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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27689 N Makena Place Peoria, AZ 85383

$799,000

2 Beds

2.5 Baths

2,610 SqFt

Status Active Under Contract

MLS # 6733487

Property Type Single Family Residence

Price Type --

'Aurora' ON GOLF COURSE on QUARTER ACRE LOT, CLOSE TO KIVA CLUB, with HUGE GARAGE & NO CARPET. Impressive curb appeal with 3 HUGE PALM TREES & mature landscaping. LUXURIOUS 12-FT CEILINGS & 20-IN NEUTRAL TILE everywhere except bedrooms w/ NEW 2023 WIDE PLANK LUXURY VINYL floors. Kitchen has TWO LARGE ISLANDS, engineered stone c-tops, tile backsplashes, abundant cabinets with rollouts, s/s appliances. HUGE PRIMARY RETREAT features a large bedroom with bay window & sliding glass door to back patio, bath with ATTRACTIVELY TILED SHOWER with heavy duty glass, SOAKING TUB WITH JETS & tile surround, TWO WALK-IN CLOSETS & - the HIDDEN GEM of the primary suite is a great hideaway for reading, art studio, TV watching, exercising or an office. The relaxing great room adjacent to the kitchen has a GAS FIREPLACE & a lot of windows for great light and observing the backyard and golf course, space for casual dining & sliding door to the back patio. Other: ENSUITE GUEST BEDROOM, den, powder room, dining room and PRIVATE COURTYARD off the kitchen. 2-car garage with cabinets is EXTENDED 4 FT & has additional storage area for golf cart, bicycles & more. This floor plan lends itself well to ENTERTAINING as does the back patio & yard. Enjoy pleasant days overlooking the GOLF COURSE and chilly winter evenings with your guests around the FIREPIT. ALL FURNITURE, FURNISHINGS AND ACCESSORIES AVAILABLE BY SEPARATE BILL OF SALE. This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge new community park lo a great hideaway for reading, art studio, TV viewing, exercising or an office.

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8252 E Inca Street Mesa, AZ 85207

$799,000

3 Beds

3 Baths

2,001 SqFt

Status Active

MLS # 6716806

Property Type Single Family Residence

Price Type --

Welcome to your new home, an exquisite turn-key property showcasing modern and sleek upgraded finishes throughout. From Dacor appliances to a Brizzo faucet, this home epitomizes top-notch quality. It features three spacious bedrooms, three bathrooms, and an office with soaring ceilings, providing ample space for comfort and productivity. The interiors are thoughtfully designed with custom built-ins throughout, offering both functionality and aesthetic appeal. The custom fireplace accent wall serves as a striking focal point, while the integrated wine rack adds a touch of elegance to your living space. Pet owners will appreciate the convenience of the dedicated dog wash, and custom pot filler built in the kitchen. Ensuring your furry friends are as comfortable as you are. The backyard is a low-maintenance desert oasis, perfect for those seeking a lock-and-go lifestyle. Enjoy the serene outdoor setting without the hassle of extensive upkeep. This home truly offers the best of both worldsluxury living with convenience and ease.

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6040 E Morning Vista Lane Cave Creek, AZ 85331

$799,000

3 Beds

2 Baths

1,886 SqFt

Status Active

MLS # 6752458

Property Type Single Family Residence

Price Type --

Move-in ready! Nestled on a 1.36-acre desert oasis in the sought-after Cave Creek and North Scottsdale area, this beautiful 3-bedroom, 2-bath home offers the perfect blend of tranquility and convenience. Enjoy breathtaking desert sunsets, stunning mountain views, and cooler temperatures, all while being less than 15 minutes from top-tier shopping, dining, and entertainment in Scottsdale. Inside, the home features a spacious open floor plan, a cozy wood-burning fireplace, and an expansive primary suite. The newly renovated gourmet kitchen is a chef's dream, boasting brand-new cabinetry, countertops, a large island, and high-end black stainless steel energy-efficient appliances. Additional upgrades include plantation shutters, energy-efficient dual-pane windows, a new water heater, updated light fixtures, ceiling fans, door hardware, and fresh paint both inside and out. The peaceful yard is designed with low-maintenance landscaping, a drip irrigation system, and a lush lawn perfect for outdoor fun. With plenty of space for RV parking, a horse setup, or a custom workshop, this property offers endless possibilities to make it your own desert retreat.

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13013 N Panorama Drive Unit 128 Fountain Hills, AZ 85268

$799,000

2 Beds

2 Baths

1,605 SqFt

Status Active

MLS # 6756907

Property Type Apartment

Price Type --

Beautiful downstairs two bedroom, two bath unit. Located in one of the most desirable communities in Fountain Hills. Complex located on the north side of Fountain Park. Gated community with a gorgeous clubhouse, heated pool and spa. Fantastic views. Close to downtown Fountain Hills dining and shopping as well as local hiking trails. The sellers are interim occupants, so this unit is lightly used and well-maintained. Whether you are looking for your forever home, a seasonal get-away or a great investment for additional income, please make it a priority to see this awesome property. Furniture is available on a separate bill of sale.

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18067 E Vista Desierto -- Rio Verde, AZ 85263

$799,000

2 Beds

2 Baths

1,948 SqFt

Status Active

MLS # 6664147

Property Type Single Family Residence

Price Type --

Why build when you can move right in and begin enjoying the resort lifestyle at the amenity-rich Trilogy at Verde River! This home is completely furnished, lightly lived in, and meticulously maintained. Shows like a model with tons of beautiful upgrades throughout including neutral tile, designer accent walls, designer lighting and a gourmet kitchen package just to name a few. 2 Bedrooms, 2 Bathrooms plus a versatile Den space and a separate Golf Cart Garage that is great for the toys, extra storage, work shop, etc. The backyard has a built in barbeque, beautiful mature landscaping, expanded patio space and privacy letting you enjoy the magnificent AZ evenings in a tranquil setting. Trilogy at Verde River is a Resort Style community featuring something for everyone! Tom Lehman designed golf course, tennis, pickle ball, bocce ball, heated lap pool and swimming pool, hot tub, fitness center, demonstration kitchen and a 7.5 acre dog park. The community center has casual and fine dining, luxury spa and an events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails yet close to the conveniences of affluent North Scottsdale. Live like you're on vacation!!

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27638 N 45th Way Cave Creek, AZ 85331

$799,000

6 Beds

3 Baths

3,203 SqFt

Status Active

MLS # 6740357

Property Type Single Family Residence

Price Type --

Don't miss out on the opportunity to make your dream home a reality! This exquisite 6-bed, 3-bath residence is a haven of luxury and convenience. Boasting a 3-car garage, RV gate, and enchanting desert landscape, it's the epitome of upscale living. The interior of this home is inviting and comfortable, with a welcoming living room featuring a bay window and elegant wood flooring. The cozy family room is sure to be a favorite spot for intimate gatherings, while the formal dining room sets the stage for memorable dinner parties. Overall, this dream home seems to offer everything one could desire for comfortable and stylish living. The combination of practical features and elegant touches makes it truly irresistible. The backyard is a paradise, displaying a full-length covered patio, built-in BBQ, spa, and refreshing pool. Unwind on the balcony with stunning mountain views. Make this gem yours today!

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5910 E Hillery Drive Scottsdale, AZ 85254

$799,000

4 Beds

2 Baths

2,190 SqFt

Status Active

MLS # 6760266

Property Type Single Family Residence

Price Type --

Completely gutted brand new 4 bedroom home. Open floor plan features two living rooms, eat in kitchen and dining book. Designer finishes throughout. New ductwork, updated electrical throughout. New plumbing and updated trim. Gorgeous tilework., new appliances and fixtures. Everything is brand new. All new custom cabinetry throughout. Perfect location in 85254, Must see!!!!

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9206 W Pinnacle Vista Drive Peoria, AZ 85383

$799,000

5 Beds

3 Baths

3,647 SqFt

Status Active

MLS # 6760238

Property Type Single Family Residence

Price Type --

One of the largest lots in the subdivision! Opposite the green belt, 3 patios and a large balcony off the primary bedroom. RV gate that allows for 2 trailers side by side. Soaring vaulted ceiling entrance, 9 foot custom interior doors, 5 bedrooms with additional bonus room, 2 bedrooms DOWNSTAIRS, Large wet bar with built-in cabinets. Hickory wood floors in entry and stairs, 3-car garage with built in cabinets, epoxy flooring, 100 amp electrical panel with dozens of outlets, large shed, sparkling newer (2022) POOL! Ideal location near Lake Pleasant , shopping and restaurants...A+ West Wing Elementary and Sandra Day O'Connor HS

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7622 E Via Del Sol Drive Scottsdale, AZ 85255

New

$799,000

2 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6760743

Property Type Single Family Residence

Price Type --

Step into this stunning 1,795 sq ft Grayhawk home in North Scottsdale's coveted Sonoran Hills neighborhood. Featuring an open floor plan with 12-foot ceilings, the home offers two bedrooms, an office, and two bathrooms. The gourmet kitchen boasts stainless steel appliances, a 48-bottle wine fridge, and a granite island/breakfast bar. A large sliding glass door opens to a resort-style backyard with a heated private pool, built-in BBQ grill, and outdoor TV. The fully enclosed sunroom offers additional relaxation space. With two 50 AMP EV chargers, a spacious front porch to enjoy Arizona sunsets, and a hot water recirculating pump, this home offers luxurious living at its best. Close to restaurants, shopping, golf courses, hiking trails and more. Don't miss this rare find opportunity!

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1032 S Cape Court Gilbert, AZ 85233

New

$799,000

5 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6754245

Property Type Single Family Residence

Price Type --

Welcome to one of the Island's best kept secrets! 5 spacious bd, 3 FULL baths. Oversized backyard swimming pool and hot tub. Fully fenced yard for great privacy (no 2 story homes surrounding). West facing yard provides morning shade, afternoon sun, and evening sunsets. Huge Covered patio. Mature orange tree providing delicious fruit. 3 car garage w/built in storage. Huge east-facing driveway with afternoon shade. High vaulted ceiling on both floors. Incredible view from every window. New laminate flooring on main level. Formal dining area with sunset view. Wet bar. Wood burning fireplace. Fully owned 34-panel solar system. Roof recently replaced. Kitchen has a freshly updated backsplash and modern colored cabinetry. Located in a cul-de-sac, 5 min walk to access the community lake!

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8505 S Breezy Pine Road Mayer, AZ 86333

$799,000

3 Beds

3 Baths

3,196 SqFt

Status Active

MLS # 6727926

Property Type Single Family Residence

Price Type --

A Cabin up North, that's more like a Dream Home! Gorgeous Views! Ponderosa Pines! Cool Weather! AirBnB Opportunities! 3 Bedrooms / 3 Baths / 3,120 s.f. on 2.25 Acres / Built 1999 This secluded, turn-key 3-story home and detached Workshop/Garage/Yoga room are ready for you and your family to enjoy year-round. Located just south of Prescott in the Prescott National Forest. The main (2nd) level includes a large kitchen, Granite countertops, an island, custom Hickory cabinets, lots of storage, stainless steel appliances, a dining area, a family room, 2 guest bedrooms, a full guest bathroom, and a mud room. The large master suite is on the top floor with a private loft, a sitting room, 2 closets, a master bathroom, and a balcony. The lower level has wainscoting, tongue and groove ceiling, a full bathroom and walkout patio adding another dimension to the home for privacy. Use it for a recreation room, additional bedroom, or office. Conveys with FURNISHINGS & a Tractor (see pix of Tractor in garage). Ready to AirBnB at ~$500/night if you choose to. APS power grid, plus Solar (leased ~$70/mo) Private Water Well with (2) 1500 gallon Water Tanks Septic System; plumbed for Fire Sprinklers. NO HOA Tax Parcel 205-14-247C; Prop Taxes only $1420 (2022 Final) SELLER FINANCING potential: Sub2 opportunity to take over ~$720k loan at 4.375%, PITI ~ $4500.

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17662 E Chevelon Canyon Circle Rio Verde, AZ 85263

$799,000

3 Beds

2 Baths

1,679 SqFt

Status Active

MLS # 6753902

Property Type Twin Home

Price Type --

Indulge in breathtaking Mountain and Desert Views from your expansive covered patio in this stunning Resort Collection home featuring 3 spacious bedrooms and 2.5 baths. Nestled in the heart of Trilogy at Verde River, you can walk to the club house. The gourmet kitchen boasts GE Monogram appliances, upgraded cabinets, a wrap-around island with granite counter, and reverse osmosis for pure water. The great room with a 15' sliding patio door opens to the extended patio with firepit and fountain on a larger lot that is adjacent to the desert. The master suite offers a luxurious tiled bath, extended walk-in closet, linen cabinet, custom mirror, and granite counters. Plantation shutters, wood floors and 5'' baseboards throughout. Other upgrades include water softener, UV protected windows, motorized sun shade, floor to ceiling tile in guest bath, custom mirrors in baths, and epoxy flooring in the garage. HOA fee covers front and backyard landscaping maintenance as well as exterior paint. Trilogy at Verde River is a Resort Style community featuring something for everyone! Tom Lehman designed golf course, tennis, pickle ball, bocce ball, heated lap pool and swimming pool, hot tub, fitness center, demonstration kitchen and a 7.5 acre dog park. The community center has casual and fine dining, luxury spa and an events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails yet close to the conveniences of affluent North Scottsdale. Live like you're on vacation!!

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