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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1441 W Key Largo Court Gilbert, AZ 85233

$999,999

4 Beds

3 Baths

2,718 SqFt

Status Active

MLS # 6691975

Property Type Single Family Residence

Price Type --

A PERFECT BLEND OF ELEGANCE AND COMFORT, THIS WATERFRONT OASIS OFFERS MANY FINE UPGRADES, DUAL PANE WINDOWS, GRANITE COUNTERS, UPGRADED BATHS AND NEW WOOD FLOORING, CARPET, FRESHLY PAINTED INTERIOR, NEW CABINETS, EXTRA LARGE GARAGE, SPARKLING POOL W/ WATERFALL, EXTENDED COVERED PATIO OVER LOOS THE LAKE AND FABULOUS SUNSETS. N/S FACING

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17346 W Wildwood Street Surprise, AZ 85388

$999,999

3 Beds

3.5 Baths

2,489 SqFt

Status Active

MLS # 6703955

Property Type Single Family Residence

Price Type --

''Matthews'' model on hole #10 at the Sterling Grove Golf & Country Club. Extra large backyard. Direct view of the White Tank Mountains & SUNSETS. No neighbor on one side. No neighbor directly across the fairway. Pool + gas fire pit. Primo location, near the amenities. Located at the quiet end of a cul-de-sac. Split floor plan. Office/BONUS ROOM. Two-car + one-car garage. 55+ section.

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44423 N 16th Street New River, AZ 85087

$999,999

4 Beds

3 Baths

3,048 SqFt

Status Active

MLS # 6719302

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this remarkable horse-friendly property nestled on over 1 acre of land WITH OWNED SOLAR in New River! Your APS bill is only $39.00 a month! Discover a bright, spacious interior showcasing bountiful natural light, neutral tile flooring, striking vaulted ceilings, LED lighting, Levolor blinds, upgraded ceiling fans, (2015) Cardinal LoE3 340 solar-glass windows & a designer color palette throughout. You'll also find a charming fireplace in the family room, perfect for cozy evenings at home! The fabulous chef's kitchen is a cook's delight offering hickory cabinetry adorned with crown moulding, built-in GE Profile appliances, a double wall oven, sleek granite counters, a pantry, & a large island equipped with a breakfast bar. The primary bedroom boasts soft carpet in all the right places. A private primary bathroom with his and hers walk-in closets, soaking bathtub, a separate rain glass shower, & dual sink. Other Features and updates of the home are; PAID FOR SOLAR SYSTEM (2017) that produces credits toward your energy consumption, a new water heater (2022), an LG Pedestal washer and Dryer, a new Moen garbage disposal ( 2024), 2 Gig wireless alarm system by Linear, professionally sealed air ducts (2017), Titan Pest Control transferrable termite warranty, & the AC was serviced 10/2023 The desert design front landscape welcomes visitors with a drip watering system for your plants to maintain the beautiful greenery. The watering system extends to the vast backyard Citrus Trees that include mature (1) Valencia Orange (1) Oro Blanco Grapefruit (2) Mexican Lime (1) cocktail tree of Ruby Red Grapefruit and AZ Sweet Orange (1) Tangelo & (1) Meyers Lemon with the rest a blank canvas waiting for your personal touch!! Don't let this rare gem pass you by!

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220 S Silk Tassel Road Show Low, AZ 85901

$999,999

3 Beds

3.5 Baths

3,036 SqFt

Status Active

MLS # 6722080

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in the serene forest of Show Low. This exquisite custom home offers a perfect blend of luxury and tranquility. Boasting a spacious layout, this home features two primary suites, making it ideal for multi-generational living and a Guest Quarters for accommodating guests in style. As you enter, you'll be greeted by a grand three-car garage, providing ample space for your vehicles and storage needs. The garage door and windows are thoughtfully designed to enhance the aesthetic appeal of the home while ensuring natural light flows seamlessly throughout. The luxurious primary bedrooms are conveniently located on the main floor, and offer a peaceful retreat with their own en-suite bathroom and stunning views of the surrounding forest. There's a generous sized Flex Room/Loft upstairs with Skylights to ensure natural illumination. Great Room for a secondary Den or easy to convert to another Bedroom. Imagine cozying up by the fireplace with a gas log starter in the living room, creating the perfect ambiance for chilly mountain evenings. The kitchen is a chef's delight, equipped with a large island, built-in dishwasher, disposal, gas range, microwave, and refrigerator. Whether you're hosting intimate dinners or large gatherings, this kitchen is sure to impress. Located in the prestigious golf community of Torreon, this home offers access to world-class amenities, including golf courses, clubhouse, fitness center, and more. Embrace the resort-style living while enjoying the breathtaking views of the forest. Don't miss the opportunity to make this exceptional custom home your own. Come see it today and experience the luxury and serenity that awaits you in Show Low's coveted forest community of Rendezvous Torreon.

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13789 E Geronimo Road Scottsdale, AZ 85259

$999,999

3 Beds

2 Baths

1,996 SqFt

Status Active

MLS # 6729989

Property Type Single Family Residence

Price Type --

Exceptional value for this beautifully remodeled home in Scottsdale Mountain, one of the most prestigious communities in East Scottsdale. This 3bd / 2ba wall-to-wall reimaged space that exemplifies warm modernism. The kitchen mixes the modern, sleek lines and warm tones paired with white shaker cabinets. The open floor plan maximizes each square foot making this space great for entertaining. The home also boasts a large primary with an en-suite, including a soaking tub and oversized shower. Mountain views out of the front and rear of the home. The backyard includes turf and desert landscape, perfect for worry-free maintenance. The entire community is located on the side of the McDowell Mountain range with miles of hiking trails (Lost Dog trail, Sunrise Peak)right outside your door!

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6639 E Sharon Drive Scottsdale, AZ 85254

Open House

$999,999

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6735419

Property Type Single Family Residence

Price Type --

Fantastic sense of pride in this neighborhood! This charming single level home boasts 4 bedrooms, 2 full baths, walk in wine room or cigar humidor, great room concept floor plan with an open kitchen and formal dining. Full size RV gate with room for RV parking. Split floorplan with 3 bedrooms on one side and a huge master bedroom retreat with a fabulous master bath, extra large walk in closet and lots of light. Enjoy the extended patio overlooking the pebble tech pool and the BBQ area with outdoor fire place, plenty of room for dining and still room for a grassy play area! Over $100k in upgrades including a full kitchen remodel. Easy access to everything makes this a home you will not want to miss!

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18266 N 68th Drive Glendale, AZ 85308

$999,999

5 Beds

4.5 Baths

3,443 SqFt

Status Active

MLS # 6735779

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION, LOCATION. Close to Loop 101, The New PCH Hospital & Arrowhead Hospital. Arrowhead Mall & Peoria Sports/Center as well as nearby local bus stops. Property is setup for Families and or the person who Loves to Entertain and the person with Lots of Toys and RV's. In 2020 3 new A/C units were installed. Solar was purchased in 2017 and is Pre-Paid (Paid in Full) 20-Year Lease. There is 13 years left of approx. 40,000Kwh of free electricity a year. Property is located on a Corner with 2-RV gates. The RV yard has an RV set up with 50amp Electric and Dump location. The RV Garage Approx. size is 40LX40WX20H and it has a half bath inside. This home has a quest house attached with interior access and its own private entrance, along with a full kitchen, dining/living room.

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8648 E San Bruno Drive Scottsdale, AZ 85258

$999,999

3 Beds

2 Baths

1,930 SqFt

Status Active

MLS # 6737100

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of McCormick Ranch! This amazing property sits on a MASSIVE lot, with plenty of room to expand the home, build a detached casita, and a pool! Nestled in a PRIME location, you'll enjoy direct access to the scenic biking path along the lake, and a short walk to all your favorite restaurants and bars! Inside, the home has a tremendous layout with three beds and two bathrooms. The open floor plan is designed for both comfort and style, featuring a gourmet kitchen with a wood burning fireplace, spacious living areas, and walk in closets in all bedrooms. Large windows flood the space with natural light, creating a warm and inviting atmosphere. If you're looking for a home in McCormick Ranch with endless possibilities, then this one's for you!

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17817 E Cindercone Road Rio Verde, AZ 85263

$999,999

2 Beds

2.5 Baths

2,186 SqFt

Status Active

MLS # 6741191

Property Type Single Family Residence

Price Type --

Nestled in the prestigious and highly sought-after community of Trilogy at Verde River, this exquisite residence offers unparalleled privacy and serenity. Positioned with no neighbors behind, this home boasts breathtaking mountain views that promise an ever-changing panorama of natural beauty along with a variety of birds and wildlife. The open and airy layout, with 10' ceilings and elegant high end engineered wood and tile & flooring throughout, flows seamlessly from room to room, bathed in natural light and framed by stunning vistas. The heart of the home is a gourmet kitchen, perfect for the culinary enthusiast, featuring generous counter space, and beautiful cabinetry. It opens to a spacious living area, making it ideal for entertaining or quiet evenings at home. Step outside to your own backyard oasis featuring a large travertine tile patio with remote control sunscreens, lush landscape, serene fountain, gas )firepit, and a secluded desert scape, perfect for outdoor gatherings and enjoying those incredible mountain views, sunrises, and sunsets. The 3-car tandem garage ensures plenty of space for vehicles and storage with a state-of-the-art water softener and RO system. Located in a community known for its active lifestyle and amenities including, resort and fitness pool, indoor and outdoor dining, spa, salon, fitness programs, 18 hole golf course, shops, concerts, and a neighborly atmosphere, this property is more than a home; it's a lifestyle. This is your must-see dream home!

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1358 Mineral Drive Forest Lakes, AZ 85931

$999,999

2 Beds

1 Bath

1,850 SqFt

Status Active

MLS # 6748992

Property Type Single Family Residence

Price Type --

THIS IS IT! If you are looking for a cabin in Forest Lakes, You Found IT! One of the Best looking places here! The home has EXCELLENT curb appeal. Huge circulardriveway leading to the home with a detached 2 CAR GARAGE w/plenty of storage! Home is elevated & features a LARGE Covered DECK, wrapping the front & side of the home! Kids play set, lots of trees,tons of grass with a great setting to put your feet up and relax. Inside features Soaring Knotty Pine Vaulted Ceilings, Plantation Shutters, & Wood Burning Stove. Total cabin feel. 2 bedrooms plus a loft.1 full bathroom. Inside laundry. Lots of upgrades here. Comes see this wonderful Cabin today!

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9024 E Blanche Drive Scottsdale, AZ 85260

$999,999

5 Beds

3 Baths

3,157 SqFt

Status Active

MLS # 6754192

Property Type Single Family Residence

Price Type --

A rare, spacious 5 bedroom home with high vaulted ceilings. The kitchen is a chef's dream with granite countertops, new Frigidaire Gallery appliances, walk in pantry, generous counter space including an island. Master suite also has high vaulted ceilings and a spacious walk in closet. The backyard has an inviting pool, grass with new irrigation and drip system, built in BBQ, and extended covered patio. All new landscaping in front and back. There is also an additional livable space with its own separate entrance in the garage that has a custom built enclosure and hitting screen for a golf simulator. The room has plenty of space to also be a workout room, home office, or guest quarters. This home is perfectly located close to Kierland, Scottsdale Quarter, and the 101 freeway.

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126 E Northview Avenue Phoenix, AZ 85020

$999,999

4 Beds

3.5 Baths

2,551 SqFt

Status Active Under Contract

MLS # 6757413

Property Type Single Family Residence

Price Type --

LOOKING FOR A PROPERTY BETWEEN THE 7'S FOR UNDER A MILLION DOLLARS? THIS IS IT! THE MAIN HOME OFFERS 3 BEDROOMS, 2.5 BATHROOMS WITH AN ADDITIONAL 300 SQFT REMODELED CASITA WITH A BEDROOM AND BATHROOM. LOTS OF POSSIBILITES WITH THIS HOME FROM MOVING IN AND UPDATING AS YOU SEE FIT TO A COMPLETE REMODEL MAKING IT YOUR DREAM HOME ON AN AMAZING STREET. THIS HOME FEATURES LARGE BEDROOMS, A FUNCTONAL KITCHEN WITH A SUB ZERO FRIDGE, A HUGE BONUS ROOM WITH A WET BAR AND 2 WOOD BURNING FIREPLACES. THE BACKYARD IS AN ENTERTAINERS DREAM WITH A LARGE COVERED PATIO, DEEP DIVING POOL AND MATURE TREES IN EVERY DIRECTION. NEW AIR CONDITIONER IN 2023. THIS WELL CARED FOR HOME IS ONLY STEPS FROM MURPHYS BRIDAL PATH AND ONLY A BIKE RIDE AWAY FROM ALL NORTH CENTRAL HAS TO OFFER.

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