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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12158 N 138th Street Scottsdale, AZ 85259

$1,325,000

3 Beds

3 Baths

2,979 SqFt

Status Active

MLS # 6731048

Property Type Single Family Residence

Price Type --

This beautifully remodeled home within the guard gated community of Scottsdale Mountain, features 3 bedrooms, 3 bathrooms, a loft, an office and a host of modern upgrades, including engineered white oak hardwood throughout. The downstairs boasts high ceilings and beautifully remodeled kitchen, featuring new white oak and white cabinets, appliances and quartz countertops. Step into the family room with a dual sided fireplace with the living room on the opposite side. The backyard features a view fence over a beautiful wash, a newly resurfaced pebble tech pool and stunning mountain views at the base of the McDowell Mountains. The home boasts a large first floor master retreat and completely remodeled bathroom. Upstairs is a great place for the kids with an additional two bedrooms and a loft for games and entertainment. Lastly, the home received a new roof in 2022 and new Trane HVAC system in 2024. Don't miss this stunning remodel in the safe and secure guard gated community of Scottsdale Mountain adjacent to award winning schools!

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7272 E Gainey Ranch Road Unit 43 Scottsdale, AZ 85258

$1,325,000

2 Beds

3 Baths

1,895 SqFt

Status Active

MLS # 6730003

Property Type Townhouse

Price Type --

Enjoy the Gainey Ranch lifestyle in this updated 2 bedroom plus den condo with 3 full baths. Situated on the Lakes Golf course. Bright end unit with 2 master suites and views of the golf course. Both with large decks to truly enjoy the morning and afternoon sun. Enjoy all the amenities Gainey ranch has to offer. New ''state of the art'' Gainey Ranch Estate club with everything from tennis and pickle ball to a spacious work out facility. Close to shopping at the Gainey Village and walking to the Hyatt Hotel! Gainey Ranch offers an array of amenities, including tennis, pickleball, a fitness center, community pool and optional membership to the Gainey Ranch Golf Club. Enjoy top-tier shopping, dining, and entertainment just minutes from your doorstep.

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14328 E Charter Oak Drive Scottsdale, AZ 85259

$1,325,000

4 Beds

4.5 Baths

3,650 SqFt

Status Active

MLS # 6750311

Property Type Single Family Residence

Price Type --

Perched hillside on a tranquil cul-de-sac in the privately-gated Hidden Hills enclave, this masterfully crafted Santa Fe-style retreat offers pristine privacy backing to the McDowell Mountain preserve, meticulously manicured resort-style grounds, private front courtyard entry, an attached guest casita (450 sq ft), epoxied 2-car garage & serene mountain views from nearly every window. The unique triple-split floor plan is enhanced with 4 total ensuite bedrooms, two luxurious primary suites, soaring ceilings, plantation shutters, tile + plush carpeting throughout, custom archways, built-in niches & multiple sliding glass doors allowing seamless indoor / outdoor living. Chef's kitchen is equipped with ample crown molded cabinetry, custom backsplash, reverse osmosis, breakfast nook, eat-in - center island & formal dining. Enjoy the entertainers backyard delight complete with a sparkling pool + spa, expansive covered lounge patio, fire pit, built-in BBQ & straight-shot mountain views. Don't miss your chance - this gem won't last long!

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21032 N 60th Terrace Phoenix, AZ 85054

$1,324,000

5 Beds

5 Baths

3,070 SqFt

Status Active

MLS # 6746500

Property Type Single Family Residence

Price Type --

Welcome to your Pulte-built dream home in sought-after Talinn at Desert Ridge, perfectly situated on a premium cul-de-sac lot. Construction on this home was completed in Dec. 2023 and features a fantastic floorplan with 5 bedrooms, 5 baths, a loft, and stunning upgrades throughout . The spacious 2-story great room boasts recessed lighting, surround sound, abundant natural light and a 4 part sliding door that allows a seamless indoor/outdoor experience and access to the large covered patio, professionally landscaped yard and the sparkling pool with large Baja shelf that was just complete in May 2024 . The gourmet kitchen is equipped with high-end granite countertops, stainless steel KitchenAid appliances and pendant lights over the kitchen island breakfast bar. As you enter the home, you will find a large, bright home office. Making your way to the guest suite, complete with an en-suite bath, which is very private and perfect for guests. The first floor laundry room features cabinetry, a folding counter and a deep sink pre-plumb. The heart of the home follows with a gorgeous great room, kitchen with soft-close cabinetry, pull-outs and under cabinet lighting and a formal dining room with a stunning accent wall. Off of it's own vestibule, is the owner's suite complete with a walk-in closet, dual sinks and a huge tile shower. Upstairs, you will find an additional suite with an en-suite bath, 2 additional bedrooms, a full bath and a loft/bonus area. Additional features include shades and curtains throughout, a gorgeous epoxy floor in the garage, granite throughout home in all bathrooms, beautiful fans in every bedroom, loft and back patio, wonderful under-stair storage, designer light fixtures, wood-look tile floors and surround sound in family room and back patio. Located in the desirable resort-style Talinn community, this home offers easy access to the 101 freeway and Desert Ridge, High Street and Mayo Clinic Hospital, providing a plethora of activities such as fine dining, shopping, and entertainment. The community clubhouse, featuring a fitness center and pool, is almost complete and is a short walk. Don't miss out on this gorgeous home!

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E Weston Lane San Tan Valley, AZ 85140

$1,320,000

4 Beds

4.5 Baths

3,602 SqFt

Status Active

MLS # 6748846

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 4.5 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. This property is also horse friendly, making it ideal for equestrian enthusiasts. And with a generous 4 car garage, there's plenty of room for all your vehicles and toys. Don't miss out on this incredible opportunity to own a slice of Arizona heaven.

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1920 E Schooner Court Gilbert, AZ 85234

$1,320,000

4 Beds

3 Baths

3,542 SqFt

Status Active

MLS # 6708481

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the exclusive gated community of The Regatta at Val Vista Lakes. This custom residence, masterfully redesigned by award-winning designer Steve Price of Beautiful Space Co., offers over $400,000 in luxurious modern upgrades. Be greeted by soaring vaulted ceilings + an open great room concept. Engineered wood floors span the downstairs Massive central kitchen with a 13' quartz island, high end stainless steel appliances, GE Monogram refrigerator + freezer, gas cook-top, double convection ovens, + abundant cabinetry. The inviting great room features a custom built-in wall unit with an electric fireplace. Office with amazing waterfront views off the entry, + patio access. Main floor primary suite is comple expansive en suite with a soaker tub and unique water feature, and a generous walk-in closet. The upstairs entertainment area is perfect for guests or family, including a built-in TV, bar, bathroom, and bedroom, making it ideal for a mother-in-law suite, guest suite, or kids' play area. The private backyard is a paradise where you can relax in the oversized spa that doubles as a cocktail pool. The side patio offers stunning views of the lake, accessible from the kitchen, den, and living room. Enjoy a front entrance portico and ample room to relax in the shade. The spacious private driveway leads to a 3-car secluded garage, perfect for all your storage needs. Val Vista Lakes Clubhouse offers country club living with a heated Olympic-size pool, beach pool, spa, sand volleyball, tennis, racquetball, pickleball, fishing, cardio & weight room, classes, fire pits, and more. Conveniently close to Dana Park shopping complex and top notch restaurants, including recently announced The Vig, Heritage District in Downtown Gilbert, San Tan Mall, and the 60 freeway access. Discover the unparalleled beauty and luxury of this remarkable home. Come see today and experience the best of Val Vista Lakes living!

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14139 W Christy Drive Surprise, AZ 85379

$1,320,000

6 Beds

4.5 Baths

4,979 SqFt

Status Active

MLS # 6733798

Property Type Single Family Residence

Price Type --

Absolutely stunning newly remodeled acre lot home in gated community. From the dramatic entry to the beautiful spacious kitchen you'll enjoy luxury living. You'll be blown away by the open and airy feel. This home has it all, including 6 bedrooms and 4.5 bathrooms, office, movie/game room, and fireplace. Big open elegant kitchen with butler's pantry, beautiful quartz countertops and many more elegant features. Master bath has his and her area with a huge closet. Outside is an entertainers dream with a resort style patio featuring wood fireplace, pizza oven, and built in BBQ that will lead you to your sparkling pool. You'll be able to entertain 100 people comfortably!! Too many upgrades to mention. Ac's, tankless H2o heater, garage doors, extended patio all new! All that's missing is you!

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3119 E Tremaine Avenue Gilbert, AZ 85234

$1,315,000

4 Beds

3 Baths

2,950 SqFt

Status Active

MLS # 6710790

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Check out fully remodeled 4 bed, 3 bath horse property now on the market! Nestled on an oversized 1 acre lot w/lush grass, mature shade trees, and a 2-car side garage w/built-in cabinets. Discover a spacious open floor plan w/elegant wood-look flooring, recessed lighting, a lovely bay window, plantation shutters, neutral palette throughout, and a fireplace to keep you warm during the winter months. The fabulous kitchen is comprised of white cabinetry w/marbled counters, a pantry, tile backsplash, a farmhouse sink, stainless steel appliances, and an island complete w/a breakfast bar. Lovely AZ room can work as a sitting area or a dining room! End your busy day in the primary bedroom, boasting vaulted ceilings and a lavish ensuite w/dual sinks & a sliding barn door. Laundry room offers lots of storage space and a convenient utility sink. The expansive backyard includes a covered patio, extended seating area, and a sparkling blue pool! This home is also equipped for horse keeping, including numerous stalls, a corral, and arena! Your new home is waiting for you, act now!

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2945 W Trail Drive Phoenix, AZ 85086

$1,315,000

4 Beds

3 Baths

3,107 SqFt

Status Active

MLS # 6693685

Property Type Single Family Residence

Price Type --

This fantastic, 3100+ SF, single story custom home in North Phoenix is a must see! Acre lot at the end of a cul-de-sac, NO HOA, great views & loads of fabulous upgrades, including travertine flooring, 10 ft. ceilings, gourmet kitchen w/ double ovens, Wolf induction cooktop, granite countertops, wine fridge, island w/ sink & lots of storage space! Gas fireplaces in both the spacious family room featuring soaring 14 ft. beamed ceiling, and the primary suite boasting of a snail shower, spa tub, dual sinks & walk-in closet! 2 new AC units, 3-car garage and a separate 1100 SF RV garage/shop with AC & 1/2 bath! Fully landscaped desert front & back yards with w/ oasis like custom pool, putting green, huge covered patio w/ grill area and more to see including the amazing mountain views!! Just minutes to Tramonto, Anthem, EZ freeway access and less than 30 minutes to Lake Pleasant!

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4122 E Burnside Trail Cave Creek, AZ 85331

Open House

$1,315,000

5 Beds

3.5 Baths

4,580 SqFt

Status Active

MLS # 6761338

Property Type Single Family Residence

Price Type --

Sophistication meets comfort in this beautiful residence. Situated on a sprawling corner lot, this beautiful home offers an unparalleled blend of elegance and functionality. Boasting a fully remodeled chef's kitchen stands with modern style and culinary excellence. Adorned with top-of-the-line appliances, custom cabinetry, and exquisite finishes, it seamlessly transitions into the open living spaces, creating an ideal environment for both everyday living and entertaining. Your spacious fitness room awaits you, a dedicated space designed to elevate your wellness routine. Your gym offers the perfect sanctuary to achieve your fitness goals without leaving the comfort of your home. The outdoor oasis with a resort-style pool and spa will be the focal point for gatherings for years to come!

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10445 W Navigator Lane Peoria, AZ 85383

$1,310,000

5 Beds

3 Baths

3,231 SqFt

Status Active

MLS # 6660063

Property Type Single Family Residence

Price Type --

Estimated completion 14 months from contract. New community by Canavest Group with each lot having the ability to be fully customizable to your liking and finishes to your selection. Ironwood Estates in Peoria, AZ offers a luxurious living experience in a serene desert setting. This fully improved exclusive 6 lot community features spacious single-family homes with modern amenities and high-end finishes. With 4 lots ½ acre and 2 lots ¾ acres residents can enjoy stunning mountain views, beautifully landscaped yards, and access to community parks and walking trails. With its convenient location near shopping, dining, and entertainment options, Ironwood Estates provides the perfect blend of comfort and convenience for those seeking a sophisticated lifestyle in the heart of Peoria

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145 S Bonito Ranch Loop Cornville, AZ 86325

$1,300,000

3 Beds

2.5 Baths

2,599 SqFt

Status Active

MLS # 6757670

Property Type Single Family Residence

Price Type --

Step into a world of charm with this stunning NEW CONSTRUCTION residence. A grand covered porch invites you to experience modern farmhouse living, accentuated by porcelain tile white oak flooring throughout. The 30-ft-high peaked metal roofline and clerestory windows fill the open-concept great room and entertainer's kitchen with an abundance of natural light. The kitchen is a culinary masterpiece, featuring a WOLF induction cooktop, double ovens, a coffee bar, and a quartz island seating 8. White cabinets with illuminated uppers and a farmhouse sink create a space where functionality meets elegance. Off the great room, discover an enclosed patio with a floor-to-ceiling fireplace, perfect for cozy evenings. A spiral staircase leads to a loft with sweeping views. The true magic lies in the subdivision amenities. Rio Bonito Ranch is a gated community with paved roads and provides owners private access to Oak Creek, a stocked community pond and Mason Lane Ditch that wanders around the whole subdivision like a mountain stream. The community has well established water rights, incredible sunset, mountain and valley views as well as dark sky and Jerome lights at night. It's location is minutes from Page Springs Cellars and other local wineries and only 20 minutes from West Sedona.

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