! Step out back into a private, resort-style oasis ~ covered patio w/ceiling fan, salt chlorinated pool & spa, outdoor BBQ area , gas fire-pit & putting green. Paver stone driveway to the 10 ft RV gate and 3-car Garage features built-in cabinets & epoxy floors.

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7465 S Rita Lane Tempe, AZ 85283

$1,450,000

5 Beds

3.5 Baths

4,158 SqFt

Status Active

MLS # 6732708

Property Type Single Family Residence

Price Type --

Almost 1/2 acre lot, located in desired CHELSEA MANOR, a 29-home gated community, perfectly located just a few minutes from Intel, ASU, and shopping. Walking distance to Corbell Park. When you enter this majestic home with soaring ceilings, you'll be impressed with how comfortable you'll feel. As kitchens are the center of activity in the home, you'll love the features in this one, including the induction cooktop, stainless appliances, 2 pantries, and large windows. Your family room is flooded with natural light with views to the large heated pool and spa. Enjoy the gas fireplace on those cool nights. The spacious master bedroom includes a sitting area and fits your king-sized furniture nicely. CAT 6 wiring throughout. A remarkable find with uncompromising quality.

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7492 E Red Bird Road Scottsdale, AZ 85266

$1,450,000

3 Beds

3 Baths

3,117 SqFt

Status Active

MLS # 6711520

Property Type Single Family Residence

Price Type --

Welcome to your oasis in North Scottsdale. On nearly an acre of land with stately trees and a sparkling pool to relax in, this beauty does not disappoint. 3 bedrooms plus an office and a bonus room with storage galore make this home an exceptional find. New flooring, cabinets and a new roof make it even more desirable. Come and enjoy the new dream home ready for you. More updated photos coming soon, but why wait? Come see this beauty today!

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5216 E Barwick Drive Cave Creek, AZ 85331

$1,450,000

4 Beds

4 Baths

4,354 SqFt

Status Active

MLS # 6743171

Property Type Single Family Residence

Price Type --

Welcome to this stunning semi-custom 4 bedroom, 4 bathroom, plus a casita Toll Brother's home. Located on .35 acres in the highly sought-after gated community Montevista. This beautiful property features 2 primary suites. It is nestled on a spacious cul-de-sac lot that backs to a wash, with a sparkling pool, and large green space. This home provides plenty of room for outdoor entertaining and the mountain views and desert sunsets are gorgeous. Step inside to discover a meticulously maintained interior with high-end finishes throughout. The open concept floor plan offers a seamless flow from the living room to the gourmet kitchen, complete with granite countertops, stainless steel appliances, and a large island with additional seating; ideal for entertaining. Both primary suites offer luxurious ensuite bathrooms with dual vanities, a soaking tub, walk-in showers and more. The two additional bedrooms on the main floor open to a beautifully upgraded full bathroom. The casita opens to a partial kitchen, built in shelves and hardwood floors, perfect for guests or a home office. Upstairs is the second spacious primary bedroom that has a separate sitting area, walk-in closet, vanities and two walk out balconies ideal for both sunrises and sunsets. This home sides to a green space which provides the utmost privacy. Enjoy the peaceful surroundings and breathtaking sunsets from the comfort of your own backyard. This home is located close to all the local schools, minutes from Cave Creek, Desert Ridge, Kierland, Scottsdale Quarter, parks and so much more!

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8513 N Woodshire Place Scottsdale, AZ 85258

$1,450,000

3 Beds

2.5 Baths

2,550 SqFt

Status Active

MLS # 6596634

Property Type Single Family Residence

Price Type --

The Property was pending on a Lease-Purchase for 6 months - newly back to market! Stunningly remodeled in 2022, this exquisite residence in McCormick Ranch, is a true masterpiece. Step inside and be greeted by the inviting engineered hardwood flooring that spans throughout. This home boasts not one, but two fireplaces, adding warmth and charm to both the family and living rooms. The expansive kitchen is a chef's dream, featuring ample storage space and equipped with all the modern amenities. Take note of the built-in wine refrigerator, perfect for entertaining guests in style. The convenience of a spacious laundry room with a sink adds to the practicality of this home. Indulge in the comfort of the primary bedroom, where backyard access creates a seamless connection to outdoor serenity. The en-suite bathroom offers a dual sink vanity, complemented by a walk-in closet presenting a perfect blend of style and functionality. The outdoor space is a true oasis, featuring a covered patio that invites relaxation. Lounge by the private pool, or seek shade beneath the inviting ramada, creating memorable moments for family and friends. The home formerly operated as an Airbnb with an annual gross income exceeding $125,000, this home offers not only luxurious living but also a lucrative venture. Don't miss out on the chance to own this remarkable residence in the heart of Scottsdale's finest.

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7541 E Woodshire Cove Scottsdale, AZ 85258

$1,450,000

3 Beds

2.5 Baths

2,600 SqFt

Status Active

MLS # 6637490

Property Type Single Family Residence

Price Type --

Motivated Seller! Come, see, fall in love, make an offer! Stunning renovation with floating staircase! The owners completely transformed this home, taking it down to the studs and using top-of-the-line finishes throughout. Now you can live in the hidden gem, Carriage Square at Gainey . Don't miss the chance to see the upgrades for yourself, which include a gorgeous new kitchen with warm wood cabinets and quartz countertops, new appliances, beautiful hardwood floors throughout, an updated fireplace with a modern facing and shiplap detail, and an open loft perfect for an office. The open floor plan seamlessly connects the kitchen, family room, dining room, and living room. Plus, enjoy the newly landscaped front and backyards.

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