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.

Click Here to See What Your Home is Worth

2663 N 142nd Lane Goodyear, AZ 85395

$1,190,000
4 Beds
3.5 Baths
3,438 SqFt
Status Active
MLS # 6745176
Property Type Single Family Residence
Price Type --
Welcome to this exquisite 2024 build new luxury home, nestled on a prestigious golf lot. Designed for the discerning buyer, this residence boasts unparalleled elegance and sophistication. The open-concept floor plan features high ceilings, expansive windows, and top-of-the-line finishes throughout. Step into the grand foyer and be greeted by a spacious living area with panoramic views of the meticulously maintained golf course. The gourmet kitchen is a chef's dream, equipped with state-of-the-art appliances, custom cabinetry, and a large island perfect for entertaining. The master suite is a private retreat, complete with a spa-like en-suite bathroom, grand walk-in closet, and direct access to a serene outdoor terrace. Outside, enjoy the seamless indoor-outdoor living with a covered patio, in-ground pool, and beautifully landscaped gardens, all overlooking the rolling fairways. This home offers not only luxury but also a lifestyle of relaxation and prestige. Don't miss your chance to own this remarkable property that combines breathtaking views with exceptional comfort and style. Schedule a private tour today and experience the epitome of luxury living on the golf course.

7400 E Gainey Club Drive Unit 211 Scottsdale, AZ 85258

$1,189,990
3 Beds
2 Baths
1,869 SqFt
Status Active
MLS # 6759730
Property Type Townhouse
Price Type --
Golf Course Views from spectacular Gainey Ranch Townhome. Fully Remodeled second story unit with two car garage & breathtaking views! Featuring 3 beds 2 bath, loft/office upstairs, featuring wood floors & white shutters this home has it all. Kitchen is equipped with glass door cabinets, SS appliances, breakfast bar & formal kitchen seating area. Open floor plan allows to entertain in living room & dining room with the two-sided fireplaces & private patio. Primary bedroom includes private patio & primary bathroom has dual sinks, jetted tub & tiled separate shower & large walk in closet with built-ins. The 8 million dollar clubhouse offers world class amenities including: gym, tennis courts, bar, lounge, wine room, conference room, two pools, hot tub, & more!

10563 E Palomino Road Scottsdale, AZ 85258

$1,189,900
3 Beds
2 Baths
2,046 SqFt
Status Active
MLS # 6697604
Property Type Single Family Residence
Price Type --
Step into elegance at this fully remodeled Scottsdale Ranch home. Experience modern living at its finest with a custom-tiled fireplace, seamlessly dividing spaces for optimal functionality. The sleek, contemporary kitchen boasts waterfall quartz counters & a convenient breakfast bar, complemented by ample cabinet space for effortless organization. Luxurious designer tiles adorn both the interiors and bathrooms, offering a sophisticated ambiance. Outside, a spacious yard beckons with a sparkling pool & lush artificial grass, accented by fruit tree for a touch of natural beauty. Entertain or unwind beneath the expansive covered patio. Discover the perfect blend of modern luxury and serene comfort. Be the envy of all your friends and family! Discover the perfect blend of modern luxury and serene comfort

2565 E Queen Creek Road Gilbert, AZ 85297

$1,189,800
4 Beds
3 Baths
2,629 SqFt
Status Active
MLS # 6752730
Property Type Single Family Residence
Price Type --
Country feel in the middle of the Gilbert desert! This exquisite horse property is now available in an unbeatable location. This gorgeous remodeled ranch has it all, nearly one acre irrigated property that is already on drip irrigation if you choose not to irrigate, ready for horses, large privacy hedge, amazing remodeled interior, from the stunning white kitchen, soaring ceilings, new wood tile flooring, to the new bathrooms and new flooring, huge master walk in shower and separate tub, large professional built-in refrigerator, incredible pool with a huge built-in slide and waterfall, cozy firepit, work shed, play shed, freshly painted inside and out. This is a rare find for the central location, farm feel, horse privileges and a turn key modern luxury home in Gilbert. Close to shopping, restaurants and freeways and top schools. This home has been loved and cared for by nearly 15 years and is ready to become your dream home.

2433 E Charlene Place Phoenix, AZ 85024

$1,189,000
4 Beds
3.5 Baths
4,319 SqFt
Status Active
MLS # 6754679
Property Type Single Family Residence
Price Type --
So many recent renovations and upgrades! All new luxury flooring, kitchen, bathrooms, lighting, custom closets, custom cabinetry in the laundry room, all new landscaping with new drip system and lighting, etc. This is a beautiful home on a corner lot backing to the wash with only one neighbor. Enter into the formal living room with soaring ceilings and lots of natural light. Giant open kitchen with breakfast bar, stainless steel appliances, wall mount double ovens and walk-in pantry. Massive family room and loft provides ample room for large family fun. The luxurious master suite has a bonus room perfect for an office or exercise area. The backyard oasis is an entertainers dream. Has pool fencing for child safety. Must see to fully appreciate!

8989 N Gainey Center Drive Unit 216 Scottsdale, AZ 85258

$1,189,000
3 Beds
2 Baths
1,970 SqFt
Status Active
MLS # 6744856
Property Type Townhouse
Price Type --
Experience the epitome of luxury living in this stunning 3-bedroom, 2-bathroom 1,970 square foot townhome, nestled within the prestigious and gated enclave of Gainey Ranch. As you approach this residence, be greeted by grand 14-foot ceilings and expansive floor-to-ceiling windows, giving the space an abundance of natural light, creating an atmosphere of openness and airiness. This exquisitely maintained home radiates an unparalleled sense of pride and ownership, showcasing lavish enhancements that define luxury. The designer kitchen features New cabinets, a Built in refrigerator, and waterfall counters. Step onto the spacious patio/balcony, offering the upmost privacy. Retreat to the expansive primary bedroom, which features a spacious walk-in closet and an en-suite bath reminiscent of a spa-like oasis. Recent upgrades include a state-of-the-art HVAC system, new wood floors through out, and slab fireplace.Furthermore, this exclusive residence gives access to the EXCLUSIVE Gainey Ranch Estate Club, an enclave of unparalleled leisure and recreation. Delight in the pools, a cutting-edge fitness center, yoga and massage rooms, fitness classes, tennis courts, pickleball courts, a private event space, full bar, wine lounge, and a wealth of additional amenities that redefine the meaning of luxury living.Situated near the renowned Gainey Golf Club, and within close proximity to upscale shopping and dining of Gainey Village, this home encapsulates elevated living in the heart of Scottsdale. Discover the epitome of luxury living, where every detail exudes sophistication and refinement.

16236 N 51st Street Scottsdale, AZ 85254

$1,189,000
5 Beds
3.5 Baths
3,538 SqFt
Status Active
MLS # 6683133
Property Type Single Family Residence
Price Type --
*Seller Concessions Available* NO HOA in the magic zip code! Exquisite corner lot property, including a 3-car garage & RV gate in Tatum Square, is a dream come true! Fall in love with a captivating interior featuring tile flooring, soothing palette throughout, high-vaulted ceilings, modern recessed lighting, & a delightful fireplace. The remarkable kitchen boasts a plethora of white cabinets, granite counters, SS appliances, a chic mosaic backsplash, & an island complete with a breakfast bar. Double doors open to the oversized main suite, comprised of a private bathroom with dual sinks & a walk-in closet. Enjoy outdoor living in the sensational backyard oasis, offering a full-length covered patio, putting green, built-in BBQ, a cozy fire pit, & sparkling swimming pool ideal for the summer Don't miss out on this one!

13816 E Lupine Avenue Scottsdale, AZ 85259

$1,185,000
5 Beds
2.5 Baths
3,233 SqFt
Status Active
MLS # 6760057
Property Type Single Family Residence
Price Type --
GORGEOUS 5bed/2.5bath/3car 3200+sqft home located in the private community of Scottsdale Mountain. Nestled adjacent to the McDowell Mountain Preserve, this exclusive guard-gated community offers a quintessential Arizona lifestyle. Move in ready for a buyer interested in a quick COE. Featuring the Primary bedroom on the ground floor with direct views of the McDowells and Sunset Point. This floor plan has it all, formal living and dining spaces, family room, loft/office space, large eat in kitchen with bar and breakfast area, covered outdoor patio, pool, and oversized lot backing up to community wash. Enjoy endless sunset views and city lights. Located in Scottsdale Unified School District near boutiques, art district, outdoor activities and fine dining. MAKE THIS HOME YOURS TODAY!

2839 E Bellerive Drive Gilbert, AZ 85298

$1,185,000 - 4Br/3Ba -  for Sale in Montaverde, Gilbert
New
$1,185,000
4 Beds
2.5 Baths
3,340 SqFt
Status Active
MLS # 6762944
Property Type Single Family Residence
Price Type --
Wow! Outstanding Spanish-style property with all the bells & whistles at gated Montaverde is a true gem! With 10 foot ceilings this 4 bedroom plus den plus office plus formal dining room home offers excellent curb appeal, a 2.5 car garage, RV gate, and paver driveway. Enter through the amazing courtyard into the abode to discover sheer beauty & breathtaking detail with a split floor plan boasting tall ceilings, a formal living room, a delightful dining room, sophisticated fixtures & features throughout, real hardwood flooring, plantation shutters, and recessed lighting. The captivating great room features faux ceiling beams, a fireplace, and a sense of openness, promoting a greater traffic flow. The elegant white kitchen showcases cabinetry with crown moulding, tile backsplash, granite counters, stainless steel appliances, a built-in fridge, a large walk-in pantry, and a large island with breakfast bar. The owner's suite hosts a lavish ensuite with a soaking tub, step-in shower, dual granite vanity, and a walk-in closet. The secluded den is ideal for an office. The outdoor oasis is an entertainer's dream, offering a covered patio, lush lawn, cobblestone & travertine, an elegant Ramada with electrical outlets & fan, and a beautiful gas heated pool and jacuzzi with water features & seating area to sunbathe. So many beautiful flowers, raised garden beds and fruit trees too with great views of the mountains so close by. Beautiful side yards too. Words don't give this gorgeous extremely sophisticated and highly upgraded masterpiece of a home justice!

1810 E Mountain View Road Phoenix, AZ 85020

$1,185,000
4 Beds
4.5 Baths
3,041 SqFt
Status Active
MLS # 6704185
Property Type Single Family Residence
Price Type --
This 2013-built ''Uptown Home'' nestled in the prestigious gated community of Cinnabar Canyon Estates is primed and ready! Great views from every corner! Each bedroom boasts its own ensuite bathroom & spacious walk-in closets. The gourmet kitchen, with BRAND NEW stainless steel appliances, features custom cabinetry with convenient pull-out drawers and backsplash. A deck atop the roof, offering panoramic vistas of the valley's skyline is what this location is all about! Desert landscaping envelops the property, featuring a private yard & an expansive covered patio, perfect for entertaining. Retreat to the separate master suite, complete with a colossal walk-in closet, 8' solid core doors and soaring 10' ceilings! On a beautiful half-acre hillside lot, this 2024 remodeled gem stands out!

6575 W Singing Wolf Lane Prescott, AZ 86305

$1,185,000
3 Beds
3 Baths
2,506 SqFt
Status Active
MLS # 6741828
Property Type Single Family Residence
Price Type --
This stunning home, recently constructed by the esteemed Crystal Creek Homes, is arguably better than new. Set on just over 2.5 acres in the impressive Inscription Canyon Ranch, it offers nearly 360-degree panoramic views of the surrounding mountain ranges, with Granite Mountain as the striking centerpiece. Upon entry, you're greeted by a fabulous great room featuring a floor-to-ceiling tumbled stone linear gas fireplace and inconspicuous surround sound speakers. The light, open, and airy kitchen, adorned with antique white cabinetry, boasts 42-inch uppers with crown molding & under-cabinet lighting, gleaming quartz countertops, decorative tile backsplash, WiFi-enabled double wall ovens, and a 6-place gas cooktop. The island sports dark-stained natural wood cabinets and pendant lighting. Adjacent to the kitchen, a massive walk-in pantry with abundant power receptacles provides ample space for appliance use. The great room and kitchen open to an adjacent dining area, displaying a striking wall of windows that showcase the surrounding vistas. The beautiful office space is conveniently located just off the great room. The spacious master suite offers stunning views of Granite Mountain. The spa-like master bathroom features double vanities with quartz counters, oversized powder area, large Kohler garden soaking tub, and a massive walk-in shower with double shower heads and floor-to-ceiling tile work. The generous walk-in closet in the master suite has direct access to the laundry room, which is equipped with a deep tub basin sink, upper and lower storage cabinetry, a hanging bar, and an additional storage closet for overflow linens. Offering wonderful views, the spacious guest bedrooms are served by a Jack and Jill bathroom with a full tub shower and a linen closet. Carpeting is limited to the bedrooms, with the remainder of the home featuring woodgrain LVP flooring. The oversized covered deck, accented by a tongue and groove ceiling, features engineered composite decking, making it the perfect space to observe Arizona sunsets and monsoon storms. The back deck is pre-wired for a ceiling fan and also plumbed for a permanent barbecue. Steps off the back deck lead down to the lower level, providing full access to a cavernous, functional storage area under the house, which could be customized into a workshop or other endless possibilities. The massive garage features insulated overhead doors with WiFi-enabled openers. Additional features of this home include a powder bath featuring a decorative vessel sink, recessed LED lights, water softening system, 50-gallon hot water heater with a recirculating pump, and low-maintenance stucco exterior accented by stacked stone pillars and columns. Immaculately cared for, this property is ready for you to call it your home.

577 Donny Brook Circle Prescott, AZ 86303

$1,185,000
4 Beds
4 Baths
3,958 SqFt
Status Active
MLS # 6722487
Property Type Single Family Residence
Price Type --
Welcome to this stunning 4-bedroom, 4-bathroom home located at 577 Donny Brook Circle in the serene surroundings of The Ranch at Prescott. Exemplifying sophistication and comfort, this property promises an unrivaled lifestyle experience, perfect for both relaxation and entertainment. This home has great curb appeal with a level driveway and offers main-level living. The heart of the home is a spectacular great room which includes soaring ceilings, a gas fireplace, and access to the back deck. Enjoy the large covered deck to entertain guests, watch the wildlife, or a quiet area to soak in the gorgeous scenery. The kitchen is a chef's delight, equipped with custom cabinetry, newer black Samsung appliances, a double oven and a walk-in pantry. A standout feature is the kitchen island with leather-look granite counters, providing space for meal preparation and social gatherings. Beyond the kitchen is an extended living space, also on the main level. This room offers many options- a gym, office, craft, or theater/media room...endless possibilities. There are 3 comfortable bedrooms upstairs and an additional bedroom downstairs. The main level includes a lavish primary suite that boasts a cozy gas fireplace and direct access to the back deck. The suite's spacious bathroom is equipped with a jetted soaking tub, walk-in tiled shower, and the most impressive custom closet. Additionally on the main floor, there is an en-suite second primary bedroom and a generously sized third bedroom, all with built-in shelving, multiple clothing racks and upgraded lighting in the closets. All designed to offer family and friends a retreat-like experience. The lower level is perfect for multi-generational living featuring an in-law suite with a small kitchenette, nice living space, a large 4th bedroom and a full-size bathroom. Storage is not a problem with an extra-large storage/workshop. It is complete with built in shelves and cement/paver flooring. There is a spacious patio to enjoy the treed backyard that backs up to HOA property, offering privacy and natural beauty. The home is located in a desirable area, providing convenient access to essential shopping at nearby Costco and Trader Joe's, PineRidge Marketplace and is just a short drive from the vibrant downtown Prescott Courthouse Square. This home combines practicality with luxury. With low HOA dues and its excellent location, this house is an extraordinary place to call home.

Leave a Reply

Your email address will not be published.