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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9725 N 80th Way Scottsdale, AZ 85258

$880,000

3 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6712765

Property Type Single Family Residence

Price Type --

This meticulously upgraded home is Pure Perfection! The owners invested over $100K in stunning upgrades (see attached document) including a new kitchen/appliances, Milgard windows, interior/exterior doors, gorgeous hardwood/ceramic tile flooring, to name a few. This home is both cozy and inviting with plenty of natural light, vaulted ceilings and fireplace to enjoy on those cozy fall nights. The front patio is ideal for entertaining guest, while the back patio off the primary suite offers a peaceful spot for a morning cup of coffee. Walk directly across the street to your community pool/spa and Tennis Court. Close to both McCormick & Gainey Ranch this home is minutes from amazing restaurants, golf courses and beautiful walking paths. This home is truly special!

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11453 E Mark Lane Scottsdale, AZ 85262

$880,000

2 Beds

2.5 Baths

2,143 SqFt

Status Active

MLS # 6689773

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat in the prestigious Desert Crown community of North Scottsdale's Troon North. This residence offers panoramic mountain views. Step into luxury with this meticulously crafted 2-bedroom, 2.5-bathroom home, boasting a versatile dining area that could easily be converted into a third bedroom to suit your needs. The expansive 3-car garage enhances the home's convenience and functionality. Enter the heart of the home, where an open-concept living room and kitchen await, adorned with soaring 12-foot ceilings that amplify the sense of space and grandeur. Enjoy the perfect blend of functionality and style, ideal for casual living and entertaining guests. The home features state-of-the-art Lenox AC units, ensuring comfort and efficiency year-round. Step outside into your private oasis, where an infinity-edge pool beckons for leisurely dips beneath the Arizona sun, offering unparalleled relaxation and tranquility. Experience the epitome of desert living in this Troon North gem. Don't miss the opportunity to make this exceptional property your own.

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7131 E Rancho Vista Drive Unit 4007 Scottsdale, AZ 85251

$880,000

2 Beds

2 Baths

1,304 SqFt

Status Active

MLS # 6663352

Property Type Apartment

Price Type --

2 PARKING SPOTS & Spectacular views of Camelback Mountain from your PRIVATE (not shared patio). Great floorplan 2 bedrooms + DEN. Gorgeous TRAVERTINE FLOORING with floor to ceiling windows brings in the natural light. Open spacious CHEF'S KITCHEN with stainless steel appliances, Slab GRANITE COUNTERS & BACKSPLASH! Stylish CHERRY WOOD cabinets in kitchen extended into both baths. GRANITE BATH VANITIES with DUAL SINKS in the master bath. WALK-IN CLOSETS with shelving. An EXTRA ROOM could Office/Den. Optima offers HEATED POOLS with SPAS both indoor and outdoor. BBQ areas. Workout facilities & gym equipment are TOP-OF-THE LINE! Various SPORTS COURTS for PICKELBALL, Basketball, etc. Metropolis is a great local restaurant/bar & YOUR NEW HOME in Optima is in the MIDDLE OF IT ALL

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1473 E Amberwood Drive Phoenix, AZ 85048

$880,000

4 Beds

2.5 Baths

2,894 SqFt

Status Active Under Contract

MLS # 6728062

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in the heart of Ahwatukee! This stunning single-story home located in the highly sought-after Shadow Rock gated community and nestled on a private cul-de-sac with tranquil mountain views and a beautiful flower garden. It offers the perfect blend of luxury and comfort, featuring a spacious layout filled with natural light, dramatic arched entry, vaulted ceilings, plantation shutters and French Doors to the patio. The gourmet kitchen is a chef's delight, boasting modern SS appliances, granite countertops, ample cabinet space and a wet bar perfect for entertaining guests. The elegant family room showcases a charging stone fireplace and entertainment center, great gathering place for family and friends. The primary suite is a true retreat, complete with a luxurious en-suite bathroom featuring a soaking tub, separate shower, and dual vanities. The split floorplan boasts generously sized secondary bedrooms. Step outside to your private paradise where the huge backyard transforms into a resort-like escape. The sparkling heated pool is the centerpiece, surrounded by lush landscaping, swaying trees and vibrant flowering plants. An extended covered patio with majestic columns and electric sunshades provides a relaxing area for outdoor dining. This home offers easy access to top-rated schools, shopping, dining, and outdoor recreation. Don't miss the opportunity to own this exceptional property where every day feels like a vacation!

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11174 E Blue Sky Drive Scottsdale, AZ 85262

$880,000

3 Beds

2 Baths

2,504 SqFt

Status Active

MLS # 6686048

Property Type Single Family Residence

Price Type --

Step into an inviting open-concept layout where the kitchen, great room, and dining area seamlessly integrate, creating an ideal space for both entertaining and daily living. The gourmet kitchen is a culinary haven, featuring high-end GE appliances in 'Slate,' a sleek upgraded cooktop, and stunning granite slab countertops that adorn the generous island/breakfast bar. Complemented by a charming breakfast nook, this kitchen is designed for both beauty and functionality. The great room welcomes you with its spacious and luminous ambiance, perfect for gathering with family and friends. Designer finishes throughout the home add a touch of elegance and style, creating a warm and inviting atmosphere. Retreat to the master suite, a sanctuary of relaxation, complete with a spa-like m master bath featuring Brizo plumbing fixtures, a freestanding tub, and a luxurious design. The secondary bathroom, equipped with a double vanity, offers convenience and a touch of opulence for guests or family members. Step outside to your private paradisea newly installed $100k pool and spa (2023) await, providing the ultimate setting for relaxation and recreation. The expansive pool is an exceptional highlight! The patio, enhanced with a commercial-grade misting system, ensures you stay cool and comfortable during warm summer nights. Thoughtful landscaping and outdoor enhancements create a secluded retreat, offering privacy and tranquility. Embrace the modern conveniences of smart home technology, with Insteon switches and Nest thermostats allowing remote access and control, making everyday living a breeze. Located in a serene and prestigious northern Scottsdale area, this residence offers the perfect blend of tranquility and accessibility. Enjoy proximity to renowned hiking trails such as Browns Ranch and Pinnacle Peak, the luxurious Four Seasons Resort, and premier dining options. Living within a golf course community and close to Troon North Golf Club, you will relish the harmonious balance of outdoor adventure and refined living. This Echo Ridge home is more than just a residence; it's a lifestyle. Experience unparalleled comfort, elegance, and sophistication. Schedule your private showing today and step into the life you've always envisioned.

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17381 W Auburn Street Surprise, AZ 85388

$879,995

3 Beds

3.5 Baths

2,730 SqFt

Status Active

MLS # 6647041

Property Type Single Family Residence

Price Type --

This stunning Toll Brothers home is move in ready. Located in our Active Adult section of Sterling Grove, this Calistoga 3 bedroom plus den, 3 bath, 3 car garage home is a stunner. Starting from the 8' entry door that sets off the beautiful Spanish style exterior your senses will be tantalized. Finishes include light and bright wood plank style floor tile thru-out with carpeted bedrooms, white kitchen cabinets with a furniture style oversize Island, Kitchen-Aid appliances and upgraded countertops. The laundry is appointed with tons of upper and lower white cabinets and a sink as well. The master comes with double sinks and an oversize closet for all your belongings. The great room is accentuated with a 20' multi-slide door and12' vaulted ceilings to open up the floorplan.

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10345 E Thatcher Avenue Mesa, AZ 85212

Open House

$879,990

4 Beds

3.5 Baths

3,021 SqFt

Status Active

MLS # 6665869

Property Type Single Family Residence

Price Type --

Stunning 4-bedroom, 3.5-bathroom plus office single-level home located in the gated Estates at Eastmark. This Ashton Woods home, open floorplan boasts 3021 sq ft of living space and additional storage closets throughout. Step inside these meticulously thought-out details, from the foyer's tray ceiling to the custom shiplap accent walls, and the built-in office. The chef's kitchen is a dream, featuring double-stacked shaker cabinets, a spacious island, walk-in pantry, stainless steel appliances ,recess lighting and quartz countertops. The master bedroom retreat offers a double-door entry, ample natural light, and views of the backyard. The spa-like master bathroom includes dual sinks, a separate tub and shower, and his and her walk-in closets. Outside, you'll find a dream backyard with a covered patio, large turf area, and stone-pavered accents. The secondary bedroom wing features two bedrooms separated by a Jack and Jill bathroom, and a third bedroom with an ensuite bathroom, perfect for guests. Other features of the home include plantation shutters, custom tile floors, a mudroom, and a 3-car tandem garage with a service door and water softener. The Estates at Eastmark community offers resort-like amenities including a pool, splash pad, greenbelts, clubhouse, and community events. This home is conveniently located close to restaurants, shopping, and more!

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1817 W Horsetail Trail Phoenix, AZ 85085

$879,900

4 Beds

3.5 Baths

3,077 SqFt

Status Active

MLS # 6751772

Property Type Single Family Residence

Price Type --

Great Opportunity! Single level. 4br + Den, 3.5ba, one guest bedroom with it's own bath, kitchen opens to family room, formal dining area, almost 1/3 acre cul-de-sac lot, 3 car garage, & gated community. Kitchen remodeled 2023 w/GE Cafe Appliances, Monogram refrigerator, induction cooktop, & wall oven/micro/air fryer. Pool table room is ideal second primary suite w/own bath. Main primary bedroom w/spacious bath area, 2 raised vanities, generous counter space, 2 walk-in closets, separate shower/tub, & private toilet room. Large yard, covered patio, pergola, pavers, large grass area, trailer gate, citrus trees, & mature landscaping. Community clubhouse, pool, spa, playground, tennis/pickleball, fireplace, grass areas, & dog park. close to biking/walking paths, hiking trails!

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1919 N Bernard Circle Mesa, AZ 85207

$879,900

3 Beds

2.5 Baths

2,039 SqFt

Status Active Under Contract

MLS # 6745937

Property Type Single Family Residence

Price Type --

This exquisite property welcomes you to Canyon Preserve, nestled in the esteemed Mountain Bridge Community. Positioned on a premium cul-de-sac lot adjacent to Tonto National Park, this residence offers breathtaking mountain panoramas, presenting an exceptional opportunity. Boasting over $300k in upgrades, this luxurious custom home features a pristine custom pool, 3 bedrooms, 2.5 baths, an open-concept kitchen and living area, faux beams, gourmet cabinetry, high-end appliances, stylish backsplash, and more. The grandeur of the great room is accentuated by a glass accordion door unveiling the newly installed pool with a water feature and picturesque mountain vistas. The elegant kitchen showcases white cabinets, quartz countertops, stainless steel appliances, and a center island with a breakfast bar. The primary bedroom indulges with a lavish ensuite offering dual sinks, a makeup area, and a spacious walk-in closet. The bedroom/office exudes a professional ambiance with a custom-designed brick wall and faux beams. Situated within the exclusive Mountain Bridge, a gated master-planned community, residents relish access to The Owner's Club. This resort-style oasis boasts heated pools, a spa, a well-equipped fitness center, tennis and pickleball courts, parks, event lawns, and a variety of lifestyle activities. Beyond the residence and community amenities, discover the convenience of being near Usery Mountain Regional Park, a brief drive from Las Sendas Golf Club, just 15 miles from Saguaro Lake, and with easy access to the 202 Freeway. This property epitomizes luxury living, harmonizing perfectly with its stunning natural surroundings. Embrace this remarkable opportunity to claim this home as your own.

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3224 E Desert Cove Avenue Phoenix, AZ 85028

$879,900

4 Beds

3 Baths

2,056 SqFt

Status Active

MLS # 6746741

Property Type Single Family Residence

Price Type --

Modern, fully furnished, and completely updated single-story home with 4 bedrooms and 3 baths. Located in the highly desirable 32nd Street Corridor with no HOA! Inside, you'll find tall vaulted ceilings and granite countertops throughout. The kitchen boasts beautiful cabinetry and a stainless steel gas stove. Just outside, an in-ground pool awaits. The bedroom side of this home features an extra-large primary bedroom ensuite, complete with a jetted tub, walk-in closet, and additional space perfect for an office, home gym, or library. Key Points: Open floor plan, family room with built-in entertainment center & gas fireplace, primary bedroom with exterior door to the covered patio. Enjoy a private pool, privacy-fenced yard, laundry room, and a 2-car garage. Conveniently located off the 51 freeway with major improvements throughout the house. This home is currently an income-producing rental. Don't waitstart building your portfolio and enjoy a steady flow of passive income.

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6603 W Via Dona Road Phoenix, AZ 85083

$879,900

3 Beds

2.5 Baths

2,398 SqFt

Status Active

MLS # 6737497

Property Type Single Family Residence

Price Type --

Gorgeous remodeled home with over $250K in improvements! Nestled in the sought-after community of Eagle Preserve at Boulder Mountain. Packed with quality finishes like new wood-look tile flooring throughout with new carpeting in the bedrooms, new baseboards, & recessed energy efficient LED lighting. Bright, open kitchen with quartz counters, high-end cabinetry, Wolf/Sub-Zero/Cove appliances, RO System, & an added pantry. Unwind in the primary bedroom with an updated ensuite bath & walk-in closet. The backyard oasis complete with a sparkling pool with new equipment & fencing, turf, covered patio, & pavers is the ideal place to beat the heat. Also featured, 3-car split garage, new landscaping & irrigation system, New HVAC system, leased SOLAR, & an incredible North Phoenix location!

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7855 E Kramer Street Mesa, AZ 85207

$879,900

3 Beds

2.5 Baths

2,989 SqFt

Status Active

MLS # 6749630

Property Type Single Family Residence

Price Type --

Welcome to your dream desert-style retreat! This stunning home offers the perfect blend of luxury and comfort, nestled on nearly half an acre of beautifully landscaped land. As you step inside, you'll be greeted by the spacious, sun-drenched living room with vaulted ceilings that create an airy, open feel throughout the home. The master bedroom is a true sanctuary, boasting ample space and an en-suite bathroom designed for relaxation. From the large windows that flood the home with natural light to the gorgeous brand-new Samsung appliances in the kitchen, including a sleek fridge, stove/oven, and microwave, to the backyard perfect for families, events, and relaxation to enjoy your private outdoor oasis, featuring a beautiful swimming pool and hot tub, perfect for sunset watching.

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