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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8050 E Del Mercurio Drive Scottsdale, AZ 85258

$1,349,950

4 Beds

4 Baths

3,418 SqFt

Status Active

MLS # 6704350

Property Type Single Family Residence

Price Type --

Stunning McCormick Ranch Retreat: Nestled in prestigious McCormick Ranch, this exquisite residence offers the epitome of luxury living combined with the charm of suburban tranquility. Boasting exceptional amenities and an unbeatable location, this home is a haven for those seeking comfort, convenience, and style. Property highlights include 4 beds, 4 baths, diving pool, large backyard, private guest suite w/separate entrance, two-car garage, great restaurants nearby, miles of bike paths, numerous lakes, The Ranch's exclusive green belts, and the 3C's schools! Don't miss your chance to experience this remarkable residence. Call for your private tour today and discover the luxury, convenience, and charm that await within this exceptional property!

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22817 N 55th Street Phoenix, AZ 85054

$1,349,900

4 Beds

2.5 Baths

3,114 SqFt

Status Active Under Contract

MLS # 6758577

Property Type Single Family Residence

Price Type --

Rare opportunity in the exclusive Ironwood Greens gated golf community. Nestled on the 14th hole of the Wildfire Faldo golf course with unobstructed views of mtns to east. Extraordinary remodeled backyard sitting on nearly 1/3 an acre with one of the largest panoramic lots in the area. This brightly updated east backing home is perfect for entertaining in & out with 12' soaring ceilings & nearly wall to wall glass doors. Boasts a split floor plan with great room & spacious kitchen featuring built in double ovens, wolf gas cooktop and granite countertops. Large 4 bedrooms with plantation shutters and massive laundry room includes cabinets galore & utility sink. Features new interior & exterior paint, new carpet, epoxy 3 car garage w/ EV charger, custom pool with Baja shelf and more.

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36850 N Pfeifer Lane San Tan Valley, AZ 85140

$1,349,900

2 Beds

2.5 Baths

2,343 SqFt

Status Active

MLS # 6745345

Property Type Single Family Residence

Price Type --

Dive into the luxury of resort-style living with this beautifully designed golf course estate. Enjoy the breathtaking views of lush fairways that provide a serene backdrop, complemented by a spacious outdoor area perfect for relaxation, social gatherings, and enjoying the mountain scenery. The interiors are bright and expansive, featuring high-end finishes. The gourmet kitchen, a dream for those who love to cook, is equipped with quartz countertops and top-of-the-line appliances. The master suite is an opulent retreat with a lavish ensuite bathroom. Additionally, there is another bedroom, one and a half more bathrooms, a bonus room, and a den, making this home one of the most desirable locations on the course. Encanterra in Queen Creek offers more than just a home—it's a way of life.

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22423 N 54th Place Phoenix, AZ 85054

$1,349,900

4 Beds

3 Baths

3,534 SqFt

Status Active

MLS # 6679995

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Check out this gorgeous 4 bed, 3 bath residence in a gated desert ridge community! Nestled on a premium golf course lot & featuring a beautiful facade w/stone accents, manicured desert landscape, a true 3+ car garage w/built-in cabinets, and a brick paved driveway. Inside you will find an elegant living area w/a fireplace to keep you warm during the winter months. High ceilings, dazzling light fixtures, plantation shutters, and designer palette throughout! The formal dining room boasts a wet bar to delight your guests. Just off the cozy great room is the chef's kitchen, comprised of oak cabinets w/solid surface counters, a pantry, built-in appliances, an a large island w/a breakfast bar, and a breakfast nook. A must see!!! Bring your buyers they will LOVE it. Relax and unwind in the primary bedroom, boasting private outdoor access, a walk-in closet, and a lavish ensuite w/dual sinks & a garden tub. Don't forget about the lovely den, perfect for an office! Finally, the large backyard includes a covered patio, extended seating area w/a fire pit & built-in BBQ, view fence, and a refreshing pool w/a rock waterfall! The home of your dreams is here, act now before it's gone!

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630 W Echo Lane Phoenix, AZ 85021

$1,349,500

4 Beds

4.5 Baths

3,442 SqFt

Status Active

MLS # 6649400

Property Type Single Family Residence

Price Type --

Step into this gorgeous home conveniently tucked in a gated enclave of boutique semi-custom homes in an amazing location w/in the popular Phoenix Central Corridor. The open kitchen + great room concept has soaring 22ft ceilings, featuring a Chef's dream kitchen w/ full slab island, 6-burner gas cooktop & oven, dedicated ice maker, wine fridge, & spacious walk-in pantry. The luxurious master suite is on the main level w/ an expansive walk-in closet, dual vanities, & beautiful shower / tub combination. The split floor plan has an upper level w/ 3 oversized bedrooms, 3 full bathrooms, generous laundry room, multi-use loft, & 2 balconies. The backyard is an entertainer's paradise w/ a large covered patio, low maintenance synthetic lawn, & sparkling heated pool & spa w/ mountain views (MORE) plenty of room to roam for both kids & pets. Additionally there is a 3-car tandem garage with builtin EV charger. The home is also conveniently positioned close to restaurants, shopping, entertainment and easy freeway access. Don't wait!

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73 W Lewis Avenue Phoenix, AZ 85003

$1,349,000

3 Beds

3 Baths

3,158 SqFt

Status Active

MLS # 6750614

Property Type Single Family Residence

Price Type --

Welcome to Willo!! Discover this enchanting 3 bedroom, 3 bathroom Bungalow in the Willo Historic District, a testament to architectural grace and modern comfort. Built by A L Johnson in 1925, this home spans a generous 3,158 square feet, including a 664 square foot basement. The property also includes a detached two-car garage. The home's facade boasts classic design elements such as river rock porch details and decorative trim, meticulously preserved to honor its historical significance. Step inside to a world where heritage meets contemporary living, highlighted by a mix of newly refinished hardwood, tile, and carpet flooring that complements the abundance of natural light and exquisite details found throughout. A large front porch welcomes you, leading to a versatile flex room, ideal as a study or office adjacent to a formal living room with a striking brick fireplace. This opens to an elegant dining room adorned with stunning stained glass windows, creating a perfect backdrop for memorable gatherings. The kitchen is a chef's delight, equipped with stainless steel appliances and ample storage. The family room is bright and airy, fostering a perfect setting for relaxation or entertainment. Upstairs, the master suite is a retreat within itself, featuring a remarkable window and ceiling design, a custom-tiled bathroom with dual sinks, walk-in shower, standalone tub, and two closets. Two additional bedrooms and bathrooms offer spacious and beautifully detailed accommodations. The basement is an ideal space for a den, home theatre, or game room, offering additional flexible living space. This amazing home even has all new windows. Step outside to a backyard oasis complete with lush landscaping, a swimming pool, spa, and pergola perfect for enjoying the outdoors in privacy and style. As one of the first historic districts, Willo is steps away from the light rail, incredible dining, culture and amenities Phx offer. This home was featured in the Willo Historic District Home Tour of 2024. It is not just a residence but a piece of history ready to be cherished by its new owners. Embrace the blend of historical charm and modern convenience in this truly gorgeous landmark home.

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3182 Rising Sun Ridge Wickenburg, AZ 85390

$1,349,000

3 Beds

3.5 Baths

2,724 SqFt

Status Active

MLS # 6739253

Property Type Single Family Residence

Price Type --

This beautiful Latigo model home has everything to offer. It starts with a beautiful court yard featuring a wood burning fireplace and separate Casita. The inside of this home has numerous upgrades including stunning granite counters, Split Primary Vanities, Separate Tub/Shower and 2 walk in closets, 2 guest ensuites, powder room, den and accent ceiling beams. Even with all the interior upgrades there are even more out back! The 500 sq ft patio has electric shades to enclose the area giving you a secluded out door space. This stunning lot sit on Hole 4 of the Championship course with fairway and water views. Come see your dream home, and I mean DREAM home. Look for additional pictures coming soon.

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21206 N 53rd Avenue Glendale, AZ 85308

$1,349,000

4 Beds

2.5 Baths

3,057 SqFt

Status Active

MLS # 6730810

Property Type Single Family Residence

Price Type --

Stunning, redesigned and completely remodeled single level home in the exclusive Arrowhead Lakes community. New roof, new windows and doors, beautiful, engineered hardwood floors throughout. Gourmet chef's kitchen features ZLINE appliances, custom cabinetry with Calacatta quartz. Separate family and living rooms each featuring a fireplace. Split floor plan and primary suite features a sitting area with a coffee/wine bar, direct patio access, custom walk-in closet, oversized walk-in shower, and a separate soaking tub. Situated on a premium waterfront lot with panoramic lake and mountain views, a private boat dock and direct lake access. Completely redone, low maintenance backyard with a redesigned new pebble tec play pool, extended covered paver patio, artificial turf, and built in grill.

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5854 E Dusty Coyote Circle Scottsdale, AZ 85266

$1,349,000

4 Beds

3.5 Baths

3,451 SqFt

Status Active

MLS # 6736796

Property Type Single Family Residence

Price Type --

Welcome to 5854 E Dusty Coyote Cir, a stunning 4-bedroom, 3.5-bathroom property in North Scottsdale priced at $1,349,000. This home offers an exquisite combination of location, views, and privacy, boasting unobstructed vistas of Black Mountain through oversized windows and 12' ceilings. The spacious interior features a cozy fireplace, wet bar, and an extra room perfect for a home office. The dream kitchen is equipped with upgraded stainless steel appliances, granite countertops, abundant cabinetry, a pantry, and a large island with a centered sink and breakfast bar. The luxurious master suite includes a private exit, sitting room, lavish full bath with his and her sinks, a separate tub, step-in shower, and his and her walk-in closets. The perfect-sized backyard is designed for entertaining, featuring a covered patio, built-in BBQ, refreshing blue pool with spa, and cool decking, complemented by a complete sound system throughout. Additional highlights include two brand new AC units, a 3-car garage and an RV gate. Situated in a prime location with close proximity to parks, shopping centers, and top-rated schools, this home is a true gem in North Scottsdale. Don't miss out on the opportunity to make this your dream home!

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17934 W Estes Way Goodyear, AZ 85338

$1,349,000

3 Beds

3 Baths

2,997 SqFt

Status Active Under Contract

MLS # 6709602

Property Type Single Family Residence

Price Type --

Priced right and under appraised value. Luxurious living at its finest! Elegant custom modern build by Jada Custom Homes on a prime cul-de-sac lot in a gated community located in the Award-winning Community of Estrella! Exquisite curb appeal, custom driveway, artificial turf, & courtyard entry. 3-car oversized with 853 sq feet garage & 10ft RV gate/parking for bringing all your vehicles! Walk in through the beautiful front pivot door to a modern interior that has an open kitchen, dining and living room layout with four 16ft multi-sliding doors leading to front and backyard book matched patios merging the indoor/outdoor living areas. Architecturally & Aesthetically! Custom cabinets, custom quartz counters throughout, custom tile floors, custom tile bathrooms, stone-accented wall w/fireplace and stylish light fixture. Chef's kitchen showcases custom quartz counters/back splash, skylights, a huge waterfall island w/breakfast bar, a large walk-in pantry with Custome pull out drawers, & high-end SS appliances, including a 48 inch Bertazzoni range. All three bedrooms are generous sized and all have large walk-in closets. There also is an office / den with beautiful custom glass enclosure. The home also has state of the art CCTV with battery backup and wireless WIFI access points throughout the home. Owner's retreat is a work of art which includes a large built out walk-in closet with tons of storage, lavish bathroom w/double vessel sinks & glass enclosure, custom walk in shower with raindrop shower head & freestanding tub. Newly installed oasis style backyard features new custom pool w/ three water features, artificial grass, BBQ, fire pit, modern pergola & large above ground spa. Stunning views from every angle! This home is also just a five minute walk to Estrella's North Lake, Yacht Club, community pools, gym, sport courts, hiking trails galore and not to mention dining! This beautiful custom home is a perfect example of an indoor/outdoor AZ Lifestyle! See it, love it, live it!

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10302 S 16th Avenue Phoenix, AZ 85041

$1,349,000

4 Beds

4.5 Baths

4,077 SqFt

Status Active

MLS # 6713642

Property Type Single Family Residence

Price Type --

INCREDABLE luxury home nestled on the side of South Mountain overlooking downtown Phoenix. Owners have spent the past two years returning the home to its original territorial style with new travertine flooring throughout, new interior paint, bath fixtures, door hardware, numerous upgraded lighting fixtures and the primary shower and garden tub remodeled. Great entertaining home from the huge dining and family rooms to the incredible chefs kitchen with GE Monogram appliances. Back yard is truly resort style with infinity edge pool, separate in ground spa, fire pit and outdoor kitchen. The rooftop deck offers incredible views from downtown phoenix to the South Mountains. Oversize 4 car garages for all your toys too.

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9344 E Via De Vaquero Drive Scottsdale, AZ 85255

$1,349,000

3 Beds

3 Baths

2,769 SqFt

Status Active

MLS # 6727480

Property Type Single Family Residence

Price Type --

This Terraces West home is ready for move in! 3 Bedroom 2.5 bath The Master bedroom is on the ground floor! Separate Living, Dining and Family Rooms! Great open floorplan, perfect for entertaining. Wonderful N/S lot in cul de sac with no homes across the street affording extra views of the McDowells! If your looking for a DC Ranch property in the Terraces look no further, this home is ready for move in.

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