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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1931 E Paso Nuevo Drive Phoenix, AZ 85086

$1,195,000

4 Beds

3.5 Baths

3,092 SqFt

Status Active

MLS # 6756202

Property Type Single Family Residence

Price Type --

Come and enjoy this beautifully nestled single-family home on a private and paved road that offers the best of Desert Hills living! - a rare find in this peaceful, scenic area. Inviting circular, paver driveway & courtyard entry. An open-concept, split floorplan features 4 spacious bedrooms + den and an office with 3.5 luxurious baths, ideal for those seeking both space and modern amenities. Sprawling island-kitchen boasts loads of beautiful soft-close cabinetry, quartz counters, stainless appliances and walk-in pantry. Owner's suite with dual-vanities, walk-in shower, soaking tub, walk-in closet and private exit to backyard. Relax in your private and fully landscaped resort backyard with heated pool & spa, expansive Alumawood pergola/patio, and easy-maintenance turf. Three-car extended garage, ideal for vehicle storage or a workshop. For those looking for energy efficiency, the property boasts a highly updated solar system complete with a full back up Tesla Powerwall battery system boasting 40.5 kwh of back up storage, significantly reducing energy costs while providing peace of mind. A customized water cleaning/softening system with arsenic removal and UV light cleansing. With NO HOA, you'll have the freedom to personalize your property and enjoy the serene desert lifestyle without restrictions. Whether you're entertaining guests or enjoying a quiet evening under the stars, this home is a true Desert Hills gem. Come experience this rare opportunity today!

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17304 E Alta Loma Drive Fountain Hills, AZ 85268

$1,195,000

3 Beds

2.5 Baths

2,457 SqFt

Status Active

MLS # 6692629

Property Type Single Family Residence

Price Type --

Welcome to your own private oasis nestled in the highly coveted gated neighborhood of Arriba Del Lago. Located just steps from the fountain with breathtaking fountain and Red Rock mountain views from nearly every location in the house. The front patio with private pool is the perfect spot to enjoy all that nature has to offer. Sliding doors from the large Dining/Family room open to your front oasis from the heart of the open kitchen with brand new appliances. The living room provides a cozy space for gathering around Fire and connects seamlessly. Primary bedroom has a private retreat at rear of the home where tranquility abounds. Primary bath has been updated with all modern updates, A huge office/bedroom and guest room both have private patios at the back of the house. Freshly painted

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27998 N 112th Place Scottsdale, AZ 85262

$1,195,000

3 Beds

2 Baths

2,201 SqFt

Status Active

MLS # 6756253

Property Type Single Family Residence

Price Type --

Relaxed sophistication awaits you at this resort-like North Scottsdale home. This soft modern paradise perfectly harmonizes soothing tones, sophisticated finishes, natural light and the best of the Arizona desert to create a unique luxurious and tranquil abode. Every detail is thoughtful and gorgeous - from the custom entry pivot door to the alfresco dining platform. All the important boxes are checked from the gas stove, split bedroom floorplan to full hard surface flooring and more. AC, Water Heater, Pool Pump and Heater all new as of 2020/2021. Roof recoated last year. Single story and featuring 3 bedrooms, 2 baths and a bonus room this home offers flexibility in living arrangements with the bonus currently configured for dining, but easily transitioned to an office, TV room or other. The open concept living space, kitchen, wet bar and dining nook are flanked by a wall of windows which open to a second area of generous outdoor living and entertaining space. Situated on a premium, private lot with Pinnacle Peak mountain views, the resort-like pool and living area is not only beautiful but low maintenance. The outdoor cabana is sure to delight with a hot-tub, adjacent outdoor shower, and lounging area complete with television. Available as a turn-key purchase for those that want to move right in.

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22419 N Los Caballos Drive Scottsdale, AZ 85255

$1,195,000

4 Beds

2.5 Baths

2,738 SqFt

Status Active

MLS # 6734304

Property Type Single Family Residence

Price Type --

MOVE-IN READY or MAKE IT YOUR OWN! The spacious split floorplan design features formal dining, living, and a generous eat-in kitchen which is open to the family room. Multiple French doors lead you to the covered patio and the expansive backyard, a total of 1 Acre of space to expand and with views of the McDowell Mountains. Multiple fireplaces throughout, to include the primary, and oversized Primary bath with its own access to the backyard. Situated in the coveted, gated community of Los Gatos, which offers full Horse privileges. An incredible value, convenient location, and so much potential!

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3057 Red Robin Road Pinetop, AZ 85935

$1,195,000

5 Beds

2 Baths

2,232 SqFt

Status Active Under Contract

MLS # 6249362

Property Type Single Family Residence

Price Type --

Spectacular & very private golf course location in guard gated White Mountain Summer Homes. Situated on .84 acres on a corner, overlooking several fairways. 5 Bedrooms and 2 baths. Vaulted ceilings in the spacious living room with inviting stone fireplace. Kitchen and breakfast room have been updated with tile backsplash, counters, breakfast bar and appliances. Enjoy tree top or golf course views from every room. The wrap around covered & uncovered deck is ideal for entertaining or just enjoying a quiet afternoon with a book. Knotty pine and white washed finishes give a fresh cottage feel. Roof, furnace & AC replaced 2015. Room for garage and addition. Owner has plans.

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19709 W Clarendon Avenue Buckeye, AZ 85396

$1,195,000

4 Beds

4 Baths

3,748 SqFt

Status Active

MLS # 6739967

Property Type Single Family Residence

Price Type --

Discover your dream home with this 2015 custom-built residence, perfectly situated on a 1-acre lot. This 4BD/4BA plus FLEX space AND a separate entry office provides great living spaces throughout! This home offers a blend of style and functionality. The Chef's haven offers a vast Island, breakfast bar, double ovens, pantry, granite with plenty of room for family & friends to gather! Open concept great room with 10' ceilings. Two primary suites, split each with an ensuite offering privacy!. Top notch finishes! 3 Car-Garage with built-in storage. The backyard is ready for your finishing touches. Pool? RV Garage? Casita? Build your backyard oasis. Covered patio, extended concrete. Trees with timed irrigation. Great curb appeal. Two New AC units 2023. Solar. A great place to call home!

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12631 E Lupine Avenue Scottsdale, AZ 85259

$1,195,000

3 Beds

2.5 Baths

3,096 SqFt

Status Active

MLS # 6738785

Property Type Single Family Residence

Price Type --

Welcome to this GATED community of Sonoran Heights in a premium Scottsdale location. This elegant, SINGLE LEVEL home offers resort lifestyle low maintenance living w/newer upgrades of wood floors, new windows & doors & current updates. Soaring ceilings & open concept floor plan w/dedicated office. Chef's kitchen w/newer stainless appliances & tons of organized storage opens to light and bright family room. Large primary suite w/gas fireplace, & sitting area. Relax & unwind in spacious primary bath w/soaking tub or walk-in shower, dual vanities/dressing area & large primary walk-in closet. Take a swim in your private lap pool & stunning water feature. Covered patios/BI-BBQ/3-car garage. Mountain views - minutes to best schools of Desert MTN/Basis, & Mayo/restaurants & shopping!

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9674 E Ironwood Drive Scottsdale, AZ 85258

$1,195,000

3 Beds

2 Baths

2,485 SqFt

Status Active Under Contract

MLS # 6744968

Property Type Single Family Residence

Price Type --

Nestled in the heart of SCOTTSDALE RANCH. Rare opportunity to own a perfect blend of timeless character, functional living and luxury finishes. Charming 3 bd, 2 bath thoughtfully UPDATED HOME features nicely equipped kitchen, upgraded alder wood cabinets, wine/beverage refrigerator. Solid alder interior doors, BEAUTIFULLY designed primary and secondary baths. wood floors in all the right areas. Large private park like backyard with sparkling pool and ramada. Very clean 3 car garage w/ epoxy floors and garage cabinets. No expense spared in maintaining this home. Recently replaced ROOF, HVAC, WATER HEATER, POOL MECHANICS and NEW exterior paint. Countless other updates, model perfect. Key location near 101, top rated schools, medical facilities and restaurants. You will not be disappointed.

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1331 W State Avenue Phoenix, AZ 85021

$1,195,000

5 Beds

4 Baths

3,065 SqFt

Status Active

MLS # 6747201

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION by Richter Homes. Home is ready for your finishing touches including kitchen and bathroom cabinetry, counter tops, appliance package, closet systems, fireplace finish, lighting, and backyard landscaping. Choose your upgrades and MOVE-IN WITHIN 60 DAYS. Lexia Manor is a North Central community of five single family luxury residences - this is the LAST HOME AVAILABLE in the community. The home has 5 bedrooms, 4 bathrooms and offers 3,065 SqFt of luxurious living space. Oak engineered wood t/o (no carpet), black window/door package, and clean white walls. One large bedroom downstairs perfect for a guest room or office. All other spacious bedrooms located upstairs including the large primary suite. Located close to some of Phoenix's favorite local hangouts.

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6996 E Mighty Saguaro Way Scottsdale, AZ 85266

$1,195,000

3 Beds

2.5 Baths

2,360 SqFt

Status Active

MLS # 6756730

Property Type Single Family Residence

Price Type --

Discover the beauty of this 2,360 sq. ft. Stella model in the prestigious guard-gated community of Terravita in Scottsdale. This single-level home offers a spacious and thoughtfully designed layout, perfect for easy living and entertaining. The large windows fill the home with lots of natural light and great view of the backyard oasis. Kitchen includes updated appliances with just enough space to entertain. Some of the updates: Primary and 2nd bathroom have been beautifully updated, Newer roof, pool resurfacing, pool pump and remote shades on some windows. Residents of Terravita enjoy access to top-tier amenities, including a world-class golf course, tennis courts, Pickleball, fitness center, community pool, and scenic walking trails. Don't miss the chance to own this exceptional home in one of Scottsdale's most desirable communities!

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4213 E Edgemont Avenue Phoenix, AZ 85008

$1,195,000

4 Beds

3.5 Baths

3,170 SqFt

Status Active

MLS # 6737412

Property Type Single Family Residence

Price Type --

BEING REMODELED! Fabulous Lower Arcadia home with a FINISHED BASEMENT, two living areas, walk-in pantry, and vey flexible and livable floor plan. Located in the desirable Rancho Ventura neighborhood. NO HOA with a Volunteer neighborhood association with regular gatherings and events. Come see this custom built home that is currently being updated and remodeled!

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1946 E Lockwood Street Mesa, AZ 85203

$1,195,000

4 Beds

3 Baths

3,347 SqFt

Status Active Under Contract

MLS # 6758539

Property Type Single Family Residence

Price Type --

This stunning, FULLY REMODELED luxury home offers UNPARALLELED features & UPGRADES throughout. Enjoy a NEW ROOF (2022)TESLA EV CHARGER in the garage, & professionally landscaped front/back yards w/NEW SPRINKLERS and DRIP SYSTEM in the back (2022/23). The KITCHEN has been COMPLETELY REVAMPED w/top-of-the-line APPLIANCES, marble COUNTERTOPS (2023), and a NEW BUTLER'S PANTRY with a beverage fridge. All 3 BATHROOMS were REMODELED in 2024 with exquisite MARBLE FINISHES. New ENGINEERED WOOD FLOORING and all-NEW WINDOWS (2024) enhance every room! NEW LIGHTING throughout, a LARGE ATTIC w/potential for expansion, & a fantastic backyard w/POOL & ENTERTAINING SPACE! There isn't a nicer home out there!

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