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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10361 N 101 Street Scottsdale, AZ 85258

$1,250,000

3 Beds

2 Baths

2,179 SqFt

Status Active

MLS # 6739913

Property Type Single Family Residence

Price Type --

Gorgeous Remodeled Single Level home in The Island at Scottsdale Ranch lake Serena Subdivision , Enjoy water activities, boat ride etc,, ,3bed,2 baths and patio. Single level. Gated comm. With maintenance. Back yard new professional built in grill and water feature with expanded patio. New floors with granite counter tops and backsplash in kitchen, newer kitchen aid appliances - stainless steel. New Kohler sinks and faucets in all baths, with granite tile.. One of a kind ,immaculately maintain a must see

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16229 E Blue Sky Drive Scottsdale, AZ 85262

$1,250,000

4 Beds

3.5 Baths

3,042 SqFt

Status Active

MLS # 6759183

Property Type Single Family Residence

Price Type --

Amazing custom home with horse privileges nestled in the breath taking mountain setting of North Scottsdale. This wide open floor plan is complete with huge fireplace, custom cabinetry in the great room and custom roller shades on every window. The kitchen is every chefs dream with built in stainless steel appliances, huge walk in pantry w/ prep area, giant waterfall- style kitchen island w/ quartz counters, real wood cabinetry and custom stone backsplash. You will find luxury hardwood and tile throughout the home. Enter the master retreat to find the amazing super shower, pedestal soaking tub, his & hers sinks and huge walk in closet. Oversized garage with custom built in cabinets. This acre lot has plenty of room for your pool, horse facility, shop and so much more.

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45425 N 14 Street New River, AZ 85087

$1,250,000

3 Beds

2.5 Baths

3,058 SqFt

Status Active

MLS # 6756246

Property Type Single Family Residence

Price Type --

Gorgeous Custom Home! Stunning Panoramic Views on 2 plus acres. The hillside home features large picture windows with views of the national forest. The great room has 16 foot ceilings with viga poles and a fireplace. The cabinets and doors are beautiful natural alder. The master bedroom has amazing views also,, a fireplace, 2 patios, a grand bathroom, and spacious closet. Split floorplan with 2 guest bedrooms plus a full office with built in desk and shelves. Open the doors and enjoy the views! Outdoor relax on one of the 5 patios or relax in the jacuzzi tub! Car buffs? Large detached 1200 immaculant 4 car garage/shop with pefect epoxy floors. You have rv parking with hookups on the side of the garage. OWNED SOLAR! Come out, relax, and enjoy the views from any room!

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5910 Velvet Valley Lane Flagstaff, AZ 86004

$1,250,000

3 Beds

2 Baths

4,006 SqFt

Status Active

MLS # 6744334

Property Type Single Family Residence

Price Type --

TRULY AMAZING PROPERTY THAT BRINGS UNDEINIABLE VALUE! Beautiful Home, Oversized RV Garage, and a Studio / Showroom / Workshop that is Second to None! ALL OF THIS ON 2.5 ACRES! Come Unwind and Experience Heaven on Earth While Relaxing Next to the 175,000 Gallon Fish Pond or Work from Home in your Custom 2200 SF Expansive Workshop w/ Private Bath. Your Custom Built 1806 Sq Ft Home is Only Steps Away Including a 1200 Square Foot RV Garage, Horse Set Up / Stall and Additional Out Buildings. This Meticulously Maintained Property Shines and Pride of Ownership is an Understatement Featuring New Roof, Wood Grain Tile, High Vaulted Ceilings, Corian Countertops, Malapai Rock Accents, HUGE Primary Closet and So Much More. This Perfect Property is Absolutely the Most Ideal Home / Office Scenario!

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33767 N Bell Road Queen Creek, AZ 85144

$1,250,000

4 Beds

3 Baths

2,329 SqFt

Status Active

MLS # 6748343

Property Type Single Family Residence

Price Type --

Stunning Custom Home Adjacent to San Tan Regional Park!!! Nestled on a spacious 2.4-acre lot, this beautiful custom-built home offers breathtaking views, backing up to the San Tan Regional Park. Constructed in 2017, you'll find a thoughtfully designed split floorplan, enhanced by exquisite lighting, 4 bedrooms, 2 bathrooms and a 4 car garage. Enjoy cooking in the gourmet kitchen outfitted with espresso staggered cabinetry, luxurious Victoria quartz countertops, and a commercial-grade hood, built-in ovens, a farmhouse sink, and an industrial faucet. The oversized walk-in pantry, contemporary backsplash, and lighting complete this exquisite space. Step outside to an entertainer's paradise, featuring a covered outdoor area perfect for gatherings, a convenient outdoor bathroom, and ample pool storage. The 360-degree mountain views are the perfect backdrop for enjoying the Arizona lifestyle, whether you're hosting guests or relaxing in your private oasis! Interior furniture, excluding the couch found in office, convey with full purchase price.

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15937 N 111th Way Scottsdale, AZ 85255

$1,250,000

3 Beds

2.5 Baths

2,830 SqFt

Status Active Under Contract

MLS # 6707575

Property Type Single Family Residence

Price Type --

Nestled in the McDowell Mountains in the Prestigious Guard Gated Community of One Hundred Hills at McDowell Mountain Ranch. This 2830 Sq Ft. home was Quality built by Geoffrey Edmunds that is situated on a very private lot with Mountain Views. 10' Ceilings, 3BR / 2 .5BA, En- Suite, huge Walk-in Closet with custom built-ins. This home has been highly updated with all of the finest including Italian Carrara Marble flooring throughout. Relax in the private & peaceful backyard that backs to the wash and enjoy the outdoor fireplace while enjoying the Mountain Views. Community amenities include Community Center, Heated Pool & Spa, Tennis & Pickleball Courts, and abundance of Hiking & Biking Trails. McDowell Mountain Golf Club is less than1 mile away.

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23 E Cavalry Drive Phoenix, AZ 85086

$1,250,000

4 Beds

4 Baths

2,865 SqFt

Status Active Under Contract

MLS # 6748255

Property Type Single Family Residence

Price Type --

Desirable Desert Hills, 1 acre lot, no HOA, Car collectors dream, paved roads, bring your toys, 960 sf RV garage, 40 ft deep with 14 ft tall and 12 ft wide RV garage door, N/S exposure. Pride of ownership and move in ready. Almost new built in 2020, home offers split floor plan, kitchen open to great room, electric fireplace, 4 bedrooms plus den, 4 baths, extended 25 ft deep 4 car garage. Master suite has double sinks, walk-in closet, separate tub and shower, separate exit to back patio. Gourmet kitchen with Kitchen Aid appliances, gas cooktop, granite countertops, wall oven/convectional microwave, alder cabinets. Plank tile flooring, solid wood Alder 8 ft doors. Resort style backyard, beautiful desert landscaping, Pebble Tec pool, extended covered patio, private fully fenced in backyar Epoxy garage flooring, insulated garage doors, garage utility door, utility sink in garage and laundry room, water heater recirculating pump, water softener, shared well, 4 shares, good producing well, 2 RV gates, in area on new custom homes, easy access to I-17.

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10543 E Diffraction Avenue Mesa, AZ 85212

$1,250,000

6 Beds

4.5 Baths

5,260 SqFt

Status Active

MLS # 6757090

Property Type Single Family Residence

Price Type --

Master planned community of Eastmark! This incredible home is perfect for entertaining & those that need LOTS of bedrooms & garage space! This amazing residence offers a chef's kitchen w/ gas stove, eat-in kitchen dining area, island seating, butler's area, huge walk-in pantry, & access to the outdoor kitchen! Plenty of storage with 6 bedrooms (each w/ walk-in closets), 4.5 bathrooms, separate dining room, den, loft, movie room w/ projection tv, 2 laundry rooms (1 on each floor) & 4+car garage w/ new epoxy coating. There is an abundant amount of storage in the extra closets upstairs and downstairs and the ensuite is the perfect retreat that includes a separate sitting area, oversized shower, soaking tub, separate vanities, enormous walk-in closet & additional linen closet. Enjoy indoor/ outdoor living through the 12' sliding glass door from the living room & relax by the firepit while your food is prepared in the outdoor kitchen, splash in the pool w/ waterslide, grotto & water features, or play ball on the new turf. The home feels brand new with the new carpeting & paint. Enjoy the Eastmark lifestyle at the community pool, activity center, Eastmark schools, clubs, programs, events, traditions neighborhood parks, restaurants, garden & more. Make this amazing property yours today!

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1540 E Sharon Drive Phoenix, AZ 85022

$1,250,000

4 Beds

3.5 Baths

3,900 SqFt

Status Active

MLS # 6657328

Property Type Single Family Residence

Price Type --

Make yourself at home in Moon Valley's privately gated Views at Mountainside enclave! Enter this custom home through the enchanted courtyard with the peaceful sounds of the water feature as you enjoy the view from the front patio. When you open the door to this home, you will see and feel a bright and inviting atmosphere complete with elegant soaring ceilings, travertine flooring, dedicated formal dining and two spacious living rooms. The eat-in kitchen provides granite countertops, ample custom cabinetry, double ovens, and a cozy breakfast nook. Utilize the wet bar as you host effortlessly with two large back covered patios, a built in BBQ and a sparkling swimming pool wrapped with captivating views of the surrounding Lookout and Phoenix Mountain Preserve. The expansive primary suite has the perfect space for reading, working out or simply enjoying the mountain views. The primary bathroom has a large soaking tub, dual vanities and a large walk-in closet. Enjoy the perks of an extended 3-car garage with additional storage. This home has only had one owner and offers easy access to a wide variety of world renowned golf courses, hiking + biking trails, restaurants, Paradise Valley Mall and Mayo Clinic. This gem truly has it all!

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2934 W Amberwood Drive Phoenix, AZ 85045

$1,250,000

4 Beds

3.5 Baths

4,109 SqFt

Status Active

MLS # 6760822

Property Type Single Family Residence

Price Type --

Welcome to your dream home with stunning mountain views in the exclusive gated Summit at Foothills Reserve! Nestled on a private and secluded .59 acre corner lot backing South Mountain. This property invites you to experience the pinnacle of luxurious living in Ahwatukee. This residence offers an impressive amount of communal space. Boasting 4 bedrooms, 3.5 bathrooms, plus a versatile den/office, a large loft, formal living & dining rooms, and a large family room off the kitchen. The gourmet kitchen features an extended Island, white cabinets, granite counters, butlers sink/ walk in pantry, & stainless appliances. A long list of upgrades include travertine tile, wood shutters, custom stonework, ornate Iron railings, central vac, upgraded insulation, soft water, surround sound + much more! Step outside to discover the greatest aspect of this home, the backyard oasis that awaits. Located on a one of a kind lot with South Mountain and Estrella Mountain views. The yard has been professionally landscaped with a sparkling pebble pool, spa, and waterfall, expansive pavered areas, fire pit, built in BBQ and a huge balcony with exterior spiral staircase. It's an amazing space to share with friends and family. Located within close proximity to the 202 and a quick drive to shopping, dining & entertainment. You also get highly ranked Kyrene Schools, and Desert Vista High School. Don't miss the opportunity to make this spectacular property your own.

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8247 E Devonshire Avenue Scottsdale, AZ 85251

$1,250,000

5 Beds

3 Baths

2,725 SqFt

Status Active

MLS # 6748054

Property Type Single Family Residence

Price Type --

Nestled in OLD TOWN, this extraordinary 5-bedroom, 3-bathroom home offers more than just living space, it provides a lifestyle of luxury and convenience. Currently operating as a VERY successful Airbnb was renovated in 2019, a new kitchen, remodeled bathrooms, and fresh paint throughout. Outside, the allure continues with low maintenance landscaping, a heated pool, and spacious covered patio, perfect for outdoor relaxation and entertaining. With easy access to HWY 101 and 202, Scottsdale Fashion Square Mall, dining, and entertainment options are mere minutes away, ensuring you're never far from excitement. This home offers the quintessential Scottsdale lifestyle. ********* Owner financing available with below market interest rates. STR financials available upon request.request. ****** This home offers the quintessential Scottsdale lifestyle.

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40722 N Harbour Town Court Anthem, AZ 85086

$1,250,000

4 Beds

3 Baths

2,792 SqFt

Status Active

MLS # 6746130

Property Type Single Family Residence

Price Type --

Be one of the first to view this brand-new listing!! Completely Remodeled Tacoma Floorplan with No Expense Spared. The property is nestled between mountain ranges behind the 24hr manned gates of the Award-Winning Anthem Country Club at the base of Daisy Mountain. Conveniently located, just a few minutes walk from A+++ rated schools, a private golf course, water park and the stunning 55-acre community park. The property benefits from the follow recent updates: New flooring, New cabinetry, New countertops, New sliding doors, New bathrooms, New pool, jacuzzi, travertine decking, outdoor bar, gazebo... And owed 29KW solar panel system.

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