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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4936 E Juana Court Cave Creek, AZ 85331

$905,000

4 Beds

2.5 Baths

2,942 SqFt

Status Active

MLS # 6757313

Property Type Single Family Residence

Price Type --

Stunning, Immaculate, Gorgeous just begin to describe this beautiful Tatum Ranch TW Lewis home. Nearly 3,000 sq. ft., this spacious home has it all. Huge kitchen open to a Great room with fireplace. Additional, front living room formal dining. Plantation shutters throughout, large main bedroom with remodeled bath and customized walk in closet. The soaring ceilings add to the wonderful feel of this fabulous home along with brand new carpeting. You're invited to this amazing outdoor living backyard with Pebble Tec pool, lots of grass to enjoy & play and a full length covered patio. Trees, shade $lush landscaping surround this 11,000 sq. ft. property. In front, another relaxing front patio to enjoy this peaceful gem. A three car garage ensures that you have plenty of room for everything.

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766 E Las Puertas Lane Queen Creek, AZ 85140

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$902,379

3 Beds

2.5 Baths

2,728 SqFt

Status Active

MLS # 6762963

Property Type Single Family Residence

Price Type --

Welcome to the extraordinary Alora plan - a showcase of luxury and thoughtful design. Step inside and be greeted by a sprawling and functional layout, featuring a huge gourmet kitchen that offers convenience and ample storage. This Alora plan lives large with a spacious living room, huge kitchen island and the sitting room off of the kitchen is perfect for enjoying your morning coffee or entertaining for dinner. A few upgrades include a large rolling wall of glass, gourmet kitchen, upgraded appliance package and all landscaping.

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4720 Bowie Drive Prescott, AZ 86305

$900,000

5 Beds

3 Baths

3,444 SqFt

Status Active

MLS # 6732221

Property Type Single Family Residence

Price Type --

Nestled amidst the serene landscapes of Prescott, Arizona, this extraordinary luxury home epitomizes elegance and comfort. Boasting stunning views of Granite Mountain, this meticulously designed estate offers unparalleled privacy and tranquility. As you enter, you are greeted by soaring ceilings and an abundance of natural light filtering through expansive windows, framing the breathtaking scenery beyond. The open-concept living spaces seamlessly blend sophistication with warmth. The gourmet kitchen is a culinary masterpiece, with tons of counter space, perfect for both casual dining and entertaining guests. Adjacent, the spacious dining area opens onto a sprawling outdoor deck, ideal for dining and enjoying Arizona's legendary sunsets. The master suite is a private sanctuary. Each additional bedroom offers its own unique charm, with large bathrooms and expansive closets providing comfort and convenience. Outside, there are multiple lounging areas, for gatherings year-round, while mature trees enhance the sense of exclusivity. Located in one of Prescott's most prestigious neighborhoods, this home combines the allure of natural beauty with the convenience of urban amenities. Nearby, renowned golf courses, hiking trails, and cultural attractions provide endless opportunities for outdoor adventure and leisure. With its unparalleled craftsmanship, breathtaking views, and exceptional amenities, this luxury home in Prescott, AZ, offers a rare opportunity to experience Arizona living at its finest.

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10015 W Jasmine Trail Peoria, AZ 85383

$900,000

4 Beds

2.5 Baths

3,057 SqFt

Status Active

MLS # 6750342

Property Type Single Family Residence

Price Type --

Welcome to Northlands in North Peoria, where the skies are bigger and the sunset glow fills the sky with radiant pink, yellow, orange and purple hues. Step out front every morning and view the beautiful Calderwood Butte, enjoy your mornings out on your private front courtyard, and with the trail head right down the street you'll get the full enjoyment of this very special home in a very special community. Meet the Cholla Model by Maracay Homes, with a spacious 3057 sq.ft. of interior living space, 4 BED + BONUS ROOM + 2.5 Baths and a 3 CAR Garage. Open concept main living area with a crisp neutral color pallet, warm tone wood laminate floors, can lighting, classic wood shutters with white trim and doors. Updated light fixtures with industrial-farmhouse style ceiling light/fans, stylish shiplap wall accents, along with a custom built-in entertainment center in the bonus room. Open concept gourmet kitchen features light tone granite countertops and island, wall-to-wall rich contrasting cabinets, classic travertine backsplash, clear pendant lighting, stainless steel appliance package with hood, and a walk-in pantry for all your storage needs. A cozy breakfast nook serves as the dining area. Step into your master suite with updated lighting and classic wood shutters. The master bath features double sinks, ceramic tile floors, a garden tub, tiled stand-up shower, separate toilet room, and a walk-in closet. 3 additional bedrooms, a bonus room, a powder room, and a full bathroom give you plenty of space, flexibility, or privacy within your home. Step outside, and take a deep breath, covered porch area, classic travertine pavers, a sparkling pool with water feature, and a side yard for additional storage. SOLAR will be paid off at closing. There truly is nothing to do except move in and live your absolute best life. Neighborhood mountain views and trails, close proximity to 303 freeway access, 10 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. A list of updates and floor-plan are available in the documents tab.

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5344 E Calle De Baca -- Cave Creek, AZ 85331

$900,000

3 Beds

3 Baths

2,769 SqFt

Status Active

MLS # 6713840

Property Type Single Family Residence

Price Type --

This lovingly cared for & tastefully updated single level home in gated Desert Wind backs to natural area open space for seclusion & privacy. Open living/dining room with a bank of windows to display the backyard oasis. The roomy eat-in kitchen with center island includes gas cooktop, generous pantry, extensive cabinets & granite countertops. Family room offers easy access to outdoor living with large covered patio. Enjoy the refreshing pebble finish pool year round. Spacious primary bedroom has access to outdoors & Plantation shutters to provide elegance & privacy. Updated ensuite bathroom includes large walk-in shower, raised cabinets, designer sinks & fixtures. Two secondary bedrooms share a Jack & Jill bath. Office could be converted to an extra bedroom. Shower included in guest bath.

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2390 E Franquero Lane Cottonwood, AZ 86326

$900,000

2 Beds

2 Baths

1,460 SqFt

Status Active

MLS # 6757437

Property Type Single Family Residence

Price Type --

This rustic, handcrafted home, originally built by its creator, is now available on the market. Nestled on 3.27 acres of irrigated pasture, this property is ideal for equestrian enthusiasts, complete with a mare motel for horse lovers. Located just minutes from the lively Main Street and close to the river, it offers a perfect mix of pastoral charm and convenience. With no homeowners' association to oversee it, the possibilities are limitless, whether you're looking for a tranquil weekend retreat or an attractive short-term rental opportunity. This unique home invites you to unwind and immerse yourself in the timeless beauty of nature.

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8349 E Catalina Drive Scottsdale, AZ 85251

$900,000

4 Beds

3 Baths

1,850 SqFt

Status Active Under Contract

MLS # 6760574

Property Type Single Family Residence

Price Type --

Gorgeous remodel in the heart of Scottsdale. This split 4 bedroom, 3 bath home has Two Master Suites. Huge 12,000 sq ft lot in a cul-de-sac. Heated pool and spa. Open floorplan with a custom built kitchen including a double oven, perfect for large gatherings. Custom front door with privacy glass, Whole home water filtration system. This home has been well cared for and is ready for the next loving homeowner to take over.

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3309 W Here To There Drive Phoenix, AZ 85086

$900,000

4 Beds

3 Baths

2,746 SqFt

Status Active Under Contract

MLS # 6758409

Property Type Single Family Residence

Price Type --

Discover your dream home on 1.1 acres of serene, spacious living! This beautifully upgraded property features a sparkling pool, RV parking, and the cost-saving benefits of paid solar. Freshly painted inside and out with stylish shutters, the home exudes modern elegance. The expansive 3-car garage includes an epoxy floor, built-in cabinets, and overhead storage. Enjoy breathtaking mountain views from the corner kitchen window and make the most of a generous side yard. Experience unparalleled space, style, and stunning scenery!

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11407 N 78th Street Scottsdale, AZ 85260

$900,000

3 Beds

3.5 Baths

2,699 SqFt

Status Active

MLS # 6759966

Property Type Single Family Residence

Price Type --

Golf course home is ready for your vision to make it your own. Unique floor plan with 2 master suites, one upstairs and one downstairs in conjunction with an attached mother-in-law casita is perfect for anyone looking for a little extra guest space. The view of the golf course is one you will never tire of, and being a gated subdivision and on a cul-de-sac street gives you privacy. Scottsdale Country Club - Starfire Golf Club is a well established community with mature landscaping and is in the very heart of Scottsdale, on Shea Boulevard and Hayden Road. Surrounding the Arnold Palmer-designed Starfire public golf course are many different types of residential residences accented with pine and cottonwood trees, eucalyptus, lakes with fountains, and stunning views of the McDowell Mountains and the golf course. Minutes from shopping, schools, Rockies & Diamondback spring training fields, entertainment and the Loop 101, you won't find a more central location to call home in Scottsdale!

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3101 E Acoma Drive Phoenix, AZ 85032

$900,000

4 Beds

2 Baths

2,230 SqFt

Status Active

MLS # 6687227

Property Type Single Family Residence

Price Type --

Designer's Dream Home with exquisite views! One-of-a-kind home on a 1/2 acre hillside lot with elevated mountain views and privacy. Chef's kitchen is a joy to cook in and entertain: Viking cooktop and commercial fan, birch island and cabinets, double-oven + double warming ovens, wine fridge, and more. Custom flooring is a mosaic of natural wood. Vaulted ceiling, tin panels and concrete accent walls add a rich texture to the open living spaces. Live freely with no HOA. Brand new roof and backyard turf allow easy care and maintenance. The home itself is a work of art, you have to experience it for yourself to see!

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18403 W Porter Drive Goodyear, AZ 85338

$900,000

4 Beds

4 Baths

2,872 SqFt

Status Active

MLS # 6755983

Property Type Single Family Residence

Price Type --

Just moments from South Lake, this custom-built resort oasis defines luxury living! Enter through a grand paver driveway to discover travertine floors, and elegant stone accents throughout. The kitchen is a true centerpiece, featuring high-end cabinetry, a spacious island, a five-burner gas stove, and plenty of prep space—ideal for entertaining. Flowing into the great room, it's perfect for gatherings. The primary suite offers a private sitting area, and several bedrooms have en-suites for added privacy. Outside, enjoy a resort-style pool, a saltwater spa with a chiller, and a built-in BBQ. With a Tesla charger, paid-off solar, and a recent $960K appraisal, this home is a standout! Located in Estrella, enjoy 65+ miles of trails, parks, lakes, a water park, golfing and much more!

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4467 E Kelly Court Gilbert, AZ 85298

$900,000

5 Beds

2.5 Baths

3,005 SqFt

Status Active

MLS # 6729443

Property Type Single Family Residence

Price Type --

Welcome to this stunning home with a new AC in 2022, paid off solar, and on an oversized lot in Seville! This well-thought-out layout boasts 5 bedrooms, 2.5 updated bathrooms, and updated flooring. You will love the entry living room highlighted by a curved staircase, soaring ceilings, and Norman shutters. The spacious great room seamlessly connects to a beautiful kitchen finished with granite countertops, a peninsula breakfast bar, a kitchen island, and a walk-in pantry. Upstairs, you'll find four well-maintained bedrooms and a convenient laundry room. The primary suite has a double door entry and a recently updated ensuite bathroom with a soaking tub, a tiled shower, dual sinks, and a large walk-in closet. Outside, the backyard is a true oasis, complete with two sheds, two pergolas, and the front driveway has a paver walkway leading to a large, paved pad behind the RV gate to the service door. The rest of the backyard is comfortable year-round boasting an expansive covered patio with two ceiling fans and built-in speakers, a refreshing pool recently resurfaced with pebble tec, and lush grass areas. Plus solar panels! This home is stunning, do not miss out! Seville offers its residents the opportunity to join a private golf and country club which has resort style pool, exercise facility, and a clubhouse.

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