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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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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2092 S Navajo Court Chandler, AZ 85286

Open House

$1,450,000

6 Beds

4.5 Baths

4,313 SqFt

Status Active

MLS # 6760399

Property Type Single Family Residence

Price Type --

** SPECTACULAR HOME ** EXCEPTIONAL VALUE ** OASIS IN THE DESERT ** Nestled on a tranquil cul-de-sac lot within the highly-coveted, Arboleda Estates gated community, this beautifully constructed Taylor Morrison home exudes with detailed craftmanship and pride of ownership inside and out, featuring: 6 bedrooms, 4.5 baths, impressive front entry with iron/glass door, plantation shutters, built-in entertainment center, plank tile flooring, SS kitchen appliances, large loft, freshly painted interior (9/24), and a private PebbleSheen play pool. Gourmet & busy on-the-go cooks alike will LOVE the chef's kitchen, which includes white-on-white staggered cabinetry, slab granite counters, induction cooktop, dual built-in wall ovens & microwave, trash compactor, decorative SS pendant lighting, and an over-sized walk-in pantry! SPACIOUS primary suite located on the main level provides sliding barndoor access to large bathroom area having separate garden tub & shower, dual sink vanity w/personal makeup counter, and an oversized walk-in closet; all other bedrooms are generously oversized too AND there are numerous closets everywhere throughout the home to store all your household stuff & things. The 3-car garage mancave w/epoxy flooring also features additional storage including extensive built-in cabinetry, 3 large overhead storage shelves and a soft water system. There's so much storage space in this home you can probably rent your unused space to your neighbors! And there's dual RV gates as well to store your boats, trailers, and other motorized toys. And most importantly the large family room w/dramatic 18 ft soaring ceilings is the central entertainment hub for making so many fun-filled memories; and best of all it opens to an AMAZING backyard paradise where family and friends can play and relax in their own private retreat featuring sparkling heated play pool, four waterfall features, lush green landscaping, and travertine patio & pool decking; and the extended covered patio and turf areas within this 17,296 SqFt (nearly .4 acres) lot provide ample entertainment spaces for all. Finally, this South Chandler private neighborhood offers convenient access to nearby top-rated schools, parks, shopping, and quick-n-easy freeway access to the 101/202. Washer, dryer, and fridge convey to new owner. This is truly a MUST-SEE, rare DREAM HOME to own!

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35264 N 72nd Place Scottsdale, AZ 85266

Open House

$1,450,000

3 Beds

3 Baths

2,490 SqFt

Status Active

MLS # 6657279

Property Type Single Family Residence

Price Type --

Boasting luxury finishes and impeccable attention to detail, this home is being sold completely turn key. Potential buyers can have bragging rights as living in the ''Best of Tour'' winner for the luxury Scottsdale/Cave Creek Home Tour! Designed by an American Society of Interior Designer, located on a premium lot, and amazing surrounding views this home truly is one of a kind... Inside you will find real oak wood floors throughout, designer shutters, built in office desk and shelving, floor to ceiling built in closet system in the primary, a custom barn door leading into the office, and many thoughtful upgrades. The outside patio has been considerately improved with sun shades providing an optional additional outdoor living space as well as protection for the home from the hot summer sun. A serene and stunning desert gated community Enclave on the Eighth offers fine dining within walking distance, The Boulders Resort, beautiful trails, shopping and so much more. Enclave residents may join the Boulders club as golf members for an additional fee. Whether you are a primary resident or looking for a low maintenance second home this is not to be MISSED!

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1606 E Minton Street Mesa, AZ 85203

$1,449,990

4 Beds

3.5 Baths

3,079 SqFt

Status Active

MLS # 6747768

Property Type Single Family Residence

Price Type --

Welcome to this NEW stunning 4-bedroom, 3.5-bathroom residence in the prestigious gated community of Overlook at Forest Knoll! This home offers a breathtaking elevated view capturing the beauty of Camelback Mountain. It greets you with stone accents on the facade, a 3-car garage, a paver driveway, and an RV gate. Discover bright and spacious living areas for relaxation and memorable moments with loved ones. Wood-look floors, recessed lighting, upscale ceiling fans, and sliding glass windows that merge indoor and outdoor activities are some features that you'll also adore. Hone your cooking skills in the sleek kitchen showcasing SS appliances with a wall oven, built-in ice maker, quartz counters, built-in ice maker, pristine white cabinets, a walk-in pantry, and a center island... Retreat to the luxurious primary bedroom, a true sanctuary with a lavish ensuite boasting dual sinks, a make-up vanity, a soaking tub, and a generous walk-in closet. Outside, the sizable backyard offers an array of potential for your creative landscaping ideas and tranquil neighborhood views. This gem will sell fast!

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15705 E Centipede Drive Fountain Hills, AZ 85268

$1,449,900

5 Beds

4 Baths

4,781 SqFt

Status Active

MLS # 6709233

Property Type Single Family Residence

Price Type --

Breathtaking views, city lights, and mountains to enjoy day and night. This home shows pride of ownership! Enjoy the spaciousness and easy flow with most of your living on the 1st floor. Granite counters, stainless steel appliances in kitchen, great gathering spaces and grand master suite. Downstairs features another master suite, bonus space for a game room, home office and exercise room. Enjoy sunsets on the amazing oversized verandas w/must see hillside and twinkling light views. A pebble tec pool and spa to relax in. Tons of storage room, plantation shutters , wonderful outside spaces, fig and citrus trees. Oversized 3 car garage w/built-instorage and so much more. Come and see your Paradise that is waiting for you.

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7719 E San Fernando Drive Scottsdale, AZ 85255

$1,449,000

5 Beds

3 Baths

3,904 SqFt

Status Active

MLS # 6756469

Property Type Single Family Residence

Price Type --

This gated Sonoran Hills home encompasses a collaboration of timeless elegance and poise. A grand vaulted entry leads to European oak hardwood floors and plentiful space for entertaining. Chef's kitchen features a Miele oven/range/hood and dishwasher, Carrara Quartz countertops, and an abundance of cabinet storage. Primary suite boasts a dual Restoration Hardware vanity & solid marble slabbed shower. Relish in the private oversized cul-de-sac lot which backs to a natural wash offering tranquil privacy. The expansive backyard provides an excess of outdoor enjoyment. Dine poolside, settle in with the Canterra Stone fireplace, or barbecue while admiring desert twilight. Close to fine dining, schools, and shopping, this desert dwelling embraces North Scottsdale living at its finest.

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603 N Grapevine Drive Payson, AZ 85541

$1,449,000

4 Beds

4 Baths

4,312 SqFt

Status Active

MLS # 6666392

Property Type Single Family Residence

Price Type --

Amazing vista views from all 3 levels of this stately home built by one of Chaparral Pines Guild Builders. A beautiful flagstone entry & foyer welcome you into the stunning great room that features a stately stone fireplace, hardwood flooring, surround sound & is further complemented by an 1,100 sq ft., wrap around deck offering magnificent mountain views! The innumerable upgrades include slate floors in the kitchen & baths, art studio/office, reading loft, master bedroom with its own fireplace & zoned heating & cooling throughout. Truly one of Chaparral Pines' premier luxury, mountain homes.

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6105 E Victoria Drive Cave Creek, AZ 85331

$1,449,000

4 Beds

3 Baths

3,614 SqFt

Status Active

MLS # 6670789

Property Type Single Family Residence

Price Type --

Elevated atop Black Mountain, this exceptional property offers breathtaking views encompassing sunsets, mountains, and city lights. Savor these views from multiple balconies or your living room with 24 ft. beamed vaulted ceilings and a cozy electric fireplace. The meticulously remodeled home boasts exquisite details. The kitchen shines with new cabinets, Quartz counters, top-tier appliances, a walk-in pantry, and dual islands. The owner's suite offers spectacular views, a spacious walk-in closet, and a luxurious bath with a soaking tub and walk-in shower. An Arizona room, featuring 4 sliding glass doors, invites you to enjoy sunset dinners before stepping onto the patio with a built-in BBQ. Every corner of this stunning Cave Creek home has been thoughtfully upgraded, making it a true gem.

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8006 S 38th Place Phoenix, AZ 85042

$1,448,000

5 Beds

3.5 Baths

3,344 SqFt

Status Active

MLS # 6745776

Property Type Single Family Residence

Price Type --

Amazing opportunity to live in the gated Highline Groves community nestled within the South Mountain Preserve. Enjoy a split floor plan with an additional den/office off the garage and a sperate guest quarters off the carport which features a kitchenette and full bathroom. Easy access to hiking, golf and sky harbor airport.

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100 W Northern Avenue Unit 4 Phoenix, AZ 85021

$1,445,500

3 Beds

2.5 Baths

3,063 SqFt

Status Active

MLS # 6722855

Property Type Single Family Residence

Price Type --

Welcome to 100 Northern, a unique gated new community of 17 modern homes in the heart of North Central. This model home is ready for immediate move in and features mountain views, soaring ceilings, high end finishes, a large open kitchen with an oversized island, Wolf appliances, and a walk in pantry offering you the best of North Central. With two stories, the home allows for everything to live on the first level with a primary suite, a den, laundry and living all downstairs. While upstairs features additional bedrooms and living space. Then there are the private grounds featuring a stunning community pool and large park. All work together to make this a true must see home.

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7180 E Kierland Boulevard Unit 512 Scottsdale, AZ 85254

$1,445,000

2 Beds

2 Baths

1,461 SqFt

Status Active

MLS # 6725470

Property Type Apartment

Price Type --

Gorgeous luxury condo with spectacular views. Enjoy resort style living with every amenity at your doorstep! This spacious 2 bed/2 bath offers a convenient split floorplan, with expansive windows & walk-in closets in each suite. Center of the home is bright & inviting with great room featuring floor to ceiling windows overlooking city lights & the mountains beyond. Your gourmet kitchen offers prep space galore w/large island including breakfast bar seating, and plenty of lux white cabinets. Complimentary granite counters, stainless steel hardware, and Bosch appliances complete the beautiful kitchen. Both baths feature stone counters & large tiled showers + big soaking tub in primary. Enjoy cool evenings on your private patio, or head upstairs to the rooftop pool, spa, and seating. Enjoy panoramic views from the rooftop pool and patios along with running track, BBQ areas, TVs, spa, sauna, plunge pool, steam room, & entertaining areas large and small. On the main level, enjoy all the luxurious amenities you could ask for including fitness center, massage and spa, locker rooms, indoor sports courts including pickleball, basketball, and racket ball, plus party room, coffee bar, gaming room, ping pong and pool table, virtual golf, media area, numerous indoor and outdoor entertaining spaces, and even a shaded dog park with bathing and water stations. Supremely walkable location, right across the street from Kierland Commons for shopping, dining and entertainment. This unit includes 2 parking spaces conveniently located just across from the elevator, as well as a separate garage storage unit.

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8281 E San Salvador Drive Scottsdale, AZ 85258

$1,445,000

3 Beds

2 Baths

2,404 SqFt

Status Active

MLS # 6743961

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the coveted McCormick Ranch community, renowned for its top-rated schools! This stunning 3 bedroom, 2 bathroom retreat has been meticulously remodeled to blend modern sophistication w/ classic charm. As you step inside, you'll be greeted by the bright and airy open layout, accentuated by soaring vaulted ceilings. The heart of the home is the sleek and stylish kitchen, boasting a generous quartzite waterfall island, soft-closing cabinets, and stainless steel appliances. The perfect blend of form and function, this kitchen is designed for effortless entertaining. Additional features include a convenient pantry, a state-of-the-art outdoor misting system for seamless indoor-outdoor living, & fresh paint throughout. With its prime location, modern amenities, and thoughtful design, this home is the epitome of desert living. Make it yours today!

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