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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992 W Lucky Lane Queen Creek, AZ 85144

$1,080,000
5 Beds
3.5 Baths
3,040 SqFt
Status Active
MLS # 6739526
Property Type Single Family Residence
Price Type --
Welcome to an exceptional 3,000 sq. ft. estate offering 5 spacious bedrooms and 3.5 baths, including two master suites. This horse-friendly property, free from HOA restrictions, features a 3-car garage designed for upscale living. Upon entry, you are greeted by 10 ft. ceilings, wood look tile floors, granite countertops, and espresso shaker cabinets, all complemented by oil-rubbed bathroom fixtures, creating an atmosphere of refined elegance. The gourmet kitchen is equipped with an electric cooktop, wall oven, microwave, and high-end stainless steel appliances. The large kitchen island and walk-in pantry provide ample space for culinary creations. Comfort and Quality: Built with durable Integra Block construction, this home ensures lasting quality. The 5 bedrooms, See supplemental text including 2 master suites, offer ample space and comfort. Four-zone AC controlled thermostats allow for customized temperature control throughout the home. Outdoor Excellence: The property's corner lot offers stunning mountain views. The owner has invested over $250,000 in the meticulously designed front and backyard, featuring paver driveway, front and backyard shade trees, citrus and pecan trees, landscape lighting, and a wrought iron front yard perimeter fencing, in addition to secure fencing of large front courtyard. The backyard block wall has two 12ft wide RV gates for easy entry and exit. The Presidential built pool is perfect for cooling off during the desert summers, with an additional 50ft behind the back wall included in the property lot. This home offers more than just living space; it provides a personal retreat. Take a tour today to experience this exceptional property.

8910 E Topeka Drive Scottsdale, AZ 85255

$1,080,000
4 Beds
2 Baths
2,583 SqFt
Status Active
MLS # 6744928
Property Type Single Family Residence
Price Type --
Welcome home! Amazing opportunity to own in North Scottsdale Estate at Ironwood Village. This lovely 4 bedroom, 2 bath, 3 car garage residence is generously proportioned W/ 2,583 sq ft single story. Enter the home and be greeted by vaulted ceilings, spacious, living room & formal dining. The bright kitchen w/ breakfast nook & abundant family room w/ stone fireplace & wet bar are perfect for entertaining family & friends! The main bedroom is a delight to rest & relax w/ its lavish primary suite, walk-in closet, dual sinks, glass shower & access to patio. The backyard is a mini paradise comprising a covered patio, beautiful pool & grass area. New roof, Water Syst. RO, HVAC & carpet! Just minutes to private, charter & public schools, Scottsdale Quarter, Kierland Commons and lots of golf courses & restaurants! This home has it all! You will love it!

16132 E Andrew Drive Fountain Hills, AZ 85268

$1,080,000
4 Beds
2.5 Baths
2,897 SqFt
Status Active
MLS # 6741508
Property Type Single Family Residence
Price Type --
Great interior .36 acre corner lot in the heart of Fountain Hills! Owned 2024 solar system-cost for May-Sept averaged only $99/mo! Great home for entertaining! High ceilings thruout. Formal living & dining + great room style kit & fam rm. Island kitchen offers 42'' cabinets, stainless appliances, granite counters & lg walk-in pantry. Dine on the lg covered patio or relax in the pool & rear yard w/ multiple patios. Primary bdrm suite has sitting area, rear yard access & bath w/dual sink vanities, walk-in shower, soaking tub & custom closet. So many extras! Plantation shutters thruout, water softener, R/O, Instahot faucet, security door, newer garage doors, garage cabinets, sun screens, gutters, fruit tree. NEWER roof & ext paint. Most furniture & housewares avail on sep bill of sale.

9425 E Maple Drive Scottsdale, AZ 85255

$1,079,999 - 3Br/3Ba -  for Sale in Foothills At Ironwood Village Unit 3, Scottsdale
New
$1,079,999
3 Beds
2.5 Baths
2,135 SqFt
Status Active
MLS # 6763115
Property Type Single Family Residence
Price Type --
This beautiful home features an inviting open floor plan that effortlessly combines style and functionality, making it perfect for both entertaining and everyday living. Step into the spacious living area that flows seamlessly into the dining space and kitchen area, complete with dual islands, stainless steel appliances, and exquisite quartz countertops and an stunning custom hood. A convenient half bathroom is located just off the kitchen for your guests' comfort. Retreat to the generously sized master bedroom, where you'll find a luxurious walk-in closet offering ample storage space. Two additional spacious bedrooms and a full bathroom ensure plenty of room for family or guests. But the real highlight of this property is the outdoor paradise waiting for you in the backyard. . Dive into your own custom pool featuring a Baja ledge, in-pool table, and a heated spa, all surrounded by elegant travertine tiles. Enjoy low-maintenance outdoor living with artificial turf and newly landscaped grounds, making it easy to relax and soak up the Arizona sun. This home has many recent updates including NEW ROOF 09/2024! Located in a prime area just minutes from the 101 freeway, you'll have quick access to shopping, dining, and local events. Don't miss out on this incredible opportunity to own a piece of paradise!

1229 N 106th Place Mesa, AZ 85207

$1,079,000
4 Beds
3 Baths
3,016 SqFt
Status Active
MLS # 6672012
Property Type Single Family Residence
Price Type --
Custom home with HUGE lot Back on Market! Buyer financing fell through. This stunning home, sitting on a 1.79-acre lot, features a charming exterior with stone and natural wood accents. Plenty of space for RV garage, animals, storage and more. Step inside the home to discover an inviting interior, with wood-tile flooring and recessed lighting. The expansive great room is perfect for entertaining and seamlessly integrates style and comfort. The immaculate kitchen is a chef's dream, equipped with an abundance of white cabinets, high-quality stainless steel appliances, including wall ovens, quartz counters, a stylish tile backsplash, a walk-in pantry, and a large center island. The spacious main bedroom offers plush carpeting, leading to a sophisticated ensuite with dual vanities, a standalone tub, and a spacious walk-in closet. Cozy den can be used as a home office. The practical laundry area includes built-in cabinets for added convenience. Outside, the sizable backyard features a covered patio, breathtaking mountain views, and extensive space suitable for a pool or other creative landscaping ideas. This exquisite property is a true gem that promises not to disappoint. Come and experience its allure for yourself!

17952 E Cindercone Road Rio Verde, AZ 85263

$1,079,000
3 Beds
3.5 Baths
2,693 SqFt
Status Active
MLS # 6660806
Property Type Single Family Residence
Price Type --
Nestled within the exclusive golf community of Trilogy at Verde River, this luxury haven epitomizes refined living. This Latigo model offers over 220k in upgrades and unveils 3 total bedrooms, 3.5 bathrooms, a den/office, and the casita has a private entrance from the front courtyard. Situated on an expansive 8,802 sq ft lot, revel in the luxury of an oversized yard boasting a spa with breathtaking mountain views. Step into elegance as hardwood floors and neutral wall tones create a timeless backdrop, complemented by numerous upgrades throughout. The kitchen is a culinary masterpiece, boasting granite countertops, staggered cabinets, stainless steel appliances, and a spacious island with a breakfast bar. The great room is beautiful with a striking mountain view and an abundance of natural light, creating a warm and inviting atmosphere. The primary suite is a spacious retreat featuring recessed canned lighting, a ceiling fan, and a spa-like ensuite with a dual sink vanity, a separate fully tiled shower, a soaking tub, and a walk-in closet. The den/office is finished with a built-in bookcase and French glass doors. Bedroom 2 is equally luxurious with recessed canned lighting and an ensuite bathroom. The casita, accessible through a private entry, is a guest's haven, offering a bedroom, a small refrigerator, built-in cabinets, a walk-in closet, and an ensuite bathroom. The backyard is a dream, boasting unbeatable mountain views from the spa. The covered patio is an ideal spot for dining with a view, creating a picturesque setting. The garage is temperature controlled, has epoxy floors, built-in storage cabinets, and overhead storage rack. Don't miss the opportunity to own this gorgeous home, where luxury meets unparalleled beauty in Trilogy at Verde River. Furniture available on a seperate bill of sale. The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

3532 E Penedes Drive Gilbert, AZ 85298

$1,079,000 - 4Br/4Ba -  for Sale in Marbella Vineyards Phase 2b, Gilbert
Open House
$1,079,000
4 Beds
3.5 Baths
3,578 SqFt
Status Active
MLS # 6704870
Property Type Single Family Residence
Price Type --
Welcome to 3532 E Penedes Dr, a luxurious contemporary home nestled in the prestigious Marbella Vineyards community of Gilbert, AZ. This highly upgraded and meticulously maintained residence offers 3,578 sqft of living space on a spacious 9,900 sqft lot, featuring 4 bedrooms and 3.5 bathrooms designed for comfort and modern living. The front exterior boasts custom landscape and lighting, a turf and granite mix for easy maintenance, an extended paver driveway, and a custom entry gate by First Impressions. The sleek, modern design is complemented by glass garage doors and dual entry gates to the backyard. The rear exterior is a private oasis with custom landscaping and lighting, a Pebbletec pool and spa by Presidential Pools with in-floor cleaners, and travertine patio and pool decking. Enjoy upgraded pool tiles, a removable black safety fence, patio ceiling fans, a large turf area, a grill, and a custom shed included with the sale. Inside, the home features upgraded quartz countertops throughout, a huge oversized laundry room, and a shiplap wall in the half bath. The open 2-story foyer creates a grand entrance, leading to a kitchen with a huge island, white quartz counters, an upgraded herringbone backsplash, and under-cabinet LED lighting. All KitchenAid appliances and a hood vent over the island complete the chef's dream kitchen. The living room is a perfect blend of style and comfort with a herringbone plank wall design, an electric fireplace, and a custom black shiplap entertainment area with surround sound 7.1. Custom board and batten designs adorn the dining room and kids' bedroom, while upgraded ceiling fans, carpeting with memory foam padding, and canned lighting enhance every room. The master bedroom features a coffered ceiling, custom black privacy blinds, and a stone backsplash in the master bath. Modern black wood and stainless railings add a sleek touch throughout the home, complemented by 4 baseboards and comfort height toilets. The garage is equally impressive with epoxy floors, LED lighting, and a hi-lift kit installed in the single-side car garage, allowing the garage door to wrap up higher against the ceiling. The 2-car garage does have a Tesla/EV charger installed and wired. Don't miss the opportunity to own this highly upgraded, contemporary home in a desirable location.

37723 N 12th Street Phoenix, AZ 85086

$1,075,000
4 Beds
2.5 Baths
2,750 SqFt
Status Active
MLS # 6755512
Property Type Single Family Residence
Price Type --
This ranch-style home sits on 1.02 acres with beautiful curb appeal and more to offer inside. A paver driveway leads to an oversized 2-car garage, providing ample space for two full size vehicles and extended storage. The home comes equipped with two RV gates to meet all your recreational needs. Stepping inside the home, you will be met with a perfect blend of luxury and comfort. The 12-foot ceilings in the great room create an open atmosphere and bring in plenty of natural light. The kitchen is detailed with custom cabinetry, white quartz counters and perfectly chosen backsplash. Stainless steel appliances perfectly accentuate this modern kitchen and provide plenty of hosting opportunities with double ovens. A walk-in pantry is perfect for a coffee bar and endless large cabinets provide plenty of space for additional appliances. The main bedroom is a bit of a sanctuary with windows overlooking the mountains and a main bathroom that does not disappoint. The main bathroom has a soaking tub, large shower and dual vanities. The master bath leads to a large walk-in closet and laundry room. The home offers a split floor plan with two other bedrooms and bonus room on the opposite side of the home. The fourth bedroom doubles as a home office with statement barn-doors and custom cabinetry to house all your storage needs. Taking a walk through the backdoor, you can sit under the large back patio and watch the sunrise over the mountains. The backyard is perfect for outdoor entertaining with a gazebo, dining table and built-in Traeger smoker. The home offers a large area of artificial turf and a children's play area. The back portion of the property provides plenty of room to meet all your needs. Horses? RV Garage? Casita? Make your dreams a reality here! Come see this home and fall in love. Additional Details: - 400 amp service - City water - Spray foam insulation including garage - Extra large 18' insulated garage door - Recirculating pump for water heater - High efficiency water softener - Pre wired for speakers inside and outside - Soft close door and drawers throughout the home - Gas cooktop and fireplace - Pot filler - LED lighting throughout house - Spacious attic storage - Switched exterior outlets for exterior string lighting - Holiday light package - Pull down stairs for attic access - Kitchenaid appliance in kitchen - Luxury vinyl flooring - Synthetic Stucco - Anderson dual-pane windows

5122 E Village Drive Scottsdale, AZ 85254

$1,075,000
5 Beds
3 Baths
2,925 SqFt
Status Active
MLS # 6757672
Property Type Single Family Residence
Price Type --
Seller offers $10,000 INCENTIVE towards Buyer's closing costs when under the contract in Sept 2024! Exclusive 2023-built 5 BD/ 3 FULL baths home in GATED community of Arabella, ''magic zip code'' 85254! Enjoy community resort style pool, multiple playgrounds, and various walking and biking paths. Eliminate your APS bills with owned SOLAR! GOURMET KITCHEN includes a GAS COOKTOP, STAINLESS STEEL APPLIANCES, full tile backsplash, modern gray cabinets with under-cabinet lighting, QUARTZ countertops, reverse osmosis system. The great room has STUNNING 20 FOOT CEILINGS and a 12-FT SLIDING GLASS DOOR leading to the covered patio, allowing for gorgeous natural light throughout the day. Master bdrm and second bdrm are on the 1st floor. Other 3 rooms, spacious LOFT and a MEDIA ROOM are upstairs. The home is equipped with SMART THERMOSTATS and a WATER SOFTENING SYSTEM. THE WHOLE HOME CARBON FILTER SYSTEM is installed to remove chlorine and other impurities from the water. BRAND NEW backyard with high quality heat resistant artificial grass. Just a 5-minute drive to HWY 101 and 51 exits, a 6-minute drive to the MAYO CLINIC and ASU's new Health Futures Center, a short drive to shopping and entertainment at Kierland, Scottsdale Quarter, High Street, Desert Ridge, and more. Home is thoroughly cleaned, all the systems are checked and adjusted, windows are shiny - fresh and bright ready to move-in!

23014 N 86th Street Scottsdale, AZ 85255

$1,075,000
3 Beds
3 Baths
2,341 SqFt
Status Active
MLS # 6758333
Property Type Townhouse
Price Type --
Located in highly desirable La Vida with community pool, park and tennis/pickleball court, this charming move-in ready home on one level is on a corner lot and offers a private gated entry, 3 bedrooms and 3 baths which includes a separate Casita and private, partially covered back patio. You will immediately feel at home in the spacious main house with numerous windows, living room with vaulted ceiling and fireplace, family room off of kitchen and separate dining area. Comfortable eat-in kitchen has granite tile countertops and stainless appliances. Main suite with access to the back patio has a large walk-in closet and bathroom with double vanity and separate tub and shower. And all is conveniently located close to shopping, dining, hiking, golf and the loop 101.

15175 S 185th Avenue Goodyear, AZ 85338

$1,075,000
4 Beds
3.5 Baths
3,216 SqFt
Status Active
MLS # 6738045
Property Type Single Family Residence
Price Type --
Why build new when this 2023 William Ryan Lyra model is gorgeous & ready now! 3216 SF single level, large premium view lot, 3 car garage & new pool with professional landscaping. Gated courtyard. 4 BR, 3.5 baths plus enclosed den/office. Spacious & private guest suite offers a 2nd master. 10' ceilings, 8' doors, Upgraded 12 X 24'' tile flooring everywhere except bedrooms. Quartz counters throughout kitchen and all baths. Gourmet kitchen boasts a huge island, gas cooktop, all appliances w/refrigerator and butler & lg walk in pantry. 16' multi slider in great room opens to extended covered patio. Short walking distance to Presidio Resident's Club and enjoy all the amenities that Estrella has to offer. This beautiful home and yard w/Mtn views will not disappoint so come tour in person today!

7487 E Casitas Del Rio Drive Scottsdale, AZ 85255

$1,075,000
3 Beds
2.5 Baths
2,154 SqFt
Status Active
MLS # 6756038
Property Type Single Family Residence
Price Type --
If you're looking for location, luxury, elegance with the ease of a low maintenance property this is your stop. Summit at Silverstone is a gated community that offers amenities for your enjoyment: Resort style pool, community gym quite community with inviting space to gather. This home offers a split floor plan perfect for entertaining, featuring 2 master suites, and a 3rd flex room. You will enter the home and be greeted with soaring12ft ceiling which will lead you into a gourmet chef kitchen for entertainer's dream. ..... A perfect space to gathering round a large Island with friends and family to enjoy the indoor /outdoor living Arizona has to offers. The location is key, minutes shopping, walking distance to fabulous dining experiences. Hiking and walking trails minutes from your doorsteps. Golf courses in every direction. Call now for your private tour.

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