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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5422 E Piping Rock Road Scottsdale, AZ 85254

$850,000

3 Beds

2 Baths

2,257 SqFt

Status Active Under Contract

MLS # 6759143

Property Type Single Family Residence

Price Type --

Welcome to this exceptional home, where a stunning courtyard and grand ten-foot wrought iron glass door invite you into a truly unique living experience. Nestled in a rare 22-home gated HOA subdivision within the highly coveted 85254 zip code, this property offers the perfect balance of privacy and convenience. The community's tennis court adds to the appeal, and you'll find yourself just five minutes from premier shopping destinations like Kierland Commons, Scottsdale Quarter, and the soon-to-be remodeled Paradise Valley Village, making this an even more desirable location. With quick access to both Highway 101 and Highway 51, commuting to work or reaching Phoenix Sky Harbor Airport takes 20 minutes or less. Plus, Horizon High School is right around the corner, enhancing the neighborhood's attractiveness. Inside, the home boasts an open great room floor plan with polished Travertine floors, French exits, privacy roller shields throughout, and a cozy fireplace, perfect for both everyday living and entertaining. The gourmet kitchen, featuring stainless steel appliances, tall Cherry cabinetry, granite countertops, a pantry, and a stylish stone backsplash. The king-sized master suite offers two spacious walk-in closets and a private terrace with gorgeous views. Both bathrooms are beautifully appointed with granite countertops and tiled showers. The guest bedroom includes its own private entrance, while the third bedroom is currently set up as a office, providing flexibility for your lifestyle needs. Outside, a sparkling PebbleTec pool with boulder water features awaits, complemented by a refinished Cool Deck, lush landscaping, and low-maintenance updated turf. Recent upgrades include newer AC units (upstairs and downstairs), a brand new installed roof, a refinished pool and Cool Deck, resealed Travertine tile throughout the home, and more. Don't miss this rare opportunity to own a one-of-a-kind home in a one-of-a-kind community.

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3946 W Morrow Drive Glendale, AZ 85308

$850,000

4 Beds

2 Baths

2,177 SqFt

Status Active

MLS # 6746673

Property Type Single Family Residence

Price Type --

*IRRIGATED* *LIVE STOCK PRIVILEGES* *HORSE PROPERTY & TRAILS* This exceptional 4-bedroom, 2-bathroom horse property with irrigation on nearly an acre offers the perfect blend of rural charm and contemporary amenities. The 2,177 sqft home boasts a thoughtful split floor plan, Pergo flooring, and fresh interior paint. Each bedroom is equipped with a mini-split for personalized comfort. The primary suite features a private exit to the backyard, dual vanity, and a walk-in shower. Step outside to enjoy a custom block wall with intricate ironwork, added in 2022, and unwind in your hot tub. The property includes a 1600 sqft, 4-car shop with an office, ¾ bath, separate septic, AC, and 220 electricity—perfect for hobbyists or commercial business. Complete with car lift!!!! Additional highlights include a tankless water heater and water softener installed in 2023, a propane dryer, water heater, and fireplace, and a 2-car garage with insulated doors. All this with no HOA restrictions! Embrace the freedom and space you've been searching for in this move-in ready oasis.

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21457 E Caldwells Way Queen Creek, AZ 85142

New

$850,000

4 Beds

3 Baths

3,030 SqFt

Status Active

MLS # 6761999

Property Type Single Family Residence

Price Type --

Gorgeous single story home in Hastings Farm. Situated on an oversized premium lot. This home has it all! Starting with the impressive wrought iron entry that leads to your private courtyard. 4 bedrooms, 3 baths, a den and game room. Next is the gourmet kitchen, GE SS appliances, walk in pantry, granite countertops and storage galore. Great room flows perfectly to the patio and picturesque backyard. Private pool, lush landscaping including several citrus trees, perfect for entertaining! Master suite is spacious with a massive master closet, dual sinks, separate tub and shower. 3 car tandem garage w/ tons of storage. RV gate, plantation shutters, builtins, energy efficient home, N&S exposure, updated light fixtures. Your clients will love it!

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14922 E Dale Lane Scottsdale, AZ 85262

$850,000

4 Beds

2 Baths

2,242 SqFt

Status Active Under Contract

MLS # 6755436

Property Type Single Family Residence

Price Type --

Incredible 1.25-acre ranch with well water, resort backyard, privacy, mountain views, and horse set-up including 3 turnouts & exercise arena. Enjoy the beauty of the Sonoran desert and painted sky sunsets on this large property that is completely fenced. Custom home with no interior steps and a desirable floorpan including great room, split master & 4 bedrooms. Beautiful backyard with large tiled covered patio that overlooks the tropical pool/spa with water features. 3-car garage with wall of cabinets. Many recent improvements include new roof (2020), ext. paint (2022), pool filter (2024), pool pump (2021), well tank (2022), oven/range (2023), dishwasher (2023), washer/dryer (2023). The home sits on Dale Ln (unpaved) just one property away from paved roads (Rio Verde to 150th St). No HOA. With smooth drywall and pine doors, this is not a cookie-cutter tract home. Surrounded by hiking trails, Rio Verde Foothills is an unusual area where homes were built on larger lots, so there is the opportunity for seclusion and privacy, but there is also a community feel as neighbors enjoy morning and evening walks to catch the glorious sunsets. Furniture available on separate bill of sale.

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1803 N Harper -- Mesa, AZ 85207

$850,000

3 Beds

2.5 Baths

2,372 SqFt

Status Active

MLS # 6750678

Property Type Single Family Residence

Price Type --

This gorgeous home is located in Canyon Preserve at Moutain Bridge. The premium lot, with no direct neighbor to the back and Tanto National Park mountain views, offers privacy and a peaceful setting. Top-of-the-line curb appeal with a paver driveway and walkways, as well as desert landscaping and artificial turf. A three-car tandem garage with industrial-grade epoxy flooring and garage cabinets provides plenty of space for vehicles and storage. It is climate-controlled with backyard access. Enter the arched wrought iron security gate entrance to the private front patio. The home has new Luxury Vinyl Plank flooring, plantation shutters and two tones of interior paint. The kitchen is an entertainer's dream, with stainless steel appliances, a gas range, white maple cabinets with Nantucket doors, granite countertops, and an island. The great room has an additional 300 square feet with a 20' wall of glass with a drop-down screen leading to the backyard, a private pool that is heated and cooled, and a cool deck patio. The primary bedroom is split with an ensuite bathroom with dual sinks, vanity, large walk-in shower and oversized closet. So many more upgrades are included on the additional upgrade list.

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15048 E Sierra Madre Drive Fountain Hills, AZ 85268

$850,000

3 Beds

2 Baths

2,313 SqFt

Status Active Under Contract

MLS # 6738324

Property Type Single Family Residence

Price Type --

Stop the car!! Here's the perfect single level custom home in desirable North Heights! Sitting on an elevated lot this attractive home is just what you're looking for. Enter into the large/bright & open great room with wood burning fireplace /skylights and a view straight out to the back yard with sparkling pool. You'll love the kitchen with tons of cabinets and counter space/Granite counters/wine fridge/stainless appliances/double oven/large island with seating and a breakfast bar area too! The large master suite is a great retreat with an exit to the yard/big walk in closet/Bath with separate tub & shower/ 2 more bedrooms plus a den/office / Nice laundry room with cabinets & sink/ 3 car garage! Plantation shutters/Don't miss this great home!

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7720 N 181st Avenue Waddell, AZ 85355

$850,000

3 Beds

2 Baths

2,024 SqFt

Status Active

MLS # 6753868

Property Type Single Family Residence

Price Type --

Rare find! 2 acre horse property only minutes from Hwy 303!You'll know it's special as you drive up to the expansive front lawn and then see the welcoming front porch! The 3 bed 2 bath home w/split floor plan, living room, vaulted ceilings,ceiling fans,family room with dining area, eat in kitchen w/corian counters. Primary en suite bedroom w/step in shower and walk in closet-slider to back patio! Huge 2nd bedroom! Nicely sized 3rd bedroom-great for home office. 2 garages! Everything you'll want outside too- covered patio, separate pergola covered BBQ area,fenced yard, fully fenced pasture, lighted arena, covered stall/tack area w/water and power, flood irrigation.

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9697 E Three Canyons Road Hereford, AZ 85615

$850,000

4 Beds

3 Baths

3,160 SqFt

Status Active Under Contract

MLS # 6699015

Property Type Single Family Residence

Price Type --

Here is a rare opportunity to own a Southwest contemporary style home in the prime gated community of Three Canyons Ranch. Custom built in 2005 by Walston Custom Homes, it is situated on a 14.73 acre corner lot just off a paved Three Canyons Road. With 2,325 square feet of thoughtfully designed living space in the main house, owned solar panel system, and an attached 2 car garage, this property offers more than most. A recently added 835 square foot detached, pool house with a ¾ bath, roll-up glass door, and an attached 2.5 car extended garage affords an area for hobbies, recreation, or guest quarters. The scenic backyard oasis features a stunning pool, exquisite landscaping, and awe-inspiring views. Too much to mention here. See Home Features, Upgrades & Amenities list in document tab.

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36444 S Us Highway 85 -- Unit 13 Buckeye, AZ 85326

$850,000

4 Beds

2.5 Baths

2,028 SqFt

Status Active

MLS # 6719101

Property Type Single Family Residence

Price Type --

Embrace the allure of magnificent sunsets, glass-smooth water for skiing, & miles of wilderness for ATV riding. Lakeside Ski Village is a private, gated enclave with 21 homes on 2 tournament ski lakes, with 2 regulation slalom courses & jump ramp. Enjoy oversized garages, a climate-controlled RV garage with 220V power, & full home reverse osmosis water filtration, plus NEW HVAC. This home includes a covered dock w/ a boat lift. Lakeside is the only ski community in AZ with an on-site gas dock, making your lake adventures hassle-free. With the lowest HOA fees of any AZ tournament lake, it includes an on-site caretaker for the common area. Don't miss this exceptional opportunity.

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42008 N Astoria Way Anthem, AZ 85086

$850,000

4 Beds

3.5 Baths

3,364 SqFt

Status Active

MLS # 6664607

Property Type Single Family Residence

Price Type --

This Anthem Country Club 4 Bedroom features a guest casita with a full bathroom and private entrance. Enjoy a serene front courtyard with a soothing water fountain. Inside, the home boasts neutral colors throughout complemented by18-inch diagonal tile and textured carpeting. The kitchen is a chef's delight, equipped with a skylight, stainless steel appliances, double oven, microwave, gas cooktop, granite countertops, raised cabinetry, a breakfast bar, and a generously sized walk-in pantry. With a split floor plan including three bedrooms plus a den, privacy is ensured. Additional highlights include a Jack and Jill bathroom and built-in garage cabinets. Outside, savor views of the desert wash and Daisy Mountain. Buyer to verify all information.

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1 Easy Street Unit 8 Carefree, AZ 85377

$850,000

3 Beds

3.5 Baths

2,191 SqFt

Status Active Under Contract

MLS # 6673085

Property Type Townhouse

Price Type --

This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suites. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce

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3130 S Valle Verde Circle Mesa, AZ 85212

$850,000

5 Beds

3 Baths

3,113 SqFt

Status Active

MLS # 6729994

Property Type Single Family Residence

Price Type --

Wow! Unparalleled beauty & extraordinary craftsmanship are shown in this contemporary masterpiece. This cul-de-sac property boasts a 3-car garage, RV gate, fresh exterior paint & a welcoming front porch. As you enter, you'll be in awe by the sleek & modern design this gem showcases! Wood-look tile & vinyl flooring, upscale ceiling fans, chic light fixtures & windows galore enhance the overall ambiance. Discover a bright living room, sizable bonus room/ den with double doors & a desirable great room complemented by a fireplace, pre-wired surround sound & wine coolers. The chef's kitchen won't disappoint, with stainless steel appliances such as wall ovens & cooktop gas, a plethora of shaker cabinetry, quartz counters, an oversized center island with a breakfast bar & subway tile backsplash. The impressive owner's retreat highlights a private balcony, sitting room, fireplace, and an elegant ensuite comprised of dual sinks, garden tub, rain shower head, and a walk-in closet. Continue outside to the stunning backyard, which provides a covered patio and fenced sparkling pool with rock waterfall. This gorgeous home is sure to delight!

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