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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3747 E Villa Cassandra Way Cave Creek, AZ 85331

Open House

$990,000

4 Beds

3 Baths

3,114 SqFt

Status Active

MLS # 6682258

Property Type Single Family Residence

Price Type --

Wonderful home situated on 1.25 acres with a gorgeous pool with slide and natural desert beauty. See the list of 2021 Updates to the bathrooms, laundry room, flooring, etc. The interior of the home is rich with stone flooring, natural wood cabinets and granite countertops, separate living and dining rooms. The nicely appointed kitchen is open to the family room. The 3-car garage is spacious enough to fit cars and toys! May require Court approval.

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8426 E Bonita Drive Scottsdale, AZ 85250

$990,000

4 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6691563

Property Type Single Family Residence

Price Type --

Nestled in the heart of Scottsdale, this fully appointed and furnished single-famly home offers an ideal blend of luxury and comfort. Featuring a backyard retreat with a sparkling pool and putting green. This property is versatile, making it either a lucrative rental income opportunity or a tranquil family haven. This charming home offers the perfect balance of charm and comfort. Home comes fully furnished. See proforma under doc tab

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6442 W Ruin Hill Loop Pine, AZ 85544

$990,000

3 Beds

4 Baths

2,240 SqFt

Status Active

MLS # 6715872

Property Type Single Family Residence

Price Type --

Live Your Mountain Dream in Portal IV! Luxurious Multi-Level Home with Breathtaking Views & Privacy Unparalleled Location: This stunning 2,240 sq ft multi-level home sits on a coveted .53-acre parcel in desirable Portal IV. Bordering the 15-acre HOA Nature Preserve, the property offers spectacular panoramic mountain views that will leave you breathless. Witness nature's majesty unfold with the four mild seasons, from your expansive wrap-around deck, Luxury Meets Functionality: Inside, discover a meticulously designed living space. The main level features a grand stone fireplace in the great room, accentuated by new floor-to-ceiling windows that seamlessly blend the beauty of the outdoors with the warmth of the interior. The kitchen boasts new granite countertops, a breakfast bar, and a propane range nestled amongst ample cabinetry. A conveniently located half-bathroom, large utility room with washer, dryer, new RO system, sink and new cabinets completes the main level. Down stairs are two bedrooms. The huge suite downstairs offers a private haven, featuring a fireplace and direct access to the serene backyard, where you can soak in the incredible views. The bedroom in the upstairs loft is very spacious and open. All three bedrooms boast the luxury of en-suite bathrooms for ultimate privacy. Two spacious garages with a new paver driveway allow parking for at least 6 vehicles. This property is a true haven for nature lovers. Encounter majestic eagles, deer, and elk roaming the surrounding area. Experience all four mild seasons in the captivating mountain community of Pine, AZ. Portal 4 has it's own water district that boasts a 250,000-gallon storage tank with a 2500-gallon compression tank, ensuring the community continuous water supply. Don't miss this rare opportunity! *The home is turn key-move in ready with all furnishings available on a separate agreement.*

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2973 Noble Star Drive Prescott, AZ 86301

$990,000

4 Beds

3 Baths

3,331 SqFt

Status Active

MLS # 6755569

Property Type Single Family Residence

Price Type --

This residence has been meticulously modernized from floors to ceilings, offering a fresh, contemporary living experience. Every detail has been thoughtfully updated, with quality upscale finishes, offering a move-in-ready property. Main Level Living features the upgraded kitchen, living room, dining room, primary suite, guest bedroom and full bath, and bonus room. The 3331 Sq Ft home has several versatile rooms that can adapt to your personal needs. Lower level suite is perfect for hosting guests or extended family, providing a private and comfortable retreat. Zoned HVAC and Water Heaters. Wrap around deck offers several opportunities to enjoy the outdoors. 1164 Sq Ft 4 Car Garage with ample storage space. Prescott Lakes amenities for a low HOA fee. See the Features and Upgrades List.

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11280 S Wilson Lane Goodyear, AZ 85338

$990,000

5 Beds

4.5 Baths

3,763 SqFt

Status Active

MLS # 6756359

Property Type Single Family Residence

Price Type --

Custom 5 bed, 4.5 bath home in Estrella! This amazing home offers a 3 car garage with custom wood doors, RV gate, gated entry to courtyard, & custom-built iron door. The fabulous interior boasts open floor plan w/family and dining areas, fireplace, wet bar, den great for an office, & loft with home theater & balcony exit perfect for an entertainment area. The gourmet kitchen is comprised of stainless steel appliances, staggered alder cabinets w/crown molding, tile backsplash, granite counters, & large island with breakfast bar. The master bedroom has private exit, plantation shutters, lavish bath, his & her sinks w/travertine, jetted tub, step-in steam shower, & walk-in closet. The stunning backyard features an extended covered patio and a refreshing pool & amazing views!!

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7327 N Perryville Road Waddell, AZ 85355

$989,999

4 Beds

2.5 Baths

2,731 SqFt

Status Active

MLS # 6658021

Property Type Single Family Residence

Price Type --

Welcome home horse lovers to your own private oasis with views!! This gorgeous property features 2 irrigated acres plus a round pen and arena! This Sante Fe home features 4 bedrooms and 2.5 bathrooms with a large eat in kitchen. The kitchen has brand new upgraded granite counter tops with high ceilings and designer flooring. The expansive primary bedroom has direct access to the patio and the primary bath has dual sinks, a walk in shower Jacuzzi tub and large walk in closet. Now let's talk about the important part the BARN! The large barn includes (6) 16'W x 12'D stalls 4 of which have turn outs, 4' x 12' storage room, 12' x 12' wash bay, 16' x 12' tack room, 3 fans, lighting/electric, water & 14' covered patio area. 3 rail fencing throughout, 45' round pen, fenced arena plus lots more

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10005 W Spur Drive Peoria, AZ 85383

$989,900

4 Beds

3 Baths

3,101 SqFt

Status Active

MLS # 6747666

Property Type Single Family Residence

Price Type --

Welcome to your modern farmhouse! Inside, the lovely foyer will present you with wood-look tile flooring, 10' ceilings, and formal dining room. The spacious great room features a 12' sliding glass door, recessed lighting, a built-in surround sound system, and an inviting brick fireplace. Espresso cabinetry, stainless steel appliances, granite counters, subway tile backsplash, walk-in pantry, and a large island with breakfast bar, are just some of the features that you will love about the kitchen. Versatile bonus room, near the bedrooms, is perfect for a game or play room. The den is ready to be your home office. Owner's suite features a large, tile walk-in shower and TONS of storage! The backyard speaks for itself...

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3588 E Kaibab Place Chandler, AZ 85249

New

$989,900

5 Beds

4 Baths

4,050 SqFt

Status Active

MLS # 6763439

Property Type Single Family Residence

Price Type --

Discover this exquisite 5-bedroom, 4-bathroom home at 3588 E Kaibab Pl, nestled in the sought-after Old Stone Ranch community in Chandler. With an expansive 4,050 sqft layout, this home is filled with luxury upgrades and thoughtful design. Upon entry, you're greeted by soaring ceilings and abundant natural light, creating an inviting ambiance. The gourmet kitchen is a chef's dream, featuring natural hickory cabinets, granite countertops, and premium stainless steel appliances, including a 48'' refrigerator. French doors off the breakfast nook offer seamless access to the outdoors. The master bath exudes elegance with ceramic tile surrounds, while bronze door hardware and 6-ft interior doors with vaulted ceiling elevate the home's sophistication. Enjoy plenty of living space, including a generous loft. Outside,the large backyard with a sparkling pool provides the perfect retreat. Additional features include a 10-ft RV gate, 4-extended car garage, and close proximity to all amenities and the highly rated Arizona College Prep high school. This home offers the ideal blend of luxury and convenience don't miss out!

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3046 W Twain Court Anthem, AZ 85086

$989,500

5 Beds

3.5 Baths

3,444 SqFt

Status Active

MLS # 6711792

Property Type Single Family Residence

Price Type --

This home might be the one you have been waiting for! Sitting on just under a half of an acre, this home is almost as unique as Anthem itself. It features a resort style backyard with a huge pool, hot tub, fire place, outdoor kitchen & so much more. Stepping inside the home you will be delighted with all of the space that you have. There are 5 bedrooms (den w/ doors that is counted as a 5th bedroom). 3 1/2 bathrooms & an oversized 3 car garage. Large side gate for all your toy storage needs (below the fence). Well maintained & cared for home. Located in the master planned community of Anthem, you have access to all of the wonderful community amenities in addition to those in your own backyard. Pickleball, tennis, a water park, gym, basketball, walking paths, restaurants & shopping nearby Exterior of the home is Painted with Tex Cote coolwall textured coating to prevent chipping, always looks bright and freshly painted.

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6538 E Kona Way Prescott Valley, AZ 86315

$989,000

3 Beds

3 Baths

2,796 SqFt

Status Active

MLS # 6757441

Property Type Single Family Residence

Price Type --

Almost finished! Beautiful new construction home located in the desirable gated community of Copperfield Ranch. This new and spacious home sits on 4 acres and features 3 bedrooms/ 3 bathrooms, a family room, a separate living room AND a den OR potential 4th bedroom! This split floor plan includes a gas fireplace, walk in closets, walk in showers and a garden tub. Expansive kitchen with quartz countertops, perfect for hosting all your gatherings! Wood plain tile in main living areas with carpet in the bedrooms. Featuring panoramic views of Mingus Mountain, Granite Mountain and surrounding areas. Located at the end of a cul-de-sac, a short driving distance from Prescott Valley and Prescott. Projected completion by the end of September. More photos to come.

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9657 E Solina Avenue Mesa, AZ 85212

$989,000

4 Beds

3.5 Baths

2,837 SqFt

Status Active

MLS # 6666477

Property Type Single Family Residence

Price Type --

Open concept new home with 10'-11' ceilings, beams in the family room, 4 bed, 3.5 bath with study, flexible retreat, sunroom and added hobby room; huge energy efficient windows and 16' sliding glass door in family room; large kitchen with walk in pantry, shaker cabinets, quartz cabinets and large diamond shaped island with accent lighting and upgraded full tile backsplash; GE stainless steel appliances w/gas cooktop; owner's retreat includes huge fully tiled walk-in super shower, quartz countertops and walk-in closet; designer selected colors throughout; 2x6 construction and extensive new home warranty.

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15448 E Palomino Boulevard Fountain Hills, AZ 85268

$989,000

3 Beds

2.5 Baths

2,371 SqFt

Status Active

MLS # 6684857

Property Type Single Family Residence

Price Type --

Welcome to your timeless retreat in Fountain Hills! Nestled into a coveted boulevard, this 3 bed, 2.5 bath home, constructed with concrete blocks in 1984, offers 2,371 square feet of luxurious living space. Master bath has walk in shower with a glass block wall. Enjoy panoramic Four Peaks AND McDowell mountain views from your North-facing backyard, seamless indoor-outdoor one level living. Relax in the recently refinished pebble tech pool. Attached two-car garage. Close to Adero Canyon trailhead.. Live the Arizona dream! Tour this beautiful home today!

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