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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15414 E Acacia Way Fountain Hills, AZ 85268

$974,900

3 Beds

2.5 Baths

2,617 SqFt

Status Active

MLS # 6750923

Property Type Single Family Residence

Price Type --

Discover serene living in this exquisite home located in the prestigious Sunridge Canyon golf course community in Fountain Hills, AZ. Perfectly positioned on a premium golf course lot, this meticulously maintained single-level residence offers breathtaking views and unparalleled privacy. Step into this inviting home and be greeted by an abundance of natural light that highlights the open and airy floor plan. The gourmet kitchen is a chef's dream, featuring granite countertops, gas cooking, and stainless steel appliances, ensuring every meal is prepared in style. The adjacent dining area and spacious great room, with its elegant custom framed fireplace, provide the perfect backdrop for both everyday living and entertaining. Retreat to the luxurious master suite, which boasts a private entrance, a spacious layout, and a spa-like en-suite bathroom complete with a soaking tub, dual vanities, and a walk-in closet. Each additional bedroom is generously sized, with walk in closets, providing comfort and privacy for family and guests. Outside, your private backyard oasis is an entertainers dream. Enjoy the sparkling heated pool with new equipment. Or simply relax and take in the stunning Arizona sunsets. The covered patio offers an ideal space for outdoor dining and entertaining against a backdrop of panoramic mountain views. This unique premium lot location is elevated ABOVE the 5th tee so no worries of golf ball sightings! Additional features include a three-car garage, soaring ceilings, and a sought-after floor plan with no steps, ensuring easy and convenient living. The home is also conveniently located just minutes from pickle-ball courts and other local amenities. This exceptional property combines luxury, comfort, and an enviable location within the Sunridge Canyon golf course community. Don't miss your chance to experience the best of Fountain Hills living. A must see!

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2818 N Yucca Street Chandler, AZ 85224

$974,900

5 Beds

3 Baths

2,801 SqFt

Status Active

MLS # 6733703

Property Type Single Family Residence

Price Type --

Currently a high-performing short term rental that is completely TURN-KEY. No expenses have been spared during the remodel or during the design phase. The home comes with all furniture and furnishings plus future bookings with an outstanding professional short term management company. HEATED POO,L GAME TABLES, MINI PUTTING GREEN & more! This 5-bedroom, 3-bath home can be your private, chic resort. Well-appointed for celebration, relaxation & reconnection. Make meaningful memories, both ''at home'' and on-the-go! Enjoy a game room, fun-filled backyard, outdoor dining and grilling, a wet bar in the family room, and a soothing, stylish atmosphere. The region is jam-packed with outdoor & indoor attractions for every taste.

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31107 N 164th Street Scottsdale, AZ 85262

$974,900

4 Beds

3.5 Baths

3,194 SqFt

Status Active

MLS # 6684456

Property Type Single Family Residence

Price Type --

Motivated seller! Price reduction on an already below market price! Pristine horse property that shines with pride of ownership. This gorgeous home offers a beautiful split floor plan, tile throughout, expansive kitchen and family room with amazing views of Four Peaks, and a spacious laundry room. Outdoors you can enjoy an immaculate horse facility, as well as meticulously designed and maintained desert landscaping. Horse facilities feature 4 stalls with automatic water, misting system, and fans. Round pen with sun shade and turnout arena with automatic water as well. Home has shared well with filtered water as well as a hauled water system that can be used as extra water storage. This price includes an adjacent 1.15 acre lot to use for whatever you may need.

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2144 E Firestone Drive Chandler, AZ 85249

$974,900

6 Beds

3.5 Baths

4,634 SqFt

Status Active

MLS # 6750615

Property Type Single Family Residence

Price Type --

Chandler Schools!This amazing home features vaulted ceilings in the formal living and dining areas, clean neutral paint, and plenty of natural light. Check out the huge gourmet kitchen with 42'' maple cabinets, SS appliances, walk-in pantry, island, & large breakfast area. Downstairs there are 2 bedrooms and 1.5 baths, upstairs you will find 4 spacious bedrooms and a massive loft. The owners suite has a private balcony with views of the San Tan Mountains, 2-way fireplace, and a big 2 sided walk-in closet. The backyard is complete with an extended covered patio, pebble-tec pool with water feature, and gas fire pit. The 4-car garage is huge, with cabinets and pull through door to yard! This special property has been immaculately maintained and shows great pride of ownership.

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19998 W Luke Avenue Litchfield Park, AZ 85340

$974,850

4 Beds

3.5 Baths

3,162 SqFt

Status Active

MLS # 6738221

Property Type Single Family Residence

Price Type --

Welcome to your new 4 bedroom, 3.5 bathroom beautifully maintained home located in the highly sought after Canyon Views community built in 2024! Walk up the paved driveways and step inside to find a perfectly designed open floor plan, neutral tones, plantation shutters, custom living room wall, upgraded fixtures, gorgeous flooring throughout, and many more brand new finishes! The chef-inspired kitchen is a culinary delight, equipped with stainless steel appliances, gas cooktop, quartz countertops, a large center island, and ample cabinet space. Whether you're preparing a family meal or hosting a dinner party, this kitchen is sure to impress. Step outside to your generous backyard awaiting for your personal touch. Whether you want to install a pool, a putt putt, or a one of a kind fire pit, this space is perfect for all your creative ideas, Additional features include a 3 car garage with RV garage parking, a dedicated laundry room, 12 foot ceilings in the primary bedroom and great room, and plenty of storage throughout! Situated in a prime location, this home is just minutes away from top-rated schools, parks, shopping, and dining. Don't miss out on this incredible opportunity to own a piece of paradise in Litchfield Park! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available on this home via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $977/month in year 1 and $501/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.

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33425 N 139th Place Scottsdale, AZ 85262

$974,770

3 Beds

2.5 Baths

3,140 SqFt

Status Active

MLS # 6729771

Property Type Single Family Residence

Price Type --

Enjoy stunning mountain views from this 1+acre impeccably maintained custom ranch home.The expansive great room boasts sought-after vaulted ceilings, a cozy fireplace, and oversized windows flooding the space with natural light and showcasing breathtaking vistas. Separate dens offer versatile office spaces ideal for remote work or schooling. Kitchen features knotty alder cabinetry, a pantry, and granite countertops & backsplash. The master suite includes a spa-like jacuzzi bathtub and direct access to the patio and pool area. Outside, enjoy a pool with a waterfall surrounded by a tumbled travertine deck and a generously sized covered patio, perfect for outdoor entertaining. A MUST see! This move-in ready home comes fully equipped with, Updated Light Fixtures, New Blinds, Trane A/C units, a Solar Recirc Hot Water System, R-49 attic insulation, and a three-car garage complete with built-in storage racks. Discover the perfect blend of luxury and functionality in this exceptional property!

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19964 W Marshall Avenue Litchfield Park, AZ 85340

New

$974,711

4 Beds

3.5 Baths

3,261 SqFt

Status Active

MLS # 6763599

Property Type Single Family Residence

Price Type --

Exquisite single story floorplan with 2x6 exterior walls is currently under creation in Litchfield Park! Plenty of room for storage and long vehicles with this 6 car tandem garage! Impressive great room with vaulted ceiling and decorative beam, 16' multi-slide door at the great room will lead you to an large covered patio. Show off your chef skills in the gourmet kitchen with upgraded appliances and built-in gas cooktop. 4 bedrooms plus TV room that is 15'x17', 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!

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3611 W Hiddenview Drive Phoenix, AZ 85045

$974,500

4 Beds

4 Baths

2,729 SqFt

Status Active

MLS # 6742439

Property Type Single Family Residence

Price Type --

Seize the rare chance to own this exceptional Aspen floor plan—an opportunity that doesn't come around often! This 2018 Taylor Morrison home is located in the prestigious gated community of Promontory at the Foothills in Ahwatukee. A single level home that will certainly check all the boxes! A functional lay out feauturing 4 bedrooms + an office, 4 full bathrooms, a 3-car garage, and a private pool! A highly sought after casita that features a private entrance for added convenience and independence, as well as direct access from inside the main home, offering versatile living arrangements and seamless integration with your main living space. This secluded retreat has an additional living area, and a spacious bedroom with a full ensuite bath. The open concept floor plan is sure to please and ideal for entertaining guests or equally as comfortable for family living. The kitchen opens to the great room which seamlessly flows into the formal dining room which as you will see also makes a great space for a pool table! The eat-in kitchen boasts timeless finishes, an oversized island with extra seating, a dedicated walk-in pantry, and a GAS RANGE! The primary bedroom is generous in size and features a walk-in shower, a stand alone tub, dual sinks, and an amazing walk-in closet! You will find 2 other spacious bedrooms, one with a walk-in closet, 2 full bathrooms, and an office, making working from home a breeze. Of course, you will spend much of your time relaxing in your low maintenance backyard where you will find a covered patio, artificial turf, a sparkling pebble tec pool with custom tile decking, and a raised seating area complete with a built-in fire pit. The backyard is private and surrounded by peaceful mountain views. The outdoor space is thoughtfully designed to maximize both comfort and natural beauty. A 3 car garage garage offers plenty of space for both vehicles and extra storage. When you visit this home, you will be reminded of the beauty and appreciation of living in Ahwatukee. And if this isn't enough, the hiking trails are just a stroll away, as well as shopping, dining, easy freeway access, top ranked Kyrene and Desert Vista High School!

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10075 E Turquoise Avenue Scottsdale, AZ 85258

Open House

New

$974,500

3 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6760830

Property Type Single Family Residence

Price Type --

WALK INTO YOUR PRIVATE COURTYARD TO FRONT DOOR ENTRY -ENTER INTO THIS BEAUTIFULLY MAINTAINED REMODELED & UPDATED-SINGLE LEVEL HOME W EASY CARE PORCELAIN PLANK TILE -FRESHLY PAINTED GREAT OPEN FLOOR PLAN LOTS OF WINDOWS BRING THE OUTDOORS INTO EACH ROOM -LOVELY KITCHEN W PLENTY OF CABINETS PLUS AN EAT IN AREA-STAINLESS APPLIANCES -LOOK OUT TO DINING AREA/LIVING ROOM FEATURES REMOTE ELECTRIC FIREPLACE & ACCESS OUT TO PRIVATE COVERED PATIO & YARD W LUSH TREES /LANDSCAPING-OVERSIZE MASTER SUITE W ACCESS OUT TO BACKYARD-2 CLOSETS -1 WALK-IN-FABULOUS WALK IN SHOWER-DOUBLE SINKS W QUARTZ COUNTERS-2 GUEST ROOMS -GUEST BATH FEATURES TUB/SHOWER-W NEW CABINETS & COUNTER TOPS-THIS IS TRULY A READY TO MOVE IN HOME-2CGARAGE -COMM HAS 3 POOLS,TENNIS COURTS-24-HR GUARD GATED COMM -CLUBHOUSE W AMENITIES -

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8945 N Cordoniz Lane Casa Grande, AZ 85194

New

$974,000

4 Beds

3.5 Baths

4,661 SqFt

Status Active

MLS # 6763178

Property Type Single Family Residence

Price Type --

This exquisite custom home in Casa Grande sits on 2.5 acres with horse privileges, newly refinished pool, fire pit and gorgeous front and back landscaping. Entertain in style with several porches at front and back with indoor/outdoor custom sound system and speakers, spectacular mountain views and breathtaking sunsets. The kitchen features a Viking range, Thermador built-in refrigerator and granite counters. The luxurious principal bedroom features a fireplace, huge custom closet and majestic mountain views. Principal bathroom with jetted tub, spacious shower with double shower heads. This home exudes comfort and quality at every turn.

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7848 S 139th Avenue Goodyear, AZ 85338

$974,000

4 Beds

2.5 Baths

2,522 SqFt

Status Active

MLS # 6663554

Property Type Single Family Residence

Price Type --

Perched atop a hill, this home offers breathtaking views of the valley below. Its long driveway, nestled against the mountainside, provides a secluded and picturesque setting. Whether you're looking to renovate and create a stunning living space or envision building your dream home, this property offers endless possibilities.

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8526 E Whitton Avenue Scottsdale, AZ 85251

Open House

$974,000

4 Beds

2 Baths

1,792 SqFt

Status Active

MLS # 6750550

Property Type Single Family Residence

Price Type --

Stunning residence, minutes from Downtown Scottsdale, on expansive pie-shaped lot of a private cul-de-sac! Elegant interior has designer finishes throughout, wood-look tile flooring, modern light fixtures, thick baseboards, and designer touches in every room! The open layout merges perfectly all areas! Delightful kitchen showcases quartz counters with waterfall and backsplash, plenty of cabinets, and high-end SS appliances. The romantic main retreat features a mirrored door closet and a lavish bathroom with LED lighting mirror in the vanity and a raindrop shower. Entertainer's dream backyard includes artificial turf, covered patio, built-in BBQ w/Ramada, putting green, fireplace, and blue pool and spa combination. Seize this opportunity!

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