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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2308 E Blue Bell Circle Payson, AZ 85541

$1,325,000

4 Beds

3 Baths

3,367 SqFt

Status Active

MLS # 6750593

Property Type Single Family Residence

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Experience luxury living at its finest in this breathtaking hillside home located within the prestigious private golf country club of Chaparral Pines. Overlooking the 7th fairway and offering spectacular mountain views and sunsets, this residence combines elegance with unparalleled natural beauty. The expansive great room features vaulted T&G ceilings and a fireplace with stone accents, creating a warm and inviting space perfect for relaxing or entertaining. The kitchen is a chef's delight, equipped with granite countertops, stainless GE Profile series appliances, a gas cooktop, double wall oven, and a walk-in pantry. The primary bedroom and an additional bedroom are conveniently located on the main level, offering ease of access and privacy. MORE The walk-out basement offers a wet bar, a bedroom with an ensuite, and a huge game room that can double as an additional bedroom, providing ample space for entertainment or guest accommodations. Beautiful wood windows throughout the home add warmth and character, enhancing the overall aesthetic. The rear deck features remote-controlled screens, allowing you to enjoy the stunning views and fresh air in comfort and style.

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7167 E Rancho Vista Drive Unit 2006 Scottsdale, AZ 85251

$1,325,000

3 Beds

2 Baths

2,357 SqFt

Status Active

MLS # 6755021

Property Type Apartment

Price Type --

Total Refresh Move In Ready. If you looked at it before take another look. Rare 3 bedroom 2 bath offering in Award winning Optima. Well located unit with north and east facing patios . Unit comes with 2 parking spaces ( 1115 and H1099) and a storage unit. Interior features natural travertine floors , two sided fireplace, open kitchen with double ovens , 6 burner gas cooktop rich wood cabinetry and granite counters. Spacious laundry room with built in cabinets, washer and dryer convey. Lockbox hanging on grate to the north of garage entrance or go to the concierge office to pick up a key to show

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14816 E Valley Vista Drive Fountain Hills, AZ 85268

$1,325,000

2 Beds

2 Baths

2,742 SqFt

Status Active

MLS # 6743723

Property Type Single Family Residence

Price Type --

New Build from the Ground Up! Located on a cul-de-sac. This single-story new build home allows you to choose your finishes. This open floorplan showcases the protected easement behind the home with 8' windows and 12' ceilings. Select your finishes and build your dream home now.

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9905 E Cinnabar Avenue Scottsdale, AZ 85258

$1,325,000

4 Beds

2.5 Baths

2,656 SqFt

Status Active Under Contract

MLS # 6746097

Property Type Single Family Residence

Price Type --

Welcome to a meticulously updated 4 bedroom masterpiece in the highly desired community of Scottsdale Ranch. Step inside thro the custom iron entry door to find a fabulous floor plan. This stunning home features luxurious acacia wood flooring and elegant tile throughout. Chef's kitchen is equipped with a state of the art induction cook top, SS appliances, double wall oven, and new alderwood cabinetry. The kitchen is open to the family room and overlooks the park like backyard. What a view!! Relax by one of the 3 fireplaces-inside or out. Unwind in the expansive primary bedroom complete with its own fireplace and spa like bathroom. Rejuvenate in the soaking tub or simply jump in the sparkling pool! New A/C unit and low-e windows offer energy efficiency and great style. every detail has been carefully considered, from the updated lighting to the sand-finished exterior with fresh paint. This home is more than just a place to live, it's a lifestyle. There are dozens of active clubs and groups within in Scottdale Ranch to participate in. Don't miss this chance to own a piece of paradise!

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5109 E Phelps Road Scottsdale, AZ 85254

$1,325,000

5 Beds

3 Baths

2,613 SqFt

Status Active Under Contract

MLS # 6757389

Property Type Single Family Residence

Price Type --

Hard to find 5Br, 3 Full Baths, Split Plan, Multiple living areas, Huge Vaulted Ceilings, 12 ft Accordion Door that leads to Sparkling Pebble Tech pool with Baja Step & Beautifully landscaped Backyard with Built-in BBQ & Covered patio. Have peace of mind knowing that you have a New Roof, New Ac's, & a complete remodel with Elegant finishes Like Marble, Hardwood floors, Custom Hood Vent & shelves, wainscoting, surround sound, wallpaper and woodwork throughout making it feel like you are living in a Magazine. Located perfectly, only 9 minutes between Scottsdale Quarter/Kierland & PV Reimagined Mall and just over 5 min to Highway 51/101 or Mayo clinic. Truly a Unique home that stands out from the rest and is sure to Impress. Come See it Today before it's Gone!

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4675 Copper Court Wickenburg, AZ 85390

$1,325,000

3 Beds

3.5 Baths

3,024 SqFt

Status Active

MLS # 6742332

Property Type Single Family Residence

Price Type --

Enter the spacious 3-bed, 3.5-bath Orion floor plan. Dramatic 10 & 12 ft ceilings accentuate mountain views from the grand living room's ample windows. Den & media room offer additional hosting space when the family comes for the holidays. Granite countertops at dining & baths. Smart space at laundry adds storage, office or craft area. Kitchen is an entertainer's dream w/ built-in cooktop, microwave, oven, & large island for guests. Alcove dining space opens to 600 sq ft of covered patio. Powered shades, built-in BBQ & ceiling fans. artificial turf and mountain views, stunning sunrises & sunsets are all waiting in your backyard. Fully paid off solar, 3-car garage, hot water recirculation & water filtration primary bath with soaker tub and glass enclosed shower upgrades just to name a few

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7635 E Camino Vivaz -- Scottsdale, AZ 85255

$1,325,000

3 Beds

3 Baths

2,220 SqFt

Status Active

MLS # 6752515

Property Type Single Family Residence

Price Type --

Newest home built in this private gated North Scottsdale community. No expense was spared on upgrades for this 3 bed, +den, 3 bath home with open floor plan. From the soaring 12 ft ceilings, to the gourmet Custom Chefs kitchen which has top of line GE Monogram appliances, double stacked custom cabinets, and waterfall countertops! Your spacious great room has natural light flooding in, along with gorgeous mountain views in the back yard. It is the perfect place to entertain guests! All of the bathrooms throughout the home have floor to ceiling upgraded tile showers, cabinets and granite counters to match! This smart home comes equipped with a Ring doorbell, alarm system, smart front door lock, thermostats, water flow monitoring system and you can open your garage door all from a simple app on your phone anywhere. Plus, your 2-car garage is epoxy coated and has an existing outlet for Electric Vehicle charging! Your new home also features beautiful front and backyard landscaping with automatic drip system and synthetic grass in the backyard. Close to the high end shopping, dining & events that North Scottsdale has to offer and only a short distance to numerous golf courses and easy access to hiking trails.Don't miss out on this fantastic home!

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3802 E Piccadilly Road Phoenix, AZ 85018

$1,325,000

4 Beds

3 Baths

2,553 SqFt

Status Active

MLS # 6761839

Property Type Single Family Residence

Price Type --

This Mid-century modern inspired single level home is quintessential Arcadia Lite! Located on an oversized, corner lot with electric RV gate, play pool & 2 car garage with EV charger. Beautiful curb appeal that welcomes you home in quiet pocket neighborhood. Bright and open, the kitchen features a big designer island and dry bar with clean, modern lines (calling your inner Art Collector for these walls!) Split floorplan with primary on one side and other 3 bedrooms on the other - kitchen/living space in between, makes it a great living flow with plenty of privacy for the primary. A new sparkling pool, putting green and lounge area make the outdoor living so functional and great for hosting.

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1011 Dusty Lane Show Low, AZ 85901

$1,325,000

3 Beds

2.5 Baths

3,422 SqFt

Status Active

MLS # 6658000

Property Type Single Family Residence

Price Type --

This gorgeous 2 story home, with over 3,000 Sq ft sits on just over 6 acres. With 3 bedrooms, 2.5 bathrooms, plus a large bonus room, this home has all the space you need. Attached is a 3-car garage, with a workshop. Included on the 6 acres is a storage building, playground, orchard and extra-large metal shop, complete with 2 garage doors, and a wood stove. Mature trees, owned solar panels, brand new quartz counter tops, a new pellet stove, custom master bathroom, lawns on sprinkler systems, and a private well are just a few more things this amazing property has to offer! Listing agent is directly related to sellers.

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1244 N 106th Place Mesa, AZ 85207

$1,325,000

5 Beds

3 Baths

3,588 SqFt

Status Active

MLS # 6672008

Property Type Single Family Residence

Price Type --

Perfect in every way! Nestled on an acre lot, this beautiful 5-bedroom +office home epitomizes comfort and functionality. 4-car tandem garage for plenty of storage. RV parking, front porch, & a lovely front yard w/artificial turf are just the beginning. Discover a formal dining room and an inviting living area that opens to the kitchen! Natural light filled the spaces, complemented by a neutral palette, modern light fixtures, and wood-tile flooring w/plush carpet in bedrooms. The gourmet kitchen boasts sleek SS appliances, quartz counters, subway tile backsplash, white shaker cabinetry, a walk-in pantry, and an island w/breakfast bar. Primary bedroom has an outdoor exit and a ensuite that features two vanities, soaking tub, separate shower, & a walk-in closet w/laundry & mudroom access Laundry room with sink and cabinetry for added convenience. Out the back, you have a covered patio to relax after a busy day. PLUS! This property offers so much room for your animals, trucks, toys, or ideal outdoor living space. Enjoy the neighborhood's tranquility and fantastic mountain views! Don't miss this move-in-ready abode!

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1921 S Santa Anna Drive Chandler, AZ 85286

$1,325,000

5 Beds

3 Baths

3,824 SqFt

Status Active

MLS # 6723948

Property Type Single Family Residence

Price Type --

Rare chance to own a recently remodeled home in the heart of Chandler that features a 4-car garage and resort style backyard. Located in the highly desirable gated community-Germann County Estates, you have easy access to multiple freeways, shopping, restaurants, and entertainment. Walk in the front door working on your golf game, cutom patio coverings with misting systems, oversized pool, jacuzzi, sunken kitchen with swim-up-bar, custom area for golf simulator, RV gate, and custom lighting all around. Don't miss this opportunity as they don't come very often in this area!

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17518 E Whitethorn Drive Rio Verde, AZ 85263

$1,325,000

4 Beds

3.5 Baths

3,651 SqFt

Status Active

MLS # 6735190

Property Type Single Family Residence

Price Type --

Nestled on a peaceful road among breathtaking mountain vistas, this home offers unparalleled resort-style living in serene Rio Verde. A thoughtfully designed split floor plan allows for privacy with the primary bedroom split to one wing, away from the other 2 bedrooms in the main house. An attached 1bed/1bath casita is accessible from the back patio. Entertain effortlessly in the great room with a cozy fireplace, a huge built-in entertainment center, a sophisticated built-in bar, and game room with space for a pool table. Adjacent is the chef's kitchen with a large island, granite countertops, stainless steel appliances, and a walk-in pantry. Versailles pattern travertine & engineered wood floors as well as other beautiful finishes throughout the home. The deluxe master has an oversized bath suite with an adjoining room that can be used as an office, workout space, or an extra closet. Stunning views of the Tonto National Forest serve as a picturesque backdrop while you're relaxing in the sparkling pool or in the new above ground hot tub among beautiful landscaping and wide-open skies. Additional upgrades in addition to the new hot tub include 2 new A/C units in 2022, and an extensive critter fence installed around the perimeter. Don't miss this invitation to luxurious living here in Rio Verde!

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