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.

Whats 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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6841 N 183rd Avenue Waddell, AZ 85355

$1,125,888
5 Beds
3 Baths
3,416 SqFt
Status Active
MLS # 6708808
Property Type Single Family Residence
Price Type --
Own a beautiful Updated HORSE PROPERTY with attached GUEST HOUSE. This irrigated, 2-acre lot features a lighted riding ARENA and multiple covered stalls ready for your horses. The UPDATED interior boasts an open floor plan with clean lines promoting a modern design. The tall VAULTED CEILINGS & skylight add a spacious feel & abundant natural light. Freshly painted interior highlights some of the main features including plank tile flooring, recessed lighting, a charming dining area, and a sizable living room with a fireplace. The impeccable kitchen showcases plenty of shaker style cabinets, custom tile backsplash, GRANITE countertops, stainless steel appliances, double ovens, induction cooktop and an oversized island with under counter cabinets. Newer roof and 1 New AC 2024. The owner's suite offers backyard exit, a sitting room, and a full ensuite with dual sinks & jetted tub. Convenient den ideal for an office. You'll also find an attached guest house fully equipped with a full kitchen with new appliances, a great room with fireplace, and a large bedroom with a bay window, a full bathroom with jetted tub, and a walk-in closet. The backyard is tastefully divided; it offers a well-sized patio surrounded by lush vegetation and lots of space for fun & games. In addition, there're many stalls, and tons of space for horses to roam. The home has upgraded insulation and a radiant barrier and LED lights throughout for energy efficiency. Enjoy the country-style living this unique value offers.

4618 W Park View Circle Glendale, AZ 85310

$1,125,000
4 Beds
4 Baths
3,432 SqFt
Status Active Under Contract
MLS # 6740540
Property Type Single Family Residence
Price Type --
A turn-key Airbnb opportunity! Stunning 4 bed 4 bath, 3 car garage home in the highly desirable community of Saddle Ranch Estates!! NO HOA. This resort-style home includes easy-to-maintain landscaping, (owned) solar panels, RV agate, an extended driveway, large windows, custom columns, a fireplace, plantation shutters, and a great floorplan. The kitchen includes quartz counter tops with plenty of counter space, stainless steel appliances, a dual oven, overlooking breakfast nook with a custom ceiling, and family rooms. The master bedroom includes a fireplace and a huge master suite! The master suite has a walk-in shower, dual sinks, and built-in vanity. The resort-style backyard has an extended patio, pergola, waterfall pool, SPA, mature trees on a 35,388 sq. ft lot, plus so much more.

360 S Golden Meadows Trail Williams, AZ 86046

$1,125,000
5 Beds
3 Baths
3,582 SqFt
Status Active
MLS # 6714945
Property Type Single Family Residence
Price Type --
Beautiful custom 5 bedroom, 3 bath home! Featuring vaulted ceilings, wood flooring, fireplaces, conservatory & Spectacular views in the Pines! Open concept floor plan makes this home perfect for entertaining & two Skylights keep everything light & bright! Gourmet kitchen is a cooks delight w/ gas cooking, ample cabinet space, Stainless Steel appliances & double ovens! From Kitchen & Dining areas expansive views of the San Francisco Peaks! Primary bedroom has oversized bath w/ 2 closets, walkin shower & jetted tub! Nestled on a 1.1 acre lot surrounded by majestic pine trees and 2 minutes from Elephant Rocks Golf Course. Several outdoor sitting areas to enjoy Williams weather and views! Close to hiking trails, lakes, Route 66 and shopping! A place to call home in the Pines!

43 E Desert Hills Drive Phoenix, AZ 85086

$1,125,000
4 Beds
3 Baths
3,058 SqFt
Status Active
MLS # 6755034
Property Type Single Family Residence
Price Type --
Looking for a private estate on an acre with no HOA and room to expand, park your toys and trucks? Look no further than this fully renovated home in Desert Hills with City water! Step into the great room which has lots of natural light and is perfect for relaxing or entertaining. Enjoy the spacious kitchen with stainless steel appliances and workspace galore. The split floorplan has 2 bedrooms with a jack and jill bathroom setup, another bedroom with its own bathroom on one side; and the master retreat with its own fireplace on the other. The master bathroom is resort-like! Wanna cool off and enjoy some mountain views? Take a dip in the relaxing pool. Take advantage of the acreage to park your toys, build an RV garage, guest house and just feel like no one is around you.

3953 E Silo Drive Gilbert, AZ 85296

$1,125,000
5 Beds
3.5 Baths
3,384 SqFt
Status Active
MLS # 6757538
Property Type Single Family Residence
Price Type --
Welcome to this stunning 2021-built home in the highly sought-after Morrison Ranch Lakeview Trails community! Situated on a premium corner lot with desirable north-south exposure and across from a greenbelt, this home is packed with incredible upgrades perfect for entertaining. Step inside to find a custom entertainment center, drop zone, and a bright, open kitchen featuring a double oven, gas cooktop, and views of the resort-style backyard. In 2022, a 45,000 gallon 8' deep pool package was added, complete with a heated pool, spa, pergola, BBQ, gas fire pit, in-ground trampoline, and lush landscaping. This backyard is truly an entertainer's dream! The community offers a vibrant lifestyle with white picket fences, lakes, trails, and amenities like tennis, basketball, pickleball, and volleyball courts. Plus, you'll enjoy top-rated public and charter schools, nearby freeways, shopping, dining, and entertainment at San Tan Mall. This is a place where neighbors become friends, and community events bring everyone together. Don't miss out on this exceptional home! Additional upgrades: Permanent LED Exterior Lighting LED lights installed on the front of the home. All lights can be controlled from an app and the user can customize color, pattern, brightness etc. Custom Window Treatments All windows on the main level have cordless bamboo shades. The windows that face the front of the home are lined for privacy. The windows in the primary bedroom have the same bamboo shades and are all lined for privacy. The rest of the windows on the upper level have white blackout cellular shades 8 ceiling fans, and other light fixtures have been upgraded 240 Volt EV outlet installed in the garage

6647 E Presidio Road Scottsdale, AZ 85254

$1,125,000
4 Beds
3 Baths
2,581 SqFt
Status Active
MLS # 6673704
Property Type Single Family Residence
Price Type --
Gorgeous single level Scottsdale Kierland home with Pool and RV gate on large corner lot. 4 bedroom, 3 bath in great location. Just a few minutes to Scottsdale Kierland, Scottsdale Quarter, Scottsdale Airpark, and surrounded by dining, shopping, hiking, golf, and all of the amenities that make living here worthwhile! Fully Furnished!! Fully Upgraded!! NO HOA! North/South exposure with covered patio and a sparkling pool! All appliances included!! Fully Paid Solar System included. Perfect and ready for AIRBNB and Private and Investor ownership. MUST SEE!!

6250 W Saskan Ranch Circle Flagstaff, AZ 86001

$1,125,000
4 Beds
4.5 Baths
4,919 SqFt
Status Active
MLS # 6639312
Property Type Single Family Residence
Price Type --
Priced to sell! AS-IS sale and ready for you to add your finishing touches! 4.7 Acre retreat in the Pines with a separate GUEST HOUSE! Beautiful open home with soaring ceilings, multiple expansive open spaces that flow to two open patios, a chef's kitchen with double ovens, 2 sinks, 2 cooktops, walk-in pantry, wine fridge and natural quartz countertops and storage that goes on forever! Located just to the west of Flagstaff in Saskan Ranch, this home is nestled in the pines and offers a main house with 3 bedrooms, 3.5 baths and a separate Guest House with 1 bedroom and 3/4 bath. Both homes are custom owner-built, the Guest House was completed in 2002 while the main house was finalized in 2023. The main house offers many features beyond the beauty of the home such as: Individualized heating for the lower level (hydronic) and main & loft levels (HVAC), A/C for main & loft levels, Sierra Pacific windows, high density foam insulation, 2500 gallon water storage connected to the shared well and an oversized septic system to allow for additional expansion. Additional opportunities to customize and expand the home to meet your needs exist in the bonus room to finish for your specific use, as well as adding an outside deck off the master bedroom or taking advantage of the built-in water stubs already plumbed to the loft, bonus room and potential wine cellar. Come view this home and let your imagination envision enjoying the summer in this wooded retreat! Note: 3rd bedroom is classified as Den/Office by Coconino County for certificate of occupancy. Feature List & SPDS available with additional information.

10467 N Nicklaus Drive Fountain Hills, AZ 85268

$1,125,000
4 Beds
4.5 Baths
3,723 SqFt
Status Active
MLS # 6650953
Property Type Single Family Residence
Price Type --
Custom home on premium golf course lot in the highly sought after Desert Canyon Golf Course community. Home is loaded with windows and patio space to capture the breathtaking views in every direction. Home features include dramatic vaulted ceilings, massive bedrooms, and 4 car garage. Custom kitchen with top of the line appliances and breakfast bar. All 4 bedrooms have ensuite bath. Backyard space includes pool, hot tub, and deck space wrapping around the entire back of property. Situated on the 9th hole of the Desert Canyon golf course with views of Four Peaks and the Fountain Hills landscape.

27016 N 14th Lane Phoenix, AZ 85085

$1,125,000
5 Beds
3.5 Baths
4,370 SqFt
Status Active
MLS # 6699875
Property Type Single Family Residence
Price Type --
Come and see the incredible beauty of this amazing former model home in the popular Fireside at Norterra neighborhood. Located on a premium lot backing to a vast wash, it offers complete privacy and serenity with amazing sunset & mountain views! You'll love the gated courtyard w/gas fireplace! Fabulous interior showcases modern light fixtures, a designer palette and tons of natural light. If gatherings or entertaining are on your mind, the house has a formal dining room w/French doors to the courtyard and casita. The family room has soaring ceilings, media niche, fireplace & multi-sliding doors to the backyard. Upstairs find a large loft and additional bedrooms. Fireside amenities include community center with gym, pools, tennis courts, parks, rock climbing wall and more! Surround sound for enhanced audio! The gourmet kitchen is a chef's dream, featuring high-end SS appliances, granite counters, mosaic tile backsplash, a walk-in pantry, a wine fridge, ample staggered cabinetry, and an island w/breakfast bar. For added functionality, this gem boasts a versatile den, a cozy loft, & a large bonus room! Primary bedroom is downstairs, boasting layered crown molding & wood flooring! Its ensuite provides two vanities, a soaking tub, & a separate shower. Two secondary bedrooms upstairs share a Jack & Jill bathroom. Laundry room with built-in cabinetry. Transitioning outdoors, tranquility awaits in the large backyard! Perfect for enjoying a relaxing afternoon, this space presents a covered patio, artificial turf, and an additional elevated seating area. This property will not disappoint! Just WOW!

19732 W Mulberry Drive Buckeye, AZ 85396

$1,125,000
5 Beds
4.5 Baths
4,602 SqFt
Status Active
MLS # 6714538
Property Type Single Family Residence
Price Type --
Unparalleled Multi-Generational Oasis. Welcome to your dream home where every member of the family finds their perfect sanctuary. Conveniently located in a family-friendly community with top-rated schools, parks, shopping, and dining options nearby. Plus, with easy access to major highways, commuting is a breeze. Ideal for extended families, in-laws, or savvy investors, this property offers a unique blend of luxury, comfort, and versatility. The residence spans over 4,600 square feet, this Maracay-built masterpiece boasts 5 bedrooms, 4.5 bathrooms, 3-car garage and RV parking. Enjoy breathtaking mountain views from the oversized .42-acre lot. Step inside to discover an executive gourmet kitchen featuring an oversized granite island, stainless steel appliances, and a custom walk-in pantry The open concept living area is perfect for gatherings, while 16' stackable patio doors seamlessly connect indoor and outdoor spaces. The NextGen Suite is attached to the main house but with a separate entrance, the 750 square foot Generation Suite offers privacy and independence. Complete with a living and dining area, kitchenette, laundry room, and a spacious master bedroom with an en-suite bathroom and walk-in closet, this suite is perfect for aging parents, guests, or young adults seeking autonomy. Accessory Dwelling Unit (ADU), escape to the 850 square foot detached casita nestled in the backyard oasis. This fully equipped space features a living room, dining area, kitchen, laundry room, bedroom, and luxurious bathroom. With high-end finishes and thoughtful design, it's an ideal retreat for visiting family, friends, or potential rental income. In the outdoor paradise you will experience resort-style living with an automated saltwater pool, fountains, lush landscaping, and covered patios spanning over 1,300 square feet. Whether you're relaxing by the pool or hosting a barbecue, this outdoor haven is perfect for year-round enjoyment. This incredible property has it all including Google Alexa SmartHome controls, stage 2 - 220V / 40 Amp EV car charger connection, Green Living: This home is LEED Certified, offering healthy, highly efficient, and cost-saving green living. With three 16 SEER Lennox A/C systems, LG Mini Split A/C's in bedrooms, and a tankless gas water heater, comfort and sustainability go hand in hand. Don't miss the opportunity to own this unparalleled multi-generational oasis. Whether you're seeking a forever home for your family or an investment opportunity with multiple revenue streams, this property offers endless possibilities. Schedule a showing today and prepare to be amazed!

46333 W Abbott Road Wickenburg, AZ 85390

$1,125,000
3 Beds
2 Baths
1,799 SqFt
Status Active
MLS # 6681204
Property Type Manufactured Home
Price Type --
10 ACRES IN FOREPAUGH/WICKENBURG WITH BEAUTIFUL MOUNTAIN VIEWS, FULL SIZE RIDING ARENA, 8 COVERED PENS WITH AUTOMATIC WATERS, COVERED HAY & EQUIPMENT STORAGE, ROUND PEN, 2 LARGE TURN OUTS FOR CATTLE OR HORSES, SO MUCH ROOM ON THIS PROPERTY TO BUILD OR DO AS YOU DESIRE, PROPERTY CAN BE SPLIT, PRIVATE WELL, GORGEOUS CAVCO HOME WITH OVER SIZED BEDROOMS & WALK-IN CLOSETS, THIS HOME IS SO SPACIOUS FOR A FAMILY, STEPS AWAY FROM STATE LAND

3818 E Stacey Road Queen Creek, AZ 85142

$1,125,000
4 Beds
3.5 Baths
3,122 SqFt
Status Active
MLS # 6758267
Property Type Single Family Residence
Price Type --
Stunning Custom 4 Bed/3.5 Bath with NO HOA on nearly an ACRE corner lot. Mountain Views, 3 Car Garage, and ready for your shop or casita on the border of Gilbert & Queen Creek. Gorgeous gourmet kitchen with custom rustic maple cabinets, double wall ovens, stainless steel, hood vent, granite, and huge pantry with large freezer. Open floor plan with wood plank flooring and 12 ft ceilings throughout the home. Huge owner's suite with massive walk-in closet that connects to the laundry room. Primary bath has dual vanities, private toilet, soaking tub and spa shower. Two of the secondary bedrooms have their own private bathrooms. Beautiful enclosed backyard with large covered patio. Oversized 3 car garage that is approx 25 x 34. Queen Creek address with Gilbert services.

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