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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11838 N 144th Way Scottsdale, AZ 85259

$1,295,000

3 Beds

2.5 Baths

2,630 SqFt

Status Active

MLS # 6702385

Property Type Single Family Residence

Price Type --

Escape to the tranquil beauty of Hidden Hills and discover your dream home nestled within this sought-after community. Perched high on a hillside, this exceptional residence offers unrivaled vistas, showcasing stunning sunsets, the majestic Phoenix valley skyline, and breathtaking mountain views that will undoubtedly captivate you. Enter through your private courtyard, seamlessly extending the outdoor living space and welcoming you into a world of serenity and luxury. Step inside this single-level Golden Heritage Great Room floor plan and be embraced by an inviting atmosphere adorned with Viga ceiling beams, effortlessly marrying comfort with sophistication. The spacious kitchen, a haven for culinary enthusiasts, boasts new Wolf Gas Cooktop and Double Jenn-Air Wall Ovens, providing ample space for culinary exploration, while a cozy Kiva fireplace sets the tone for intimate gatherings in the family room. Indulge in the opulence of the expansive primary suite, featuring a private exit to the rear yard where the beauty of the landscape awaits you each morning. Outside, a resort-style backyard beckons, showcasing a sparkling Pebble Tec pool and spa, embraced by lush landscaping and accent lighting, crafting an oasis of tranquility and relaxation, complete with a fire pit to enjoy during the evenings. A true gem, this home boasts a newly replaced roof and all-new pool equipment managed wirelessly, ensuring a move-in ready experience and promising a lifestyle of comfort and luxury. Experience the epitome of Scottsdale living with easy access to amenities such as the Mayo Clinic, Basis School, golf courses, biking trails, and hiking adventures. Whether you seek tranquility or outdoor exploration, this residence offers the perfect balance of opulence and lifestyle.

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8876 S Santa Elizabeth Drive Goodyear, AZ 85338

$1,295,000

5 Beds

4 Baths

5,070 SqFt

Status Active

MLS # 6753744

Property Type Single Family Residence

Price Type --

Welcome home to your very own piece of paradise nestled in the scenic Estrella Mountain foothills. This eclectic 5070 sq ft. custom home sits on 1.25 acres, and features a fully owned 25.6kw solar panel system. Just beyond the front door of this gorgeous home lies the courtyard, complete with a barbecue area and swimming pool. A winding concrete pathway leads you through your personal oasis to access both the 2 bed 1 bath casita and the additional 1 bed 1 bath casita- perfect for multigenerational living or generating additional income. Past the courtyard is the fully-featured primary residence, which includes a private office, 2nd bedroom, formal dining room, as well as a second-story deck to watch the Arizona sun set over the beautiful Estrella Mountains.... In the kitchen, the sleek granite countertops, luxury stainless steel appliances, and walk-in pantry integrate seamlessly with the family room, both a chef's dream and the pride of any avid entertainer. The primary bedroom features a double fireplace, a spiral staircase to the sunlit upstairs loft, and a New Orleans inspired en-suite bathroom with a step-up jetted hot tub, dual vanities, dual walk-in closets, and a luxurious walk-in shower. Don't miss this opportunity to live the resort lifestyle! HIGHLIGHTS OF ESTRELLA MOUNTAIN RANCH RESORT LIVING: 2 lakes (Yacht Club supplies paddle boats, kayaks) 2 Resident clubs houses w/fitness centers, AMAZING WATERPARK, plus 2 heated pools (1 lap pool) MILES AND MILES OF MOUNTAIN BIKING AND HIKING TRAILS. Golfing, Community Parks with Basketball and Tennis Courts, Pickle Ball, and Playgrounds. What are you waiting for?

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4305 E Osborn Road Phoenix, AZ 85018

$1,295,000

4 Beds

3 Baths

2,239 SqFt

Status Active

MLS # 6718073

Property Type Single Family Residence

Price Type --

Completely rebuilt in 2022 with no expense spared! While most builders are having to cut corners, this house has gone above and beyond with its quality and craftsmanship. Oak floors through out, vaulted ceilings and designer finishes. This 4 bedroom, 3 bath organic modern home is a breath of fresh air. Spacious kitchen with oversized quartz waterfall countertop, gas range and wine fridge. Minimal maintenance landscape with high quality turf both front and back plus mature trees on the perimeter. Newly installed costume fence and shade coverings. Quiet and walkable neighborhood with tons of neighborhood hotspots surrounding. Won't last long!

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4602 E Oberlin Way Cave Creek, AZ 85331

Open House

$1,295,000

5 Beds

3.5 Baths

4,624 SqFt

Status Active

MLS # 6752881

Property Type Single Family Residence

Price Type --

**SOLAR IS PAID IN FULL** Nestled in the serene and gated community of Diamond Creek, is this luxurious 5-bedroom, 3.5-bathroom home with designer finishes that exude sophistication and modern elegance. Upon entering, you're greeted by new hardwood oak floors and spacious, sunlit living areas with energy-efficient solar shades. The heart of the home is the gourmet kitchen which boasts top-of-the-line Wolf and Sub-Zero appliances, new cabinets, stunning quartz countertops, and an oversized island perfect for entertaining. The downstairs area offers a versatile office space tucked behind double doors, ideal for working from home, and a guest room with an en-suite bathroom, ensuring privacy and convenience for visitors. The home also features an updated, sleek wet bar, a Sonos surround sound system, a beautiful pool and backyard with outdoor spaces designed for relaxation and entertainment. Each bedroom provides a retreat-like ambiance, with the master suite offering two walk-in closets, a fireplace, and a spa-like bathroom. A brand-new home theater system, complete with a 120-inch screen, projector, and cutting-edge sound system, promises an immersive cinematic experience right in the comfort of your own home. A state-of-the-art security system with three outdoor cameras ensures peace of mind, while three new AC units guarantee optimal climate control year-round. Energy efficiency is enhanced with new insulation, ductwork, and solar panels, significantly reducing energy costs. The updated laundry room is equipped with a new washer and dryer, designed with ample storage and functionality. The property is located in a secure, gated community, which also offers proximity to top-rated schools, fine dining, shopping, and recreational facilities. The new roof, installed in 2019, ensures the home's structural integrity and adds to its curb appeal. This home is a rare find that combines modern upgrades, sophisticated design, and advanced technology. Every detail has been meticulously accounted for to offer the highest level of comfort, efficiency, and style. With its prime location and numerous upgrades, this residence is more than just a home; it's a dream and the lifestyle that you have been searching for.

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4050 Miners Spring Way Wickenburg, AZ 85390

Open House

New

$1,295,000

2 Beds

2.5 Baths

2,596 SqFt

Status Active

MLS # 6760178

Property Type Single Family Residence

Price Type --

Welcome to this stunning custom home, meticulously designed with owned solar, a battery storage and an EV charging port. The finest upgrades and being offered fully furnished with high-end furniture hand picked for this home. Step inside through the elegant custom glass entry doors and be captivated by the open floor plan, flooded with natural light and highlighted by exquisite tile flooring throughout. The living space flows seamlessly into the dining and kitchen areas, adorned with rustic yet sophisticated finishes that create an inviting ambiance. A striking wall of sliding glass doors opens to the covered patio, extending your living space to the beautifully landscaped backyard, complete with an outdoor fireplace, BBQ island, mini fridge, a gorgeous water feature, and plenty of room for entertaining. You'll even have your own Bocce Ball court. The gourmet kitchen is a chef's dream, featuring top-of-the-line appliances, custom cabinetry, and a large island perfect for hosting gatherings. The primary suite is a sanctuary of comfort, showcasing large windows and a spa-inspired bathroom with a custom vanity, a luxurious walk-in shower, and a stunning stand-alone tub. Additional bedroom offers generous space and large windows, making each room feel bright and airy. The custom garage doors add to the home's curb appeal and functionality. One of the garage bays has been turned into a craft studio with its own mini split HVAC system. Every inch of this home reflects exceptional craftsmanship and attention to detail, providing a turn-key opportunity to experience luxury living at its finest. Don't miss your chance to own this unique custom home, fully furnished with exquisite pieces that perfectly complement its elegant design.

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10 S Woodridge Way Prescott, AZ 86303

Open House

$1,295,000

3 Beds

2.5 Baths

2,519 SqFt

Status Active

MLS # 6706956

Property Type Single Family Residence

Price Type --

This high quality custom built home in the Ranch at Prescott is situated on a large corner lot. The neutral warm tones will be a perfect backdrop for anyone's personal decor. The single story residence has tall ceilings and tons of natural light. The open concept and split floor plan with a separate Office (4th Bedroom), Laundry Room, large Walk in Pantry and spacious 3 Car Garage will certainly ''check'' all of the ''boxes''. There are so many great focal points from the Fireplace in the Great Room to the generous Island and floor to ceiling Cabinetry in the Kitchen. The large Main Suite has a sitting area and fireplace with amazing views of the outdoors. The Walk in Closet and Main Suite Bath with a separate Tub and Shower is light and bright. Engineered Veneer Wood Floors everywhere exc Main Suite Closet which has plush carpeting. Bosch Appliances with a gas cooktop, Zephyr Wine Fridge and Quartz Countertops are featured in the Kitchen. Extensive covered outdoor Patio for entertaining or just sit and quietly enjoy the deer and other forest creatures that will wonder by. Entire home has a Fire Suppression System (fire sprinklers). This is a fantastic walkable location to Trader Joe's, Pine Ridge Marketplace, and Restaurants. The community of Ranch at Prescott has a Tennis Court and walking trails. There is a community Social Club that can be joined for a small annual fee and is not a requirement - just a way for members of the community to plan events together. Property Taxes are currently based on Land Value only.

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3756 E Galvin Street Cave Creek, AZ 85331

$1,294,000

3 Beds

3 Baths

3,861 SqFt

Status Active

MLS # 6673322

Property Type Single Family Residence

Price Type --

Magnificent mountain views, high ceilings and tasteful finishes greet you upon entering this meticulously maintained and very spacious home with north/south exposure, new interior and exterior paint and a fabulous backyard. Enjoy privacy and gorgeous sunsets. Approach from a circular drive, then through a formal entry that invites you into a large comfortable great room with gas fireplace and access to the backyard. The dining area is open to the large kitchen with its cherry cabinets, granite countertops, gas cooktop and island. Relax in your master suite (20x20), large bathroom & huge closet. The office is perfect for a work from home lifestyle and has custom dual desk cabinetry. See the big bonus room for workouts, TV, toys, billiards, and the laundry room has loads of storage. The resort like backyard with travertine pavers boasts beautiful mountain views, play pool with water feature, built-in gas BBQ, gas firepit and new artificial grass! Owned Solar is the icing on the cake!

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10803 E La Junta Road Scottsdale, AZ 85255

$1,294,000

3 Beds

3.5 Baths

3,543 SqFt

Status Active

MLS # 6675156

Property Type Single Family Residence

Price Type --

Perfectly sized paired home for the lock and leave lifestyle in the gated community of Tusayan which is nestled at the base of Troon Mountain. The home features a front courtyard with brick pavers, water fountain, access to the attached casita, and entry to the main house. The home has been updated with new kitchen including Miele appliances (induction cooktop, convection and steam ovens, dishwashers, microwave and beverage center) along with smart home technology that controls the new interior lights, landscape lighting, irrigation system, garage opener, water heater, sound system, HVAC and exterior door locks. The open floor plan provides the perfect spaces for entertaining and dining and also includes a separate office, bonus room, powder bath, owners suite, guest bedroom with bath, laundry room and two car garage. Enjoy spending time on the back patio with sunset and mountain views, built-in BBQ, new landscaping, herb garden and plenty of area for lounging and living the Arizona lifestyle. Tusayan has a community pool and spa with close proximity to hiking trails, outdoor activities and Troon Country Club.

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5250 E Deer Valley Drive Unit 336 Phoenix, AZ 85054

$1,292,596

2 Beds

2.5 Baths

1,780 SqFt

Status Active Under Contract

MLS # 6660480

Property Type Apartment

Price Type --

''The Luxe at Desert Ridge'' NEW BUILD LUXURY CONDOMIMIUM COMMUNITY, nestled in desirable 85054 zip code, Desert Ridge community. Spacious condo w/ beautiful interior upgrades, quartz countertops, wood floor main areas, beautiful surround tile in both showers & bathroom floor, Upper & lower kitchen cabinets w/ lighting, laundry room with sink, oversized patio w/ built-in gas BBQ, underground gated parking w/ two stalls & large storage room, elevators from parking to all levels. Onsite amenities, beautiful Clubhouse with chef's kitchen, theatre room, private conference center, dining room for private dinner parties, lap pool/resort style pools, large fitness w/ top of line equipment, infra-red sauna, locker rooms & yoga studio. Member Services for owners needs & entertainment

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15724 E Sunflower Drive Fountain Hills, AZ 85268

$1,290,000

3 Beds

3 Baths

3,430 SqFt

Status Active

MLS # 6760227

Property Type Single Family Residence

Price Type --

This is the home of your dreams! Custom built sitting on an elevated lot w/gorgeous 4 peaks views!! Single level living w/just a bonus room on lower level! Huge RV garage will hold a 36ft RV/Enter through stunning iron door into a wide open great room! Your eyes will take your right outside to the view, but don't miss the wonderful great room/formal dining/music room/sitting area & of course the kitchen!! Tons of custom cabinets/beautiful granite counters/huge island w/seating/Stainless appliances/ Breakfast rm overlooking the East mountains! Enjoy stunning sunrises from the covered patio off great rm/Bedrooms are split for ultimate privacy/Spacious master retreat/Master bath offers newer walk in shower/slipper tub/double vanity & lg walk in closet/2nd master is perfect for guests/More... Newer flooring throughout/ New windows on the East side of the house / 80% Sunscreens /Energy efficient due to the Solar - owned by seller and part of SRP's Customer Generation plan. Mini splits in garage and bonus room HVAC new in 2018 & 2023. New Water heater in 2023.

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27722 E Mount Ord Drive Scottsdale, AZ 85264

$1,290,000

3 Beds

2.5 Baths

3,083 SqFt

Status Active

MLS # 6707788

Property Type Single Family Residence

Price Type --

Welcome to this stunning southwestern home in Sunflower, AZ, offering the perfect blend of comfort & luxury. Nestled in a private gated community, this property boasts breathtaking mountain views and enjoys the great climate of Sunflower. This home features 3 bedrooms, 2.5 bathrooms, a bonus room, providing ample space for relaxation. The open-concept living area is perfect for hosting gatherings, while the wellappointed kitchen, complete with modern appliances and a spacious island. Two additional improved lots are available. Outside the property spans 1.82 acres. Solar Electrical System, Community well, whole home off grid.

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691 E Elgin Street Gilbert, AZ 85295

$1,290,000

7 Beds

3.5 Baths

5,090 SqFt

Status Active

MLS # 6758928

Property Type Single Family Residence

Price Type --

Welcome to your new home in the sought-after Vintage Ranch neighborhood! This isn't just any property; it's a rare 2 story split floorplan home with a brand new heated pool and jacuzzi! This home has been lovingly maintained by a wonderful family. Each detail reflects pride and care. With elegant plantation shutters, the interiors are filled with natural light, creating a warm and inviting ambiance. On the main floor, you'll find a perfect blend of comfort and functionality, featuring a large chefs kitchen and island as well as a spacious family and living room. The sprawling master bedroom is located on the first floor with its own completely renovated custom bathroom and walk-in closet for two. The first floor even has its own laundry so no hauling laundry up and downstairs! Lastly.. the first floor is fitted with a generously sized office and guest bath. The kitchen is a true highlight, boasting ample storage and sleek stainless steel appliances. Step outside to your expansive backyard, a private oasis where tranquility and luxury meet. Venture up to the 2nd floor to discover 4 additional bedrooms, 2 bathrooms, laundry, an office, a work area, and even another living area/playroom! Whether you dream of a vibrant game room or a cozy home theater, this area is ready to fulfill your vision. Conveniently located near freeway access, schools, shopping, and more, this home embodies both convenience and lifestyle excellence!

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