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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17105 E Malta Drive Fountain Hills, AZ 85268

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New

$1,150,000

4 Beds

3.5 Baths

2,874 SqFt

Status Active

MLS # 6762448

Property Type Single Family Residence

Price Type --

SINGLE LEVEL, OPEN, SPLIT FLOOR PLAN. Kitchen opens to the Great Room with DOUBLE ISLANDS, SOFT CLOSE CABINETS (most w/ roll out shelves throughout the home). Majority travertine and wood-look-tile flooring. 4th BEDROOM & ENSUITE can be used as CASITA or OFFICE with a separate outside entrance to the FRONT COURTYARD. Front Bonus Room can be used as DR, LR, GAME ROOM, or the space of your choice! Energy Efficient home and (HEAT PUMP) HEATED POOL with INFINITY EDGE. Back Patio WATER FEATURE with LED CUSTOM LIGHTING. SPARKLING STAINLESS STEEL FRIGIDAIRE appliances. Sale includes kitchen and garage refrigerators, washer/dryer, and SURROUND SOUND EQUIPMENT. PRIVATE LOT w/ peek-a-boo Fountain Hills FOUNTAIN & MOUNTAIN VIEWS. NEUTRAL, 10' CEILINGS, well maintained, clean and OPEN Tuscan Large walk-in Primary Closet has Madera cabinetry organizer which includes pull out drawers for maximum storage. 3-car garage has epoxy coated floor and updated storage cabinets in addition to separate storage/utility room. Home exterior was freshly painted this year. This is a must see! Easy to show.

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7617 E Presidio Street Mesa, AZ 85207

Open House

New

$1,150,000

5 Beds

3 Baths

2,983 SqFt

Status Active

MLS # 6763833

Property Type Single Family Residence

Price Type --

Experience peaceful AZ living in this updated custom home situated on an acre+ lot in the gated community of Sossaman Heights. The stunning open plan offers a beautiful kitchen & dining area that flow into the great room ideally designed for daily living & entertaining. The primary suite boasts refined finishes & a spa-inspired bath with a zero-grade entry shower & large closet. The beautifully designed backyard offers a private park with walking paths, entertaining ramada, expansive patios, built-in BBQ, firepit & hot tub. Additional features include an extended length 3-car garage, RV gate, stunning view deck & tons of storage throughout. With ample space to add an RV garage, casita, and/or pool the possibilities are endless!

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36445 N Stardust Lane Carefree, AZ 85377

Open House

$1,150,000

3 Beds

2 Baths

2,945 SqFt

Status Active

MLS # 6737891

Property Type Single Family Residence

Price Type --

With elegant, REMODELED charm, nestled on a 1.26-acre lot, this exquisite 2,945 SF CUSTOM home in Carefree's Velvet Shadows offers unparalleled privacy and old-world sophistication with a contemporary flair. The property is privately set back from the road, ensuring tranquility and seclusion. Upon entering you'll be captivated by the vaulted ceilings, a two-way fireplace & stunning porcelain 18''x36'' flooring that creates a welcoming and spacious experience. The family room opens to an expansive private covered patio, finished w/reverse Saltillo tile overlooking a sparkling pool with breathtaking views. This home is designed for easy living w/ light, brightness & natural beauty. The superior wool bedroom carpet reflects both sophistication & cozy warmth. The completely ...CLICK..''MORE'' The completely reinvented kitchen is a Chef's delight, featuring sleek quartz countertops, exclusive stainless steel appliances, extraordinary Custom-hewn Cabinets with abundant space. See UPGRADES & UPDATES COMPREHENSIVE LIST! The split floor plan strategically offers a large Owner's Suite with doors to a fully covered balcony-patio with pool & views, leading to a larger house-length private patio perfect for reading, sunbathing, dinners with friends or adding a hot tub. Vibrant Pinnacle Peak Mountain views with stunning sunrises are savored from these back patios, pool and family room. While the iconic Black Mountain and its incredible sunset views, are relished from the front, making this home a true Carefree Arizona paradise. Distinguishing this home is its huge Bonus Room with its cavernous walk-in closet and storage. The Bonus Room wing singularly provides the perfect space for a media room; exercise and hobbies. Noteworthy tech capacities provide separate lines for high-speed internet in the office, supporting home-based businesses and movie streaming. This energy-efficient, REMODELED treasure also includes a gorgeous laundry room appointed with top cabinetry, sink and folding space, an oversized 2-car garage with storage, and hidden pockets of private nature-viewing areas, enfolded into this nurturing, verdant, abundant land. Mature trees, floral shrubs and native cacti complete your Custom Arizona Hideaway, offering you and your guests years of enchantment, amidst fabulous views, sunsets and stargazing, in unmatched privacy. One visit, and you will fall in love, harnessing this opportunity to make Stardust Hideaway your Arizona Dream Oasis! Call now!

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12134 E Mercer Lane Scottsdale, AZ 85259

Open House

$1,150,000

4 Beds

2.5 Baths

3,050 SqFt

Status Active

MLS # 6761051

Property Type Single Family Residence

Price Type --

In the highly sought after Desert Hills of Scottsdale, you will find the perfect house! This one has it all!!! The 4 bedrooms with a huge primary, with sitting area a large bath and an enormous walk in closet! All of the secondary bedroom are large in size with great closet space! Enjoy the spacious kitchen with all of the stainless appliances as well as a private sparkling pool. The privacy is excellent due to the NAOS behind the pool. Add in the extra large 3 car garage with lots of cabinets and storage space. This house has it all! Great schools and close to all of the shopping and restaurants.

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6712 E Voltaire Avenue Scottsdale, AZ 85254

Open House

New

$1,150,000

5 Beds

2.5 Baths

2,701 SqFt

Status Active

MLS # 6761124

Property Type Single Family Residence

Price Type --

Stunning 5 bedroom/3 bathroom home with a 2 car garage on a generous size lot. Owner took meticulous care of this property and it's ready for a new owner. Anyone who likes to cook will fall in love with the gourmet, updated kitchen which has an oversized island for great entertainment and workspace. The separate den/living dining areas create multiple spaces for entertaining and living. The yard has plenty of space to play, a removable fenced pool, and covered patio. There's also a bonus large shed and swing-set for hours of fun.

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11633 E Bella Vista Drive Scottsdale, AZ 85259

Open House

$1,150,000

3 Beds

2 Baths

2,375 SqFt

Status Active

MLS # 6696370

Property Type Single Family Residence

Price Type --

*** PRICE REDUCED $50,000 !!! COME SEE VIEWS !! VIEWS !! VIEWS !! Highly desired guard gated Stonegate community. FURNITURE AVAILABLE. Enjoy back yard, desert & Camelback Mt VIEWS. Geoffrey Edmunds built 3 Bd (3rd bd with desk and closet), 2 bath home-expanded Barcelona floorplan w/lots of windows, flagstone floors white shutters, remote window coverings & more. Open kitchen w/island, granite counters, breakfast area & access to back yard/patio & water feature. Open family rm-wall of windows overlooking patio, desert & mature cactus. Enter to LR & DR w/lots of light from 3 tall windows & DR w/door to covered patio. Primary bdrm ensuite split from 2nd bdrm & office. Large primary ensuite w/door to patio, 2 closets, stall shower, tub & double sinks. Coffee, cocktails, etc on patio.

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7520 E Mcknight Avenue Scottsdale, AZ 85251

$1,149,900

3 Beds

2 Baths

1,148 SqFt

Status Active

MLS # 6724563

Property Type Single Family Residence

Price Type --

Opportunity Zone! Excellent buy and hold Short term rental or Development opportunity! Incredible,fully furnished 3 Bed 2 Bath home in Old Town! Brand new renovation with all new modern finishes and designer furniture. New Cabinetry, Stainless steel appliances, porcelain tile, granite countertops, New electrical, plumbing, roof, Hvac, owned solar! Unbelievable location in downtown Old Town, Scottsdale's Entertainment District ! Walking distance to hundreds of restaurants and entertainment options. Zoned Downtown Overlay, Please see proforma from GoodNight Stay for Short term rental as well development proforma for 4 units.

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32621 N 15th Lane Phoenix, AZ 85085

$1,149,900

4 Beds

3 Baths

3,012 SqFt

Status Active

MLS # 6754033

Property Type Single Family Residence

Price Type --

Don't miss this stunning home with unobstructed mountain views! The heated pool, spa, gas firepit with conversation area, and built-in bbq make this home feel like a vacation everyday! Large covered patio, pavers, synthetic grass, and professional landscaping complete the backyard oasis. This triple split 4 bedroom plus flex front room is complete with 3 bathrooms and a 3 car garage. New premium luxury vinyl plank flooring throughout living areas including primary ensuite. Secondary bedrooms have new carpeting. This home has all new paint and updated trim and moldings throughout. Located on a cul de sac in a small gated enclave of highly sought after Sonoran Foothills surrounded by trails and parks, this home is ideal for Arizona living.

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7180 E Kierland Boulevard Unit 217 Scottsdale, AZ 85254

$1,149,500

2 Beds

2 Baths

1,366 SqFt

Status Active

MLS # 6752064

Property Type Apartment

Price Type --

PRICED TO SELL, LOWEST PRICE PER SQ/FT AVAILABLE IN KIERLAND OPTIMA!!! Beautiful, east facing 2nd floor unit to enjoy gorgeous sunrises and city light views. Enjoy views from any room! Spacious great room that is open to kitchen and has door to lovely balcony. Split floor plan, both suites have private bath. Optima offers luxury features and amenities such as the Roof Top Pool with breath taking mountain views, Roof Top Running Track, BBQ's, Rooftop Kitchen for entertaining, Heated Pool and Spas, Sauna & Steam room, State of the Art Fitness Center, Locker Rooms, Smash Ball Court, Indoor Basketball Court, Party Room, Coffee Bar in the Lobby, Gaming Area, Virtual Golf, Media Area, Yoga room, and much more the list goes on. Walking distance to Kierland & Scottsdale Quarter.

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340 E Orange Drive Phoenix, AZ 85012

$1,149,000

3 Beds

3 Baths

2,298 SqFt

Status Active

MLS # 6756936

Property Type Single Family Residence

Price Type --

* WINDSOR SQ- HISTORIC DISTRICT* VOTED ONE OF THE BEST NEIGHBORHOODS IN AZ! QUAINT & SERENE SETTING BOASTS CHARMING MID- CENTURY HOMES THAT TAKES YOU BACK IN TIME! CLOSE TO ALL...BUT TUCKED AWAY- HIDDEN TREASURE! ELEGANTLY REMODELED- *NEW* BATHS, KIT CTRS/APPLIC, ALL FLOORING...PLUS AMAZING BACKYARD-PERFECT TO ENJOY OUTDOOR LIVING- PLENTY OF PAVED PATIOS, GARDEN AREAS & TOTAL PRIVACY! GREAT ROOM OFFERS- WALL OF FRENCH DOORS TO OUTDOOR SPACES- OPENS TO KIT & CASUAL DINING. MSTR RETREAT W/ SPA BA- CLAW TUB,STYLISH DBL VANITY/& TILE SHOWER LAUNDRY RM W/ENTRY TO '' PRIVATE GARDEN'' & BBQ PATIO PERFECT FOR AFTERNOON COCKTAILS! OVERSIZED LOT .19 ACRE FILLED W/MATURE TREES & LUSH GREENERY...FEELS LIKE HOME! ALL CONVENIENCES NEARBY- SHOPPING, RESTAURANTS, MEDICAL...ENJOY LIFE IN WINDSOR SQ!

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21992 E Desert Hills Drive Queen Creek, AZ 85142

$1,149,000

4 Beds

2.5 Baths

3,005 SqFt

Status Active Under Contract

MLS # 6708769

Property Type Single Family Residence

Price Type --

Stunning, single level home with 24'x52' RV garage, sparkling pool, upgraded gourmet kitchen, 4 bedrooms, tile and wood floors, 2.5 bathrooms & putting green. Formal dining room with wood floors. Great room with surround sound speaker overlooking outdoor waterfalls at pool. Elegant kitchen with gas burner cooktop, double ovens, stunning granite countertops, large walk in pantry and oversized kitchen island with kitchen nook. Primary suite with spacious walk-in closet, tile surround extended shower, double sink vanities and french door exit to backyard. 220v outlet, two service doors and direct access to house. Seller will convert the den into 4th bedroom by adding a door if buyer desires. Refrigerator and TVs convey with sale! 24'x52' RV garage with 220v outlet, two service doors and direct access to house. Perfect for all your adventure toys. Desirable neighborhood with tree lined streets, community parks, close to shopping, restaurants and A+ rated schools.

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6925 E Ashler Hills Drive Scottsdale, AZ 85266

$1,149,000

6 Beds

3 Baths

2,412 SqFt

Status Active

MLS # 6738852

Property Type Single Family Residence

Price Type --

Wow, just wow! Welcome to your dream home, nestled on over 2 acres of a desired corner lot with a charming courtyard! Discover an expansive living & dining room w/gas fireplace & plush carpet, fire sprinklers, soothing paint tones, ceiling fans, & a bright family room w/stylish laminate flooring & easy access to the back patio. The fully equipped kitchen boasts an electric cooktop, a wall oven, beautiful wood cabinetry, ample counter space, & an island w/breakfast bar. Plantation shutters & wood-look floors in all bedrooms! The main retreat offers backyard access, a walk-in closet, & its own bathroom. Don't miss the custom sauna for ultimate relaxation! Escape to the backyard paradise featuring a covered patio, a storage shed, a fenced diving pool, a basketball hoop, & plenty of room for additions & recreational toys. Enjoy the perfect location with stunning mountain views & quick access to North Scottsdale & Cave Creek, offering the best restaurants, shopping, and golf experiences. Move-in ready! This value will not disappoint!

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