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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4281 Leaf Spring Drive Wickenburg, AZ 85390

$1,360,000

3 Beds

3.5 Baths

2,767 SqFt

Status Active

MLS # 6743738

Property Type Single Family Residence

Price Type --

This exquisite Shea Latigo residence, located on the golf course, offers breathtaking views of Vulture Peak and the Weaver Mountains. Nestled on a large cul-de-sac lot adjacent to common areas, this home provides both privacy and picturesque scenery. You'll be captivated by the oversized patios featuring a built-in BBQ, pizza oven, and a majestic rock fireplace—ideal for entertaining or simply enjoying a tranquil evening. No expense was spared in crafting this remarkable home, where every detail has been thoughtfully designed. Upon entering, you'll be greeted by a sophisticated den complete with a built-in wine cabinet, perfect for relaxing with your favorite vintages. The gourmet kitchen is a chef's dream, boasting upgraded appliances including wall ovens, a gas range top, a stainless-steel vent, granite countertops, and a stunning limestone backsplash. The expansive living room showcases a dramatic rock fireplace and accent wall, creating a cozy yet elegant atmosphere. Glass sliders seamlessly connect the indoor living space to the outdoor patios, enhancing the flow and making indoor-outdoor living a breeze. High-end wood and tile flooring, coupled with stylish chandelier lighting, add a touch of luxury throughout the home. The master suite is a true retreat, featuring two walk-in closets and a lavish bathroom with a walk-in shower and a soaking tub. Glass doors open directly to the patio, providing a serene private escape. The guest bedroom is generously sized and includes its own patio exit, while the guest bathroom offers ample space and comfort. The charming courtyard is perfect for gatherings, featuring pavers, a massive rock fireplace, a shade screen, and extensive entertainment space. The separate casita provides an ideal space for guests, with a spacious living area, a full bathroom, and a walk-in closet. Additional highlights include a large laundry room that doubles as an office with ample cabinetry for storage, and an extended-length garage providing extra room for additional storage needs. This Shea Latigo home in Wickenburg Ranch offers unparalleled luxury, comfort, and style.

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5905 E White Pine Drive Cave Creek, AZ 85331

$1,360,000

4 Beds

3 Baths

3,036 SqFt

Status Active Under Contract

MLS # 6703488

Property Type Single Family Residence

Price Type --

Welcome to this meticulously maintained gated property, this home has a incredible floor plan, a large lot, custom shutters throughout, a beautiful pool, outdoor kitchen, outdoor fireplace for entertaining, fully remodeled kitchen with GE Monogram appliances, an oversized island, fully remodeled guest bath. a beautiful home office with custom cabinetry plus an air conditioned garage. Exterior newly painted. Window screens all new. Lots of storage. Large his/her master closets all designed by California Closets.

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10935 E Siena Way Scottsdale, AZ 85262

$1,360,000

4 Beds

4.5 Baths

4,820 SqFt

Status Active

MLS # 6691645

Property Type Single Family Residence

Price Type --

Huge Instant Equity, Appraised at 1,800,000. Spacious Interior Courtyard leading to the Covered Patio, Double French Door Entry. Foyer opens to the Formal Living (with Fireplace) and Dining Rooms. Spacious Family Room with Stacked Stone Fireplace adjoins the Gourmet Kitchen with Breakfast Area. Split Floor Plan Primary Suite with Private Patio and Two Large Walk In Closets, Primary Bath with Split Vanities and Double Pass Through Shower. Private Study and Bonus Room located off of the Main Hallway. Private Guest Casita from Courtyard includes its own full bath. 12 Foot Ceiling Height in Most Living Areas. Wet Bar, European (Arched Top) Solid Core Interior Doors. 4 Foot Garage Extension. 4 Foot Patio Extension on Family Room Patio. Frameless Glass Shower Doors on all Showers.

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5547 E Olesen Road Cave Creek, AZ 85331

$1,355,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6763491

Property Type Single Family Residence

Price Type --

Almost Complete - Contemporary NEXTGEN Builders home: 4BD +office/den, 3.5 Bath, high-quality luxury with many upgrades. Oversized 2-Gar with attached 47' RV Gar with 12x14 RV door, on 1 acre lot. No HOA, paver front sidewalk & driveway apron with concrete driveway, large kitchen island, upgraded SubZero/Wolf Appliance Pkg:, Gas Range, Microwave Drawer, 48'' Subzero built-in Refrigerator, Quartz counter tops throughout. Many upgrades, all bedrooms have walk in closets. Owner's bath has large entry shower with a standalone tub and double sinks. 12 Ft ceiling in great room and 8' doors throughout, nicely finished. Energy efficient Spray foam insulation, 2x6 framed and fully sheathed exterior, post tension foundation, Pictures are from a completed model home. Buyer to verify all facts.

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261 E Bracciano Avenue San Tan Valley, AZ 85140

Open House

$1,355,000

2 Beds

2.5 Baths

2,242 SqFt

Status Active

MLS # 6692640

Property Type Single Family Residence

Price Type --

Stunning elegance, breathtaking expansive elevated golf course views, 3 CAR OVERSIZED GARAGE and this could all be yours... live in the East Valley's premier private golf course community of Encanterra CC. This incredible Create floor plan offers open concept living with 2 primary suites, walk in closets and gorgeous quartz and stone upgrades abound! Luxury vinyl plank flooring, throughout. Separate office, open great room with chef's delight, Island kitchen, SS appliances, B/I Sub Zero refrigerator. Automatic shades, triple panels wall of glass allow light to add to this resort home. Enjoy the serene back patio and yard overlooking the #16 tee box and fairway and gorgeous lights from the La Casa Clubhouse! Custom landscaping enhance this beautiful home! This will not disappoint!

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43909 W Us-60 Highway Wickenburg, AZ 85390

$1,350,000

3 Beds

2 Baths

1,152 SqFt

Status Active

MLS # 6725364

Property Type Manufactured Home

Price Type --

Experience the incredible lifestyle of ranch living with this exceptional property boasting custom-built barns, outbuildings, and expansive space tailored for horses and cattle. Nestled within stunning surroundings, the property borders state land on two sides and provides your own private access. The outbuildings are one of a kind, and meticulously crafted by the original and only past owners. Along with the custom brick enclosed grill, 2 smoker pits, creative tack room and all the other features that truly make this property unique and special. You will never have an opportunity to own another home like this one. With your own private well and just over 19 flat, fully fenced and flood zone free acres the possibilities are endless whether you want to keep horses or cattle. The property is also split into two parcels for additional options and opportunities. Set back right off HW60 with your own private road leading to a meticulously maintained 3-bedroom, 2-bathroom home. Don't forget the covered porches located on opposite sides of the home, perfect for relaxation and enjoyment of the serene surroundings no matter what time of day. Whether you aspire to immerse yourself in ranch life or seek the perfect horse property with ample space and privacy, this property promises the perfect blend of functionality and comfort. Seize the rare opportunity to call this place home.

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26761 S 181st Place Queen Creek, AZ 85142

$1,350,000

5 Beds

3 Baths

3,000 SqFt

Status Active

MLS # 6702570

Property Type Single Family Residence

Price Type --

NEW BUILD-Approximate completion date August 2024. Enjoy the priceless views of the San Tan Mountains, 957 sq/ft detached casita with full kitchen, irrigated lot and NO HOA, YES PLEASE! Located on just over an acre in the desirable Chandler Heights District of Queen Creek. This open floor plan offers plenty of space for indoor/outdoor entertaining and also includes a den. 4 bedrooms, 3 full bathrooms. Oversized 4 car garage and abundant space finishes off this dream home. Home is currently under construction and builder is offering an allowance for the following: appliances, cabinets, counter tops, flooring, electrical and the front door. Minutes from local shopping, hiking, entertainment, Horseshoe Park & Equestrian Center and the newly build Pecan Lake Entertainment Center!

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26615 S 181st Place Queen Creek, AZ 85142

$1,350,000

5 Beds

3 Baths

3,000 SqFt

Status Active

MLS # 6702571

Property Type Single Family Residence

Price Type --

NEW BUILD-Approximate completion date September/October 2024. Enjoy the priceless views of the San Tan Mountains, 957 sq/ft detached casita with full kitchen, irrigated lot and NO HOA, YES PLEASE! Located on just over an acre in the desirable Chandler Heights District of Queen Creek. This open floor plan offers plenty of space for indoor/outdoor entertaining and also includes a den. 4 bedrooms, 3 full bathrooms. Oversized 4 car garage and abundant space finishes off this dream home. Home is currently under construction and builder is offering an allowance for the following: appliances, cabinets, counter tops, flooring, electrical and the front door. Minutes from local shopping, hiking, entertainment, Horseshoe Park & Equestrian Center and the newly build Pecan Lake Entertainment Center!

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1902 E Cloud Road Phoenix, AZ 85086

$1,350,000

4 Beds

3.5 Baths

2,810 SqFt

Status Active

MLS # 6740641

Property Type Single Family Residence

Price Type --

Don't miss out on this beautiful new construction home, to be built. Contract now and pick your finishes and upgrades. Spacious pull through RV garage that is connected to an additional 4 car garage. Wood-like tile plank flooring and high-ceilings throughout the home. Open concept living space with a split bedroom floor plan. Large kitchen island with space for counter seating, lots of cabinet space for storage, and a nook to be used for so many possibilities, such as a coffee bar, breakfast table, or even a window bench. Block wall enclosing the backyard for privacy (photos taken before wall was complete). This home is located across from state land, no dirt roads and great views. *PHOTOS are of previously build same floor plan.

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E Weston Lane San Tan Valley, AZ 85140

$1,350,000

4 Beds

3.5 Baths

3,630 SqFt

Status Active

MLS # 6748850

Property Type Single Family Residence

Price Type --

Welcome to your dream home in San Tan Valley, AZ! This stunning new build is truly a one-of-a-kind opportunity, offering 4 bedrooms and 3.5 bathrooms with the option to build to suit. Situated on a spacious 1.25 acre lot with no HOA, this property is perfect for those looking for their own piece of paradise. Featuring builder upgrades throughout and front landscaping included, this home will boasts a luxurious feel from the moment you step inside. The open concept floor plan is perfect for entertaining guests. Plenty of room in the backyard to create the backyard of your dreams! And with a RV garage in addition to the 2-car garage, there's plenty of room for all your vehicles and toys. Don't miss out on this incredible opportunity.

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901 Torreon Drive Litchfield Park, AZ 85340

$1,350,000

3 Beds

3 Baths

2,439 SqFt

Status Active

MLS # 6755635

Property Type Single Family Residence

Price Type --

Welcome to a one-of-a-kind STUNNER in old Litchfield Park! This gem was built in 2013 and has been completely redone with a luxurious design and high-end finishes! The dream kitchen boasts top-of-the-line Sub Zero and Wolf appliances, rift white oak custom cabinetry with a huge island topped with marble countertops making this kitchen as stylish as it is functional. The dining room offers a beautiful glass 80 bottle wine display. The laundry room has an integrated dog crate, lockers for extra storage as well as drawers for shoes. The master bedroom has a custom closet system and a luxurious bathroom with an adjacent den. Backyard has a putting green and diving pool! This home blends elegance and modern convenience for a truly exceptional living experience! Seize this opportunity!

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275 E Bracciano Avenue San Tan Valley, AZ 85140

$1,350,000

2 Beds

2.5 Baths

2,343 SqFt

Status Active

MLS # 6754422

Property Type Single Family Residence

Price Type --

Stunning golf course Chroma model w/ fabulous upgrades now available in Encanterra Golf & Country Club! You'll appreciate the pride of ownership that matches one of the best unobstructed views in the community featuring greens, water & mountains. Gourmet kitchen showcases shaker cabinets to the ceiling w/ glass displays, pull-out drawers & soft-close features. Built for entertaining - island w/ gas cooktop, JennAir refrigerator & beverage center. Wood-like tile throughout the house with carpet in the bedrooms. Private den with French doors. Bonus room that can easily become a third sleeping area. Captivating primary suite with ensuite featuring walk-in shower & double vanities w/custom storage. Separated second bedroom & bathroom. Plantation shutters. Incredible laundry room & extra half- bath. These are just some of the timeless interior features of this home. With an oversized garage providing room for storage or a golf cart, this property is as practical as it is beautiful. EV charging outlet. Smart home. As if this wasn't enough, breathtaking views take center stage thanks to the expansive rolling wall of glass. Outdoor gas BBQ and extended travertine paved patio. Surround sound in & outside. This lot is unusually large for the neighborhood. Must see to truly appreciate the friendly & upscale resort-lifestyle of Encanterra! All-age community! Arizona living is waiting for you!

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