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.

Whats 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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6502 E Blanche Drive Scottsdale, AZ 85254

$959,900
3 Beds
2 Baths
1,994 SqFt
Status Active
MLS # 6719118
Property Type Single Family Residence
Price Type --
Beautiful 3 bedroom home in desirable Kierland. Excellent schools and parks nearby. Open concept with Master Ensuite with Steam shower, soothing tub with TV! Gourmet kitchen with wine rack, large nook eating area, spacious living space with TV and surround sound in many areas. Designer tile and wood floors! Walk to Perk Eatery, Einstein Bagels, and Safeway shopping plus more. Spacious dining room. Open concept great room with gas fireplace with backyard pool view. Stainless Appliances. Water Softner, Fruit trees and storage shed in backyard adjacent to the Pool and Spa EV Charger in garage! Resort style living near Kierland and Scottsdale Quarter

21290 W Hillcrest Boulevard Buckeye, AZ 85396

$959,900 - 3Br/4Ba -  for Sale in Verrado Highlands District Phase 1, Buckeye
Open House
New
$959,900
3 Beds
3.5 Baths
2,762 SqFt
Status Active
MLS # 6758681
Property Type Single Family Residence
Price Type --
Come see this beautiful 3 bedroom 3.5 bathroom plus den located in Verrado. The community that has so much to offer- Golf Course, Community Pools, Recreation Center, Workout Facility and MORE! Easy to navigate, inviting, airy floor plan with plenty of windows for all the VIEWS VIEW VIEWS. Kitchen features upgraded cabinetry, granite countertops, tiled backsplash, accent lighting and stainless steel appliances. Backyard is the place to be while entertaining with an oasis feel, travertine, turf, pool and gazebo. Garage has storage cabinets, epoxy floors and is spacious. Putting green in the backyard.

38500 N School House Road Unit 20 Cave Creek, AZ 85331

$959,000
3 Beds
2 Baths
2,125 SqFt
Status Active
MLS # 6755890
Property Type Single Family Residence
Price Type --
Welcome to luxury living in the heart of Cave Creek! This home is situated on one of the most desirable lots in the community, with gorgeous views to the north and backing to natural open desert wash. With 3 bedrooms, and a den, there is room for everyone. A well-appointed kitchen opens onto the large living space that is perfect for soaking in the views or entertaining friends. Great outdoor living on your professionally designed patio, or by enjoying the community amenities, which include a pickleball court, dog park, fitness center, and pool and spa. This popular Capstone model provides modern convenience and a comfortable design all within walking distance of so much that Cave Creek has to offer. List of upgrades to the home - EV charger,

18746 E Caledonia Drive Queen Creek, AZ 85142

$959,000
4 Beds
3 Baths
4,690 SqFt
Status Active Under Contract
MLS # 6747134
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious Sossaman Estates of Queen Creek! This stunning property has 4 spacious bedrooms, 3 full bathrooms, and a generous 4,690 square feet of beautifully designed living space. Custom 10' Alder wood front doors and a front yard fountain make a grand statement as you enter this exquisite home. Enjoy a resort-like retreat with a sparkling pool, soothing spa, and a covered gazebo/ramada complete with a large built-in grill, outdoor fireplace and gas fire pit. The low-maintenance turf provides a lush, green landscape year-round. Gas fire woks add a touch of luxury for outdoor entertaining. The heart of the home features granite countertops, a large island, and ample cabinetry and large walk in pantry. The main living areas have elegant hardwood and gleaming travertine tile flooring for a sophisticated touch. Wood plantation shutters on all the windows provide privacy and elegance. The second upstairs family room includes a full kitchenette, perfect for entertaining or multi-generational living. A downstairs office provides a quiet workspace or can also serve as a space for guests. The expansive primary suite includes separate his-and-her walk-in closets and a spa-like primary bath. A split floor plan ensures privacy, with all additional bedrooms featuring large walk-in closets. The home also includes a rare 4-car extended epoxy garage with a pull-through bay and RV gate with slab parking. Two of the three AC units were replaced in 2023 with high-efficiency models, ensuring optimal comfort and energy savings. A new variable speed pool pump and pool heater were also recently installed. Walking distance to the local elementary school, making school runs a breeze. The community is close to the center of town, shopping and restaurants.

11607 N 12th Terrace Phoenix, AZ 85020

$959,000
4 Beds
3.5 Baths
3,357 SqFt
Status Active
MLS # 6759042
Property Type Single Family Residence
Price Type --
Exquisite Residence on Prime View Lot! Cul-de-sac location adjacent to Phoenix Mountain Preserve and steps away from the community pool. Desert landscaping, stone accents, and spacious 2-car garage with carport. Formal living and dining rooms with gas fireplace and built-in shelving. Spacious family room with surround sound and multi-slider access to the backyard perfect for entertaining. Upgraded kitchen with granite counters, SS appliances, raised panel cabinets, gas cooktop, walk-in pantry, tile backsplash, and island with breakfast bar. Luxurious master retreat features sitting room, vaulted ceiling, clerestory windows, private balcony, and spa-inspired en-suite bathroom. New water heater installed late last year. Relattively new fridge and washer/dryer. A jetted master tub, 2 large walk-in closets, 2 vanities, & a floor-to-ceiling tiled shower. The 4th bedroom on the 1st floor has a full bath, backyard access, living area, walk-in closet, & kitchenette. Serene backyard offers natural gas BBQ, stone pavers, a covered patio, & view fence. Enjoy the heated Community pool/spa & walking trails. See it, love it, live it!

21017 E Lark Drive Queen Creek, AZ 85142

$959,000
5 Beds
4.5 Baths
3,078 SqFt
Status Active Under Contract
MLS # 6730258
Property Type Single Family Residence
Price Type --
Come see this beautiful 5 bedroom 4.5 bath Queen Creek home. The open floor plan is great for entertaining and spacious with high ceilings throughout. Equip with gorgeous wood flooring and a generous kitchen island and features a gas top stove and griddle as well as a built in additional stove and refrigerator ready for your culinary touch. Move the party outside year round with the heated pool and spa. When you are ready to relax head to the master bedroom and take a soak in the charming stand alone tub. Enjoy projects? The garage is ready to go with many 220v outlets for your tools and machinery. Solar equipped home! The list goes on! Come see all this and more!

7121 E Rancho Vista Drive Unit 3001 Scottsdale, AZ 85251

$958,000 - 2Br/2Ba -  for Sale in Optima Camelview Village Condominium 2nd Amd, Scottsdale
Open House
$958,000
2 Beds
2 Baths
1,408 SqFt
Status Active
MLS # 6672513
Property Type Apartment
Price Type --
Stunning, FULLY furnished condo is move-in READY! You will be blown away by the jaw dropping floor to ceiling windows which allow just the perfect amount of light into the condo. Indulge in luxury living in the heart of vibrant Old Town Scottsdale and immerse yourself in the essence of convenience with easy access to highly acclaimed restaurants and luxury shopping experiences just moments away. Step into this meticulously appointed residence offering a 2 bed/2 bath layout, thoughtfully designed with an open concept to seamlessly blend entertainment and relaxation. The expansive master bedroom features a delightful nook, perfect for crafting your home office sanctuary or creating a cozy reading corner for peaceful evenings. Escape into tranquility as you sip your morning coffee on the patio, enveloped by serene views of the lush inner courtyard adorned with tranquil fountains. Discover the epitome of convenience with this condo's prime location, granting effortless access to freeways, Sky Harbor Airport, premier golf courses, and renowned sporting and entertainment venues. Optima Camelview is a city within the city with a wide array amenities, including outdoor pools, indoor lap pool, rejuvenating spas, steam saunas, and courts for basketball, racquetball, and pickle ball.

1165 E Gleneagle Drive Chandler, AZ 85249

$957,233
4 Beds
3 Baths
2,462 SqFt
Status Active
MLS # 6734134
Property Type Single Family Residence
Price Type --
New Construction, Nov/Dec Close. New gated Master Planned Community of 100 Homes in Southwest Chandler. Dramatic tree lined Entry, with stone walls, oversized entry monuments, rustic gatehouse, and ranch style gates, opening up to a 3.2 acre Park. Large Homesites, and Extensively landscaped open space, will pay tribute to the properties history as a 40 acre working Earnhardt Family Ranch and retreat right here within the City limits. Nicely Upgraded Home with Woodlook Til Floors Whole House, Gourmet Kitch, Nice Upgraded Baths, 10' Ceilings, 8' Door, Free Stand Tub, Easy access to the San Tan Freeway, I-10, and Hwy 87, located amidst top rated Chandler Schools, shopping, large employers and dining! (*Photos shown are of a Model Home of this floorpan, built offsite). Taxes are estimate

1408 Villa Del Norte -- Wickenburg, AZ 85390

$955,000
3 Beds
3.5 Baths
2,886 SqFt
Status Active
MLS # 6675763
Property Type Single Family Residence
Price Type --
Beautiful high country luxury ranch villa in gated community! The interior is accented with crown molding throughout and custom solid mesquite doors. Kitchen features mesquite cabinets, antique pine floors, Viking appliances and granite countertops. The master suite has wainscoting, natural polished concrete countertops with dual vanities, and custom shelving in spacious master closet. Spacious guest casita with private entrance. Outdoor entertainment area includes multiple fireplaces, covered patios, and a large jacuzzi big enough for everyone!

3361 W Falling Leaf Road Show Low, AZ 85901

$955,000
4 Beds
2.5 Baths
2,942 SqFt
Status Active
MLS # 6735344
Property Type Single Family Residence
Price Type --
Every room in this Torreon cabin offers breathtaking views of Show Low, whether from the upper or lower deck. Perched on a .95-acre lot within a prestigious gated community, this hilltop retreat combines unparalleled natural beauty with modern luxury. As you enter, you'll be captivated by the panoramic vistas that stretch as far as the eye can see. The cabin's lodge-inspired ambiance features soaring vaulted ceilings with rich wood paneling, and a stunning stone fireplace that adds warmth and elegance. Expansive floor-to-ceiling windows frame the serene surroundings, creating a tranquil escape. The master suite on the main floor offers a serene haven, perfect for unwinding and reconnecting in this exceptional property. of cabin charm and modern convenience. The lower lever had generous sized bedrooms boast private access to the lower deck, ensuring everyone has their own space to relax. An additional expansive room currently serves as a multi-purpose haven, comfortably accommodating two sets of bunk beds with trundles. The spacious three-car garage boasts a dedicated hangout zone complete with comfortable seating, foosball and ping pong table. Step outside and embrace the true mountain experience. Expansive decks on multiple levels provide ample space for outdoor living, while a private trail leads directly behind the cabin to a breathtaking 3-acre common area with stunning mountaintop views. This fully furnished mountain chalet is not just your dream getaway; it's a turnkey vacation rental powerhouse, this property allows you to seamlessly transition into enjoying both the personal and financial rewards of mountain living. Enjoy all the social perks of Torreon, Holiday Brunch Festivities, Wine Tastings, Dinner Pairings, Golf Scrambles, 4th of July Parade, Labor Day Chili Cook off, Movies on the Lawn, Pool Parties and so much more! Torreon has so much to offer all four seasons, it is a Troon Golf Course with stunning views, kids golf course, pool, fishing pond, kids arcade, delicious restaurant and fun seasonal events. Additional amenities include: fitness center, clubhouse, volleyball, pickle ball and tennis courts. In the winter, bring your skis and snowboard, the Sunrise Ski resort is only forty-five minutes away. During the summer, you will love heading over to Fool Hollow Lake, it is just minutes from Torreon, or if you prefer hiking trails those can be found all over the White Mountains! Enjoy the fresh mountain air, all four season and the beautiful pines! This cabin is ready for your family to enjoy! Close proximity to shopping, entertainment, and restaurants Experience the perfect blend of adventure and luxury. This mountain masterpiece awaits! Don't miss this opportunity one!

826 S 131st Street Gilbert, AZ 85233

$955,000
4 Beds
3 Baths
2,469 SqFt
Status Active
MLS # 6750558
Property Type Single Family Residence
Price Type --
Welcome to your beautiful custom red brick residence in White Fence Farms, situated on a serene 1-acre No HOA, horse property lot in the heart of Gilbert. This rare gem offers comfort and modern convenience. Featuring a spacious split floor plan with 4 bedrooms and 3 full bathrooms, this home provides ample space for everyone. The primary bedroom includes French doors leading outside, while the guest suite offers its own bathroom and private entry. Enjoy custom southwestern tile flooring and countertops, carpet in the bedrooms, and a kitchen with new appliances and a reverse osmosis water filter. Step outside to your private oasis with a newly installed fence, lush green yard thanks to flood irrigation available through SRP, and a full covered patio. This yard is perfect for many uses such as livestock, gardening, or just enjoying your outdoor space. The 3-car garage offers plenty of space for vehicles and storage. Located in the vibrant community of Gilbert, this home is close to top-rated schools, shopping, dining, and entertainment. Don't miss this rare opportunity to own a piece of paradise in one of Gilbert's most desirable areas.

5131 E Janice Way Scottsdale, AZ 85254

$955,000 - 4Br/3Ba -  for Sale in Santiago, Scottsdale
Open House
$955,000
4 Beds
2.5 Baths
1,972 SqFt
Status Active
MLS # 6749806
Property Type Single Family Residence
Price Type --
Welcome to your North Scottsdale paradise. Behind the private gate of this spectacular residence, every day will feel like a vacation. As you arrive you are greeted by a charming front courtyard, complimented by an extended driveway that leads to your two-car garage. Step inside to find a large great room with soaring ceilings and endless natural light. Your kitchen features stainless steel appliances, ample cabinetry, and a walk-in pantry and interior laundry, with additional exit to the exterior, perfect for bringing in groceries with ease. Your split primary bedroom features a large walk-in closet, dual-vanity and walk-in shower, as well as private outdoor access through sliding doors. Three additional bedrooms share a full bathroom with private access to the backyard, and an additional half bathroom. Step outside to discover your backyard oasis, designed for year-round enjoyment. Unwind by the gorgeous heated pool with a Baja shelf, cozy up by the gas fireplace, or entertain guests with the built-in gas grill and multiple lounging areas. A unique highlight is the two-tiered 5-hole putting green, perfect for practicing your short game or enjoying some friendly competition. In the colder months, enjoy relaxing in your spacious above-ground spa. Whether hosting lively gatherings or enjoying peaceful moments, this space is perfect for every occasion. Located in the highly coveted 85254 zip code, you will live just minutes from Scottsdale Quarter, Kierland Commons, Desert Ridge and City North. This neighborhood offers top-tier shopping, dining, golf and entertainment. Don't miss your chance to experience this remarkable homecome see why this Scottsdale gem is truly special!

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