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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22381 N 65th Avenue Glendale, AZ 85310

$920,000

4 Beds

2.5 Baths

2,730 SqFt

Status Active Under Contract

MLS # 6757895

Property Type Single Family Residence

Price Type --

Stunning Golf Course Lot located within the premier community of Top of the Ranch within Arrowhead Ranch! This extensively remodeled home has top of the line everything with meticulous attention to quality and construction. The new 17' panoramic telescoping doors leading to the backyard have a lifetime warranty, complete w/brand new adjustable screen and interior mechanical sun shades. The backyard is a dream oasis w/ built-in BBQ Island, with gas grill & griddle, newly renovated heated pool & spa, synthetic lawn, lovely pavers with seating areas overlooking the golf & mountain views! Extended covered patio w/ motorized retractable awnings on wind sensor. The chef's kitchen includes a Wolf 6 burner range, double Wolf ovens, Wolf island undermount microwave, new Asko Dishwasher, custom cabinetry with a pullout pantry, built in Subzero fridge, Subzero freezer drawer and Wolf warming drawer. The kitchen/family room is perfect for large family gatherings, as it has a large island with bar stool seating, and room for a breakfast table. New wood & metal clad french doors added to the family room also with retractable screens. Guest quarters (3 bedrooms) are separate from the primary suite. All baths have been fully renovated with custom vanities, kohler toilets, new plumbing fixtures, Quartz counters, and new shower tiles. You will love the oversized walk in shower with dual sprayers, easy for giving pets baths too! Home is ready for anything, with plenty of storage and a brand new 24kw Generac gas powered generator that will power the entire home in seconds. New roof, new windows, 2 Trane AC units, Air purification filters, Soft water, R/O + whole house carbon filter water system. Only the best in this home, you won't want to pass up. Close to the 101, great restaurants, AJ'S Fine Foods, Arrowhead Golf & sporting events.

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4055 N Recker Road Unit 95 Mesa, AZ 85215

$920,000

4 Beds

2.5 Baths

3,206 SqFt

Status Active

MLS # 6701891

Property Type Single Family Residence

Price Type --

$8000 PRICE DROP! Looking for elegance and luxury? Then look no further! MOTIVATED sellers looking to downsize. This absolutely stunning, gated RED MOUNTAIN RANCH CUSTOM home is ready for YOU. Columns and arches adorn the high ceiling entryway into the living room, inviting you to indulge yourself in conversation, or gaze out at the oasis like pool through the expansive windows. The oversized master suite offers a sitting area, the homes second fireplace, and French doors leading to the pool and covered patio. The master bathroom pampers you with a heavenly garden tub, separate walk in shower, dual sinks and a large walk in closet with built in island shelving. At the other end of the home you will find the kitchen with matching stainless appliances including a brand new Bosch Dishwasher Adjacent to the kitchen is the cozy family room which warms and brings you together with a firplace, three comfortably sized bedrooms and a full guest bath. The fourth bedroom may be used as an office or den as it has two entrances, one of which being French doors that open into the living room. Outside you'll find the backyard oasis with glimmering pool and rock waterfall feature, easy care, manicured Mediterranean inspired landscaping, full covered patio and multiple area for seating. Throughout the home you will find custom woodwork and aesthetics that will truly bring you pride of ownership in this stunning home that sits just across the street to golf course access path. No sign on property.

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10131 W El Cortez Place Peoria, AZ 85383

$920,000

5 Beds

3.5 Baths

3,406 SqFt

Status Active

MLS # 6730719

Property Type Single Family Residence

Price Type --

Sprawling 3400+ sq ft single level plan in sought after gated community of Florenza. Approx 1/4 mile to ''Peoria Basis'' Grades 5-12 The US News & World Report ranks #1 high school in America Energy efficient - owned solar panels, E.V. charging port - 3 car split garage. Great location - Close to retail, theaters, grocery restaurants & Paloma Park. Approx 2 mi. to hwy, 12 mi. to Lake Pleasant. Split floor plan w/ 10' ceilings. Each of the 5 bedrooms has a large walk-in closet, 3.5 baths, a ''teen room,'' & large great room w/ surround sound that opens into a dining (or Flex)space. The huge kitchen features stainless steel appliances, dbl ovens, granite countertops, walk-in pantry, an enormous island, lg dining area & tons of cabinets.Low maintenance & water efficient landscaping.

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4842 E Charleston Avenue Scottsdale, AZ 85254

Open House

$920,000

4 Beds

3 Baths

2,135 SqFt

Status Active

MLS # 6696832

Property Type Single Family Residence

Price Type --

great opportunity !!! This beautifully updated home offers a blend of modern features and natural beauty. The property includes a variety of fruit trees, such as Santa Rosa plum and Kara Kara orange, and backs into Moon Valley Nursery, ensuring stunning blooms year-round. The home features a new AC system, carpet, and plantation shutters, plus a newly installed pool heater. With 4 bedrooms, 3 bathrooms, a 3-car garage with epoxy flooring, and a heated pool, this residence offers both comfort and style. Situated near prime destinations like Kierland, Desert Ridge, and surrounded by popular shopping, dining, and schools, this home offers an ideal location for convenient living. Seller will consider any reasonable offer.

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32535 N 135th Drive Peoria, AZ 85383

$919,990

4 Beds

3.5 Baths

2,985 SqFt

Status Active

MLS # 6747166

Property Type Single Family Residence

Price Type --

4 bedrooms + study, 3.5 baths, and 3 car garage, this great room design is flush with natural light...perfectly capturing those Arizona sunsets. With large picturesque, energy-efficient windows, 10' flat ceilings and 8' tall doors, this home offers tremendous sight lines and just feels like 'home.' Perfect for entertaining, the Gourmet kitchen boasts an oversized island, stainless GE appliances, and designer-appointed backsplash - be the envy of your family and friends. Inside the owner's retreat, personal relaxation is achievable with a spa-like bath boasting a tiled walk-in shower and gorgeous quartz countertops. 2x6 construction and Extensive NEW HOME WARRANTY = peace of mind. Welcome home.

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1950 W Sienna Bouquet Place Phoenix, AZ 85085

$919,990

5 Beds

4 Baths

3,567 SqFt

Status Active

MLS # 6752503

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, &/or price adjustments. Two-story home with 2.5 car garage and first-floor suite. Chef kitchen with KitchenAid gas cooktop, 42'' white cabinets, quartz countertops, planning center, and Butler's Pantry. Features include upgraded tile, carpet, mission-style railing, laundry cabinets, whole-house electrical, surround sound wiring, Smart Home package, and soft water loop. Front yard desert landscaping and stunning interiors.

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21701 E Via De Arboles -- Queen Creek, AZ 85142

$919,900

4 Beds

3.5 Baths

3,199 SqFt

Status Active

MLS # 6759308

Property Type Single Family Residence

Price Type --

Immaculate Modern Home with High-End Features and Private Oasis! Built in 2020, this luxurious 1-story home offers 3,199 sq. ft. of modern living on a 12,724 sq. ft. lot. The open layout features 4 bedrooms, a bonus room, a den, 3.5 baths, 9+ ft ceilings, and two master suites. The main master boasts a spa-like bath with a soaking tub, shower, and walk-in closet. Enjoy a private courtyard, custom iron gate, and backyard oasis with a heated saltwater pool and spa, all controlled via smartphone. Upgrades include smart home tech, a 3-car garage, pavers extended driveway, and a gourmet kitchen featuring SS appliances, an oversized island, and quartz countertops. Near top-rated schools and attractions, like the Olive Mill and Schnepf Farms! Don't miss out!

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8207 E Whitton Avenue Scottsdale, AZ 85251

$919,500

3 Beds

2.5 Baths

2,032 SqFt

Status Active

MLS # 6750033

Property Type Single Family Residence

Price Type --

Welcome to this charming newly remodeled home! This cozy abode boasts a new HVAC system, pipes/plumbing, and roof, ensuring worry-free living. Inside, you'll find two master suites for ultimate comfort and convenience. A home security system, outdoor security cameras, and fire sprinklers offer peace of mind. Enjoy modern amenities like stainless steel appliances, an electric fireplace, and water softener system. The home also features new landscaping, a ruff house play system playground, and quartz countertops throughout. Entertainment is a breeze with a home theater/audio system and Control 4 system. Plus, shutters throughout add a touch of elegance. Don't miss out on this gem, located conveniently near the freeway, shopping, and dining!

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127 E Sabrosa Drive New River, AZ 85087

New

$919,000

4 Beds

3 Baths

3,496 SqFt

Status Active

MLS # 6760472

Property Type Single Family Residence

Price Type --

Discover luxury living in this stunning custom-built single-story home, offering 4 bedrooms, 3 bathrooms, and a spacious 3,496 square feet of meticulously designed living space. Nestled on a serene, fenced lot with breathtaking views of the Circle and Daisy Mountains, this property offers both tranquility and elegance. Step inside to find high-end finishes, including gleaming granite countertops and exquisite travertine tile flooring in the main living areas. The open kitchen is a chef's dream, featuring a large breakfast bar, stainless steel appliances, and a stylish tiled backsplash. The living areas boast 10+ foot ceilings, creating an airy and inviting atmosphere. The primary bedroom is a private retreat with direct access to the expansive backyard, where you can unwind in the... the luxurious ensuite bath, complete with granite countertops, a separate tub, and a walk-in snail shower. The secondary bedrooms are equally impressive, with plush carpeting and a convenient Jack-and-Jill bathroom. Outside, you'll find a huge, fenced backyard with endless possibilities to create the outdoor space of your dreams. A covered patio offers the perfect spot for al fresco dining or simply enjoying the stunning mountain views. Additional features include a 3-car garage, RV gate, and plenty of space for all your outdoor needs. This custom home truly has it allstyle, space, and spectacular views!

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9455 E Voltaire Drive Scottsdale, AZ 85260

Open House

New

$917,000

3 Beds

2 Baths

2,253 SqFt

Status Active

MLS # 6762120

Property Type Single Family Residence

Price Type --

Absolutely stunning home in Casa Privada on spacious, beautifully landscaped lot featuring sparkling PebbleTec pool & putting green! Ideal Scottsdale location close to fantastic dining, shopping, & entertainment. Nearby McDowell Mtns offer endless recreation. Home has owned solar system for dramatic energy savings, open feel w/ vaulted ceilings & lots of natural light, plus beautiful white oak hardwood flooring. Spacious living & dining area, ideal space to relax & entertain. Gorgeous eat-in kitchen, custom lighting, gleaming SS appliances, quartz counters, huge island w/ bkfst bar, beautiful backsplash. Large luxurious primary suite, elegant primary bathroom, dual sinks, quartz, separate tub & shower, huge walk-in closet. Peaceful, relaxing backyard, large covered patio, refreshing pool. Large, comfortable family room with beautiful tiled gas fireplace has easy access to the spacious back patio. Secondary bedrooms both very light and spacious. Beautifully appointed second bathroom with rich granite counter. Large laundry room complete with high quality washer & dryer. Spacious three car garage helps with all of your storage needs. HVAC replaced in 2017, and all new roof in 2015. This is truly a gorgeous home in a beautiful subdivision that is not to be missed.

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5650 E Ocupado Drive Cave Creek, AZ 85331

$915,000

3 Beds

2 Baths

2,182 SqFt

Status Active

MLS # 6756005

Property Type Single Family Residence

Price Type --

Beautiful and well appointed home in quiet Lone Mountain subdivision. Convenient to the towns of Cave Creek & Carefree and about 20 minutes to the 101, 51 & I-17. Three bedrooms, 2 baths, all appliances included. Well equiped kitchen with gas cooktop, kitchen island, granite countertops and plenty of cabinets. Kitchen open to living room for the perfect social setting. Don't miss the crown molding which continues into the master bedroom and bath. Dining room is currently used as an office. Guest bedrooms are the perfect size and guest bath has matching granite and double sinks. The rear, full length, covered patio speaks for itself with a beautiful pool backing to nature. The best part of this is the assumable VA loan at 2.25%

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10550 E Sanger Avenue Mesa, AZ 85212

$915,000

4 Beds

3 Baths

3,282 SqFt

Status Active

MLS # 6744097

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the heart of the desirable Eastmark community in Mesa! Located on the highly sought after Sanger Ave, this stunning executive home spans 3,282 square feet and offers a blend of sophistication and modern design. Featuring four spacious bedrooms, a den, dedicated office space, and three well appointed bathrooms, this residence is perfect for both relaxing and entertaining. Beautiful curb appeal complimented by a pavered driveway/walkway and a custom gate that leads you to a private courtyard entry. As you step inside, you'll be greeted by an expansive floor plan with 10 foot ceilings that seamlessly integrates the greatroom, dining, and kitchen areas. At the heart of the home is the luxurious kitchen, featuring upgraded raised panel cabinets, granite countertops, tile backsplash, stainless appliances, an oversized island with shelving on both sides, and butler's pantry with ample storage. The large primary suite is a private sanctuary located at the back of the home, complete with an ensuite bathroom featuring a custom barn door, split vanities, soaking tub, large tiled shower, and walk-in closet. Outside, you'll find a covered patio, artificial turf, and built-in fire pit & conversation area, perfect for enjoying Arizona's weather. The three-car garage with epoxy floors and built-in cabinets provides plenty of storage and parking space, making this home as practical as it is beautiful. Other bonuses include 12x24 tile, neutral paint, upgraded lighting, and coffered ceilings in the entry/dining/primary bedroom. This home offers access to incredible amenities including numerous parks and playgrounds, walking trails, a community pool, splash pads, skate park, state of the art clubhouse, and ample community events, all within a vibrant and welcoming neighborhood. With easy access to shopping, dining, entertainment, and major highways, this home offers the perfect location to easily travel anywhere you want to go. Don't miss out on your chance to own this exceptional property!

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