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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10455 E Thornton Avenue Mesa, AZ 85212

$949,500
3 Beds
3.5 Baths
3,121 SqFt
Status Active
MLS # 6719956
Property Type Single Family Residence
Price Type --
**VOTED BEST HOME ON TOUR** Welcome to luxury living in The Estates at Eastmark! This exquisite home, with designer touches, sits on an expansive lot in a gated community. The gourmet kitchen is a chef's dream, featuring SS appliances, double ovens, gas range, oversized island with ample cabinetry, under cabinet lighting, TWO walk-in pantries & soft-close doors. The owner's suite is a sanctuary of relaxation with its expansive walk-in tiled shower & designer tub.Other bedrooms are split & both offer ensuites! Open floor-plan with a wall of glass opening to reveal the sparkling pool, extended travertine patio, putting green & chic lighting.The 3-car garage is a standout with its epoxy flooring, & built-in cabinets. The Estates includes private clubhouse, fitness center, POOL & fire pits!

15222 N 61st Place Scottsdale, AZ 85254

$949,500
4 Beds
2 Baths
2,211 SqFt
Status Active
MLS # 6731640
Property Type Single Family Residence
Price Type --
Best kept secret in the magic zip code of 85254.This move in ready home is situated on a little over a quarter of an acre on a quiet cul de sac minutes from Kierland and the Quarter. With 4 bedrooms and 2 baths this is the perfect family home. NO HOA!! The large backyard has a beautiful pebble tec pool with spa, TV and a large grassy area. This is the perfect entertaining backyard. Light and bright with plantation shutters in all rooms, new stainless appliances, 3 car garage, cozy fireplace, wood like tile, owned solar, remodeled baths, 2 remote controlled sun shades, newer AC units, new side gate, new indoor lighting and fans, mister system on patio, ceiling racks in garage, wired security system and new roof underlayment. Close to freeways, hosptals, schools, shopping and dining

10509 E Fanfol Lane Scottsdale, AZ 85258

$949,000
3 Beds
3.5 Baths
2,187 SqFt
Status Active
MLS # 6711484
Property Type Single Family Residence
Price Type --
Step into the realm of refined elegance as you discover this meticulously renovated dual master suite abode nestled within the esteemed Scottsdale Ranch community. Crafted with meticulous care by an acclaimed award-winning designer, this residence exudes a blend of timeless charm and modern luxury across two distinct phases of renovation. Phase 1, initiated in 2017, was dedicated to enhancing accessibility and comfort with an ADA-compliant main level and master suite. Embrace the essence of sophistication with widened doorways, bespoke wheelchair-accessible vanities, and a luxurious roll-in shower complete with custom bench seating. From the gleaming new stainless appliances to the upgraded hardware and accents, no detail was overlooked in creating a space of unparalleled refinement. August 2021 marked the completion of Phase 2, a testament to elevated living with the complete remodeling of the upstairs master suite. Indulge in the epitome of indulgence with a newly designed master bath boasting a spacious walk-in shower and a custom dual vanity adorned with a makeup desk and designer backsplash. Beyond the primary suites lies a secondary ensuite bedroom, offering versatility and functionality ideal for a perfect multigenerational living. Throughout the residence, upgrades abound, from the durable luxury vinyl flooring reminiscent of plank tile to the resplendent new light fixtures and hardware adorning every room. Step outside through the great room or first-floor master suite to discover a private oasis beckoning with a tranquil patio and a sparkling pool featuring a soothing water feature amidst lush citrus trees. A charming paver path leads through the side yard, flanked by storage sheds and a gate to the front yard, completing this idyllic retreat. The two-car garage stands as a testament to organizational prowess, boasting extensive built-in cabinetry, an oversized work sink, and direct entry into the laundry room. Residents of the prestigious Suntree community are treated to a wealth of amenities, including an oversized heated pool, spa, and verdant play areas. The surrounding Scottsdale Ranch area offers additional delights, from picturesque parks and walking paths to access to Lake Serena for aquatic adventures. Experience the epitome of multigenerational living in a setting designed to accommodate a wide range of needs and desires. Whether welcoming additional family members or live-in help, the spacious upstairs master suite and versatile secondary bedroom offer endless possibilities for luxurious living in this distinguished locale.

1371 Tavasci Road Clarkdale, AZ 86324

$949,000
3 Beds
2.5 Baths
2,482 SqFt
Status Active
MLS # 6740737
Property Type Single Family Residence
Price Type --
Welcome to this amazing Clarkdale retreat. Custom built with all of the right features in the perfect places. Situated on 1.6 acres, the views are amazing. Located minutes from Jerome and Cottonwood which both offer fantastic wineries, locally owned restaurants and endless activities. The home has a gorgeous entry, open concept and split floorplan. The kitchen has stainless steel appliances, custom alder cabinets, double ovens, an oversized island and large pantry. The primary suite is oversized with a full en-suite and separate entrance tot he back patio. The other two bedrooms and bath are located opposite the primary bedroom. The flex room is not counted in the square footage as it was initially planned as the garage. The flex space or workshop is cooled/heated, has a separate entrance and measures 12 X25 for an additional 300 sq ft. This space can be utilized for just about anything. Even a rental possibility. This home is immaculate! You will love it here!

15407 E Palisades Boulevard Fountain Hills, AZ 85268

$949,000
3 Beds
3 Baths
3,196 SqFt
Status Active
MLS # 6754256
Property Type Single Family Residence
Price Type --
Discover your dream home nestled in the picturesque town of Fountain Hills where design meets comfort with views from every room. Home is built of concrete block for energy efficiency, has over 3100 sq ft, with three bedrooms, all suites, providing a personal retreat for family members and guests alike, all in a separate wing!! Enjoy the convenience and privacy that these oversized suites offer. The home is situated on .42 acre lot so there is ample outdoor space with a pool, gardening area, fruit trees BBQ island with seating. Relax and unwind on the expansive 450 sq ft patio that offers stunning vistas of 4 peaks and views of the world famous fountain! The outdoor space is ideal for morning coffee, sunset cocktails, or simply soaking in the natural beauty of the space. The home is equipped with top-of-the-line products including high-end kitchen appliances that will delight any culinary enthusiast. The property was fitted with newer HVAC units in 2021, roofing that is 10 years old but cost close to $27,000 due to high end underlayment and workmanship (documents available upon request). Pella windows were installed to avoid the noise from Palisades and yet allow you to take in the mountain views from the front areas of the home. Enjoy pure, clean water with the Kinetico water treatment system that provides peace of mind and enhances your overall living experience. This residence is not just a home; it is a lifestyle choice that embodies great living in a serene environment. Fountain Hills is renowned for its breathtaking views , vibrant community, making it an ideal location for families and individuals alike. Whether you are looking to entertain guest, enjoy quality family time, or simply want to relax in your own private sanctuary, this property has it all. Don't miss the opportunity to own a piece of paradise in Fountain Hills. Your dream home awaits!

2617 S Jeffry Street Gilbert, AZ 85295

$949,000
4 Beds
4 Baths
3,348 SqFt
Status Active
MLS # 6746525
Property Type Single Family Residence
Price Type --
Beautiful, well appointed family home on a private lot in wonderful Cooley Station! Courtyard entrance. Great room perfect for large gatherings. Wood grain tile floors. 4 nice sized bedrooms with walk-in closets, and 4 bathrooms, plus a private den currently being used as an additional bedroom. Kitchen features include a huge granite island with lots of seating, a spacious walk-in pantry, and a versatile gas cooktop. Laundry room with cabinets and a sink. The fantastic back yard includes a heated PebbleTec pool and hot tub, surrounded by cool Limestone patio, pool deck, and pavers with easy-maintenaince turf. Home backs to the canal so no neighbors behind! Beautiful green space across the street, and many amenities in this community. Must see!

1 E Lexington Avenue Unit 908 Phoenix, AZ 85012

$949,000
3 Beds
3 Baths
1,973 SqFt
Status Active
MLS # 6674658
Property Type Apartment
Price Type --
Welcome to your oasis in the sky! This luxurious condo, nestled in the heart of a concierge building, offers a lifestyle of opulence and convenience. Boasting unparalleled views of the majestic North Mountain, twinkling city lights, and captivating sunsets, this residence is a true masterpiece. Step into a world of extravagance as you explore the amenities of this exclusive community. Relax and rejuvenate in the heated saltwater pool and spa, take your furry friend to the on-site dog park and utilize the convenient dog wash station. Stay fit in the high-end fitness center, entertain guests in the sophisticated lounge, or host gatherings in the well-appointed recreation room. Your new home includes the rare privilege of three assigned parking spaces, ensuring convenience and ease of access. Inside, experience the epitome of modern living with a remodeled chef's kitchen that will delight culinary enthusiasts. The LG ThinQ wash tower adds a touch of technological sophistication to your laundry routine, while the bamboo flooring exudes elegance and warmth. This property offers a truly carefree lifestyle, with the Homeowners Association (HOA) dues covering water, sewer, and trash services. Say goodbye to the hassle of utility bills and embrace the luxury of worry-free living. Don't miss the opportunity to make this stunning condo your sanctuary. Live where every detail reflects the epitome of refined living, where the views are breathtaking, and the amenities are unparalleled. Welcome home to a life of luxury, comfort, and serenity!

9313 E Crystal Drive Sun Lakes, AZ 85248

$949,000
3 Beds
2.5 Baths
3,166 SqFt
Status Active
MLS # 6737380
Property Type Single Family Residence
Price Type --
Prime location for this 3BR, 2.5BA plus den Galleria model on 3rd tee box of the Lakes course in the cherished active adult community of Oakwood in Sun Lakes. Recently pavered driveway and walkway for great curb appeal. LVP flooring throughout the entire main floor w/new baseboards. Stunningly updated ''show'' kitchen with cherry cabinets, granite counters and SS appliances. Enormous primary suite with sitting area, vaulted ceilings, updated bath with tiled walk-in shower and dual closets. Upstairs features 2 bedrooms and bath, w/built in desk in one bedroom. The lot sells this one though. Extended covered patio, pool, stunning golf, water and mountain views. 2014 AC's. Owned solar photovoltaic system plus solar pool heating system. June electric bill was $98. A must see property! Start enjoying the countless amenities in Oakwood w/ pools, golf, tennis, pickleball, clubs and restaurants

2640 N Eagle View Circle Show Low, AZ 85901

$949,000
3 Beds
3 Baths
2,316 SqFt
Status Active
MLS # 6736869
Property Type Single Family Residence
Price Type --
Luxurious and spacious 3-bedroom, 3-bathroom home that spans 2,316 square feet on a 0.3-acre lot, upgraded iron security fence with a rolling gate leading to a beautiful upscale paver driveway. The landscaping features tall, lush trees and ponderosa pines, complemented by a serene water feature. The beautiful wood deck and railing add a rustic charm that carries throughout the home, while the welcoming entryway with window bench seating invites guests into an open floor plan that boasts a floor-to-ceiling rock fireplace as its centerpiece. The flowing hardwood floors enhance the warmth of the space, and large windows with custom shades and valences allow natural light to flood in, creating an airy atmosphere. The breakfast table, adjacent to a sliding door, opens to a covered patio set in a beautifully landscaped yard with a rock-sided feature wall, perfect for outdoor dining or morning coffee. The open kitchen features a large, curved breakfast bar topped with granite, custom cabinetry adorned with crown molding, and ample drawer space. It features a glass cooktop with a built-in microwave, a wall oven, and a large French drawer refrigerator. The split granite sink and raised stainless dishwasher are designed for ease of use, along with a handy lowered prep sink. The large primary suite exudes luxury, with custom closet doors and wood trim, a dual vanity set in granite atop custom cabinetry, with one lowered sink for accessibility. The glass surround tile shower offers plenty of space, complemented by a large soaker tub for ultimate relaxation. The guest room is spacious and welcoming, just a few steps away is the guest bathroom with an oversized vanity in granite and custom cabinetry. The custom spa room features a large swim spa, glass surround shower, 1/2 bath, patio access, custom powered shades, offering a private retreat for relaxation and exercise. The large laundry room is equipped with ample counter space and raised access to the stainless washer and dryer, adding convenience to daily chores. This home is situated on an oversized lot within a gated community, ensuring privacy and security. The property is a blend of elegance, comfort, and modern amenities, making it an ideal residence for those seeking a luxurious lifestyle. The architectural design and thoughtful layout cater to both entertaining and private living, with attention to detail evident in every aspect of the home. Whether it's the tranquil outdoor spaces or the sophisticated interior, this home promises a living experience that is both grand and intimate.

6070 E Treadway Trail Flagstaff, AZ 86004

$949,000
4 Beds
2.5 Baths
2,662 SqFt
Status Active
MLS # 6749564
Property Type Single Family Residence
Price Type --
Discover your new home in Timberline, sitting on 2.5 acres. Enjoy a partial wrap-around porch with picturesque views of the San Francisco Peaks. This property includes a 2-car attached garage with a bonus detached 2-car garage. Perfect opportunity to finish it out as a home office, studio, workshop, or for a car enthusiast. The interior has been updated with a modern cozy feeling of home.

1632 W Sleepy Ranch Road Phoenix, AZ 85085

$949,000
4 Beds
3.5 Baths
2,964 SqFt
Status Active Under Contract
MLS # 6737771
Property Type Single Family Residence
Price Type --
Luxury,modern home in gated community is ready for you to enjoy. Backyard is entertainers dream with beautiful pool,water feature,fireplace,fire pit and outdoor shower. Experience the best of Arizona living in this stunning executive home featuring 4 bedroom and 3.5 baths.Owners bedroom with ensuite bath has walk in shower,separate tub and double sinks.You will love the gorgeous chefs kitchen with granite counter tops, gas stove and stainless steel appliances.Residents of Sonoran Foothills enjoy an array of amenities with a 4,000-square-foot community center,swimming pool,tennis courts,pickleball, volleyball courts, basketball court,children's playgrounds and a variety of walking trails,parks, and open spaces.

17740 E Bismark Lake Court Rio Verde, AZ 85263

$949,000
2 Beds
2.5 Baths
1,679 SqFt
Status Active
MLS # 6755687
Property Type Twin Home
Price Type --
WAKE UP TO SPECTACULAR SUNRISES AND WATCH THE MOUNTAINS CHANGE COLORS EVERY EVENING FROM THIS SOUGHT-AFTER ELEVATED LAKEFRONT HOME AT TRILOGY VERDE RIVER. This gorgeous Valletta resort home has been meticulously maintained; comes equipped with dozens of builder and designer upgrades throughout. Beautiful kitchen w/ upgraded Monogram Appliances, Quartz Counters, upgraded Cabinetry & custom Pendant Lights. Spacious great room w/ stunning Tile Floors, floor outlet & wall-mounted TV audio/video sleeve. Walk out of the sliding glass doors to the upgraded extended patio w/ Pergola & privacy screen to enjoy one of the best views in the entire community. An extraordinary & rare opportunity to own one of the premier mountain view resort homes to ever become available. Move-In Ready!

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