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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2006 Quiet Cove Prescott, AZ 86305

$950,000

3 Beds

3.5 Baths

2,904 SqFt

Status Active

MLS # 6745883

Property Type Single Family Residence

Price Type --

RATE BUY DOWN/CONCESSIONS AVAILABLE WITH ACCEPTABLE OFFER!! Welcome to your fully updated dream home in the highly sought after neighborhood of Forest Trails! Recent upgrades since 2023 include: New roof, Kitchen remodel, New carpet in bedrooms, New exterior paint, Backyard upgrades including pavers, steps, and high quality artificial turf, New 5.5kW Solar Array on roof, just to name a few! (See list attached in documents tab) Enjoy the tranquility of your surroundings through expansive windows that frame picturesque views of Thumb Butte and the lush forest landscape. The living area features high ceilings and a cozy fireplace, creating an inviting ambiance for both relaxation and entertainment. Don't miss your opportunity to experience the epitome of refined living in this enchanting h

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33903 N 23rd Drive Phoenix, AZ 85085

Open House

$950,000

5 Beds

3.5 Baths

4,463 SqFt

Status Active

MLS # 6753375

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the exclusive Amber Hills gated community! This 5-bedroom, 3.5-bath residence offers the perfect blend of luxury and comfort. This home has many upgrades starting with newer exterior paint. Step inside and you will find elegant yet highly durable quartzite countertops, revamped cabinetry, and new appliances in the kitchen. A new high-efficiency HVAC system that boasts a SEER rating of 16 with variable speed technology, installed in 2019. Downstairs you can be sure to enjoy the spacious great room as a perfect area for entertaining, with a stylish wet bar, fireplace, ensuite bedroom that offers flexibility for guests, an office, or a mother-in-law suite conveniently near the laundry room and garage entry point. Newer paint throughout various areas in the home's interior to add warmth and provide a modern and inviting ambiance. Upstairs you have a dedicated home theater with surround sound to enjoy those movie nights together as a family and four additional bedrooms. In the primary bedroom you will find ample space with a fully renovated bathroom of luxury! It does not stop there! Outside, discover a resort-style backyard designed for relaxation and entertainment. Dive into the heated pool or unwind in the jetted spa, or enjoy the luxury of an above-ground Jacuzzi under the covered patio. Perfect your golf game on the private putting green, cook up a feast on the built-in BBQ, or gather around the fire pit to enjoy breathtaking mountain views. Don't miss your chance to own this exquisite property in Amber Hills, where every detail has been meticulously crafted for the ultimate living experience.

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28 E Hoover Avenue Phoenix, AZ 85004

Open House

$950,000

3 Beds

2 Baths

1,498 SqFt

Status Active

MLS # 6752849

Property Type Single Family Residence

Price Type --

ASHLAND PLACE GEM! This charming craftsman bungalow, listed on the National Register of Historic Places, seamlessly blends classic original charm with modern conveniences. Admire its timeless curb appeal and spacious front porch. Step inside to find meticulously preserved original hardwood floors, built-in features, and elegant archways. The thoughtfully designed layout leads to a fully renovated kitchen boasting stone countertops, new cabinetry, and stylish tile accents. Bathrooms have undergone stunning renovations for both form and function. Outside, enjoy the lush backyard with an elegant heated pool - perfect for AZ outdoor living, along with a one-car garage. Nestled in the vibrant MIDTOWN ARTS DISTRICT, this home offers easy access to the light rail, restaurants and museums.

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265 W Mountain Sky Avenue Phoenix, AZ 85045

Open House

$950,000

4 Beds

2 Baths

2,633 SqFt

Status Active

MLS # 6748898

Property Type Single Family Residence

Price Type --

Welcome to the best of luxury mountain side living! One of few homes situated within Ahwatukee's prestigious Dove Canyon! Bright and open floorplan and stunning updates throughout the home. Enjoy your dream entertainers backyard and gaze at the breathtaking mountain preserve and sunset views over the Estrella Mountains. RV gate, extended 24' deep 3-car garage, pool, built-in hot tub, built-in grill and more! With over $300k in upgrades this gorgeous home is a dream for anyone looking for peaceful luxury living in the desert. One of the most private backyard settings in Ahwatukee, with spacious side yards and an adjacent wash. Close to hiking trails for outdoor adventures!

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40328 N Lytham Way Anthem, AZ 85086

Open House

$950,000

3 Beds

3.5 Baths

2,984 SqFt

Status Active

MLS # 6711944

Property Type Single Family Residence

Price Type --

This immaculate & highly sought-after Monterey floor plan epitomizes contemporary elegance and comfort. The spacious split layout includes 3 en-suite bedrooms, a den, 3.5 baths & extended 3-car garage. Enter home through custom door into foyer leading to expansive great room w/ custom entertainment center. Additional front room offers versatile use as living area, office or game room. Outside, enjoy heated pool w/ updated PebbleTec, soothing spa w/ new heater, artificial turf & remote awnings, providing ultimate ease & luxury. Additional features include 2 gas fireplaces, plantation shutters, 12-foot ceilings, extra-large walk-in closet, & Trane AC's. This home blends modern design w/ timeless sophistication, offering unparalleled comfort & indulgence in the heart of Anthem Country Club.

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1495 W Camino Drive Wickenburg, AZ 85390

Open House

$950,000

3 Beds

2 Baths

3,355 SqFt

Status Active

MLS # 6741021

Property Type Single Family Residence

Price Type --

A Dream come true with this HOLE in ONE! The ''Ranch Style'' home boasts timeless CHARM with a modern flare. The 3 bedroom/2 bath 3355 sq ft. home offers an open floorplan, cozy fireplace, game room, office, and a quaint family room. From the LUXURY PRIMARY suite, enjoy the sparkling diving pool, jacuzzi. and a private patio entrance. Meander through the breezeway and extensive covered porches to enjoy the ENTERTAINERS DELIGHT including a spacious GUEST home(549sq ft). The solar panels and 4 separate climate zones provide money saving power for year-round comfort! BONUSES continue...2 car garage, detached 2 car shop with AC, barn, HIDDEN 122 sqft MOSLEY bank VAULT. All this on 2.78 HORSE PROPERTY, MOUNTAIN VIEWS, just a short ride to golf and miles of WICKENBURG TRAILS and TREASURES!

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30142 N Suscito Drive Peoria, AZ 85383

Open House

New

$950,000

3 Beds

3.5 Baths

2,771 SqFt

Status Active

MLS # 6762703

Property Type Single Family Residence

Price Type --

Simply stunning home located in the upscale active adult community of Trilogy in Vistancia where you will find athletic clubs, aerobics studio, indoor Olympic pool, outdoor resort pool, stunning golf course and Alvea Spa! Your new home has a commanding presence with stacked stone accents leading to a serene courtyard entrance. Step inside to open concept living with a den/sitting area opposite the great room with coffered ceilings, recessed lighting, beautiful flooring and loads of natural lighting. Spectacular kitchen with a stainless steel hood that features prominently along with tiered and raised white designer cabinets, granite counter tops, stainless appliances, subway tile backsplash and a large island with seating. Great spot for a breakfast table as well as a separate room that can be used as a formal dining as it has fantastic built in cabinetry. So many options! Amazing master bedroom where you will find a wonderfully modern en suite bath featuring a fabulous oversized glass enclosed step in shower, sleek soaking tub, dual vanities and walk in closet. Two additional bedrooms both with en suite baths as well as a large laundry room complete the interior of this very special home. Premium outdoor living with a large trellised covered patio anchored by a stand out stacked stone fireplace. Lush landscaping encompasses the entire yard making it your own private oasis. Motorized shades enclose the entire patio! Pre paid solar lease in place from the original builder. There is so much to love about this home - make sure you don't miss it.

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1301 E Sheridan Street Phoenix, AZ 85006

Open House

$950,000

3 Beds

2 Baths

2,600 SqFt

Status Active

MLS # 6743525

Property Type Single Family Residence

Price Type --

VERY RARE HISTORIC OPPORTUNITY! This amazing home has all the intangibles and charm a house should have starting with being registered as a Class 6.1 owner-occupied historic home with a 50 % tax reduction. The main 1925 house was seamlessly upgraded with additional permitted sq. footage to include a whole new wing of the house in 2014 with a fantastic primary bedroom, bathroom, family room, laundry room, and AN AMAZING BASEMENT. BEAUTIFUL LAP POOL. Electric gate for privacy, large oversized 1 car garage. SMART TECHNOLOGY UPGRADED to include surround sound throughout the house, Wifi thermostats, Wifi garage and gate, Kasa lighting app, 8 security cameras, & Rachio drip system. Meticulously maintained with mature landscaping, this is definitely A MUST SEE! A TRUE CORONADO DREAM HOME!

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10797 N 108th Way Scottsdale, AZ 85259

Open House

New

$950,000

4 Beds

2 Baths

2,010 SqFt

Status Active

MLS # 6762251

Property Type Single Family Residence

Price Type --

Discover this newly remodeled, charming home in Scottsdale, perfectly situated at the end of a quiet cul-de-sac on one of the largest lots in the community. The spacious great room features soaring ceilings and a stunning 10-foot island, ideal for entertaining. Enjoy your newly resurfaced pool, perfect for relaxation and fun. No detail has been overlooked—new paint, cabinets, plumbing, doors, windows, and HVAC ensure a fresh, modern feel. Plus, you'll be close to all that Scottsdale has to offer, from Barrett Jackson and MLB Spring Training to premier golf, shopping, and dining. With no HOA, this home is a rare find in a vibrant community. Experience the best of Scottsdale living!

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38301 N 15th Avenue Phoenix, AZ 85086

Open House

$950,000

4 Beds

2.5 Baths

2,779 SqFt

Status Active

MLS # 6721499

Property Type Single Family Residence

Price Type --

Enjoy country living in this well-built, beautiful, and well-maintained custom home on 1.29 acres with mountain views. Relax on the covered patio overlooking the vast yard with grass, cacti, lemon, orange, tangelo, and grapefruit trees. Travertine floors, 10' ceilings, newer dual pane low E windows, Plantation Shutters, Soft Water system, & two A/Cs, are just a few of the features that make this home special! The kitchen has granite counters, hickory cabinets, walk-in pantry, breakfast bar, newer refrigerator and RO system. The breakfast room, huge kitchen island, and formal dining room make this the perfect home for entertaining while the Great Room offers cozy charm with a gas fireplace. The split floorplan separates the master bedroom from the other 3 bedrooms. The master has a Garden Tub, huge tiled shower plus large walk-in closet. 2 of the additional 3 bedrooms also have walk-in closets. The sizeable Laundry Room has a newer washer and dryer plus a deep sink. There is an attached 3-car garage with built in cabinets, epoxy floor. There is also a huge (30'x35') detached garage with epoxy floors, 2 mini-split heat/cool units, 2 10' garage doors, and 220V outlet powered by an off-grid solar system. The newer driveway allows access from 15th Ave via a separate solar powered RV gate. Love Horses? They will enjoy the 3-stall Mare Motel, with climate-controlled watering system, automatic solar lights, and misting system. They can roam in the arena or nibble on fresh grass in a separate corral with sprinkler system. Easy access to Carefree Hwy and I-17 for restaurants, and shopping plus state land for riding. Do not miss out on this unique property.

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12335 E North Lane Scottsdale, AZ 85259

Open House

$950,000

3 Beds

2.5 Baths

2,416 SqFt

Status Active

MLS # 6745147

Property Type Single Family Residence

Price Type --

Nestled within the beautiful Montacino at McDowell Mountain gated community, this Spanish and European inspired custom home built by Dick Lloyd Custom Homes, backs up to the natural desert preserve creating peaceful and private luxury living. The sunrises and sunsets from this home are extraordinary and provide views as far away as Camelback and South Mountain. The moment you step inside, you will be dazzled by the beauty and design elements showcased in the winding staircase, soaring ceilings, abundance of natural light, Hickory wide plank flooring, stylish lighting, custom built office, and gourmet chef's kitchen. BRAND NEW Trane HVAC units were installed in May 2024 and carry a 10-Year Warranty. This Must-See home offers 3 bedrooms and 2.5 bathrooms. The luxurious primary bedroom is complete with a gas fireplace, sitting area, and a private balcony to observe the flora and fauna of the natural Sonoran Desert. Picture yourself walking out to your lush private oasis, to pick fresh oranges, lemons, grapefruit and limes to eat and enjoy for years to come. The backyard sanctuary includes a heated spool, wood-burning fire pit, gas grill, and an abundance of patio space for enjoying indoor and outdoor living. The chef's kitchen boasts a gas range, double ovens and a temperature-controlled wine room. This special home is located close to the Mayo Clinic, shopping, top-rated Scottsdale schools, and hiking & biking trails. This exceptional property can be your forever home.

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533 W Oregon Avenue Phoenix, AZ 85013

Open House

$950,000

3 Beds

2.5 Baths

2,057 SqFt

Status Active

MLS # 6729772

Property Type Single Family Residence

Price Type --

Nestled within ''The 7s'' and the Madison School District, and situated on one of the most desirable streets in the coveted Medlock Place, your new home is only a quick walk/drive to top shopping at Uptown Plaza, including AJs, as well as many of Central Phoenix's favorite dining options. This charming home features an updated, contemporary design with thoughtful fixtures, modern quartz, and tasteful paint selections and tile work. Enter to a beautifully designed foyer with skylights to accentuate the vaulted ceiling. All rooms within the home are generous in size and the extended great room and primary bedroom offer 12' ceiling height. The large lot offers a recently renovated backyard, now featuring an oversized patio, artificial grass, Chinese Elm trees, and a mini basketball court. The front yard offers beautiful vegetation with a welcoming path, while both front and back patios have misting systems. The single-car garage, if converted, can serve as an office, 4th bedroom suite, or workshop. All bedrooms offer large closets for ample storage, there are two AC units, as well as a whole home water filtration system.

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