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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2419 E Tomahawk Drive Gilbert, AZ 85298

$875,000

6 Beds

4 Baths

3,831 SqFt

Status Active

MLS # 6750097

Property Type Single Family Residence

Price Type --

Discover luxury living in this stunning 2-story home in Gilbert's sought-after Adora Trails community. This elegant residence features a spacious living area with a cozy fireplace, a gourmet kitchen with stainless steel appliances, quartz countertops, and custom cabinetry. The luxurious downstairs guest suite offers privacy and comfort. Enjoy your private backyard oasis with a sparkling pool and ample space for entertaining. Additional highlights include a three-car garage and meticulous landscaping. Located near parks, trails, shopping, and dining. Schedule your private showing today to explore all that this exceptional residence has to offer and discover the luxury lifestyle awaiting you in Adora Trails.

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2561 E Fir Street Williams, AZ 86046

$875,000

3 Beds

2 Baths

2,451 SqFt

Status Active

MLS # 6709987

Property Type Single Family Residence

Price Type --

Step into the enchantment of this fully furnished luxury log cabin nestled on 5.81 acres, boasting awe inspiring majestic mountain vistas. Inside, an open floor plan with vaulted ceilings and skylights floods the space with natural light, creating an inviting ambiance. The incredible eat-in kitchen features an island, granite countertops, and custom cabinets, perfect for culinary adventures or casual dining. Entertain guests at the custom-built bar, complete with a wine fridge, or relax in the den, a bonus space with flexible use, ideal for a home office, library, or media room. Wood floors and tile throughout the home add warmth and character, while the renovated Arizona Room offers a cozy space to take a breath. The home is adorned with new Trex decking wrapping around the entire property, offering an inviting space to savor your morning coffee while witnessing the breathtaking sunrise and daily wildlife visits. Unwind in the evening with a cup of hot cocoa by the wood fireplace in the living room, or gaze at the countless stars in the night sky while immersing yourself in the peace, quiet, and serenity that surrounds you. A myriad of improvements enhance the home's comfort and functionality, including new appliances, a new roof overhang on the front porch, renovated Arizona room with new windows, new air conditioner and heater, and a whole house standby generator for added peace of mind. Outside, a two-story, extra-large three-car detached garage with an unfinished loft/workshop provides ample space for storage or hobbies. The property also includes a storage shed, MQ Multi Quip 525-gallon water trailer and a 2021 Kutoba front-end loader. Sale includes furniture and decorative items, ensuring a seamless transition into your Northern Arizona dream home. See full list of improvements and included furnishings in documents section. Don't miss the opportunity to experience the tranquility and beauty of this exquisite retreat. Transform this dream property into your reality!

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8526 E Monterey Way Scottsdale, AZ 85251

$875,000

4 Beds

2 Baths

2,241 SqFt

Status Active

MLS # 6708756

Property Type Single Family Residence

Price Type --

Situated in the heart of South Scottsdale in Village Grove on a spacious lot with NO HOA! Low maintenance desert curb appeal invites you in. Enter in to the single level open concept floorplan! Travertine flooring throughout all living areas, with hand scraped wood-like tile flooring in great room and updated windows throughout. Eat-in kitchen is appointed with matching stainless steel appliances, granite countertops, updated cabinets and brushed nickel fixtures. Primary suite with dual sinks, walk-in glass shower, and granite counters. Enjoy your private backyard oasis with expansive covered patio, NEWLY redone pebble sheen pool and tile since listing, grassy play space, RV gate, and so much room to roam! Full security system with 6 cameras (including night vision) and automated and Internet-integrated watering system too

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2098 Summer Breeze Drive Prescott, AZ 86303

$875,000

4 Beds

3 Baths

3,104 SqFt

Status Active

MLS # 6710136

Property Type Single Family Residence

Price Type --

Just Reduced $25,000!!! Nestled into Ponderosa Pines and pinion all around it, you won't want to wait to look inside. Large great room with soaring ceilings, hardwood flooring and stone fireplace are beckoning you into the knotty pine and granite kitchen and dining area. The upper rear deck is available for breakfast or coffee anytime of the day. You'll feel like you are in the treetops. A den/library/study is inside double doors and could be a 4th bedroom, complete with a closet. Gorgeous primary bedroom suite with door to the outside decking. Primary bedroom bath garden jetted tub awaits. Double sinks. Also on main floor is laundry and a great half-bath. Lower level has two bedrooms, bath and huge game room/billiards room or hobby room plus a living area with sliders to patio.

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9652 E Ludlow Drive Scottsdale, AZ 85260

$875,000

4 Beds

2.5 Baths

2,096 SqFt

Status Active

MLS # 6757465

Property Type Single Family Residence

Price Type --

Don't miss this amazing home situated on a cul-de-sac in the sought after 85260 zip code. This popular two level floor plan features vaulted ceilings, a spacious updated kitchen with quartz countertops and updated fixtures. A large family room with french doors and fireplace. 4 bedrooms and 2 bathrooms complete the second level. Backyard is a private green oasis with a sparkling pool, mature landscaping and artificial turf. The property has a two car garage with plenty of storage and sits on a spacious 5,700 square -foot lot. This home is close to everything with easy access to the 101. 2023 New hvac, new artificial turf and new exterior paint.

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8705 E Monterosa Avenue Scottsdale, AZ 85251

$875,000

3 Beds

2 Baths

2,056 SqFt

Status Active

MLS # 6746737

Property Type Single Family Residence

Price Type --

* One of a kind remodel in the heart of Scottsdale * Solid white oak flooring * Open kitchen with huge island * Custom Scottsdale Cabinets in kitchen and bathrooms * Professional series appliances featuring a double refrigerator/freezer, wall oven/microwave and flat cooktop with pot filler * Smooth textured walls throughout * Amazing bathrooms with walk in showers and soaking tub * All new faucets, sinks, mirrors and lighting * Ceiling fans and can lights throughout * New baseboards, doors and windows * New 5 ton Trane A/C unit * Across the street from pool and clubhouse * Great HOA * Remodel costs north of $240k *

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25917 S 177th Place Queen Creek, AZ 85142

$875,000

4 Beds

2.5 Baths

2,735 SqFt

Status Active

MLS # 6696349

Property Type Single Family Residence

Price Type --

Stunning Custom 4 bed/2.5 bath with NO HOA on over an ACRE with a HEATED POOL & SHOP! Separate 800 sq ft shop with 1250 CFM exhaust fan, 100 amp service, 8 x10 garage doors on East & West walls, sink, AC, bathroom, 30A 220V & 50A 220V. Beautiful kitchen with 42'' cabinets, double oven, stainless steel appliances and walk-in pantry. Central vacuum and 10 ft ceilings. Huge owner's suite with massive walk-in closet. Primary bath has dual vanities, private toilet, and updated shower. Beautiful enclosed backyard with large covered patio. Gorgeous pool with swim jets, waterfall and water feature. Roof upgraded in 2018. All AC's updated since 2021. 3 Car Garage fully insulated. Close to dining, entertainment & shopping. Coveted Chandler School District and located on a county island.

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4529 E Casey Lane Cave Creek, AZ 85331

$875,000

5 Beds

3 Baths

3,352 SqFt

Status Active

MLS # 6717474

Property Type Single Family Residence

Price Type --

ABSOLUTELY GORGEOUS HOME IN HIGHLY DESIRABLE TATUM RANCH! FULLY APPOINTED GOURMET KITCHEN INCLUDES UPGRADED CABINETS-SLAB GRANITE COUNTERTOP-STAINLESS APPLIANCES-GAS COOKTOP- NEW WOLF DOUBLE OVENS, NEW BOSCH DISHWASHER, CUSTOM LIGHTING PACKAGE-EXTENDED CENTER ISLAND & BEAUTIFUL HARDWOOD FLOORS! HUGE MASTER RETREAT INCLUDES TRAVERTINE SHOWER- DUAL VANITIES W/ GRANITE-SEPARATE SOAKING TUB & WATER CLOSET-OVERSIZED BEDROOMS W HUGE CLOSETS! DOWNSTAIRS GUEST ROOM & SPACIOUS OPEN FLOORPLAN IDEAL FOR ENTERTAINING! SITUATED ON AN OVERSIZED LOT (10,395 SQ FT), TROPICAL RESORT BACKYARD FEATURES LUSH GREEN LANDSCAPE W/ SPARKLING 9 FOOT HEATED POOL W/ SPA & WATERSLIDE! EXTENSIVE MANICURED SIDE YARD W/ SYNTHETIC GRASS PLAY AREA & BUILT-IN STAINLESS BBQ-COZY GAS FIREPIT W/ SITTING AREA & PUTTING GREEN!

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875 Devereaux Drive Prescott, AZ 86303

$875,000

4 Beds

3 Baths

2,667 SqFt

Status Active

MLS # 6710865

Property Type Single Family Residence

Price Type --

THIS AMAZING PROPERTY offers panoramic views of Granite Mountain and Thumb Butte, stunning sunsets and twinkling city lights. This home offers 4 bedrooms, 3 bathrooms, an office, an eat-in kitchen, a formal dining room, and a partially finished walk-out basement with 435 SF of storage (not included in the square footage). The fenced yard with a garden and low-maintenance front yard make outdoor living easy. You'll appreciate the spacious driveway, which can fit up to 12 cars or accommodate an RV. 2+ car attached garage for added storage. 3-decks to enjoy panoramic views and cool evening breezes. The leased solar panels are $64/month and there are security lights for added peace of mind. The seller is offering a 1-year home warranty. Best of all NO HOA FEES! Don't miss out on this Gem!

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406 N Pine Island Drive Payson, AZ 85541

$875,000

3 Beds

2 Baths

1,720 SqFt

Status Active

MLS # 6710709

Property Type Single Family Residence

Price Type --

PRICE ADJUSTED! WONDERFUL !What a fabulous way to own at Chaparral Pines, premier guarded/gated luxury golf course community AND this section provides lock and leave low maintenance! This home has been beautifully updated and lovingly maintained for true move in condition. Walk in the great room space with soaring tongue and groove ceiling, dramatice floor to ceiling stone fp, cooks kitchen, all new stainless appliances and access to the back deck. Dine, relax and enjoy the wind in the tall pines overlooking Pine Island pond/waterfall! Home has 3 ample bedrooms, organized closets and 2 sizable baths (one completely reimagined) plus solid knotty alder doors thruout. Main bedroom opens to the back deck. Upgrades in documents. OVERSIZED GARAGE FOR TRUCKS, GOLF CARTS! Ahh listen to the pines!

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17351 E Via Del Oro Drive Fountain Hills, AZ 85268

$875,000

4 Beds

3 Baths

2,693 SqFt

Status Active

MLS # 6638364

Property Type Single Family Residence

Price Type --

Welcome to your new Dream Home located in the beautiful neighborhood next to the famous Fountain! This spacious & recently updated home features 4 bedrooms, 3 baths, a large living and dining area with vaulted ceilings, and a large family room that creates a sense of openness and luxury. Enjoy coffee and mountain views from the south-facing covered patio backing to a natural wash for privacy and a serene setting. The interior boasts a modern and open floorplan, perfect for entertaining guests and creating memories with family and friends. The primary suite offers a relaxing retreat with its en-suite bathroom, huge walk in closet and mountain views from the large windows. Don't miss this exceptional buy on this home that combines comfort, style and natural beauty. Community Pool but plenty of room to build your custom Dream Pool!!! Super private with views!!

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8073 W Louise Drive Peoria, AZ 85383

$875,000

5 Beds

3.5 Baths

4,002 SqFt

Status Active

MLS # 6733130

Property Type Single Family Residence

Price Type --

Back on the market! Their loss can be your gain! Beautiful 5 bedroom, 3.5 bath home features a 3-car garage, RV gate, charming stone accents, and a well-kept front yard. Energy Efficient at its best - 25 year paid solar! Discover an inviting living room with soaring vaulted ceilings, a neutral palette and classic plantation shutters. Enjoy intimate moments with loved ones in the family room, offering wood like flooring, sliding doors to patio and a cozy stone-clad fireplace. The eat-in kitchen is equipped with granite counters with a matching backsplash, abundant wood cabinetry with crown moulding, pendant/recessed lighting, stainless steel appliances, double ovens, gas cooking, a walk-in pantry, and an island with a breakfast bar. Additional spaces include an open den and an entertainment room for hosting gatherings. The primary bedroom boasts, wood like floors, shutters and an ensuite with dual sinks, huge shower and a walk-in closet. Unwind in the backyard oasis, complete with a covered patio, a relaxing spa, a putting green for golf enthusiasts, a built-in BBQ, and a sparkling pool. Side yard has shed for yard maintenance, pavered walk and RV Gate. Make this gem yours now!

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