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.

Click Here to See What Your Home is Worth

7247 N 6th Place Phoenix, AZ 85020

$1,349,000 - 4Br/3Ba -  for Sale in Orangewood Villa, Phoenix
Open House
$1,349,000
4 Beds
3 Baths
3,128 SqFt
Status Active
MLS # 6761156
Property Type Single Family Residence
Price Type --
Realize your dream home in the heart of North Central Phoenix, surrounded by multi-million-dollar estates. This perfectly remodeled ranch-style residence, featuring a versatile second story, offers an ideal blend of comfort and functionality, perfect for both work and family life. Sixth Place, south of Orangewood Avenue is in a coveted community and delivers impressive curb appeal in a true neighborhood. Inside, over $200,000 was invested in renovations over the past two years. Upgrades include luxury vinyl plank flooring, high-end carpet, and porcelain tile, a new roof (2023), two new AC units, solar panels, and fresh interior paint. The kitchen windows flood the space with natural light framing the exclusive nook and countertop. Choose the oversized island or move into the dining or large family room with views of the park-like backyard, for meals or fun gatherings. The split primary suite boasts motorized shades, two walk-in closets, and a deluxe bath area. On the opposite side of the home, you'll find three additional bedrooms and two bathrooms. The expansive upstairs room is perfect for entertaining or as a spacious home office, featuring vaulted ceilings, ample storage and dual-pane windows throughout. Enjoy your playful paradise as the expansive backyard showcases a large covered patio, diving pool, lush grass space, and mature shade trees. With easy access to all areas of the Valley, your new home offers the ultimate in convenience and luxury living.

1500 W Pinetree Court Show Low, AZ 85901

$1,348,000
6 Beds
4 Baths
3,763 SqFt
Status Active
MLS # 6723455
Property Type Single Family Residence
Price Type --
White Mountain's Master Builder, Rick Biggins, has outdone himself with this home, ''His home''. This remarkable property is the perfect blend of elegance and sophistication coupled with the contemporary mountain retreat feeling in every detail. Driving up to this magnificent custom home, you will immediately notice the immaculate landscaping and outdoor lighting showcasing the natural beauty of this masterpiece. Located on a quiet cul-de-sac in the beautiful Sierra Pines community, you will feel the tranquility and privacy of living in the forest and a connection to community. Built in 2022, Rick didn't miss a beat as he created warmth and functionality throughout the home. The welcoming front porch ushers you into the spacious great room adorned with faux Beams in the great room

6707 N 10th Place Phoenix, AZ 85014

$1,347,000
4 Beds
4 Baths
2,700 SqFt
Status Active
MLS # 6739055
Property Type Single Family Residence
Price Type --
Don't miss this RARE opportunity to buy in the heart of central Phoenix's up & coming neighborhood. The transformation of the homes around will be unrecognizable! SELLER OFFERING RATE BUY DOWN. This jaw-dropping masterpiece has 2 main suites! The home has been beautifully rebuilt inside & out! Sophisticated interior boasts breathtaking color schemes, high-end finishes, 2 split AC units, gorgeous wood flooring, chic light fixtures, skylights, & custom closets. List is endless, pictures don't do it justice! Gourmet kitchen comes complete w/high-end finishes and top-of-the-line stainless steel appliances. Seller/builder is offering a one year warranty on the home, along w/ escrow hold back up to $50k for a pool you can design! Get in the neighborhood before prices sky rocket!

1101 W Fairway Drive Mesa, AZ 85201

$1,347,000
4 Beds
4 Baths
3,646 SqFt
Status Active
MLS # 6721138
Property Type Single Family Residence
Price Type --
**Seller offering $40,000 to be used towards buyer's closing costs Welcome to your dream home! This spectacular property offers the perfect blend of luxury, comfort, and modern elegance. Recently undergoing a complete renovation, this stunning residence boasts breathtaking views and top-of-the-line upgrades, making it an ideal sanctuary for discerning buyers. As you step into this magnificent home, you are greeted by soaring 14-foot vaulted ceilings that open up to expansive views of Camelback and Mummy Mountain. The spacious living areas are highlighted by two cozy fireplaces, perfect for those cool desert evenings. Every detail of this home has been meticulously crafted, from the all-new flooring, framing, drywall, and paint. The entire house has has been spray foamed, ensuring optimal energy efficiency and comfort year-round. The heart of the home is its state-of-the-art kitchen, designed for both functionality and style, boasting all new GE Profile appliances, a butler, appliance vanity, and spacious pantry. With new electrical wiring, including a robust 400 amp panel, the kitchen is equipped to handle all your culinary adventures. The property also features new sewer lines, PEX water piping, and gas line piping, providing peace of mind for years to come. The primary suite highlights include a spa-like primary bath, gas fireplace, two Elfa walk-in closets with built-in storage cabinets, and more beautiful mountain views. The split layout offers ultimate privacy with two bedrooms sharing a Jack and Jill bathroom between them and an additional casita style bedroom bathroom with kitchenette and built-in desk. The den offers a quiet workspace with some original wall cabinets and views of Camelback Mountain. Step outside through your twenty foot infinity door to your private oasis, with sweeping views from South Mountain to Four Peaks, where the pool has been refinished with mini pebble tec and kool decking, flanked by double pergolas. The outdoor shower adds a touch of luxury, making it easy to rinse off after a refreshing swim. The expansive .60 acre lot offers endless possibilities, whether you dream of building a barndominium, a pickleball or tennis court, or simply enjoying the vast open space. The exterior of the home is just as impressive as the interior, with new stucco, encapsulated by an ornamental fence and ficus trees creating privacy and a green space. The large and elevated lot offers not only tremendous views but ample space for outdoor entertaining, gardening, or even constructing additional structures to suit your needs. This exceptional home is perfectly situated to take advantage of Mesa's natural beauty and vibrant community. Enjoy close proximity to top-rated schools, shopping, dining, recreational facilities, Phoenix Sky Harbor International Airport, and Old Town. Whether you are hosting a gathering with friends or enjoying a quiet evening with family, this home provides the ideal setting for every occasion.

5770 E Roundup Street Apache Junction, AZ 85119

$1,345,000
4 Beds
4.5 Baths
3,616 SqFt
Status Active
MLS # 6696539
Property Type Single Family Residence
Price Type --
Amazing fully renovated custom home in Apache Junction with acreage, no HOA, breathtaking views of the Superstition Mountains, sweeping views of the Valley below, a massive 2400sf masonry temperature controlled outbuilding with RV garage, workshop and an attached 1-bedroom casita with kitchenette, bath and laundry. With Flat Iron as its towering backdrop, the main home was taken down to its exterior studs and completely reimagined with new floor plan, all new electrical, plumbing, hvac units and ductwork, windows, doors, finishes and fixtures. The main level has an expansive great room with defined living, dining, kitchen with breakfast nook, laundry room, guest bath, primary suite with soaking tub, walk-in shower with glass enclosure, his and her closets, and private entrance to the rear yard and patio deck. There is also an additional bedroom off the great room with amazing Valley views. The Chef's kitchen features an oversized waterfall central island with tons of storage cabinets and drawers, quartz counters and backsplash, and stainless appliances including two ovens and walk-in pantry. The second level has another family room/kid zone, two large bedrooms with walk-in closets, a full bath and half bath for guests, as well as a large laundry room with sink and a large utility/storage room. Two-car, insulated garage with direct access to the home - and a separate room with built-in dog wash/grooming station. A block fence was added to the entire property with pedestrian and RV gates to the back yard with plenty of room to create an entertainer's paradise with a pool and whatever else your imagination dreams up. The lot has been leveled and graded for your toys or bring your horses and enjoy ranch living. So many options with this property - enjoy the fruits of this Seller's labors and move right in!

5833 W Desperado Way Phoenix, AZ 85083

$1,345,000
4 Beds
4.5 Baths
3,810 SqFt
Status Active
MLS # 6759873
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living in Stetson Valley! This highly upgraded, meticulously cared for home is unlike any other. It's rare that a 3800+ sq/ft, single level home, in a quiet cul-de-sac lot, w/ gorgeous mountain views, complete privacy, and a long list of upgrades becomes available in the sought after community of Stetson Valley. The OWNED SOLAR (2 Tesla Powerwalls) stores energy for later use and allows home to operate off-grid. The 12.75kW Tesla solar panel array services entire property and can eliminates electric costs completely! In fact, APS provides the owner w/monthly credits that result in an annual check! Tesla Supercharger for vehicle charging is a bonus. More 'big ticket' improvements include: NEW ROOF (2023). NEW 80-gallon water heater & exterior paint (2024). Step inside and you'll appreciate the open floor-plan and abundant views of the surrounding mountains. There is a 'zero threshold' at the front door for ADA accessibility and easy moving. Each of the 4 bedrooms are spacious in size and include an en-suite full bathroom. Each bedroom has brand new carpet installed. There is plenty of space to spread out by taking advantage of the open study/den space and the dedicated dining room - both complete with real hardwood flooring, and custom high-end chandeliers. Dimmable lighting is available throughout. Real wood shutters. The primary suite is a perfect owner's retreat and includes a serene sitting area that overlooks the flowing water coming from the multiple pool fountains - as well as the stunning sunsets over the mountains. Primary bath features walk-in shower, a deep soaking tub, and an oversized walk-in closet. Head over to the kitchen to take in the 10-foot-wide granite island, stainless steel appliances (Bosch & Viking brand), and the walk-in pantry. RO drinking water and soft water systems are newer installs. 12 foot ceilings in living areas and primary bedroom, 10 foot ceilings on secondary bedrooms. This oversized 3 car garage provides ample space for a work area, and has epoxy floor paint, a large stainless-steel sink, and an abundance of custom lighting. Just inside the garage door is a spacious laundry room equipped with another stainless-steel sink, 2 dedicated circuits for a fridge and freezer, and option to install a gas or electric dryer. ADT wired and Frontpoint Wireless alarm systems are both available, plus two installed cameras and window/door sensors installed. This home's curb appeal is truly special and impresses at first site! The high-end turf, the meticulously maintained plants, and the entry/courtyard smooth patio pavers set the tone for the luxury vibe that awaits inside and out. Irrigation lines, and drainage pipes are installed in the courtyard - enabling for a 'no mess' watering and drainage setup. The backyard is something to marvel - with a clear view of surrounding mountains, and plentiful upgrades to enjoy and create lifelong memories with, including: a heated, pebbletech saltwater pool, equipped with baja step, in floor cleaning system and cascading water feature fountains. The spa flows graciously into the pool for extra ambiance. There are 2 hard plumbed gas-powered BBQ grills - perfect for cookouts, with spacious bar and island seating for guests. Newly installed landscaping lighting. Gas firepit with seating bench. Don't forget the custom putting green to help sharpen up your golf short game! Home is just 2 mins walk to one of Deer Valley School District's newest K-8 Schools (Inspiration Mountain). Lot adjacent to school is slated for a community/city park! it's just 10-15 mins to I-17 and retail/dining/entertainment options at The Shops at Norterra. Take the 3D virtual tour to fully capture the beauty and essence of this truly special property and plan a tour today!

8425 S 10th Lane Unit 1 Phoenix, AZ 85041

$1,340,000
4 Beds
3.5 Baths
3,063 SqFt
Status Active
MLS # 6748754
Property Type Single Family Residence
Price Type --
Introducing Heard Farm at South Mountain, a brand new community of 24 modern farmhouses with sophisticated architecture designed for healthy, sustainable living! Nestled in South Mountain with quick access to downtown Phoenix, Heard Farm seamlessly blends indoor and outdoor living with fresh floor plans designed for the way you want to live.

9279 E Trailside View Scottsdale, AZ 85255

$1,340,000
4 Beds
3.5 Baths
2,806 SqFt
Status Active
MLS # 6737512
Property Type Single Family Residence
Price Type --
Enjoy the picturesque view of the large, grassy park from your front porch of this beautiful premium lot and remodeled home in a gated neighborhood within the coveted DC Ranch community. With 4 bedrooms, 3.5 bathrooms, a home office and a 3-car garage, there is ample space for your family and guests. This home has contemporary motorized solar shades and the entire HVAC system was replaced in May 2023, including programmable thermostats. Step outside to your sparkling, heated pool, spa and covered patio. Inside, you'll find stainless steel appliances, a double oven as well as a spacious, custom tile shower and a large walk-in closet in the master suite. DC Ranch offers a wide array of amenities including community centers, a heated pool, tennis courts, pickleball courts and playgrounds.

17870 E Appaloosa Drive Queen Creek, AZ 85142

$1,340,000
4 Beds
3.5 Baths
3,855 SqFt
Status Active
MLS # 6735922
Property Type Single Family Residence
Price Type --
Stunning Toll Brothers home in the coveted gated community of Dorada Estates! Impressive paver courtyard leads you into your beautiful home. This semi -custom home is light, bright & open. Featuring 10' ceilings & open concept & wall-of-glass slider to back. Luxurious wood plank tile flooring. Kitchen is a entertainer's delight w/SS appliance, 48'' gas range, hood, abundance of cabinets, Farmhouse sink & huge quartz island. This home is adorned in custom electric shades, beautiful new paint on both the interior & exterior. Additional bedrooms feature walk-in closets, Jack & Jill bath. MASSIVE 4 car garage w/ample storage. Resort backyard w/extensive pavers, pergola, outdoor fire & bistro lighting. HUGE yard large enough for a sports court or Casita **Pool Photoshopped for illustration**

7563 W Electra Lane Peoria, AZ 85383

$1,339,000
4 Beds
3 Baths
3,080 SqFt
Status Active
MLS # 6647195
Property Type Single Family Residence
Price Type --
Welcome Home to this BREATHTAKING PROPERTY situated in a quiet Cul-De Sac lot in a prestigious GATED Community!! This HOME is sure to AMAZE You! Immediately upon entering this Well-Designed SPACIOUS Home, you will FALL IN LOVE with the Open Concept Living Space, Boasting ELEGANCE and STYLE throughout. Highlighting a GORGEOUS Kitchen, Well-Equipped with Tons of BEAUTIFUL Cabinets, AWE-STRIKING Granite Countertops, Massive ISLAND, Double Ovens, Stainless Steel Appliances, Built-In Wine Fridge, Eat-In Kitchen and Breakfast Bar with Beautiful Pendant Lighting. The Kitchen Opens to the LIGHT & BRIGHT Great Room where you will Find the Formal Dining Area HIGHLIGHTING a Modern Lighting Fixture, Beautiful Flooring and soaring ceilings. Continue to be IMPRESSED as you enter the Exquisite Owner's Suite. This Spacious bedroom offers a LAVISH En-Suite with Spa Inspired Bath, Beautifully Tiled STEP-IN Shower, STUNNING Staggered Dual Vanities and the Well-Appointed Walk-In Closet. This Home is Perfect for Entertaining or Relaxing Outside. Invite your guests outdoors to Indulge in Relaxation Under the Covered, SUNKEN RAMADA with Built-In BBQ and Fireplace while you Adore the Beautiful low-maintenance Landscaping and Sparkling Pool. Enjoy tons of Garage Space with Additional RV Parking. Close to Shopping, Dining, Freeways, and So Much More!! Hurry to see this one, you are sure to be IMPRESSED!!!

5830 E Sierra Sunset Trail Cave Creek, AZ 85331

$1,335,000
4 Beds
3 Baths
3,036 SqFt
Status Active
MLS # 6712582
Property Type Single Family Residence
Price Type --
Stunning Torrey Pines model in beautiful Lone Mountain is nicely upgraded throughout with custom finishes. Designed for views & privacy, the backyard opens to a lush wash & Black Mtn views featuring a spacious travertine paver patio, sparkling pool w/water falls, built in BBQ, and artificial turf. The interior features tile plank floors & timeless neutral tile in the main living areas, new carpet in the bedrooms, shutters throughout, & custom cabinets in the family room. The open kitchen features GE Monogram stainless appliances, including a 48'' gas range w/griddle, granite countertops, beverage fridge at the large island & dining nook. The formal dining & living room offer ample entertaining space that flows to the large shaded patio. The master is split from the 3 BR/2 BA guest wing.

7466 E Thorntree Drive Scottsdale, AZ 85266

$1,335,000
3 Beds
3 Baths
2,787 SqFt
Status Active
MLS # 6738319
Property Type Single Family Residence
Price Type --
Soft contemporary desert home located on a serene cul-de-sac in The Boulders, featuring sweeping views of Black Mountain. Highly sought after floorplan with several entertaining options, soaring ceilings, zero interior steps throughout. Living spaces are open, bright and spacious featuring hardwood & flagstone flooring. Kitchen with Sub Zero refrigerator flows beautifully into family room with gas fireplace. Primary suite is oversized, offering multiple closets and generous bath. 2 additional guest rooms, one currently being used as an office, round out to property to a full three bedroom, three bath. Lot feels oversized and is adjacent to open space, desert vistas abound as well as patio space for dining al fresco. Sophisticated, imbibed with natural light, this home is a distinct find.

Leave a Reply

Your email address will not be published.