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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3113 E Half Hitch Place Phoenix, AZ 85050

$1,350,000
4 Beds
3 Baths
3,398 SqFt
Status Active Under Contract
MLS # 6757188
Property Type Single Family Residence
Price Type --
Welcome to this stunning 2019 remodel in the quaint Estates at Ridgeview gated community. Covered front porch & spacious entry lead to an open floor plan flooded with natural light. High ceilings, wide plank wood floors & 8ft interior doors combined with a 3 panel glass slider featuring unobstructed mountain views create exceptional & comfortable indoor-outdoor living. Resort backyard has 2022 built pool with water feature, Baja step, gas-heated spa, gas fire pit, pergola, built-in Napolean grill & easy to maintain turf. Back inside cook away in the large gourmet kitchen with 2 Kitchen Aid ovens, 6-burner range, stainless appliances, large island & service nook to Dining area. Gas fireplace with shiplap surround in Living. Large Primary suite features spa-like bathroom with soaking tub & separate vanities. Bedrooms 2 & 3 share a teen/play room. 4th BR with CA closet built-ins. Office or 5th BR has Murphy Bed for flexibility & doors to turfed side yard. Unobstructed mountain & desert views behind property are a rare find. Plantation shutters, Pottery Barn and Serena & Lily light fixtures. # car garage with built in storage. Water softener. The list goes on... Easy access to walking & biking trails. Conveniently located minutes from the 101 & 51.

17370 W Wildwood Street Surprise, AZ 85388

$1,350,000
3 Beds
3 Baths
2,813 SqFt
Status Active
MLS # 6672082
Property Type Single Family Residence
Price Type --
One of the BEST PREMIUM GOLF COURSE LOT, This full 3 bedroom plus office Home is ready to move-in. Home has $550k+ in upgrades, Home has a Wine Closet, 12'' Patio Doors full Landscape to the Max, Includes all Appliances. Enjoy Resort Style Living at it's Finest at Sterling Grove Golf & Country Club in the 55+ Section of the Community. Looking for a Home that has everything with Gorgeous Mountain Views, Amazing Sunsets, Beautiful Golf Greens, A great custom Heated Pool and Spa to enjoy year round., Garage has EV outlet, epoxy floors, wood floors entire house

18223 W Rancho Court Litchfield Park, AZ 85340

$1,350,000
5 Beds
3.5 Baths
3,244 SqFt
Status Active
MLS # 6740239
Property Type Single Family Residence
Price Type --
Stunning Home with Modern Luxuries and Entertainer's Dream Spaces! Discover this exquisite 5 bedroom, 3.5 bath home nestled in the beautiful gated community of Russell Ranch, on a premium cul-de-sac lot. The property features an oversized 3 car garage, perfect for all your storage needs. Enjoy the flexibility of RV or casita potential with pre-installed plumbing. Inside, custom shutters adorn every window, enhancing both privacy and elegance. The expansive great room offers a perfect setting for gatherings and holiday celebrations. The home also boasts impressive front & back patios, ideal for entertaining or simply relaxing. Front & back landscape lighting, with customizable color options, adds a touch of sophistication to your outdoor spaces. Don't miss out on this exceptional property.

1113 S Cypress Circle Payson, AZ 85541

$1,350,000
3 Beds
4 Baths
4,055 SqFt
Status Active
MLS # 6706097
Property Type Single Family Residence
Price Type --
Spectacular Quality! Steel structure & solid Alder doors throughout. Purple Mountains Majesty! Views! Sip your coffee admiring the Mogollon Rim. Conveniently located on a hilltop minutes away from downtown Payson, shopping & restaurants. Step through the door into vaulted, beamed ceilings with a wide staircase & custom railing. Family Room, Dining Room & Patio flow together creating a relaxed entertaining space. Main Suite dominates the 2nd story with a private loft, spa bathroom (including jacuzzi tub, snail shower, private laundry & bidet), fireplace, extended custom closet & huge deck. Top of the line, stainless steel appliances in this chef's kitchen where the sink window overlooks the vista, walk-in pantry and laundry room are steps away. Solid wood, Alder cabinetry throughout All walls are metal 2x4 & property framing is steel beams. Property has fire suppression system. Tile roof. Quality! The lowest level boasts 2 guest rooms with ensuite baths. LL living room includes a bar with a beer tap, wine cellar, refrigerator, ice maker, dishwasher, sink, surround sound & fireplace. Don't forget the gun closet & the bonus room! Step onto the wrap around patio and you are among the trees & views. Can you smell that fresh, pine air? Property sides to National Forest. Toys? Bring them! There is plenty of room in the 5 car garage. Storage cabinets & work bench flank the walls making an efficient space. 220 outlets in the garage. RV Parking on the side slab with electrical plug-in. Large storage room accessed from lower level patio. Come see it all!

11519 E Blue Wash Road Cave Creek, AZ 85331

$1,350,000
3 Beds
2.5 Baths
2,655 SqFt
Status Active Under Contract
MLS # 6612853
Property Type Single Family Residence
Price Type --
Heavenly views and a custom home in Tonto Hills surrounded by the National Forest, direct views of Mighty Four Peaks, Weavers Needle and beyond. Intelligent floor plan with 3 bedrooms and 3 baths, formal dining and great room that opens to the picturesque patios. Detached horse stable has electricity and could be easily converted to a casita. Rear patios offer the perfect shape and ideal location/site for a negative edge pool, see photos of renderings for a virtual pool. The views and privacy here are unrivaled.

1314 E Mckellips Boulevard Apache Junction, AZ 85119

$1,350,000
5 Beds
4.5 Baths
6,336 SqFt
Status Active
MLS # 6603009
Property Type Single Family Residence
Price Type --
Boasting a sprawling 6,000+ square foot layout, this property perfectly marries luxury with functionality. Nestled in a picturesque location, it offers breathtaking of views the Superstition Mountains to the east and the Tonto National Forest to the North, providing an unparalleled blend of natural beauty and refined living. The main portion of the house features 3 bedrooms, 2.5 baths, a den, and spacious living areas, including an impressive Chef's Kitchen that provides ample room for comfortable living. The property's versatility is further enhanced by a second wing or multi-generational space with 2 more bedrooms/baths, ideal for accommodating extended family or offering extra living space for guests. The private 10-seat movie theater is a standout feature, perfect for entertaining. Additionally, the six-car garage, equipped with 50 cabinets, along with abundant storage space, provides practical solutions for homeowners with multiple vehicles or extensive storage needs. The outdoor amenities, such as the expansive paver back patio, RV gate, and ride-in/ride-out equestrian trails, make this property perfect for enjoying the area's natural beauty and engaging in outdoor activities like horseback riding and ATV riding. Situated in unincorporated Pinal County, WITH NO HOA, on an acre and a quarter, this single-story home offers a rare combination of luxury, space, and functionality in a breathtaking location, making it an exceptionally desirable property.

5339 N Sahuaro Canyon Lane Tucson, AZ 85749

$1,350,000
4 Beds
3 Baths
3,670 SqFt
Status Active Under Contract
MLS # 6733071
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Tanque Verde Valley, this extraordinary home offers a harmonious blend of luxury, comfort & natural beauty.Surrounded by an abundance of towering saguaro cacti and framed by breathtaking multiple mountain views, a sanctuary of serenity & sophistication. From its elegant design to its premium amenities, every aspect of this property has been meticulously crafted to provide an unparrelleled living experience. Arrive to stricking metal front door welcomes you into a world of tranquility. Step inside and be captivated by the scenic vistas that greet you from every window, seemlessly blending the indoors with the magnificient outdoors. New HVAC 2022, New Windows 2019, New Water Softner, Water Filter, Solar for pool, new pool heater added 2019. The outdoor oasis is the luxurious pool area.Dive into sparkling pool complete with a slide, spa and rock formation, all heated by efficient solar power. The wrap around covered patio offers perfect space for entertaining, with city lights and mountain views. Family rm is located off kitchen with f/p. Chef's Kitchen with center island, breakfast bar & breakfast nook. Dining room windows frame city lights. Primary suite with gas f/p, patio, primary bath with jetted tub, custom closet, glass block shower. Living room with stacked stone f/p, vigas, corbels & wood beams. Oversized secondary bdrms with jack/jill bath. 3rd bath with jetted tub. Whole house water filtration. A WOW home!!!

1555 S Mullen Way Prescott, AZ 86303

$1,350,000
5 Beds
3 Baths
3,879 SqFt
Status Active Under Contract
MLS # 6683350
Property Type Single Family Residence
Price Type --
This could be the best view in all of Prescott* Spectacular mountain, forest and city light views from the expansive new deck* This amazing home features 5 bedrooms + den, 3 bathrooms* Home was designed as a single level 3 bedroom, 2 bath great room home with an attached (separate entrance) 3 bedroom 1 bath home downstairs with kitchen & Murphy bed in living room. Perfect for a large family, multi-generational living or vacation rental. No HOA. Almost 2 private hillside acres with countless pine trees. Vaulted ceilings & hardwood floors throughout great room. Bright open kitchen with built-in Sub-Zero refrigerator, slab granite countertops & custom cabinets. Primary suite has two walk-in closets, fireplace, deck access with world class views. Oversized 3-car garage measuring 1057 sqft. Outside there's a custom fire pit with water feature. Walking path to your mountaintop bocce ball court overlooking the city. Come and take a look at this special Mountain retreat, you will be amazed!!! **Owned Propane tank included**

9255 W Buckskin Trail Peoria, AZ 85383

$1,350,000
4 Beds
3.5 Baths
4,089 SqFt
Status Active
MLS # 6708890
Property Type Single Family Residence
Price Type --
Welcome to your custom retreat on 1.2 acres in Peoria, ideally located near Lake Pleasant and featuring an impressive 1900 SF RV/Boat Garage. This home offers 4 bedrooms and 3.5 bathrooms, providing ample room for your multi-generations. The gourmet kitchen is a chef's delight, equipped with high-end appliances and finishes, and flows seamlessly into a great room with a breakfast bar, cozy breakfast nook, and formal dining area. Entertain effortlessly in the indoor/outdoor living spaces, which include a putting green, basketball hoop, covered patio, BBQ area, spa, and a sparkling pool that invites relaxation and enjoyment. The spacious layout also features a large workout room with an adjoining steam room, perfect for maintaining your fitness routine. For those who need extra storage or workspace, the property includes a 1900 SF detached RV garage with a large garage doors, one for your RV and the other to store your beautiful boat to take to Lake Pleasant. This garage has ample storage, a workshop, and can accommodate up to 4 additional cars, making it ideal for car collectors or hobbyists. Don't miss the opportunity to own this exceptional property that combines luxury, functionality, and ample space for all your needs.

5442 E Saint John Road Scottsdale, AZ 85254

$1,350,000
5 Beds
4 Baths
3,845 SqFt
Status Active
MLS # 6719935
Property Type Single Family Residence
Price Type --
Major Price Improvement on this profitable STR Investment or create the perfect primary residence in a highly desirable neighborhood. Updated TW Lewis Home in Arabian Crest! There's no HOA, and it's conveniently located near Copper Canyon Elementary located in the popular 85254 ''Magic Zip code.'' This property is within 10 minutes from TPC Scottsdale, The Westin Kierland Golf Club, the Mayo Clinic Hospital, Kierland Commons, Scottsdale Quarter, and Desert Ridge Marketplace. The home has a downstairs primary suite with direct access to the patio and pool area. The large owner's bathroom includes a separate tub and shower, and plenty of closet space. The big family room has high ceilings, a gas fireplace, patio access, and an open layout connecting to the kitchen and breakfast room. The kitchen features beautiful Bali veined Calacutta quartz countertops with a full backsplash and Samsung black-stainless appliances, including a double wall oven. Upstairs, there's a very large bedroom with its own bathroom, accessible through double doors, which can be used as a bedroom suite or a second family room, plus three additional bedrooms. The home has plantation shutters throughout. The well-kept backyard features lush landscaping, newer turf, and a pebble-finished pool, all perfectly oriented with north/south exposure.

22633 N Clubhouse Way Scottsdale, AZ 85255

$1,350,000
3 Beds
2 Baths
2,582 SqFt
Status Active
MLS # 6627247
Property Type Single Family Residence
Price Type --
This significant golf property located in the highly desirable Pinnacle Peak Country Club in North Scottsdale overlooks the 11th fairway with a spectacular view of Pinnacle Peak. The property is ideal for those looking for an easy-care full-time residence or a lock-and-leave vacation home. All on one level this open flowing floor plan has been updated with new paint, new tile and low-pile carpet floors, kitchen and bath remodels and much more. Using today's modern finishes, this discerning home imparts the move-in-ready aspect. The home is entered from a stone pavered walk-way with room for front patio seating. Through the double door steel framed glass doors, the great room impresses with a vaulted beamed ceiling, iron chandelier, floor to ceiling tiled fireplace, wet bar, and glass sliders that lead to the patio. To the south the chef's kitchen is fully equipped with new granite countertops and appliances, a spacious island with a waterfall side, pendant lights and bar seating. The adjacent casual dining area extends convenience and outdoor access. The serene primary suite, in the North side of the home, features a double door entry, sitting space and patio access. Enjoy the ensuite bath with new double sink vanity, walk-in shower with floor to ceiling tile surround and a walk-in closet. For guests the sizeable second bedroom ensuite opens to the guest bath with tub and shower combination, also opening to the hall. The den or office, off the great room, has a double barn door entry and can easily be used as a third bedroom. The outdoor patio is delightful with views of the golf course and the actual Pinnacle Peak. The vaulted with beams covered patio space mimics the design of the great room inside. An outdoor fireplace, dining ramada, and beautiful mature desert landscape, including citrus trees creates the sought after outdoor Arizona casual lifestyle. Overall, this updated golf property is an excellent opportunity to own a prime location in North Scottsdale's Pinnacle Peak Country Club.

3080 W Blazingstar Road Show Low, AZ 85901

$1,350,000
4 Beds
3 Baths
2,315 SqFt
Status Active
MLS # 6749349
Property Type Single Family Residence
Price Type --
Nestled on over an acre, this gorgeous home sits on a premium gently sloping lot on the 3rd fairway of the Torreon Tower Golf Course. This single story home has an open plan with soaring ceilings and plenty of indoor and outdoor space for entertaining and relaxing alike. The chef's kitchen features Frigidaire Professional stainless steel appliances including a 5 burner gas range & built-in microwave. There is ample seating along the Quartzite center island which opens to the great room with its stylish stacked stone fireplace, vaulted tongue & groove ceilings, & large windows offering tranquil views of the majestic pines. The spacious outdoor deck has a comfortable seating area and dining area so that you can enjoy the beautiful weather and pines from the comfort of your own backyard. This home is centrally located less than half-a-mile from the Torreon family center, which has pickleball courts, basketball courts, a playground, & a catch-and-release pond, etc. The Torreon Clubhouse has a restaurant, fitness center, heated swimming pool, spa, ballroom and more. There is something fun for everyone to enjoy in Torreon.

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