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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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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4226 E Coconino Place Chandler, AZ 85249

$1,350,000

5 Beds

4.5 Baths

3,891 SqFt

Status Active

MLS # 6742096

Property Type Single Family Residence

Price Type --

Welcome to 4226 East Coconino Place located within the desirable gated Canopy Community in Chandler! As you enter the subdivision you are welcomed with serene beauty of lush green grass, outdoor entertainment space with oversized ramadas/built in BBQ/outdoor fireplace and chairs. Homeowners can reserve garden boxes and grow their own vegetation! Offering 5 bedrooms, 4.5 bath, plus flex room. This home checks every box on the list when it comes to upgrades! As you enter the property you're presented with soaring 10' ceilings and views of the backyard through the 12' panoramic arcadia door which leads to the backyard. PebbleTec (heated) pool offers Baja deck and built in jacuzzi. Travertine and artificial turf line the backyard for a clean and sheik appearance. Relax in your own retreat with the extended 5' covered patio, built in BBQ with cooler, fridge and waste compartment. The kitchen is perfect for entertainment with an oversized island, double ovens, 36 gas cooktop, vented hood and spacious walk-in pantry. A clean modern look is presented with warm frosted Harbor Kitchen 42 upper cabinets, black hardware and granite countertops. Downstairs you'll find one of the two en-suite bedrooms which is split from the other bedrooms, making it a perfect guest retreat. Secondary en-suite is located upstairs. The laundry room is conveniently upstairs with additional bedrooms and provides ample storage with additional cabinets and shelving. The flex-room/loft includes barn door allowing for privacy. Oversized 4 car tandem garage has 10' ceilings, allowing for the perfect place to park your vehicles and toys! Tankless gas water heater, owned water softener, and RO system. 8x40 wood-like tile throughout main living areas downstairs and 2 blinds throughout. Primary bedroom and family room are oversized with 5' extension. Meticulously cared for by its original owners. This home boasts true pride of ownership. It's true resort style living! A must see today!!

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5244 E Hartford Avenue Scottsdale, AZ 85254

$1,350,000

5 Beds

4 Baths

3,143 SqFt

Status Active

MLS # 6744659

Property Type Single Family Residence

Price Type --

Experience this stunning 5 bed, 4 bath home located in the heart of Scottsdale. Recently refreshed w/a complete interior & exterior paint job, this residence radiates an inviting & spacious ambiance. Step inside to discover elegant luxury light fixtures adorning every room. The upper level boasts new carpeting, featuring a 2nd bed complete w/ a private bath, while beds 3 & 4 share a convenient Jack & Jill bath. The expansive master suite offers a cozy sitting area, a separate tub & shower, & a generous walk-in closet. Outdoors, enjoy a beautifully designed backyard w/ limestone flooring, a newly remodeled heated pool, Pentair technology, a gas fire feature, a 5-hole putting green, & an outdoor shower. Fully furnished w/ furniture available for purchase via a separate bill of sale.

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4605 E Glenrosa Avenue Phoenix, AZ 85018

$1,350,000

3 Beds

2.5 Baths

2,214 SqFt

Status Active Under Contract

MLS # 6747994

Property Type Single Family Residence

Price Type --

Custom home in the heart of Arcadia with breathtaking Camelback Mountain views! Inside, enjoy wood-look porcelain tile, plush carpeting, custom shutters, & coffered ceilings in the living area, with recessed lighting & double sliding doors to the patio. The gourmet kitchen boasts granite countertops, top-of-the-line stainless steel appliances, a walk-in pantry, an island, & a charming bay window. Relaxing primary with ensuite bath boasting a dual vanity & spacious walk-in shower. Enjoy AZ life in the resort-style backyard featuring a sparkling pool, lush landscaping, & a pergola. Also included, a 2-car garage & a water softener. Perfectly located in Arcadia minutes to Old Town Scottsdale, & surrounded by local favorites like OHSO Brewery, The Porch, SIP Coffee Bar, Buck & Rider, & more!

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18381 N 93rd Street Scottsdale, AZ 85255

$1,350,000

4 Beds

3 Baths

2,563 SqFt

Status Active

MLS # 6751337

Property Type Single Family Residence

Price Type --

Beautiful family home in the highly coveted DC Ranch community. This is one of the few homes in the neighborhood with a private lot that backs to a wash with views of the McDowell mountains. This 4 bedroom and 3 full bath home features gorgeous hardwood floors, stainless steel appliances, white kitchen and open floor plan. The backyard boasts a large heated pool/spa and brand new turf. Upstairs offers 2 guest bedrooms and a loft area for the kids. The spacious primary suite has a large walk in shower and balcony with unobstructed mountain views. This gated neighborhood features 2 large parks offering plenty room for outdoor play and gatherings. You will also have access to the DC Ranch community pools, tennis/pickleball courts, and fitness center. Conveniently located close to Market Street, DC Ranch Crossing, the 101 freeway, and world class restaurants, shopping, golf and hiking.

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5135 W Alameda Road Glendale, AZ 85310

$1,350,000

5 Beds

3 Baths

3,749 SqFt

Status Active

MLS # 6749254

Property Type Single Family Residence

Price Type --

Bring your toys! Stunning Tri-Level Home in Saddleback Estates on just under an acre with additional 3000sqft Garage & Fully owned 150kwh Solar System providing close to zero energy costs! Inside you will discover 5 bedrooms, 3 baths 2 living areas, formal dining and an extra flex room. Home features tile & wood flooring throughout, granite counters and cherry cabs in the kitchen, & a large master with private balcony equipped with a hot tub. Outside enjoy a covered patio overlooking a beautifully landscaped yard and sparkling pool that also is equipped with heater and chiller. The massive garage/workshop is equipped with A/C, heat, 3-phase electric, and R40 insulation in the walls and R55 in the roof. On top of having tons of character & storage this home is located near golfing, hiking water parks, plenty of dining options at the shops at Norterra and great schools like Sandra Day O'Connor. Only a short drive to both 101 and I-17 freeways. Check out additional upgrades attached in document section.

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930 E Waltann Lane Phoenix, AZ 85022

$1,350,000

4 Beds

3 Baths

3,276 SqFt

Status Active Under Contract

MLS # 6759160

Property Type Single Family Residence

Price Type --

Experience modern luxury in this soft contemporary home with breathtaking panoramic mountain views from every room! Great room floorplan is designed for entertaining, with the perfect blend of indoor and outdoor living. The gourmet kitchen is complete with high-end stainless steel appliances, oversized island and elegant quartz countertops. Large primary suite is split from other bedrooms, offering a walk-in closet and dramatic views. An additional bedroom and bathroom are downstairs. Upstairs, a spacious loft provides even more space to relax, opening to a balcony with stunning views. Two generous-sized bedrooms share a full bathroom upstairs. Situated on a 1/2-acre hillside lot, the well-designed outdoor oasis includes a saltwater play pool, covered patio, artificial turf and hot tub.

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6614 W Sweetwater Avenue Glendale, AZ 85304

$1,350,000

5 Beds

3.5 Baths

4,489 SqFt

Status Active

MLS # 6756750

Property Type Single Family Residence

Price Type --

Built on nearly an acre, this ranch style home was designed with love and extreme attention to detail. The gourmet chef's kitchen is perfectly placed to allow large family gatherings and every day comfort. The star of the show is the 48'' Bertazzoni gas stove complemented by gorgeous granite countertops and custom cabinetry. Your eyes will be drawn to tasteful timeless design features throughout the home. Your family and friends will have so many rooms to choose from to work, play, entertain and relax.: (click more tab for more info) Even the hallways are extra wide, giving the flow of the floorplan a sense of ease. Create your best memories in the RESORT like back yard: Earth Air Fire Water featured in every way: Earth- luscious green grass and mature fruit trees AIR-with nearly and acre there is room to breathe, run and play FIRE- built in gas firepit and lots of string lights add warmth and ambiance AND OF COURSE- WATER!! The sparking pool is heated and has an amazing grotto water slide feature. The outdoor kitchen is surrounded by plenty of seating at the bar and covered patio. As that isn't enough there is also a hot tub with gazebo. Family reunions, weddings, birthday parties will never be the same when you truly have a resort in your own back yard. The home has 5 bedrooms and 3.5 bathrooms. Authentic southwestern details add a timeless feel to the tasteful design and finishes of this stunning home. Built-in cabinets and wood features add a sense of luxury throughout the interior and exterior. So much more: New Roof RV gate Barn style workshop/ covered parking Lots of slab parking for all the toys Lots of windows Pride of ownership Flood irrigated lot Stacked stone ledger accents on exterior Gorgeous Vigas / pillars with copper accents and unique corbels En Suite on west end of home Garden tub with jets in Primary bedroom Functional, spacious, and versatile floor plan Multi generation living Extra wide hallways Block fence Mature trees Zoned AGRICULTURAL NO HOA

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