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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7705 E Doubletree Ranch Road Unit 28 Scottsdale, AZ 85258

Open House

$1,299,000

2 Beds

2 Baths

2,232 SqFt

Status Active

MLS # 6750551

Property Type Single Family Residence

Price Type --

Beautiful single-story Scottsdale home located in the highly desirable 24-hour guard gated Gainey Ranch community of Arroyo Vista! Featuring a welcoming private courtyard to your front entry into this well-maintained Markland home. Home features a living area with vaulted ceilings and grand archways. Kitchen with Sub-zero refrigerator opens to the warm family room. Large primary suite with two-way fireplace into primary bathroom features dual sinks, separate shower and oversized soaking tub. Spacious backyard with lots of privacy and sparkling pebble-tec pool. New Trane HVAC Systems. Prime Scottsdale location close to some of the best shopping, restaurants and golf courses in town.

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6243 E Joan De Arc Avenue Scottsdale, AZ 85254

$1,298,450

4 Beds

3 Baths

2,640 SqFt

Status Active Under Contract

MLS # 6686171

Property Type Single Family Residence

Price Type --

Welcome to your slice of Scottsdale serenity! This charming horse property offers a cozy Shea North ranch-style home nestled on a generous .6 acre lot. Step into the heart of the home—a remodeled open kitchen boasting fresh cabinets, quartz countertops, and high-end appliances. With 4 bedrooms, including an attached 682 SqFt addition perfect for a mother-in-law or a home office, this residence effortlessly combines functionality with comfort. Attached space has its own bathroom/shower, electrical, gas and water. The backyard oasis features a detached playhouse or office space (with a mini split), a sand volleyball court, and expansive astroturf—ideal for outdoor fun and relaxation. Plans included to build up to 3.9k SqFt with full backyard plans featuring a beautiful pool.

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8507 S 9th Drive Unit 16 Phoenix, AZ 85041

$1,298,000

4 Beds

3.5 Baths

3,063 SqFt

Status Active

MLS # 6704445

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.

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6008 E Lone Cactus Drive Phoenix, AZ 85054

$1,298,000

5 Beds

4 Baths

3,487 SqFt

Status Active

MLS # 6751191

Property Type Single Family Residence

Price Type --

Fall in love with this exquisite home in the desirable Talinn Community! This incredible residence showcases captivating stone accents, a convenient 4-car tandem garage, and a welcoming front porch that invites you to explore further. Step inside to be greeted by a grand hallway that leads to an open-concept living area. This space is beautifully enhanced with soothing paint tones, tall ceilings, wood-plank tile flooring, elegant recessed lighting t/out, and multi-sliders to the back patio. The stunning kitchen is fully equipped with a gas cooktop, a wall oven, quartz counters, a stylish tile backsplash, and two islands, one with a breakfast bar. A walk-in pantry and white shaker cabinetry with crown molding for ample storage space. Versatile den for a home office or a creative studio! Discover a sizable loft upstairs, perfect as a cozy family room or an additional entertainment area. Escape to the romantic main suite, where natural light pours in, creating a serene atmosphere. The ensuite is a luxurious retreat featuring dual vanities, a soaking tub, a glass-enclosed shower, and a spacious walk-in closet. The secondary bedrooms are thoughtfully designed with a Jack & Jill bathroom, providing privacy and practicality. The large backyard is your oasis, complete with a covered patio, pavers, low-maintenance artificial turf, and a children's playgroundexcellent for hosting fun-filled gatherings. This home is a must-seedon't let this opportunity slip away!

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7127 E Rancho Vista Drive Unit 2001 Scottsdale, AZ 85251

$1,298,000

3 Beds

2 Baths

1,781 SqFt

Status Active

MLS # 6745250

Property Type Apartment

Price Type --

Exceptional turnkey FULLY FURNISHED 3 bedroom/2 bath second floor corner unit offers spacious, open floorplan. Kitchen and living room overlook wrap around terrace with bbq and outdoor seating. Dual sliding glass doors ideal for luxurious resort style living and entertaining both inside and out. Master suite offers spa-like bathroom complete with bidet and walk-in closet. Two secondary bedrooms and two assigned parking spaces with electric charging stations in secure garage. Prime location walking distance to restaurants and Scottsdale Fashion Square. Endless community amenities including indoor and outdoor pools and spas, putting green, racquetball and basketball courts, fitness center and so much more. You will feel like you are on a never ending vacation! Welcome Home!!

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12578 E Desert Cove Avenue Scottsdale, AZ 85259

$1,298,000

5 Beds

3 Baths

2,544 SqFt

Status Active

MLS # 6734625

Property Type Single Family Residence

Price Type --

THIS BEAUTIFUL PROPERTY IS BACK ON THE MARKET AND READY FOR A NEW OWNER TO MAKE THEIR HOME!!! Nestled in the desirable gated community of Sierra Foothills, this 5-bedroom, 3-bathroom masterpiece boasts a split floor plan for ultimate privacy. Step inside and be greeted by an open floor plan with soaring vaulted ceilings, creating a light and airy atmosphere. The heart of the home is a dream kitchen, complete with top-of-the-line appliances: a Viking refrigerator and dishwasher, an expansive 8-burner gas range, gleaming stainless steel accents, and a convenient pot filler. New quartz countertops and beautiful white cabinets offer ample storage and prep space. A dedicated coffee bar with its own island adds a touch of sophistication Modern touches abound throughout the home. Brand new plantation shutters adorn the windows, while new ceiling fans ensure year-round comfort. A beautiful electrical fireplace warms the family room, creating a cozy ambiance. The luxurious living extends to the three-car garage. Custom-built cabinetry provides ample storage, while a built-in refrigerator, double ovens, microwave, and utility sink make it a haven for entertaining or hobbies. Unwind and create lasting memories in the private backyard oasis. Take a dip in the sparkling heated pool and spa, relax under the expansive covered patio, or gather around the gas firepit in the charming gazebo. An RV gate with a full concrete pad offers additional parking for your boat, RV, or extra vehicles.

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588 E Peach Tree Street Queen Creek, AZ 85140

$1,297,900

2 Beds

2.5 Baths

2,367 SqFt

Status Active

MLS # 6733421

Property Type Single Family Residence

Price Type --

This Palermo floorplan creates the perfect indoor and outdoor space. The expansive kitchen with its large center island is a chef's dream, providing ample space for culinary creations and gatherings. This home offers a spacious primary suite, ensuring both comfort and privacy. The thoughtful addition of a ''smart space'' housing laundry facilities and cabinetry further enhances the convenience and functionality of daily living. Both bathrooms have been upgraded with tile surrounds and beautiful light fixtures. Additional features include shutters, a carpet-free environment and gorgeous views of the golf course. The secondary bedroom is also expanded for your guests. Start living the Good Life at Encanterra today!

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1295 Running Elk Road Payson, AZ 85541

$1,295,855

6 Beds

4 Baths

4,000 SqFt

Status Active

MLS # 6730079

Property Type Single Family Residence

Price Type --

Welcome to 1295 S Running Elk Rd, a hidden gem nestled under the Mogollon Rim! Prepare to be enchanted by this exceptional property that combines the tranquility of a cabin in the woods with the comforts of modern living. This turn key, move in ready, spacious home boasts six generously sized bedrooms and three and a half bathrooms, providing ample space for the whole family or accommodating guests with ease. (sleeps 30-35) With over 4,000 square feet of living space, there is room for everyone to spread out and enjoy their own private retreat. The oversized covered front porch and back deck offer unparalleled mountain views and fresh mountain air. Situated on a sprawling 3.65-acre lot, this property is a nature lover's paradise. The expansive grounds back onto the national forest, offering unparalleled privacy and a breathtaking backdrop of pristine wilderness. Explore the beauty of the great outdoors right from your doorstep, with hiking trails, wildlife sightings, and several rim lakes and rivers waiting for you to explore and enjoy. Equestrian enthusiast? Bring your horses and ride for days! One of the highlights of this property is the fishing pond, providing a serene oasis where you can cast your worries away and immerse yourself in the joys of angling. Whether you're an experienced angler or simply enjoy the peaceful ambiance of a tranquil pond, this feature is sure to be a favorite among outdoor enthusiasts. For added convenience and flexibility, this property also offers potential for separate guest quarters. This property presents an incredible opportunity for multi-generational living, allowing different generations to come together and create lasting memories in a peaceful mountain setting. Considering a corporate retreat? This property would be perfect! Alternatively, it can serve as your ideal cabin in the woods, providing a sanctuary where you can escape the hustle and bustle of city life and immerse yourself in the beauty of nature. Don't miss your chance to own this idyllic retreat at 1295 S Running Elk Rd, where the serenity of the forest meets the comforts of a modern home. Embrace a lifestyle filled with relaxation, adventure, and cherished moments in this truly exceptional property. (Property has two private wells but only one is in use. The other is capped off.)

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642 E Cornman Road Coolidge, AZ 85128

$1,295,000

3 Beds

2 Baths

1,369 SqFt

Status Active

MLS # 6726835

Property Type Single Family Residence

Price Type --

This property is truly a horse lover's dream with all the amenities you could possibly need. The barndominium styled home is perfect for comfortable living, while the bunk house casitas offer additional space for guests or renters. The outdoor living breezeways with a bar and fireplace are ideal for entertaining and enjoying the beautiful surroundings. The horse set up is top-notch, with 37 covered pipe horse stalls, a full-size roping arena, covered hay barn, workshop, and separate barn office. The 8 RV hookups make it easy to accommodate visitors, and the grounds keeper quarters ensure that everything is well-maintained. Don't miss this incredible opportunity to live the Yellowstone life on 17 acres of deeded & leased land w/ endless possibilities for both work and play. Contact us toda Home has new hurricane rated roof! Arena is 100x200, has newer pneumatic remote control shoots, 30 foot steel walled round pen, the barn has finished drywalled and air conditioned office, private owner tack room, All stalls are 100% covered, boarder 3 wash racks, dog kennels, boarder tack and grain rooms, mechanical shop. 14 acre turn-out as well as additional covered stalls not listed above and covered hay bays large enough to fit several squeezes of hay. Dont let this opportunity getaway the property is minutes from the freeway, in the new Pinal County Corridor of trade, business and progress, perfect for the high tech owners who want extra income, and a great work life balance.!!

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8503 S 9th Drive Unit 17 Phoenix, AZ 85041

$1,295,000

4 Beds

3 Baths

3,033 SqFt

Status Active

MLS # 6610457

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. Option for 720 sq ft mezzanine/bedroom above garage (not included in list price.)

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5635 W Melinda Lane Glendale, AZ 85308

$1,295,000

3 Beds

3 Baths

3,441 SqFt

Status Active

MLS # 6742944

Property Type Single Family Residence

Price Type --

This beautifully maintained one-story home in Arrowhead Lakes exudes casual elegance inside and out. Situated on a large north/south facing lot with long lake and mountain views. The light-filled home features large living areas: separate living and family rooms with Italian stone fireplaces, a den, and three bedrooms with walk-in closets and attached full bathrooms. Recently remodeled kitchen and wet bar feature quartz countertops, a Subzero refrigerator, Thermador induction cooktop, and new Kitchen Aid appliances. Oak engineered hardwood floors throughout, marble bathroom surfaces, and carpet in the bedrooms. The resort-like backyard has a covered Italian travertine patio, misting system, outdoor fireplace, built-in grill, and Trex boat dock. Pool refurbished in March 2024.

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1398 Ridgewood Drive Prescott, AZ 86305

$1,295,000

3 Beds

2 Baths

2,375 SqFt

Status Active

MLS # 6756394

Property Type Single Family Residence

Price Type --

Welcome to Enchanted Canyon. With a spacious, open floor plan, this home is nestled into the boulders with views of Thumb Butte. Floor to ceiling stacked stone fireplace in living room, with rustic wood and beamed ceilings. Wood-style porcelain tile flooring with carpet in bedrooms. Primary suite complete with additional stacked stone fireplace, large walk-in closet, dual vanity sinks, separate garden tub and walk-in shower with beautiful stacked stone details. Well-lit kitchen boasts stainless steel Jenn-Air appliances, black walnut cabinets, large walk-in pantry, farm sink and separate vegetable sink in island and gorgeous picture window. Living area opens out to a beautiful back patio, surrounded by large boulders and is a perfect place to enjoy the outdoors. The 3 car garage has plenty of storage with built-in cabinetry, utility sink and a flat driveway.

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