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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20817 W Maddock Road Morristown, AZ 85342

$1,300,000

3 Beds

2 Baths

1,900 SqFt

Status Active Under Contract

MLS # 6688857

Property Type Single Family Residence

Price Type --

Welcome to a premier 5-acre slice of the west, where rustic elegance meets unparalleled horse-friendly amenities. This estate is a testament to the spirit of Western living, designed with the horse enthusiast in mind and perfected with the touches of modern convenience. At the core of this property lies a state-of-the-art arena (complete with return alley, and holding pens), ready to host your morning rides against the backdrop of breathtaking landscapes. The estate includes 28 pens, many offering shaded comfort for your horses, alongside large turnouts where they can roam freely. Step inside.. the residence, a tastefully designed Santa Fe/Territorial style 3-bedroom, 2-bathroom home that captures the essence of Western charm. Here, evenings are spent by the fireplace, sharing stories of the day's adventures, while the spacious bedrooms offer a serene retreat under the starlit sky. You'll enjoy the added amenity of a shop/barn with 3 open bays measuring 18X32 each, and an enclosed shop with a concrete floor, also measuring 18X32. This property isn't just a home; it's a lifestyle for those who yearn for the serenity of country living without forgoing the luxuries of modern life. It's a haven where every day brings the promise of new adventures on the horizon. Ready to stake your claim on this piece of Western paradise? The trail leads here.

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Flagstaff AZ 86004

$1,300,000

6 Beds

3 Baths

3,515 SqFt

Status Active

MLS # 6742413

Property Type Single Family Residence

Price Type --

Incredible home in Continental Country Club and is NOT in the HOA, currently a turnkey, 5 Star, successful vacation rental. Furnishings negotiable. Spectacular Mountain views, soaring ceilings, multiple fireplaces, expansive gourmet kitchen w/ Subzero fridge, wine cooler, walk in pantry. Solid Oak flooring in Dining and Living rooms, exterior paint in 2021, new roof in 2020, premium tankless hot water heater, updated primary bathroom plus other updates. Ceiling fans throughout. AC upstairs. Corner lot, 2 long paved driveways, with lots of onsite parking spaces. Enjoy 2 spacious decks. Bonus upstairs bunkroom and loft. Entertainer's dream with pool table, 2 bars, game tables, kid's hideaway playroom and plenty of room to sleep family & friends. Ask about Bear Paw amenities to purchase.

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41198 Us 180 -- Nutrioso, AZ 85932

$1,300,000

3 Beds

2.5 Baths

1,914 SqFt

Status Active

MLS # 6758430

Property Type Single Family Residence

Price Type --

Welcome home to the ''Hollywood House''. Beautiful, one of a king, custom-built log cabin features glue lam beams and pressurized wood throughout. Nestled on the top of the hill with panoramic views of Escudilla Mountain. Grab a coffee, step outside on the huge front deck and enjoy the wildlife. Three levels, large loft with half bath. Main floor is the great room, primary bdrm, kitchen and formal dining room. Basement includes a two car garage with brand new living quarters to include, living area, bdrm and full bath. All floor to ceiling windows in great room have been beautifully remodeled with wood and Milgard windows. Make an appt with me to see this home before it's gone.

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32853 N Bell Road Queen Creek, AZ 85144

$1,300,000

4 Beds

3 Baths

2,637 SqFt

Status Active

MLS # 6735331

Property Type Single Family Residence

Price Type --

Step into your own private oasis on over 2+ acres of pristine land. This brand new home, completed in 2023, offers a unique blend of luxury and comfort. The Jack & Jill bathroom is perfectly designed to cater to the needs of any family. The property boasts dual RV storage in a spacious 40x40 garage, complemented by a separate four-car garage. No expense was spared in crafting the backyard into a true masterpiece. Enjoy sweeping panoramic views of the mountains, including the nearby San Tan Mountains with their inviting walking trails. Dive into the stunning 9-foot deep, pebble tech pool, surrounded by lush artificial turf. Entertain in style under the charming gazebo. This exquisite retreat is a rare opportunity to embrace elegance and tranquility in one perfect package.

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32278 N 168th Avenue Surprise, AZ 85387

$1,300,000

4 Beds

4 Baths

3,630 SqFt

Status Active

MLS # 6741875

Property Type Single Family Residence

Price Type --

This custom Modern Farmhouse features 4 bedrooms and 3 ½ baths, including an office, and boasts a 2-car garage along with a large RV garage on a lot exceeding 1 acre. The home includes a massive great room with a fireplace, a large chef's kitchen equipped with upgraded energy-efficient appliances, electric and propane gas hookups, and custom cabinets with a large island. The kitchen also features a walk-in pantry with cabinets and a water hookup for a portable ice machine. A separate laundry room with a sink and space for an additional refrigerator with a water hookup. The primary bathroom includes a fireplace, a separate walk-in shower with custom tile, a luxury sit-in tub, his and her vanities, and a large walk-in closet. Each bedroom has a walk-in closet, with one bedroom featuring a Jack & Jill bathroom and the others having a separate bathroom. Custom tile is laid throughout the home, including the bathroom tub and shower surrounds, which also feature upgraded faucets. The home also features an electric tankless water heater with the option to switch to gas/propane. The entry door is a large, custom-iron secure door. Additionally, the home has a full-back covered patio with bifold doors. This home is adorned with upgraded light fixtures throughout, including a large chandelier at the entry. The lot is enclosed with block wall fencing surrounding the premises.

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8861 W Hatfield Road Peoria, AZ 85383

$1,300,000

5 Beds

4 Baths

3,513 SqFt

Status Active

MLS # 6754452

Property Type Single Family Residence

Price Type --

Wow, just WOW! Incredible property with breathtaking mountain views! Be greeted by a great curb appeal w/manicured desert landscape, ample courtyard w/welcoming iron gate, and a sided 4-car garage w/paver driveway. Home exudes elegance throughout showcasing pre-wired surround sound, abundant natural light, a designer palette, and tasteful flooring - tile & wood in all the right places. Discover the thoughtfully laid-out open floor plan, making entertaining a bliss! The gourmet kitchen is a cook's delighting, featuring high-end SS appliances w/cooktop gas, beautiful staggered cabinetry, recessed & pendant lighting, a pantry, glass tile backsplash, and a big island with a breakfast bar. You'll love the separate family room paired with a fireplace, dry bar, & multi-sliding doors to the back. Enter the large main bedroom to find outdoor access and a lavish ensuite that boasts dual granite sinks, a soaking tub, a shower w/dry-off area, & a walk-in closet w/built-ins. One secondary has its own bathroom for added comfort. But the true highlight is the spacious, RESORT-STYLE backyard! The space is an entertainer's dream, featuring a covered patio, well-lavers, putting green, play area, Pergola, misting system, gas fire pit, mature trees, horseshoe pit, and a sparkling pool w/spa combo for year-round enjoyment. This gem is a RARE find! Luxurious living at its finest!

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6109 E Brilliant Sky Drive Scottsdale, AZ 85266

$1,300,000

4 Beds

3.5 Baths

2,718 SqFt

Status Active

MLS # 6725585

Property Type Single Family Residence

Price Type --

TERRAVITA STELLA WITH CASITA. 3 BEDROOMS, 3.5 BATHS AND CASITA WITH SEPARATE ENTRANCE - THREE CAR GARAGE. GOLF COURSE VIEWS - Entrance to home has flagstone and fountain. Interior entrance tiled and open. Great Room has large window to bring in Arizona outdoor beauty and with a south view lots of light. Entertainment center with niches, fireplace, hearth area. Kitchen and dinette with seating room area all open and with lots of windows with fairway views. Double doors to patio. SS appliances with gas range. Peninsula island. Primary bedroom and bathroom spacious. Windows for golf views in bedroom. Bathroom has double vanities, walk-in shower and soaking tub. Floor Plan under Doc Tab click More tab for additional information. Second bedroom carpet, spacious with single vanity bathroom and combo tub/shower. Third bedroom/game room has built-in desk, carpet and multitude of options. Hallway cabinetry for additional storage. Large den with wall of built-in shelving and work counter. Powder room with pedestal sink. Casita has separate entrance with carpet in bedroom area and bathroom with single vanity and tub/shower combo. Laundry has ample cabinetry upper and lower and counter. A backyard paradise - golf course views, flagstone and rock, covered patio, outdoor grill/kitchen with decorative tiled counter area and a corner fireplace. Make it your dream home!

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5321 N 17th Avenue Phoenix, AZ 85015

$1,300,000

3 Beds

1 Bath

1,226 SqFt

Status Active

MLS # 6542377

Property Type Single Family Residence

Price Type --

CENTRAL/UPTOWN PHOENIX MULTIFAMILY BUILDER OPPORTUNITY! Corner Parcel for up to 40 Units of Luxury Apartments, Townhomes or Condos (presently R3 Multi-Family Zoning w WALKABLE URBAN Code potential). See Photos & Document Tabs. Located within an OPPORTUNITY ZONE! Attractive & Advantageous Demographics. Convenient access to Valley Metro Light Rail, Christown Spectrum Center, Grand Canyon University, Abrazo Central Campus, Great Shopping Centers, Fine Dining Establishments & Best Schools. Neighboring Walkable Urban 1.54 Acre Parcel also for sale for a combined prodigious development potential.

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25928 W Ravina Lane Morristown, AZ 85342

$1,300,000

3 Beds

2 Baths

2,174 SqFt

Status Active

MLS # 6691774

Property Type Single Family Residence

Price Type --

Welcome to your dream horse property on just over 8 acres! This income producing estate has everything you need to make your dreams come true here in AZ. This property has a 6 or 9 horse mare motel, turnouts, 9 additional pens, an arena and 3 RV spots perfect for anyone to train out of or just enjoy with your friends. The barn offers ample stall space with automatic waterers, and hay storage providing everything you need for your horses. Step outside to the professionally maintained arena with sand brought in to make it perfect for any discipline. The home is spacious and has an open floor plan with amazing views from the back patio. It's perfect for entertaining, relaxing and enjoying the Arizona weather. This property is centrally located to shopping, restaurants and all the arenas. It is just 45 minutes to Dynamite Arena in Cave Creek, 50 minutes to Buckeye Equestrian Center and 15 minutes to the Team Roping Capital if the World. Don't miss out on the chance to own your slice of paradise!

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28319 N 252nd Avenue Wittmann, AZ 85361

$1,300,000

4 Beds

2 Baths

2,115 SqFt

Status Active

MLS # 6696908

Property Type Single Family Residence

Price Type --

***DREAM HORSE PROPERTY*** Escape the hustle & bustle of the city and embrace the beauty & serenity of country life in this fantastic Custom Santa-fe style property! This beauty is located on it's own private road, comes with a MASSIVE almost 5 acre lot including 2 parcels!! Upon arrival, discover roping & riding arena, 6 shaded double stalls total of 12 stalls and 19 pens with water at each one , 40 foot conex for tack, hay & extra storage, This is one of the most completely turn-key, ready to move into horse properties out there. Conveniently located within a 30 minute drive to all the great roping & barrel racing arenas in Morristown, Wickenburg & Buckeye RV hookups parking with ele., plenty of room for all your toys, horse trailers & Big trucks, your own private well with the ability to have 4 shares if more homes were to be built on the additional parcel someday, a 3-car garage & gated courtyard with Rustic knotty pine beams. This bright & airy open floor features a beehive fireplace, tile flooring, recessed lighting, and a soothing palette. The kitchen comes with large cabinetry, granite counters, and built-in appliances. The primary retreat has a sliding barn door that opens to a full bathroom flooded with natural light, A dual vanity, soaking tub, glass block shower, walk-in closet, and backyard access complete the picture for this ensuite. The den is perfect for an office or an extra bedroom. The laundry room includes attached cabinetry & a sink. Sit back & relax under the covered patio while contemplating colorful sunsets & panoramic mountain views! Let's not forget about the attached parcel 503-32-031-B, which provides tons of space for horses to roam & limitless possibilities! Inquire today! Furnishings, John Deere tractor & bobcat can be purchased with separate bill of sale.

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4742 Hidden Way Spur Show Low, AZ 85901

$1,300,000

5 Beds

3.5 Baths

3,438 SqFt

Status Active

MLS # 6728391

Property Type Single Family Residence

Price Type --

This is what you have been waiting for! This exquisitely built home is nestled in mature pines and perfectly situated in the forest just minutes from all amenities in town. Some features of this beautiful home include granite countertops, walk in shower, large bathrooms, beautiful wood finishes including hard wood floors, custom cabinetry, cedar siding, party room, large wood shop, RV parking, and so much more. Privacy with unlimited potential. This unique property is a playground for your entire family. There is nothing else like it on the mountain! NOTE: Garage is currently serving as a party room. Furnishings may be available on a separate bill of sale.

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7737 E Shooting Star Way Scottsdale, AZ 85266

$1,300,000

3 Beds

2.5 Baths

3,504 SqFt

Status Active

MLS # 6744041

Property Type Single Family Residence

Price Type --

Beautiful home in guard gated Winfield with breathtaking views. Home features a gated courtyard with lush landscaping, and backs onto private natural space with no homes in sight. Once through the front door, you are greeted by a massive living and dining room with soaring ceilings and expansive windows letting in lots of natural light and magnificent views of the beautiful backyard. Custom wood flooring in most areas, with tile and carpet in the remainder of the home. Oversized kitchen has beautiful Granite countertops, lots of cabinets, Stainless appliances and walk-in pantry. Breakfast Bar separates kitchen from eating area, which overlooks an enormous Family Room with built-in entertainment center and fireplace. Family Room leads to an outdoor entertainer's dream steps away from the Saltillo Tiled covered patio. Backyard features a built-in BBQ with sink and small fridge, a small pool and a raised fireplace with surrounding seating and gorgeous views. Primary suite features wrap around windows overlooking stunning views, oversized bathroom and large organized walk-in closet. Bathroom features separate sinks, walk-in shower and large raised bathtub. In addition to two large secondary bedrooms, there is an oversized flex room with tile flooring and direct access to one of the two double garages that could serve as an office, game room or workout room. Community offers a beautiful community pool and spa, workout facilities, many Pickleball and Tennis Courts and a beautiful clubhouse.

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