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.

Whats 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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7802 S 55th Avenue Laveen, AZ 85339

$890,000
5 Beds
3 Baths
3,759 SqFt
Status Active Under Contract
MLS # 6738732
Property Type Single Family Residence
Price Type --
Beautiful custom home with wide open floor plan in the heart of Laveen. This special property has been thoughtfully designed and shows high quality craftsmanship throughout. The chefs kitchen is complete with stainless steel appliances, Shaker cabinets, custom countertops and backsplash, farmhouse sink and large pantry. All of the secondary bedrooms are oversized with large closets. You will love the owners suite, with stand alone garden tub, super shower and huge walk in closet. This beautiful home is situated on an oversized lot with outdoor kitchen/ entertainment area.

2110 N 68th Place Scottsdale, AZ 85257

$890,000
4 Beds
3 Baths
1,932 SqFt
Status Active
MLS # 6748869
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury in this newly renovated Scottsdale gem, just moments from Old Town. This modern marvel boasts four bedrooms, including dual master suites, and three opulent bathrooms. The primary suite features a lavish ensuite with dual vanities, a walk-in shower, soaking tub, and expansive closet. The chef's kitchen shines with granite countertops, a gas range, stainless steel appliances, and a large island with a prep sink and wine fridge. Elegant wood-like tile flooring and recessed lighting enhance the ambiance throughout. Step outside to a private oasis with a sparkling diving pool, lush artificial grass, and a putting green. Highlights include a 2022 5-ton AC unit, a spacious air-conditioned laundry room, new doors and windows, and an epoxy-floored 2-car garage.

27440 N Alma School Parkway Unit 113 Scottsdale, AZ 85262

$890,000
3 Beds
3 Baths
2,917 SqFt
Status Active
MLS # 6541784
Property Type Townhouse
Price Type --
INCREDIBLE INVESTMENT OPPORTUNITY! If you are looking for a FULL OWNERSHIP 3BR/3BA villa at The Rocks, this is the best one available! The Mickelson Villa currently has a profitable long term lease in place with an attractive ROI AND the right for personal usage! Or cancel the lease (specific notice required) and use this full ownership villa year round. This offering provides an ALL INCLUSIVE, private club resort living experience in a full ownership luxury villa. The villa has some of the best views (backing directly to the mountainside w/ incredible rock formations at your doorstep) and the greatest amount of privacy within the entire Rocks community - all for an AMAZING PRICE! Nestled in the surrounding hills at Troon North, adjacent to the Four Seasons Resort & located in one of Scottsdale's premier locations, The Rocks Residence Club is a one of a kind, guard gated community designed for those who want the executive, all-inclusive vacation living w/o the hassle of typical homeownership responsibilities. Your beautifully appointed Villa comes tastefully outfitted & provides everything needed to relax & unwind, including all furnishings, artwork, linens, household items, as well as luxurious features & finishes, such as a gourmet kitchen, Wolf appliances, gas fireplaces, artfully detailed ceilings, multiple covers patios & a private pool. Owners enjoy true all-inclusive resort amenities such as access to the clubhouse staff & full concierge services, fitness center, 2 pools, spa, wine cellar, dining, gourmet chef & access to some of Scottsdale's finest golf courses. Come experience hassle-free living like no other.

1542 Southview Drive Prescott, AZ 86305

$890,000
3 Beds
2 Baths
2,328 SqFt
Status Active
MLS # 6717427
Property Type Single Family Residence
Price Type --
Quality Crystal Creek Builders custom home. True single level (no steps). Panoramic views from kitchen, dining and Bedroom while enjoying privacy off the living & Owners Suite. New HVAC (Aug 2023 Rheem 5 ton); many new windows. Energy efficient natural gas: Furnace, water heater (50gal w/circ pump), gas dryer & cooktop. Concrete Tile Roof, Stacked Stone Gas Fireplace. Kitchen features a large double door pantry, breakfast area w/distant views, generous cabinet space, island w/gas cooktop, wall oven, newer black stainless refrigerator, granite counters, island & peninsula seating. Separate dining area & large living space covered patio access.Master has patio access slider, dual vanity sinks, vanity sitting area, garden tub, separate shower & walk-in closet. Spacious Laundry w/utility sink

7427 W Union Hills Drive Glendale, AZ 85308

$890,000
7 Beds
4.5 Baths
4,001 SqFt
Status Active
MLS # 6723006
Property Type Single Family Residence
Price Type --
Welcome to your dream home! Nestled on a sprawling .81-acre lot, this exceptional property is just a short drive from Arrowhead Towne Center, offering the perfect blend of tranquility and convenience. Best of all, there are no HOA fees! Ideal for an extended family of someone looking to make extra income. Main House Features: •

4145 S Zephyr -- Mesa, AZ 85212

$890,000 - 3Br/3Ba -  for Sale in Eastmark Development Unit 5/6 South Prcls 6-16, 6-, Mesa
Open House
New
$890,000
3 Beds
2.5 Baths
2,555 SqFt
Status Active
MLS # 6761520
Property Type Single Family Residence
Price Type --
Move-In Ready Oasis in Eastmark! Discover your dream home in this beautifully maintained 3-bedroom plus office/den with French doors, 2.5-bathroom residence in the desirable Eastmark community. Inside, a gourmet kitchen with top-of-the-line appliances and a generous island awaits, plus a reverse osmosis water filtering system throughout the kitchen. The master suite offers a luxurious retreat with a separate tub and shower. Additional upgrades include triple-pane sliding glass doors, a laundry room with full cabinetry and countertops, and a convenient office nook. Outdoor living is a breeze with the extended patio, perfect for enjoying the spa, heated/cooled pool, and gas-equipped fire pit. The home also features smart features like exterior PoE cameras, Wi-Fi extenders, and (CLICK MORE) zoned climate-controlled HVAC. Enjoy community amenities, including a pool, Steadfast Farm, multiple parks and the Clubhouse. Don't miss this opportunity to make this stunning home in Eastmark your own!

7642 E Edgemont Avenue Scottsdale, AZ 85257

$890,000 - 4Br/2Ba -  for Sale in Villa Coronado Amd, Scottsdale
Open House
$890,000
4 Beds
2 Baths
2,046 SqFt
Status Active
MLS # 6752990
Property Type Single Family Residence
Price Type --
Experience the pinnacle of Scottsdale living in this prime location, just minutes from Old Town, Fashion Square, Eldorado Park, scenic trails, and a golf range. This exquisite residence harmoniously blends Old World charm with modern sophistication, offering a seamless transition between indoor and outdoor living. The designer kitchen, pantry, and wet bar boast top-of-the-line finishes and flow effortlessly into the vaulted family room. The luxurious master suite includes a designer bath with a soaking tub, custom closet, and walk-in shower. Three additional well-appointed bedrooms and a stylish guest bath add to the home's appeal. Enjoy the private courtyard heated pool and extended covered patio, which adds the perfect backdrop and ideal setting for entertainment or simple relaxing retreat.

4223 N 31st Place Phoenix, AZ 85016

$889,999
4 Beds
3.5 Baths
2,877 SqFt
Status Active
MLS # 6634256
Property Type Single Family Residence
Price Type --
Spectacular opportunity in Arcadia Lite/ Biltmore! Starting with the main house, you are greeted with a large entry and beautiful atrium that separates the home. You will find a large open floorplan with an updated kitchen, living room w/fireplace and dining area. On the other side of the entry is a large master suite with private updated bathroom and custom closet with built in safe. Additionally, there is a large bedroom, full bath and laundry room. Don't miss the 2 car garage. The back house is a 2 bedroom, 1.5 bath with its own separate entrance and patio off of the adjacent alley. Full kitchen, nook area, separate living room and its own laundry area. Both units have been fully remodeled with new A/C in 2017 and 2023 Don't miss out on this beauty

35300 N Barley Street San Tan Valley, AZ 85144

$889,995
5 Beds
4.5 Baths
3,504 SqFt
Status Active
MLS # 6723692
Property Type Single Family Residence
Price Type --
Deluxe contemporary lifestyle. The Monetta's covered entry and two-story foyer flow past the formal dining room toward the great room and large covered patio beyond. The well-designed kitchen is complete with a large center island, plenty of counter and cabinet space, butler pantry access to the dining room, and walk-in pantry. The primary bedroom suite is enhanced by a spacious walk-in closet and primary bath with dual-sink vanity, soaking tub, shower, and private water closet. Central to the loft, secondary bedrooms feature ample closets, one with private bath, two with shared hall bath and separate dual-sink vanity area. Additional highlights include a first floor bedroom suite with walk-in closet and private bath, a powder room and drop zone, and centrally located laundry.

26812 N 161st Street Scottsdale, AZ 85262

$889,950
4 Beds
3 Baths
3,458 SqFt
Status Active
MLS # 6713041
Property Type Single Family Residence
Price Type --
Discover the luxury in this 3,458 square foot single-story home, perfectly situated on a sprawling acre lot in the city of Scottsdale. Seller is offering 1% towards Buyers Closing costs and will buydown the interest rate 1% for the first year. This expansive acre lot provides both beauty and privacy. The highlight of the outdoor space is the pool and patio area with an outside BBQ and fireplace, perfect for relaxing and entertaining under the Arizona sun. There is plenty of space for those with recreational vehicles or needed additional storage space. There is even room for a horse facility or an additional building. Completely fenced, it offers privacy and security. The property shares a well with three other parties. No high water bills to deal with. The two, new in 2022, four ton heat pumps and mini splits provide comfort year roundThe open-concept layout is accentuated by high ceilings, elegant flooring, and an abundance of natural light, creating a warm and inviting atmosphere. A spacious floor plan seamlessly connects the living spaces, making it perfect for both everyday living and entertaining. Large windows frame stunning views of the surrounding landscape from the great room, with its large fireplace and custom built-ins making it a perfect spot for relaxation and casual gatherings. The heart of this home is undoubtedly the chef's kitchen which opens to the great room and is outfitted with top-of-the-line appliances, including a Viking Pro Stove plus wall oven and a spacious refrigerator. An oversized island provides ample prep space and doubles as a breakfast bar, perfect for casual dining and socializing. The kitchen also features a walk-in pantry and plenty of storage, ensuring that all your culinary needs are met. The custom cabinetry, granite countertops, and stylish backsplash add a touch of elegance and sophistication. This kitchen is equipped to handle everything from everyday meals to gourmet feasts. The primary suite is a true retreat, offering a spacious bedroom, a walk-in closet, and a spa-like ensuite bathroom. Relax and unwind in the luxurious soaking tub. Three additional bedrooms plus two additional baths, provide plenty of space for family and guests. This home is equipped with a host of additional features that enhance its appeal and waiting for you to discover! With its luxurious upgrades, spacious layout, and prime location, this Scottsdale home is a rare find. The good news is, the motivated seller is ready to make a deal, so don't miss your chance to own this exquisite property.

1405 W Rim Drive Payson, AZ 85541

$889,900
4 Beds
5 Baths
3,227 SqFt
Status Active Under Contract
MLS # 6739404
Property Type Single Family Residence
Price Type --
Nestled in the heart of the coveted Country Club Estates of Payson, this one-of-a-kind custom gem represents the pinnacle of luxury living while tucked in a private pocket on a hillside lot, overlooking the golf course and pond. This extraordinary home, remodeled from top to bottom, with over $550,000 in upgrades since 2020, is offered fully furnished, making it truly move-in ready. Spanning an impressive 2,395 sq ft, the main house boasts 3 bedrooms, 3.5 baths, and an elevator that effortlessly connects the garage with a half bath and oversized storage room, to the main and top floors for convenience. Accompanying the main residence is an 832 sq ft guest quarters with a private entrance, oversized loft, additional bedroom, bathroom, living room, and kitchen, offering guests or extended family their own serene space. The home itself is a masterpiece of high efficiency and modern design. It's powered by paid off solar panels and constructed with High E-Block (E-crete) for superior insulation and sustainability. New high efficiency fiberglass picture windows and doors each with their own remote controlled steel electric thermal shutters, provide comfort and security. The interior of the home is graced with soaring ceilings that frame breathtaking views of the surrounding mountains, lakes, and golf course, creating an atmosphere of tranquility and grandeur. The owners suite is a sanctuary unto itself, featuring a large bedroom with newly installed plank flooring and a fully updated bathroom. The bath is adorned with deluxe tile, a spacious shower, a separate jetted soaking tub, and his-and-hers sinks with LED-lit mirrors. The walk-in closet with custom organizers completes this luxurious space, offering ample storage and thoughtful design with easy attic access. Throughout the home, you'll find beautiful, natural wood-look luxury vinyl flooring, tasteful lighting fixtures, recessed lighting, 6.5 inch imported baseboards, and solid core 6-panel interior doors, all set against a backdrop of neutral, soothing colors. The kitchen is a chef's dream, featuring custom cabinetry, earth tone backsplash, a large walk-in pantry, and stunning 3-inch granite countertops. A 10-foot island with a 5-seat breakfast bar anchors the space, making it perfect for entertaining. High-end Kohler fittings, including a pot filler pullout faucet, a stainless steel farmhouse sink w/ soap dispenser, RO system, stainless steel appliances, and an under-counter built-in microwave, complete this culinary oasis. Step outside to experience the home's fully landscaped exterior, which includes 8 mature fruit trees, 4 large capacity rain water retention tanks with electric water pumps, French drain system, raised garden beds, security system with flood lights, and a detached 12 x 12 shed/workshop. The freshly painted exterior, custom metal railings, newly pavered elongated horseshoe driveway, and brand new retaining walls all reflect the care and attention given to every aspect of this property. Multiple patios, including two with lake views and one overlooking the golf course, offer the perfect spots to unwind and take in the breathtaking surroundings. The separate guest house is equally impressive, with its fully upgraded kitchen, granite countertops, and custom cabinets. The full bath is impressively upgraded, and the space features a blend of tile flooring on the first floor with new neutral carpet on the stairs and loft area. Whether you're seeking a luxurious retreat or a forever home, this Payson beauty is ready to welcome you into a life of comfort and elegance.

2578 N Acacia Way Buckeye, AZ 85396

$889,900
5 Beds
4 Baths
4,008 SqFt
Status Active
MLS # 6754648
Property Type Single Family Residence
Price Type --
Welcome to this beautiful 5-bedroom, 4-bathroom home in Verrado which offers over 4,000 square feet of open living space ideal for family and entertaining. The chef's kitchen features high-end finishes, and the large living areas are perfect for gatherings. Upstairs, a spacious loft can serve as a game room, office, or extra living space. The primary suite is a retreat with a walk-in closet, luxurious bathroom with soaking tub, separate shower, and dual vanities. The secondary bedrooms are also generously sized. Enjoy the expansive backyard and a 3-car garage with epoxy flooring. The Verrado community provides access to a clubhouse, pool, spa, gym, playgrounds, and scenic walking paths. Located near shopping, schools and parks! You will love this home!

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