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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32051 N 73rd Place Scottsdale, AZ 85266

Open House

$955,000

3 Beds

3 Baths

2,246 SqFt

Status Active

MLS # 6748640

Property Type Single Family Residence

Price Type --

BEST LOCATION within the prestigious gated community of Solstice at Sevano. This single level 3 bedroom, 3 bath home is perfectly situated on a premium lot adjacent to open space, backing to Natural Open Space & the Whisper Rock Golf Course. Fabulous split, great- room floor plan with high ceilings, gas fire place, access to multiple patios providing peaceful & private indoor/outdoor living spaces. Chef's dream kitchen includes S/S appliances, 5 burner gas cooktop, double ovens, alder wood cabinets, granite island & breakfast bar. Private owner's retreat with direct patio access is split from guest en-suite & 3rd bedroom and bath. Charming gated courtyard entry, mature landscape, built in BB-Q & gas fire pit. Community Pool, Ramada, walking trails, walking distance to shops & restaurants.

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21439 W Mariposa Street Buckeye, AZ 85396

$953,507

4 Beds

3.5 Baths

3,231 SqFt

Status Active

MLS # 6693746

Property Type Single Family Residence

Price Type --

This 4 bed, 3.5 bath with flex retreat, study & 3 car garage is nothing short of PERFECTION. Designer appointed features shine with 10' flat ceilings, large energy efficient windows, 8' doors & 12' sliding doors to the extended covered back patio. Upgraded cabinetry, countertops with tiled splash, accent lighting, GE Café stainless appliances & abundant storage highlight the chef's kitchen. With an open plan, the kitchen has magnificent views into both the family room & large, private backyard on this gorgeous homesite. Spa-like baths, upgraded plank tile flooring, and 2x6 construction are a few more of this homes' 'WOW' factors. Private, extensive new home warranty & BRAND NEW...you deserve the BEST. See you soon.

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9721 S Gold Stone Trail Apache Junction, AZ 85120

$952,740

4 Beds

3.5 Baths

3,230 SqFt

Status Active

MLS # 6716367

Property Type Single Family Residence

Price Type --

Corner homesite 12,693 sf site. 4 BR, 3.5 baths, enclosed office, retreat, Butler's Pantry in Kitchen. 12 sgd in family room leading to patio. 9 ft multistacking door in dining room, wine bar cabinets and dining room cabinets. Two toned Stacked cabinets in kitchen with glass in white and colt. Stainless steel appliances with shaker wood hood. 42-inch cabinets in Butler's Pantry. Trey ceiling in Owner's retreat with free standing tub and super shower with rain can. Full utility room cabinets with sink. 3-car garage. 2x6 construction; extensive new home warranty; see you soon!

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6 E Martin Road Casa Grande, AZ 85194

$950,000

8 Beds

10 Baths

3,600 SqFt

Status Active

MLS # 6722680

Property Type Manufactured Home

Price Type --

TO-BE-BUILT luxury homes! These two luxury Santa Fe homes are being offered for sale atop a beautiful two acre property nestled at the base of Signal Peak Mountain! These homes would make a great buy for a family looking to stick together or an investor that would like to rent each unit out. The two homes total 8 bedrooms, 10 baths and 3600 square feet! A guest house is allowed. No HOA. Horses allowed. An ideal location with easy access to Interstate 10, Central Arizona College, Casa Grande Promenade, and less than an hour from the Phoenix airport. Save thousands of dollars with a custom factory-built duplex. The photos shown in this listing are NOT of subject property. These photos are to provide a general idea of what is to be built. Make an offer today!

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125 S Bonito Ranch Loop Cornville, AZ 86325

$950,000

3 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6751612

Property Type Single Family Residence

Price Type --

Indulge in serene luxury within this new Spanish Hacienda-style haven. Bathed in natural light, the open-concept great room and kitchen, equipped with all modern conveniences, extend a warm welcome. Be captivated by panoramic views through large windows on the west and sliding glass doors leading to a peaceful backyard porch on the east. Uncover a private primary suite oasis with a lavish bathroom boasting a double vanity, glass walk-in shower, and a rejuvenating soaking tub. The property is meticulously landscaped and enriched by an orchard featuring apricot, plum, pomegranate and peach trees. Privacy is a given, thanks to white vinyl fencing, a robust concrete wall along the back and corrugated metal fence. An oversized 3-car garage and a 51ft RV garage will full hookup and a versatile pop-out shop. The home beckons you to bring your toys and hobbies to life! Let nature nurture you with walks along the privately accessed section of Oak Creek under the shade of soaring Cottonwood and Sycamore trees. Pick wild blackberries and mulberries or fruit from our private orchards. Paddleboat on our pond or admire the wildlife and birding year round. Rio Bonito Ranch is a very unique and special place.

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1501 W Mesa Drive Payson, AZ 85541

$950,000

4 Beds

4 Baths

2,900 SqFt

Status Active

MLS # 6758690

Property Type Single Family Residence

Price Type --

A RARE FIND IN PAYSON! Country Club Estates home is adjacent to Payson Golf Course (PGC) pond, backs to PGC green #4, and has no HOA dues! This 2,900 + sq.' home has single level living, rustic tongue-n-grove pine accent walls in the great room, vaulted ceilings with rustic beams, 2 primary suites, a den/office, bedroom #3, and 3 baths on the main floor. The great room also has a rustic fireplace and tall windows that give you PGC, Mogollon Rim, mountain, and pond views. Just off the great room is a 10' x 21' screened porch with a porch swing to sit and watch the golfers as they play through. The beautifully landscaped and fenced entry courtyard has a large paver patio that is the perfect area to watch summer sunsets in the evenings. The main primary suite has its own access to the... screened porch and a spacious sitting area. The en-suite has a walk-in closet, a jetted garden tub, and a step-in shower. On the east side is a large deck that overlooks PGC pond with Mogollon Rim and mountain views too. This area attracts herds of Elk, a variety of wildlife, is home to lots of birds and is a pass through for a variety of birds and water fowl on migration. The finished walkout basement has open living, a mini split HVAC unit, a 3-sided gas (propane) fireplace, a kitchenette, a ¾ bath, and its own views of the 4th green, mountains and pond. This area is completely fenced and landscaped with mature aspen, blue spruce, and ponderosa pines. Your guests will enjoy their own lush artificial turf area and paver patio. The 3-car tandem garage has a large work shop with a built-in work bench, upper and lower cabinets, room for your golf cart or side-by-side, a mud room area with a utility sink and a utility room for extra storage. Updates include: Roofing in 8/2024, Primary suite #2-bathroom tile in 2022, guest bath tile and shower 2023, screened porch updated in 2022, and an updated kitchen. One of the owners is a licensed real estate agent in the state of AZ.

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58 N French Place Prescott, AZ 86303

$950,000

2 Beds

2.5 Baths

2,855 SqFt

Status Active

MLS # 6737091

Property Type Single Family Residence

Price Type --

Single level home on 2 acres of paradise with the most amazing and breathtaking panoramic views! Views from every room, several outdoor patio seating areas to enjoy those sunrises & sunsets! 2 bedrooms plus large office with large closet could easily be made a 3rd bedroom. There is also a hobby room, large laundry room, attached workshop off garage, half bathroom in garage. Kitchen w/granite counters, induction cooktop, stainless built in refrig/freezer, gorgeous tongue & groove ceiling in breakfast nook. In floor radiant heating throughout home, evap cooling plus ductless zoned mini split system cooling. original owner has kept up all maintenance of systems. Expansive entry & living room with views, views, views! There is an outdoor staircase & we encourage you to take the time to walk t to walk the property and enjoy the beauty!

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10804 N Mangrum Court Fountain Hills, AZ 85268

$950,000

3 Beds

2.5 Baths

2,434 SqFt

Status Active

MLS # 6750823

Property Type Single Family Residence

Price Type --

Golf course living at its best! This cul de sac golf course setting is the perfect tranquil retreat. The back yard oasis offers views of majestic mountains as well as multiple entertaining areas. The pool has plenty of depth to keep you cool all summer. There is even an outdoor shower. Once inside the home you will step into a vaulted ceiling entertainment area. Open kitchen and living concept offers plenty of natural light. Kitchen features the highly desirable white shaker cabinets and quartz slab counter tops. Over sized primary suite includes a walk closet and walk in shower. New carpet in all bedrooms. The oversized driveway and oversized garage offer plenty of room for all your toys! The home also features a Tesla Solar panel system and much much more! No HOA. No NPOA.

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5646 E Ocupado Drive Cave Creek, AZ 85331

$950,000

5 Beds

3.5 Baths

3,472 SqFt

Status Active

MLS # 6739393

Property Type Single Family Residence

Price Type --

Enjoy the amenities in the gated Lone Mountain Community. Beautiful 5 bedroom plus bonus room and a double door office with 3.5 baths in a serene Cul de sac. Highly desired open floorplan with primary suite downstairs, soaring ceilings, recessed lighting and ceiling fans. Updated kitchen with granite countertops, huge island, SS built in Kitchen Aid refrigerator, dual ovens, tile backsplash, walk in pantry and tons of storage cabinets with contemporary hardware. Master with large walk in closet, separate updated shower and tub, dual sinks and backyard views. Upstairs you will find 4 more bedrooms, 2 baths and a loft space with endless options. Must see this move in ready home with peaceful updated backyard with turf and large covered patio. Close to many restaurants, schools and more.

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31010 N 74th Way Scottsdale, AZ 85266

$950,000

2 Beds

2 Baths

2,176 SqFt

Status Active Under Contract

MLS # 6752973

Property Type Single Family Residence

Price Type --

Location, location, location. This home is on a SPECTACULAR lot with neighbors only on one side. BEAUTIFUL DESERT VIEWS & PRIVACY. Lightly lived in by original seasonal owner. Tile and carpet flooring. Large open kitchen with eating bar and plenty of cabinets and tile counters. Great room/living room with see through fireplace. Separate office/den with built in cabinets. Double sinks in master bath and separate bath and tub. Stunning back yard with covered patio and sparkling pool. You will not want to miss this one.

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4229 N Recker Road Mesa, AZ 85215

$950,000

4 Beds

2.5 Baths

3,131 SqFt

Status Active

MLS # 6726176

Property Type Single Family Residence

Price Type --

Welcome to your dream home, perfectly situated on the 16th green of the most pristine golf course in the area! This luxurious residence offers uninterrupted views from tee to hole, creating a stunning backdrop for everyday life. Step into your backyard oasis, featuring a heated spa and pool. Relax while soaking in the panoramic mountain and golf course views. Enjoy your mornings and evenings on patios adorned with elegant flagstone, perfect for outdoor entertaining or quiet contemplation. Nature enthusiasts will love the proximity to hiking and biking trails, just two-tenths of a mile away. Families will appreciate the convenience of a new K-12 public charter school being constructed nearby. The yard is designed for low maintenance and is home to mature fruit trees, adding a touch of natural beauty and bounty. Inside, the home boasts beautiful security doors that allow you to embrace the delightful weather and soothing sounds of nature during the ideal seasons. The updated plantation shutters provide a stylish and functional touch, ensuring privacy and light control. Built with sturdy 2x6 construction, this home includes an attic with R-50 insulation for energy efficiency and comfort. A central vacuum system adds extra convenience to your daily routine. Nestled on the corner of a cul-de-sac, this home offers both privacy and community. Take advantage of this rare opportunity to own a paradise with an unmatched golf course and mountain views.

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15615 E Telegraph Drive Fountain Hills, AZ 85268

$950,000

3 Beds

3 Baths

3,225 SqFt

Status Active

MLS # 6747759

Property Type Single Family Residence

Price Type --

Enjoy breathtaking views of Four Peaks and Red Mountain from this resplendent Fountain Hills estate! The 3 bed/3 bath single-level home features a split floor plan, chef's kitchen with island and breakfast seating, an abundance of living space, formal dining, bonus room full of mountain views, tasteful touches throughout, and ample natural light. The master suite boasts its own fireplace, separate sitting area, and a bathroom with double sinks and separate shower/tub (with jets). The property boasts plenty of parking with both attached and detached garages, for a total of 4 covered parking spaces. The resort-like pool and scenic backdrop provide a magnificent retreat. This is Fountain Hills living at its absolute finest. Welcome home!

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