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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8502 E Cave Creek Road Unit 42 Carefree, AZ 85377

$1,090,000

3 Beds

3.5 Baths

2,846 SqFt

Status Active

MLS # 6718845

Property Type Townhouse

Price Type --

Nice opportunity (far below the comps) in the Beautiful SkyRanch Gated Community - Larger 2846 SqFt, 3Br with 3.5 Baths on Large 1/4+Acre Lot - Fully Furnished w/ Linens & Kitchen. Guest Parking, Well-Cared-For unit with Solid Wood Doors & Cabinets. Nice easy-Flowing floor plan. 2 Master Suites and 3rd Guest Br. Breakfast Nook and Dining Room. Transom Windows (front & back) for natural lighting and easy access to Garage from Kitchen. Tennis Courts & Doggie Park nearby.

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17011 E Monterey Drive Fountain Hills, AZ 85268

$1,090,000

4 Beds

3 Baths

3,209 SqFt

Status Active

MLS # 6741725

Property Type Single Family Residence

Price Type --

Explore this stunning property situated on over an acre in the picturesque Fountain Hills area. A captivating desert landscape welcomes you, alongside a spacious 3-car garage and ample parking. Inside, the home dazzles with Travertine flooring, soaring vaulted ceilings, and a generously sized living room featuring expansive windows that frame the scenic outdoors. The interior is further enhanced by a two-way fireplace that adds warmth to both the living and family rooms. The large kitchen is a chef's dream, equipped with wood cabinets, granite counters, a pantry, recessed lighting, and a stone backsplash. Stainless steel appliances, including wall ovens, complement the center island with a breakfast bar and a wet bar featuring a built-in wine rack... Retreat to the main bedroom, which offers double doors and a stylish bathroom with dual vessel sinks and a walk-in closet. All bedrooms provide direct access to the outdoors. The garage is outfitted with built-in cabinets and includes a workshop area. Step outside to the balcony and savor a drink while taking in the breathtaking mountain views. The backyard is an oasis with a covered patio, attached Ramada, built-in BBQ, spa, and a refreshing pool. This exquisite home has everything you need for a luxurious lifestyle. Claim this gem as your own today!

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4129 E Burnside Trail Cave Creek, AZ 85331

$1,090,000

4 Beds

4 Baths

3,660 SqFt

Status Active

MLS # 6747266

Property Type Single Family Residence

Price Type --

Discover luxury living in this exquisite one-story home in prestigious Ashler Hills Estates Gated Community. This beautifully designed home features a rare, fully finished basement with theater room, perfect for movie nights and entertaining. The spacious Primary suite offers a private retreat with a soaking tub, walk-in shower and dual vanities as well as a large custom-built closet. Step outside to enjoy the outdoor fireplace, an ideal space for cozy gatherings under the stars. This home is a true gem, with 4 bedrooms, 3.75 baths, 3 car garage, new exterior paint and OWNED SOLAR. It combines elegance, comfort, modern amenities all within one of the most desirable communities in Cave Creek.

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26595 N 86th Street Scottsdale, AZ 85255

$1,090,000

3 Beds

3 Baths

3,140 SqFt

Status Active

MLS # 6677531

Property Type Single Family Residence

Price Type --

Seller has invested over 200k in upgrades. A competitively priced retreat nestled on the tranquil cul-de-sac of Vistana is a dream come true! A spacious 3-car garage with an extended driveway will greet you upon arrival. Discover a captivating interior showcasing gleaming wood-look floor, soothing color palette, high ceilings, & bountiful natural light. The spotless kitchen boasts white cabinetry with crown molding, pantry, SS appliances, quartz counters, recessed lighting, & a center island for extra space. The large main retreat features soft carpet throughout, private access to the balcony, & a lavish ensuite complete with dual sinks. Prepare to be impressed by the oversized backyard, offering a covered patio, a sparkling swimming pool, & picturesque blue sky! Don't miss this rare gem!

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9326 W Sun Dance Drive Queen Creek, AZ 85144

$1,089,000

4 Beds

3 Baths

2,622 SqFt

Status Active

MLS # 6709234

Property Type Single Family Residence

Price Type --

With stunning views of the San Tan Regional Mountains, this 3.3 acre property is zoned as a Suburban Ranch. It currently serves as a working horse facility, including an enormous arena (150' x 200') with 9 poles in place for full lighting, water faucets at every turnout and in front of the arena with washing mats and a covered tack shed. Multiple paddocks, 16 covered stalls each with plumbing for individual auto waterers. Included in the 16 stalls are 4 foaling stalls, and 2 stud stalls. You will also find a covered hay area with a hay shade that fits 4 squeezes- easily, multiple hitching rails, 2 swivel tie out posts (patience poles) and Phantom mounts in ground/phantom. This 4 bed/3 bath home has over 2,600 sqft and a walkout basement. Updates include a brand new 5.0 ton HVAC (2022), septic system (2022), and regular maintenance to the roof. Additional features include a covered carport (32x48), fully enclosed shop/garage (24x48), RV hookups, timed irrigation, a full riding path around the property, and quick access to riding trails. Located a short distance from multiple equestrian facilities including Horseshoe Park, John Volken, and RCR farms, this is the perfect location for a horse property. This home is also located only 10 minutes from Queen Creek Marketplace, and 15 minutes from Mesa Gateway Airport. SR-zoning allows for multiple other uses of the property including agricultural, farming, and guest ranches to name a few. Don't miss this incredible opportunity to call this beautiful property home.

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3538 E Hazeltine Way Queen Creek, AZ 85142

$1,089,000

4 Beds

3.5 Baths

3,513 SqFt

Status Active

MLS # 6665952

Property Type Single Family Residence

Price Type --

$61,000 PRICE CORRECTION! This stunning mini-estate boasts one of the largest homes in the subdivision. A single-story retreat w/ 3,513 sq ft of luxury living featuring 4 bedrooms and 3.5 baths. Enjoy the grandeur of 12 ft ceilings in entryway. The gourmet kitchen is a chef's dream, w/ a beautiful 5-. burner cooktop, double ovens, 42-inch upper cabinets, HUGE-in pantry. Relax in the beautiful frameless walk-in primary shower. Discover the hidden executive office. Entertain effortlessly with a 16 ft sliding glass door leading to the backyard oasis, complete w/ a sparkling heated salt water pool & spa, in-ground trampoline, synthetic grass, fire feature .Welcome to Copper Bend's exclusive gated community! This home sits on the City of Gilbert border & even utilizes Gilbert services! 12 foot ceiling in the Great Room and 10 ft ceilings throughout to other areas of the Estate. Queen Creek address, however this Estate is located w/in the town of Gilbert and utilizes Gilbert Services!!!!

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5840 E Sierra Morena Street Mesa, AZ 85215

$1,088,950

3 Beds

3 Baths

2,498 SqFt

Status Active

MLS # 6716099

Property Type Single Family Residence

Price Type --

Model Home For Sale! Highly Upgraded and Hughly Discounted! Don't miss an fantastic opportunity to be in a Blandford Model Home at Red Rock! Many Upgrades Include Gourmet Kitchen with Kitchenaid Built in Fridge, Wall Oven and Microwave, Pot Filler, Farmhouse Sink, Whole House Tile, Beams, Brick Accent Walls, Floating Cabinets, Tons of Accents Lights, Oversized Extended Garage, Long Driveway, Landscaping is Finished with Backyard Fire Place, Raised Deck, Lots of Turf, Designer Lighting. Move in Ready,

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9806 E Cloudview Avenue Gold Canyon, AZ 85118

$1,088,888

3 Beds

3.5 Baths

3,309 SqFt

Status Active

MLS # 6748485

Property Type Single Family Residence

Price Type --

Postcard Worthy Beautiful Mountain & Sunset & Sparkling City Light VIEWS! Pristine Custom 3300 SF Territorial Style 1.25 AC Desert Retreat, Saguaro Studded Prof. Landscape Saves $80K+/- Needed For Home Builder Cleared Parcels. Full Length N Facing Rear Patio w/Block & Stucco Fencing, RV Gates & Sunny Gated Fenced S Facing Courtyard w/Pavers. Open Floorplan Flows Seamlessly w/Impressive Mix Of Stacked Stone-Glass Block-Neutral Brick-Set Tile-Quartz Counters-Copper Sinks-FN/Office Master Suite Built In Ent Shelves-Artist Accents-Propane FP+DACOR Stove. Flexible 2 Home Offices w/Built In Shelves/M-In-Law Suite/Nursery/Library. All Have Private Baths/Walk-In Closets & Separate Entrances/ 2024 Roof Coating w/2 YR Wrty.2 UNSHARED Wells $40K+/- Value. Fast Possession Or Leaseback Available.

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30965 N Lola Lane Queen Creek, AZ 85144

$1,086,000

5 Beds

4 Baths

3,300 SqFt

Status Active

MLS # 6686693

Property Type Single Family Residence

Price Type --

Fantastic opportunity for this custom-built single-level home in Chandler Heights Ranches! An impressive iron front door welcomes you into a fantastic floor plan with high-end finishes and a neutral palette throughout. The expansive great room has multi-sliding doors to the covered patio and an electric fireplace with floor-to-ceiling tile surround. The gourmet kitchen features stainless appliances including a Forge gas range, shaker cabinets, stylish backsplash, Quartz countertops, walk-in pantry and huge center island with breakfast bar and pendant lighting. The private primary bedroom has access to the backyard and a spa-like bath with dual vanities, tiled shower with rain showerhead and seamless glass surround, freestanding tub, and walk-in closet. One secondary bedroom has an en- suite bath, perfect for guests! Other features include a private study/office (or additional bedroom), formal dining room, large laundry room with cabinets & sink, ceiling fans throughout (including on the covered patio), block fencing around the huge backyard, RV gate, and oversized garage parking for 3 cars with an expansive driveway. BUILDER IS CURRENTLY OFFERING $10,000 IN CLOSING COST ASSISTANCE!

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28848 W Grand Avenue Wittmann, AZ 85361

$1,085,000

5 Beds

3 Baths

3,504 SqFt

Status Active

MLS # 6740023

Property Type Single Family Residence

Price Type --

Welcome to 28848 W Grand Ave, Wittmann, AZ 85361! This charming property is a perfect blend of rural tranquility and modern convenience. Set on an expansive lot, this home offers ample space for all your outdoor activities and creative landscaping ideas. Enjoy the comfort of a well-designed layout featuring 5 bedrooms and 3 bathrooms, perfect for family living or hosting guests. The kitchen is equipped with stainless steel appliances, making meal preparation a delight. The property boasts a generous yard, ideal for gardening, entertaining, or simply relaxing under the Arizona sky. There's also plenty of room for RV parking or other recreational vehicles. Situated in the peaceful community of Wittmann, you'll experience the best of both worlds—serene country living with easy acces s to nearby amenities and major roadways. Whether you're looking for a family home or a peaceful retreat, 28848 W Grand Ave offers a unique opportunity to enjoy the best of Arizona living. Don't miss out on making this beautiful property your own!

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5250 E Deer Valley Drive Unit 457 Phoenix, AZ 85054

$1,085,000

2 Beds

2.5 Baths

1,781 SqFt

Status Active Under Contract

MLS # 6701158

Property Type Apartment

Price Type --

This better than new 2 bed, 2.5 bath + bonus room, turnkey penthouse level condo has 11' ceilings, 2 ensuite masters with custom blackout remote-controlled shades in both bedrooms. Model with largest closets, custom designed. Custom bar with built in fridge. The patio with built-in BBQ is perfect for private gatherings. 2 car parking stalls in the gated garage with a 12x6 storage unit included . LUXE has a movie room, party area and a well equipped gym, a resort style pool & hot tub, infrared sauna, & firepits. The clubhouse features meeting spaces, a large entertaining kitchen & coffee bar. Located across the street from Desert Ridge Shopping Center and High Street an Urban, upscale district with specialty salons, fashion boutiques, trendy bars & gourmet restaurants. Minutes from the 101

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7010 N 13th Place Phoenix, AZ 85020

$1,085,000

4 Beds

3.5 Baths

3,010 SqFt

Status Active

MLS # 6677302

Property Type Single Family Residence

Price Type --

REDUCED!! EXTENSIVE UPDATES: Matte Glazed Porcelain Tile Throughout, Updated Baths, Updated Electrical, SmartTechnology, Extensive Updated Landscaping, Addition of 3 Windows, Full Primary Custom Closet Organizer System & SO MUCH MORE! With its unique floor plan, this home offers a refreshing departure from the ordinary. Inside you will find 4 bedrooms & 3.5 baths. The Primary is a retreat unto itself featuring custom wallpaper, multiple seating areas and a truly luxurious closet. Feel that fresh breeze in your very own Backyard Oasis! Dive into the Sparkling Pool to cool off on warm days, rinse off under the refreshing Outdoor Shower & gather around the cozy Fire Pit as the sun sets. Embrace the joys of indoor/outdoor living & create lasting memories. Fetured in Haven Lifestyles Magazine.

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