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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34159 N Borgata Trail Queen Creek, AZ 85144

$899,334

4 Beds

3.5 Baths

2,973 SqFt

Status Active

MLS # 6721274

Property Type Single Family Residence

Price Type --

Welcome to this new home in Prelude at Oro Ridge boasting a 3 car garage, 4 bedrooms, a den, and 3.5 bathrooms! This well-thought-out floorplan will not disappoint! Box beams and fireplace at great room! The kitchen features Jennaire Stainless Steel appliances, Quartz Countertops, and Urban Taupe Cabinets. The primary suite is lavish with a freestanding soaking tub in the ensuite. You will love the upgraded doors and baseboards throughout! Do not miss out on this gorgeous home!

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18826 E Celtic Manor Drive Queen Creek, AZ 85142

$899,232

4 Beds

3.5 Baths

3,258 SqFt

Status Active

MLS # 6682544

Property Type Single Family Residence

Price Type --

MLS#6682544 Discover the charm of the Adair 1-story home at Legado Summit Collection! Step onto a welcoming portico leading to a sunny courtyard and porch. Inside, an open-concept layout awaits with a great room, kitchen, and dining area, all connected to a covered patio. On one side, a bedroom and teen room share a full bath, while the primary bedroom boasts its own bath and walk-in closet. The other side features a 1-car garage, flex room, 2-car garage, laundry, and two more bedrooms with a bath. Enjoy spacious, functional living in sunny Arizona! Design upgraded include: chef kitchen with GE monogram appliances. Design options include: Classic Canvas Collection - Fanfare.

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4655 W Bonnie Lane Queen Creek, AZ 85144

$899,000

5 Beds

4 Baths

3,525 SqFt

Status Active

MLS # 6751817

Property Type Single Family Residence

Price Type --

BRAND NEW Constructionwith NO HOA! Stunning Modern Farmhouse on a 1.25 ACRE LOT w/ Horse Privileges. 4 Car Side Entry Garage and GUEST LIVING w/ Seperate Entry. Gourmet Kitchen with WOLF APPLIANCES, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel PULL DOWN Microwave and Wood Plank tile Floors. Stunning Master Bathroom with Freestanding Soaking Tub, BEACH ENTRY Modern Glass Shower and Beautiful Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane 14 seer AC units & High-end Windows. Superior Construction and Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Close to hiking and horseback riding trails in San Tan Mtns. ESTIMATED COMPLETION DATE Jan/Feb.

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4474 N Ashbury Court Apache Junction, AZ 85119

$899,000

4 Beds

3 Baths

3,205 SqFt

Status Active

MLS # 6753646

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades throughout! This beautiful Modern Farmhouse is located on 1 ACRE of Horse Property w/ a TEEN ROOM & DEN. Gourmet Kitchen w/ high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless-Steel Microwave Drawer, WOLF GAS Oven/Cooktop, STEAM OVEN & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Glass Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! $5,000 to Buyer at Close of Escrow which shall be used towards Buyer installing a water filtration system. MOVE IN ready in Dec/Jan.

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11304 W Ranger Drive Casa Grande, AZ 85193

$899,000

4 Beds

3.5 Baths

3,487 SqFt

Status Active

MLS # 6697265

Property Type Single Family Residence

Price Type --

Incredible to be built custom home! Great floor plan with high quality, luxurious finishes. Surrounded by other custom homes, including one by this developer. Request a copy of the 3-D virtual tour so you can see for yourself!

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16033 E Ponderosa Drive Fountain Hills, AZ 85268

$899,000

3 Beds

3.5 Baths

2,720 SqFt

Status Active

MLS # 6747344

Property Type Single Family Residence

Price Type --

PRICED UNDER MARKET - Meticulous Custom Fountain Hills home on Elevated Lot. High coffered ceilings, 2 Fireplaces, Oversized yard, 3 bedrooms 3.5 Baths. Wide long driveway convenient for yard/garage access. Temperature Controlled Storage room and an additional Temperature Controlled Tool Room to protect all your power-tools and Hobby supplies. Decorative Drapes and Rods do not convey.

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5 Apache County Road 3565 Road Vernon, AZ 85940

$899,000

4 Beds

2.5 Baths

2,823 SqFt

Status Active

MLS # 6643667

Property Type Single Family Residence

Price Type --

This gorgeous custom home on 2.5 acres is nestled in an incredible location. It has privacy, yet still close to town. It's also only 750 yards away from Sponseller Lake! Perhaps the best part is the wildlife preserver bordering the west side of the property. This ensures no vehicle access to the public behind your property! The home features a gourmet kitchen with custom cabinets, wood work, and an expansive open pantry. Enjoy the beautiful, laminate vinyl plank flooring, complimented by the super cozy fireplace. It comes with a tankless hot water heater that will surely come in handy on cold winter days. Step outside to a delightful back patio, where you can enjoy meals with a fantastic view. With 2.5 acres at your disposal, this home is a prized gem!

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1501 N Miller Road Unit 1002 Scottsdale, AZ 85257

Open House

$899,000

3 Beds

2.5 Baths

2,080 SqFt

Status Active

MLS # 6646879

Property Type Townhouse

Price Type --

NEW HOMES FINISHING NOW! The Magic of Vistas of Scottsdale. A boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale - Location is Everything. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

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3555 W Hummingbird Lane San Tan Valley, AZ 85144

$899,000

4 Beds

4.5 Baths

3,120 SqFt

Status Active

MLS # 6742481

Property Type Single Family Residence

Price Type --

*Expected to be ready to close by November 15, seller willing to contribute to closing cost/rate buy down. Updated photos 9/21* Welcome home to your luxurious retreat nestled in the San Tan Valley! Immerse yourself in the breathtaking natural beauty, picturesque sunsets, and unmatched privacy this sanctuary provides. As you enter your own private drive, this sophisticated modern home will overwhelm the senses offering the Scottsdale feel of tastefully appointed design combined with the stunning, low-maintenance, natural front landscape, at a fraction of the price. The well thought out attached casita offers a private retreat complete with its own entrance, kitchenette, laundry, and separate AC system. This additional living space ensures privacy and comfort for all residents and visitors. The casita also has a separate measurable electrical panel and the single car garage can be easily separated to provide a true multi-generational or income providing opportunity! The casita can also be modified to be fully incorporated into the main home to provide easy access to the extra bedroom or provide a flex space with countless possibilities! As you enter the main home, the gourmet kitchen will take your breath away! Featuring top-of-the-line appliances, custom cabinetry, and elegant countertops, meticulously chosen to provide both style and efficiency, making cooking and entertaining a delight. As you retreat to the lavish master suite, the spacious bedroom will offer a serene escape, with large upgraded windows framing the scenic views. The beautiful en-suite bathroom features high end finishes including large walk-in shower with custom tile work, dual vanities with exquisite countertops, large soaking tub, and ample storage, the ultimate in comfort and relaxation. This home is currently under construction with an expected completion date of December 1, 2024 (subject to change). Buyer is eligible to select finishes with deposit. Price is subject to change based on selections. Photos will continue to update progress of build.

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23565 S 201st Street Queen Creek, AZ 85142

$899,000

4 Beds

2.5 Baths

2,684 SqFt

Status Active

MLS # 6738003

Property Type Single Family Residence

Price Type --

Available to see Aug 28th. Inside freshly painted. **Prime Location in Queen Creek!** This stunning custom home is located in one of Queen Creek's best neighborhoods, on a spacious corner lot. Inside, you'll find a luxurious master bedroom with walk-in closets and its own laundry room, a formal living room with a cozy fireplace, and a versatile dining area. The home also features three additional bedrooms, including a large guest suite, and a second laundry room. Outside, enjoy a large backyard with a beautiful pool, built-in barbecue, and ample space for entertaining. Situated on a .42-acre lot with 12-foot ceilings and an open floor plan, this property offers the perfect blend of comfort and style. Don't miss out on this incredible opportunity!

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4847 E Juana Court Cave Creek, AZ 85331

$899,000

4 Beds

2 Baths

2,444 SqFt

Status Active

MLS # 6754569

Property Type Single Family Residence

Price Type --

Remodeled to perfection with no expense spared ! This pristine 4 bedroom ,single-level ,TW Lewis home with super private yard backs to desert open space . Over $125,000 spent including Trane 20 seer high-efficiency AC units, new roof in 2022, gorgeous primary bath with soaking tub and remodeled guest bath. The kitchen is updated with quartz counters, Bosch double-oven, ASKO top of the range dishwasher, new whole house water conditioning system, plantation shutters, crown moldings, updated landscaping , new BBQ, flooring , paint and the list goes on. Gas cooktop and Fireplace. Great room floor plan ( see doc tab) with formal dining and breakfast room . 3 car garage and very walkable to coffee and restaurants nearby. The home is stunning - just move right in.

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7601 E Indian Bend Road Unit 1046 Scottsdale, AZ 85250

$899,000

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6730231

Property Type Townhouse

Price Type --

With only 198 ultra-exclusive homes in Corriente, these 48 Perla models are the most coveted. Occasionally, one of the 18 exclusive waterfront views change hands. Although, only 6 are at ground-level, each becoming more desirable as you move inward. Only one offers the perfect combination of total privacy, unrivaled beauty, and absolute serenity. Welcome to the quintessential, Sonoran Desert hideout. Exquisite tile work, updated kitchen, fresh paint, high end appliances, energy efficient lighting, a cozy fireplace and views from every room that takes your breath away. Less than 10 minutes from TPC, Barrett-Jackson, Spring Training, world-class meals, dining and shopping! Or relax in pristine pools, friendly clubhouse and onsite gym - Btw hoa dues include high speed internet and dish TV

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