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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4809 N 30th Place Phoenix, AZ 85016

$1,099,900
4 Beds
3 Baths
2,490 SqFt
Status Active
MLS # 6704835
Property Type Single Family Residence
Price Type --
WOW!! Check out that NEW PRICE!! Welcome to your new home in the heart of Phoenix's highly sought-after Biltmore neighborhood! This beautiful contemporary farmhouse was thoughtfully designed by a renowned decorator! Featuring 4 bedrooms, 3 bathrooms, and 2,490sq. ft. of living space, this home is ready for you and your family to move in! The open floor plan invites you into spacious living areas perfect for family gatherings. The gourmet kitchen is a chef's dream, ready for all your culinary adventures. Whether it's hosting friends for a game night or family during the holidays, there's plenty of room to create your favorite meals! The private primary retreat offers you the perfect place to unwind after a long day and the en-suite bathrooms gives you a high-end spa feel! Step outside the primary suite and into your lush backyard, where you have the opportunity to create your own resort-style oasis! Whether it's a pool and a spa, or a pickleball and sports court, the options are endless! Located in Brentwood Estates, this home truly is an entertainer's paradise! Located just minutes from Arcadia and luxury dining at The Global Ambassador, as well as a quick commute to Piestewa Peak Trailhead, Camelback Mountain, shopping in Old Town Scottsdale or Fashion Square Mall you're never too far from the action! You could even hop on the 51 for a short commute to Sky Harbor Airport or Downtown Phoenix! This dream home is ready for you and your family! Don't miss out, this home won't last long!

6319 E Montreal Place Scottsdale, AZ 85254

$1,099,900
4 Beds
2.5 Baths
3,172 SqFt
Status Active Under Contract
MLS # 6703217
Property Type Single Family Residence
Price Type --
Spectacular 4-bedroom property in quiet cul-de-sac! Fresh 2020 renovation with new roof, salt-water pool, full-home carbon filter, soft water sys, backyard turf, raised vegetable gardens, 3-car garage & storage shed. Gorgeous interior with tile/hardwood floors, wainscotting, vaulted ceilings & stone fireplace. Remodeled kitchen boasts custom blue cabinetry with crown molding, SS appliances with quartz counters & bronze-inlaid backsplash - and stools to match. The main retreat features soft carpet in all the right places, private outdoor access, a generous ensuite with granite dual sinks, & his/hers walk-in closets. 3 Patios to relax into - upstairs with mountain views, side bbq, or rear. Amazing, quiet area with local parks and luxury shopping. Furnishings negotiable. Host memorable gatherings in the incredible backyard, offering a covered patio, a crystal-clear swimming pool, & swaying palm trees! This gem won't disappoint!

36894 N Crucillo Drive San Tan Valley, AZ 85140

$1,099,900
3 Beds
2.5 Baths
2,271 SqFt
Status Active
MLS # 6683875
Property Type Single Family Residence
Price Type --
Revitalized and ready for occupancy, this home boasts a newly painted exterior and interior, a brand-new water softener and an R/O system. Situated on a stunning golf course in Queen Creek, the property offers spectacular sunset views and is adorned with fruit trees. The backyard is an expansive retreat featuring extended travertine pavers, a built-in BBQ grill, a custom water feature, a pergola for shade, and an outdoor fireplace. Inside, the residence includes three full bedrooms, 2.5 bathrooms, and a large living area. A generous laundry room serves as a 'smart space' with ample storage, and the golf cart garage provides additional storage options. This impeccable home is a showcase of perfection and invites you to embrace the Encanterra lifestyle.

100 W Northern Avenue Unit 1 Phoenix, AZ 85021

$1,099,500
3 Beds
2.5 Baths
2,276 SqFt
Status Active
MLS # 6737165
Property Type Single Family Residence
Price Type --
Welcome to 100 Northern! Nestled in the prime location of North Central Phoenix, this gated, NEW, unique community features 3 different floor plans and just 17 homesites - with only 6 lots remaining for this single level ''D'' plan. Experience the elegant sophistication and uncluttered feel of these thoughtful, light flooded designs, where soaring ceilings, sleek lines, and open spaces all converge to evoke a true sense of serene ambiance throughout the home. This spacious and open great room plan features 3 bedrooms, 2.5 baths, and 2 car garage. Subzero/Wolf appliances, Trane Ac units, and tankless water heaters all set the standard for the list of included high-end features. cont... Heated community pool, dog park and walking path all provide the outdoor enjoyment without the upkeep, cost and work of maintaining your own. Come and claim your new address at 100 Northern, the epitome of modern luxury living.

4434 N Golf Drive Buckeye, AZ 85396

$1,099,500
5 Beds
3.5 Baths
4,395 SqFt
Status Active
MLS # 6716773
Property Type Single Family Residence
Price Type --
Discover your dream home in the sought-after Verrado community! This spacious residence, situated on a large corner lot, boasts 5 bedrooms, 3.5 bathrooms, and a refreshing pool, perfectly designed for luxury and comfort. The home offers ample outdoor space and features shutters throughout for privacy and elegance. The gourmet kitchen is equipped with granite countertops, abundant counter space, a butler's pantry, and a soft water loop. Entertainment is a breeze with the home pre-wired for surround sound and an intercom system. The luxurious primary suite includes a large bathroom with a walk-in shower, rain shower head, and bench, along with built-in cabinets in the closet. The thoughtful split floor plan ensures privacy, with plank tile flooring and two-tone paint throughout. Family convenience is enhanced by a Jack and Jill bathroom upstairs and a built-in desk in a cozy office area. Each bedroom features a walk-in closet, providing plenty of storage space. Enjoy the comfort of ease with quick access to stores, retail, and the freeway. Don't miss this opportunity to own a meticulously designed home in the vibrant Verrado community, where luxury meets functionality.

8655 N Prescott Ridge Road Prescott Valley, AZ 86315

$1,099,200
3 Beds
3 Baths
2,913 SqFt
Status Active
MLS # 6701781
Property Type Single Family Residence
Price Type --
Stunning Custom Home! Experience luxury living in this beautiful custom home located just outside of Prescott Valley, with breathtaking views of the Mingus Mountains to the east. Perfect for outdoor enthusiasts, the area offers numerous trails and riding areas. Gourmet Kitchen. Featuring custom cabinets, granite countertops, and a walk-in pantry, the kitchen is designed with gas appliances, making it a chef's dream. The home includes 3/beds an office, and walk-in closets, providing ample space for comfort and storage. The great room boasts large windows that showcase the amazing views and a cozy gas fireplace for those cooler evenings. The property is completely fenced with durable pipe fencing.

1829 W Aloe Vera Drive Phoenix, AZ 85085

$1,099,000
4 Beds
3.5 Baths
3,078 SqFt
Status Active
MLS # 6744764
Property Type Single Family Residence
Price Type --
Extraordinary opportunity to own in the gated community of Desert Vistas at Sonoran Foothills. Entertaining made easy with this premium lot location, no rear neighbors & oversized 14,000 sf lot with a private pool, built-in BBQ, firepit, RV gate, & side yards larger than most parks. Home features an open great room concept with custom media wall, chef's kitchen, Sub-Zero fridge/freezer combo, gas range, & oversized kitchen island with ample space for all your closest friends. The primary bedroom is secluded and split from the remaining bedrooms & features his/her closets while the secondary master suite has a private bath & is a perfect mother-in-law quarters, game room, or man cave. Year-round amenities, community pool, club house, tennis/pickleball courts, dog park & splash Pad.

2614 W Languid Lane Phoenix, AZ 85086

$1,099,000
3 Beds
3 Baths
3,520 SqFt
Status Active
MLS # 6747145
Property Type Single Family Residence
Price Type --
**Stunning Mountain Views and City Lights** This magnificent hilltop custom home by Nicholas Homes is nestled in the Sonoran Desert Mountains. Owned Solar! Enter through the private pavered courtyard and the custom iron and glass inset door, stepping into a unique rotunda-style foyer with a custom tile inlay. Inside, you'll discover travertine flooring and large windows that illuminate the capacious formal living area, featuring a central stacked stone gas fireplace flanked by sleek black cabinetry with recessed lighting and a breathtaking mountain backdrop. Shuttered windows throughout add a touch of ambiance, allowing for customization of the day's or evening's atmosphere to the owners' preference. The formal dining room, adorned with candelabra chandelier, creates a special dining experience complemented by an adjacent butler's pantry, providing additional space for dining service and storage. The beautifully appointed kitchen, perfect for all culinary delights, boasts ample cherry cabinetry, a stainless steel Bosch refrigerator, Bosch gas stovetop (dual energy capable to both gas/electric,) Bosch dishwasher, stainless Jenn-Air wall oven, an oversized walk-in pantry, and plentiful granite countertops, with an extended central island that opens to the family room and eat-in breakfast area. Tumbled travertine and Brazilian Cherry wood floors accentuate the cherry cabinetry throughout the home. The primary bedroom, adorned with brand new carpet and neutral paint tones, features a private entry to the exterior covered patio, pool, and spa, and is split from the secondary bedrooms. The spacious bathroom includes a remodeled glass door walk-in shower with a bench, triple vanity areas with double sinks, and his-and-hers walk-in closets. The outdoor oasis features a sparkling pebble-tec pool with brand new pool equipment including a new high efficient heater for the spa that integrates into the pool and Wi-Fi capability, a BBQ grill, an island bar with a brand new stainless steel refrigerator, and a gas firepit, providing exceptional home entertainment options with views and privacy afforded by the elevated lot. The Sonoran mountain views, brilliant sunsets, and starry night skies exemplify the ultimate Arizona lifestyle. The home includes owned solar panels and a 21 SEER HVAC system. New whole house LifeSource water filtration system. Pride of ownership and exceptional maintenance in this Tramonto home on the hill. The Tramonto neighborhood offers low HOA fees, multiple parks, a lap pool, a lounge pool, a spa, tennis courts, basketball courts, picnic areas, sand volleyball, and hiking and biking trails. It's conveniently located near shopping, including Sprouts, Fry's, and various restaurants.

30600 N Pima Road Unit 15 Scottsdale, AZ 85266

$1,099,000
4 Beds
3.5 Baths
4,104 SqFt
Status Active
MLS # 6756625
Property Type Single Family Residence
Price Type --
Nestled within the prestigious, guard-gated community of Sincuidados, this stunning desert oasis offers the perfect blend of luxury and tranquility. Set on over 1.5 acres, this 4-bedroom, 3.5-bath residence boasts expansive windows that frame breathtaking mountain views, filling the home with natural light. Thoughtful architectural details abound, including clerestory windows, exposed beams, and three cozy fireplaces. The upgraded kitchen is a chef's dream, while the dining room's wet bar makes entertaining a breeze. The spacious master suite features the ultimate indulgence of his-and-her baths. Upstairs, the second level is your additional retreat, complete with, full bath, and dual outdoor spaces—a balcony on one side and a rooftop deck on the other. Upstairs, you'll find a huge bedroom boasting wood flooring and access to a rooftop deck, perfect for a teenager's bedroom, game room, a yoga/exercise studio, you name it! Outside, enjoy the mountain views from the rooftop or host fun gatherings in the backyard. A sparkling blue pool, heated spa, built-in BBQ, and fireplace complete the serene backyard. A must-see residence!

1542 W Maddock Road Phoenix, AZ 85086

$1,099,000 - 4Br/3Ba -  for Sale in Metes And Bounds, Phoenix
New
$1,099,000
4 Beds
3 Baths
2,604 SqFt
Status Active
MLS # 6763347
Property Type Single Family Residence
Price Type --
Located on just over an acre of land, this 4-bed, 3-bath, single-story home offers approx. 2,604 square feet of living space. Built in 2008, the property includes a large 4-car garage, room for RV parking, and is ideal for equine enthusiasts. The expansive lot provides endless possibilities! Inside, the open kitchen, featuring granite countertops, is perfect for entertaining. Granite counters are found in the kitchen & bathrooms. Situated in Desert Hills, the home is centrally located in The Valley, with convenient access to restaurants, retail shopping, and healthcare. Additionally, there are 2.7 acres for sale next door for someone interested in building an arena!

9131 E Sharon Drive Scottsdale, AZ 85260

$1,099,000
3 Beds
2.5 Baths
1,750 SqFt
Status Active
MLS # 6751084
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of Scottsdale, Arizona! This meticulously curated single-family residence offers 3 bedrooms, 2.5 bathrooms, and an array of luxurious upgrades that make it the best value in the area. Rarely does an opportunity arise to own a fully redesigned, single-level home that has been transformed. Step inside and experience a space that has been entirely reimagined, boasting luxury fixtures and an open-concept layout that flows seamlessly from room to room. The kitchen is a chef's delight, featuring stunning quartz countertops, a brand new range, and a custom hood extending to the heightened ceilings. The oversized island offers additional prep space and casual dining, perfect for entertaining. Throughout the home, new tile flooring creates a cohesive look, while the fully rebuilt bathrooms showcase exquisite craftsmanship with modern tile work, elegant vanities, and sleek black hardware. The master suite is a private retreat with a spa-like bathroom, walk-in shower, and walk-in closet. Step outside into your private oasis. The backyard is perfect for both relaxation and entertainment, featuring a sparkling private pool and a built-in BBQ area ideal for outdoor dining and gatherings. Whether you're enjoying a refreshing dip or hosting a summer cookout, this outdoor space is designed to complement your lifestyle. Every detail has been carefully considered in this extraordinary remodel. Situated near top-rated schools and minutes from Scottsdale's best dining and shopping, this home offers a rare opportunity to enjoy modern luxury in a prime location. An itemized 'Property Upgrades List' is available for those interested in the exhaustive list of enhancements. Don't miss the chance to own this stunning home - a true gem in Scottsdale! Nadya Piazzisi, Leo Lux Realty

10445 W Camino De Oro -- Peoria, AZ 85383

$1,099,000
5 Beds
4.5 Baths
3,331 SqFt
Status Active Under Contract
MLS # 6687520
Property Type Single Family Residence
Price Type --
***LOOKING FOR SPACE, NO HOA & CLOSE TO AMENITIES? THIS IS IT!*** Welcome to your oasis in Peoria! This fantastic property sits on a spacious 1.3+ acre lot, offering ample space for privacy and outdoor enjoyment. With NO HOA, you have the freedom to customize and enjoy your home without restrictions. Inviting private, courtyard entry with stunning palm trees. This residence boasts 5 Ensuite Bedrooms, 4.5 Baths, Bonus Room + Den. Desirable split floorplan featuring soaring ceilings & exposed beams, wood-look tile flooring, surround sound, stylish light fixtures & skylights. Formal Dining area could also serve as home office/game room. Ideal floorplan for multi-generation living. Extended length 3-car garage for those over-size vehicles, RV parking with motorized gate provides plenty of room for RV parking, large work vehicles/equipment & more. Fantastic covered patio overlooks artificial turf, cozy exterior fireplace and kids play area. Plenty of space for home addition, RV Garage/Workshop, guest house, future pool & more! Whether you're relaxing in the expansive backyard, entertaining guests, or simply enjoying the impressive views & serene surroundings, this property offers the perfect blend of comfort & luxury. Don't miss out on this rare opportunity to own your piece of paradise in Peoria!

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