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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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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29399 N 67th Way Scottsdale, AZ 85266

$1,149,000

3 Beds

2 Baths

2,159 SqFt

Status Active

MLS # 6753207

Property Type Single Family Residence

Price Type --

This stunning and fully renovated home in North Scottsdale with a brand new pool will be your oasis in the desert! From oversized double doors to imported real hard wood floors, vaulted ceilings, a stone fire place with oversized bay windows and a large living room create a beautiful and bright space for entertaining or comfortable space to lounge. The kitchen boasts custom cabinets with 63 inch uppers, stunning backsplash, GE Cafe stainless steel appliances, and quartz countertops with a waterfall edge on the island. The master bathroom has been fully remodeled with double showerheads marble tile, and tall framed glass windows to enjoy a long steam. The roof was recently fully replaced and so was the AC. Come see this house before its too late!

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3806 E Taurus Place Chandler, AZ 85249

$1,149,000

6 Beds

4 Baths

3,863 SqFt

Status Active

MLS # 6746508

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Chandler, AZ! This stunning two-story residence offers an abundance of space and luxurious features, perfect for families and entertainers alike. With 6 spacious bedrooms and 4 well-appointed bathrooms, there's room for everyone to enjoy their own sanctuary. Step inside to discover a beautifully designed layout that includes a dedicated theater room, perfect for movie nights or entertaining guests. The fully finished basement adds extra versatility, making it an ideal space for a game room, gym, or extra storage. Outside, retreat to your private oasis featuring a sparkling pool, perfect for those hot Arizona days. With energy-efficient solar panels and two new HVAC units, you'll enjoy comfort and savings all year round.

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722 N Sun Road Apache Junction, AZ 85118

$1,147,000

4 Beds

3.5 Baths

2,550 SqFt

Status Active

MLS # 6738473

Property Type Single Family Residence

Price Type --

HIGHLY MOTIVATED SELLER! Come see this spectacular home and BRING YOUR OFFER!! This spectacular SUPERSTITION MOUNTAIN VIEW home offers a long list of HIGH END UPGRADES all sitting on a 1.1 acre lot in the ARROYO VISTA ESTATES gated community. This light & bright 2700 SQ. ft. home features 3 bedrooms, 3.5 baths, & a cozy attached CASITA (with a separate entrance),ideal for private guest quarters, an office, or a personal ART/CRAFT STUDIO! It also features a custom 47'x 23' fully finished & insulated RV garage along with an attached custom 2 car garage! There are so many ''NEW UPGRADES'' to view on our separate listing sheet.... This LOVELY custom home in a very peaceful neighborhood won't last too long! Over $220k in options and design upgrades and selections, including extensive wood-look tiled flooring, 42'' cotton white cabinets with full height backsplashes, custom vent hood, waterfall island, and so much more.

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9703 N 175th Avenue Waddell, AZ 85355

$1,147,000

4 Beds

5 Baths

3,776 SqFt

Status Active

MLS # 6658676

Property Type Single Family Residence

Price Type --

Everything you need is right here! Bring all your critters to this home which offers an ideal layout for modern multi-generational living. There is a casita/mother-in-law suite with a full kitchen, bathroom and its own garage. The main house features a master suite, two bedrooms, an office, a jack-and-jill bath, two half baths, and a variety of timeless finishes. Appreciate the high ceilings with exposed wood beams, a built-in entertainment center, stained concrete flooring, exquisite light fixtures, and crown molding. The kitchen is a culinary haven with custom cabinetry, granite countertops, a beautiful backsplash, and a large island/breakfast bar. A sizable detached garage enhances the property, offering extended covered parking, barn doors, full electric, and water connections. Enjoy stunning views of the White Tanks and Arizona sunsets from this exceptional dwelling. No HOA and horse privileges seals the deal. Waddell is an ultimate equestrian community that, with the help of some modern advancements, has the opportunity to live in a fantastic climate where they can ride their horses year-round. The sunny weather allows for easy access to riding and plenty of space for arenas and washes stalls. This is because Waddell, AZ, has irrigation canals that help the community sustain their animals at a reasonable cost to irrigate their land. This is why Waddell is considered one of the best places to live for equestrian enthusiasts in the west valley. The White Tanks Regional Park is nearby for all of these great outdoor activities such as picnics, camping, hiking, mountain biking and horseback riding.

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3829 W Red Fox Road Phoenix, AZ 85083

New

$1,145,000

6 Beds

3.5 Baths

3,509 SqFt

Status Active

MLS # 6761948

Property Type Single Family Residence

Price Type --

Single story home with 6-bedroom, 3.5-bathroom and 3 car garages offers luxurious and spacious living with 3509 square feet. It is Nestled in a corner lot with mountain view and right next to the trails and mountain hills for hiking and biking. The entrance features a private gated courtyard that leads to a covered patio, large paver and turf areas in the backyard, perfect for outdoor living and entertaining. With 12-foot ceilings or 10-foot ceilings and abundant natural light, the open family and dining rooms provide an ideal setting for gatherings. The chef's kitchen is fully upgraded, a huge quartz countertop island, a wall-mounted microwave & oven, a gas stove, custom backsplash, and ample cabinet space. The home is designed with large plank porcelain wood-like tiles in the strategic areas such as hallways, family room, dining rooms and kitchen etc, while cozy carpets are installed in the bedrooms. PRIVATE owner's suite w/ensuite bath, walk-in shower, soaking tub + 2 walk-in closets! A must-see before it's gone! Special Financing Incentives available on this property from SIRVA Mortgage.

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7141 E Rancho Vista Drive Unit 6012 Scottsdale, AZ 85251

$1,145,000

2 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6753876

Property Type Apartment

Price Type --

With a sleek, modern design freshly remodeled from top to bottom in 2020, this is a home not to be missed. A sixth-floor end unit in Optima Camelview, this condo offers expansive glass walls with abundant natural light. From the engineered white oak flooring throughout to the all-new Lutron LED lighting, gorgeous light fixtures, and motorized shades. The kitchen & baths have all-new cabinetry & tile and plumbing fixtures with custom two-tone cabinets in the kitchen and serving area. Spacious island with Quartz counters & island seating. Newer stainless steel GE Monogram appliances and an under-counter wine refrigerator in the kitchen provide the perfect backdrop for entertaining. Outside, the patio features brand-new Italian tile and updated landscaping. Sunny East Facing patio brings in plenty of natural light all around. An oversized master bedroom offers a custom walk-in closet and enough room for a sitting area that has incredible views from high above. The location of this condo is what makes it so special. The home comes with 2 secure underground parking spaces and walkability to Old Town, restaurants, shopping, and the arts district. Every amenity is at your fingertips, with Metropolis Restaurant on-site, Concierge, Fitness Center, Basketball courts, Indoor Lap pool, outdoor swimming pools, and putting green.

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29044 N 56th Street Cave Creek, AZ 85331

$1,145,000

4 Beds

2 Baths

2,837 SqFt

Status Active

MLS # 6702000

Property Type Single Family Residence

Price Type --

Welcome to your very own Paradise! This fully renovated property caters to various lifestyle needs- w/ no HOA! Acre corner lot siding to 56th St with a healthy setback. Home fronts to Skinner Dr. with a Cave Creek address, Phoenix utilities, and low county taxes. 5 car garage stores all your toys & caters to the collectors, hobbyists & craftsmen, plus 2 car carport for overflow. Home has been professionally renovated w/ luxury plank tile floors in all rooms, thoughtfully designed kitchen boasting handcrafted Distinctive Custom Cabinetry, stainless appliances, built-in refrig, pot filler, and pass-through window to patio...Super-efficient designed for current owner- NOT a flip & extra insulated for low utilities. The Split floor plan has 3 over-sized guest rooms and a fully renovated guest bath with a separate soaking tub and shower. Primary bedroom has walk-in closet & French door to back patio. Other exciting features include vaulted ceilings, skylights for natural lighting, A den or formal dining space with bookshelves, Plantation shutters, brick fireplace in fam room, large laundry room with built-in cabinets. The backyard has the space for a pickleball court, horse stall, or other hobbies. Jump into your sparkling pebble-tec pool built just 8 years ago. Enjoy shaded sitting areas front & back. Loads of storage, interior space to add a powder room. 2 of the garages are attached & 3 car detached w/ extra electricity & AC, full RV hook-up with septic clean-out. Too much to list- Go see this gem of a home!

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253 W Malibu Drive Chandler, AZ 85248

$1,145,000

4 Beds

4.5 Baths

3,549 SqFt

Status Active

MLS # 6756662

Property Type Single Family Residence

Price Type --

Welcome to this inviting 4-bedroom plus a office, 4.5 bath home with a pool, situated in a sought-after Chandler neighborhood. This residence features a bright, open-concept floor plan with a classic kitchen complete with stainless steel appliances and granite countertops. The spacious living area flows seamlessly to a private backyard oasis, perfect for relaxation or entertaining with a sparkling pool and covered patio. The huge master suite includes a walk-in closet and beautiful show and bath. Located minutes from top schools, shopping, dining, and easy freeway access. There's a small gate to the shopping area (see the picture). This home offers the ideal blend of convenience and comfort. Whether you're looking to relax by the pool or entertain guests, this home has it all.

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8 Biltmore Estate Unit 107 Phoenix, AZ 85016

$1,145,000

2 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6660866

Property Type Apartment

Price Type --

Stunning single level luxury condo located on the Arizona Biltmore Golf Course, perfect end unit opening onto the golf course with wonderful expansive views and one of largest patios, private front outdoor entry area opening to the unit, gourmet kitchen and great room featuring slab granite counters, beautiful updated cabinetry, stainless steel appliances, wood and stone floors, split primary suite with great views, primary bath features travertine shower, large soaking tub, 2 updated vanities with lighted mirrors and 2 walk-in closets. Step out on your expansive back patio and enjoy the views of golf course & mountains, all of this and a multimillion dollar club house with private workout facility, pool & spa and on site 24 hour guard, closely located elevator that leads to to your 2 parking spaces and storage room. this condo has the best location! Guests can stay to the closely located Az Biltmore Hotel...dine at the wonderful places just steps away!

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