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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2300 S Monkshood Road Show Low, AZ 85901

$1,098,000

3 Beds

2.5 Baths

3,084 SqFt

Status Active

MLS # 6699801

Property Type Single Family Residence

Price Type --

Lovely 3 bed + den, 2.5 ba CUSTOM BUILT escape in the pines! Great curb appeal with tree lined driveway, log siding, and stone accents. Featuring airy vaulted ceilings, bright natural light, rustic log walls & plank wood ceilings t/o, and a STUNNING stacked stone fireplace in the great room. Kitchen features knotty maple cabinets + pantry for storage, center island w/ breakfast bar, wall oven, and granite counters. Den w/ built-ins + formal dining or versatile flex space. Downstairs master exits to the deck and offers his & hers walk-in closets, dual vanity, separate shower & soaking tub. Generously sized secondary bedrooms & full guest bath upstairs. Expansive covered back deck w/ views of national forest land. Energy efficient construction. Great location in GATED Torreon in Show Low

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7635 S Ash Avenue Tempe, AZ 85284

$1,097,950

4 Beds

3.5 Baths

3,674 SqFt

Status Active

MLS # 6735595

Property Type Single Family Residence

Price Type --

Located in Alisanos, one of the most prestigious neighborhoods in Tempe, this elegant 4 bedroom, 3 1/2 bathroom basement home offers an ideal blend of comfort, style, and convenience, providing a perfect retreat for those seeking a luxurious lifestyle in a prime location. Step inside to discover an exquisitely designed interior featuring a functional layout, tall ceilings, plantation shutters, 2 master suites, a fireplace, and much more. The spacious living areas offer a perfect setting for both relaxation and entertaining. The chef-inspired kitchen is a culinary dream, boasting newer stainless steel appliances, granite countertops, a center island, and plenty of cabinet space. Whether you're hosting a dinner party or preparing a family meal, this kitchen is sure to impress. Step outside to your own private paradise, where you'll find a beautifully landscaped backyard with a covered patio, a sparkling heated pool and spa, an outdoor firepit, generous play area that includes a playground, a concrete pad, and ample space for outdoor dining and entertaining. It's the ideal spot to enjoy Arizona's sunny weather and create lasting memories with family and friends. Enjoy a prime location with easy access to top-rated schools, shopping, dining, and recreational amenities. Experience the best of suburban living with the convenience of urban amenities just moments away! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $1,101/month in year 1 and $564/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.

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8042 W Electra Lane Peoria, AZ 85383

$1,097,000

4 Beds

3.5 Baths

3,423 SqFt

Status Active

MLS # 6697727

Property Type Single Family Residence

Price Type --

Welcome to this stunning property in Peoria, Arizona, where luxury meets comfort in every detail. As you enter, you'll find a spacious home with all the modern comforts you could wish for. The living areas are inviting and well-appointed, perfect for relaxing or entertaining guests. Outside, you'll discover a resort-style pool surrounded by beautiful landscaping. It's the ideal spot to cool off on hot Arizona days or to host unforgettable poolside gatherings. Need extra space for guests? No problem. There's a separate guest house that offers privacy and comfort. For those with a passion for cars, the four-car garage provides plenty of room for your collection, along with space for any projects you might have in mind. This property truly offers the best of luxury living in Peoria!

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40122 N Hickok Trail Phoenix, AZ 85086

$1,097,000

5 Beds

4 Baths

4,408 SqFt

Status Active

MLS # 6755814

Property Type Single Family Residence

Price Type --

Winner Best Home on Tour! Welcome to the epitome of luxury living in the award-winning Anthem community! This stunning residence spans 4,408 square feet of meticulously upgraded space, set on a rare oversized lot of 16,615 square feet. Step into a true oasis as you explore the resort-style backyard, complete with a sparkling pool and spa, a sprawling ramada with a built-in BBQ grill, and a cozy gas fire pit. Imagine hosting gatherings with friends and family against the backdrop of this picturesque outdoor haven, which also includes a kids entertaining trampoline and ample space for all your outdoor activities. Inside, this home boasts over $250,000 in recent upgrades, showcasing a fully equipped gourmet kitchen that has been tastefully remodeled

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48515 N 13th Avenue New River, AZ 85087

$1,095,000

4 Beds

3.5 Baths

3,065 SqFt

Status Active

MLS # 6747472

Property Type Single Family Residence

Price Type --

End Lot on Acre+ Property backs up to State Land for Incredible Unobstructed Views. 4 BD 3.5 BA, high quality semi-custom home. Oversize 3 car garage, 8' doors. No HOA, oversized iron front door, pavers, large kitchen island with quartz counter tops and Knotty Birch Tahoe Ash Cabinets throughout. All bedrooms have walk-in closets. Master bath has shower, standalone tub and double sinks. 8' doors throughout. Energy efficient. SubZero 48'' built in fridge Wolf gas range and microwave. Upgraded lighting and ceiling fans. Adobe Home Surround. Upgraded designer tile. Crystal whole home water system. Storage cabinets in garage. Upgraded window coverings. Re-engineered and excavated entire lot with permits. Installed landscape rock and drains, perimeter view fencing in rear yard, Iron Gates and

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17903 W Solano Drive Litchfield Park, AZ 85340

$1,095,000

4 Beds

4.5 Baths

4,114 SqFt

Status Active

MLS # 6734160

Property Type Single Family Residence

Price Type --

This is your opportunity to live in desirable gated custom home community of Russell Ranch, nestled in the foothills of the White Tank mountains. Tuscan inspired home with large courtyard entry to greet you. Fresh interior & exterior paint & two brand new AC systems. Boasting four bedrooms & 4.5 baths, this split floorplan features formal dining, two living areas, office/study, two stone gas fireplaces & gourmet kitchen. Highlights of the kitchen include lots of beautiful custom cabinets, two wall ovens, built in microwave, gas cooktop, stainless steel refrigerator, granite tile countertops with backsplash, island with prep sink & breakfast bar. Those who like to entertain will appreciate the separate bar/buffet area that conveniently opens to flex/living room. Enclosed butler's pantry provides extra storage & features cabinets with glass doors. Breakfast nook with views to back patio. Kitchen is open to family room where you can enjoy a gas fireplace with stone surround. Relaxing Owner's retreat also has stone surround gas fireplace & double door entry as well as French doors to back patio. The ensuite includes split double vanities, jetted tub, walk in travertine shower, private toilet room & spacious walk in closet. Private office located adjacent to owner's suite has exterior door access to front courtyard. Expansive curved covered rear patio perfect for entertaining. Grass & mature palm trees highlight the landscaping on this large pool sized lot. Double RV gate & 3 car garage with lots of exterior parking on corner lot. Recent improvements completed July 2024 include exterior paint, interior paint & two new 5 ton, 14 Seer, Goodman A/C Systems. Easy access to freeways, shopping, dining, hiking, golf and schools.

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4422 N 75th Street Unit 2008 Scottsdale, AZ 85251

$1,095,000

2 Beds

2 Baths

1,202 SqFt

Status Active

MLS # 6748552

Property Type Apartment

Price Type --

Incredible SE corner unit with the largest balcony at envy residences! Full remodel completed early 2024 making this unit the showstopper of the building. Fantasy brown granite countertops with Bosch appliance package and a beverage fridge. amazing wrap around windows with automatic blinds throughout the entire unit for privacy when you want it. Primary bathroom fully upgraded with Brizo fixtures throughout. Primary shower contains 2 overhead shower heads and a third overhead rain shower. Three body jets, a handheld, and a steaming unit for the ultimate spa like experience. Bose surround sound installed in the living room along with ceiling mounted Sonos speakers in the living room and primary bedroom. Enjoy the balcony living with plenty of room for dining, lounging, and entertaining. Envy amenities include a 4000 sq ft state of the art fitness facility, luxurious black label lounge, pool/pool lounge, 24 hour concierge/security and secured underground parking!

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8677 E Vía Del Valle -- Scottsdale, AZ 85258

New

$1,095,000

4 Beds

3 Baths

2,500 SqFt

Status Active

MLS # 6751875

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this stunning, remodeled home in McCormick Ranch! Be the envy of your friends and neighbors with a residence that exudes charm and sophistication. The bright, open floor plan features abundant natural light, soaring ceilings, and a breathtaking fireplace. The gourmet kitchen offers ample counter space, plenty of cabinets, and new stainless steel appliances. This split-level design includes two spacious bedrooms and a full bath downstairs, while the oversized primary and secondary bedrooms upstairs boast private balconies and exquisite luxury bathrooms. The low-maintenance yard is perfect for relaxation and entertaining. Enjoy all that McCormick Ranch has to offer, including walking paths, a pool, spa, parks, dining, shopping, and entertainment.

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13218 W Desert Forest Trail Peoria, AZ 85383

$1,095,000

4 Beds

3 Baths

2,956 SqFt

Status Active

MLS # 6728217

Property Type Single Family Residence

Price Type --

Stunning Executive home RARE Cashman model on North Pointe side of Vistancia. This exquisite single-level property, built in 2022, offers 4 beds + study, 3 full baths and has features that are truly hard to find. Stunning curb appeal that includes the pavered driveway & walkway, front desert yard landscaping with beautiful Saguaros. As you step inside, you'll be greeted by a spacious open floor plan bathed in natural light. The gourmet kitchen is a chef's delight, featuring an oversized island, smoke cabinets featuring soft close drawers, luxury granite countertops, stainless GE appliances, tile backsplash and a gas cooktop. The home is adorned with wood shutters throughout, 10 ft ceilings, 8ft doors, and includes a 3-car epoxy-floored garage complete with a Tesla charger. One of the standout features of this home is the 16 ft 4-panel sliding glass door, providing breathtaking views of The Twin Buttes and the resort-style backyard, which boasts over $150,000 in upgrades. These include a sparkling HEATED pebble tech pool with water features, salt system, synthetic turf, porcelain flooring, and an outdoor kitchen equipped with a gas pizza oven and fireplace. Perfectly situated, this home is within walking distance to the community clubhouse and nearby outdoor walking trails. Move in and immerse yourself in the exceptional lifestyle that Vistancia has to offer.

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8513 E Indianola Avenue Scottsdale, AZ 85251

$1,095,000

4 Beds

3 Baths

1,786 SqFt

Status Active

MLS # 6713698

Property Type Single Family Residence

Price Type --

Welcome to 8513 E Indianola Ave, a stunningly renovated home combining modern comfort with luxurious details. This residence features a reconfigured floor plan with two new backyard access points, perfect for entertaining. Upgrades include all-new electrical wiring and panel, smart thermostat and ductwork, and plumbing. Enjoy a brand-new master suite with over 500 sq ft added, featuring spray foam insulation. The home boasts custom cabinetry, quartz countertops, waterproof LVP flooring, and GE Cafe appliances,energy-efficient windows, and a smart key system with a front door smart lock. Outside, find new stucco, siding, pool equipment with auto-fill, an insulated garage door, epoxy garage flooring. With extensive landscaping, new irrigation, and over 1,000 sq ft of pavers, this home offers exceptional modern living.

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6226 E Seco Place Cave Creek, AZ 85331

$1,095,000

4 Beds

2.5 Baths

2,298 SqFt

Status Active

MLS # 6737224

Property Type Single Family Residence

Price Type --

Equestrian retreat, nestled in the heart of Cave Creek, offering unparalleled tranquility and breathtaking mountain views surrounding the property. This 4-bed, 2.5-bath ranch-style home spans 2.19 acres of secluded beauty, located on a private dead-end street mere minutes from downtown Cave Creek & Carefree. As you enter, you're greeted by a warm and inviting atmosphere centered around a beautiful stone fireplace in the family room, perfect for cozy evenings with loved ones. The kitchen, open to the family room, ensures that the heart of the home remains inclusive and welcoming. Step down into the dining room where you can entertain guests or enjoy family meals while taking in the incredible views that surround you. The bedrooms are generously sized, providing comfort and privacy for all This property provides a perfect training facility. A pet enclosure off the laundry room adds convenience & safety for your furry family members. Outside, your equestrian paradise awaits. The horse setup includes a 4-stall Shedrow inline barn by MD Barns, complete with 3 stalls featuring auto watering and 1 stud stall, a foaling barn, and a spacious 150' x 80' arena with a separate 50' x 120' coral. Additionally, there's a Lifetime Brand Tack Room Shed and a separate Garden Shed for all your equipment and storage needs. Saddle up and take a ride any day with ease. Enjoy the serene desert landscape from the covered patio, where you can unwind and soak in the peaceful surroundings and amazing sunsets. Whether you're a horse loving enthusiast or simply seeking a retreat from the hustle and bustle of city life, this property offers a lifestyle of unparalleled tranquility and natural beauty. The garage has the possibility of having the workshop area converted to a casita/Mother-in-law suite. Don't miss your chance to experience ranch living at its finest, come make this stunning Cave Creek property your new home!

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11624 E Twilight Court Chandler, AZ 85249

$1,095,000

6 Beds

4.5 Baths

5,345 SqFt

Status Active Under Contract

MLS # 6613889

Property Type Single Family Residence

Price Type --

SELLER CONCESSIONS AVAILABLE for closing costs or updates! Come see one of the LOWEST priced, 6 bedroom, BASEMENT home situated on nearly 1/2 ACRE cul-de-sac lot in Chandler! This floor plan combines individual space and functionality for all members of your family. Upon entering, you'll be greeted by a spacious and welcoming formal living and dining room. The heart of this home is its large kitchen, complete with a large island that overlooks the family room perfect for large family or entertaining. Head upstairs and discover each bedroom is generously sized, ensuring that everyone in the family enjoys their own space. For ultimate privacy and relaxation, the large master suite is thoughtfully situated separate from the other bedrooms.The first-floor guest.. bedroom ensuite offers both convenience and privacy. Additional features include a dedicated office with built in cabinets ideal for remote work or study, finished basement and a LOFT! There is truly a space for everyone! Step outside to your private resort-style backyard, featuring a SPARKLING POOL, gazebo, children's play-set and ample outdoor entertaining areas.

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