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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7808 E Montebello Avenue Scottsdale, AZ 85250

$900,000

3 Beds

2.5 Baths

1,993 SqFt

Status Active Under Contract

MLS # 6726568

Property Type Townhouse

Price Type --

Experience the pinnacle of Scottsdale living nestled in the private Villa Antano community, minutes from Old Town Scottsdale, Scottsdale Quarter, and multiple major freeways. This single-level sanctuary features an expansive open floor plan with upgraded doors, windows, sophisticated quartz countertops, rich maple cabinetry, stainless steel appliances and a wine fridge. The interior layout is enhanced with sleek tile flooring, wood beamed ceilings, and stylish tile backsplash. The master suite and living area open to a large private patio enveloped by lush greenery, creating an ideal setting to enjoy Arizona's serene evenings. Additional amenities include window shutters, a dedicated laundry space, large closets and ample storage space. Located near a plethora of shops, restaurants -- golf courses, and parks, this home is a superb choice for those seeking a tranquil yet vibrant Scottsdale lifestyle.

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17780 N 66th Lane Glendale, AZ 85308

$900,000

4 Beds

3 Baths

2,494 SqFt

Status Active

MLS # 6615012

Property Type Single Family Residence

Price Type --

BACK ON THE MARKET! Welcome to this stunning and meticulously maintained 4BD, 3BA home. This property exudes charm and elegance, offering a perfect blend of modern features and timeless appeal and no HOA. The living area boasts high ceilings, creating an airy and inviting atmosphere. One of the focal points of the home is the gorgeous kitchen, which has been thoughtfully designed with both style and functionality in mind featuring beautiful granite countertops and ample cabinet space. The center island provides additional workspace and a breakfast bar, perfect for casual dining or entertaining guests. Another highlight of this home is the temperature controlled, detached garage, offering additional storage space or the opportunity to create a workshop or studio. The home offers 4 generously sized bedrooms, providing plenty of space for a growing family or accommodating guests. The master suite is a true retreat, complete with a fireplace and a luxurious ensuite bathroom featuring a large shower, dual sinks and the walk-in closet provides ample storage space for all your belongings. Step outside to the beautifully landscaped backyard, where you'll find a covered patio, a ramada perfect for outdoor dining or simply enjoying the Arizona weather and an inviting pool for the warmer days of the summer! The low-maintenance front and back yards ensure you can spend more time relaxing and less time on upkeep. Located in a sought-after Glendale neighborhood, this home is conveniently situated near shopping centers, restaurants, parks, and schools. With easy access to major highways, commuting to downtown Phoenix or other parts of the valley is a breeze. Don't miss out on the opportunity to own this gorgeous home. Schedule a showing today and experience the beauty and comfort this property has to offer!

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5 Sycamore Road Sedona, AZ 86336

New

$900,000

2 Beds

2 Baths

1,652 SqFt

Status Active

MLS # 6763584

Property Type Single Family Residence

Price Type --

You'll absolutely adore this rare and serene Oak Creek Island, an extraordinary destination. Discover Doodlebug Island in the heart of Sedona, where stunning Red Rock scenery and the calming flow of Oak Creek create a perfect backdrop from the patio of this property. This cottage will make your perfect getaway escape or even primary residence! Features 2 bedrooms, 2 bathrooms, plus a generously sized loft! The kitchen is totally open to living and set up for entertaining, wood floors, wood wrapped windows and more. Once outside you'll be impressed with the large patio overlooking Oak Creek and the calming sound of the flowing water. This place is a must see!

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22632 E Camacho Road Queen Creek, AZ 85142

$900,000

6 Beds

4.5 Baths

5,144 SqFt

Status Active

MLS # 6660361

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the gated community of Spur Cross. This 6-bedroom, 5-bathroom residence was constructed in 2020 and offers a spacious and bright living environment spanning a generous 5,144 square feet. Downstairs is an open-concept floor plan that seamlessly connects the living, dining, and kitchen areas. The kitchen features stainless steel appliances, quartz countertops, & an oversized island with waterfall edge, great for entertaining. On the main level, you'll find a full ensuite bedroom and bathroom, providing privacy and convenience for guests or family members who prefer ground-level living. The first level also has an extra living space for a den or office. Upstairs are four more bedrooms and three full baths plus an additional den/office. Laundry rooms can be.. ... found on both levels for added convenience. Don't forget there is a 3 car garage and fully landscaped backyard with easy to maintain turf. The lot is just over a quarter acre! Enjoy the built in BBQ and firepit with friends and family. Spur Cross offers a community pool and sport courts/parks. Close to shopping, schools, and amenities!

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14219 E Dove Valley Road Scottsdale, AZ 85262

$900,000

4 Beds

3 Baths

3,112 SqFt

Status Active Under Contract

MLS # 6730561

Property Type Single Family Residence

Price Type --

Exquisite Luxury Living with Unrivaled Views Welcome to this exceptional, nearly new residence that is proudly Energy Star Certified. Nestled in an exclusive enclave, this home offers an unparalleled lifestyle experience with breathtaking 180-degree panoramic views of Four Peaks, Weavers Needle, and the majestic McDowell Mountains. Step into the heart of this architectural masterpiece and be captivated by the open Great Room floor plan, designed for both elegant entertaining and serene relaxation. The stunning chef's kitchen is a culinary dream, featuring a custom cabinet-front Wolf six-burner stove with a striking stone surround, a top-of-the-line Fisher & Paykel dishwasher, and a luxurious porcelain farmhouse sink. ((MORE)) The custom media wall with a modern fireplace creates a warm and inviting ambiance, seamlessly complemented by the expansive 4-panel sliding glass door that opens to the outdoor oasis. Here, you'll find a vast 800-square-foot covered back patio, perfect for al fresco dining or simply taking in the awe-inspiring views. Retreat to the indulgent master suite, where high-end finishes and a spa-like bath offer a sanctuary of relaxation. The suite boasts soaring 10-foot flat ceilings adorned with elegant wood beams, solid wood interior doors throughout, and a striking high-end custom iron front door that makes a grand statement. Enjoy year-round luxury with the heated pool and spa, designed for ultimate comfort and leisure. This home epitomizes sophistication and modern luxury, offering a lifestyle that is truly extraordinary. Don't miss the opportunity to make this unparalleled residence your own. Features: Age: 3 years old Energy Star Certified 180-Degree Views: Four Peaks, Weavers Needle, McDowell Mountains Great Room Floor Plan Chef's Kitchen: Custom Cabinet-Front Fridge & Freezer, Wolf Six-Burner Stove with Stone Surround, Fisher & Paykel Dishwasher, Porcelain Farmhouse Sink Custom Media Wall with Fireplace 4-Panel Sliding Glass Door Master Suite: Expansive with Spa-Like Bath Ceilings: 10 ft with Wood Beams Covered Back Patio: 800 Sq Ft Interior Doors: Solid Wood Front Door: High-End Custom Iron Outdoor Amenities: Heated Pool & Spa

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21905 N San Ramon Drive Sun City West, AZ 85375

$900,000

3 Beds

2.5 Baths

3,027 SqFt

Status Active Under Contract

MLS # 6727122

Property Type Single Family Residence

Price Type --

Here is the Granada you have been waiting for! This Corte Belle beauty is situated on an oversized lot with privacy and an unmatched '' forever view''! This beautiful home features an inviting foyer that leads to a sophistacated split floor plan with numerous numerous living options. The feeling of quality and luxurious comfort is immediately experienced. A beautiful dining room and living room set the stage for entertainment. The kitchen is a chef's delight, offering double ovens, granite counters, large center island, plus roomy eat-in area with a magnificent view. The convenient butler's pantry makes entertaining easy, with generous cabinetry and counter space. The kitchen and the family room feature picture windows that offer stunning views of the backyard, golf course and mountain views. The primary suite is an unparalleled retreat, with a room-size walk-in closet and a luxurious bath, featuring a large, walk-in shower, a soaking tub, and very generous storage! The home also includes two additional bedrooms connected by a shared bath, plus a den/flex room to serve your specific lifestyle. Whether relaxing or entertaining, the gorgeous view down the first fairway to the mountains and the lush, impeccably maintained landscaping in the resort-style backyard, is the perfect backdrop for the pool, spa, barbeque, and al fresco dining. Considering the recent updates, such as new exterior paint, a freshly coated driveway, and a refresh of the interior, this home is ready for you to enjoy the Corte Bella lifestyle including the restaurants, fitness center, day spa, tennis, pickleball, bocce ball, various social activities, planned excursions, and of course golf!

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30711 N 162nd Street Scottsdale, AZ 85262

$900,000

4 Beds

3 Baths

2,990 SqFt

Status Active

MLS # 6659399

Property Type Single Family Residence

Price Type --

Horse Property ! Over TWO acres ( 2.5 ) of desert views! 360 degree view from rooftop deck including views of Weaver's Needle! Huge garage and workshop area and all kinds of storage ! Freshly painted and refurbished.

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17429 E Via Del Oro -- Fountain Hills, AZ 85268

$900,000

3 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6730951

Property Type Single Family Residence

Price Type --

Welcome to Puerto Del Lago nestled at the end of a serene cul de sac, this home offers luxurious living with modern amenities and impeccable design. The kitchen features brand-new custom cabinetry, stainless steel appliances, quartz countertops and spacious island perfect for entertaining. The bathrooms have been transformed with elegant fixtures, modern vanities, custom tile work, and frameless glass shower enclosures, providing a spa-like experience in the comfort of your home. The living areas have new flooring throughout, stylish trim, and fresh paint, creating a cohesive and inviting atmosphere. Outside has large covered patio, built in BBQ and endless views of the serene desert. Neighborhood has community pool and is a short distance to the famous Fountain Hills fountain A stunning fireplace wall has been added to the living room, creating a cozy focal point that enhances the ambiance of the space. The spacious bedrooms offer ample closet space and natural light, ensuring comfort and tranquility. Additional upgrades include new doors, light fixtures and HVAC system, ensuring comfort and energy efficiency. The home is conveniently situated near top-rated schools, shopping, dining, and recreational activities, offering the best of Fountain Hills living in a home that feels brand new.

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7199 W Pinnacle Vista Drive Peoria, AZ 85383

$900,000

5 Beds

4.5 Baths

3,508 SqFt

Status Active

MLS # 6740193

Property Type Single Family Residence

Price Type --

Be the proud owner of this Amazing 5 bedroom 4.5 bathroom property! Be greeted by the lovely curb appeal showcasing a 3 car garage, paver driveway, & manicured landscape. Soaring ceilings, wood flooring, barn doors, & an open floor plan are some of the features you will find inside. The charming foyer opens to the sizable great room w/plenty of windows & accent wall. Formal dining room. The eat-in kitchen is equipped w/marble backsplash, granite counters, modern light fixtures, dark hardwood cabinets w/crown moldings, high shelves, SS appliances, a wine cooler, a walk-in pantry, & a prep island w/breakfast bar. Spacious loft ideal for a play area. The main bedroom provides a mature palette, soft carpet, & an ensuite w/dual sinks, shower w/drying area, & a large walk-in closet... Enjoy memorable gatherings in the wonderful backyard & make the most of its cozy covered patio, paver pathways, basketball court, & inviting water fountain. This value Won't disappoint!

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7631.. Baldwin Lane Taylor, AZ 85939

$900,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6706945

Property Type Single Family Residence

Price Type --

Beautiful secluded 4 acre property, private well, gorgeous grounds at the end of the street. Unobstructed sunsets to the west (20 acre parcel w/ creek to the west). Further privacy provided by acreage to the south, the rock mountain (horse turn out /fenced) (This offering to be split at time of purchase from the 8 acre parcel) (additional 4 acre property available to purchase) Custom great room floorplan with flagstone wood burning fireplace - all large rooms, 4 bedrooms, office, oversize bonus room. Master bedroom & bonus room have separate patio exits. Dining & office w/ french doors, 3.5 baths, great room, separate dining room, gourmet kitchen, granite counter/tops w/ pegasus black sink, custom cabinets, mud room w/ full shower & sink, large laundry, pantry. Lovely covered outside flagstone bar area with small frig & sink. Separate ''salon room'' with plumbing & separate entrance. Oversized garage, tons of storage, tool room. Circle front and rear drive, RV / trailer parking. 12x14 greenhouse, 20x30 fenced garden, 2 apple, 2 cherry, peach plumb & pear trees, dog runs w/ shelter in pump house, 10x12 storage shed. New roof in 2021. Horse pens & turn out (up the mountain). (additional 4 acres to the east avail to purchase for $250K)

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2151 E Aquarius Place Chandler, AZ 85249

$900,000

4 Beds

2.5 Baths

2,846 SqFt

Status Active

MLS # 6711997

Property Type Single Family Residence

Price Type --

BACK ON MARKET AFTER BUYER FINANCING FELL THROUGH!! Discover upscale living in Windermere Ranch with this exceptional 2019 single-story home that offers the finest touches throughout! Enter from your private courtyard into the open-concept great room & kitchen where 10' ceilings, large windows & abundant natural light come together to create a spacious atmosphere. The chef's kitchen is a masterpiece, featuring high-end stainless-steel appliances, granite countertops, an expansive island, and a custom backsplash. The primary suite features double vanities, separate tile shower & tub, and a generous walk-in closet. Elegant wood-look ceramic tile adds durability and style. With all these premium upgrades, this home is competitively priced and ready for you!

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3925 Gold Ridge Road Wickenburg, AZ 85390

$900,000

3 Beds

3.5 Baths

2,670 SqFt

Status Active

MLS # 6715991

Property Type Single Family Residence

Price Type --

REDUCED $50K!! ASSUMABLE LOW INTEREST VA LOAN, 2.75% to any qualified buyer. Shea's most sought after Latigo floor plan, no waiting! This is a designer home so the upgrades are endless. This home features a sliding wall of glass, soft neutral color palette, beautiful wood look tile floors throughout, carpet in BD. Master suite is filled with natural light, opulent bath with oversized tub, separate shower, His & Her's walk-in closets. Den/office is perfect workspace for your home office. Guest will love the Casita with full coffee counter, walk-in closet, full bath. Back patio is a dream w/ gorgeous 3 spout water feature(see private remarks), pull down shades, fire pit, fully fenced too! Oversized 3+ car garage, epoxy floor. SOLAR TOO! Assumable low 2.75% loan + over $225K in upgrades.

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