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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8701 E Tether Trail Scottsdale, AZ 85255

$1,200,000

5 Beds

5.5 Baths

4,278 SqFt

Status Active

MLS # 6762374

Property Type Single Family Residence

Price Type --

Nestled in an exclusive North Scottsdale location, this exceptional home offers stunning mountain views and is surrounded by iconic saguaro cacti. Situated on a highly desirable one-acre lot with dedicated open space between neighboring properties, this residence provides both privacy and natural beauty. The thoughtfully designed split floor plan features five spacious bedrooms, each with its own en-suite bathroom, ensuring comfort and privacy for all. High ceilings, an impressive 8-foot front entry door, and expansive windows throughout allow natural light to flood the home, offering breathtaking views of the desert landscape. The executive-style home boasts a resort-like backyard with a sparkling pool and spa, perfect for enjoying Arizona's sunny climate. The full covered patio allows for year round outdoor entertainment. The gourmet kitchen is complete with a large center island, a cozy breakfast nook, and ample counter space for culinary enthusiasts. The great room, ideal for entertaining, includes a fireplace and wet bar, creating a warm and inviting atmosphere. The master suite serves as a peaceful retreat, featuring a sitting area with direct access to the backyard oasis. The luxurious master bath offers dual vanities, a separate shower and tub, and two spacious walk-in closets. The living room is framed by a wall of windows that perfectly captures the surrounding desert beauty, while the four-car side-entry garage with epoxy flooring and custom cabinetry provides ample storage. Additionally, the laundry room is equipped with built-in cabinets and a utility sink for added convenience. This home is being sold in as-is condition, offering a rare opportunity to bring your personal touch and make it your own desert paradise.

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37269 N 100th Place Scottsdale, AZ 85262

$1,200,000

3 Beds

3 Baths

3,130 SqFt

Status Active Under Contract

MLS # 6761023

Property Type Single Family Residence

Price Type --

Private and Peaceful. This lovely home in the intimate gated community of Montecito at Mirabel is tucked away on nearly an acre of beautiful high Sonoran Desert landscape. Pavered driveway, walkways and extended patios add to the serene setting. Backing to acres of natural area open space, this desirable open concept floor plan offers the ultimate indoor/outdoor living experience. The large great room includes a wall of disappearing glass doors and remote sun shades. Beautiful built-in cabinet on one wall includes 75'' TV and electronics along with room for your books and special art pieces. Stainless appliances, Wolf gas cook top, generous pantry, extended wood cabinetry with granite counters complete the large eat-in kitchen. Separate Primary Suite has double door access to the back patio, plantation shutters, walk-in and linen closets and bath with tub and walk-in shower. The Two guest suites include Jack & Jill bath and walk-in closets for plenty of storage. Office/den has a separate double door exit to front walk way, plantation shutters plus a third bathroom in the nearby hallway. There's a lovely separate Dining Room off the foyer and a Butler's Pantry close by. Enjoy quick and easy access to North Scottsdale, Carefree and Cave Creek shopping and dining. This location is truly great for those who enjoy boating etc. year round at Bartlett Lake to the east or Lake Pleasant to the west or explore the Tonto National Forest with your 4 X 4 rigs.

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1510 W Horsetail Trail Phoenix, AZ 85085

$1,200,000

4 Beds

3.5 Baths

4,375 SqFt

Status Active

MLS # 6643662

Property Type Single Family Residence

Price Type --

Welcome to Sonoran Hills! This reimagined home features modern light oak-style flooring & spacious open layout seamlessly connecting the living, dining, and gourmet kitchen areas. The kitchen boasts GE Profile stainless steel appliances, including wall ovens and a gas cooktop. Enjoy modern convenience with remote-controlled blinds and custom exterior sunshades. With 4 Bedrooms, 3.5 Bathrooms a loft & office the floorplan has something for everyone The lavish master suite offers a private retreat with an oversized closet. Outside, the backyard is a standout with putting green, sparkling pebble tec pool w/ water features and built in BBQ. Property on over 2/3 Acre lot and non-obstructive mountain views, this home blends elegance with functionality in a serene private escape.

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744 E County Down Drive Chandler, AZ 85249

$1,200,000

4 Beds

3.5 Baths

3,600 SqFt

Status Active

MLS # 6715671

Property Type Single Family Residence

Price Type --

Best lot in all of Fieldstone Estates! This gorgeous, single level semi-custom home w split floorpan in GORGEOUS gated Fieldstone Estates is on a premium, 1/3 acre private corner lot backing the lush community greens. The private front courtyard boasts a paver patio + gas fireplace. The remodeled designer kitchen is stunning, with bright white custom cabinetry, quartz counters, a large quartzite island, marble tile backsplash, stainless steel appliances, dual ovens, gas cooktop, deep under-mount sink, pendant and under-cabinet lighting, and a walk-in pantry. There is also a gourmet chef's convenient access to the gas BBQ from an exterior door. The private owner's suite offers luxury with a soaking tub, walk-in shower, separate dual vanities, huge closet,and an adjacent den/office. There is also a guest suite with an ensuite bath, perfect as a teen room, and 2 additional bedrooms that share a Jack and Jill ensuite bath. The laundry area includes ample storage, a deep-set farm sink, and beautiful quartz counters with bright white cabinetry. The extended 3-car garage is epoxy-coated and surrounded by built-in cabinetry, making it ideal for large vehicles or a workshop. The private backyard boasts a covered patio with a built-in bar top, a limestone paver pool deck, a heated pebble tec pool with a baja shelf, and an extended pergola with plenty of space for loungers and a cabana. Plantation shutters, tile floors, and surround sound are featured throughout. The lucky new buyer will enjoy a beautifully maintained gated community with mature trees and landscaping, biking/walking trails, and a children's playground.

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51008 W Pete Road Aguila, AZ 85320

$1,200,000

2 Beds

2 Baths

2,154 SqFt

Status Active

MLS # 6378759

Property Type Single Family Residence

Price Type --

This Remarkable Property features a completely renovated House, a 60' x 60' Hangar PLUS 60' x 80' Hangar in a gorgeous setting! House features custom Hickory Cabinetry & solid hand-carved Hickory doors throughout. Travertine Tile countertops, Tibouron Brunito Ceramic Tile, Custom Ironwork and many other luxurious amenities. State Land across the street ensures endless VIEWS of mountains & wildlife. The professionally landscaped property showcases over 200 Trees, Shrubs & Bushes! Taxi from your fully-heated & air-conditioned Hangars to the runway for flying 300+ days per yr. Community has a 3,906' paved, lighted runway, paved taxiways/streets & community center for great gatherings. Just imagine enjoying your special get-a-away or full-time residence!

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3130 S Weeping Willow Court Gold Canyon, AZ 85118

$1,200,000

3 Beds

3 Baths

2,418 SqFt

Status Active

MLS # 6665810

Property Type Single Family Residence

Price Type --

FORMER MODEL located in prestigious Superstition Mountain. 3 bedrooms and 3 baths. OPEN GREAT ROOM, DINING AREA, KITCHEN LAYOUT! NEWLY REMODELED! Gourmet kitchen with Viking appliances, quartz countertops, extended 11'' island, new solid wood cabinets. Two new high efficient AC's and furnaces. VIEW FEATURE SHEET IN THE DOCUMENT SECTION FOR A FULL LIST OF FEATURES AND UPGRADES. Multiple patios for relaxing, dining and entertaining! SE orientation offers abundant sunshine with beautiful sunrises and sunsets. Premium lot abuting a wash area and overlooking the 17th tee box of the Lost Gold course. 24 HOUR GUARD GATED COMMUNITY. Two Jack Nicklaus golf courses! Not a golfer? Enjoy pickle ball, bocce, tennis, hiking and many other amenities. Country Club living at its best. Club amenities under a separate agreement. 35 minutes to Sky Harbor and 20 minutes to Mesa Gateway airports. Buyer and buyer's agent to verify all pertinent information including square footage.

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3648 E Arabian Drive Gilbert, AZ 85296

$1,200,000

4 Beds

3 Baths

3,461 SqFt

Status Active

MLS # 6736773

Property Type Single Family Residence

Price Type --

Step into unparalleled elegance with this stunning residence, where sophistication meets comfort in every detail! Excellent curb appeal with striking stone detailing, a manicured front yard, a 3-car tandem garage, and an inviting front porch. Double doors open to a welcoming foyer leading to the formal living room! The great room is bathed in natural, recessed, and chic light fixtures, illuminating every corner. High ceilings, soothing paint tones, beautiful wood-plank tile flooring, and multi-sliders to the back patio are features you'll love. Meticulous attention to detail is presented in the upscale kitchen, fully equipped with a gas cooktop, double wall ovens, and a sizable island with a breakfast bar. Gleaming quartz counters, stylish tile backsplash, a walk-in pantry, and a plethora of white cabinetry with crown molding elevate the space. Explore a spacious bonus room ideal for a hobby or entertaining space! Find your sanctuary in the grand main suite, showcasing a soft carpet, a sitting area, a full ensuite with dual sinks, a step-in glass shower, a separate tub, and a walk-in closet. Discover the highlight of the outdoor space: a stunning crystal blue pool, the perfect oasis for those scorching summer days! Hurry! This gem will not disappoint!

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11619 N 12th Place Phoenix, AZ 85020

$1,200,000

5 Beds

3.5 Baths

3,917 SqFt

Status Active

MLS # 6641433

Property Type Single Family Residence

Price Type --

Welcome to this stunning, newly remodeled 3,917 sq foot residence, seamlessly blending modern luxury with timeless elegance. Step into an open-concept living space flooded with natural light, highlighting the meticulous craftsmanship throughout. The gourmet kitchen boasts state-of-the-art appliances, quartz countertops, and a spacious island, perfect for culinary enthusiasts. Relax in the expansive master suite featuring an inspired ensuite bathroom and custom walk-in closets. Four additional bedrooms offer comfort and versatility, while the remodeled bathrooms showcase designer finishes. The home's heart is a spacious family room, ideal for gatherings and entertainment. This residence is designed for indoor-outdoor living, with glass doors opening to a private Oasis.

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2520 N 69th Place Scottsdale, AZ 85257

$1,200,000

4 Beds

2 Baths

2,385 SqFt

Status Active

MLS # 6716350

Property Type Single Family Residence

Price Type --

GORGEOUS home minutes away from OLD TOWN SCOTTSDALE! Fully updated with a spacious and inviting floor plan. Enjoy cooking on SS appliances (GAS RANGE), Pot filler, beautiful QUARTZ counters, lots of Storage & Modern lighting. The MASTER SUITE features a nice walk-in closet, stand alone tub, dual sink vanity, and a large walk-in tiled shower. Formal dining area. No expense was spared creating the RESORT STYLE OASIS. Entertain outside with a COVERED patio, heated pool, spa/hot tub, outdoor bar and natural gas BBQ, putting green, outdoor firepit, & much MORE. Garage is climate controlled and currently set up as a GAME ROOM. Come see this beauty today!!

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4438 E Camelback Road Unit 154 Phoenix, AZ 85018

$1,200,000

3 Beds

2.5 Baths

2,840 SqFt

Status Active

MLS # 6673033

Property Type Townhouse

Price Type --

NO NOISE FROM CAMELBACK Most Desirable Location in Village At Camelback Mtn.,end unit with patios on 3 sides. Newer Paint Thru Out - Newer Carpet - Newer Kitchen with Granite Counter Tops - Newer Appliances ,Dishwasher 2020 Refrigerator 2020. Beautiful Newer Tile Flooring Newer Oak Cabinets, Newer Mstr. Bath with Granite Counters - Newer Cabinets & Newer Tile Floors. 3 full bedrooms all upstairs. In Suite Mstr. Ba. 2 Bedrooms share 2nd Bath. 1/2 Bath Downstairs for guests. Great Rm with Fireplace, Formal Dining Rm + Breakfast Bar. Wrap around Covered Patio. 2 Community Tennis Courts one includes Pickle Ball, 2 Community Swim Pools. Guard Gate. Next to Village Tennis Club. Great location. Similar listing sold for 1,440,000. Great Investsment!!!

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4402 E Montecito Avenue Phoenix, AZ 85018

$1,200,000

4 Beds

3 Baths

2,105 SqFt

Status Active

MLS # 6755246

Property Type Single Family Residence

Price Type --

If Arcadia is where you want to live, now is your chance. This beautiful 4 bedroom/3 bath/2 car garage home went through a major refresh in 2018, including electric, plumbing, and addition. Even the power lines have been buried. Thoughtful attention was given to the kitchen including an extended cabinetry area, quartz counters, stainless appliances, and an island perfect for four barstools. Primary bedroom has a nice sized walk-in closet and a gorgeous ensuite bathroom. Other bedrooms are spacious with areas for beds, desks, toys and storage. Dual French doors lead to the back yard which has been generously refurbished with private courtyard area and an extended paver area for entertaining. There is plenty of room for fun or parties. Enjoy morning coffee from your front yard court yard. The entire home is done in neutral colors so bring your favorite colorful furniture, accent pieces and art work for display.

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12000 N 144th Way Scottsdale, AZ 85259

$1,200,000

4 Beds

4.5 Baths

3,287 SqFt

Status Active

MLS # 6747623

Property Type Single Family Residence

Price Type --

Located in a cul-de-sac, backs to the open desert, very short walk to a hiking trailhead. Enter thru a charming courtyard, the spacious & versatile floorplan includes 4 ensuite bedrooms, high ceilings & tall windows throughout. Upgrades include floor-to-ceiling office built-ins, Pella windows & doors, plantation shutters, stone flooring, 8' solid core doors, granite counters in bathrooms, and recently updated & upgraded cabinetry. Owner has a pool quote for $44k, see last two photos for the concept... wouldn't you rather have a brand new pool to your taste than a 20 year old pool with repair issues. To roll the new pool into financing, seller willing to prepay pool by adding it to the selling price. Close to internationally renowned Basis School and Scottsdale Schools, Mayo Clinic, golf courses, hiking trails, top valley restaurants and spectacular natural scenery. This home is a must-see

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