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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1234 W Solano Drive Phoenix, AZ 85013

$1,399,000

3 Beds

3 Baths

2,967 SqFt

Status Active

MLS # 6760083

Property Type Single Family Residence

Price Type --

PARADISE FOUND. This amazing home is an entertainer's dream. Open floor plan with abundant natural light. Huge kitchen island, granite/basalt counter tops, built-in refrigerator, oversized Wolf gas range, breakfast bar and custom framed cabinets. Recessed lighting, beautiful solid walnut flooring and windows that overlook the incredible backyard. Each room has high-end, Big Ass Fans. Primary suite has a luxurious walk-in closet and lavish bathroom with dual sinks, bidet, walk-in shower and soaking/air tub. Plenty of storage includes very large walk-in butler's pantry/laundry room and a separate workshop. Backyard has an amazing 20' x 40' pool with cabana and sauna room, as well as orange, lemon, grapefruit, and pecan trees. Conveniently located in a lush, irrigated neighborhood, close to entertainment, high-end shopping, downtown and light rail.

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4621 E Walter Way Phoenix, AZ 85050

$1,399,000

5 Beds

4 Baths

3,999 SqFt

Status Active

MLS # 6763363

Property Type Single Family Residence

Price Type --

Move-in ready home located in the highly sought-after gated community of Sanctuary at Desert Ridge. Boasting 5 Beds, 4 Baths, and a two-car garage with built-in racks. Endless features include dual AC units w/ 5 zones, a private travertine courtyard, prime North/South exposed lot, water filtration system & a spacious den. The gourmet eat-in kitchen offers extended shaker-style cabinets, a mosaic tile backsplash, high-end granite countertops, stainless steel appliances, a gas cooktop, and a reverse osmosis system. The master bath features quartz countertops, a spacious walk-in closet, dual vanities, and a dual-entry shower. The backyard is perfect for entertaining, complete with a jacuzzi, built-in stainless steel BBQ area, glass fireplace, an entertainment wall with a TV and fridge... a misting system, and faux grass for easy upkeep. The private community of Sanctuary at Desert Ridge has it all. Enjoy exclusive access to the community pool, spa, clubhouse, playground, and wellness center.

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121 S Cliffrose Lane Show Low, AZ 85901

$1,398,000

4 Beds

3.5 Baths

3,440 SqFt

Status Active

MLS # 6712930

Property Type Single Family Residence

Price Type --

Imagine waking up each morning to be greeted by deer gently grazing between your full length deck and the 13th Tee Box of the Tower Golf Course. This quality built custom cabin has brand new roof (2023) & 2 Master Suites - 1 upstairs and 1 on the main level. This fully furnished, move in ready and turn key cabin is yours for the taking - either to personally indulge or use as a lucrative short term rental as this Master Planned and Gated Community of Torreon allows short term rentals where you and your guests can enjoy amenities such as Pickleball, Tennis, Jr Golf, Family Center w/ Video Arcade & Movie Room, Fitness Center, Clubhouse Pool, Torreon Grille, Catch & Release Lakes & Ponds, endless walking paths & easy access to surrounding national forest for exploring, hiking, camping and and more! One of the few custom cabins with ATTACHED 2.5 Car Garage gives you ample room to park the included & newer 2 passenger GEM E825 golf cart and direct access to your cabin. Long & private driveway with plenty of room to park additional cars in your driveway. Front porch is adorned w/ 4 cozy chairs. Oversized 0.6 acre lot gives u plenty of privacy from nearby homes. Gourmet kitchen w/ long prepping island, sep veggie sink, temp controlled wine fridge, built in Miele coffee station, double ovens, 5 burner Wolf Gas Cooktop, Granite Counters and tons of custom cabinets with walk in pantry. As you enter the front door you are greeted with floor to ceiling windows overlooking the 13th tee box and towering ponderosa pines. At night, the sounds of nature are abundant and relaxing as you sip wine or hot cocoa from your full length deck with 1/3 of it fully covered. Over $175K worth of included, cabin themed furniture such as decorative bear sofa tables, bear themed drapery rods & even custom poker chairs w/ bear themed upholstery are throughout. Vintage jukebox to play your favorite classic hits or enjoy surround sound on walk out deck or inside of family room. 3/4 inch oak flooring, a grind master, Stream Labs System, Tankless Water Heater, Lennox AC, professionally installed gutters, city sewer, skylights in kitchen and main master, alarm system, pre-plumbed wood stove in main master, cozy gas fireplace in Family room and built in office make this the ideal work from home paradise..... Every inch of this home has been meticulously cared for by only 2 owners whom both only used for their own personal enjoyment. This home has charm and will delight in every way...

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8989 N Gainey Center Drive Unit 101 Scottsdale, AZ 85258

$1,395,260

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6753423

Property Type Townhouse

Price Type --

Experience luxury living in this stunning 3-bedroom, 3-bath townhome located in Gainey Ranch, a prestigious guard-gated golf course community. Newly remodeled and situated on a premium corner lot near the pool and spa, this home boasts elegant finishes including hardwood flooring, custom metalwork, and beautiful waterfall quartz countertops. Relax in the Arizona sun on the expansive patio or oversized balcony. The newly renovated Estate Club offers exceptional amenities, including a state-of-the-art fitness center, swimming pool, and courts for tennis and pickleball. Conveniently close to fine dining, shopping, and entertainment in Scottsdale, this townhome is the perfect blend of luxury and lifestyle.

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8511 S 9th Drive Unit 15 Phoenix, AZ 85041

$1,395,000

4 Beds

4.5 Baths

3,300 SqFt

Status Active

MLS # 6642072

Property Type Single Family Residence

Price Type --

Introducing Heard Farm at South Mountain, a brand new community of 24 modern farmhouses with sophisticated architecture designed for healthy, sustainable living! Nestled in South Mountain with quick access to downtown Phoenix, Heard Farm seamlessly blends indoor and outdoor living with fresh floor plans designed for the way you want to live. Floorplan available as 5 bedroom.

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35809 N Evermore Madison Street San Tan Valley, AZ 85140

$1,395,000

4 Beds

4 Baths

3,774 SqFt

Status Active

MLS # 6761432

Property Type Single Family Residence

Price Type --

Beautiful custom home with everything you'd want and more in your ''forever home''. Stanley Custom Homes are unique in craftmanship and design. We start with curb appeal, with a stunning black metal roof that sets you apart from every other home, from there we see the beautiful front yard landscape including a tree lined street with beautiful pistachio trees. Your kitchen will include more cabinets than you'll ever use with a focus on an oversized kitchen island. Your laundry room will also have a ton of cabinets along with spacious countertops. The master shower has a separate shower and stand alone tub with tile going from floor to ceiling. I almost forgot to mention the 40x50 detached metal garage we include.

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10569 N 131st Street Scottsdale, AZ 85259

$1,395,000

4 Beds

3 Baths

2,446 SqFt

Status Active

MLS # 6751143

Property Type Single Family Residence

Price Type --

Amazing Home with Exceptional Features! RV Garage: Enjoy a 24'x50' RV garage with 4+ car capacity, perfect for additional storage needs. Spacious Layout: This home features a split floorplan with an open Kitchen and Great Room, offering a seamless and inviting living space. The Master Bath includes an oversized closet, a separate tub, and a walk-in shower for a luxurious retreat. Secondary bedrooms are connected by a convenient Jack and Jill bathroom, ideal for family or visitors. The Kitchen boasts granite countertops, shaker cabinets with soft-close doors and drawers, and an oversized island, making it a chef's delight. 8x40 wood-like tile is featured throughout all the main areas, combining style with durability. This home offers both comfort and functionality—Come take a look!

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9436 E Thunder Pass Drive Gold Canyon, AZ 85118

$1,395,000

3 Beds

3.5 Baths

4,486 SqFt

Status Active

MLS # 6668556

Property Type Single Family Residence

Price Type --

MOUNTAIN VIEWS, CONTEMPORARY STYLE, SPACIOUS LAYOUT, DESERT BEAUTY all available now in ONE OF THE LOWEST PRICED custom homes in the community. Enjoy the supreme Arizona lifestyle in SUPERSTITION MOUNTAIN in this 3 bed/ 3.5 bath beautiful home with a solar heated pool and views from 3 outdoor patios. Contemporary split floor plan includes large open concept great room, master suite with large luxurious bathroom and huge walk-in closet, a 3-car extended and over-height garage with epoxy floors and storage cabinets, two large en suite guest rooms, large bonus room/game room or office with wet bar, formal dining room, sewing/craft room and beautiful kitchen with custom cabinetry, large kitchen island with counter seating, quartz countertops and stainless steel appliances. Outdoor entertaining space includes a solar heated pool to extend your swimming season by several months, new gas BBQ grill station, easy care artificial turf and plenty of covered patio space to enjoy the quiet surroundings and views. Updates include NEW water heater, NEW water softener, NEW solar pool heating system, NEW pool pump, NEW built-in BBQ, NEW garage cabinetry and NEW artificial turf in backyard. Home is in excellent condition and ready for you now! Superstition Mountain Golf & Country Club is a fabulous guard gated community, home to two private 18 hole Jack Nicklaus golf courses, a 50,000 sf remodeled clubhouse with fine dining, bar, patio dining and outdoor seating areas, fitness center with a beautiful heated pool, bocce ball, pickleball courts, tennis courts, walking trails and plenty of events and activities. Membership is optional and under separate agreement. Join in on the fun, you'll love the community atmosphere here!

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3312 E Flower Street Phoenix, AZ 85018

$1,395,000

4 Beds

2.5 Baths

2,018 SqFt

Status Active

MLS # 6704230

Property Type Single Family Residence

Price Type --

Stunning residence nestled in the sought-after Arcadia Neighborhood! This beautifully renovated home boasts an abundance of space, sitting on nearly an acre of land. Enjoy the luxury of your own private paradise, complete with a refreshing pool, spa, and a wood-fired pizza oven. Spacious garage/workshop separate from the main house. With its loft and bathroom, this versatile space offers endless possibilities. RV owners parking area equipped with all hookups. Thoughtfully designed interior featuring 4 bedrooms, 2.5 bathrooms. The kitchen has custom cabinets and an expansive island, seamlessly connecting to the inviting living and dining areas. Don't miss out on the opportunity to experience the epitome of the good life in this exceptional home, perfectly situated in a desirable location

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10679 E Fanfol Lane Scottsdale, AZ 85258

$1,395,000

4 Beds

3 Baths

3,260 SqFt

Status Active

MLS # 6719440

Property Type Single Family Residence

Price Type --

Stunning custom-built residence nestled on over a third of an acre within the exclusive confines of a gated community in Scottsdale Ranch! This home is a seamless blend of sophistication and comfort, perfectly suited for both formal gatherings and everyday relaxation. Architectural marvels such as stately columns and graceful archways adorn the interior, while an abundance of windows invite natural light to cascade throughout, offering picturesque vistas of the sprawling backyard oasis and the sparkling pool area. Luxurious stone and wood flooring grace every corner, leading you to a chef's kitchen boasting expansive granite countertops, state-of-the-art stainless-steel appliances, and a striking drop-down vent hood. Entertain in style within the expansive family room, complete with complete with soaring ceilings, a cozy fireplace, and a sleek media center. Retire to the primary suite, featuring a private fireplace, access to a secluded patio retreat, and a spa-like bath replete with a raised garden tub, and a glass-enclosed shower. The immense walk-in closet offers ample storage for even the most discerning fashion enthusiast. Outside, revel in the joys of outdoor living beneath the expansive covered patio, where guests can gather for soirées or take a refreshing dip in the pool, all while savoring al fresco dining beneath the shaded ramada. Experience the epitome of luxury living in this meticulously crafted sanctuary!

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7127 E Rancho Vista Drive Unit 4012 Scottsdale, AZ 85251

$1,395,000

2 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6722940

Property Type Apartment

Price Type --

This incredible luxury renovation is expected to be completed by November 1st 2024. Welcome to this breathtaking Optima Camelview luxury renovation masterpiece. This property features 2 bedrooms 2 baths, 1448sqft, two private parking spaces and a massive private patio. Boasting a breathtaking organic modern design throughout, you'll find custom raw stone & wood works, premium lighting designs, exquisite quartzite slab living room fireplace accent wall, thermador & wolf appliances, sonos surround sound, automated blinds and so much more. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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5231 E Muriel Drive Scottsdale, AZ 85254

$1,395,000

4 Beds

2 Baths

2,647 SqFt

Status Active

MLS # 6732153

Property Type Single Family Residence

Price Type --

Welcome to to this Amazing house in the highly sought after Arabian Views with No HOA!!!freshly remodeled from head to toe its a must see in person!!!The interior boasts 16' Ceiling in the entrance and 10' ceiling through out with 6'' crown molding in all the right places, high end marble like porcelain 16/32 tile through out including showers, free standing stone resin bath tub, 3/8 glass shower door in both bathrooms, stunning kitchen with custom cabinets with glass, dark blue dazzling granite countertop in the kitchen with all new appliances, are just a few of the items hat will capture your heart upon entering this house. Hurry as this beauty will take out wings and FLY!!!

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