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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2623 N Brice -- Mesa, AZ 85207

$1,150,000

3 Beds

3 Baths

2,785 SqFt

Status Active

MLS # 6750535

Property Type Single Family Residence

Price Type --

Welcome home to this beautiful residence sitting on over 1 acre with jaw dropping views of the Superstition Mountains and surrounding desert beauty. Featuring a great room floor plan and updated finishes, this home offers flexibility throughout with three bedrooms, three bathrooms, oversized office/den, additional game room, built in bar, three car garage and a massive 50ft. long RV garage with 50Amp Electric service. The backyard is a dream with a custom built in BBQ, Griddle and Smoker, gas heater, low maintenance desert landscape and artificial turf, covered patio with misters and a roof deck with city light and mountain views across the whole valley making this home easy to enjoy the true Arizona lifestyle! Tonto Forest Estates is a gated community made up of only 52 homesites, each sitting on over 1 acre of land, offering natural desert beauty, total privacy and tranquility. Nearby freeway access for easy commuting and close proximity to golf courses, schools, shopping, entertainment, hiking, and outdoor activities.

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4320 W Banff Lane Glendale, AZ 85306

$1,150,000

5 Beds

3 Baths

4,463 SqFt

Status Active

MLS # 6744162

Property Type Single Family Residence

Price Type --

Large home, shop, koi pond, pool, hot tub, orchard and best of all horses are allowed! Come see this unique property, very large home with 4463 sf of living space, 5 bedrooms, huge living room/great room in the back of the home! Perfect for a large family! Fresh paint on all of the interior, new carpet in the bedrooms, New sand filter and pool electrical just renewed. Home is sold in ''AS IS'' condition.

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9285 W Juniper Road Pine, AZ 85544

$1,150,000

4 Beds

4 Baths

3,826 SqFt

Status Active

MLS # 6750019

Property Type Single Family Residence

Price Type --

Welcome to this enchanting French Country farmhouse on 2.23 fenced acres suitable for horses and featuring two separate living quarters. All of this is nestled amidst a beautifully landscaped country garden with mature shade and fruit trees. The main living quarters offers 3 bedrooms, 2 full bathrooms, a spacious open loft with a half bath, a gorgeous kitchen with travertine flooring and granite countertops, a large wood-burning fireplace and access to a serene back patio. The second living quarters includes 1 bedroom, a ¾ bath, an updated kitchen with granite countertops, a cozy gas fireplace and a charming covered balcony overlooking a panoramic view of Strawberry Mountain. The property also boasts a large, attached garage with custom wood doors and a detached 24X48 ft combination PEACEFUL ESTATE COMBINES LUXURY LIVING WITH OUTDOOR CHARM

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1537 W Butte Creek Boulevard San Tan Valley, AZ 85144

$1,150,000

3 Beds

2.5 Baths

3,997 SqFt

Status Active

MLS # 6756066

Property Type Single Family Residence

Price Type --

This luxurious desert estate is a masterpiece of craftsmanship and design, offering the ultimate in comfort and functionality. Located just steps from San Tan Regional Park, this home boasts breathtaking views, high-end finishes, and expansive living spaces both indoors and out. As you enter through the grand iron gate into a private courtyard, you're greeted by striking pillars and a covered patio, setting the tone for the elegance that awaits inside. This gorgeous home features stunning knotty alder crown molding, sealed travertine tile, and a massive glass and steel front door. The chef's kitchen is a dream, equipped with KitchenAid appliances, including dual ovens (one gas, one electric), a 6-burner gas stove, granite countertops, and a large island. (CLICK TO READ MORE) The kitchen opens to a spacious breakfast area with in-ceiling speakers. The expansive great room is flooded with natural light and boasts a built-in entertainment center, 100-year-old wood beams, and surround sound. The elevated dining room is an exquisite space with soaring 16-foot ceilings and custom built-ins, perfect for hosting gatherings. The master retreat is truly luxurious, with a massive bedroom and sitting area, a coffered ceiling with LED lighting, and a spa-like master bath featuring marble counters, a hydro bubble tub, and an oversized walk-in shower with Grohe fixtures. The oversized laundry room is fully equipped with a utility sink extra cabinets & countertop space. Additional highlights include a dedicated billiards/game room, a private home theater with stadium seating and a 154 screen, a 4-car garage with epoxy floors and built-in storage, and a detached 30'x40' RV garage/workshop. Outdoors, enjoy the serene beauty of the desert from the spacious covered patio, with a low-maintenance natural landscape, outdoor speakers, and space for RV parking. This estate offers the ultimate blend of luxury, privacy, and convenience, with hiking and mountain biking trails starting right outside your door and shopping just minutes away.

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16738 E Lone Mountain Road Scottsdale, AZ 85262

$1,150,000

5 Beds

3.5 Baths

3,749 SqFt

Status Active

MLS # 6731568

Property Type Single Family Residence

Price Type --

Luxury with Views, Actually see the stars at night yet close to all the conviences of Scottsdale. NO HOAs. Great home & location (Mts, lakes, rivers, forests, etc.) for anyone with lots of toys (Boats,4Wheelers, ATVs, Trailors, etc.). High-end finishes thourghout the home that's located on an acre corner lot. Spectacular views of Mazatzal, 4 Peaks, Superstitions Mountains. Horse privileges 168th Str. access to Tonto Nat. Forest from the property. Home is located in the active horse community of Scottsdale/Rio Verde nestled next to the Tonto Forest. Home meets the EPCOR water pipeline access (Letter upon request). All Buyers and Buyer's agents responsible to comfirm any and all information.

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5548 E Seven Palms Drive Cave Creek, AZ 85331

$1,150,000

3 Beds

2.5 Baths

2,501 SqFt

Status Active

MLS # 6667040

Property Type Single Family Residence

Price Type --

Another NEXTGEN Builders luxury home: 3 BD, 2.5 BA, plus office/den w/closet for 4th, high quality built home with many upgrades, 2-Gar with 8' tall overhead door and 49' RV Gar with 12x14 RV door. No HOA. Dbl door entry, paver front sidewalk and 23' driveway apron, large kitchen island, upgraded appliances, convection oven/microwave built-in combo, Gas cooktop, quartz counter tops throughout. All bedrooms have walk-in closets. Master bath has large entry shower with standalone tub and double sinks. 8' doors throughout, nicely finished. Energy efficient Spray foam insulation, 2x6 frame exterior, fully sheathed exterior, post tension foundation, Black Mtn. views, Buyer to verify all facts and spec. Block fence to be installed, back yard pad to be extended and room for pool. Move-in ready!

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509 E Adamanda Court Phoenix, AZ 85086

$1,150,000

3 Beds

2.5 Baths

2,191 SqFt

Status Active

MLS # 6703349

Property Type Single Family Residence

Price Type --

WOW! This charming home in the serene Desert Hills Estates sits on a spacious cul-de-sac lot, welcoming you with a circular driveway and a massive concrete extension, a massive five-car garage AND a 2400 sq ft detached garage that can be used for a RV garage. With a built-in wood shop inside this is truly the craftsman dream space. Interior features include an attractive solid red oak flooring, recessed lighting, and a spacious living room with wall niches, pre-wired surround sound, and a cozy fireplace. Family room offers a perfect space to unwind, while the well-appointed kitchen boasts ample cabinets, quartz counters, a tile backsplash and SS appliances including a wine cooler. Expansive main bedroom includes abundant cabinetry and a private bathroom with dual sinks. Outside, the tranquil backyard offers a covered patio, paver patio, built-in BBQ, and breathtaking mountain views. This exceptional horse property is a must-see!

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2534 N 52nd Street Phoenix, AZ 85008

$1,150,000

5 Beds

4 Baths

3,174 SqFt

Status Active

MLS # 6737826

Property Type Single Family Residence

Price Type --

Welcome to this unique investment opportunity! This property features a spacious, fully renovated charming house at the front and a duplex at the rear, offering a total of three units on one expansive lot. Ideal for investors or multi-generational living, each unit presents distinct living spaces and successful rental income. The property is located in Arcadia lite, near the best shopping and conveniently situated near freeways for an easy drive to downtown. Just 10 minutes from ASU, Tempe, and old town Scottsdale, and close to amenities and major thoroughfares, this property is a must-see for those seeking versatility and value. House is 1636 sqft plus garage and 2 back units at 769 sqft each, each with its own carport. Don't miss out !

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6232 E Monte Cristo Avenue Scottsdale, AZ 85254

$1,150,000

4 Beds

3 Baths

3,066 SqFt

Status Active

MLS # 6754647

Property Type Single Family Residence

Price Type --

Highly desirable custom home perfectly positioned on almost a 1/4 acre lot in the middle of the magic zip code 85254. Very near sought after Horizon High School, This 4 bedroom, 3 bathroom home features soaring, vaulted ceilings & large windows with shutters, allowing for an abundance of natural light throughout. The oversized kitchen includes an expansive island and built-in fridge, flowing seamlessly into the family room complete with a cozy fireplace. The large primary bedroom offers a spacious bathroom and walk-in closet. Enjoy the low-maintenance landscaping on an oversized lot with a sparkling salt water pool, citrus trees, and a large covered patio. Conveniently located near top schools, shopping, and dining. Ideal for those seeking a blend of space, style, and ease of living

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5529 N 71st Street Unit 58 Paradise Valley, AZ 85253

$1,150,000

3 Beds

3.5 Baths

2,269 SqFt

Status Active

MLS # 6756694

Property Type Townhouse

Price Type --

Fabulous 3 bed, 3.5 bath luxury custom remodel in the peaceful Villa De Fuente community near Camelback Mountain. This unique home has been thoughtfully remodeled from floor to ceiling, including all major items such as new roof, new windows, new AC, electrical, plumbing, large format flooring, deluxe kitchen, and bathrooms. The insightful floor plan offers 3 full bedrooms plus an additional living space—no lofts here! Designed for deluxe, resort-style living, the home is just minutes from Downtown Scottsdale's world-class dining, shopping, and nightlife. Step into a bright and airy Great Room featuring soaring ceilings with fireplace, and a custom-designed chef's kitchen with high-end appliances, quartz countertops and eat in island. The kitchen also offers direct access to the BBQ Patio beyond for an impressive entertaining lifestyle. The oversized master suite is a luxurious retreat featuring spa tub, gorgeous large shower surround and huge closet, with plenty of space for his and her items. The downstairs bedroom offers privacy as a guest or in-law suite with Arcadia door access to the backyard. The home features an additional living space that can be converted into a 4th bedroom, perfect for additional flexibility. Enjoy afternoons on the balcony with views of Camelback Mountain, or entertain in the backyard with mature citrus trees, and a built in grill. The home also features a gated courtyard, air-conditioned 2-car garage, and community amenities, including a heated pool, spa, and gym. Prime location, minutes from Old Town Scottsdale and Scottsdale Fashion Mall, with endless dining, shopping, and outdoor activities nearby.

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4501 E Fountain Street Mesa, AZ 85205

$1,150,000

4 Beds

4.5 Baths

3,177 SqFt

Status Active Under Contract

MLS # 6759889

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the gated community of the Groves at Valencia! This stunning 4 bed, 4.5 bath home greets you with fantastic curb appeal, featuring a 3-car garage, paver driveway, stone accents, courtyard entry and lush turf. Step inside to an open layout w/ soaring ceilings, abundant natural light, wood-look tile flooring, custom built-ins, extensive AV upgrades and more! The chef's kitchen boasts quartz counters, a gas cooktop, upgraded cabinetry, and a large island with breakfast bar. The main suite offers a spa-like retreat with dual vanities, 2 full closets, a walk-in shower and tub. Entertain in style in the backyard oasis with a covered patio, ramada, BBQ area, sparkling pool and large grassy side yard. Convenient location near 202 & 60 plus close to shopping & dining

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22855 E Twilight Drive Queen Creek, AZ 85142

$1,150,000

4 Beds

3.5 Baths

3,796 SqFt

Status Active

MLS # 6752504

Property Type Single Family Residence

Price Type --

EXQUISITE LUXURY ESTATE! This coveted David Weekley Tranquility floorplan offers 3796 sq ft of single level luxury living that extends to a backyard retreat including a NEWLY built custom pool. This home offers 4 bedrooms plus den & hobby room, 3.5 baths & 3 car garage! Upon entry you will immediately sense the spaciousness & open concept floorplan with soaring ceilings, attention to detail, & custom lighting throughout. The designer kitchen offers 2 toned shaker cabinets that run floor to ceiling, quartz countertops, large island, & perfectly positioned butlers pantry. The primary retreat offers a large bath with a soaking tub, large walk in shower & 2 large walk-in closets with the laundry room conveniently attached! Every inch of this home is masterfully planned & beautifully designed!

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