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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24066 S 218th Place Queen Creek, AZ 85142

Open House

$1,049,995

4 Beds

3.5 Baths

3,194 SqFt

Status Active

MLS # 6719952

Property Type Single Family Residence

Price Type --

The Escena Floorplan is officially MOVE IN READY! Our professional design team has tastefully added an elegant touch to this 4 bedroom (+Bonus room), 3.5 bathroom home. The upgraded Chefs Kitchen comes equipped with a large kitchen island, a walk-in pantry, upgraded KitchenAid Appliances, and beautiful soft close cabinetry! The upgraded 16' x 8' Multi Panel Stacking slider in the dining room allows for a seamless transition to your pool sized back yard that is ready for you to create the outdoor living oasis of your dreams. Primary suite is spacious with direct entry to the backyard and the primary bath is made complete with dual vanities, a freestanding soaking tub, beach entry shower, and a large walk-in closet. This recently completed home is an absolute must see!

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12700 N Stella Road Prescott, AZ 86305

$1,049,900

3 Beds

2.5 Baths

2,324 SqFt

Status Active

MLS # 6744015

Property Type Single Family Residence

Price Type --

Where every day feels like a vacation! REDUCED & priced below appraised value 9/24! Why wait to build! Gorgeous home on a .84 acre lot in Whispering Canyon GATED community is like-new & move-in ready! Completed in Jan 2022 w/over $90k in upgrades! Pride of ownership shows in the 3 bedrooms+ flex space, 2.5 bath UPSCALE home. Enjoy Panoramic Mountain views. Backs up to Forest trees w/easy access to hiking trails. Open concept floorplan with inviting foyer leads you to the great room featuring 10'+ soffit ceilings w/beam accents & gas fireplace. Dining area w/sliding door window wall to ext covered back patio. Special touches include custom pet wash, barn doors & many extras. Stunning chef-inspired gourmet kitchen featuring soft-close cabinets, high-end marble backsplash, quartz countertops, large working island, stainless appliances and walk-in pantry. Split floor plan has a spacious primary ensuite that shows beautifully w/tray ceiling, hanging pendant lighting & garden door with access to patio. The luxury primary bathroom offers a tiled walk-in spa shower, double vanity & spacious W/I & linen closets. This property feels tucked away. Enjoy the feeling of privacy in the tranquil outdoors through wrought iron view fencing in this low maintenance designed backyard complete w/fire feature, pavers & artificial turf. Close to hiking trails, Embry Riddle University, Willow & Watson Lakes and Antelope Hills Golf Course. Less than 30 minutes to downtown restaurants, shopping and nightlife. This could be your Home Sweet Home in Arizona!

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3520 W Lead Rope -- Flagstaff, AZ 86005

$1,049,900

3 Beds

4 Baths

2,601 SqFt

Status Active

MLS # 6748002

Property Type Single Family Residence

Price Type --

Built by Flagstaff's Premier Builder, this perfectly crafted mountain home is spectacular. 2601 SQFT, 3 beds/ 3.5 baths are just the start. Additional comforts incl. new AC in 2023,dual primary suites, a 3rd bedroom jr suite & an upstairs living room w/ computer alcove. This bright home offers spacious areas that are perfect to entertain with a large great room, gourmet granite kitchen, and a generous dining room. Specialty touches include richly crafted knotty alder cabinetry, custom tile showers & porcelain wood plank flooring. Upgraded features consist of efficient gas heat, insulation and soundproofing in all walls/ceilings. Social memberships allow members to play golf twice a month! If you love Pine Trees, views of the iconic San Francisco Peaks, and amenities, this home is for you! Additional bonus!.... Lot next door is vacant and has been for many years. Great shady area! Some listing photos are from when home was vacant.

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7118 N Via De Alegria -- Scottsdale, AZ 85258

$1,049,900

3 Beds

2 Baths

1,890 SqFt

Status Active

MLS # 6757756

Property Type Single Family Residence

Price Type --

Welcome Home! Step inside this SINGLE LEVEL beauty featuring a perfect floor plan with 2 living areas, VAULTED CEILINGS, an Entertainers Kitchen and Spa like Baths all recently renovated. Numerous exits to the gorgeous private yard with sparkling pool and numerous seating areas to relax with your family and friends. Nestled in the heart of McCormick Ranch, you have shopping and restaurants in every direction as well as easy access to the freeway when you need to get away. Don't miss this one!

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5627 N 199th Drive Litchfield Park, AZ 85340

$1,049,383

4 Beds

3.5 Baths

3,150 SqFt

Status Active

MLS # 6705920

Property Type Single Family Residence

Price Type --

Exquisite single story floorplan with 2x6 exterior walls is currently under construction in Litchfield Park! Garage plus casita with this single story home! 3 car tandem garage with an attached 50' RV garage, long enough for most class A RVs! Impressive great room with 12' ceiling, 12' multi-slide door at the great room will lead you to an large, extended covered patio. Walk-in pantry with gourmet kitchen with upgraded appliances and built-in gas cooktop. 3 bedrooms plus an attached casita with kitchenette, 3.5 bath, and a large study provides an great space for a home office. This home is beautifully appointed with upgraded cabinets, countertops, flooring and more. 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY

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940 E Saddlehorn Road Sedona, AZ 86351

$1,049,000

3 Beds

3 Baths

2,188 SqFt

Status Active Under Contract

MLS # 6625101

Property Type Single Family Residence

Price Type --

Great potential for those looking for a picturesque home OR a vacation rental investment. Prior owners operated a successful VR and plans are provided to convert RV/workshop structure (1568 sq ft) into ADU (see pictures). Main house is freshly painted. Surrounded by nature & wildlife, waterfall in back yard adds serenity to your Sedona retreat. Includes whole home generator, EV charger, patio with gas grill hookup, both AC & Evap cooling, and private well so no water bills! Massive circular drive and additional parking, all pavers. Kel Fox trail and Coconino National Forest literally in your back yard, and other popular trails like Bell Rock in your front yard. Great restaurants, shops, and golf all within 1 mile. Location provides easy access to Phoenix - you can have it all!

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1228 N 106th Place Mesa, AZ 85207

$1,049,000

4 Beds

3.5 Baths

2,824 SqFt

Status Active

MLS # 6672011

Property Type Single Family Residence

Price Type --

Just WOW! Comfort meets modern style in this rare gem on a nearly acre-corner lot. Offering 4 beds, 3.5 baths, and a sided 4-car garage w/extended driveway. Fabulous interior with an open layout paired with tons of natural light, neutral paint, chic light fixtures, wood-tile flooring, and multi-sliding doors to the back. The gourmet kitchen boasts quartz counters, tile backsplash, white shaker cabinetry, a walk-in pantry, and an island w/breakfast bar. Den w/a double-door entry! Carpeted main bedroom features a walk-in closet and an ensuite with a separate tub/shower & dual sinks. One secondary bedroom also has its own bathroom & walk-in closet. Relax under the backyard's covered patio! Plenty of room for your animals, toys, & trucks. Surrounded by mountain views! Move-in ready!

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6236 E Wildcat Drive Cave Creek, AZ 85331

$1,049,000

4 Beds

3 Baths

2,850 SqFt

Status Active

MLS # 6676199

Property Type Single Family Residence

Price Type --

[Lease to Purchase Available] Maricopa County Island Home! Quite neighborhood situated on a desirable desert corner lot! This beautiful horse property [on 1.075 acres] offers a 2-car garage, circular driveway, & gorgeous stone accents. Upon entering, you'll be greeted with a spacious great room featuring a dining room w/ honed travertine flooring. Complete backyard remodel completed Aug 2022. Gather around the delightful wood burning fireplace in the expansive family room w/ back patio access. The chef's kitchen offers SS appliances, granite tile counters, recessed lighting, cabinets w/crown molding, tile backsplash, island, breakfast bar, & eat-in breakfast nook. Venture to the main retreat featuring plush carpet, an ensuite w/dual sinks, separate shower & tub, & a walk-in closet. New Tile Roof soon to be installed.

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3234 Buckaroo Court Wickenburg, AZ 85390

$1,049,000

3 Beds

3.5 Baths

2,914 SqFt

Status Active

MLS # 6677714

Property Type Single Family Residence

Price Type --

Amidst the captivating scenery of Wickenburg Ranch, discover a residence that epitomizes refined living and tranquility. This exquisite home showcases 3 generously sized bedrooms, each complemented by its own en-suite bathroom, ensuring the utmost comfort and privacy for all occupants. With 3.5 bathrooms in total, convenience is paramount. A spacious 4-car tandem garage offers ample storage and parking space. Step inside to find a seamlessly flowing layout, accentuated by expansive sliding glass doors that flood the interior with natural light and seamlessly merge indoor and outdoor spaces. Entertain with ease on the expansive covered back patio while enjoying the serene ambiance of the front courtyard. The heart of this home lies in its open floor plan, fostering connection and warmth throughout. The kitchen stands as a testament to luxury and functionality, featuring an upgraded design highlighted by a sizable island, perfect for culinary endeavors and social gatherings alike. Within this haven of contemporary living, every detail has been meticulously curated to elevate daily life to new heights of sophistication and comfort.

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11478 E Beck Lane Scottsdale, AZ 85255

$1,049,000

3 Beds

2 Baths

2,398 SqFt

Status Active Under Contract

MLS # 6714542

Property Type Single Family Residence

Price Type --

Highly desired Cimarron Ridge guard gated community. Mountain views, high 9'+ ceilings, open floor plan. Kitchen granite counters, gas fireplace. Beautiful Mountain Views! HVAC unit replaced 2023. Second HVAC 8 years old. New garage door openers including new springs and hardware 2023. Vertiglide shades, hot water recirculation pump Nov 2022. Three car garage, covered patio. Enjoy tennis, community pool and spa, pickle ball and all the amenities McDowell Mt. Ranch has to offer!

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221 S Silktassel Road Show Low, AZ 85901

$1,049,000

3 Beds

2 Baths

2,950 SqFt

Status Active

MLS # 6729472

Property Type Single Family Residence

Price Type --

Beautiful 3 bed 2 bath cabin with great curb appeal located in the upscale Torreon community in Show Low. Upon arrival you will be met by the charming bridge entrance. The home has a spectacular great room with vaulted ceilings, grand stone fireplace, and large windows with automatic shades for natural light and golf course views. Kitchen boasts an open feel with stained wood cabinets topped with granite countertops. Generously sized bedrooms and ensuite primary bedroom. Upstairs loft/game room for additional entertaining and walk-out patio. Walk through this inviting cabin and experience the tranquility in the stunning forest community of Rendezvous Torreon.

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20802 N Grayhawk Drive Unit 1162 Scottsdale, AZ 85255

New

$1,049,000

3 Beds

2.5 Baths

2,305 SqFt

Status Active

MLS # 6757472

Property Type Townhouse

Price Type --

Nestled in the highly sought-after guard-gated community of Avian at Grayhawk, this absolutely gorgeous golf townhouse offers both luxury and location. Situated on a prime north-south lot backing to the 2nd fairway of Grayhawk Golf Course, you'll enjoy sweeping golf course and mountain views from your private patio, which backs to a beautiful desert landscape (NAOS). Step inside to an open great room concept, where the remodeled kitchen overlooks the spacious living area—perfect for entertaining. The unit was completely remodeled in 2021 with the latest high-end designer upgrades. New engineered hardwood flooring runs throughout the main living areas, complemented by new interior paint and plush newer carpeting in the bedrooms. The custom kitchen features brand-new cabinets, Alaskan granite countertops, and premium stainless-steel appliances by Dacor and KitchenAid. The fireplace in the great room has been re-stoned, and the space is illuminated by custom light fixtures, canned LED lighting, and a large ceiling fan. The home offers 3 bedrooms and 2.5 baths, including a split master suite for added privacy and a convenient Jack & Jill layout upstairs. The master suite boasts designer upgrades with an expanded shower w/stunning golf course views, a built-out closet, new vanity, custom mirror, new backsplash, and porcelain floors. Enjoy the comfort of a new ceiling fan and custom lighting in the owner's suite. The Jack & Jill bathroom upstairs has been completely remodeled with new cabinets, granite countertops, new sinks, and tile. The powder room features new lighting, designer wall paper and an added linen cabinet. All new window treatments downstairs and six new replacement windows enhance the home's aesthetic and energy efficiency. For peace of mind, a new roof and Trane HVAC system were installed in 2023. Located near upscale dining, shopping, world-class golf, tennis, and scenic walking trails, with easy access to Loop 101, this home is both beautiful and functional.

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