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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2610 E Nisbet Road Phoenix, AZ 85032

$1,075,000

4 Beds

4 Baths

2,243 SqFt

Status Active

MLS # 6746255

Property Type Single Family Residence

Price Type --

Amazing estate/horse property located in NE Phoenix. Located in an area of farms (neighbors sell eggs, honey, etc) yet live in middle of town! 3/3 bath main house, 1bd/1bth/kitchenette/laundry in guest house. This large horse property w/ no HOA has been nicely updated and boasts: has large diving pool, hot tub, automatic RV gate, 250sf guest house, 17433sf RV garage(40'x47.6' wide). huge panel, could be workshop! 2243 sf Home itself features an elegant entry room/living room, fresh travertine flooring, large metal entry door, gas & electric range hookup, newer AC for main house (2020), split floorplan, vaulted ceilings, new roof (2020), large, professional putting green, gorgeous built in bbq/firepit/pizza oven area, house, freshly painted!

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18618 E Poco Rio Drive Rio Verde, AZ 85263

$1,075,000

3 Beds

2.5 Baths

2,555 SqFt

Status Active

MLS # 6751430

Property Type Single Family Residence

Price Type --

This perfectly remodeled home is located on the 7th fairway of Quail Run. Has perfect views of the fairway and Four Peaks Mountains. This home is fully remodeled and move in ready. It features one of the biggest lots on a fairway. The back yard is an entertainers dream. It features 4 patios and a fire pit in the back yard and an amazing courtyard and sitting area in the front yard. This home was featured in the 2022 Garden Walk. New Roof 10/2024!

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27762 N 96th Drive Peoria, AZ 85383

$1,075,000

5 Beds

3.5 Baths

3,750 SqFt

Status Active

MLS # 6728033

Property Type Single Family Residence

Price Type --

GATED OASIS IN PLEASANT VALLEY ~ PEORIA! This stunning property is a sanctuary of energy efficiency and beauty in a gated community near Lake Pleasant. Nestled in a serene neighborhood, the backyard oasis features lush landscaping, a large Pebble Tec pool, full BBQ kitchen, koi pond, hot tub, and fire pit. Enjoy morning coffee on the spacious patio surrounded by nature. Inside, the remodeled kitchen boasts a gas Wolf stovetop and ovens, a Sub-Zero fridge, and quartz countertops. The home also includes solar panels, ensuring comfort while saving on utility bills. Embrace luxury and sustainability in this elegant, eco-friendly haven with RV gate. Make it yours today! SEE DOCS TAB FOR PROPERTY FEATURES LIST There are 2 Solar Systems. One will be paid off at close of escrow. one is leased at $224.00 a month and buyer will assume lease. See Property Features List in Document Section

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7534 E Glenn Moore Road Scottsdale, AZ 85255

$1,075,000

5 Beds

3 Baths

3,352 SqFt

Status Active

MLS # 6754625

Property Type Single Family Residence

Price Type --

This beautifully designed home blends modern comfort with stylish sophistication. Ideally located in Pinnacle Reserve of North Scottsdale, the open-concept design ensures a seamless flow, featuring a spacious dining and living area that leads to an expansive kitchen and family room complete with a gas fireplace. Rich hardwood floors throughout the main living areas offer warmth and cohesion. The kitchen boasts updated appliances, an island with a breakfast bar, and a casual dining area that opens onto a covered patio. With five bedrooms and an oversized family/bonus room, this home provides a versatile and thoughtfully planned layout. The three remodeled bathrooms add to the home's modern appeal. Resort style backyard features a heated pool, spa, and grassy play area.

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4230 E Fountain Street Mesa, AZ 85205

New

$1,075,000

5 Beds

3.5 Baths

3,740 SqFt

Status Active

MLS # 6763086

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the intimate community of Mahogany, in Mesa, Arizona. As you drive through the gates you'll be welcomed with beautiful mature trees and striking curb appeal. This gorgeous, spacious home is perfect for hosting your upcoming holiday parties! The grand, double-door entrance leads you past the formal dining room and library, into the formal living area. The large windows and French-style doors giving you a great view of the stunning, all glass tile pool! The over-sized kitchen has a built-in microwave and dual built-in ovens providing ample counterspace! This lovely home comes with 4 bedrooms, 3.5 bathrooms, a den with a double-door entrance and built-in bookshelves. The den could easy be used at a fifth bedroom. Don't let this one slip away!

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11025 N 130th Way Scottsdale, AZ 85259

$1,075,000

5 Beds

3 Baths

3,023 SqFt

Status Active

MLS # 6761489

Property Type Single Family Residence

Price Type --

Welcome to Rio Montana in 85259. This stunning 5-bedroom, 3-bathroom Scottsdale home boasts over 3,000 sq ft of bright, open living space, all set in a quiet cul-de-sac with breathtaking McDowell Mountain views. The main floor features an open kitchen and family room with a cozy fireplace, a spacious living and dining room, an oversized bedroom and bath ideal for an office, a laundry room, and a 3-car garage with extra storage. Upstairs, the expansive master suite includes a fireplace and private balcony with panoramic mountain views. The backyard is perfect for entertaining, with a pool and spa, covered patio, built-in BBQ, and two grass areas. Close to top-rated schools, fun parks, great restaurants and scenic hiking trails. Welcome to this exceptional home!

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6439 E Camino Santo Drive Scottsdale, AZ 85254

$1,075,000

3 Beds

2 Baths

2,003 SqFt

Status Active Under Contract

MLS # 6756070

Property Type Single Family Residence

Price Type --

Gorgeous home in desirable Raskin Estates with no HOA. This recently updated 3-bedroom, 2 bath, 2 Car Garage has a separate office/den. Beautiful large open great room with high ceilings and stunning fireplace. Remodel includes Italian wood plank tile throughout entire house, upgraded stainless steel appliances, new cabinets, farm sink and Translucent Quartz counters. Exotic wood trim around large windows makes it light and bright, while looking out to the amazing resort backyard. Backyard features covered patio, pool and spa combo, lush landscaping and tall hedges for privacy. 2 Car Garage with beautiful epoxy floors and huge RV gate with electric opener to the 39' x 18' RV parking fully done with pavers to match driveway. Lots of extra storage makes this a must see!!!

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3644 E Villa Cassandra Way Cave Creek, AZ 85331

New

$1,075,000

4 Beds

3 Baths

3,451 SqFt

Status Active Under Contract

MLS # 6762401

Property Type Single Family Residence

Price Type --

My Oh My!!! Home that comes w/ Awesome Mountain views-1 acre+ - north south exposure - but, still can enjoy the sunsets!! Step inside courtyard to welcoming Fountain & Kiva Fireplace- Paver Courtyard. Enter Soaring Front Doors to Mt Views - Heated Pool w/ Flowing Rock Waterfall. Begin to fall in LOVE w/ this special 4/3/3 -(2)Trane 5ton 15 seer 2022 - Roof -2024 Tile & Flat roof - Kitchen features Beautiful Granite Counters, R.O. - Stainless Appliances replaced 2024 Oversized SubZero - Bosch Dishwasher& Gas Cooktop -Hood Pro Top- Cafe Dbl Ovens/Microwave - Newer light fixtures & Fans. Exterior Repainted Less than 2 years ago. Step Outside to Beautiful Custom Stamp Enlarged Patio - Artificial Turf Play area - R.O., 2023 Softener & Conditioner 2022 Gas Tankless Hot Water, EV. BEAUTY!

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34229 N 43rd Street Cave Creek, AZ 85331

$1,075,000

4 Beds

3 Baths

3,141 SqFt

Status Active

MLS # 6719472

Property Type Single Family Residence

Price Type --

Luxurious Golf Course Living in Dove Valley Ranch. Welcome to your dream home in the exclusive gated community. Mountain View's all the way around! Beautiful sunsets are in your future! This stunning remodel is a showcase of modern luxury and functionality. *Master bedrooms upstairs and down* *Brand new washers and dryers upstairs and down* *3 car epoxied garage* *All new hardwood flooring throughout* *New AC's* *New Roof* *Custom cabinetry* *Travertine pavers* *Plantation shutters* *New garage doors and openers* *New lighting and fixtures* *Exterior and interior paint* *New appliances* *New granite* This is the embodiment of contemporary elegance and thoughtful design. The Master Suite is unreal! Come check it out TODAY! gourmet eat-in kitchen, featuring an oversized functional island with seating for five, stainless steel appliances, and a pantry. The formal dining area and family room offer additional spaces for entertaining and relaxation. A generous bedroom with a full bathroom is conveniently located downstairs, providing flexibility and convenience for guests or multi-generational living. Upstairs, a cozy loft area makes an ideal office space. The expansive master suite is a true retreat, boasting a private balcony with stunning views, a converted bedroom that now serves as a masterful walk-in closet with custom shelving, and a luxurious full bathroom with dual sinks, a soaking tub, and a spa-like shower. Two additional bedrooms and another full bathroom complete the upper level, ensuring ample space for family and guests. The backyard is a private oasis designed for both relaxation and entertainment. A large covered patio overlooks a luxurious swimming pool with a captivating water feature. Enjoy the stunning views from every angle, whether you're lounging by the pool or hosting a summer barbecue. Experience the pinnacle of luxury living in Dove Valley Ranch, where every detail is designed to enhance your lifestyle. Welcome home!

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10320 E Gamma Avenue Mesa, AZ 85212

$1,075,000

4 Beds

3.5 Baths

2,767 SqFt

Status Active

MLS # 6722536

Property Type Single Family Residence

Price Type --

Located in a gated neighborhood in Eastmark, this stunning corner lot home with mountain views and backing up to a green belt boasts nearly $300,000 in upgrades. The gourmet kitchen features a large buffet and marble counters. Enjoy tile flooring throughout, plantation shutters, chandeliers, a gorgeous fireplace wall, floating shelves, accent walls throughout, and sunroom with wood ceiling beams. Master bath has a rain can shower and luxurious soaking tub. This is an entertainer's dream; upgraded landscaping, resort style backyard with a pergola, marble and stone bar and fireplace bench, travertine patio, and heated pool. The 3-car tandem garage has epoxy floors, custom cabinets, overhead storage. This home is the perfect blend of luxury and practicality.

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2071 W Butte Creek Boulevard Queen Creek, AZ 85144

$1,075,000

4 Beds

2.5 Baths

2,645 SqFt

Status Active

MLS # 6751549

Property Type Single Family Residence

Price Type --

VIEWS, VIEWS, and MORE VIEWS! Find out why this home has the best views in all San Tan Valley! If country living is what you desire, NO HOA, a private GATED community, and living in a home that is 3 years old with a MODERN, FARMHOUSE LOOK, there is no reason to look further. Imagine mornings and evenings, siting under the expansive back patio enjoying a beautiful Arizona sunrise or sunset. Take a dive in the beautiful pebbletec pool at night and watch the stars sparkle. Invite friends/family to spend time away from the city lights, spending time mingling in the great room while meals are prepared in your Master Chef inspired kitchen with its quartz counters, stainless steel appliances, white shaker cabinets, and loads of countertop space. Enjoy working from home in the office/den or escape to the comforts of a spacious master bedroom by soaking away your cares in the master bathroom tub. Keep all the toys in the 4-car garage or simply build your own detached garage to store you RV or boat. With this lot being 1.25 Acres, there is plenty of room. Access is available to hiking trails or mountain biking by simply stepping outside. Minutes from all the conveniences such as schools, grocery shopping, entertainment, etc. Live in the country...stay close to the city is what this beautiful home is all about. Make this your forever home today!

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2081 E Aquarius Place Chandler, AZ 85249

$1,075,000

4 Beds

3 Baths

3,315 SqFt

Status Active

MLS # 6656349

Property Type Single Family Residence

Price Type --

Listed at $1,128,000 This Nicely appointed 3315 Square feet, 4 bedrooms 3 baths is located in the Windermere Ranch community - near the intersection of Riggs and Cooper Rd, just a short drive to all of the shopping and dining conveniences and Golf Courses that Chandler provides. Exterior features include a custom Travertine patio, heated 10 foot deep Diving lap pool and 2 putting greens with undulations to keep your game sharp! Also including several citrus fruit trees and a raised garden. Entire yard is designed with bird and bee friendly and drought tolerant landscaping. A meticulously upgraded residence that combines functionality with elegance, this home boasts an array of carefully curated features to enhance your living experience. Step into luxury with glass accents, decorative wood framed mirrors, and raised vanities, all complemented by the exquisite Venetian bronze Ashlyn faucets by Delta included in all the bathrooms. The heart of the home, the kitchen, has been transformed into a culinary haven with an extended kitchen nook, upper and lower cabinet extension, and a captivating glass mosaic kitchen splash. The master suite is a sanctuary, featuring a custom shower with frameless glass, floor-to-ceiling tile, and an exterior French door for an expanded and luxurious feel. Every detail has been considered, from the Anderson Tuftex white oak plank flooring to the Mount Claire Ash 12x24 tile, creating an atmosphere of sophistication. The garage is not just a space for vehicles but an extension of your home, with a 4' extension, insulation, epoxy finish flooring, and ample cabinets for organized storage. Entertain in style with 8' interior doors, gourmet appliances including a double oven in sleek black stainless, and a gas cooktop. The kitchen showcases Timberlake Portfolio Select New Haven Stone cabinets with slab front drawers, all elegantly topped with quartz. The laundry room has been transformed into a hobby room with upgraded cabinets and sink. Finally, experience the seamless transition between indoor and outdoor living with a center pull slider at the Great Room. Beyond the interior, this residence is equipped for convenience and sustainability. A gas line to the patio for future BBQs, and a paver driveway with extension make this home ready for modern living. Additionally, enjoy the comfort of soft water and a reverse osmosis system. Further, an 8-foot wide exterior gate provides easy access. This is not just a home; it's a masterpiece of thoughtful design and luxury upgrades, creating an unparalleled living space for the discerning homeowner. Welcome to a life of comfort, style, and sophistication.

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