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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1690 W Yucca Drive Wickenburg, AZ 85390

$775,000

3 Beds

2 Baths

2,446 SqFt

Status Active

MLS # 6690342

Property Type Single Family Residence

Price Type --

Welcome to your dream Spanish-style retreat! This charming home boasts exquisite architectural details, including beautiful, vaulted wood ceilings that add warmth and character to the interior. Step inside to discover a large, spacious floor plan that provides ample room for comfortable living and entertaining. The centerpiece of the living area is a floor-to-ceiling brick fireplace, perfect for cozy evenings spent with loved ones. The kitchen and bathrooms feature unique tile designs, adding a touch of Spanish flair to the home's aesthetic. Prepare meals in style in the spacious kitchen with upgraded appliances. With three bedrooms, there's plenty of space for family and guests to relax and unwind. Plus, with a 5-car garage, you'll have ample storage for vehicles and outdoor gear. Situated on over an acre of land, this property offers privacy and tranquility, allowing you to escape the hustle and bustle of everyday life. Seller replaced the roof in January of 2024 and the bedrooms windows are being replaced by Renewal by Anderson. And let's not forget about the breathtaking mountain views overlooking the lush greens of the golf course - the perfect backdrop for enjoying your morning coffee or evening cocktail.

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1761 S Alder Leaf Lane Show Low, AZ 85901

$775,000

4 Beds

3.5 Baths

3,261 SqFt

Status Active

MLS # 6491456

Property Type Single Family Residence

Price Type --

This luxury home is nestled in a quiet cul-de-sac on a ½ acre lot, in the breathtaking Meadows of Torreon Golf Club in Show Low, AZ. The Lodge's first floor provides a generous master suite, kitchen with all stainless-steel appliances, half bath, laundry room, and cozy great room with a gorgeous gas fireplace. The 2nd floor has 3 bedrooms, full bath, a loft with balcony, and another master suite!

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39515 N 3rd Avenue Phoenix, AZ 85086

$775,000

4 Beds

3 Baths

3,102 SqFt

Status Active

MLS # 6579714

Property Type Single Family Residence

Price Type --

Desirable Desert Hills, private and secluded location. Beautiful Territorial, cozy courtyard entrance, over 1.1 acre lot with horse privileges, no HOA, bring your ATVs, RV parking, paved roads. Close to state trust land, hiking, riding trails. Move in ready. Single story, split floor plan with 12 ft ceilings, kitchen open to family room, 2 gas fireplaces, large 4 bedrooms, 3 baths, extended 25 ft deep 3 car garage. Formal living and dining room, 2 master suites, his and hers walk-in closets, jetted tub. Highly upgraded with Knotty Alde cabinets and interior doors, granite counter tops, stainless steel appliances, both HVACs replaced in 2017, roof recoated in 2021. Beautiful backyard with natural vegetation and stunning mountain views, large covered patio, home warranty included! Property has brand new well, 700 ft deep, 55 gal/min, shared well, 4 shares.

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10080 E Mountainview Lake Drive Unit 259 Scottsdale, AZ 85258

$775,000

2 Beds

2 Baths

1,152 SqFt

Status Active

MLS # 6601959

Property Type Apartment

Price Type --

Looking for a stunning waterfront condo in Scottsdale? Look no further! This recently renovated 2 bedroom, 2 bathroom condo is a gem in this development. With many secondary homeowners in the community, this smart home offers connivence whether you're near or far. Indulge in breathtaking water views, with occasional boat parades from your private balcony. The open floor plan is designed for seamless entertaining. The kitchen is a chef's dream, featuring high-end stainless steel appliances, stunning quartz countertops, and abundant cabinet space. Don't let this opportunity to turn this into your dream home slip away! Bay Club offers an array of luxurious amenities including sparkling pools, gym facility, and the added bonus of a very short distance to Scottsdale Ranch Park.

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1410 Sierra Vista Drive Prescott, AZ 86303

$775,000

4 Beds

2.5 Baths

2,666 SqFt

Status Active

MLS # 6660210

Property Type Single Family Residence

Price Type --

W/ ACCEPTABLE OFFER, WILL HELP W/ RATE BUYDOWN. gorgeous home located in the Hassayampa Hills of famous Prescott, Arizona features breathtaking views from the front yard to the backyard both day and night. Serene, peaceful, majestic, comfortable are just some of the words to describe the emotions embodied in this incredible home. Home has been upgraded and features an open floorplan concept w/ a gourmet kitchen featuring gas cook top, wall oven and microwave, white shaker cabinets, stainless steel appliances, backsplash and upgraded lighting. Most of the floor has been updated w/ luxury vinyl plank flooring. Off the massive primary bedroom there is a large Arizona room lined with sliding glass doors and custom tile flooring. Home features an additional room that is being used as a gym This home is a gem in the best part of town. Large lot can accommodate additional structure up to 50% of the square footage of the home for a mother in law suite/vacation rental

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15406 E Wildcat Court Fountain Hills, AZ 85268

$775,000

3 Beds

3 Baths

2,632 SqFt

Status Active Under Contract

MLS # 6660741

Property Type Single Family Residence

Price Type --

No interior steps! Coveted split bedroom floorplan with en suite guest bedroom! Enter into spacious living room open to outside greenery and enhanced by 12' ceiling. Kitchen, breakfast area and family room with fireplace comprise the core entertainment area with wet bar and access to covered patio & scenic yard that backs to wash. Island kitchen and double ovens will appeal to every home chef. Guest bedroom wing features 2 bedrooms, one of which is en-suite, and a full bathroom. Primary bedroom and full bath are on the opposite wing. 3-car garage has storage racks ,and attached cabinets; Sunridge Canyon cul de sac location ensures peace and quiet. Community amenities include public golf course, hiking trails and several neighborhood parks.

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15783 E Primrose Drive Fountain Hills, AZ 85268

$775,000

3 Beds

3 Baths

2,259 SqFt

Status Active

MLS # 6673657

Property Type Single Family Residence

Price Type --

Spacious desert stunner in peaceful and prestigious Fountain Hills! Nestled amidst breathtaking mountain vistas, this exquisite property is the perfect one for you. As you approach, the charm of an exterior fireplace immediately greets you, setting the tone for the warmth and beauty that lies within. The presence of a refreshing pebble-tech pool, and a rejuvenating spa, promises endless relaxation and enjoyment against the stunning backdrop of nature. Step inside to discover a spacious living area, radiating a cozy ambiance with its inviting fireplace. High ceilings make this home feel like a Vegas resort! The den, designed with tranquility and productivity in mind, makes an ideal space for a home office. Culinary enthusiasts will be delighted by the formal dining area, where memorable meals can be enjoyed with loved ones. The kitchen is a chef's dream, featuring ample cabinetry, granite counters, high-end stainless steel appliances, including wall ovens, and a center island with a convenient breakfast bar. Retreat to the generously sized main bedroom, with pool view, offering two separate walls of floor to ceiling closets for ample storage. The ensuite is a haven of relaxation, boasting dual sinks and a jetted tub for ultimate indulgence. An Arizona room provides a serene escape for peaceful afternoons, basking in the beauty of your surroundings. The backyard is a tranquil space, ideal for unwinding and absorbing the scenic mountain views. This property truly embodies the essence of a picturesque retreat, offering both luxury and comfort in an idyllic setting! Come and experience its charm for yourself! Additional features include a recently painted interior (2021), a fully renovated drip system (2021), and a new air conditioner (2019). This property sits on a private half acre of beautiful, mature landscaping.

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7150 E Napoli Road Prescott Valley, AZ 86315

$775,000

4 Beds

4 Baths

3,304 SqFt

Status Active Under Contract

MLS # 6680372

Property Type Single Family Residence

Price Type --

Nestled on a picturesque 2-acre property, this farmhouse exudes charm and spaciousness, perched atop a small bluff, offering breathtaking views from its inviting front and back porches. A new roof, installed in January 2024, complements the freshly painted interior. A 12'x34' outbuilding and ample space for horses, with convenient access to Mingus Mountain horse trails, complete this idyllic country living experience. Step inside and be enchanted by the open-concept layout seamlessly connecting the kitchen, dining and great room, where a cozy gas fireplace serves as the focal point, catering to the needs of discerning homeowners. The well-appointed kitchen boasts a sizable butcher block island, double refrigerator, 6-burner gas stove, and spacious farm sink, perfect for culinary endeavors On the main floor, discover two versatile bedrooms/offices, a convenient ¾ bathroom, and a mudroom, adding functionality to the living space. The 2+ car garage accommodates one of the two laundry spaces, with the washer and dryer conveying with the property. Upstairs, a haven of comfort awaits with three bedrooms, each featuring en-suite facilities, along with a flexible family room and a separate laundry room for added convenience. The lavish master suite boasts dual walk-in closets and a sumptuous bathroom complete with a double sink vanity, clawfoot soaking tub, and a luxurious walk-in shower. Constructed with steel and fortified with 6 foam insulation, this high-efficiency residence ensures optimal energy conservation. The presence of 50 amp RV hookups enhances the property's appeal, catering to those with recreational vehicles. There's a leased 500-gallon propane tank and situated on the north side of the home are two 1000-gallon septic tanks.

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2613 W Via Vista Drive Phoenix, AZ 85086

$775,000

4 Beds

3.5 Baths

3,060 SqFt

Status Active Under Contract

MLS # 6695901

Property Type Single Family Residence

Price Type --

Beautiful single story with a sparkling blue pool with waterfall and a Mountain View. This home offers modern multi-generational living with a guest suite with its own separate living area. Chef's kitchen features large extended island, gas stove, seemingly endless storage, an eat-in breakfast nook and beautiful granite. Large primary bedroom has patio access, en-suite bathroom, enormous walk-in closet, and three separate bathroom areas for getting ready. Additional bedrooms are above average size and have separate entry access door from private courtyard. Light bright floor plan with diagonally set tile. Stellar location across the street from everything fun in Tramonto, basketball, tennis, pool, hot tub, picnic area, sand volleyball and playground. Close to TSMC! Walk to restaurants! A/Cs only 3 years old! Also, ask about the excellent solar lease. $178.06 per month and APS in May of 2023 $25.00.

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10080 E Mountainview Lake Drive Unit 159 Scottsdale, AZ 85258

$775,000

2 Beds

2 Baths

1,152 SqFt

Status Active

MLS # 6697685

Property Type Apartment

Price Type --

Welcome to luxury lakeside living at Scottsdale Bay Club in the prestigious Scottsdale Ranch community. This fully remodeled ground floor unit offers breathtaking views of Lake Serena, ensuring a serene and picturesque backdrop for your daily life. This meticulously updated 2-bedroom, 2-bathroom residence boasts modern finishes and attention to detail throughout. Step inside to discover an inviting living space, flooded with natural light and designed for both relaxation and entertainment. The kitchen is a chef's dream, featuring sleek cabinetry, premium appliances, and ample counter space for culinary endeavors. Enjoy meals with a view in the adjacent dining area, overlooking the tranquil waters of the lake. Continue.... The spacious bedrooms provide comfortable retreats, each offering privacy and comfort. The master suite includes a luxurious ensuite bathroom and generous closet space, while the second bedroom offers versatility for guests or a home office. One of the highlights of living at Scottsdale Bay Club is the direct gate access to Scottsdale Ranch amenities. Residents can take advantage of tennis courts, racquetball, volleyball, playgrounds, basketball courts, and a baseball field, all within walking distance. Cross the walking bridge over Via Linda and discover a vibrant array of dining, shopping, and entertainment options. From bars and restaurants to a pharmacy, gym, nails salon, bank, coffee shops, and even an ice cream parlor, everything you need is just steps away. Additional features of this exceptional property include a one-car garage for convenient parking and storage. With its prime location, stunning views, and luxurious amenities, this ground floor unit at Scottsdale Bay Club offers a lifestyle of unparalleled comfort and convenience. Don't miss your chance to experience resort-style living in the heart of Scottsdale. Schedule your private showing today and make this lakeside retreat your own.

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1508 N Alta Mesa Drive Unit 120 Mesa, AZ 85205

$775,000

3 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6698793

Property Type Townhouse

Price Type --

Priced thousands below current appraisal! LOCK AND LEAVE!!! Luxury living located in the highly desirable ''Clubhouse Village at Alta Mesa''! A home where you are steps away from the fabulous private golf course, splashing around in the pool or dining with friends at the clubhouse! Once inside you will be greeted with soaring ceilings, custom crown molding, plantation blinds throughout, gourmet kitchen with granite countertops, custom cabinets throughout, and a inviting patio area with built-in BBQ for relaxing and entertaining! In the garage you will find additional parking for your golf cart and climate controlled attic access! Too many amenities to list! Located close to restaurants, shopping, freeways and more! Call today!!!

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30224 N 170th Street Rio Verde, AZ 85263

$775,000

2 Beds

2.5 Baths

2,179 SqFt

Status Active

MLS # 6700763

Property Type Single Family Residence

Price Type --

Inclusive of 2 parcels for a total of 4.37 acres. Come experience endless panoramic 360-degree mountain views from every window of this unique home. It seamlessly combines quaint charm with modern amenities, boasting an open floor plan flooded with natural light upstairs. The lower level features a potential private living quarters for guests' or a flex space/game room and 3rd bedroom. Custom-built, this home is well insulated, has window coverings throughout, and a pre-built elevator shaft already in place. With 4.37 acres at your disposal, there's ample room for a garage, guest house, or horse setup. Just a short distance on a dirt road, bring your toys or horses and enjoy!

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