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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507 N Spur Drive Payson, AZ 85541

$1,135,000

3 Beds

3 Baths

3,106 SqFt

Status Active

MLS # 6726055

Property Type Single Family Residence

Price Type --

Unique custom home located on a heavily wooded 1 acre lot. Close to 100 large Ponderosa Pines, some 70ft tall, providing shade and seclusion. Main level living with a great room, kitchen, dining room, sunken sunroom, master bedroom and second bedroom. Main level living is mostly solid red oak flooring. Separate bedroom and family room area upstairs. Nice private covered decks. Property is completely fenced with chain link and wrought iron. Large 1000 sq ft workshop that has unlimited uses. It would be a great quilting space, woodworking shop or add water and sewer and have a great guest house. Greenhouse included. Several fruit trees and garden plots on the property. Fireplace in the Great Room and master bedroom. This is a one of a kind home in a great area!

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29429 N 64th Street Cave Creek, AZ 85331

$1,135,000

2 Beds

1.5 Baths

1,728 SqFt

Status Active

MLS # 6677040

Property Type Single Family Residence

Price Type --

Your Barndominium is calling! Welcome to your own slice of equestrian heaven! Build your dream home on this 2.5 acres in the exclusive gated community of Casa de Caballos. This exceptional property offers a rare opportunity to live in the two bedroom apartment located above the stables while you build your dream home. HVAC in the 1.5 car garage. City water and Low HOA. RV Hookup. Take advantage of this opportunity to live in this highly sought after equestrian neighborhood while being minutes to the fabulous shopping and dining of downtown Cave Creek, Carefree and Scottsdale. Giddy Up!

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8340 E Roma Avenue Scottsdale, AZ 85251

$1,135,000

5 Beds

4 Baths

2,502 SqFt

Status Active

MLS # 6630801

Property Type Single Family Residence

Price Type --

Nestled in a prime location near Old Town Scottsdale & Fashion Square, this 5-bed, 4-bath gem is fully updated with a blend of classic & modern aesthetics, including wainscoting & crown molding. The kitchen boasts a subway tile backsplash & sizable island with storage & seating. The great room showcases a decorative accent wall and a picture window with cozy window seat as the perfect space to curl up with a book or just daydream as you gaze out the window! Other features include game room with a corner fireplace Each luxurious bathroom features exquisite tile surrounds and are adorned with modern plumbing & lighting fixtures. Step into the backyard oasis, complete with a BBQ and refreshing pool, offering the perfect setting for outdoor gatherings. Conveniently, the pool area provides direct access to a stylishly appointed bathroom. Currently serving as an Airbnb, this home presents a perfect blend of style & functionality. Come on over to explore the epitome of comfort & convenience in the heart of Scottsdale!

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5450 E Yale Street Phoenix, AZ 85008

$1,134,000

4 Beds

3 Baths

2,250 SqFt

Status Active Under Contract

MLS # 6715749

Property Type Single Family Residence

Price Type --

Stunning remodel/rebuild home with amazing views in Arcadia Light. Step inside to discover a spacious home with higher ceilings, great windows, engineered plank floors, and a stunning kitchen and bathrooms. The Kitchen is a chef's delight with a 36'' gas range, granite countertops, stainless built in fridge/freezer and all overlooking a beautiful and large back yard. The bathrooms boast a modern chic walk in showers, double rainfall shower heads w/ a clean & modern feel. The master suite is large, with a full walk in closet and is simply stunning! Overall, this home is amazing. Back yard is large and grassy, with a pool/jacuzzi that was just replastered, and lots of nice mature landscaping. Enjoy the views of both Camelback and Papago Park. You will not be disappointed.

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13910 E Dyer Road Scottsdale, AZ 85262

$1,130,000

4 Beds

3.5 Baths

3,065 SqFt

Status Active

MLS # 6684623

Property Type Single Family Residence

Price Type --

Escape the City life to this Custom Built Nextgen home. Surrounded by sweeping Mountains and nestled at the end of a private Cul-De-sac. Bring your horses & create your Equestrian dream with this large, oversized Estate lot. Enjoy the Outdoor lifestyle with access to Granite Mountain Trail Head, Tom's Thumb & several Golf Courses. Whip up Gourmet meals on your Wolf Gas Double oven & cook top. Beautiful Quartz Counters with large center Island. Chill your favorite beverages in the Zephyr Wine fridge. Split 4-bedroom, 3.5 baths, Den or office. Large Great Room that provides plenty of space for entertaining. Large master retreat with a separate shower & tub & large walk-in closet. Additional bedroom W/Ensuite bath. Large covered patio. Home has never been lived in & priced well. spacious walk-in closet, separate shower & tub and slider to back patio. Custom 8' interior doors throughout. Oversized 2-car garage. Preserve your RV from the AZ Sun with your private 45' RV Garage with 12'X14' doors. Enjoy all the peace and quiet this beautiful North Scottsdale home has to offer

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11268 N Williamsburg Avenue Surprise, AZ 85388

$1,129,995

3 Beds

2.5 Baths

2,656 SqFt

Status Active

MLS # 6753243

Property Type Single Family Residence

Price Type --

Ready in Fall 2024, modern luxury meets elegant design in this stunning quick move-in home. This St. Helena floorplan welcomes you in with a stunning well-appointed foyer. The gourmet kitchen makes a statement with its premium finishes, upgraded cabinets, and stainless steel appliances. Embrace relaxation in the sun-filled great room that is bursting with natural light and is adjacent to the kitchen and casual dining area. The primary bathroom suite offers the perfect getaway with a resort-like shower complete with a sitting area, as well as free-standing tub and walk-in closet. Escape with the family with the home's covered outdoor patio that is enhanced with a fireplace and stunning West facing mountain views.

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17299 W Gretna Street Surprise, AZ 85388

$1,129,995

5 Beds

4.5 Baths

3,741 SqFt

Status Active

MLS # 6646969

Property Type Single Family Residence

Price Type --

This Ballantyne floor plan two story has 5 bedrooms, 4.5 bathrooms, and a 2 car garage. Located within this beautifully landscaped, all-ages gated master planned community featuring an active lifestyle with golf, clubhouse activities, pools, sport courts, professional spa, and an on-site restaurant and bars. Premium finishes in the kitchen include name-brand appliances, upgraded cabinets, and hardwood floors. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. The second floor offers a versatile loft space that can be suited to your needs. The expansive flex room is conveniently placed off the foyer, providing plenty of space for entertaining.

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10772 N 103rd Way Scottsdale, AZ 85260

$1,129,900

4 Beds

2.5 Baths

3,271 SqFt

Status Active

MLS # 6726467

Property Type Single Family Residence

Price Type --

Nestled on an expansive lot in a highly desirable neighborhood, this remarkable property offers a perfect blend of comfort and outdoor living, with no HOA restrictions! Imagine relaxing by your sparkling pool or spa, surrounded by lush grass and breathtaking mountain views.Step inside to discover a move-in ready home, or take the opportunity to customize it to your taste. Located in the coveted Shea/Cactus Corridor, you'll be surrounded by stunning multimillion-dollar homes and enjoy easy access to scenic walking and biking paths that lead to Scottsdale Ranch Lakes. The spacious living room features a cozy fireplace, ideal for intimate evenings with family and friends. An adjacent dining area sets the stage for hosting dinner parties and holiday celebrations. The bright kitchen, designed for both functionality and style, showcases stainless steel appliances, granite countertops, ample cabinet space, and a central island perfect for meal prep, all with views to the inviting patio and pool area. Retreat to the luxurious main-level owner's suite, which boasts two walk-in closets and a spa-like ensuite bathroom complete with a jetted tub, dual vanities, and a separate Thermasol steam shower. Upstairs, you'll find a generous bonus room with a balcony overlooking the pool and stunning McDowell Mountain views, along with three additional bedrooms and a full bathroom. Step outside to your backyard paradise! With covered patios, a spacious lawn, and mature trees offering shade and privacy, it's an ideal setting for al fresco dining, lounging by the pool, or gardening in your own slice of tranquility. Recent upgrades include a 50-year fire-certified stone-coated metal roof installed in 2003, newly completed quartz plaster in the pool and spa (2023), one new HVAC system (2021) servicing the owner's suite and one upstairs bedroom, and a new side-by-side refrigerator (2021). A new variable-speed pool pump motor just installed in 2024 ensures optimal efficiency for your oasis. Conveniently located within minutes to top rated schools including Basis Charter School, shopping, dining, entertainment venues, and major health facilities like Mayo Clinic and Honor Health, with easy access to the 101 Freeway. Don't miss this incredible opportunity to own a stunning property that perfectly combines luxurious living with the natural beauty of Arizona!

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5672 W Bruno Canyon Drive Prescott, AZ 86305

$1,129,000

3 Beds

2 Baths

2,024 SqFt

Status Active

MLS # 6758560

Property Type Single Family Residence

Price Type --

GOLF COURSE LIVING! Very unique location offering spectacular golf course views. 3 bedroom 2 bath home with spacious direct entry two car garage. Beautifully landscaped property with fully fenced in back yard is perfect for outdoor entertaining. Inside you'll find upgrades throughout including modern fixtures, premium finishes and upgraded appliances. Experience luxury living with this open floor plan that provides plenty of natural light. Don't miss the opportunity to own this stunning move-in ready home. Talking Rock is a gated private community for members only. Amenities include: award winning Jay Morrish designed Golf Course, The Ranch House restaurant and bar, Coop's Coffee House, fitness center, bocce, pickle ball courts, tennis court, pool and dog park.

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12628 N 2nd Street Phoenix, AZ 85022

$1,129,000

4 Beds

3 Baths

3,164 SqFt

Status Active

MLS # 6688012

Property Type Single Family Residence

Price Type --

Mountains everywhere! This is it! One-of-a-kind huge lot backing to preserve! This amazing & updated home is very special! Owners remodeled & expanded the Family Room/Kitchen for an open concept! A true Gourmet kitchen w/the perfect Mega 12' Island! This property is an Entertainer's delight w/lots of indoor and outdoor spaces. 4 bedrooms & ensuite den for the perfect at home/work/zoom space. Huge Split Primary Ensuite. Bathroom w/spa features: Elegant shower & soaking tub w/jets and therapy bubbles! Formal living room as well for extra living space. True Arizona landscape w/natural desert, trees, garden, paths, ramada, firepit, patios, & space for a pool! Your own gate to the preserve! Lots of trails! Near Gold Key Racquet Club & Moon Valley CC nearby! Located in North Mountain area.

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4208 E Via Dona Road Cave Creek, AZ 85331

$1,126,595

3 Beds

3.5 Baths

3,050 SqFt

Status Active

MLS # 6745294

Property Type Single Family Residence

Price Type --

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21875 E Misty Lane Queen Creek, AZ 85142

Open House

$1,125,995

4 Beds

4 Baths

2,899 SqFt

Status Active

MLS # 6694899

Property Type Single Family Residence

Price Type --

Designer Appointed Fiora Floorplan Move-in-Ready July 2024! Take the guesswork out of color palettes and textures .Our Design Team has done it for you! This 4 bdrm 3.5 bath home w/den and upgraded Chefs Kitchen boasts large kitchen island upgraded Jenn-Air Appliances & upgraded Cabinetry! Your Dining area sits off the covered rear patio w/ future views of your resort style backyard. through 2-12' Multi Stacking Doors that perfectly frame your mountain views. Primary bedroom has french door to backyard & Primary Bath is complete w/ freestanding soaking tub, Beach Entry Shower & Dual Sinks w/ Vanity & Custom walk-in closet w/ direct access to your large Laundry Room w/ base & upper cabinets, & sink. 3 car garage & gated community w/ walking trails make this home a 10+

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