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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11703 N 123rd Way Scottsdale, AZ 85259

$1,159,000

4 Beds

2.5 Baths

2,701 SqFt

Status Active

MLS # 6761943

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in Scottsdale, 85259! This stunning 4-bedroom, 2.5-bath gem boasts a private pool, heated spa, & breathtaking mountain views!! Enjoy luxury living with brand-new Energy Star Renewal by Anderson windows, featuring a 30-year transferable warranty. Cozy up by one of two elegant fireplaces or explore nearby golf courses, hiking trails, & top-rated schools. Modern, sophisticated & perfectly situated—this home offers the ultimate Scottsdale lifestyle. Don't miss out on this exceptional opportunity!

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7385 W St Moritz Lane Peoria, AZ 85381

$1,155,500

4 Beds

3 Baths

2,880 SqFt

Status Active

MLS # 6626576

Property Type Single Family Residence

Price Type --

3.99% FIRST YEAR!!! 5.99% FIXED RATE. 2-1 BUYDOWN. Beautiful new home on large lot in gated community with HUGE RV GARAGE! This luxurious modern Spanish home boats enormous 1538 sq. ft. garage with EV charger, 4-car parking PLUS a 44' RV garage for all the toys. Nearly 2900 sq. ft. with 4 bedrooms, large den, 3 full baths and oversized laundry room that caters to everyday living. Exceptionally built with spray foam insulation for ultimate comfort and efficiency; extensive wood-tile flooring, quartz counters and amazing cabinetry. 10' ceilings, 9' and 14' garage doors, and 169' deep lot! Adjacent to Arrowhead and P83 and situated next to the HOA park, it's location, location, location!

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3619 N 87th Street Scottsdale, AZ 85251

$1,155,000

4 Beds

2 Baths

1,993 SqFt

Status Active

MLS # 6750485

Property Type Single Family Residence

Price Type --

Experience luxurious living in this stunningly designed Scottsdale home, where quality finishes and thoughtful details shine throughout. The dream kitchen is a culinary masterpiece, featuring an oversized island, quartz countertops, custom Italian cabinetry, a coffee bar, beverage center, and stainless steel appliances. The expansive primary suite offers a walk-in closet, plus an additional closet, and a spa-like ensuite with a double vanity. Each bedroom boasts custom-designed closets with built-in drawers, ensuring ample storage. Step outside to your private oasis—an entertainer's dream backyard with a new (2023) pool as the centerpiece. The oversized baja shelf is perfect for lounging, while the built-in fire pit table and BBQ area provide ideal spots for gatherings. The property also includes an RV gate with access from the back cul-de-sac, offering plenty of space and convenience. Completely redesigned in 2022, this home features new windows, doors, a sliding glass door, roof, water heater, electric panel, updated plumbing, flooring, and state-of-the-art appliances.Every detail has been thoughtfully curated for a modern lifestyle. Don't miss this extraordinary Scottsdale gem!

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7045 N 1st Avenue Phoenix, AZ 85021

$1,155,000

3 Beds

2.5 Baths

3,294 SqFt

Status Active

MLS # 6710649

Property Type Single Family Residence

Price Type --

Experience the best of North Central Corridor living in this beautifully maintained 3-bedroom + den, 2.5-bath Calvis Wyant semi-custom home, perfectly situated on a quiet cul-de-sac just steps from the iconic Murphy Bridle Path. This home impresses with its soaring 12' vaulted ceilings, bright split floor plan, and a luxurious primary suite complete with a sitting area, patio access, and a spa-like bath featuring a soaking tub, walk-in shower, and spacious walk-in closet. The secondary bedrooms also offer generous space, each featuring walk-in closets. The chef's kitchen, designed for both style and functionality, includes an island, walk-in pantry, gas cooktop, and new stainless-steel appliances (2023). The spacious laundry room comes equipped with a sink and newer washer and dryer, adding convenience to your daily routine. Step outside to a charming courtyard with a built-in BBQ, low-maintenance landscaping, and ample space to add a pool if desired. The 3-car garage, complete with epoxy floors and cabinets for storage, adds to the home's practicality. This meticulously maintained property has seen thoughtful updates, including a new roof (2015) with a transferable warranty, two premium Trane AC units (2017), sealed ductwork, upgraded insulation, dual-pane windows, and a new water heater (2022). These energy-efficient features keep electric bills low, averaging under $200 per month. Plus, with no HOA, you have the freedom to enjoy your home without restrictions.

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34010 S State Route 89 Highway Wickenburg, AZ 85390

$1,150,000

4 Beds

4 Baths

2,836 SqFt

Status Active

MLS # 6749793

Property Type Single Family Residence

Price Type --

TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.

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34146 S State Route 89 Highway Wickenburg, AZ 85390

$1,150,000

4 Beds

4 Baths

2,836 SqFt

Status Active

MLS # 6749794

Property Type Single Family Residence

Price Type --

TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.

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26646 S 169th Place Queen Creek, AZ 85142

$1,150,000

5 Beds

4 Baths

3,525 SqFt

Status Active

MLS # 6723478

Property Type Single Family Residence

Price Type --

STOP by our PREEMINENT QC location! 12 Foot ceilings. FIREPLACE Feature Wall w/ Shiplap and floating shelves. Stunning Farmhouse home including Guest Living w/ Separate Entry & 4 Car Side Entry Garage. Gourmet Kitchen featuring: High-end double stacked cabinets, White QUARTZ Countertops, WOLF appliances, & Wood Plank Tile Floors. Stunning Master Bathroom: Freestanding Soaking Tub, BEACH Entry Glass Shower w/ Accent Wall & Beautiful Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane 14 seer AC units & High-end Windows. Premium Roofing System, Premium Synthetic Stucco & more! ESTIMATED completion date on the home is Sept 2024.

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201 N Fawn Drive Payson, AZ 85541

$1,150,000

3 Beds

2 Baths

2,310 SqFt

Status Active

MLS # 6756145

Property Type Single Family Residence

Price Type --

Here is your chance to own elegance with character. Pride of ownership exudes in this tutor style three bedroom two bath home on just over an acre. Nestled In the quiet neighborhood of Manzanita Hills, commune with nature and enjoy the views on the back deck, the adjacent acre next-door is also available to purchase for your added privacy. As soon as you walk in the front door, you are greeted by a magnificent great room and stone fireplace. With a rustic atmosphere and Tuscan like kitchen there is room for all. Porcelain flooring and new interior paint has been completely redone as of December 2021, newer roof installed three years ago, solar panels have not been reinstalled. Owners will credit toward reinstallation and remaining lease amount of solar panel.

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1040 E Osborn Road Unit 1201 Phoenix, AZ 85014

$1,150,000

2 Beds

2.5 Baths

2,409 SqFt

Status Active

MLS # 6733125

Property Type Apartment

Price Type --

Incredible 180 degree views throughout the day and into the night from the 12th floor at luxurious Crystal Point, Phoenix's premier high-rise community. This concierge building offers residents access to a host of amenities, including a fitness center with sauna and spa, a sparkling outdoor pool, a community center/clubhouse with a kitchen for larger entertainment needs, guest suites, 24-hour security guard, and secure underground parking. As you step into Unit 1201, you are greeted by an expansive open floor plan that seamlessly connects the living, dining, and kitchen areas. The living room is bathed in natural light, courtesy of the floor-to-ceiling windows that frame panoramic views of the city skyline and surrounding mountains. High ceilings and sleek, modern finishes enhance the sense of space and sophistication. The primary suite is a private sanctuary. Wake up to stunning sunrise views from your bedroom window, and unwind in the well-appointed en-suite bathroom, complete with a spa-like soaking tub, walk-in shower, and dual vanity sinks. A spacious walk-in closet provides ample storage for your wardrobe and accessories. The second bedroom is equally impressive, complemented by an en-suite second bathroom and two walk-in closets. An office overlooking the country club can also be used as a third bedroom when needed, with its own closet and privacy doors. Unit 1201 also features a private balcony where you can enjoy your morning coffee or evening cocktails while taking in the spectacular views. From Camelback Mountain to the East sweeping to the twinkling lights of Downtown Phoenix, a view like this is always thrilling. Additional amenities include in-unit laundry, dedicated storage unit, and two parking spots right next to the elevator. Crystal Point Tower offers an unparalleled living experience, combining modern luxury with the convenience of urban living.

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2270 Lichen Ridge Lane Prescott, AZ 86303

$1,150,000

3 Beds

3.5 Baths

3,734 SqFt

Status Active Under Contract

MLS # 6732956

Property Type Single Family Residence

Price Type --

Nestled in the highly sought-after Hassayampa Village Community, this 3-bedroom, 4-bath home offers an exceptional living experience. Spanning 3,700 square feet, this residence features a spacious and well-designed layout with the master suite conveniently located on the main level. The upstairs features a cozy loft, perfect for a home office or relaxation area. Downstairs, you'll find a versatile bonus room that can be used as a media room, gym, or additional living space. Additionally, the home boasts a large cedar closet, ideal for storing your seasonal wardrobe and keeping your garments in pristine condition. The backyard is a true garden oasis, boasting beautifully landscaped rock walls, natural rock boulders, and a variety of mature pines and junipers. The .65-acre lot provides ample space for outdoor activities and serene relaxation, all while enjoying the picturesque view of Thumb Butte. One of the highlights is the deck, which features a huge rock boulder, creating a unique and natural focal point in your outdoor living space. While the home displays potential, it does require some updating to truly shine. Inside, the living areas offer a harmonious blend of space and functionality, perfect for both entertaining and everyday living. The kitchen and bathrooms are ready for your personal touch and modern updates to transform this home into your dream residence. This home in Hassayampa Village Community is a rare gem, combining natural beauty with sophisticated living in one of the most desirable neighborhoods. It provides an excellent opportunity for customization, allowing you to create a home that perfectly suits your style and needs.

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8259 E Mulberry Lane Scottsdale, AZ 85251

$1,150,000

5 Beds

3 Baths

2,883 SqFt

Status Active

MLS # 6740353

Property Type Single Family Residence

Price Type --

Discover this beautifully upgraded home, featuring an open-concept main house w/ over $120k in enhancements. The property includes a separate 695sf guest house + an enclosed climate control AZ room for a total of 2883sf - below current appraisal! The guest house features a living area, kitchen & 1 bed/1 bath, perfect for guests or rental income. The main house offers 4 bedrooms, 2 bathrooms, and an AZ room that leads to an outdoor space designed for entertaining. Enjoy a pool, outdoor kitchen & bar, putting green, and palm trees. Located close to Old Town Scottsdale, ASU, sports venues, and major highways, this home offers convenience and a vibrant lifestyle. Recent upgrades include a climate-controlled wine cellar, new roofing, windows, & hardwood floors.

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37481 S Rancho Casitas Road Wickenburg, AZ 85390

$1,150,000

4 Beds

2.5 Baths

3,036 SqFt

Status Active Under Contract

MLS # 6756003

Property Type Single Family Residence

Price Type --

Saddle up and bring the horses! This 8.392-acre spread is a true gem for equestrians, boasting the only grass pastures around. It's got 2 wells, buried storage tanks, and no-climb fencing to keep your herd safe. There's plenty of room with fenced and cross-fenced areas, a dry pasture, 3 stalls with shade, an open-air barn, and a tack room. The 3 or 4-bedroom, 2.5-bath ranch-style home is crafted in a U-shape, with two bedrooms on each side for ultimate flexibility. Perched on a raised foundation, it offers breathtaking mountain and city light views, plus the comfort of a non-cement slab floor. The peaceful homestead features a driveway lined with mature, irrigated palm trees and is surrounded by citrus and ficus trees. The property includes two parcels: : a 5-acre lot with the house and a 3.39-acre fenced pasture. There's also a 2-car garage and a carport for your gear.

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