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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19218 N 88th Way Scottsdale, AZ 85255

$1,299,000

5 Beds

3 Baths

3,318 SqFt

Status Active

MLS # 6762702

Property Type Single Family Residence

Price Type --

Welcome to this gem in North Scottsdale. Meticulously maintained. Updated kitchen 2021, New HVAC 2021, New Roof 2021,New Soft water system 2023. All new appliances 2021. This home has been well loved and is ready for a new family to enjoy.

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16401 W Monterey Way Goodyear, AZ 85395

$1,299,000

3 Beds

3.5 Baths

3,134 SqFt

Status Active

MLS # 6720218

Property Type Single Family Residence

Price Type --

Experience the pinnacle of resort living at PebbleCreek, an exquisite master-planned community designed for active adults. This luxury golf front property is nestled in a guarded and gated country club setting, offering spectacular views of the golf course and surrounding mountains. PebbleCreek is a vibrant lifestyle community rich in unique and abundant activities for seniors. With its many views, updates and upgrades, this home is your perfect ''Escape to Paradise'' in a community that offers an unparalleled resort lifestyle. Step into elegance through a gated courtyard entry with a separate casita. Inside, discover the newly remodeled living room, a true centerpiece, showcasing a stunning stone fireplace and an open floor plan perfect for entertaining. This home boasts an impressive chef's kitchen featuring a butler's station, large walk-in pantry, new stone island, upgraded appliances, custom wood cabinetry and granite countertops. Three generously sized bedrooms, each featuring walk-in closets and private baths. A versatile den that can also serve as a fourth bedroom with its own walk-in closet. 3.5 beautifully appointed bathrooms. Oversize laundry room. Spacious 3.5 garage. Energy efficiency is maximized with fully owned solar panels, and the property has been updated with fresh interior and exterior paint, new flooring, modern lighting, and durable epoxy-coated garage floors.

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11815 W Lost Man Canyon Way Prescott, AZ 86305

$1,299,000

4 Beds

3 Baths

2,680 SqFt

Status Active

MLS # 6674739

Property Type Single Family Residence

Price Type --

Enjoy breathtaking, uninterrupted vistas of Williamson Valley from this exquisite ''Ranch Style'' residence. Boasting 4 bedrooms, 3 baths, and a spacious 2 car garage, this home is a testament to rustic elegance. Step inside to discover large hewn timber beams, natural stone accents, and a stunning tongue-and-groove vaulted ceiling in the Great Room, complemented by a wall of windows framing panoramic views. Throughout the home, you'll find rich wood floors, Alder doors, and a charming stone fireplace with a mantle. The generously sized kitchen features granite countertops and a convenient wet bar in the dining area. Outside, multiple covered patio areas beckon relaxation amid mature trees and lush vegetation. Experience the epitome of tranquil living.

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4601 W Paradise Lane Glendale, AZ 85306

$1,299,000

8 Beds

8 Baths

4,573 SqFt

Status Active

MLS # 6674143

Property Type Single Family Residence

Price Type --

NO HOA!!! CUSTOM Tri Level Home in Sunburst Farms sits on just under an acre with a detached Guest House, Separate Home Office and temp controlled Workshop! Solar panels, optional flood irrigation and a 500 gallon propane tank keep utility expenses low and affordable. Pride of ownership is in the details. Main House features 4bed/3.5bth, a custom kitchen with 2 sinks, built in appliances that include a convection cooktop, double ovens, and trash compactor. The finished basement has a bedroom, full bathroom, 2 walk-in closets and den. You'll notice all the GORGEOUS built in cabinetry throughout the entire home. The backyard oasis is an entertainer's dream with a massive covered travertine patio that extends to a heated pool/ spa and built in full outdoor kitchen and fireplace. Follow the luscious green landscaping to a detached 2bed/2bath guest house complete with a full kitchen and huge laundry room. Exit the private courtyard and you will find your perfect home office with 2 separate office areas and a full bathroom. Workshop is a temp controlled (mini split) 50ft garage featuring a 14ft door, chain hoist, built-in work bench, shop sink, locked storage area and half bathroom. Space is also preplumbed for compressed air. There are many more details, too many to list. Bring your toys and your tools and come check it out for yourself!

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1105 N Indian Paintbrush Circle Payson, AZ 85541

$1,299,000

4 Beds

4 Baths

3,472 SqFt

Status Active

MLS # 6689974

Property Type Single Family Residence

Price Type --

This amazing 4 bed, 4 bath multi-level home in Payson is now for sale! Enjoy the breathtaking golf course and panoramic mountain views from a recently remodeled and expanded deck. The home itself is nestled in the Community of Chaparral Pines and boasts a stunning façade, manicured landscape, and a 2 car garage w/paver driveway. Inside you will find a spacious living area w/elegant tile flooring, stylish light fixtures, abundant natural light, and neutral palette throughout. Hone your cooking skills in this gorgeous kitchen, comprised of wood cabinetry w/granite counters, SS appliances such as a wall oven & wine cooler, and an island complete w/a breakfast bar. You'll love the primary bedroom, featuring soft carpet, private deck access, walk-in closet, and a lavish ensuite! Don't forget about the cozy den, perfect for an office! Also including a HUGE deck w/a built-in BBQ where you can enjoy a summer cookout w/friends and loved ones, this home is a dream come true! Don't let this incredible opportunity slip by!

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2342 N Lemon Circle Mesa, AZ 85215

$1,299,000

7 Beds

4 Baths

3,807 SqFt

Status Active

MLS # 6715925

Property Type Single Family Residence

Price Type --

BACK ON THE MARKET!!! Gorgeous custom home located in the highly sought after Spyglass Estates! On almost a full acre this property is one of a kind. Lush private backyard on flood irrigation with a heated pool, putting green, ramada, RV pad with all hook-ups and a variety of citrus trees. The gourmet kitchen is open and bright and offers gorgeous granite counters, tons of custom built cabinets and high end appliances. Split floorplan with the primary suite and 3 bedrooms on one side and a private guest retreat on the other side. Surround sound throughout the house! And then the hidden gem of the property...the newly built casita with a completely private and separate backyard. A shaded oasis perfect for family friends or even long term rental. The options are endless! Custom attic space above the garage with stable flooring provides quite a bit of additional storage. All sheds on property convey as well. CAT 6 ethernet wiring throughout main house and casita. Most furniture and game tables available on separate bill of sale. Come see this one of a kind Mesa gem for yourselves!

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11450 N 64th Street Scottsdale, AZ 85254

$1,299,000

4 Beds

3 Baths

3,849 SqFt

Status Active

MLS # 6747181

Property Type Single Family Residence

Price Type --

Location, location, location! Discover unparalleled value in the magic 85254 zip code with this exceptional horse property, situated on an oversized one-acre lot just a block away from Paradise Valley with no HOA!! This offering includes a spacious primary residence & a charming guesthouse, perfect for multi-generational living, investment opportunities, or hosting guests in style. Main Residence: 2,889 sqft of desired living space, offering comfort & versatility for all your lifestyle needs. Mother-in-Law Suite: 275 sqft w/ separate entrance, ideal for added privacy & convenience. Guesthouse: A roomy, newly built 960 sq ft separate guesthouse, perfect for extended family, friends, or as a lucrative rental unit. Additionally, the property features an oversized 3-Car Garage w/ RV Parking providing ample space for vehicles and storage. Located in the best school district of Cocopah and Chaparral, this property offers the perfect blend of privacy, convenience, and comfort, all within the best location Scottsdale has to offer. Don't miss this amazing opportunity to own a piece of real estate with incredible potential!

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700 W Drey Drive Phoenix, AZ 85021

$1,299,000

5 Beds

3 Baths

3,010 SqFt

Status Active

MLS # 6728029

Property Type Single Family Residence

Price Type --

Welcome to this breathtaking 5-bedroom, 3-bathroom residence in the heart of Central Phoenix. Situated on half an acre, with a large heated pool. The mature landscaping features orange, kumquat, pecan and pomegranate trees providing tranquility and privacy. You'll find a fully updated interior with custom touches that add unique character to every corner. Special features include: a new garage floor coating adds a sleek, finished look to a space that's often overlooked. Experience luxury living in a prime location, where comfort meets convenience. This is not just a house; it's the key to a lifestyle you deserve. The whole home water softener and RO filter at the kitchen sink are must haves in our desert climate. The home has smart home energy and security controls. A custom barn door in the primary suite is a beautiful architectural detail.

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7924 E Via De Belleza -- Scottsdale, AZ 85258

$1,299,000

3 Beds

2.5 Baths

2,450 SqFt

Status Active

MLS # 6749707

Property Type Single Family Residence

Price Type --

This beautiful remodel is located in the highly coveted neighborhood of McCormick Ranch. Nestled in a quiet cud-de-sac and so close to restaurants, shopping and walking trails. Enjoy the covered patio for evening get-togethers with friends and family. This oversized chef's kitchen and open dining is perfect for entertaining with easy access to the pool and ample outdoor seating space. Everything has been updated including custom tilework, new flooring, custom lighting, lush landscape and a private master bath sanctuary!

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8731 E Columbus Avenue Scottsdale, AZ 85251

Open House

$1,299,000

6 Beds

3 Baths

2,852 SqFt

Status Active

MLS # 6756747

Property Type Single Family Residence

Price Type --

Remodeled 6 bedroom home that shows like a model near Old Town Scottsdale, a seasoned perfect investment property. 6 bedrooms, open layout, heated pool resort yard w/putting green & fire pit. 12' accordion folding glass door connects the kitchen to large covered patio, with festive string lighting, couch and table seating in full view of BBQ, heated pool, patio TV. White bright kitchen overlooks patio and features granite sit-up island, stainless steel appliances. Solar for energy efficiency. Designer turf and pavers. Renovated in 2023 with wood-tile floors throughout, smooth walls, updated hardware, lighting fixtures & contemporary easy to maintain furnishings, wall mount TVs and sleeping quarters that provide five-star reviews. Sleeps 16. Upcoming rental income conveys. N Near Old Town Scottsdale a few minutes from the 101 Loop for quick access to everything in the Phoenix Valley. Minutes to Scottsdale's top evening entertainment, ASU, Golf, Casino and music venues, Kierland/Scottsdale Quarter, Princess TPC Open, West World Equestrian events and the Collector Car Auctions, and the new Ritz-Carlton Paradise Valley and Scottsdale Palmeraie, expected to be one of the top shopping, dining and entertainment districts in North America. See video walk-thru. Rent rolls/financials available upon request

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5336 E Cactus Road Scottsdale, AZ 85254

Open House

$1,299,000

4 Beds

4 Baths

2,368 SqFt

Status Active

MLS # 6763166

Property Type Single Family Residence

Price Type --

ALMOST AN ACRE IN LUSH SUNBURST FARMS. Located on a sheltered service road, this is a classic tri-level home with convenient short stairways. Updates include Corian countertops, stone tile and bamboo flooring, island kitchen, black and stainless appliances, pantry, big laundry room, brick fireplace, French doors, stainless bath fixtures, tiled showers, view balcony and second primary with private exit. Monthly irrigation keeps everything green. Pines in front and grass in back. Incredible 46' x 31' block and frame garage/workshop. Empty pool with protective cover. Great location just minutes from everything.

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1358 E Mclellan Boulevard Phoenix, AZ 85014

Open House

$1,299,000

6 Beds

4.5 Baths

3,314 SqFt

Status Active

MLS # 6734656

Property Type Single Family Residence

Price Type --

A rare chance to reside in a perfectly crafted home built in 2021 by Newmark Homes. Located in the exclusive Kensington, a gated enclave with only six homes, this residence offers a blend of privacy and convenience in the North Central neighborhood. The exterior showcases a distinctive sand stucco finish complemented by brick and stone veneer, setting the stage for the modern elegance within. Step inside to find an open-concept floor plan with soaring 20-foot ceilings and refined touches throughout. The main level features hardwood floors, excluding the convenient laundry area and powder room. The gourmet kitchen is a chef's dream, boasting custom leather granite counters, 42-inch maple cabinets, stainless steel appliances including a gas cooktop and double wall ovens, an oversized island, and a spacious walk-in pantry. This space flows into the dining and family areas, complete with custom shutters and a welcoming atmosphere. The home is pre-wired for smart home technology for added convenience. On the main floor, you'll find an extraordinary primary suite and a versatile room that can serve as an additional bedroom or a home office. A half-turn staircase leads to a spacious loft, four well-appointed bedrooms, and two bathrooms. The private backyard offers plenty of green space, ideal for a pool, and is enclosed by a block wall. The property also includes a beautifully paved driveway and walkway, and a three-car tandem garage. The tile roof adds a touch of durability and style. Enjoy easy access to all parts of town from this prime location.

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