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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3615 Durango Drive Happy Jack, AZ 86024

$1,195,000

6 Beds

4.5 Baths

5,476 SqFt

Status Active

MLS # 6696953

Property Type Single Family Residence

Price Type --

Welcome to Happy Jack, where tranquility meets luxury in this stunning home nestled within the serene Tamarron Pines. Boasting 6 bedrooms & 4 1/2 bathrooms, this spacious layout is perfect for families seeking comfort and entertainment. The open kitchen features granite countertops, Alder cabinets, and updated appliances, flowing seamlessly into the inviting family room with a wood-burning fireplace—a perfect setting for gatherings or cozy nights. Upon entering, be greeted by grand high tongue and groove ceilings, adding warmth to the atmosphere. Two spacious master bedrooms with walk-in closets offer convenience, while dual pane wood frame windows flood the home with natural light, highlighting every detail. The lower level includes a game room, bunk bed room, & entertainment area, catering to various recreational needs. This fully furnished home also features 3 separate A/C and heating units for personalized comfort. Outside, a large wraparound deck overlooks meticulously landscaped grounds, ideal for outdoor gatherings or quiet moments amidst nature. The attached garage with drive-through access adds convenience. Surrounded by hiking trails, fishing spots, and recreational opportunities, this property invites you to embrace the natural beauty of the area. Don't miss your chance to own this exceptional property- call today and turn your Happy Jack dreams into reality!

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3038 E Thunderhill Place Phoenix, AZ 85048

$1,195,000

6 Beds

3.5 Baths

5,505 SqFt

Status Active

MLS # 6732109

Property Type Single Family Residence

Price Type --

Enjoy the flexibility offered in a luxury home that serves multiple purposes, eg offices, specialty room, multimedia room, gym, storage and so much more. At the heart is it's large kitchen with a multitude of features desired for entertainment, eg Viking appliances, built in refrigerator/freezer, soft close Schuler cabinets, fold out spice racks, warming drawers, wall ovens, induction stove, R/O water filtration, huge island and open to all entertainment spaces. This layout offers significant privacy with a turnkey backyard, making maintenance easy yet spacious. The seven dedicated rooms are currently used as four bedrooms, two offices and a craft room. A large downstairs office can easily be converted to self-contained bedroom/suite. Enjoy luxury living at an exceptional value.

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36780 N Crucillo Drive Queen Creek, AZ 85140

$1,195,000

2 Beds

2.5 Baths

2,299 SqFt

Status Active

MLS # 6692358

Property Type Single Family Residence

Price Type --

Get ready to be amazed by 36780 N Crucillo Dr, perched on the edge of Queen Creek's top golf course! This home offers jaw-dropping mountain views, stunning sunsets, and the best vistas in the Encanterra Community. Step inside and be wowed by a chic accent wall, quartz countertops, and a sleek new backsplash. Fresh paint and custom electric shades light up the living room, master, and guest bedroom. Enjoy a gourmet kitchen, fully paid solar panels, and surround sound. The backyard is an entertainer's dream with misters, electric shades, a hot tub, an outdoor kitchen, a gas firepit, pergolas with electricity, and a 3-hole putting green. This is a must-see home you don't want to miss!

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3436 N 38th Place Phoenix, AZ 85018

$1,195,000

4 Beds

3.5 Baths

3,391 SqFt

Status Active

MLS # 6740912

Property Type Single Family Residence

Price Type --

PRICED TO SELL!! Step into luxury with this stunning 2018 residence in a prestigious, gated community close to Arcadia Lite! Set on a prime corner lot with panoramic views, this smart home offers a dramatic 20-foot entryway with abundant natural light. The elegant interior features chic porcelain tile flooring throughout, a spacious master suite with a private walkout balcony, and three beautifully designed bedrooms, two on the second floor and one on the first floor. Each with its own stylishly tiled bathroom. The gourmet kitchen is a chef's dream, showcasing premium quartz countertops, top-of-the-line appliances, and custom cabinetry, with additional storage in a butler's pantry and a walk-in pantry adjacent to a large laundry room. This home also boasts a generous loft area, a flexible open space perfect for dining, an office, or a gym, and a meticulously designed desert oasis backyard. Located just 15 minutes from Sky Harbor, downtown Phoenix, and Scottsdale, this property offers the perfect blend of suburban tranquility and urban convenience. Don't miss your chance to make this extraordinary address your new home!

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1982 Promontory -- Prescott, AZ 86305

$1,195,000

5 Beds

4.5 Baths

5,241 SqFt

Status Active

MLS # 6705770

Property Type Single Family Residence

Price Type --

Generous spaces abound with a total of 5 bedrooms plus bonus room, private office, 4 bathrooms: 3 ENSUITE BEDROOMS ON THE MAIN FLOOR with apartment on second floor complete with full bath and kitchenette. To fully appreciate all of the exquisite details throughout this custom home is to see them with your own eyes! What is most unique is the ability to use the clever design for any multitude of purposes whether it is to accommodate all the generations of your family or to facilitate your growing business. You will find the unparalleled tasteful aesthetic and functionality. When one describes the kitchen as a chef's dream, it's an understatement due to its upscale appliances, and gorgeous finishes. The main floor also features a large laundry room with a pantry, cabinets, counterspace, sink, and powder room, attached to the large 3 car garage, and a basement workshop; providing ample space for hobbies and projects. The breathtaking outdoors match the interior of this grand house with panoramic and thickly forested views of the mile high city. Terraced landscapes provide many options for exploring those views making this home what it is, an amazing retreat. Situated close to town for shopping, dining, hiking or whatever you enjoy doing.

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10050 E Mountainview Lake Drive Unit 2 Scottsdale, AZ 85258

Open House

$1,195,000

2 Beds

3 Baths

2,501 SqFt

Status Active

MLS # 6734253

Property Type Townhouse

Price Type --

Indulge in resort-style living in Mountainview Lake Estates, an exclusive gated enclave of 68 gated townhomes with a charming Spanish Colonial ambiance, lush lawns, vibrant flowers, and palm trees. The 2,501sf home features a stunning living room with a 20+ foot clerestory wall of windows, a vaulted tongue-and-groove wood ceiling, and panoramic views. Furnishings are available on a separate Bill of Sale, ensuring a memorable turnkey experience. The updated kitchen includes a charming breakfast room, and the north-facing patio is ideal for alfresco dining. A paneled den adjoins the foyer. Upstairs, two primary suites offer spa-like bathrooms and scenic views of the lagoon and the McDowell Mountains. Residents can enjoy their two community pools- The Lagoon and the Lion's Head. In addition residents have access to the Scottsdale Ranch Community Center and Tennis. The community is near by all of Scottsdale's fine dining, shopping, and entertainment options.

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17513 E Regal Drive Queen Creek, AZ 85142

Open House

$1,195,000

5 Beds

4 Baths

4,256 SqFt

Status Active

MLS # 6748436

Property Type Single Family Residence

Price Type --

Don't miss the drone video! Everything you've always wanted in a property can now be yours! Fantastic Queen Creek location with mountain views on county island with flood irrigation, no HOA, and horse privileges! Only a few minutes drive to Queen Creek Marketplace! Huge .98 acre lot with 22 orange trees, 1 lime tree, and a mulberry tree. Like-new sparkling pool with slide, travertine paver decking, above ground spa, and massive covered patio entertaining space! 60 amp RV hookups, water, and clean outs! Lighted pickleball/basketball court! This beautiful Santa Fe property even has a full basement! Master suite upstairs with two sinks, soaking tub, large shower, and walk-in closet. Convenient office/den on first floor plus additional guest bedroom and full bathroom. Gourmet kitchen with 48'' gas cooktop, double ovens, Sub Zero fridge/freezer with icemaker, granite top, and painted white cabinets. Awesome basement layout with large living area at the center, full laundry room, 3 total large bedrooms with one being en-suite and the other two with jack and jill bathroom access. Additional large storage room that is finished like a bedroom. Basement was completely remodeled in 2020! New AC unit in 2022! Buy your plug and play farm here including the ducks, chickens, and rabbits with chicken coops and duck pond! See docs tab for additional features and improvements. Too many to list!

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10072 E Turquoise Avenue Scottsdale, AZ 85258

$1,193,800

3 Beds

2 Baths

1,963 SqFt

Status Active

MLS # 6675250

Property Type Townhouse

Price Type --

Beautifully remodeled home in Las Brisas...ON THE WATER!! If you are in the market for open concept living, this is the perfect home for you! The open kitchen has been extensively remodeled and features all New Appliances , stainless steel beverage refrigerator, a large island that can seat 6-8 people, and lots of storage! Enjoyed breakfast or watch the sunset from the wrap around patio . Bathrooms have been remodeled and includes new plumbing fixtures, white and quartz countertops. Master bath was upgraded with a new vessel tub and expanded shower. Mountain views from the den! The master suite has a den/office that looks out onto the lagoon. New LVP wood flooring and carpet. High soaring ceilings. 2 bedrooms on the main floor.

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1754 E Paint Horse Place San Tan Valley, AZ 85140

$1,190,000

4 Beds

2.5 Baths

2,738 SqFt

Status Active

MLS # 6734487

Property Type Single Family Residence

Price Type --

Nestled on a sprawling 1.24-acre horse property, this exceptional home boasts a blend of luxury and functionality. The expansive residence features four bedrooms, plus a cozy den, and 2.5 bathrooms, making it perfect for both living and entertaining. The huge kitchen is a chef's dream, showcasing a stunning combination of concrete and quartz countertops, a stylish copper sink, and a dedicated coffee station for morning brews. The walk-in pantry offers ample storage for all your culinary needs. Outside, the amenities continue with a sparkling pool and an above-ground spa, perfect for relaxing after a long day. Additionally, a 2,400 sqft shop/RV garage provides ample space for projects and storage.

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1037 N Omaha Circle Mesa, AZ 85205

$1,190,000

5 Beds

3.5 Baths

3,740 SqFt

Status Active Under Contract

MLS # 6743784

Property Type Single Family Residence

Price Type --

LUXURY, GATED, & SPACIOUS!! Step into paradise with this exquisite home in a gated community with the perfect cul-de-sac location. Boasting a new roof in '20, one new AC unit '24, water heater in '22, and reverse osmosis system in '24, this property promises modern comfort. The kitchen, remodeled in '19, features elegant marble countertops and space to entertain more than enough people for those fun get-togethers. Enjoy your own resort style living from the moment you pull up to your new home. With citrus trees in the backyard, a beautiful pool with a slide, and expansive covered patio, you may never have to leave. Grab your favorite drink and relax. The east/west facing orientation ensures optimal afternoon/evening shade. This is a rare opportunity to own a slice of your own paradise.

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14124 W Christy Drive Surprise, AZ 85379

$1,190,000

4 Beds

3 Baths

4,255 SqFt

Status Active

MLS # 6757336

Property Type Single Family Residence

Price Type --

This property is a dream come true for anyone seeking luxurious living in the gated subdivision of Mountain Gate in Surprise, AZ! Solar efficient home alllows for ultimate in low utility costs! This large 1 acre lot, 4255 sq ft ranch-style home features an open, great room floor plan, formal living room and dining room, gourmet kitchen with stainless appliances, huge walk in pantry, large laundry room w/brand new washer + dryer, 4 bedrooms, 3 baths, a den/office, a game room, 3 car garage, salt water HEATED POOL plus outdoor bar allowing for a combination of elegance and sophisticated ambiance right from the moment you arrive! The sport court is perfect for outdoor activities pared with wonderful outdoor living makes this an ideal home for gatherings! RV parking allowed.

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22026 E Cedar Waxwing Drive Queen Creek, AZ 85142

$1,190,000

4 Beds

2.5 Baths

3,049 SqFt

Status Active

MLS # 6553922

Property Type Single Family Residence

Price Type --

Discover this expansive 1.9-acre horse property with no HOA in a private community near everything new in QC! Ideal for animals or business ventures, this custom home offers a spacious open concept and split floor plan. The kitchen features two islands, hickory cabinetry, quartzite countertops, and stainless steel appliances, including double ovens. The primary suite provides backyard access and an en-suite bathroom with dual vanities, a soaking tub, and rain shower. Three additional bedrooms share a bath, with a nearby den/office. Enjoy the extended paver patio with a built-in BBQ island, artificial grass, and acreage to personalize. Don't miss this opportunity!

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