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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6921 W Voltaire Avenue Peoria, AZ 85381

$1,380,000
3 Beds
2.5 Baths
3,078 SqFt
Status Active
MLS # 6703383
Property Type Single Family Residence
Price Type --
Discover epitome of resort-like living in this stunning 3 BR oasis. This dreamy house boasts a spacious & impeccably designed interior with an outdoor paradise that feels like a perpetual vacation. Imagine unwinding in your very own dive-in pool, surrounded by swaying palm trees & lush landscaping that evoke a sense of tropical tranquility. For sports, indulge in friendly matches on your private tennis & basketball courts, enjoying the warm Arizona sun. Inside, the home exudes luxury its open-concept living spaces & sleek finishes. The heart of the home has a inviting wet bar, perfect for entertaining & creating memorable evenings. It's more than just a house; it's a sanctuary where resort-style amenities meet the comforts of home, offering a unique opportunity to live the Arizona dream.

35245 S Turtle Creek Road Wickenburg, AZ 85390

$1,379,000
3 Beds
2 Baths
2,462 SqFt
Status Active
MLS # 6749049
Property Type Single Family Residence
Price Type --
BRING THE ATV'S, BIKES OR HORSES! THIS PRIVATE CUSTOM RANCH HOME ON 10 ACRES CAN ACCOMODATE ANY LIFESTYLE *ADDT. 5 ACRES AVAILABLE for Sale! NEWLY REMODELED! NEW ROOF! PRIVATE WELL! VAULTED CEILINGS * New FLOORING+GRANITE COUNTERTOPS+ LANDSCAPING+RANCH SIZED GOURMET KITCHEN+LONG BAR+WHISKEY/WINE NICHE+LARGE GATHERING ROOM+FIREPLACE+ANDERSON WINDOWS+STAINLESS STEEL APPLIANCES+WINE FRIDGE+RUSTIC BEAMS + TILED WALK-IN SHOWERS+10 ACRES+ELEVATED & USEABLE w/ DIRECT ACCESS TO STATE LAND+HORSES & ATV'S+ROOM FOR THE INLAWS, OUTLAWS & MOTHER-IN-LAWS! +EXTENDED COVERED PATIO+HEATED/COOLED SWIM SPA+HAY BARN+HORSE STALLS+MISTERS+TURN OUT+SHOP+2, 50-amp RV HOOKUPS+HITCHING POSTS+TRAILS FOR MILES+2 GATES TO ACCESS STATE LAND+WELCOME TO WONDERFUL WICKENBURG. THIS PRIVATE ESTATE CAN BE YOURS! TOUR NOW!

4678 E Cheshire Loop Prescott Valley, AZ 86314

$1,378,461
3 Beds
3.5 Baths
2,672 SqFt
Status Active
MLS # 6711536
Property Type Single Family Residence
Price Type --
This gorgeous Capstone Home is our most popular floorplan with a 45' RV garage on an oversized view lot. 3 car garage as well provides ample garage storage. 2672 sq ft with 3 beds 3.5 baths plus a study. This is an absolute must see. 12' ceilings, quartz countertops, wood flooring, stoned fireplace with stain grade mantle,. Shaker style soft close cabinets and shiplap above the range. this home has it all. This home now includes Washer, Dryer and Refrigerator and fully landscaped backyard that's incredible.

6816 N 177th Place Waddell, AZ 85355

$1,375,000
6 Beds
4.5 Baths
3,587 SqFt
Status Active
MLS # 6735754
Property Type Single Family Residence
Price Type --
Brand new home on an oversized lot! NO HOA. This home is situated on just over an acre and includes flood irrigation for the backyard. The home has an attached Casita off the front with its own exterior access and creates the perfect spot to work from home or host guests and loved ones. The backyard is fully fenced with block walls and ready for your dream backyard! Other homes for sale on the same street as well. You do not want to miss this!

11336 E Diamond Cholla Drive Scottsdale, AZ 85255

$1,375,000
4 Beds
2 Baths
2,248 SqFt
Status Active
MLS # 6759739
Property Type Single Family Residence
Price Type --
Located in TROON, an area known for its exquisite golf & beautiful mountain views is the community of Four Peaks at Troon Village. Enter & you are greeted by a wall of glass that paints Pinnacle Peak. This COMPLETE DESIGNER REMODEL has an open floor plan that lets in plenty of natural light. The kitchen offers a massive quartz island w/ plenty of seating & professional grade appliances. The family room & dining room are across from the kitchen so everyone can be together. The owner's suite features a large soaking tub, glass shower & large walk-in closet. On the other side of this split floor plan home are 3 additional bedrooms & an additional bath. Exit through the 18' sliding glass door to reveal your own pool & majestic mountain views. Perfect vacation home or your forever home.

2449 E Southwood Road San Tan Valley, AZ 85140

$1,375,000
5 Beds
3 Baths
3,228 SqFt
Status Active
MLS # 6730008
Property Type Single Family Residence
Price Type --
This country home w/ a white picket fence, wrap-around porch & on 3.3 FLOOD IRRIGATED ACRES is a classic vision of rural life. Complete horse training facility offering; 18 horse stalls w/ auto waterers & fans. The huge arena is a rare find; 200' x 300', LED lights & excellent footing. It has a convenient cattle alleyway to easily load cattle into the roping chute. More features; hay barn, silo, large wash rack w/ dry well for drainage, 2 turnouts w/ shades, cattle pens & 4 RV hookups. The detached garage / workshop offers two roll-up doors, space for a tack room, feed or tractors. The home features five true bedrooms, including two owner suites—one on each level. The upstairs master suite includes a jetted tub, walk-in shower & two walk-in closets. **Click 'More' tab** The Great Room is highlighted by a beautiful stone fireplace. The kitchen features white cabinets, granite countertops, breakfast bar island & stainless steel appliances. Huge laundry room w/ cabinets & a mudroom, a desirable feature for the outdoor lifestyle. Countless hours have been spent in this arena & barn dedicated to rigorous training and practice. Both horses and their riders transformed into champions, achieving remarkable success in competitions. Now, it's your turn to take ownership of this home and utilize this exceptional arena and facility to shape the next generation of champions.

42144 N Mountain Cove Drive Anthem, AZ 85086

$1,375,000
3 Beds
2.5 Baths
3,437 SqFt
Status Active Under Contract
MLS # 6742477
Property Type Single Family Residence
Price Type --
This incredible property showcases 3,437 square feet of stunningly appointed indoor/outdoor living space and boasts exceptional mountain views! Step inside to discover a newly remodeled kitchen featuring elegant Misterio Gold quartz countertops, conveniently located pot filler, added coffee bar, and extended island. New soft-close custom cabinetry includes drawer pull-outs, pull-out waste containers, and a pull-out spice rack, all complemented by under and over-cabinet lighting. Top-of-the-line appliances include a Wi-Fi compatible 48'' Wolf Dual Fuel Gas Range, Sub Zero Refrigerator, and Sharp Drawer Microwave. The main living area has crown moldings and takes full advantage of the breathtaking mountain views with expansive windows that frame the landscape and fill the space with natural light. The spacious owner's suite features a beautiful gas fireplace and provides captivating views of Daisy Mountain, creating a serene and private retreat. The freshly remodeled bathroom showcases new cabinetry, Kohler illuminated mirrors, Misterio Gold quartz countertops, new Delta Brizo fixtures, added custom linen cabinet, new shower interior, and a luxurious tub with a Misterio Gold quartz waterfall surround. The outdoor space is an entertainer's dream with a heated pool and spa featuring in-floor cleaning and wifi connectivity, an outdoor ramada with gas fireplace, a spacious covered patio, and putting green. Pavers have been extended down the side yard for added charm and functionality. ALL new Energy Star Certified Marvin windows with fiberglass frames and full HVAC replacement in 2018. Programmable Wi-Fi thermostats. Plantation shutters and all hard floors throughout--no carpet. This home has been meticulously cared for, ensuring every detail is in pristine condition. Remodeled laundry room features new shaker-style cabinetry with under-cabinet lighting and granite countertops with backsplash. Extended-length garage includes insulated doors and new garage door openers with Wi-Fi connectivity, fresh epoxy flooring, and an added side door for convenience. Anthem Golf and Country Club is a guard-gated community offering two private 18-hole golf courses, two clubhouses with restaurants and fitness centers, resort-style pools, tennis and pickleball courts, and numerous classes/clubs available.

2304 E Blue Bell Circle Payson, AZ 85541

$1,375,000
4 Beds
4 Baths
3,842 SqFt
Status Active
MLS # 6744402
Property Type Single Family Residence
Price Type --
*Please view the video tour, 3D walk-though tour and documents to see all this home has to offer* Welcome to your dream home in the beautiful guard gated community of Chaparral Pines Golf Country Club. This stunning residence exudes luxury, function and comfort, offering an impressive array of updates and features that cater to your every need. As you enter the main level, you are welcomed into a spacious and open living area. The living room, dining room, and kitchen are thoughtfully connected, creating a harmonious flow that is perfect for entertaining. The natural light floods in through windows with cellular shades, highlighting the elegance of the gas fireplace and creating a warm, welcoming atmosphere. The primary suite on the main level is a true sanctuary with its expansive seating area, sliding door access to the deck, and walk-in closet. The en-suite bathroom featuring a large shower with dual shower heads and body jets, a built-in tub, dual vanities with a makeup area and ample linen storage. On the opposite side of the main floor, a guest room offers privacy and comfort, complete with direct access to a bathroom that also serves the hall and access to the deck. The laundry room is designed for convenience with a utility sink, countertop space and storage, leading directly to the 2-car garage, golf cart garage and workshop, all with epoxy flooring. Venture to the lower level to discover a spacious setup, perfect for guests, extended family and entertaining. This level features a comfortable guest room with direct access to a bathroom also acting as guest bathroom and an oversized guest suite with an ensuite bathroom plus generous seating area. The office is thoughtfully equipped with two built-in desks, functional storage including a closet making it ideal for working from home. The kitchenette, with a fridge/freezer, dishwasher, sink, and microwave, provides everything you need for relaxed living. A sliding door opens to the patio, where an above-ground spa invites you to unwind. Situated on a large corner lot between two cul-de-sacs, this home offers views of the mountains and the golf course from the upper deck. Please view documents tab for a list of all improvements and additional information. This exceptional home in Chaparral Pines is more than just a place to live; it's a lifestyle. Experience the elegance, comfort, and community this remarkable property offers. Don't miss the opportunity to make it yours! *Owner had a pre-listing inspection completed and are happy to provide that information.

6717 E Brilliant Sky Drive Scottsdale, AZ 85266

$1,375,000
3 Beds
3 Baths
2,030 SqFt
Status Active
MLS # 6750276
Property Type Single Family Residence
Price Type --
Public Remarks:Welcome to your beautiful desert dream home, freshly remodeled & radiating luxury at every turn! From the incredible Wolf & Sub-Zero Kitchen to the stunning & warm fireplace to the ultimate getaway Master Retreat! This completely reimagined designer home in North Scottsdale's prestigious guard gated Terravita community is the epitome of elegant, carefree living. Imagine starting each day in this exquisite, move-in-ready gem, perfectly tailored for downsizing, upgrading, or as is seasonal escape. Every corner of this desert retreat has been thoughtfully curated to blend sophisticated style with everyday comfort. Experience the beauty of Arizona living with magnificent sunsets & a lush private backyard oasis, all within a low-maintenance, resort-style setting.

456 E San Carlos Way Chandler, AZ 85249

$1,375,000
5 Beds
3 Baths
3,793 SqFt
Status Active
MLS # 6733123
Property Type Single Family Residence
Price Type --
Extraordinary Home in South Chandler's Pinelake Estates. Discover unparalleled luxury in this stunning 5-bdrm, 3-bath basement home, boasting a 180-degree water view in the highly sought-after Pinelake Estates. From the moment you enter the front courtyard & approach the custom iron & leaded glass front door, you'll be struck by the meticulous attention to detail throughout this exquisite residence. Step inside to be greeted by an open & airy living room with striking wood beams, built-in bar area w built-in mini fridge cooler. An enclosed office featuring glass French doors & custom built-ins. The 18ft wide 6-panel slider doors open up to reveal a breathtaking view of the custom-landscaped backyard and the serene lake beyond, perfect for family entertainment. click MORE The split floor plan places the owner's suite on the east side of the home, offering a private exit and separation from the other bedrooms and basement entrances. The owner's suite features a large picture window with stunning lake views, a beautifully designed master bath with a stand-alone tub, a floor-to-ceiling shower with a top-of-the-line multi-head shower panel system, and a custom master closet with built-in shelving, high-end quartzite counters complete the luxurious master bath. The home showcases new flooring throughout and updated windows, enhancing its modern appeal. The open-concept family and eat-in kitchen area boasts beautiful quartzite counters, newer appliances including a brand-new refrigerator, refaced soft-close cabinets, a designer backsplash, a gas range, dual ovens, and an island with a barn sink that doubles as a breakfast bar, all overlooking the family room with its large picture window framing the stunning view. Two additional bedrooms and a full bathroom are located on the kitchen side of the house. Descend to the basement to find a fully functioning theater, two more bedrooms, and another full bathroom. The backyard is an entertainer's paradise, featuring a spacious covered patio with an added pergola, synthetic turf on one side, a gated dog run on the other, and a well-designed infinity pool with a vanishing edge, a Baja shelf, a raised spa, and a sunken Ramada with a swim-up bar. The BBQ area includes stools in the pool and fire pots to illuminate the pool area at night. Enjoy all of this with a high-end commercial misting system to keep you cool. Additional highlights include a new A/C system with a programmable thermostat, a huge side yard with an oversized storage shed, a newer rebuilt dock, low-maintenance front and back yards with synthetic turf throughout, an RV gate, hardwired security cameras, a whole-house water filtration system, and more. This exceptional home is truly one-of-a-kind and not to be missed!

900 E Peach Tree Place Chandler, AZ 85249

$1,375,000
4 Beds
3.5 Baths
3,754 SqFt
Status Active
MLS # 6725095
Property Type Single Family Residence
Price Type --
Nestled in the small, exclusive gated community of Mission Estates, this exquisite home is the perfect setting for both indoor and outdoor living and entertaining. Entering thru the private courtyard into the home, you are greeted with an impressive wall to wall slider providing a view of the newly renovated backyard, exhibiting an abundance of natural lighting. The lofty 12 foot ceilings amplify the sense of space and luxury showcasing the natural wood flooring and custom designed wainscoting all adding to the feel of luxury living. The heavily upgraded chef's kitchen includes a large island, custom cutout for ample stainless steel fridge and freezer, double ovens, farmhouse sink, sizable walk in pantry and spacious butler's kitchen. The primary suite features an elegant chandelier, separate his and her closets customized by California Closets for floor-to-ceiling organization and an oversized luxe bathroom with a private expansive shower. This home has 4 bedrooms, including a built in Murphy's bed and storage in guest room and an intimate gym with newly padded flooring. Additional game room has plenty of flexibility to customize the space to suit your needs, whether it be a cozy media room, craft room, playroom for the kids or a private retreat for guests. Substantial 3 car garage encompasses additional overhead storage. The private outdoor retreat embraces an impressive backyard with a built in BBQ, fire pit, half court sports area, expansive turf play area & multiple seating spaces creating an ideal environment for both everyday living and entertaining guests. This premium north/south facing home on a large (nearly 1/3 acre) lot allows for both privacy and tranquility offering the perfect backyard brimming with family appeal and balance of location & Arizona lifestyle.

1328 E Pomelo Grove Lane Phoenix, AZ 85014

$1,375,000
4 Beds
2.5 Baths
2,554 SqFt
Status Active
MLS # 6724512
Property Type Single Family Residence
Price Type --
Constructed in 2022 by Boyer Vertical, this stunning 4 bed/2.5 bath modern home resides in the smart home community of KARMA, located in the coveted Madison Heights neighborhood of North Central Phoenix. Built with sustainability in mind, this home features a tightly sealed envelope, thanks to top quality spray foam insulation and is on the forefront of technology with its SPAN electrical panel, VELUX retractable Skylights, Energy Star rated appliances, a tankless water heater, Nest thermostats, and an EV charger achieving a 50 point HERS certification. Natural light beams throughout the main floor as you are greeted by a sleek and modern kitchen featuring high-end Dacor and Fisher Paykel appliances and a waterfall edge island that serves as a versatile hub for cooking, casual dining, and socializing. The bright and open living and dining room make the perfect retreat to experience seamless indoor-outdoor living through the triple sliding door to your inviting backyard which includes a heated pool with water features and mountain views and a patio perfect for alfresco dining or lounging. Also located on the first floor is a beautiful powder bath and the spacious primary suite, which provides comfort and ease featuring a full-size stackable Samsung washer and dryer, a spacious walk-in closet, and a spa-like primary bath with dual vanities and walk-in shower. Upstairs you will find three additional spacious bedrooms, a modern bathroom with dual vanities and a shower/tub combo, sleek storage cabinets and hookups for a space efficient washer and dryer. This one of a kind home is at the epicenter of some of the best experiences Central Phoenix has to offer. From award winning restaurants, popular hiking trails, shopping, resorts, and more - this home is your opportunity to live sustainably without compromising luxury or an elevated lifestyle.

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