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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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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15639 W Peak View Road Surprise, AZ 85387

$1,050,000

5 Beds

3.5 Baths

4,064 SqFt

Status Active

MLS # 6601351

Property Type Single Family Residence

Price Type --

Great 3 acre home close to everything. But still out in the country. Bring all of your toys there's plenty of space for everything in the 6 car garage. Primary suite is a large private oasis with a fireplace. There is a second primary bedroom with a bathroom and walk out balcony to see the beautiful sunsets. There is a two bedroom casita. Total sqft is combined with the main house and the casita.

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4114 E Desert Cove Avenue Phoenix, AZ 85028

$1,050,000

4 Beds

2 Baths

2,231 SqFt

Status Active

MLS # 6654336

Property Type Single Family Residence

Price Type --

Fall in love with this meticulously designed remodel! This 4 bed/2 bath home has been modernized for happier, healthier living inside and out, from major utility and eco-conscious upgrades to new kitchen/baths/ceilings and a stunning NEW resort-style pool and travertine patio. And NO HOA fees or ugly powerlines! Embrace sustainability with a Level 2 car charger, solar-ready flat ''cool roof'' freshly sealed with a reflective coating for heat protection, a smart irrigation system, a new stucco façade for added insulation, and new energy-efficient windows and doors throughout. And rest more easily with the basics that matter most, including a new electric panel and all new outlets and fixtures, plus a new tankless water heater, water softener, and all new plumbing fixtures. Also, breathe easier with a new air purification system and professionally cleaned air ducts. Here, you can entertain guests in your backyard showstopper: a BRAND NEW pool crafted by award-winning California Pools & Landscape. Imagine lounging in your private cabana, listening to the tranquil waterfalls, and basking in the Arizona sun on the travertine terraces surrounded by palm trees and hibiscus. This pool paradise features a sun shelf, Sea Glass Pebble interior, lighting system, UV/Ozone sanitization, and a heat/cool pump ensuring year-round enjoyment. Don't miss the chance to make this your dream home! Conveniently located a short stroll from Cholla Cove Park, a quick drive from new shopping/dining at PV, and just 15 minutes from Phoenix Sky Harbor Airport. Move-in can be as easy as picking up the key. The furniture is available for sale (on a separate bill of sale)

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718 E Campbell Avenue Gilbert, AZ 85234

$1,050,000

4 Beds

3 Baths

2,499 SqFt

Status Active

MLS # 6668791

Property Type Single Family Residence

Price Type --

This stunning custom estate with NO HOA, boasting horse amenities, occupies just under an acre of land and is conveniently located within walking distance to downtown Gilbert. Yes, it's true, and it's available for you to explore! Step inside and be captivated by the inviting charm that permeates every corner of this modern farmhouse-inspired property. From the cozy brick fireplace in the front living room to the welcoming wrap-around porch and the delightful backyard with its own chickens, you'll instantly feel a sense of belonging. The main floor features one bedroom, an office, a well-appointed kitchen, laundry room, and spacious dining and living areas. Upstairs, three generously sized bedrooms with walk-in closets and two full bathrooms offer ample space for relaxation and privacy. Large windows bathe the home in natural light, showcasing its beauty. Outside, a sizable covered patio overlooks an enormous backyard, sparkling blue pool, fenced for safety, surrounded by bountiful fruit trees and multiple sheds. Irrigation is available on this property as well! A horse stall setup is ready to go, and the strategically positioned pool leaves plenty of room for additional structures such as a garden, RV garage, or more. Explore the nearby canal trail, conveniently located at the end of Campbell, providing easy access to downtown Gilbert via bike or foot. With millions of square feet of retail, restaurants, and freeways just steps away, this property offers endless opportunities. Whether you're drawn to the flexible floorplan or the expansive yard, this estate promises a multitude of ways to enjoy its splendor. One thing is certain - you'll relish returning home to this enchanting retreat.

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23008 E Via Las Brisas -- Queen Creek, AZ 85142

Open House

$1,050,000

4 Beds

3.5 Baths

3,625 SqFt

Status Active

MLS # 6686974

Property Type Single Family Residence

Price Type --

Motivated seller! Welcome to the most sought after Meridian Community! Enjoy your community pool, parks and more! Live in luxury with this fully upgraded newly built home. This home with no interior or exterior steps features 4 bedrooms, each with their own walk-in closet, 3.5 baths & an elegant formal dining and sitting room, providing ample space for entertaining. The gourmet kitchen is a chef's dream with an oversized island, quartz countertops, custom backsplash, wall oven & microwave, gas cooktop with a butler's pantry. The great room features a custom fireplace and an additional dining space. Enjoy your backyard retreat with over $180k in upgrades. Custom built pool, spa and grill along with beautiful limestone walkways. Come see!

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22620 E Camacho Road Queen Creek, AZ 85142

$1,050,000

6 Beds

4.5 Baths

5,144 SqFt

Status Active

MLS # 6693490

Property Type Single Family Residence

Price Type --

Welcome to luxury living at its finest in this stunning 6-bedroom, 4.5-bathroom masterpiece nestled within a highly coveted community. With an impressive array of features including solar panels, this residence exudes luxury and sustainability in equal measure. Step inside to discover a bright and airy sanctuary boasting an open-concept floor plan that seamlessly integrates the living, dining, and kitchen areas. The gourmet kitchen boasts of quartz countertops, an oversized island with a waterfall edge, and top-of-the-line appliances. A full ensuite bedroom and bathroom on the main level offer unparalleled comfort and privacy for guests, while upstairs, four additional bedrooms and three full baths await. Outside, the meticulously landscaped backyard beckons with easy-to-maintain turf, a built-in BBQ, and a firepit, creating the perfect setting for outdoor gatherings and relaxation. Residents of this esteemed community also enjoy access to a community pool and sport courts/parks, enhancing the lifestyle of luxury and leisure. With its proximity to shopping, schools, and amenities, this is not just a homeit's a statement of refined living. Welcome to your new standard of elegance!

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4807 N 196th Drive Litchfield Park, AZ 85340

$1,050,000

4 Beds

3.5 Baths

3,175 SqFt

Status Active

MLS # 6697825

Property Type Single Family Residence

Price Type --

Upgraded Galore built in 2023. This newly constructed home has extraordinary features and amenities not found in most custom homes. Open floor plan concept with Large Great Rm featuring 12ft plus ceilings, retractable patio doors, and Brick faced fireplace. Chef Inspired Kitchen with custom cafe appliances including gas cook top, double ovens, ice maker, and beverage refrigerator. Custom shaker cabinets with soft close doors and drawers. Huge center island with granite counter tops and loads of space for sitting and entertaining. Additional features include walk in pantry with direct access into garage. Relax and unwind as you enjoy your spacious Master Suite featuring spa type Master Bath with walk in shower with side jets and rain fall shower head. Master h large windows and private entry doors leading out to rear patio. Over sized closet, his and her vanity sinks, prep counter, and free standing soaking tub. Enjoy the great outdoors and mountain views on spacious full length patio with large rear yard for pets, children, and entertaining. Endless possibilities to add a pool, separate RV garage, and plenty of rooms for toys and vehicles. Not to forget the observation deck to entertain or just enjoy the AZ climate and skyline. Additional features include custom safe room, misting system, 2000 gallon septic tank, 250 gallon buried propane tank, front and rear custom security cameras, Jack & Jill bathroom between bedrooms 3 & 4, bedroom #2 has full private bathroom, and over sized garage 29 x 26. Great location just minutes from the 303 or 1-10 with shopping withing 1 mile. Surrounded by multi million dollar homes this is the perfect place to call home.

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36626 N 30th Avenue Phoenix, AZ 85086

$1,050,000

3 Beds

2 Baths

2,312 SqFt

Status Active

MLS # 6705374

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! Experience elegance in this 2+ acre hillside Santa Fe style Hacienda with mountain views from every room. Enter through an authentic 1859 mission church door into a vibrant home with hand painted sinks & custom stone tile floors. The heart of this Hacienda is the vibrant kitchen, featuring stunning Mexican Talavera countertops that add a burst of color & charm. The Primary Suite boasts cozy wood-burning fireplace. Each room has patio access! Step outside to over 2 acres of scenic bliss, offering ample space for enjoying the peaceful surroundings. Modern conveniences include 4.4KW solar panel system, deep private well, two-zone HVAC, & spacious two-car garage. The 12 inch block construction ensures efficiency. No HOA! Embrace serenity & charm in your new home.

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7790 E Via De Viva -- Scottsdale, AZ 85258

$1,050,000

3 Beds

2 Baths

1,813 SqFt

Status Active

MLS # 6713161

Property Type Single Family Residence

Price Type --

This beautifully remodeled home within the gated Meridian Community, features 3 bedrooms, 2 bathrooms, and a host of modern upgrades, including engineered white oak hardwood throughout. The family room boasts high ceilings and brand new large windows and sliding doors, filling the space with natural light. The kitchen is a chef's delight with stainless steel appliances, quartz countertops, and ample cabinet space. The primary suite offers a spacious walk-in closet and a luxurious en-suite bathroom. Additional bedrooms are perfect for family or guests. The backyard offers a quiet private patio and low-maintenance landscaping. In addition to the complete remodel, recent upgrades include a new roof, HVAC, windows/doors and water heater, providing peace of mind for years to come. Meridian is a gated community located within the desirable McCormick Ranch. You'll enjoy access to scenic walking and biking paths, golf courses, and parks. Plus, it's close to top-rated schools, shopping, dining, and entertainment.

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10307 W Camino De Oro -- Peoria, AZ 85383

$1,050,000

4 Beds

2.5 Baths

2,625 SqFt

Status Active

MLS # 6713607

Property Type Single Family Residence

Price Type --

This property has it all! Incredible 1.44 acre fully functioning horse property! This nicely refreshed great room style home, offers a generous master suite, 4 bedrooms, split floorplan, 2.5 baths, Jack & Jill style bathroom, & low maintenance tile throughout. Enjoy the AZ summer days in the pebbletec play pool, and the evenings on the lovely patio overlooking the full sized, lighted riding arena and horse facilities. 4 stalls with turnout, & crossties at the 1200sf barn/garage/shop for your tack & feed or other hobbies. This property is a must see!

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7631 Baldwin Lane Taylor, AZ 85939

$1,050,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6716352

Property Type Single Family Residence

Price Type --

Beautiful secluded 8 acre property, private well, gorgeous grounds at the end of the street. Unobstructed sunsets to the west (20 acre parcel w/ creek to the west). Further privacy provided by acreage to the south, the rock mountain (horse turn out /fenced) 8 acre parcel is dividable -see document section. Custom great room floorplan with flagstone wood burning fireplace - all large rooms, 4 bedrooms, office, oversize bonus room. Separate room with own entrance/Exit with plumbing for sink. Master bedroom & bonus room have separate private entrances.

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