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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18630 E Pine Valley Drive Queen Creek, AZ 85142

$885,000

4 Beds

2.5 Baths

3,705 SqFt

Status Active Under Contract

MLS # 6749831

Property Type Single Family Residence

Price Type --

Wow! Take pride in residing in this gorgeous family home in Sossaman Estates! Nestled on a coveted 1/3 acre premium corner lot, complete with play pool, spill over spa, and a rock waterfall grotto w/slide! Featuring 4 bedrooms, 2.5 baths, a den/bonus room, a spacious loft/rec room perfect for a pool table, bedroom, media room or playroom, a 3-car garage w/epoxy flooring and storage racks, RV gate, and 2 storage buildings, one can easily be used as a workshop, Great curb appeal with stone accent elevation, premium artificial turf, and a welcoming front porch. The living room entrance showcases soaring vaulted ceilings, a majestic gas fireplace, and a formal dining room. Chef's kitchen boasts a gas cooktop, double ovens, built-in ss appliances, recessed lighting, pantry, plenty of cabinets with crown molding, granite counters and island with breakfast bar. Owner's retreat is a true gem. Completely remodeled with an ensuite equipped with two vessel sinks, a vanity, freestanding tub, floor-to-ceiling tiled shower w/7 spray heads, multiple cubbies/shelves, rock accents, and an incredible professionally designed walk-in closet. Modern grey paint palette w/luxury vinyl plank flooring & high-end lush carpeting, stylish light fixtures, pre-wired for surround sound, ceiling fans t/out, new RO system, soft water, sunscreens, and New HVAC unit 2022. A HUGE grassy backyard promises enjoyable weekend gatherings, showcasing a refreshing pool & spa with removable fence, an extended covered patio, lots of mature shade trees, and garden. Home is within walking distance to the community parks, amenities, and school. This one-of-a-kind beauty has it all!

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14983 W Muirfield Lane Surprise, AZ 85374

$885,000

2 Beds

2.5 Baths

2,732 SqFt

Status Active

MLS # 6753247

Property Type Single Family Residence

Price Type --

Impressive Ironwood estate model home located on a cul-de-sac in the highly sought after community of The Grand. This 2 bdrm + den, 2.5 bath home has a gourmet kitchen with granite counters and SS appliances and a spacious great room with custom media wall. Large master bedroom suite with sitting room, walk-in closet and coffee bar. Guest suite with en suite bath. This beautiful home sits on a huge 18,096 sq.ft. lot - an entertainer's dream yard with pool, spa, BBQ island, fire pit, putting green and horseshoe pit. The 3 car garage is cooled with a mini-split A/C unit. Brick pavers. OWNED solar. HVAC 2016 This home is truly a MUST SEE!

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15436 E Sunburst Drive Fountain Hills, AZ 85268

$885,000

3 Beds

2.5 Baths

2,469 SqFt

Status Active

MLS # 6754039

Property Type Single Family Residence

Price Type --

Beautiful custom home with no interior steps and $40k in upgrades, nestled in the coveted neighborhood of Stoneridge! This stunning street enchants with its meticulously designed homes, and breathtaking mountain views. As you enter you will love the beautiful, new iron glass door and the soaring vaulted ceilings. The upgraded kitchen boasts granite countertops,decorative tile backsplash, pull out drawers, stainless appliances, a wall oven/microwave, new RO system and a walk-in pantry. The spacious master is the perfect retreat featuring a jetted soaking tub, separate shower and its own private patio. Enjoy your morning coffee on the huge, covered deck with a stunning view of Four Peaks! The 2.5 car garage is wider and deeper then most with an insulated door. Move-in ready just for you!

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3735 Ridgeview Terrace Wickenburg, AZ 85390

$885,000

2 Beds

2.5 Baths

2,211 SqFt

Status Active

MLS # 6755905

Property Type Single Family Residence

Price Type --

A charming, former model single-story home in Wickenburg Ranch gated community with decorator touches and spectacular mountain views equivalent to resort views. Step into the foyer with den/office and powder room. Generously-sized second bedroom has an en-suite bathroom and built-ins. The Primary Suite is spacious with walk-in closet, upgraded bathroom with large tub and oversized walk-in shower. 3 private patios to enjoy the serenity and exotic cacti. Custom wooden shutters throughout. Three car tandem garage with built-ins. Located approximately 1 mile from the Golf and Social club. Two golf courses: Lil Wick- 9 hole, Par 3, and Big Wick- 18 hole, Par 71. Inquire for Golf Membership Information. The social membership allows you to enjoy dining and a variety of classes offered.

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4047 W Forest Court Pine, AZ 85544

$885,000

3 Beds

2 Baths

1,890 SqFt

Status Active

MLS # 6749457

Property Type Single Family Residence

Price Type --

Located in one of Pine's most sought after developments, this stunning single-level home, built in 2019, offers 3 bedrooms and 2 bathrooms, showcasing elegant craftsmanship throughout. The home features beautiful white oak wood flooring and vaulted wood tongue-and-groove ceilings, creating a spacious and warm atmosphere. The open-concept floor plan includes a custom-designed kitchen with high end cabinetry, granite countertops and stainless steel appliances. The primary bedroom opens to a deck and includes a luxurious ensuite bathroom with heated floors. The home is equipped with energy-efficient upgrades like a metal roof, foam insulation throughout and wired for a generator. Enjoy the gas fireplace with a custom wood mantel. Living area opens to a covered deck with lifetime deckin and copper railing. Additional features include a 3 1/2 car garage with an epoxy-coated concrete floor and three skylights that fill the home with natural light. This meticulously maintained property offers modern convenience and timeless beauty, perfect for those seeking comfort and style.

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7717 E Black Rock Road Scottsdale, AZ 85255

$885,000

4 Beds

2 Baths

2,129 SqFt

Status Active

MLS # 6733765

Property Type Single Family Residence

Price Type --

This fantastic 4br/2ba North Scottsdale home is nestled in a secure, gated community, offering both tranquility & privacy. The beautiful kitchen features granite countertops, SS appliances & ample storage! The kitchen is open to the family room which makes it perfect for gatherings & everyday living. The Primary Bedroom, generous in size, provides a comfortable retreat. Lovely landscaped backyard which includes an RV gate, low-maintenance turf & beautiful patio that extends the length of the home! AC unit is only 2 years old! This wonderful home has ample storage, a 3-car garage, water softening & purification systems and recently had all new insulation blown in. It's close in proximity to hiking trails, restaurants, shopping & easy access to the 101 freeway. A DEFINITE MUST SEE!!

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7955 E Chaparral Road Unit 118 Scottsdale, AZ 85250

$885,000

2 Beds

2 Baths

1,797 SqFt

Status Active

MLS # 6742577

Property Type Townhouse

Price Type --

A gorgeous place to call home in the gated community of La Villita. Perfect for full-time living or lock and leave convenience. You will appreciate everything this home has to offer. Starting with the light and bright kitchen that includes KitchenAid appliances, timeless quartz countertops, large island and a wine fridge. The wood-like tile flooring carries from the kitchen to a spacious living room with vaulted beam ceilings, a fireplace and custom shutters. The split floor plan includes a large primary bedroom and bathroom with dual sinks, a separate shower and tub and walk-in closet. The home is in the perfect Scottsdale location, steps away from Chaparral Park and Greenbelt. You'll also enjoy convenient access to dining, shopping, and entertainment. Easy access to the 101 freeway makes commuting a breeze. Situated on a corner lot with private access from the garage, with a charming iron gate at the entry. North/South exposure.

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20243 E Poco Calle -- Queen Creek, AZ 85142

$885,000

5 Beds

3.5 Baths

3,603 SqFt

Status Active

MLS # 6755934

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the beautiful community of Montelena. The moment you arrive you realize this house is special as you walk toward the front door and take in the beautiful architectural design and the 3 car garages. This single-story gem boasts 5 spacious bedrooms and 3.5 baths. The front inside entry way welcomes you and leads you to a huge room open to many possible uses. You will not be disappointed with the kitchen which boasts beautiful granite countertops, double ovens, warming drawer, extended countertops and tons of kitchen cabinets and drawers. The kitchen overlooks a room where you can relax while enjoying a fireplace. This home also has a butler's pantry with a sink and beverage cooler. Click on more to see all this home has to offer. You will be excited to see the huge laundry room complete with a spacious countertop, cabinets and a large sink. The primary bedroom is a dream with a separate door to the backyard. The primary bath is over the top with soaking tub, dual separate sinks and an area you could use to put on your makeup. One bedroom could be used as a mother-in -laws suite or a private home office. Step outside to discover your personal backyard oasis ideal for entertaining. The expansive back patio is perfect for hosting summer BBQ's. This home combines style, functionality and a fantastic outdoor space, making it the perfect setting for both quiet relaxation and lively gatherings. It is not often you have an opportunity to own a 5 bedroom, 3.5 baths, 3 car garage and a RV gate, so don't miss out.

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10080 E Mountain View Lake Drive Unit 140 Scottsdale, AZ 85258

$885,000

3 Beds

2 Baths

1,592 SqFt

Status Active

MLS # 6531152

Property Type Apartment

Price Type --

Beautiful 3 bed/3 bath townhome in Scottsdale Bay Club with absolutely PHENOMENAL lake and mountain views from two private, spacious balconies. Very peaceful and serene. Lower level unit is very comfortable living/dining area with fireplace that opens onto one balcony, making it an ideal space to relax, entertain, and take in the awesome views. Large, open kitchen , tons of cabinetry. Enjoy the facilities in this beautiful gated lakeside community, sparkling pools, and nearby Scottsdale Ranch Park for unlimited recreation.

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16120 N 151st Avenue Surprise, AZ 85374

$885,000

3 Beds

3 Baths

2,755 SqFt

Status Active

MLS # 6739199

Property Type Single Family Residence

Price Type --

Come see this beautiful custom home situated on a one acre irrigated lot in the middle of Surprise. You get the benefits of rural living with all of the amenities of the city. The kitchen and great room are the heart of this home. A perfect place to gather around the massive kitchen island with gorgeous custom cabinetry throughout. The primary suite has a huge walk in closet and spacious bathroom with separate soaking tub. Large secondary bedrooms complement the split floor plan, each with large walk in closets and upgraded tiled bathrooms. Laundry/mud room has lots of counter and cabinet space. The property has ample room to build an RV garage or guest house. The back yard has multiple fruit trees that are served by irrigation. Property has so much to offer as you make it your own.

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18650 N Thompson Peak Parkway Unit 1040 Scottsdale, AZ 85255

Open House

$885,000

3 Beds

2 Baths

1,773 SqFt

Status Active

MLS # 6756737

Property Type Townhouse

Price Type --

Elegantly Updated DC Ranch Townhouse! This single-level, corner unit boasts stunning views of the McDowell Mountains from both the front courtyard, master bedroom and the living room. Offering a seamless blend of comfort and convenience, this residence is ideally situated near restaurants, shopping, and more. Featuring three bedrooms and two full bathrooms, this stylish abode is perfect for both everyday living and lock-and-leave convenience. With wood floors throughout the main living areas and tile in the kitchen and bathrooms, the interior exudes a sense of timeless elegance. The living room is adorned with custom built-ins, including a gas fireplace, adding both sophistication and coziness to the space. Charming custom rounded doors throughout. Crafted by the renowned custom builder Camelot, this home is a testament to quality craftsmanship. Updates include, freshly painted throughout and refreshed cabinetry. Move in Ready!

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19571 E Domingo Road Queen Creek, AZ 85142

$884,995

3 Beds

2.5 Baths

2,580 SqFt

Status Active

MLS # 6730574

Property Type Single Family Residence

Price Type --

Discover the Hanson, a thoughtful ranch plan with three generous bedrooms—including a lavish owner's suite with a private bath—and an open, airy layout for entertaining. Highlights include a quiet study, an expansive great room and an impressive kitchen with a walk-in pantry, center island and optional gourmet features. You'll also appreciate a large covered patio, a 2-car garage with a third tandem space and a convenient RV garage. RV garage is 43' and ready to accommodate all of your toys. Paver walkway, driveway included as well as a double gate!

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