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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36460 N Secret Garden Path San Tan Valley, AZ 85140

$1,285,000

3 Beds

3.5 Baths

2,658 SqFt

Status Active

MLS # 6705640

Property Type Single Family Residence

Price Type --

Rare and very desirable Cordoba floor plan with 3 bedroom suites plus powder room, separate office AND a gorgeous golf course lot! Light and bright open great room concept with views of the 6th tee! Enter through custom iron front door into this beautiful home, with light wood floors in the main rooms, shutters , and cozy fireplace for those chilly Arizona winters! The dream kitchen offers B/I Monogram appliances, with elec cooktop that could easily convert to gas and huge W/I pantry!! Light stone counters with subway tile and light cabinets make this home a canvas to add your own color accents and style! The main bath has double sinks, a walk in shower, separate oval tub and large walk in closet. Location, view and floor plan make this one all the best of the Encanterra lifestyle!

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23388 N 75th Street Scottsdale, AZ 85255

$1,285,000

4 Beds

3.5 Baths

2,881 SqFt

Status Active

MLS # 6714053

Property Type Townhouse

Price Type --

Vince Licata:

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18112 N 66th Place Phoenix, AZ 85054

$1,285,000

4 Beds

3.5 Baths

2,774 SqFt

Status Active

MLS # 6744507

Property Type Single Family Residence

Price Type --

Exceptional opportunity to own a stunning residence in the highly sought-after Paradise Ridge gated community, located in north Phoenix, bordering Scottsdale. This premium view lot backs onto a serene natural desert open area, offering both privacy and breathtaking views. This meticulously designed home features state-of-the-art Smart Home technology that includes upgraded security features, interior lighting, landscape lighting, pool, air conditioning, and sound systems—all easily controlled at your fingertips. With over $100K in builder upgrades, no detail has been overlooked. The interior boasts gorgeous Herringbone wood/porcelain tile flooring throughout the downstairs, a spacious kitchen with a ''Classentino Marble'' backsplash, extended Quartz island, and ample light cabinetry. The large great room opens to a covered patio and pool area through expansive sliding doors, creating a seamless indoor-outdoor living experience. The owners have thoughtfully enclosed a previous side yard to add an additional 146 sq ft playroom/bonus room and an extra bathroom. Upstairs, you will find all the bedrooms, including an en-suite guest room, laundry, and an open loft. The owner's suite is a true retreat, featuring a light and bright bathroom with a separate shower and soaking tub, offering stunning sunset views over the open desert. The backyard is an entertainer's dream, complete with a custom pool and water feature, synthetic lawn with a sitting area, covered patio, and upgraded landscape lighting. The private backyard overlooks the desert and community walking path, providing a tranquil setting for relaxation and entertainment. Conveniently located near Desert Ridge, Mayo Hospital, Scottsdale Quarter, Kierland, Whole Foods, and Lifetime Fitness, this home is also within the rapidly expanding Biomedical Corridor and some of the top restaurants in Arizona.

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1758 Rolling Hills Drive Prescott, AZ 86303

$1,280,000

4 Beds

3 Baths

2,998 SqFt

Status Active

MLS # 6747470

Property Type Single Family Residence

Price Type --

This custom residence is a mix of rustic and contemporary design creating a one of a kind. Nestled among the tall pines in Timber Ridge near historic downtown the spacious home features a huge fenced in backyard perfect for nature lovers. The Main Level living area is ideal for entertaining with an open floor plan and natural light. Details like exposed brick, natural plank shiplap, hardwood floors and a cozy fireplace add character. The dream kitchen has high-end appliances and ample counter space. The huge Laundry is a combo of walk in Pantry and Office Area too. The primary suite has direct access to the rear deck while the 2nd Bedroom on the Main Level overlooks the entry porch with an adjacent full bath to create privacy. Speaking of private; the Guest ''House'' on the lower . . . level is accessed via a separate entrance for additional privacy and this is where Bedroom 3 & 4 are located along with a 3/4 Bath, Living Area, Kitchenette, 2nd Laundry Area with abundant storage. Outside the expansive backyard includes a large deck, hot tub, fire pit and room to roam. This tranquil retreat is a unique opportunity in a prime location. Most furniture will be included with a comparable offer.

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7813 N Via Del Sol -- Scottsdale, AZ 85258

$1,280,000

2 Beds

2 Baths

2,229 SqFt

Status Active

MLS # 6729199

Property Type Single Family Residence

Price Type --

Voted ''Best Home on Tour'' Just as you can't judge a book by it's cover, don't miss the opportunity to see why this home won. Location & Style makes this McCormick Ranch your new Dream Home. With amazing upgrades (list in documents tab), this beautifully maintained home with a newly remodeled primary bath & closet will capture your heart. The 3rd bedroom was converted to the new primary closet (it can always be undone if a 3rd bdrm is needed). Outdoor living with new Bullfrog spa, sparkling pool, built in BBQ, patios from primary & Family room, retractable awning and mature trees has loads of character and class. Office/den area can easily be used as a 3rd bedroom also. Skylights throughout add natural light, while landscaping adds privacy outside. Come fall in love!

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3141 E Hillery Drive Phoenix, AZ 85032

$1,280,000

6 Beds

5 Baths

3,650 SqFt

Status Active

MLS # 6686477

Property Type Single Family Residence

Price Type --

Better than new and in the heart of town! This stunning modern, multi-generational ranch has been completely rebuilt/ remodeled to perfection! This home offers 3850 square feet of exquisite design and thoughtful features where style meets functionality. The main home boasts an open floor plan with clean lines and a modern design and it features 4 bedrooms and 3 ba, and the attached guest home features 2 bedrooms and 1.75 bath, with full kitchen and a seperate entrance making it a great mother-in-law, guest setup or even an income producing rental.. The possibilities are endless with NO HOA, so bring your RV, boat and toys and enjoy this amazing home!

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5347 E Michelle Drive Scottsdale, AZ 85254

$1,279,900

4 Beds

3 Baths

2,796 SqFt

Status Active

MLS # 6760226

Property Type Single Family Residence

Price Type --

Fall in love with this meticulously remodeled 4-bedroom, 3-bathroom home located in Scottsdale's prestigious 85254 ''Magic Zip Code,'' nestled in the highly desirable Arabian Views community. Situated on approx a quarter-acre corner lot, this home offers a 3-car garage with electric car charger, RV gate & the rare perk of no HOA!! The grand entry welcomes you with a paver courtyard & custom double doors, opening into a soaring great room—perfect for a game room or play area. Adjacent is a formal dining space with a modern chandelier, seamlessly connecting to the gourmet kitchen that features white shaker cabinets, soft-close drawers, a porcelain farmhouse sink, subway tile backsplash, floating shelves, stainless steel appliances, wine fridge & a 9-foot quartz island with dual waterfall.. edges, stylish lighting & breakfast bar seating that make it ideal for both entertaining & daily living. Unwind in the cozy family room by the custom-tiled gas fireplace. The luxurious bathrooms offer dual vanities, custom tiled showers & elegant porcelain finishes. Upstairs, the primary suite boasts French doors, two closets, and a spa-like ensuite with a soaking tub, walk-in tiled shower with glass doors, dual vanities & private toilet room. There is hardwood flooring throughout the main living areas of the home & plush carpeting in all 4 bedrooms. The backyard is a true oasis, complete with an extended covered patio, diving pool & solar-heated spaperfect for enjoying Scottsdale's year-round sunshine. Ideally situated, this home provides easy access to Scottsdale's finest mountain preserves, upscale shopping, premier dining & entertainment venues. Experience the finest in Scottsdale living with this exceptional property designed for those who appreciate style, comfort, & location.You will not want to miss this home today!! Check out the Upgrade & Feature Sheet in the DOC Tab!

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2166 E Sagittarius Place Chandler, AZ 85249

$1,279,000

4 Beds

3.5 Baths

3,486 SqFt

Status Active Under Contract

MLS # 6734256

Property Type Single Family Residence

Price Type --

Welcome to Windermere Ranch! This private gated community is well maintained and offers an attractive curb appeal with every home. This home features stone accents, lush green landscape, 3-car tandem garage, a private gated courtyard, and a HEATED pool. Impressive interior showcases open floor plan with 16ft sliding-glass doors in the great room. This executive kitchen comes with a gas cook top, white cabinets, designer backsplash, quartz kitchen countertops, huge walk in pantry, and an extended island. Master bath has an impressive frameless walk-in shower large walk-in closet with access to laundry. Enjoy your large custom office tucked away for privacy and a play room for the kids. This backyard retreat includes heated pool, misters, Ramada, fireplace and outdoor kitchen!

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3947 E Crest Lane Lane Phoenix, AZ 85050

New

$1,278,880

4 Beds

3.5 Baths

3,538 SqFt

Status Active

MLS # 6763656

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Aviano at Desert Ridge! This vibrant community offers walking trails, a resort-style pool, tennis courts, state-of-the-art workout facilities, a business center, and activities for all ages. This beautifully remodeled 4-bedroom, 3.5-bath home with 2 bonus rooms features stunning contemporary finishes. The heart of the home is the open-concept kitchen, complete with a custom quartzite waterfall island and brand-new Wolf appliances, including a gas range. Step outside to your private oasis, where you can unwind by the pool with a newly tiled water feature and gas fire pit. The luxurious primary suite offers a serene sitting area and a spa-like bath with a soaking tub. With a prime location and a 3-car garage, this home has it all!

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7054 E Ingram Street Mesa, AZ 85207

$1,275,000

5 Beds

3 Baths

3,461 SqFt

Status Active

MLS # 6717770

Property Type Single Family Residence

Price Type --

Welcome to the charming, gated community of Annecy! This executive residence has Incredible curb appeal enhanced with paver steps, stone facade, lush landscaping and low maintenance artificial grass. The split floor plan is perfect for out of town guests or working from home. The open concept living area is perfect for gatherings and features custom built-in cabinetry. A stacked stoned wall is highlighted in the formal dining room. The gourmet kitchen features GE Monogram appliances, gas cooktop, double ovens, expansive island, large pantry, tile backsplash and pullouts. Unwind in the large Owner's Suite which includes dual sinks, tiled snail shower and Jacuzzi tub, complete with an upgraded custom closet from Classy Closets. The backyard is an entertainers dream! You will find a sparkling pool w/ travertine water feature, extended paver patio, artificial grass, fire pit, ramada w/ built-in BBQ and bar. Plenty of room to park your toys behind the RV gate and minutes to Usery Mountain and Saguaro Lake. Garage is pre-wired for an electric car with a 50AMP circuit and one garage is air conditioned for your comfort. This makes it a perfect man cave or workout area! Schedule a showing today of this beautiful property!

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235 Airport Road Sedona, AZ 86336

$1,275,000

3 Beds

2 Baths

1,672 SqFt

Status Active

MLS # 6753440

Property Type Single Family Residence

Price Type --

Welcome to the Wild Wild West, where this Historic property tugs on your heart & has you crooning the songs of Sedona yesteryear. The home itself is a Cowboy Bunkhouse, & according to the seller, it is older than County record: it was actually built in 1918. Original features like a wood burning fireplace, sloped living room ceiling, red rock interior, & unique wood walls throughout have been updated with modern amenities like insulation, new sliding glass doors & windows, & easy to clean luxury vinyl plank flooring. The oversized lot has an outdoor game room area in place of the old carport, plus a two-car garage that has a large workshop area inside. Sweeping views of Thunder Mountain & Coffee Pot Rock take your breath away. It is only a block up the road to Airport Vortex Trailhead. Home is an active Airbnb licensed with the City of Sedona, with the Seller having Superhost status, currently 274 reviews & plenty of bookings lined up for the rest of the year. Property is being sold turn key, fully furnished, with the exception of some personal items. This Historic Cowboy Bunkhouse will serve as an excellent vacation home, primary residence, or investment property. Fun fact: when the neighboring subdivision of Saddlerock was previously a sprawling ranch decades ago, the Cowboys would work 12 hour shifts then come back to this Bunkhouse to sleep. Enjoy the efforts of those Cowboys all these years later, & have a fully fenced backyard plus perimeter fencing to give you ample privacy, & enjoy peace of mind with a new roof & new eco-conscious mini splits. There is a pergola to revel in a warm summer's day, two raised yoga /pilates/meditation decks, & a fully turfed yard to play with Fido during Golden Hour. Soaking in the hot tub underneath the stars is sure to stoke the fire in your heart for our sweet little Sedona. Zoned to possibly split or build a casita, your options abound. Come feel what it's like to walk to multiple trailheads less than a half mile away, be in awe of Red Rock views, and vibe with the colorful history of the Southwest.

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402 W Augusta Avenue Phoenix, AZ 85021

$1,275,000

4 Beds

2.5 Baths

2,554 SqFt

Status Active

MLS # 6752602

Property Type Single Family Residence

Price Type --

Looking for a home in a highly sought after area in the heart of North Central Phoenix? Proximity to Murphy's Bridal Path for walking and biking. Welcome to this beautiful 4 bdrm home with a brand new kitchen as of 8/1/24. Upgraded stainless steel Smart appliances. Luxury vinyl wood flooring, 2024. Energy Star efficiency, multi zone A/C. Whole house water softener and filtration system. New interior doors. Half bath renovated 2024. Large living/dining area with fireplace, perfect for entertaining. Separate office space.

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