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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5243 E Thunder Hawk Road Cave Creek, AZ 85331

$1,065,000

5 Beds

3.5 Baths

3,296 SqFt

Status Active

MLS # 6740375

Property Type Single Family Residence

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Gorgeous corner lot home in Cave Creek! This beauty flaunts an enchanting desert front yard, a 3-car garage, an RV gate, and an inviting front porch. Entertain guests in the well-sized living room filled with abundant natural light. With its vaulted ceilings, plantation shutters, chic light fixtures, trending palette, and tile flooring, this gem exudes elegance. Continue onto the great room enhanced with an entertainment niche, a warm fireplace, a bay window, and backyard access. The gourmet kitchen is fully equipped with a wine cooler, granite counters, recessed lighting, a handy pantry, two-tone cabinetry, and an island with a breakfast bar. Double doors reveal a grand main suite, highlighting private backyard access, an immaculate bathroom, and a walk-in closet. You'll love the generous guest's house, complete with sizable living areas divided by a two-way fireplace, a kitchenette, a bedroom, and a bathroom with a walk-in closet. Enjoy alfresco dining under the covered patio in the perfectly sized backyard, overlooking dreamy mountain views! The jewel of this outdoor space is the refreshing pool, which is great for year-round entertainment. Hurry! Your paradise awaits!

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16716 W Holly Street Goodyear, AZ 85395

$1,060,000

4 Beds

4 Baths

3,134 SqFt

Status Active

MLS # 6757908

Property Type Single Family Residence

Price Type --

Welcome to an exquisite retreat in the heart of PebbleCreek. This home exudes sophistication from the moment you arrive, boasting a seamless blend of contemporary and classic charm. Gourmet kitchen features top-of-the-line appliances, a generous island, and a butlers, walk-in pantry. In addition to the main residence, this property features a beautifully appointed casita. This charming guest house provides a private retreat for visitors or could serve as a versatile space for a home office, gym, or studio. The meticulously landscaped backyard is an entertainer's paradise, complete with a built-in BBQ area and oversized covered patio. With its unparalleled amenities and prime location in the prestigious PebbleCreek golf community, this home represents the pinnacle of desert living.

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15047 S 19th Way Phoenix, AZ 85048

$1,060,000

4 Beds

2.5 Baths

3,144 SqFt

Status Active

MLS # 6721117

Property Type Single Family Residence

Price Type --

VOTED 'BEST HOME' ON LUXURY HOME TOUR! Spectacular home in the highly sought after community of Cabrillo Canyon. A plethora of windows allow you to enjoy stunning mountain views & gorgeous sunsets from nearly every room. Soaring ceilings lend an air of spaciousness. The formal living and dining area provides a wonderful space for entertaining. The family room with its cozy fireplace & wet bar is perfect for relaxing. the kitchen is sure to please with its granite countertops, double wall ovens, island with flat cook top, plenty of cabinets & breakfast area. the spacious master suite boasts a large walk-in closet, double sinks, a walk-in shower & separate deep soaking tub & access to the back yard. Three more bedrooms, another bath and a den complete the picture. Step outside into your own back yard oasis with sparkling diving pool, spa, hot tub, gorgeous water feature & fire pits, built-in barbecue and best of all with only the mountain behind you can enjoy it all with maximum privacy. Located in a wonderful community with easy access to the 202 freeway, this property offers not just a home but a lifestyle.

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21720 N 59th Way Phoenix, AZ 85054

$1,053,000

3 Beds

2 Baths

1,989 SqFt

Status Active

MLS # 6752454

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. Move-in ready Nov/Dec 2024. Barletta floorplan, single-story former model home. Fully upgraded with a Chef Kitchen featuring KitchenAid appliances, quartz countertops, and soft-close Timberlake cabinets. Highlights include 9 ft ceilings, a center slider for indoor-outdoor living, and a complete Smart Home system with security and surround sound. Desert landscaping front and back.

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12325 N Petra (lot 243) Circle Prescott, AZ 86305

$1,050,196

3 Beds

3 Baths

2,557 SqFt

Status Active

MLS # 6652431

Property Type Single Family Residence

Price Type --

TAKE ADVANTAGE OF BUILDER INCENTIVES! $20,000 BUILDER OPTIONS CREDIT or 1 YEAR INTEREST RATE BUY DOWN TO 5.99%. Whispering Canyon new construction release in Prescott! Natural setting, lush topography on over 1/2 ac with RV Garage. Open great room design w/ 10' ceilings throughout. Standard features include tile & carpet in common area, carpet in bedrooms, windows galore, soffit ceiling, chef kitchen w/ breakfast bar island, granite & cabinet options, pantry, appliances & access to covered back patio. Owner en suite has walk in shower, large closet & dual sink vanity. 2 guest bedrooms share full bath, + large office/den (or 4th bedroom), & 1/2 bath. You select builder options/design finishes. Front landscaping is included. Covered paver patio & driveway standard. VISIT OUR MODEL HOME.

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1136 S Lakeview Drive Prescott, AZ 86301

$1,050,000

3 Beds

3 Baths

2,417 SqFt

Status Active

MLS # 6672115

Property Type Single Family Residence

Price Type --

Welcome to your dream modern farmhouse residence in the enchanting new Solstice Ridge II neighborhood at Prescott Lakes. This exclusive, gated community boasts a private golf course, a recreation center, pickleball courts, indoor pool & outdoor pool with a world-class fitness center. The stunning new home spans 2,417 sq. ft. & comprises 3 beds with a den/office, accompanied by a spacious 3-car garage. Luxury permeates every inch of this home, showcasing an open floor plan, a gourmet kitchen equipped with stainless steel Bosch appliances, & a generously sized primary suite with, a walk-in closet and his/her vanities. Stay warm by the cozy fireplace & enjoy the ambiance provided by Pella windows. Step into the private backyard.

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32568 N 142nd Street Scottsdale, AZ 85262

$1,050,000

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6604868

Property Type Single Family Residence

Price Type --

*TO BE BUILT OR WE CAN BUILD YOUR DEAM HOME ON THIS GREAT LOT WITH INCREADIBLE VIEWS!! . THE SPACIOUS 4 BDROOM, 3 BATHS HAVE 3025 SQUAREFEET., LARGE ISLAND, 4 CAR GARAGE **PICTURES ARE OF A PREVIOUSLY BUILT 3025 PLAN AND MAY CONTAIN FEATURES OR UPGRADES NOT INCLUDED.

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32442 N 142nd Street Scottsdale, AZ 85262

$1,050,000

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6604869

Property Type Single Family Residence

Price Type --

*TO BE BUILT OR WE CAN BUILD YOUR DEAM HOME ON THIS GREAT LOT WITH INCREADIBLE VIEWS!! . THE SPACIOUS 4 BDROOM, 3 BATHS HAVE 3025 SQUAREFEET., LARGE ISLAND, 4 CAR GARAGE **PICTURES ARE OF A PREVIOUSLY BUILT 3025 PLAN AND MAY CONTAIN FEATURES OR UPGRADES NOT INCLUDED.

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14117 E Aloe Vera Drive Scottsdale, AZ 85262

$1,050,000

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6604864

Property Type Single Family Residence

Price Type --

**TO BE BUILT OR WE CAN BUILD YOUR DREAM HOME ON THIS GREAT LOT WITH INCREDIBLE VIEWS!. PICTURES ARE OF A PREVIOUSLY BUILT 3025 PLAN AND MAY CONTAIN FEATURES OR UPGRADES NOT INCLUDED

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7824 E Vía Del Futuro -- Scottsdale, AZ 85258

$1,050,000

3 Beds

2 Baths

1,908 SqFt

Status Active Under Contract

MLS # 6756179

Property Type Single Family Residence

Price Type --

Discover your updated dream home in the prime location of the coveted McCormick Ranch community. This beautifully remodeled residence features an open floor plan with newly installed white oak floors, a newly renovated kitchen, new interior paint, and an updated sparkling pool. Enjoy the open concept layout with walls removed to create a spacious living area that seamlessly connects the kitchen, dining, and living spaces. This modern open design is ideal for everyday living and hosting gatherings. Step outside to your own private oasis featuring travertine pavers and a newly resurfaced pool. The spacious yard is surrounded by mature citrus trees for privacy and to enjoy the wonderful AZ weather! Also, benefit from the peace of mind of a new roof.

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Show Low AZ 85901

$1,050,000

3 Beds

2.5 Baths

3,080 SqFt

Status Active

MLS # 6761552

Property Type Single Family Residence

Price Type --

Beautifully appointed single-level custom home in the highly sought after Sierra Pines. Nestled on cul-de-sac 1+/- acre lot in the tall pines. Upgrades include new roof in 2021, A/C in 2023, water heater in 2024 & back deck redone in June 2024. Boasting Gourmet Kitchen, Office/Flex Rm with a separate entrance, Spacious Bd Rms, Great Rm + Den, Formal Dining Rm, Clawfoot Tub in Guest Bath, Separate Tub/Walk-in Shower in Master Bath and the list goes on.

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65xxx N Juans Canyon (fs 1094) Road Cave Creek, AZ 85331

$1,050,000

3 Beds

4 Baths

3,000 SqFt

Status Active

MLS # 6314469

Property Type Single Family Residence

Price Type --

Own a patented GOLD MINING CLAIM with SPECTACULAR VIEWS!! Includes unbelievable mountain top OFF-THE-GRID CUSTOM HOME with covered viewing patio/deck surrounding all sides on over 10 acres in far north Cave Creek. Completely self-sufficient owner-built home with soaring ceilings, open floor plan, lots of counter tops, lots of cabinets, huge island in kitchen open to living/dining area w/large windows to bring in the view. Spacious Master Suite has sitting area, walk-in closet, separate jetted tub/shower. Unique energy-efficient home uses wind & solar with back-up generator for power, propane for gas and hauled water with 10,000 gallon water holding tank. Enjoy peace & quiet. Bring your horses & toys. MUST SEE this Magazine Mining District property adjacent to the Red Rover Mine! Cash Only! Recently remodeled bathrooms, interior paint. Property is behind gated access. There is always a breeze and endless views looking at the Tonto National Forest! No HOA!!

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