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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3931 E Crest Lane Phoenix, AZ 85050

$1,100,000
3 Beds
2.5 Baths
3,538 SqFt
Status Active
MLS # 6758481
Property Type Single Family Residence
Price Type --
Located in the highly desirable Aviano at Desert Ridge community, this stunning Spanish-style villa is perfectly positioned on a premium north/south-facing lot with no neighbors behind for added privacy. This beautifully crafted home offers 3 bedrooms, 2.5 bathrooms, 2 versatile lofts, a dedicated office, a sparkling pool, and a spacious 3-car garage. It also boasts a powerful owned 9.2kW solar panel system, providing substantial energy savings. The heart of the home is the open-concept kitchen and family room, featuring elegant white cabinetry, granite countertops, a gas range, a large island with stylish pendant lighting, and a striking stone backsplash. The entire upstairs has been updated with brand new wood-look luxury vinyl flooring. The oversized primary suite is a true retreat, complete with a cozy fireplace and a separate seating area. The expansive primary bathroom offers dual vanities, a luxurious marble shower, a soaking tub, and a beautifully designed custom closet. Outdoor living is elevated with two distinct spaces: a pool area perfect for relaxation and a separate entertainment area with a paver patio, built-in BBQ, and an outdoor fireplace. This home is just a short walk from the exclusive community amenities, including the clubhouse, gym, community resort style pool with swimming lanes, tennis and basketball courts, parks, playgrounds, and more. Located minutes from major freeways, top-tier Desert Ridge market place and dining, parks, farmers markets, American Express, and Mayo Clinic Hospital, this home blends luxury, convenience, and resort-style living.

3624 N Mountain Creek Trail Lakeside, AZ 85929

$1,100,000
3 Beds
3 Baths
3,463 SqFt
Status Active
MLS # 6715845
Property Type Single Family Residence
Price Type --
Remarks

10100 E Bell Road Scottsdale, AZ 85260

$1,100,000
3 Beds
2.5 Baths
2,775 SqFt
Status Active
MLS # 6724765
Property Type Townhouse
Price Type --
Welcome to the boutique enclave community of Villas Altozano located at the base of the McDowell Mountains. As you enter this highly desirable turnkey home with open floorplan offering first floor primary bedroom, great room with surround sound system and oversized tv, dining, kitchen and laundry, you will be engulfed in gorgeous views of the McDowells. This amazing home is being sold FULLY FURNISHED! Can be sold unfurnished if desired. The chef's kitchen includes wine fridge, stainless steel appliances, upgraded cabinetry, oversized island and built in appliances with beautiful quartz countertops. Enjoy our fabulous Arizona sunsets on your totally private oversized patio complete with built-in bbq, firepit, TV and outdoor heater ~ perfect for entertaining. Spacious primary bedroom with en suite including custom barn door to bathroom which has double vanities and enlarged shower along with walk-in closet. Upstairs offers an amazing loft with built in desk, 2 large secondary bedrooms and full bath. Plenty of storage in this home as well as in garage! Enjoy the sparkling community pool and spa. Truly a slice of desert paradise. Welcome Home!

12906 W Oyer Lane Peoria, AZ 85383

$1,100,000
4 Beds
2.5 Baths
3,210 SqFt
Status Active
MLS # 6722690
Property Type Single Family Residence
Price Type --
Welcome home as luxury living awaits you at the award winning guarded gated Blackstone Country Club. This remodeled 4 bed 2.5 bath 3 car garage has it all. Enjoy owned solar! You will immediately notice great curb appeal with beautiful landscaping with iron gates that take you into an open courtyard upon entering the home. This open floor plan entails arched doorways, high coffered ceilings, a large double sliding door overlooking the backyard pool. New flooring throughout, new countertops, remodeled cabinetry. A spacious owners quarters has a new shower and free standing Japanese soaker tub. New double ovens, wine refrigerators and new lighting throughout the home. Enjoy the backyard oasis with outdoor kitchen and play pool with a beautiful water feature

1232 E Oregon Avenue Phoenix, AZ 85014

$1,100,000
4 Beds
3 Baths
2,551 SqFt
Status Active
MLS # 6761074
Property Type Single Family Residence
Price Type --
Absolutely gorgeous and 2016 remodeled North Central home with an addition, plus private pool and spa! Featuring a single-level open concept floor plan with 4 BDR, 3 BTH, 1C garage with epoxy floors, and multiple indoor/ outdoor living spaces -- including a front courtyard, side yard patio, and resort-style backyard. All plumbing, as well as the main plumbing line to sewer, was installed in 2016. New roofing, electrical wiring and panel, LED lighting, new insulation (including interior walls), dual pane/ low-E windows were all installed in 2016, and new HVAC units were installed in 2016 & 2019. The gourmet kitchen features Brazilian quartzite counters, large center island with breakfast bar, Whirlpool stainless steel appliance pkg. with gas stove and double ovens, huge walk-in pantry, and opens to the family room + dining room. The luxurious primary bedroom suite boasts an oversized shower, soaking tub, dual vanities, private water closet, separate exits to both the backyard and side yard patio, and spacious walk-in closet. The home's resort-style backyard features an expansive grassy-play area, large covered patio, private pool and spa with waterfall, poolside seating area, frameless glass pool fencing, outdoor shower, and mature landscape. Owned solar panels (5.015 kw system) make this home complete with additional energy cost savings, while contributing to a cleaner environment. Located in the heart of Phoenix, this area offers convenient access to major freeways like the I-10 and SR-51, making commutes to downtown Phoenix, Scottsdale, and other key destinations quick and easy. Also located nearby and within the Madison Elementary School District, is Madison Traditional Academy (preschool - 8th grade) an open enrollment school that offers an advanced and accelerated curriculum for students. Home is just minutes' drive away from popular dining spots and boutique shops along 7th Street, the Camelback Corridor, and Uptown Plaza offering a variety of culinary delights and local retailers (Postino Central, The Gladly, West Elm, Frances Boutique, Shake Shack, Lou Malnati's Pizzeria, AJ's Fine Foods, Culinary Dropout, The Yard, and Ocotillo).

25706 N 20th Avenue Phoenix, AZ 85085

$1,100,000
4 Beds
3.5 Baths
3,252 SqFt
Status Active
MLS # 6761926
Property Type Single Family Residence
Price Type --
This highly sought-after Hailey model, meticulously built in 2021 by David Weekley in the Union Park community, offers modern elegance and thoughtful upgrades. The open great room is filled with natural light, featuring gorgeous flooring, ample living space, and a chef's delight with an oversized island, stainless steel GE appliances, and abundant of cabinet and counter space. The spacious primary suite includes a luxurious walk-in closet and en suite with a double vanity, and stellar walk-in shower. Outback is your own private oasis, complete with a sparkling pool, equipped with both a chiller and heater, surrounded by lush, low-maintenance landscaping. Additional features include a tandem garage, custom built in cabinetry, garage storage, toe-kick lighting, a spa and so much more!

1975 Flicker Drive Forest Lakes, AZ 85931

$1,100,000
3 Beds
2.5 Baths
2,441 SqFt
Status Active
MLS # 6751125
Property Type Single Family Residence
Price Type --
Coming Soon! Discover a rare gem in Forest Lakes Estates with this newly listed single-level custom cabin at 1975 Flicker Drive. This 3-bedroom, 2.5-bathroom home offers 2,441 square feet of thoughtfully designed living space, combining comfort, style and functionality. The property's striking curb appeal is enhanced by a grassy front yard leading to a deck with metal railing, perfect for pet owners. Inside, the great room showcases vaulted tongue and groove ceilings, a stately stone fireplace, built-in bookshelves, and an inviting wet bar. The kitchen is a chef's delight, featuring knotty hickory cabinets, chiseled edge granite countertops, and black stainless steel appliances. Multiple seating options, including spacious countertop seating, a breakfast nook, and a large dining area, make this space ideal for entertaining. The generous primary suite boasts an ensuite bathroom with a walk-in shower, custom rustic vanity with dual vessel sinks, and ample storage. Two additional large guest bedrooms, one with a murphy bed, offer versatility for office or workspace use. Outdoor enthusiasts will appreciate the covered front and rear decks, perfect for enjoying monsoon storms or winter snowfalls. The low-maintenance yard features an auto watering system, horseshoe pit, and fire-pit for stargazing evenings. One of the property's standout features is the immaculate oversized 3-car garage, which includes a designated workshop area with built-in cabinets and countertops. Practical amenities include a 500-gallon owned propane tank, automatic backup generator, and propane forced air furnace, ensuring year-round comfort. Located in a vibrant community with no mandatory HOA, residents enjoy access to trout-stocked lakes and numerous recreational activities. Experience the tranquility of Ponderosa Pines while remaining within reach of Phoenix's amenities. This exceptional property offers a unique opportunity to embrace a cooler climate and an active lifestyle in a picturesque setting.

26819 N 104th Way Scottsdale, AZ 85262

$1,100,000
3 Beds
3 Baths
2,112 SqFt
Status Active
MLS # 6755593
Property Type Townhouse
Price Type --
Experience refined desert living at 26819 N 104th Way, Scottsdale, AZ 85262. Built in 2017, this 3-bed, 3-bath great room concept residence radiates luxury in the gated Reserve at Pinnacle Peak. Revel in the heated community pool and spa, perfect for Arizona sun-soaked relaxation. The gourmet kitchen boasts stainless steel GE Monogram appliances, double wall ovens, a built-in wine refrigerator, and a spacious kitchen island with quartz countertops. This home goes beyond impeccable interiors; it frames breathtaking views of Troon Mountain through an oversized 3-panel retractable great room sliding door, creating a stunning backdrop for daily life. The strategic location provides access to elite hiking trails for outdoor enthusiasts, and the Four Seasons Scottsdale is within walking distance, offering upscale amenities. 26819 N 104th Way epitomizes the fusion of modern elegance and natural beauty in Scottsdale's Reserve at Pinnacle Peak. Immerse yourself in this desert oasis's serenity while enjoying nearby luxury conveniences. This property is a rare chance to savor the epitome of Arizona living.

1014 E Country Gables Drive Phoenix, AZ 85022

$1,100,000
5 Beds
4 Baths
4,302 SqFt
Status Active
MLS # 6756917
Property Type Single Family Residence
Price Type --
Beautiful dream home in the highly coveted Moon Valley mountainside neighborhood. Rare custom build and features with basement, no HOA, prime location in Phoenix and stunning views! Meticulous owners and over $250k in upgrades (see docs tab). 3 newer AC's, water heater, roof, doors, exterior paint, solid wood floors, and granite countertops throughout, the list is endless. In the back, enjoy your private screened-in porch or backyard oasis where a sparkling pool and spa await, great for entertainment or relaxation. Beautifully landscaped with a brand new drip system and RV gate. The upstairs balcony is also huge and wraps around for incredible views. Short walk to Lookout Mountain trailhead. Watch the drone video tour of this stunning home and majestic community!

18111 W Desert Sage Drive Goodyear, AZ 85338

$1,100,000 - 3Br/4Ba -  for Sale in Estrella Parcel 5.5 Phase 2, Goodyear
New
$1,100,000
3 Beds
3.5 Baths
3,126 SqFt
Status Active
MLS # 6763356
Property Type Single Family Residence
Price Type --
Luxury meets tranquility in this stunning David Weekley home located on a rare private lot by the 2nd tee in Estrella's premier gated Golf Canyon! Fabulous Estrella mountain views!! A courtyard & elegant entry hall lead into an open floor plan overlooking a lush garden oasis. The kitchen is a chef's delight: high end GE Café & Monogram appliances, lots of maple cabinetry, expansive island w/cabinet storage & pendant lighting, granite counters & large walk-in pantry. The sumptuous owner's retreat features a barn door entry to a spa-style ensuite w/over-sized walk-in shower, luxurious soaker tub & separate vanities. Outside awaits a serene escape & entertainer's dream: sparkling pool & spa, full outdoor kitchen, lots of travertine decking & multiple places to enjoy spectacular sunrises. So many upgrades & features to share! Be sure to check the documents tab for detailed info, floor plan & builder features. All this in Estrella's fabulous master plan community! The unbeatable value-for-money HOA amenities offer 2 residents' centers that feature fully equipped fitness centers, a lap pool, fabulous splash waterpark, pools (one heated!) & basketball, volleyball, tennis & pickleball courts + boating, fishing, hiking trails, bike paths and more! You'll find restaurants in each: The Lakeside Grill at Starpointe & The Cantina at The Presidio. The Welcome Center at the Star Tower entrance to Estrella offers Café Bebida, a perfect meeting place for coffee & pastries or a delicious gelato! Estrella is home to one of the valley's top golf courses - a Jack Nicklaus designed, Troon managed course with discounted green fees offered to residents. Opposite Starpointe, you'll find Estrella's commercial center with services on offer to accommodate all wants and needs. See it, love it, live it!

11239 E Oberlin Way Scottsdale, AZ 85262

$1,100,000
3 Beds
2.5 Baths
2,826 SqFt
Status Active
MLS # 6757633
Property Type Single Family Residence
Price Type --
Location Location Location.... Private Cul de Sac lot backing to NAOS and the George ''Doc'' Cavalliere Park and all with direct access to the Pinnacle Peak and McDowell Mountain hiking trail systems. This is a chance to own this super popular floor plan in Echo Ridge. Bright open floor plan with 3 spacious bedrooms, 3 car garage, travertine tile, private salt water pool, separate electric spa, and all with great views. Vacant and ready for quick access and closing. Owner Broker Agent

15748 E Tumbleweed Drive Fountain Hills, AZ 85268

$1,100,000
4 Beds
2.5 Baths
2,822 SqFt
Status Active
MLS # 6740499
Property Type Single Family Residence
Price Type --
Looking for a home you don't have to do anything to because it is all new? You found it! Come see this newly remodeled home today. Enjoy cooking in this gourmet kitchen with Cafe Appliances, marble countertop with a plenty of storage. The open concept common area is perfect for entertaining. Use the Arizona Room as a den, yoga room, playroom, or gym as it has its' own brand new mini split. The massive primary room has a vaulted ceiling and a spa like bathroom with TWO closets! Large guest room off the garage has a walk in closet and can be used as a bedroom or a flex room of your choice. On the other side of the house are two more bedrooms and a full bath with an oversized shower/tub, private toilet room, linen cabinets and direct access to a bedroom. Step outside and enjoy the resort like backyard with a pool, spa, turf and oversized patio that spans the back of the home. Need more space to store things? The side yard has a great private area you can add a large storage shed to. One AC unit is brand new, the other is three years old and the mini split is new. All new flooring, cabinets in kitchen and bathrooms, new roof with 10 year warranty, new irrigation both front and back, new interior doors, new paint inside and out, new trim and baseboards, all new lighting and ceiling fans throughout, new turf, new spa heater, new Kool Deck and so much more. Come see the home for a detailed list. This home was designed by a professional designer and won't last long.

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