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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4214 S Winter Lane Gilbert, AZ 85297

$1,275,000

5 Beds

3.5 Baths

4,276 SqFt

Status Active Under Contract

MLS # 6739650

Property Type Single Family Residence

Price Type --

Beautiful TW Lewis basement home in the desirable Power Ranch community situated on a .38-acre lot and located in front of the community park. Walk through the private gated courtyard to discover a stunning split floor plan. The kitchen features stainless steel Viking appliances, granite counters, a kitchen island, and a gas cooktop. The interior boasts wood-look tile, wood, carpet, and shutters throughout. The primary bedroom features a spacious room with a door leading to the backyard, a walk-in closet with a custom closet, and a bathroom featuring a walk-in shower, freestanding tub, and dual vanities. The basement features a large great room, 2 bedrooms, and a bathroom. The backyard is an entertainer's dream, featuring mature landscaping, a sparkling pool and spa with a swim-up bar, a thrilling rock grotto slide, and a gazebo with a BBQ and outdoor kitchen. Relax by the outdoor fireplace and enjoy the serene Arizona evenings. Surrounded by single-level homes for a private backyard. Additional features include a 3-car garage with ample storage and an RV gate. The community features several walking/ biking paths, swimming pools, lakes, and more!

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5731 E Claire Drive Scottsdale, AZ 85254

$1,275,000

5 Beds

3 Baths

3,549 SqFt

Status Active

MLS # 6706685

Property Type Single Family Residence

Price Type --

Discover luxury living in Scottsdale's coveted ''magic zip code'' 85254 with this stunning 5-bedroom, 3-bathroom home with no HOA. Perfect for golf enthusiasts and those seeking a high-end residence, this home offers resort-style amenities and exceptional comfort. The sleek, modern kitchen features expansive countertops and a coffee bar. The open-concept living area is designed for relaxation, while the formal dining room provides ample space for entertaining. A spacious games room with a bar adds to the home's entertainment options. The private backyard oasis includes a covered dining and seating area, gas BBQ grill, and fire pit. Enjoy the saltwater pool and luxury hot tub for the ultimate in relaxation. Make this your next home or investment property! New Roof in 2022! Discover luxury living in the heart of Scottsdale's coveted magic zip code 85254 with this stunning 5-bedroom, 3-bathroom home. Perfect for golf enthusiasts and those seeking a high-end residence, this property offers resort-style amenities and exceptional comfort. The sleek, modern kitchen features expansive countertops and a coffee bar, perfect for morning routines. The open-concept living area is designed for relaxation, while the formal dining room provides ample space for entertaining. A spacious games room with a bar adds to the home's entertainment options. Step outside to your private backyard oasis, complete with a covered dining and seating area, gas BBQ grill, and fire pit. Enjoy the fully-fenced saltwater pool and luxury hot tub for the ultimate in relaxation. Located just minutes from central Scottsdale attractions, this home offers convenience and style. Kierland Commons is a short 7-minute drive, TPC Scottsdale is only 11 minutes away, and the cultural landmark Taliesin West is a 19-minute drive. Additionally, this home is not part of an HOA, making it a fantastic option for short-term rentals. Experience the best of Scottsdale living with unparalleled comfort and elegance. Make this your next investment or personal residence!

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7760 E Carefree Drive Carefree, AZ 85377

$1,275,000

3 Beds

3 Baths

3,052 SqFt

Status Active

MLS # 6704258

Property Type Single Family Residence

Price Type --

Perfect Carefree home on a large interior corner lot with private back yard, views of Black Mountain and a large multi-level patio / pool area. Solid block construction on this Single Level light and airy updated home. Nicely appointed interior with kitchen and baths updated in 2015. New floors and paint throughout (2024). Kitchen has Granite Counter Tops, Undermount Chef's sink, Stainless Steel Dual Ovens and electric cooktop. Two large en-suite bedrooms, plus a third guest room. Spacious area off of kitchen can be used as a den or sitting area. Large pool recently updated and resurfaced with pebble tec. Quiet neighborhood is only ½ mile from town with easy access to grocery stores, restaurants, golf, and hiking trails.

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5713 W Rowel Road Phoenix, AZ 85083

$1,275,000

5 Beds

4.5 Baths

4,796 SqFt

Status Active

MLS # 6729792

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the prestigious Stetson Valley! This spectacular hillside residence boasts breathtaking views of Ludden Mountain and offers privacy, making it an oasis in the desert. Outside, indulge in resort-style living with a sparkling heated pool with a large, covered patio. Built-in misters ensure comfort on sunny days. The motorized solar shades and an electric awning expand your outdoor entertainment options. A convenient full bathroom with exterior access completes the poolside amenities. The large front patio, paved in travertine, features built in misters and is gated for your privacy. Step inside to discover a beautifully appointed interior featuring a spacious dining room with a butler's pantry, perfect for hosting your family and friends. see more.. Step inside to discover a beautifully appointed interior featuring a spacious dining room with a butler's pantry, perfect for hosting your family and friends. The large kitchen, with a walk-in pantry and huge island, opens to the great room, which is highlighted by a stacked stone fireplace. Upstairs, the expansive owner's suite beckons with a private sitting area overlooking Ludden Mountain. Recently renovated, the ensuite bathroom is a sanctuary with a free-standing tub, his and her vanities, and spacious closets. A large loft area offers additional living space, while a full-size laundry room with cabinetry adds convenience. Four additional bedrooms include a jack-and-jill bathroom, ideal for family or guests, and a fourth and fifth bedroom split by the spacious loft, overlooking the city lights, near an office nook for added flexibility. Don't forget to watch the hot air balloons from front balcony! The 3 car garages are split car and feature epoxy floors, extended length, built-in storage and EV charger. You will also find the 75 gallon water heater and whole house filtration. This home is not just about luxury, but also functionality with modern upgrades including an EV charger, solar system, exterior ceramic paint for energy efficiency, solar shades, and updated AC. Recently refreshed interiors with fresh paint complete the picture of this well-maintained property. Experience the pinnacle of Arizona living in this home, where every detail has been carefully considered for comfort, convenience, and style. Don't miss your chance to own this exceptional residence in one of Phoenix's most desirable neighborhoods.

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5225 W Desert Drive Laveen, AZ 85339

$1,275,000

4 Beds

5 Baths

5,553 SqFt

Status Active Under Contract

MLS # 6688946

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION...... Welcome to your dream home nestled within a serene gated subdivision, boasting over an acre of lush land, where luxury meets convenience at every turn. You're greeted with a privated court yard and a majestic iron door entry adorned with Cantera stone. Step inside and be greeted by the grandeur of custom-designed kitchen cabinets & showcasing the finest Thermador appliances that cater to the culinary enthusiast's. Venture into the expansive backyard, where you will find a kids' water park and plenty of land to design your own custom pool. For the avid traveler or outdoor enthusiast, the property boasts a colossal RV garage, offering ample space to accommodate your recreational vehicles and gear. complete with its own amenities, the possibilities for customization are endless. Whether hosting guests or seeking a private retreat, this versatile space caters to your every need. This custom estate does not disappoint. Very rare to find homes in this neighborhood come on the market.

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3119 E Cat Balue Drive Phoenix, AZ 85050

$1,275,000

4 Beds

3.5 Baths

3,107 SqFt

Status Active Under Contract

MLS # 6717986

Property Type Single Family Residence

Price Type --

This is it! The perfect single level home with a pool is now available in Ridgview Estates! This beautiful home features an open floor-plan, an amazing kitchen with a HUGE kitchen island, Quartz counter-tops, high-end stainless steel appliances, unless grey shaker style cabinets, wide plank tiles throughout the house, updated bathrooms with tile wrapped showers and Quartz counter-tops, SELLER PAID SOLAR PANELS, amazing primary bathroom with spacious walk-shower with separate soaking tub and his/her vanities, large 3 car tandem garage with storage racks and much more! The back yard is perfect for entertaining with a sparkling Pebble Tech pool with water feature and Baja shelf, synthetic turf, 2 oversized glass sliders for indoor/outdoor making it the ideal backyard!

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6337 E Windstone Trail Cave Creek, AZ 85331

$1,275,000

4 Beds

3 Baths

3,048 SqFt

Status Active

MLS # 6733499

Property Type Single Family Residence

Price Type --

This luxurious Santa Fe-style home on an expansive horse-property lot in the Sonoran desert is perfect for horse enthusiasts. It features 4 spacious bedrooms and 3 baths, starting with a charming flagstone courtyard and majestic peeled-pole columns framing the entrance. The kitchen boasts upscale stainless-steel appliances, granite countertops, and a cozy breakfast nook. The primary suite offers a blissful bedroom, walk-in closet, custom fireplace, and a private spa-like bath. Amenities include covered horse stalls, a tack/storage room, ramada, hot tub, and potential for a pool. With 3,048 sq ft, fully remodeled laundry room, and a lock-off casita, this home offers flexible living options.

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6918 E Granada Street Mesa, AZ 85207

$1,275,000

4 Beds

2.5 Baths

2,970 SqFt

Status Active

MLS # 6744579

Property Type Single Family Residence

Price Type --

Welcome to this stunning single story custom home on a 30,000 + Square foot lot with North/South lot. In Northeast Mesa! This is the complete package! New AC units in June 2024, Owned solar system. Kitchen boasts Huge Island, Maple Cabinets, large walk-in pantry, with Granite counter tops. Travertine Tile inside and outside. Great room features Beautiful Stone Wall with Gas Fireplace, Beamed Ceiling, and Double French Doors, and 12-inch Glass Doors. Office with separate entry, can also be used as 4th bedroom. Coffered ceilings throughout. Master Suite with French Doors, Gas Fireplace with sitting Room or workout area. Luxurious Master Bath and Fully built out Master Closet. Enjoy another day in Paradise in your resort style back yard with large extended patio and stunning pool & heated 4 car garage, spacious area for RV Parking and oversized driveway, minutes from 202, Highly Rated Schools, close to hiking and biking trails. Conveniently located minutes from shopping, restaurants, and more!

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7823 N Via Del Mundo -- Scottsdale, AZ 85258

$1,275,000

4 Beds

3.5 Baths

2,212 SqFt

Status Active

MLS # 6741347

Property Type Single Family Residence

Price Type --

This one HAS to be seen in person. Exceptional gem in McCormick Ranch! This fully remodeled cul-de-sac home boasts 4 bed 3.5 bathrooms of refined living space. Nestled in an extremely private street, it offers convenient access to all the wonderful amenities McCormick Ranch has to offer. Inside, you'll find a thoughtfully upgraded interior illuminated by skylights that flood the home with natural light, enhancing its inviting and efficient design. All new European oak engineered hardwood floors compliment the new Taj Mahal quartz countertops perfectly. The master suite and closet have been recently redesigned. The pool view from the living room is spectacular and the landscaping ensures privacy and provides a seamless blend of indoor and outdoor living, embodying the ideal AZ lifestyle.

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5748 N 78th Place Scottsdale, AZ 85250

$1,275,000

3 Beds

2.5 Baths

2,915 SqFt

Status Active

MLS # 6721534

Property Type Townhouse

Price Type --

Discover luxury living in the heart of Scottsdale, near top shopping & dining. This exquisite home boasts soaring ceilings, a cozy living room, elegant dining room with atrium views, and a serene den. The chef's kitchen features a modern Bulthaup design with Thermador Induction range and appliances, Sub Zero refrigerator and an inviting front patio. The master suite includes blackout shades, spa- like bathroom, and convenient laundry access. A spacious guest suite, which can be easily converted to a 3rd bedroom, loft workspace, and a 7,000 sq. ft. landscaped yard complete this stunning property. Perfect for those who appreciate refinement and location.

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1538 E Amber Ridge Way Phoenix, AZ 85048

$1,270,000

4 Beds

3 Baths

3,618 SqFt

Status Active

MLS # 6726243

Property Type Single Family Residence

Price Type --

Situated on a PRIME cul-de-sac, this spectacular haven will leave you breathless! This beauty, with a 3-car garage with attached cabinets for great storage, paver driveway, and attractive curb appeal, invites you to discover more. Enter through the custom double doors to be awed by the HUGE living & dining room with a bay window and desirable great room complemented by a fireplace, wet bar, and a French door to the back patio. Highlights include stylish light fixtures, soaring vaulted ceilings, and plantation shutters. The open kitchen showcases a plethora of cabinets & cupboards, mosaic backsplash, an island, granite counters, a breakfast bar, a pantry, and top-of-the-line stainless steel appliances such as wall ovens, wine cooler, and electric cooktop. The breakfast nook adjacent to the kitchen is surrounded by windows which provide ample light! Owner's retreat is downstairs for convenience, boasting plush carpet, direct outdoor access, pre-wired surround sound, sunny bayed window sitting area, a walk-in closet, and a lavish ensuite comprised of two vanities and a jetted tub. PLUS! Flexible bonus room with balcony access is perfect for a media room. Stunning backyard is a true gem! A covered patio, gazebo with built-in BBQ, basketball hoop, volleyball court, and an enticing pool & spa with rock waterfall complete this paradise. You'll definitely love this luxurious lifestyle! Don't miss it!

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11178 E Mark Lane Scottsdale, AZ 85262

$1,270,000

5 Beds

4 Baths

3,691 SqFt

Status Active

MLS # 6607731

Property Type Single Family Residence

Price Type --

This stunning home in Troon North boasts a brand new roof, lots of upgrades, and has tumbled travertine floors throughout, rich cabinets, and granite counters. A true entertainer's home with a gorgeous modern backyard complete with putting green & privacy, a view deck with mountains and city views galore, an office, game room and a full en-suite casita bedroom. The huge master suite is privately located upstairs with an adjoining sitting room/office and has its own balcony overlooking the back yard. The home is perfectly situated on a cul-de-sac with a North facing shady back yard and is within walking distance to restaurants & boutique shops. Minutes to the Four Seasons hotel & Troon North Golf Club. This beautiful home delivers all that desert living has to offer!

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