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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2009 S Raindance Road Apache Junction, AZ 85119

$1,100,000

4 Beds

3 Baths

4,410 SqFt

Status Active

MLS # 6746656

Property Type Single Family Residence

Price Type --

Introducing a stunning 5-bed, 3-bath home with breathtaking mountain views, no HOA, and horse property with rare unlimited livestock in, Apache Junction. Features include; granite counters, natural alder cabinets, and expansive tile floors throughout the house. Enjoy soaring ceilings, a double-arch foyer, and energy-efficient insulation. Outside find a dog kennel room or extra kitchenette for vIsitors, detached 2-car garage, storage shed/tackle room, a beautiful horse corral with a detailed custom sliding metal gate, plus a RV hook-up. Perfect for outdoor equestrian enthusiasts! Very Popular destination for horse trails just a few miles from the property in the, Tonto National Forrest. It's a DREAMY HOME with views of the Superstition Mountain from your bedroom window.

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4055 N Recker Road Unit 40 Mesa, AZ 85215

$1,100,000

3 Beds

3 Baths

3,176 SqFt

Status Active Under Contract

MLS # 6733651

Property Type Single Family Residence

Price Type --

Discover this exquisite custom home nestled within the gated community of Country Club Estates at Red Mountain Ranch. Perfectly positioned on the 17th green, this residence offers stunning views of the signature golf course and breathtaking mountain vistas. Spanning over 3,100 square feet, this single-story home boasts soaring ceilings and a thoughtfully designed layout, featuring 3 bedrooms, a custom office with built-in cabinetry, and 3 full bathrooms. Step into the inviting great room, where formal dining and expansive windows create a seamless connection to the backyard oasis. The chef's kitchen is a culinary masterpiece, complete with custom cabinetry, a large island with seating, a Viking gas stove, Thermador double ovens, a built-in microwave and a KitchenAid wine fridge in the bar dedicated area. Adjacent to the kitchen, the cozy family room with a fireplace provides excellent views and a warm ambiance. The luxurious primary bedroom offers an oversized retreat with a large walk-in closet, sitting areas, and direct access to the backyard. The ensuite bathroom is a spa-like haven, featuring a massive marble shower, dual sinks, a private toilet room, custom cabinetry, and ample storage. The additional bedrooms are thoughtfully separated, each with walk-in closets and access to a beautifully appointed full bathroom.The outdoor space is a true sanctuary, featuring travertine pavers, an extended covered patio, a sparkling heated pool renovated in 2020, a gas firepit, and a built-in BBQ with an eat-up bar. This meticulously maintained property has it all! Enjoy the amenities of the Red Mountain Country Club, including a golf course, clubhouse with a restaurant, workout facilities, a pool, tennis, and pickleball courts. With so much to offer, this home is a rare find. Don't miss your chance to own this exceptional property!

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6633 E Juniper Avenue Scottsdale, AZ 85254

$1,100,000

4 Beds

3 Baths

1,966 SqFt

Status Active

MLS # 6751662

Property Type Single Family Residence

Price Type --

Tastefully Renovated home with its own Resort-Style Backyard!! Attention to every detail given to the complete top to bottom renovation. All new cabinets, countertops, flooring, fixtures, bathrooms have been replaced with modern accents. Split floorplan is both practical and private with 4 large bedrooms and 3 full bathrooms. Plenty of room for gathering in this open kitchen concept which features a breakfast room and bar. Ideal south facing backyard features a beautiful play pool, outdoor patio space, built-in BBQ and a side yard with its own Celebrity Greens putting green and hot tub!. Prime location just minutes from countless restaurants, grocery stores, malls and amenities! Mechanical improvements include a new pool pump, water heater, pool heater and hvac system!

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5202 W Soft Wind Drive Glendale, AZ 85310

$1,100,000

4 Beds

2.5 Baths

2,692 SqFt

Status Active

MLS # 6735125

Property Type Single Family Residence

Price Type --

Original owners are now selling this fabulous, well-maintained custom 4 bedroom, 2.5 bath single-level home in the wonderful Saddleback Estates. This home sits on a spacious north/south exposure lot of .823 acres with mountain views, a desirable RV gate and parking with RV clean-out, and no HOA to worry about. Recent upgrades include a new hot water heater installed in 2024, a new A/C unit in 2010, and a new roof in 2019. Once inside, appreciate the spacious open floor plan, durable tile flooring in all the right places, a soothing neutral color palette, and a welcoming formal living and dining room with an easy flow into the gourmet chef's eat-in kitchen. Here, you can enjoy matching black appliances, view windows above the kitchen sink bringing in natural light, ample cabinet and countertop space, and a large breakfast bar open to the family room featuring a cozy fireplace. The family room seamlessly flows into the breakfast room, which highlights a double door exit to a side patio, making it easy to entertain family and friends. From the family room, you have wonderful access to the extended covered patio, bringing the outdoors in and extending your entertainment area. Enjoy the putting green, built-in BBQ, and fireplace. The property also includes a detached 2-car garage and workshop with RV parking, plus an additional 2-car carport, along with ample room for endless possibilities. The main house is equipped with a 2-car attached garage and plenty of slab parking for additional vehicles or an RV. Back inside, the primary suite offers a private exit to the side yard and a lavish ensuite bathroom with a custom tiled walk-in shower, deep soaking tub, dual sinks, additional vanity space, and a large walk-in closet. The three remaining bedrooms include one with a separate exit and a kitchenette, a guest bath, powder room, a spacious private office, and a convenient laundry room that includes the washer and dryer. Located in a great area close to top-rated schools in the Deer Valley School District, Glendale Community College, Hurricane Harbor for entertainment, Thunderbird Park and Deem Hills for hiking and biking trails, and just minutes to I-17 Freeway and the Norterra area for shopping and popular restaurants. Don't miss this incredible opportunity!

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31559 N Pamela Drive San Tan Valley, AZ 85144

$1,100,000

4 Beds

3.5 Baths

3,020 SqFt

Status Active

MLS # 6754867

Property Type Single Family Residence

Price Type --

AMAZING HIGH END CUSTOM HOME WITH MODERN CONTEMPORARY STYLE ON OVER 3 ACRES. OWN YOUR OWN PIECE OF A MOUNTAIN WITH AMAZING VIEWS AND PRIVACY. HUGE OPEN FLOORPLAN WITH TONS OF UPGRADES. CUSTOM KITCHEN WITH BUILT IN FRIDGE AND FREEZER AND DOUBLE OVENS. CUSTOM PANTRY SETUP WITH PLACE FOR UNDERCOUNTER BEVERAGE CENTER AND PREP COUNTER. HUGE BACK SLIDING DOOR OPENS UP TO YOUR OWN MOUNTAIN WITH TONS OF PRIVACY AND SO MUCH POTENTIAL. THIS HOUSE WILL BE DONE APPROXIMATELY THE MIDDLE OF OCTOBER BUT YOU CAN VIEW IT TODAY! DONT WAIT, THIS ONE WILL NOT LAST. YOUR CHANCE TO OWN A VERY UNIQUE HIGHLY UPGRADED CONTEMPORARY STYLE HOME IN A VERY SOUGHT AFTER AREA THAT IS MOVE IN READY WITH FRONT YARD AND BACKYARD LANDSCAPING. VIDEO AND PICTURES ARE A RENDERING AND NOT EXACT.

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8291 E Sierra Pinta Drive Scottsdale, AZ 85255

$1,100,000

3 Beds

2 Baths

1,946 SqFt

Status Active Under Contract

MLS # 6752120

Property Type Single Family Residence

Price Type --

Experience luxurious living in this beautifully renovated 3-bedroom, 2-bathroom home nestled in the guard-gated community of Grayhawk in Scottsdale. Positioned adjacent to a wash with quiet neighbors, this home offers unparalleled privacy and stunning mountain views. This home's practical layout was improved with a major renovation completed in 2019. The kitchen is a chef's dream, boasting ceiling-height custom cabinets, brass fixtures, a copper apron-front farm sink, and a pot filler above the gas Viking cooktop. Leathered quartzite counters with a waterfall-edge peninsula add both style and functionality. The great room features a dry bar with a wine fridge, custom cabinetry, and a quartzite counter, perfect for entertaining. Sonos speakers in the great room, patio, primary bedroom, and bath add a touch of luxury, while new engineered hardwood floors and taller baseboards create a seamless flow throughout. The primary suite is a true retreat with a walk-in, doorless shower, new quartz countertops, and modern fixtures. Both bathrooms have been fully updated with new tile, cabinets, and fixtures, creating spa-like spaces. Outdoors, the private and low-maintenance yard is perfect for relaxing with an outdoor fireplace, new turf and landscape lighting. The 2 car garage includes a workbench, cabinets, and a NEMA outlet for EV charging. With a new AC unit installed in 2024, this home is move-in ready and built to impress. See documents tab for full list of upgrades. Enjoy easy access to community amenities, including a pool, walking paths, and a variety of all-age events such as painting classes, bingo nights, and food trucks. Just a 5-minute stroll to Starbucks, this location is as convenient as it is serene.

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16118 E Ridgestone Drive Fountain Hills, AZ 85268

$1,100,000

2 Beds

2.5 Baths

1,915 SqFt

Status Active

MLS # 6759444

Property Type Townhouse

Price Type --

Stunning single level home at ''The Overlook'' in prestigious FireRock Country Club. Well-designed open floor plan perfect for entertaining, featuring an elegant great room with splendid mt. views to the rear patio with a 20 foot slider door system. Indoor/outdoor living at its finest with luxury high end design choices. Spacious well-appointed kitchen overlooks the expansive great room and features a massive center island with breakfast bar. Wolf double range and hood and appliances as well as Subzero refrigerator, subway tile backsplash, and a desirable walk-in pantry. An exquisite master bedroom offers abundant light, a large walk-in closet, and marvelous master bath with spacious shower, dual-sink vanity, and beautiful finishes w/ensuite bath. Gorgeous backyard features heated jetted spool, built in BBQ, gas fireplace, TV, and synthetic grass. 12 foot ceilings. Guard gated. No stairs! 2 car garage w/ storage. Beautiful mountain views! Laundry room has sink and cabinets. Hunter Douglas automated window coverings. Solid core doors. Oversized hexagon tiles on the floor in main living room & travertine on the back patio. FireRock Country Club offers social and golf memberships and everything you could ask for and more in a club setting.

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32029 N 20th Lane Phoenix, AZ 85085

$1,100,000

5 Beds

4.5 Baths

4,019 SqFt

Status Active

MLS # 6752163

Property Type Single Family Residence

Price Type --

5 bedroom and 4.5 bathroom, two story home with a private lot and pool. Completely remodeled. New kitchen, bathrooms, showers, all new flooring including hard and carpet. New cabinets, new paint inside and outside, lighting fixtures and fans, fireplace, high end appliances, laundry upstairs and downstairs, and so much more! You will have plenty of space to entertain inside the home as well as outside around the pool. Quiet, gated community and home sits on a cul-de-sac. Solar panels for cost savings of 50% or more on electric bill. Community includes walking paths, pool, spa, and fully remodeled clubhouse and new amenities! This home will truly amaze you and it's a must see.

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6519 N 173rd Drive Waddell, AZ 85355

$1,100,000

4 Beds

3.5 Baths

3,160 SqFt

Status Active

MLS # 6737635

Property Type Single Family Residence

Price Type --

Looking for a peaceful retreat? This magnificent corner-lot property on a tranquil cul-de-sac awaits new owners! With excellent curb appeal, it features a desert landscape, a spacious 3-car garage, an extended driveway, a private courtyard, and striking stone detailing. The impeccably updated interior welcomes you with a lovely foyer, graceful archways, plantation shutters, beautiful wood-plank tile flooring, and decorative light fixtures. The formal living and dining rooms boast coffered ceilings and bay windows for easy entertaining. The spacious family room, adorned with a stone wall fireplace and Parquet flooring, seamlessly connects to the kitchen. Meticulous attention to detail is presented in the stunning kitchen, fully equipped with an electric cooktop, a wine cooler, wall ovens granite counters, a mosaic tile backsplash, recessed and pendant lighting, a breakfast bar, and a prep island. Alluring cherry wood cabinetry with crown molding and a walk-in pantry provide ample storage space. The grand main suite is a true sanctuary, highlighting a double-door entry, tray ceilings, vanity spaces, a sitting area, outdoor access, and a full ensuite with a jetted tub, dual sinks, and a walk-in closet. Secondary bedrooms also enjoy their own bathrooms, including a Jack and Jill bathroom. Escape to the backyard paradise that invites you to unwind with a covered patio, a ramada, a fire pit, a grassy lawn, and a refreshing pool. Don't miss the opportunity to own this exquisite home - it's a perfect blend of elegance and comfort, ready for you to make it your own!

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4361 S Pecan Drive Chandler, AZ 85248

$1,100,000

3 Beds

2.5 Baths

2,610 SqFt

Status Active Under Contract

MLS # 6757247

Property Type Single Family Residence

Price Type --

Located in a Camelot-built private gated Ocotillo neighborhood, this gorgeous 3 bedroom plus office & 2.5 baths waterfront home includes beautiful features throughout. Backyard lake view oasis features travertine throughout with pool, spa, built in firepit and BBQs; all heated with natural gas. The intimate front courtyard beyond secure front entry gate leads to arched front door and unique rotunda front entry. Kitchen is spacious with white maple cabinetry and a raised bar for entertaining family and friends. An entire wall of windows at great room, formal dining and primary suite maximize views of the water beyond. New flooring in primary suite brings luxury while en suite bath includes clean white tile surrounded soaking tub and walk-in shower while dual closets for ample space. Two secondary bedrooms plus office are split from primary suite and include luxury vinyl flooring. In addition, office has a separate entrance from courtyard. Numerous newer upgrades include two 2018 HVAC units, 2020 pool equipment, pool resurfacing and travertine stone, water heater 2023, new exterior and interior paint, wine cooler & dishwasher 2023, French Doors, water heater, kitchen water filter system, LG washer and dryer, hot water re-circulator, WiFi enabled irrigation controller, Nest, Homelink and 240 for electric car. Don't miss this opportunity to own the home of your dreams in the amazing intimate neighborhood, Watermark at Ocotillo!

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3331 N 63rd Street Scottsdale, AZ 85251

$1,100,000

4 Beds

3 Baths

2,010 SqFt

Status Active

MLS # 6746946

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home nestled in the desirable Arcadia Lite neighborhood with NO HOA. This single-level gem offers 4 spacious bedrooms, 3 modern bathrooms, and just over 2,000 square feet of comfortable living space. Step inside to discover a fresh, contemporary interior with upgraded finishes, and an open-concept layout that's perfect for both relaxing and entertaining. The home boasts a brand-new roof, ensuring peace of mind, while the refinished pool in the private backyard invites you to enjoy Arizona's sunshine year-round. This home is in a prime location, just minutes from the vibrant dining, shopping, and nightlife of Old Town Scottsdale, making it an exceptional Airbnb... investment opportunity. Whether you're looking for a full-time residence or a vacation rental, this property offers the perfect blend of charm, comfort, and convenience. Don't miss your chance to own a piece of Arcadia Lite!

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28008 N 99th Lane Peoria, AZ 85383

$1,100,000

5 Beds

4.5 Baths

3,905 SqFt

Status Active

MLS # 6750067

Property Type Single Family Residence

Price Type --

Meet the Telluride Model by Taylor Morrison, the largest single level floor-plan available in Northlands Summit, a premier community in North Peoria where the skies are bigger among the natural beauty of the lush Sonoran Desert skyline. Prime Cul-de-sac location, with amazing curb appeal and a cozy front porch, 3905 sq. ft. of interior living space, 5 BED + DEN + OFFICE + BONUS ROOM, 4 BATH, and a 3 CAR Garage, along with an impressive backyard oasis with a direct view of the Calderwood Butte, to truly enjoy Arizona's year-round climate and outdoor lifestyle.Enter through your custom iron front doors into the foyer, with a convenient front room/den with double doors, which looks out onto the front porch. The main living area features a cool color pallet with a combination of neutral-tone tile and wood-look plank tile floors, with classic wood shutters, white trim, and doors. Open gourmet kitchen, rich granite countertops with extended island, motion sensor faucet, dark cabinets, classic ivory medallion tile backsplash, stainless steel appliance package with range hood, and a spacious walk-in pantry for all your storage needs. Step into your master suite, light and bright with access to your private backyard. The full Master Bath features custom barnyard doors, marble countertops with double sinks, an oversized soaking tub, and a stand-up shower with marble surrounds plus a spacious walk-in closet. With 3 additional bedrooms, a bonus room, an office, powder room and 3 additional full bathrooms, the Telluride Model provides you with all the space you'll ever need. Step out back and take a deep breath, the attention to detail continues with this beautiful extension of your home. Covered front porch, classic travertine tile pavers with flagstone accents, sparkling pool with a spillover spa, three relaxing fire-water features, corner pergola with outdoor kitchen and serving area along with a flagstone fire pit and seating area, all against the backdrop of the Arizona skyline and The Calderwood Butte. There truly is nothing to do except move in and live your absolute best life. Neighborhood mountain views, close proximity to 303 freeway access, 10 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park.

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