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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3357 E Gold Dust Avenue Phoenix, AZ 85028

$925,000

3 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6760001

Property Type Single Family Residence

Price Type --

Front courtyard with tons of space and a fountain, 4 car garage (1000 square feet), resort style backyard with outdoor kitchen, bocce ball, fireplace, pool, hot tub and mezzanine deck for panoramic views and low maintenance front and backyard landscaping. Inside the home there are tile and wood floors. You will enjoy the large entry foyer/reading/flex space, spacious living room and dining room, and a recently remodeled kitchen with stainless steel appliances that include an under-counter microwave, a 6 burner with griddle and a double gas oven, huge fridge and freezer and custom cabinets and a granite countertops. Plantation shutters and discrete blackout pleated shades on every window. Large master suite with walk in closet and recently remodeled master bath. Guest room has a built in Murphy bed that will convey with the house. Large laundry that can double as additional storage, butlers panty or mudroom. Ceiling fans in almost every room. HVAC (heat pump inverter system) was replaced in summer of 2024. Paid for solar. Paid for water purification system. Silicone rood was replaced about 7 years ago. Wonderful views in a quiet neighborhood and conveniently located less than one mile to 51.

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7660 E Golden Eagle Circle Gold Canyon, AZ 85118

$925,000

3 Beds

3 Baths

2,382 SqFt

Status Active

MLS # 6716941

Property Type Single Family Residence

Price Type --

This lock & leave villa in premier Superstition Mountain Golf & Country Club is tastefully remodeled & requires no yard work. You can spend your time lounging or playing! Located in a coveted Golden Eagle location, it's like an oasis in the desert. It backs to the park with babbling stream and Superstition Mountain views. Casita has 1 bed/1bath, separate entrance. Rare two car driveway! Smart home capabilities allows you to manage your home with ease from wherever you are. 24/7 guard gated community. Two newer HVACS, Water Heater, Kitchen Appliances. Amenities included with private club membership. 36 holes of Jack Nicklaus golf, pool, pickleball, tennis, bocce, fitness center. 30 miles to Sky Harbor, 20 miles to Mesa Gateway, 9 miles to retail & dining, 5 miles to hiking trails.

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32099 N 73rd Place Scottsdale, AZ 85266

$925,000

2 Beds

2.5 Baths

2,246 SqFt

Status Active

MLS # 6748855

Property Type Townhouse

Price Type --

Move-in ready home in the prestigious gated community of Solstice at Sevano. Spanning 2,246 square feet, this residence offers 2 bedrooms, 2.5 bathrooms, and a versatile bonus room, perfect for a home office, den, or overflow guest space. The home is situated on a prime lot, backing to Natural Open Space and the Whisper Rock Golf Course, providing a serene backdrop for the private backyard. The backyard is low maintenance, featuring an oversized covered patio, a fire pit, and a built-in BBQ, all overlooking the picturesque desert and golf course views. As you enter through the gated courtyard, you are greeted by the charm of Santa Barbara/Tuscan-inspired architecture. The circular foyer leads to the great room floor plan, including a formal dining area and an inviting family room with a cozy gas fireplace. The interior features soaring ceilings, travertine, and hardwood flooring, all beautifully accented by plantation shutters. The kitchen is a chef's dream, complete with granite countertops, a spacious island, double ovens, breakfast bar seating, and a quaint breakfast nook. The primary suite offers a luxurious tiled walk-in shower, double sinks, and extensive closet space, with direct access to the backyard. The guest suite is equally well-appointed also with an ensuite bath. The two car garage has direct entry into the laundry room with additional cabinetry. A powder bath is available for visiting guests. Whether you're entertaining guests or enjoying a peaceful evening at home, this property provides the perfect blend of luxury and tranquility. Residents of Solstice at Sevano enjoy a range of amenities, including a pool, spa, and biking/walking paths, with the upcoming Ashler Hills Park adding even more recreational opportunities. This home is conveniently located near shopping, dining, and cultural attractions, making it perfect for both full-time residents and those seeking a seasonal retreat.

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28042 N 45th Street Cave Creek, AZ 85331

$925,000

4 Beds

3.5 Baths

3,489 SqFt

Status Active Under Contract

MLS # 6752295

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the gated community of Diamond Creek! This home is truly a rare find with its luxurious upgrades, prime location with mountain views & impeccable maintenance. This beautiful 4 bed, 3.5 bath home boasts cathedral ceilings, gleaming wood and travertine floors that shows pride of ownership. Enjoy a gourmet kitchen with top of the line stainless steel appliances with a six burner gas range/griddle, double ovens and custom cabinetry. All the bathrooms have been upgraded with custom cabinetry, beautiful stone/tile work and vessel sinks. Step outside to relaxing waterfalls, pebble-tec pool and tranquil spa, enveloped by the lush foliage of mature trees that offer the ultimate privacy. Entertaining guests is easy with a built-in BBQ, multiple seating area, turf putting green. Even the garage is upgraded boasting epoxy flooring and custom cabinets. Majestic mountain views on a premium corner lot with open space behind the home all with easy access to golf, hiking, biking, restaurants and A+ schools. Welcome home to Diamond Creek Community!

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13642 N 58th Place Scottsdale, AZ 85254

$925,000

4 Beds

2 Baths

2,447 SqFt

Status Active Under Contract

MLS # 6749615

Property Type Single Family Residence

Price Type --

FORECLOSURE OPPORTUNITY in the Magic ZIP code of 85254, with a Scottsdale address, but Phoenix taxes. Recently remodeled, this split floor-plan home has amazing finishes including wood-beams that adorn the vaulted wood ceilings. The kitchen has gorgeous quartz counters, stainless steel appliances, a waterfall counter island, backsplash, & slow-close cabinets & drawers. Both bathrooms have custom tile work in the walk-in oversized shower, double illuminated LED fog-less vanity mirrors in both bathrooms, & upgraded matching quartz counters & upgraded cabinetry. The owner's suite also has double walk-in closets & a freestanding bathtub. Located on an oversized corner lot with an RV gate, plus a refreshing diving pool & low maintenance yard. This home is priced to sell!

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44329 N 11th Street New River, AZ 85087

$925,000

3 Beds

2.5 Baths

2,286 SqFt

Status Active Under Contract

MLS # 6749877

Property Type Single Family Residence

Price Type --

Impeccably Maintained Southwest Custom Home with mountain views & detached 45x36 RV Workshop. Nestled in North Phoenix on a sprawling 1.1-acre lot, this meticulously maintained custom home offers the perfect Southwest living experience. Enjoy breathtaking 360-degree mountain views, iconic saguaros & vibrant sunsets from the comfort of your own backyard. The manicured low-maintenance landscaping features a charming garden, mature mesquite trees with a comfy swing and a serene park-like setting by the wash, perfect for BBQ & relaxation. A soft-lit backyard gazebo with ceiling heaters invites you to enjoy the outdoors year-round. The open great room floorplan creates an inviting atmosphere, while the split master bedroom and private foyer office provide ideal privacy & flexibility. MORE... Upgrades include.hickory cabinets, 4 wood plantation shutters, knotty alder doors, rich sculpted walnut wood flooring and extended three-car garage offers plenty of room for vehicles. Great peace of mind offered with newer 2020 foam roof & main 400 amp service panel giving the shop the power it needs. The terraced acre layout provides easy access for trailers, making this property ideal for car collectors, woodworkers, RV/toy enthusiasts, or small business owners requiring storage. The RV garage comes complete with an evaporative cooler, separate inside 18x45 workshop with lovely 645sf of a/c finished out office space upstairs. The outbuilding offers endless possibilities with separate 200 amp panel for equip needs. In addition there are three newer storage containers discreetly tucked away for multi storage uses. Don't miss the opportunity to make it your own! IT IS SPECIAL.

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2333 W Spruce Drive Chandler, AZ 85286

$925,000

5 Beds

2.5 Baths

3,480 SqFt

Status Active

MLS # 6754700

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Chandler! This exquisite semi-custom residence, just under 3,500 sq. ft., combines luxury with convenience in an unbeatable location. Nestled near the 101 and 202 freeways, Intel, Chandler Mall, and top-rated schools, this home offers both accessibility and tranquility. As you approach, the grand entry with custom handcrafted double doors sets the tone for the elegance within. Step inside to discover a beautifully designed space featuring custom light fixtures and window treatments that enhance the home's unique charm. The spacious floor plan includes large bedrooms, each showcasing meticulous custom touches. Enjoy the perfect blend of comfort and style throughout. The side garage entry, complemented by an extended driveway and RV gate, provides ample parking and accessibility. Outside, your private oasis awaits with a stunning pool and spaideal for relaxation and entertaining. Additionally, the home faces a lovely neighborhood park, offering picturesque views and a serene environment. Don't miss the opportunity to make this exceptional property your own. Schedule a tour today and experience all that this beautiful home has to offer!

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8725 E Rancho Vista Drive Scottsdale, AZ 85251

$925,000

4 Beds

3 Baths

2,020 SqFt

Status Active Under Contract

MLS # 6736798

Property Type Single Family Residence

Price Type --

Rarely does a home like this become available. This fully remodeled mid-century modern gem combines elegance with simplicity. Enjoy a beautiful kitchen with granite countertops, tile backsplash, stainless steel appliances, a breakfast bar, and a gas range. Additional features include a tankless water heater, spacious master bath with dual shower heads, a large walk-in closet, a second master bedroom, a den/office, RV parking, and a two-car garage. The low-maintenance backyard has desert landscaping, a covered patio, and a stunning ramada overlooking a sparkling pool. Conveniently located near Old Town Scottsdale, the 101 freeway, and Sky Harbor Airport. This is the epitome of a turnkey home!

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18376 W Sells Drive Goodyear, AZ 85395

$925,000

4 Beds

3 Baths

3,245 SqFt

Status Active

MLS # 6724302

Property Type Single Family Residence

Price Type --

Immerse yourself in this highly upgraded home in a gated community with owned solar. RV parking allowed next to greenbelt. Newly done front yard w/ pavers and extended driveway. Walk into a large courtyard w/gas fireplace welcoming your guests. Gourmet chef's kitchen w/ Quartz countertops, XL kitchen island, 42''cabinets, stainless steel appliances w/ 5 burner gas stove, XL walk-in pantry. Meander to your gorgeous master bedroom/bath equipped w/ electric blackout blinds, behind the plantation shutters. Huge walk-in shower/soaking tub, enormous walk-in closet done by California Closets (which are through out all Bedrooms). Walk through to super laundry/hobby room. Garage has 240v outlet for EV, head to your resort style backyard for entertaining..sparkling heated pool/spa, gas fire pit, alum-wood pergola w/ crank down sunshade, misters and wrapped trim lights. Citrus trees, artificial grass for kids/dogs, and sunscreens for windows. Special trim lighting wraps the entire home. New water heater 2024.

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1635 E Butler Drive Phoenix, AZ 85020

$925,000

4 Beds

3 Baths

2,257 SqFt

Status Active Under Contract

MLS # 6751241

Property Type Single Family Residence

Price Type --

Discover serenity in central Phoenix w/ breathtaking mountain views! Ideal for hikers, the home offers quick access to Mt. Preserve Trails. NO HOA! The manicured front yard welcomes you. Inside, experience updates such as; white quartz countertops throughout the home, new interior doors, updated backsplash in kitchen & baths, and remodeled showers/tubs. New fixtures, AC unit, & water heater enhance the entire home. The kitchen boasts top-of-the-line appliances, including a wine fridge. The family room with a two-way beehive fireplace and vaulted beamed ceiling, adds charm & warmth. With tile throughout, the interior is both stylish & practical. Outside, the peaceful front & backyards are inviting, with the backyard featuring low-maintenance turf.

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29320 N 128th Lane Peoria, AZ 85383

$925,000

3 Beds

3 Baths

2,341 SqFt

Status Active Under Contract

MLS # 6748380

Property Type Single Family Residence

Price Type --

Absolutely the Best of the Best - MUST SEE this REMODELED Serenitas w/ PRIVATE CASITA! Situated on a spectacular lush, green GOLF COURSE LOT w/ MOUNTAIN VIEWS! Impressive STONE ACCENTS greet you as you enter the private, serene crt yrd created by having a CASITA! The CUSTOM FINISHES Sets this home apart - The Redesigned Kitchen & Great Room is a Trilogy Masterpiece!! Gorgeous WOOD FLOORING with Huge Baseboards THROUGHOUT is a show-stopper!! The Chef's Kitchen features: GE MONOGRAM SS GAS COOKTOP w/ CUSTOM Hood Vent, Double Ovens, Designer Cabinetry w/ Chunky Crown Molding, QUARTZ C-TOPS w/ Dramatic Veining & FARM SINK, CUSTOM Backsplash, BAR w/ Beverage Center & designer lighting!! Enjoy the MASSIVE PICTURE WINDOW & CUSTOM Entertainment Wall in the Great Room. Remodeled Owners suite has a BAY WINDOW, huge WALK-IN SHOWER & FLOATING VANITIES. Guest Bath & Casita are both upgraded to the hilt!! Outdoor space is A DREAM - RESORT BACKYARD w/ HEATED POOL & water feature, extensive pavers, EXPANSIVE COVERED PATIO, automated SHADE & built-in BBQ. Add'l upgrades: Garage is extended 4' and has EPOXY & Cabinets, High-end lighting and fans, add'l can lighting, Exterior painted in 2024, PVC Drip System, Soft Water & so much more - Don't miss the incredible opportunity to call this your HOME!!

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15042 N Moon Valley Drive Phoenix, AZ 85022

$925,000

4 Beds

3 Baths

2,638 SqFt

Status Active Under Contract

MLS # 6758344

Property Type Single Family Residence

Price Type --

This is a one-of-a-kind 4 bedroom, 3 bathroom completely remodeled ranch-style home in the coveted Moon Valley neighborhood in Phoenix! This property is wonderfully landscaped and has a private backyard with grass to play in and a gorgeous salt water pool surrounded by a beautifully laid travertine pool deck for lounging. This property has new electrical, plumbing and HVAC all done in 2019. The pool has a new motor and pump as well as a whole house water filtration system. The Master bath boasts a skylight, the whole house has concrete compound counter tops, tile flooring throughout, plantation shutters, ceiling fans, and a programmable thermostat. The formal living area has a stunning two-way gas fireplace and dining area with a picture window overlooking the neighborhood.

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