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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8744 E Arlington Road Scottsdale, AZ 85250

$1,007,000

3 Beds

2.5 Baths

2,200 SqFt

Status Active

MLS # 6756727

Property Type Single Family Residence

Price Type --

This property offers a great option for either a primary residence or a short-term rental and is located in the desirable 85250 zip code of Scottsdale. With no HOA and fully furnished, this home is move-in ready and has undergone a complete remodel. Key updates include a modern architectural floor plan, upgraded sewer and plumbing systems, enhanced electrical wiring, a new HVAC system, a tankless water heater, and a water softener, along with updated appliances. The open-concept design features an inviting front foyer leading into a spacious kitchen that boasts a large center island, a gas range, and a wine refrigerator. The interior is complemented by maple wood flooring, and there is a generously sized bedroom adjacent to the living area, which includes large glass French doors. A convenient half bath adds functionality to the space, making it suitable for various uses such as a man cave, office, or play area. The backyard is equipped with a built-in barbecue, a fire pit, and a heated swimming pool, offering a great outdoor space for relaxation and entertainment. Additionally, the presence of a television enhances the outdoor experience for your enjoyment. Overall, this home combines modern amenities with a functional layout, making it an attractive option for potential buyers or renters.

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1207 W Roadrunner Street Wickenburg, AZ 85390

$1,000,000

3 Beds

2.5 Baths

2,280 SqFt

Status Active

MLS # 6665743

Property Type Single Family Residence

Price Type --

If you are looking for an amazing property nestled in a tranquil neighborhood with breathtaking views, 3.6 acres, and a NEWLY constructed home, this could be your next investment. Completed in Nov. of 2023, this stunning 2280 sq. ft. home with 3 bedrooms(2 split main suite bdrms), 2 bathrooms, a powder room, AND offers outdoor entertainment with 1310 sq. ft. of covered patios optimizing seasonal and daily use. Step inside and be awed by the 12' ceiling and spacious great room, enhanced by a stunning stained-glass window and beehive fireplace. Prepare gourmet meals in an efficient and custom kitchen with impressive, upgraded cabinets, beautiful granite island and counters, stainless steel appliances, complete with pantry. The contemporary and custom build embellishes a southwest flair. ALL BEDROOMS offer individual patio access. The oversized primary suite has ceiling vegas and a luxurious ensuite featuring a clawfoot tub, an oversized walk-in natural stone shower, with double shower heads. The guest suite provides comfort and class with a double sink granite vanity, shower, and walk-in closet. Additionally, there is a beautiful office/third bedroom. The extended three-car garage fits vehicles comfortably. There are two separate RV plugs on the property. One has a covered RV shade with parking, a 30 amp and electric plug with full hook-up. An additional 30 amp plug and space to park an RV is located by the well. The well is private and only services this home. Completing this property are horse amenities including partial steel coral, large fenced pasture with room for a small arena. There is a waterline run to the corral and arena area. There's multiple options to customize your wants and needs and ride directly from the property out to our beautiful desert, making this an ideal equestrian property. Although, this home is set up for horses, outdoor enthusiasts can customize this property for WHATEVER hobbies and activities you enjoy! Customize to YOUR NEEDS and enjoy this little slice of paradise. Pictures do not do this listing justice. Call us now to personally view and experience this peaceful and exciting property!

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42272 E Black Bear Trail Florence, AZ 85132

$1,000,000

4 Beds

2.5 Baths

2,055 SqFt

Status Active

MLS # 6619064

Property Type Single Family Residence

Price Type --

Nestled in the Sonoran Desert, Black Bear Trail Ranch is an off-grid oasis. 2,750 feet above sea level on 5.64 acres, adjoining state trust land. Panoramic views of mountains, city lights & starry skies from this 2,055 sq.ft home with 4 beds, 2.5 baths. Features include a 7.2 KW solar system, battery storage, backup generator, independent 1.3 KW solar well, and a 3,000-gallon water tank. Interiors showcase walnut cabinetry, brushed granite countertops, matte black appliances, solid core doors and wood-look tile. Designed for energy efficiency.. 2x6 construction, foam insulation, LED lighting & appliances chosen for their energy efficiency. Plenty of parking two-car garage plus a 50x50x16 ft. RV structure. Property is fully fenced, come make this off-grid paradise your forever home.

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16330 E Calle De Los Flores Drive Scottsdale, AZ 85262

$1,000,000

4 Beds

2.5 Baths

3,252 SqFt

Status Active

MLS # 6629281

Property Type Single Family Residence

Price Type --

Home with shared well gives you peace of mind while enjoying the quiet solitude of desert life in horse country. The perfect getaway home with solar system has extremely low electric bills. The owner says the system provides more than home needs and is sold back to SRP. The over-acre lot gives plenty of room to create the oasis of your dreams and features amazing views of Four Peaks across Tonto National Forest (only six lots away) providing hiking, biking, horseback riding and off-roading. This home is convenient to golfing, restaurants and the Verde River Recreational Area. A stone exterior expresses drive-up appeal. Appreciate the open floor plan with split bedrooms, a formal dining room, a spacious kitchen with granite countertops and a huge primary bedroom.

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2138 W Red Fox Road Phoenix, AZ 85085

$1,000,000

7 Beds

5 Baths

4,105 SqFt

Status Active

MLS # 6657730

Property Type Single Family Residence

Price Type --

Discover the epitome of luxury living in this stunning 7-bedroom, 5-bathroom masterpiece with an OFFICE & LOFT, nestled in a prestigious GATED community. Just STEPS AWAY from the state-of-the-art Fireside COMMUNITY CENTER, this home boasts TWO full bed/baths DOWNSTAIRS & FOUR additional bedrooms plus a primary suite upstairs. Indulge in the fully UPGRADED chef's kitchen, designer walk-in pantry, gas stove, built-in refrigerator, and butler's pantry, all flowing into a spacious living area with surround sound. The OVERSIZED LOT transforms your backyard into a resort-like oasis with a HEATED POOL, SPA, built-in bar, BBQ, shaded patio, and grassy play area. Perfectly situated near Norterra's shops, dining, entertainment, and major highways. Enjoy exclusive community amenities like a GYM, pool, spa, rock climbing wall, tennis courts, and play parks. Moments from Sonoran Desert Vistas Trailhead, ideal for hiking and outdoor adventures! Forget building newthis is move-in ready. When would be a good time for you to see this exceptional home? Make a plan to see today!

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8650 E Jackrabbit Road Scottsdale, AZ 85250

$1,000,000

4 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6684892

Property Type Single Family Residence

Price Type --

Welcome to your newly renovated oasis! With a brand-new roof, windows, flooring, kitchen, baths, stucco, paint, electrical, and plumbing, every inch of this home radiates freshness and quality craftsmanship. The spacious kitchen is a chef's dream, complete with sleek granite countertops, a convenient island, and ample storage in the pantry. Enjoy seamless indoor-outdoor living and the standalone rooftop deck offering panoramic views of Camelback Mountain. Conveniently located and meticulously updated, this home is ready for you to move in and start making memories. Don't miss your chance to own this gem in the heart of it all!

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20830 S Antonius Street Queen Creek, AZ 85142

$1,000,000

6 Beds

3 Baths

3,675 SqFt

Status Active

MLS # 6697490

Property Type Single Family Residence

Price Type --

Back on market, Buyer could not perform..Welcome home!!! This 6 bedroom/3 bath basement home checks all the boxes. 4 Bedrooms including the primary and 2 baths upstairs and 2 beds/1 bath with a bonus room down. The kitchen is tastefully done with granite, tile backsplash, s/s appliances with double wall ovens, cooktop and microwave. Off the kitchen is a huge home office or it could double a walk in pantry. There's plenty of room to park in the 3 car garage. Have an RV? There's plenty of room to park it behind the RV gate. The roof is only 4 years old and 2 of the 3 A/C units are 4 years old with the 3rd only being 5 years old. Step outside into the oasis of a back yard.

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2531 E Libra Street Gilbert, AZ 85234

$1,000,000

5 Beds

4 Baths

4,504 SqFt

Status Active Under Contract

MLS # 6706679

Property Type Single Family Residence

Price Type --

Beautifully updated estate home on a large half acre lot with mature landscaping perfect for entertaining! Highly desirable and sought after location! The property invites guests to enter along a charming flagstone pathway. It has 5 large bedrooms, 3.5 baths, huge entertaining/gathering room with a cozy fireplace, large remodeled kitchen, formal dining area, and living room. Chef's kitchen features stainless steel Kitchenaid appliances, TWO sinks, TWO dishwashers, Double Ovens, warming drawer, and even a pot filler! Brand new HVAC system installed August 2024. You'll love the high ceilings with an open inviting feel, the extra large bedrooms, and the grand staircase at entry. First floor bedroom has exterior access door and would make a great potential in-law suite. Huge backyard is loaded with custom features: Diving pool, slide, hot tub, gazebo, playground, basketball court with lights, and oversize grass yard. Move in ready. Ideally located with easy access to the 202 and US60. This house has it all!

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3964 S Columbus Drive Gilbert, AZ 85297

$1,000,000

5 Beds

4.5 Baths

3,511 SqFt

Status Active

MLS # 6711092

Property Type Single Family Residence

Price Type --

*** PRICE DROP of $150K*** Welcome to GATED Whispering Rock, where luxury and comfort blend seamlessly in this stunning single-level home. Boasting impeccable upgrades throughout including a pool and ramada. This residence is the epitome of sophistication and style. Step inside to discover a spacious and elegant master suite, accompanied by three generously sized guest bedrooms. The open-concept great room floor plan showcases an exquisite kitchen, featuring gas cooking, stainless steel appliances, high-end granite countertops, and gorgeous flooring. Master bedroom has his and her closet. Jack and jill bathroom for the 2nd guest bedrooms. Tesla / EV charging and courtyard near entry is special and ready for the EV. Designed for effortless living, the home requires minimal maintenance, allowing you to fully enjoy the abundant amenities. Outside, you'll find a large covered patio perfect for entertaining, a putting green, and a sparkling pool. Explore the stunning photos and detailed floor plan, and envision yourself living in this extraordinary home. Welcome to your dream home in Whispering Rock!

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8750 E Starlight Way Scottsdale, AZ 85250

$1,000,000

3 Beds

2 Baths

1,583 SqFt

Status Active

MLS # 6714277

Property Type Single Family Residence

Price Type --

Terrific location with easy access to 101 Freeway Walking distance to shopping center Public parks Convenient to all Scottsdale has to offer and so much more with pleasant enjoyable atmosphere

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15220 E Redrock Drive Fountain Hills, AZ 85268

$1,000,000

3 Beds

2.5 Baths

2,546 SqFt

Status Active

MLS # 6714722

Property Type Single Family Residence

Price Type --

NEW ROOF with 15 YEAR WARRANTY! This premium, interior view lot in the gated community of Westridge Village in Fountain Hills offers privacy with stunning views, backing onto a beautifully manicured, expansive greenbelt area. The 2550 sq ft single story, move in ready home has 3 bedrooms, 2.5 baths, with the 3rd bedroom offering flexible living space for an office or craft room. This backyard oasis features a sparkling heated pool with cascading rock waterfalls. Enjoy outdoor entertaining with multiple seating areas, a built-in BBQ island, and cozy fireplace. View fencing and mature landscaping augment tranquil relaxation. RECENT UPDATES: NEW ROOF WITH 15 YEAR WARRANTY Oak cabinetry refinished to a creamy white in the kitchen and bathrooms Refrigerator replaced last year; brand new stainless oven, dishwasher and microwave New faucet, sink and vanity in powder room Updated hardware throughout home Interior neutral paint including all walls & ceilings Waterfall motor replaced 2024 Rheem heater 2022 Pebbletech resurfacing 2022 New pool water filtration system 2023

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20815 E Squaw Valley Road Black Canyon City, AZ 85324

$1,000,000

4 Beds

3 Baths

2,815 SqFt

Status Active

MLS # 6720167

Property Type Single Family Residence

Price Type --

THE MOST EXCLUSIVE & PRIVATE EQUESTRIAN ESTATE IN BLACK CANYON CITY, W CITY WATER. A truly stunning custom home w 5 acres of fully fenced horse property. 9,000sf of pavers lead you up to this estate overlooking breathtaking and majestic mountain views. A Chef's kitchen with raised panel solid alder cabinets, Wolf induction stovetop w pot filler, triple deep sink, Meile dishwasher & a Beautiful kitchen island w bar seating is ideal for entertaining. An open floor plan w architectural tray ceilings, stacked stone fireplace & panoramic viewing windows flank this well designed & quality built estate. Outside you'll find a wraparound covered patio, refreshing play pool & built in BBQ area that allows you to take in the dramatic sunsets & awe-inspiring views from every direction. A 3 stall mare motel is plumbed for auto water, a 160x171' turn out, also incl a tack shed, raised garden beds, chicken coop w sep timed water system, Parking pad for tractor/trailer or RV. Still room to develop more. Also a split-able parcel with well-built drainage system. Either way, don't miss out on this opportunity to live the life of your dreams!

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