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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2100 N Southern Hills Drive Flagstaff, AZ 86004

$1,100,000

3 Beds

2 Baths

2,475 SqFt

Status Active

MLS # 6761405

Property Type Single Family Residence

Price Type --

This beautiful home in Continental Country Club, on the 16th Fairway includes 3 oversized bedrooms and a Den/Office (that could be used as a 4th Bedroom). Large windows overlooking the back covered patio and golf course. Amenities include the Clubhouse, community pool, pickleball courts and Bear Paw. Minutes from Downtown Flagstaff and numerous restaurants. THIS HOME IS A DEFINITE MUST SEE!

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7212 W John Cabot Road Glendale, AZ 85308

$1,100,000

3 Beds

2 Baths

2,139 SqFt

Status Active Under Contract

MLS # 6696643

Property Type Single Family Residence

Price Type --

Complete down to the studs renovation (appx 75% new construction), this prime secluded estates home boasts modern finishes and unparalleled craftsmanship. Situated on just under half an acre, enjoy the convenience of Arrowhead Mall and Peoria P83 entertainment district amenities nearby. Features include an oversized garage, raised exterior walls for a modern look, massive rear patio, new stucco with synthetic top coat and 16' RV Gate. Inside, revel in the luxury of Sollid ENVII frameless cabinets, Quartz Counters, large format tile flooring, and Kitchenaid appliances. Stay comfortable year-round with a top-of-the-line Mitsubishi ductless HVAC system and enjoy energy-efficient living with spray foam insulation throughout. With a renovated pool, new paver patios, and (see supplement) security features like Ring Pro 2 doorbell and cameras, this home offers both luxury and peace of mind. Home is currently a successful AirBnB and may be purchased fully furnished.

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18020 N 65th Place Phoenix, AZ 85054

$1,100,000

3 Beds

3 Baths

2,292 SqFt

Status Active Under Contract

MLS # 6745224

Property Type Single Family Residence

Price Type --

Welcome to your dream home at Paradise Ridge a gated community on the border of North Phoenix and Scottsdale. Nestled in a highly sought-after neighborhood, this home epitomizes luxury living and convenience. A stunning single-level residence, perfectly sized at 2,292 square feet, with 3 bedrooms plus an office/den and 3 bathrooms meticulously designed and upgraded throughout. As you step inside, you're greeted by an open floor plan that seamlessly integrates the living, dining, and kitchen areas. The spacious living room, adorned with large windows and an oversized sliding door floods the space with natural light creating a warm and inviting ambiance. The gourmet kitchen featuring stainless steel appliances, gas cooktop, gorgeous granite countertops, a generous island with storage and ample cabinetry, perfect for hosting and entertaining. The primary suite is a serene retreat, complete with a walk-in closet with pass through to laundry room, and an en-suite bathroom with dual vanities, private commode, and an oversized shower. Two generously sized guest bedrooms and two well appointed bathrooms plus a stylish den round out the living space. Step outside to the beautifully landscaped backyard, an oasis perfect for relaxation and entertainment. The covered patio provides an ideal spot for outdoor dining, while the beautiful Palo Verde tree provides plenty of shade. Low maintenance plantings and an automatic watering system ensure your landscaping looks wonderful year round. Paradise Ridge is a vibrant community that offers an array of amenities, including a sparkling community pool and spa, walking trails, and a playground. Located just minutes from shopping, dining, and entertainment options, and with easy access to major highways, this home ensures you're never far from everything the valley has to offer.

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26627 N 104th Way Scottsdale, AZ 85262

$1,100,000

3 Beds

3 Baths

2,112 SqFt

Status Active

MLS # 6758295

Property Type Single Family Residence

Price Type --

Discover this fully furnished exquisite villa with Modern Farmhouse interior in the prestigious North Scottsdale area. This home beautifully combines contemporary elegance with rustic charm, featuring custom barn door and barn wood accents. Enjoy breathtaking views of Pinnacle Peak and Troon from multiple vantage points. The interior boasts a spacious, open-concept layout with high-end finishes throughout. The gourmet kitchen is equipped with Monogram appliances, perfect for culinary enthusiasts. The master suite offers a luxurious retreat with a large closet and spa-like bathroom. Additional highlights include a garage with epoxy floors and ample storage space. Located near Four Seasons Resort and Pinnacle Peak hiking trail, this home provides both luxury and maintenance free lifestyle.

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23935 N 80th Drive Peoria, AZ 85383

$1,100,000

4 Beds

3.5 Baths

2,879 SqFt

Status Active

MLS # 6725146

Property Type Single Family Residence

Price Type --

Welcome to your new home! This 4 bed 3.5 bath has vaulted ceilings throughout, large open, split floor plan, and a resort style backyard. New HVAC! Plenty of natural light, walk in pantry, huge built in BBQ, and outdoor gas fire pit. Plenty of yard space for kids to play and a resort style pool with a table to sit around. The additional 3 car garage/shop is perfect for the car enthusiast! Bonus room with full bath is great for a man cave, game room, she shed, or convert to an additional bedroom! The home also features solar for low cost utilities. Low property taxes. $4381 in 2023. Located in a quiet culdesac, this gated community of Eagle Canyon feels like home. You don't want to miss this one!!

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9497 E Corrine Drive Scottsdale, AZ 85260

$1,100,000

4 Beds

2 Baths

2,329 SqFt

Status Active Under Contract

MLS # 6749176

Property Type Single Family Residence

Price Type --

Magnificent remodeled home in the heart of Sweetwater Ranch. Just bring your toothbrush. New roof, kitchen, floors, heat pumps, water softener, bathrooms, hot water heater, and more. 4 bedrooms and 2 baths and a 3 car garage. The Landscaping was redone and the pool remodeled. Experience what life can offer in the Cactus corridor. Close to schools, shopping and the 101 freeway.The new custom front door is just the start of this perfect gem.

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15835 E Chicory Drive Fountain Hills, AZ 85268

$1,100,000

3 Beds

3 Baths

2,586 SqFt

Status Active

MLS # 6754464

Property Type Single Family Residence

Price Type --

Elegant living in this exceptional corner-lot home with breathtaking views! This meticulously maintained home in the heart of Fountain Hills, offering Red Mountain views from the moment you step inside. Positioned on a premium lot, the home boasts a thoughtfully designed split floor plan, featuring three spacious bedrooms, three full bathrooms, great room, a den/office, a formal dining or flex room, and a 3-car garage. The bright and airy kitchen is a chef's dream, with ample counter space, grand quartz-top island, and walk-in pantry. Retreat to the master suite, where you'll find serene mountain views, a luxurious soaking tub, separate shower, dual vanities, and a generous walk-in closet. Outside private oasis, complete with a BBQ, Pool, Covered Patio, & Views! Close to Fountain Park.

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6922 E Presidio Road Scottsdale, AZ 85254

$1,100,000

4 Beds

3 Baths

2,342 SqFt

Status Active Under Contract

MLS # 6753521

Property Type Single Family Residence

Price Type --

Welcome to your dream property in one of Scottsdale's most sought-after locations! Situated on a corner lot in a peaceful cul-de-sac, this charming home sits on nearly an acre of pristine land, offering both space and privacy. With No HOA, the possibilities are endless! This immaculately kept home radiates character and pride of ownership. From the moment you walk in, you'll appreciate the warmth and timeless charm throughout. The expansive, oversized yard is your personal oasis, featuring a sparkling pool perfect for Arizona's sunny days. Whether you're entertaining or unwinding, this backyard paradise offers endless potential. While the home is being sold as-is, it's clear that this property has been lovingly maintained. This is an incredible opportunity to own a rare gem in prime Scottsdale, with easy access to top-tier dining, shopping, and entertainment. Don't miss the chance to make this unique property your own!

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8214 E Whitton Avenue Scottsdale, AZ 85251

$1,100,000

3 Beds

3 Baths

2,130 SqFt

Status Active Under Contract

MLS # 6756052

Property Type Single Family Residence

Price Type --

Stunningly remodeled with over $250,000 in updates! This beautifully expanded home boasts a large primary bedroom with a walk-in closet and a custom ensuite bathroom. The extended-length, 2-car garage features treated floors and custom storage. Enjoy great curb appeal with a manicured landscape, artificial turf, and a paver front patio & driveway. Inside, chic light fixtures, recessed lighting, wood-look tile, and an open layout with natural light create a warm ambiance. The gourmet kitchen includes SS appliances, a wine cooler, quartz counters, and a custom wine shelf. Bonus: cozy den with glass barn doors and a Murphy bed for versatility! Out back you have your own private oasis with custom pavers, covered patio and room to entertain or just relax. The detail of this home is immaculate! TWO primary bedrooms! One stands out, showcasing an ensuite with a soaking tub, separate shower, & dual sinks. If entertaining is on your mind, the backyard oasis will surely impress you! With a lush lawn, a covered patio, and a sparkling pool, this space promises year-round enjoyment. Conveniently located close to schools, shopping, dining options, entertainment, and freeway access. Don't just dream itcome and live it!

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40010 N Lytham Way Anthem, AZ 85086

$1,100,000

4 Beds

3.5 Baths

3,304 SqFt

Status Active

MLS # 6704394

Property Type Single Family Residence

Price Type --

You have got to see this beautiful home! The list of upgrades is enormous, no room was left untouched. The customized kitchen cabinets will amaze you, the Miela dishwasher will justify your envy, the bathrooms are gorgeous, and the backyard is stunning. It even boasts a new 5 ton HVAC system. Anyone would be proud to entertain guests and raise a family here. If you are looking for a home that is breathtakingly beautiful and move-in ready, you have found it.

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3601 E Brookwood Court Phoenix, AZ 85048

$1,100,000

6 Beds

3.5 Baths

4,300 SqFt

Status Active

MLS # 6719169

Property Type Single Family Residence

Price Type --

BEAUTIFUL SEMI-CUSTOM BASEMENT HOME IN DESIRABLE LAKEWOOD COMMUNITY! 6 Bedrooms , 3.5 Baths. Unique Home W/ Two Master Bedrooms and Baths. One Up and One Down. Gorgeous View of the Lake from the Master Bedroom Upstairs. Master Bath Downstairs has Walk-in Shower. Lovely Kitchen W/ Granite Counter tops, SS appliances and Walk-in Pantry. Nice-size Family Room W/ Cozy Fireplace. Custom Split Staircase that leads to private 6th Bedroom or Office. Great Basement W/ Large Living Area and Bedroom. There are 3 Window Wells That Have Been Rebuilt Which Provide A Lot of Natural Light. Relaxing Play Pool W/ Rock Water Feature, New Gas Heater & LED Lights that Change Color & Provide Wonderful Ambiance at Night! Grassy Area & Lg. Covered Patio Across the Back of the House. Must See!

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9333 W Los Gatos Drive Peoria, AZ 85383

$1,100,000

4 Beds

3.5 Baths

3,729 SqFt

Status Active

MLS # 6753767

Property Type Single Family Residence

Price Type --

Nestled in the highly sought-after community of The Meadows, this stunning residence offers an exceptional lifestyle in the heart of North Peoria. Located next to a lush park, this meticulously maintained home is truly a standout! As you step inside, you'll be captivated by the open split floor plan and custom finishes throughout. The bright, neutral palette leads you into the living room and the open kitchen, boasting soaring 12-foot ceilings. The gourmet kitchen features high-end maple cabinetry, stainless steel appliances, a gas range, quartz countertops, a walk-in pantry, and an island with a breakfast bar. This home offers 4 bedrooms, a bonus room, 3.5 baths, a 3-car garage, and the highly desirable RV gate with parking—a rare find in today's market. The spacious great room is complemented by an additional family room, providing plenty of space for relaxation. The main bedroom includes an ensuite with dual vanities, a separate tub and shower, and a walk-in closet. The expansive backyard on a 12,400+ sqft lot is perfect for entertaining, with covered and pergola patios, artificial turf, a built-in BBQ, and a custom storage shed with AC. Energy-efficient features include spray foam insulation, ENERGY STAR appliances, a programmable thermostat, and Low-E2 vinyl windows. With easy access to the freeway, close proximity to Arrowhead, and located in an excellent school district, this RV-approved home has it all!

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