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.

Whats 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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16510 N 92nd Street Unit 1003 Scottsdale, AZ 85260

$1,195,000
3 Beds
5 Baths
3,100 SqFt
Status Active
MLS # 6752776
Property Type Townhouse
Price Type --
This stunning 3 bed, 5 bath home in Soho Scottsdale is the perfect blend of luxury and convenience with a private elevator. Inside, enjoy wood-look flooring, upgraded fans, and a crisp, modern palette. The eat-in kitchen features quartz counters, tile backsplash, stainless appliances, and an island with a breakfast bar. A bonus room offers a cozy lounge or entertainment space. The primary bedroom boasts a walk-in closet and ensuite with dual sinks and designer touches. Relax on the balcony or the jacuzzi-ready rooftop deck with mountain views. ADA compliant and allows residential/commercial use!

205 W Blue Ridge Way Chandler, AZ 85248

$1,195,000
4 Beds
2.5 Baths
2,696 SqFt
Status Active
MLS # 6757683
Property Type Single Family Residence
Price Type --
Located in the heart of Ocotillo, this Fulton Ranch property is a gem. Professionally remodeled inside and out, with modern luxurious finishes. The brand new kitchen includes quartz counters, stainless appliances, 36inch gas range, stunning oversized waterfall island, all accented with natural wood inlays. Beautilful white oak spc flooring, 7.5 inch baseboards and new bedroom carpet. Custom 8ft linear fireplace surrounded in natural stone highlights family room overlooking the pool. With 4 bedrooms and an office, this home truly has it all! Primary suite offers tranquillity, with oversized shower and freestanding tub. Escape to the backyard oasis...transformed with brand new turf, travertine pavers and a modern pergola. Experience modern luxury living in the heart of south Chandler.

8107 E San Miguel Avenue Scottsdale, AZ 85250

$1,195,000
3 Beds
2 Baths
2,146 SqFt
Status Active
MLS # 6760724
Property Type Single Family Residence
Price Type --
Discover luxury living in this beautifully renovated home featuring a wealth of modern upgrades. The primary bathroom is a true sanctuary, boasting a steam shower, a rain shower with body sprayers, custom glass enclosure, a seated bench, and an oversized wood vanity with a Kohler toilet. Porcelain tiles extend from floor to ceiling, creating a spa-like atmosphere. Stylish Bedrooms and Closets: Enjoy a large walk-in closet equipped with a custom closet system, adjustable shelving, and jewelry inserts, providing ample storage and organization. Recent Upgrades: This home has undergone significant renovations, including a new black roof with a warranty (2023) and a complete plumbing sewer line replacement. The HVAC system has also been upgraded with a new air conditioner/heat pump and all new ducts. Smooth texture drywall throughout adds to the modern aesthetic. Gourmet Kitchen: The heart of the home is the oversized kitchen, featuring luxurious cabinetry, a waterfall quartz island with a sink, and high-end waterproof large plank flooring. New appliancesincluding a wine fridge and beverage centermake this kitchen perfect for entertaining. The stylish oat-tiled backsplash and under-cabinet lighting add a touch of elegance. Inviting Living Spaces: Relax in the family room, enhanced by a new 72-inch custom electric fireplace with Anatracite tile. The Arizona room, complete with a dry bar and separate office space, provides additional living options. Elegant Design Features: The home showcases wood paneling throughout, including the primary bedroom, complemented by custom ceiling fans and lighting fixtures. Zebra blinds have been added to the main room and bedrooms for style and privacy. Outdoor Oasis: Step outside to an entertainer's dream backyard featuring two custom patio overhangs, a resurfaced pebble tec pool with a new pump and filter, and a recently added three-hole putting green. The front and backyards boast full synthetic turf and pavers, with an extra-tall block wall for privacy. Convenience and Location: With an oversized driveway for extra parking and an RV gate, this home is as functional as it is beautiful. Located next to Chaparral Park and in a community with no HOA, you'll enjoy the best of both worlds. This exceptional home is a perfect blend of style, comfort, and conveniencedon't miss the opportunity to make it yours!

23317 S 182nd Street Gilbert, AZ 85298

$1,195,000
3 Beds
3 Baths
2,258 SqFt
Status Active
MLS # 6741146
Property Type Single Family Residence
Price Type --
Your dream home is here! Nestled on a sprawling 2.47-acre lot w/ open barn stalls, this stunning property offers an exceptional blend of luxury and comfort, surrounded by a lush landscape. As you enter, the expansive driveway and ample parking spaces set the stage for an impressive welcome. Step inside to discover a sleek interior that combines modern elegance with functional design. The home features luxury vinyl plank T/O, recessed lighting, a soothing neutral palette, and vaulted ceilings that enhance the sense of space. The heart of the home is a sizable great room, accented with a charming brick fireplace, providing a perfect setting for relaxation... This home was a complete re-do down to the studs. It was a project of love and waiting for the perfect family!! Welcome home! The chef's kitchen is a masterpiece of style and convenience, boasting pristine white cabinetry, top-of-the-line stainless steel appliances, chic subway tile backsplash, and gleaming quartz counters. A large center island with a butcher-block breakfast bar and a walk-in pantry complete this dream kitchen. Retreat to the serene main suite, offering direct access to the lush backyard and a private bathroom with dual sinks and a standalone tub for ultimate relaxation. Additionally, the property includes a practical laundry room with an extra bathroom and direct backyard access. Outside, the vast backyard is a private oasis featuring a covered patio, a delightful play area, and a detached carport with a storage room. The extensive space provides ample opportunity for outdoor activities and future expansion. This property is a true gem that offers both luxury and comfort in a magnificent setting. Don't miss the chance to experience this exquisite home for yourself!

33969 N 57th Place Scottsdale, AZ 85266

$1,195,000
4 Beds
3 Baths
3,026 SqFt
Status Active
MLS # 6730068
Property Type Single Family Residence
Price Type --
Welcome to Los Alisos, an exclusive gated enclave of luxurious single level homes quietly nestled in the high desert of North Scottsdale! And welcome to this model perfect home loaded with stunning upgrades and exquisite finishes! Featuring an ideal split plan with 4 bedrooms, 3 baths, an oversized primary suite boasting a sitting room, spa bath w/ dual vanities, large soaking tub and walk-in shower. The chef's kitchen, with slab granite counters, stainless steel appliances and large island opens into the spacious family room featuring a modern fire feature within a stone accent wall. A private oasis awaits outside, with a sparkling pool, gas firepit & putting green. Other highlights include newer HVAC, roof and water heater! Just steps away from the pet friendly park and trails!

4003 E Via Montoya Drive Phoenix, AZ 85050

$1,195,000
4 Beds
2.5 Baths
2,971 SqFt
Status Active
MLS # 6742456
Property Type Single Family Residence
Price Type --
YOUR CLIENT IS GOING TO LOVE THIS HOME! Location, Location, Location! North Phoenix in Desert Ridge is this gorgeous home exquisitely appointed and finished with upgrades galore. This 2,971 sq ft, 4-bedroom, 2.5-bath, plus den w/split Master floorplan boasts a gorgeous chef's dream kitchen GE Profile Induction range, wall double ovens, large microwave, built-in refrigerator, built-in wine refrigerator, coffee/wine bar nook, walk-in pantry, extended glass upper cabinets w/lights, enormous island w/granite slab countertops, and custom lighting; extra-large Master w/separate exit, and master bath w/double sinks, attractive oversized walk-in shower, private toilet room, loads of lighting, & large walk-in closet w/barn door; Den w/French doors, custom cabinetry; vast living-dining great room w/full wall panel of windows & hard wood flooring; powder room; laundry room w/custom cabinetry, clothing rack & 4 built-in hampers; large family room off of the kitchen w/separate exit to the rear yard; 3 additional nice sized bedrooms; Guest bath w/separate toilet room. The grounds feature: magnificent front yard w/paved walkways & courtyard; stunning rear yard is breathtaking w/large sunk-in pit w/gas freestanding fireplace & sitting wall, extended covered patio w/built in BBQ & tongue grooved cover, additional sitting areas, and loads of pavers on the patio, pool decking & walkways, sparkling pool w/spa & large water feature, separate utility yard, & separate dog run area. This home is a family's entertaining dream. The location is within proximity of top-rated schools, shopping, dining, entertainment, hospital, & 101 & 51 freeways. This is an absolute DELIGHT that you MUST SEE!

11621 N 134th Street Scottsdale, AZ 85259

$1,195,000
3 Beds
3.5 Baths
2,184 SqFt
Status Active
MLS # 6754237
Property Type Single Family Residence
Price Type --
ARIZONA LIVING AT IT'S BEST! Rare Find, seems like new, immaculately maintained 2nd home. Has all the finest finishes & Just painted 8/24 interior & exterior. Impressive old world turret entry to gated courtyard to model perfect single level home with separate private entry guest casita. Main house boasts two bedrooms, an office & 2.5 bathrooms. State of the art kitchen w/wolf gas cooktop & oven & pasta filler, sub zero frig, Asko DW, granite countertops. Open floor plan to dining area, bar & great rm with fireplace with exit to covered patio, heated spa-pool & colorful sunsets. Upper deck has 180 degree VIEWS of mountains, city lights & Camelback Mountain. Upgrades t/o, premium lot, domed ceilings, art niches. In exclusive gated Vista Collina. 20 single family luxury home enclave. THIS IS NOT A CONDOMINIUM AS SHOWN IN TAX RECORDS. IT IS A SINGLE FAMILY DETACHED HOME. Gated Side yard for your family pet to romp. Close to fine dining, shopping, desirable Scottsdale & BASIS Schools, hiking trails, the Mayo Clinic & easy access to freeways.

37907 N 17th Place Phoenix, AZ 85086

$1,195,000
4 Beds
3 Baths
3,059 SqFt
Status Active
MLS # 6736434
Property Type Single Family Residence
Price Type --
Welcome to this gorgeous North Phoenix home, a true gem offering luxurious living on over an acre of land. This property features a custom casita, perfect for guests or rental income, currently generating $1,450 per month. The main house and the casita host 4 spacious bedrooms, 3 bathrooms, den office and a 3-car garage. The centerpiece of outdoor living is a beautiful brand new sparkling pebble sheen fenced pool, providing a refreshing retreat in the desert heat. Enjoy stunning mountain and desert views from every angle of this pristine home. Step inside to be greeted by 14-foot ceilings adorned with custom dark beams, enhancing the sense of space and elegance. The kitchen is a chef's dream with a beautiful breakfast bar illuminated by pendant lighting. This property is equipped with three iron gates, offering ample access and convenience. The cozy, full-length back patio is perfect for relaxing and watching the scenic Arizona sunsets. Although this is a horse property, it does not currently have any horse facilities, giving you the flexibility to customize it to your needs. The home is in pristine condition, surrounded by many new custom homes. Located just 5 miles from Scottsdale, this home is close to hiking trails, golf courses, downtown Cave Creek, and much more. Embrace the fantastic lifestyle this North Phoenix home offers!

118 E Kaler Drive Phoenix, AZ 85020

$1,195,000
3 Beds
2.5 Baths
2,519 SqFt
Status Active Under Contract
MLS # 6704860
Property Type Single Family Residence
Price Type --
Ideal North Central Phoenix Tastefully Upgraded Home Now Vacant, Fabulous remodel with loads of functionality and designer touches. 3 bedrooms with black out office/media room. Chef's dream kitchen features 48'' double gas oven with custom ventilation hood. Farm sink with custom faucet, Craft dual ice refrigerator, Front vent produce/child snack beverage fridge. Geometrical Wallpaper with white brick backsplash/floating shelves. Large walk in custom Pantry, Primary suite is MAGNIFICENT with large dual closets and gorgeous primary bathroom. Spacious flood irrigated lot with room for addition. Newer Roof, HVAC, Electric Panel, Sewer Line.

3717 E Appaloosa Road Gilbert, AZ 85296

$1,195,000
4 Beds
3 Baths
3,461 SqFt
Status Active
MLS # 6709046
Property Type Single Family Residence
Price Type --
Step into luxury living in Gilbert, Arizona with this exquisite four-bedroom, three-bathroom residence, boasting a den and a bonus room, meticulously crafted with upgrades throughout. Nestled in the tranquil neighborhood of Morrison Ranch, this home offers an unparalleled blend of comfort, style, and functionality. As you enter, you'll be greeted by an inviting ambiance, with an open-concept layout that seamlessly integrates the living, dining, and kitchen areas. The heart of the home, the gourmet kitchen, is a chef's dream, featuring Quartz countertops, designer stainless steel appliances including double ovens and gas cooktop, and upgraded cabinetry. Retreat to the spacious primary suite, where relaxation awaits. Pamper yourself in the luxurious ensuite bath, complete with huge walk in shower, and dual vanity sinks. Primary suite also features dual walk in closets! Three additional well-appointed bedrooms provide ample space for family members or guests, while the bonus room and den offer flexibility for a home office, playroom, game room or study. The allure of this home extends beyond its interior, with outdoor spaces designed for leisure and recreation. Enjoy the expansive patio, lush landscaping and heated pool. And don't forget the three car tandem garage! Conveniently located near schools, parks, shopping, and dining, this residence offers the perfect blend of suburban tranquility and urban convenience. With upgrades at every turn and a versatile floor plan to accommodate your lifestyle, this is truly a home where memories are made. Don't miss the opportunity to make it yours!

193 S Union Park Drive Payson, AZ 85541

$1,195,000
3 Beds
4.5 Baths
4,691 SqFt
Status Active
MLS # 6704155
Property Type Single Family Residence
Price Type --
Star Valley Stunner! Meticulously maintained log cabin, carefully crafted with imported Romanian wood. All 3 levels feature unobstructed breathtaking views of Monument Peak, Granite Dells, and the Mogollon Rim, and the almost 2.2-acre property backs to the Tonto National Forest. This charming cabin has 3 levels with ample room to entertain. There are 3 large master bedrooms, 4.5 bathrooms, and a 2-car garage, and it is absolutely move-in ready! This perfect cabin has a spacious open floor plan, a gourmet kitchen with a large island, gorgeous chalet windows that allow the ideal amount of natural light during the day and star gazing at night, soaring ceilings, oak floors, & tons of rustic charm but not lacking in the modern details for laid back comfortable living.

3715 E Fargo Street Mesa, AZ 85205

$1,195,000
4 Beds
2.5 Baths
3,294 SqFt
Status Active
MLS # 6706600
Property Type Single Family Residence
Price Type --
Incredible home in the highly sought after gated community of Trovita Norte! This stunning residence offers the perfect blend of luxury, comfort, and modern living. Spacious layout with 12 ft ceilings and 8 ft doors that enhance the open and airy feel of this home. Gorgeous kitchen with tons of storage, built in fridge and stunning quartz waterfall island. Huge mast bath with his and hers vanities, stand alone tub and walk-in shower. A 4-car tandem garage provides ample space for vehicles and storage, while the RV gate adds extra convenience for your recreational vehicles. Dive into the sparkling pool and spa, surrounded by beautiful artificial turf and travertine pavers. The covered ramada and fire pit creates an ideal setting for outdoor entertaining and relaxation.

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