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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3406 E Wildwood Drive Phoenix, AZ 85048

$975,000

4 Beds

3 Baths

2,304 SqFt

Status Active

MLS # 6723434

Property Type Single Family Residence

Price Type --

Lakewood, Lakefront Home. One of THE Best views in Lakewood. 4 Bedroom, 3 Bath Fantastic Updates through out. Float in your pool or take a boat ride while watching AMAZING Sunsets with South Mountain as your backdrop. Enjoy a Resort Feel in your own Backyard. Courtyard entrance provides maximum use of the over 9800 SQFT lot on cul de sac and pie shaped with over 108 feet of shoreline. Master Bath Remodeled, ALL baths and Kitchen updated, Newer Appliances with Gourmet GAS Stove top. Pool/Spa heated with natural gas, Built in BBQ / Outdoor Kitchen, Pergola, semi -private conversational area. Composite wood dock. Smart Thermostats and Garage Door Opener. Newer Gas Water Heater Professional Photos to be Posted Shortly

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6311 E Skinner Drive Cave Creek, AZ 85331

$975,000

3 Beds

2 Baths

1,725 SqFt

Status Active

MLS # 6686685

Property Type Manufactured Home

Price Type --

RARE FIND OF A 2.5 ACRE COUNTY ISLAND HORSE PROPERTY. Clean 3 bdrm 2 bth home, nicely landscaped. Very secluded and private. Riding/pasture area with 3 big turnouts with shades. 5 stall mare motel, 4 of which are fully covered apprx size 16x30. Wash rack, electricity and water to barn, Ride through the neighborhood or down the sand wash. **OWNER/AGENT

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1744 W Maddock Road Phoenix, AZ 85086

$975,000

4 Beds

3.5 Baths

3,280 SqFt

Status Active Under Contract

MLS # 6749566

Property Type Single Family Residence

Price Type --

Discover this rare gem that offers more than just a home—it's a lifestyle. With over 3,200 sq. ft. of meticulously designed living space, this property features a 6+ car garage, ideal for car enthusiasts or anyone needing a spacious workshop with ample cabinetry. The home presents 4 bedrooms and 3.5 bathrooms, with versatile living spaces that include a dining room, which could easily transform into a game room, bar, den or office. High 10' to 12' ceilings create an airy atmosphere throughout, leading you into an expansive, open floor plan. The heart of the home is the designer kitchen, showcasing a large island that flows effortlessly into a vast great room, complete with a cozy fireplace—perfect for gatherings. The secondary bedrooms are generously proportioned, with one featuring a private en-suite bath. The master retreat is nothing short of luxurious, offering its own fireplace, a jetted tub, custom double shower, an enormous walk-in closet, dual vanities, and direct access to an expansive covered patio and Jacuzzi where relaxation awaits. Step outside to your private backyard oasis, complete with a BBQ station and firepit, ideal for entertaining under the stars. Surround sound throughout. Constructed with 2x6 framing both inside and out, each room is individually insulated, ensuring energy efficiency and comfort all year long.

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3027 Chestnut Circle Pinetop, AZ 85935

$975,000

4 Beds

4 Baths

2,965 SqFt

Status Active

MLS # 6702128

Property Type Single Family Residence

Price Type --

Welcome home to this custom luxury mountain home in a cul-de-sac that has 4 large bedrooms 2 of them are primary suites PLUS a large loft and 4 additional queen size beds! This property can easily sleep 16 PLUS people! Investors make this your next rental investment home to rent out or VRBO! All 4 seasons happen here! Featuring a custom built home; The great room has gorgeous soaring ceilings of blue spruce T&G, rock faced fireplace with built in cabinets, bar area, chalet style windows to bring in the trees, post & beam details. The kitchen features upgraded granite counters, a breakfast bar, beautiful cabinetry details with pullouts w/soft close - island opens underneath, pot filler at stove, high end appliances, pantry. There is 2 primary suites with one upstairs and one downstairs!!! The features built in beds - queens w/pullout beds and power to each space. Press the more tab!!! Entertaining space beyond your wildest dreams: TV area, outdoor kitchen - granite, smoker, gas grill, speakers, play areas & trees for privacy, decks = 900 sf wrap around, fenced & dog proof, fruit trees. BACK YARD kid zone features a track for kids to play McQueen. GARAGE is tandem style w/workshop setup. Home Features: 4 bedrooms plus loft. 2/50 gal hot water heaters, energy efficient utilities, foam insulation in ceilings and walls, trees & lawn on sprinkler system, whole house speaker - garage, house, decks, laundry rm w/fully cabinets. Master Brm: 2 closets, marble shower. HOA provides a wonderful Clubhouse w/programs for adults & kids, workout rm, tennis & more. Also has an Equestrian Center to accommodate those with horses needing boarding or enjoy trail or hay rides.

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5238 E Libby Street Scottsdale, AZ 85254

Open House

$975,000

5 Beds

3 Baths

2,713 SqFt

Status Active

MLS # 6751799

Property Type Single Family Residence

Price Type --

One of the larger back yards that you will find in Triple Crown. Master and 3 other bedrooms upstairs and office/5th bedroom on main level. Community Greenbelt an easy walk down the street. Quiet interior location on N/S facing lot. Maple cabinetry and granite countertops. Fenced pool with grassy play area. Built in outdoor grill. Fenced in Pebblefinish pool and spa/ Hard to find combination of 5 bedrooms and 3 car garage.

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8719 E Columbus Avenue Scottsdale, AZ 85251

Open House

New

$975,000

4 Beds

2 Baths

1,993 SqFt

Status Active

MLS # 6749116

Property Type Single Family Residence

Price Type --

This beautifully renovated home located in the coveted Park 17 subdivision of Scottsdale checks all the boxes!! This Spacious 4BED/2B has been brought up to date with a complete interior renovation top to bottom. The center kitchen was removed providing an open floor plan that has created a huge walk around kitchen with 9' foot Island for plenty of bar stool seating. The kitchen cabinet design provides a large drawer concept for easy and convenient storage and access, combined with a mix of Bravo Preto Granite on the Island and Coranado White Quartz kitchen surround. To top it all off you will find a new high-end stainless-steel appliance package with all the updated blue-tooth/wireless technology. The entire home has received a level 5 smooth drywall finish with a clean white paint pallet that reflects elegance and allows the new owner to color the interior as they wish. Large format ceramic tile floors throughout the entire home make it a breeze to clean and maintain. All bathrooms are updated with decorative tile designs, extra large niche spaces, and top of the line Delta/Moen fixtures adorn all wet areas providing class and longevity. Solid shaker doors with eased edge molding continue throughout the home. All cabinetry throughout is soft-closed doors and drawers with just the right mix of solid colors blended with stain grade accents. All rooms have spacious closets with storage shelves and hi/low with dress hang space provided. The large laundry area has been completed with a 10' foot run of upper and lower cabinetry so you will never run short of storage space. New low-e dual pane windows and doors shower the home with natural light and provide all the best of efficiency during the hot summer months. Home also comes equipped with a newer Trane AC unit. (2019) Hardscape landscaping front and back provide a low-cost maintenance plan, while irrigation adds to that necessary touch of desert greenery. Don't forget the location! Just miles away from Scottsdale's, Old Town nightlife, premier shopping at Fashion Square and fine dining. These renovations were completed with no stone left unturned during this process. All necessary City permits with health inspections are provided. (Documents Tab) As an additional bonus, the standard two-year contractors' warranty on all work performed will be passed along to the lucky new owner of this beautiful property. This one won't last long.... make it yours today!!!

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29806 N 119th Avenue Peoria, AZ 85383

Open House

$975,000

5 Beds

4 Baths

4,043 SqFt

Status Active

MLS # 6753502

Property Type Single Family Residence

Price Type --

Positioned on a rare, private view lot with only 1 neighbor in the gated Chaparral Canyon community of Vistancia, this 5 bedroom solar-powered home with a private pool is sure to impress. Recently updated White Gourmet Kitchen has a Butlers Pantry, rainfall edge quartz island, gas cook top, upgraded Kitchen Aid appliances, and in-counter ice maker. Key highlights include spray foam insulation, downstairs Den with privacy glass doors, expansive Primary Suite, huge upstairs Game Room, and 3 car epoxy Garage with cabinets and electric car charging capabilities. There is a downstairs bedroom with walk-in closet and nearby full bath ideal for guests. Downstairs smart space can serve as a second office area. Phenomenal views and a spacious, exclusive backyard make this home truly stand out!

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11899 N Spearfish Street Surprise, AZ 85388

Open House

$975,000

5 Beds

4 Baths

2,740 SqFt

Status Active

MLS # 6721901

Property Type Single Family Residence

Price Type --

IF YOU ARE LOOKING FOR RESORT STYLE LIVING WITH GOLF, DINING, SPA, FITNESS AND POOLS, LOOK NO FURTHER! This stunning home is located in a Toll Brothers, luxury home builder, guard gated, golf and country club community. The property is a rarely available SINGLE LEVEL home that contains 5 Bedrooms, all large enough to fit a king size bed, & 4 Full Baths. The home has TWO EN-SUITE bedrooms. The primary bedroom is located in the back of the home and includes a large bathroom with two sinks, vanity, tiled-floor expanded shower, and huge walk-in closet. The other is tucked away on the other side of the center hallway, providing a perfect situation for IN-LAW living, an AU PAIR, or a Guest Bedroom. The epoxy floored garage is expanded width, perfect for two cars, and a 3rd bay large for a golfcart, recreational toys, and storage! The home includes tens of thousands of dollars in upgrades, including a 16 ft multi-slider that opens to the covered patio, great for INDOOR/OUTDOOR living, an upgraded premium lot in the subdivision with the larger collection of homes and CLOSEST to the amenities (clubhouse, 3 pools/ hot tub, restaurant, fitness center, spa ), sustainable wood-look flooring throughout, professional landscaping, motorized shades in the dining area, and wood plantation shutters in bedrooms and garage. With all the home has to offer, it is still new enough, 2 ½ years old, for you to add your personalized touches, colors, and accents! This house checks all the boxes! With the new price adjustment, LOOK NO FURTHER ... This property will feel like HOME!

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2452 E Aloe Place Chandler, AZ 85286

Open House

$975,000

6 Beds

3.5 Baths

4,059 SqFt

Status Active

MLS # 6756047

Property Type Single Family Residence

Price Type --

This remarkable property features a large home theater complete with a built-in surround sound system, perfect for a luxurious entertainment experience. The expansive living areas, both indoor and outdoor, provide ample room for gathering and relaxation. Enjoy the large pool and spa which includes a new heater and a new saltwater chlorine system, providing added convenience and efficiency for pool maintenance. The backyard also boasts a green space, a covered patio and an outdoor kitchenette, ideal for enjoying the outdoors in comfort and style. Inside are spacious bedrooms for rest and relaxation. The updated mudroom adds convenience and functionality to daily living. The kitchen is a chef's dream with leathered quartz countertops, perfect for cooking and entertaining. This property comes with a full list of upgrades, ensuring modern amenities and opulent living. Overall, this property offers a perfect blend of comfort, luxury, and functionality, making it an ideal place to call home.

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7109 E Mcdonald Drive Paradise Valley, AZ 85253

$974,999

2 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6742660

Property Type Townhouse

Price Type --

A stunning & renovated home boasts an open floorplan & vaulted ceilings, 2 bed, 2 bath 1878 sqft, 2 car garage, & 2 patio areas. Brand new ROOF! A private patio & cozy courtyard. The kitchen comes with new CAFE & Salerno appliances, quartz countertops & brand-new shaker cabinets. Brand new vinyl wood flooring throughout the home. Enjoy the fully upgraded, spa like bathrooms with high end shower system, framed mirrors, shower niche, & custom vanities. An elegantly decorated floor to ceiling tile fireplace. Brand new Electrolux washer & dryer. Snuggled into the corner of Villa Serena Community that includes clubhouse, pool, spa, and fitness center. The heart of Paradise Valley, minutes from great restaurants, the entertainment, shopping, groceries and freeway

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19539 E Estrella Road Queen Creek, AZ 85142

$974,995

4 Beds

3 Baths

2,890 SqFt

Status Active

MLS # 6734418

Property Type Single Family Residence

Price Type --

The ranch-style Julia plan greets guests with a charming covered front porch. Once inside, an extended entry leads to an expansive kitchen with a center island, large walk-in pantry, breakfast nook, great room for entertaining formal dining room with adjacent covered courtyard off to the side of the home. This plan offers two additional bedrooms and a bath and a 3 car garage plus storage. Beautifully upgraded with multi-slide doors to the extended covered patio, a gourmet kitchen, 42'' white shaker cabinets, quartz countertops, tile in all traffic areas. Currently under construction. Estimated completion-Fall 2024

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6988 E Bourbon Way Prescott Valley, AZ 86315

$974,900

3 Beds

3 Baths

2,913 SqFt

Status Active

MLS # 6732234

Property Type Single Family Residence

Price Type --

Fantastic NEW 2913 Square Foot....Semi Custom Home by Dan Warta Construction, on a Premium 4 Acre VIEW Lot with PAVED ACCESS..... in Highly Sought After COPPERFIELD Subdivision w/40+ GPM Well and Outstanding Views of Granite Mountain in the back and Mingus Mountain in the front!!! Home features 3Bedrooms/2.5Bathrooms/3CarGarage + Office/Den & Flex Room, Formal Dining, Open/Split Floor Plan, 2 Tone Paint, GREAT ROOM Concept, Luxury Vinyl & Upgraded Carpet, Ceiling Fans, Gas Fireplace w/Solid Stone Chimney Face, & has Energy Efficient SPRAY FOAM Insulation w/fresh air exchanger along with Energy Efficient DUAL Fuel HVAC System. Gorgeous Kitchen with Knotty Alder Cabinetry having Soft Close Doors & Drawers, Dove Tailed Drawer Fronts, 100% Extension, GRANITE Countertops, Tile Backsplash, Under Cupboard Lighting, Large ISLAND & Pantry, Breakfast Bar, & Eat In Kitchen Nook. Master Suite is Spacious, has dual Sinks on GRANITE w/4 Granite Back Splash, Lg Shower w/tiled surround, Soaking Tub, large Walk-In closet with popular direct access to Lg Laundry Room w/Upper and Lower Cabinetry, Folding area, & Laundry Sink. Additional amenities include Solid Stone Accents, Paver Driveway/Walkway/Patios, Oversized 3 Car Garage, and is at the end of a PRIVATE Cul de sac.

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