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.

Whats 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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1314 E Las Palmaritas Drive Phoenix, AZ 85020

$1,999,500
3 Beds
3 Baths
3,615 SqFt
Status Active
MLS # 6742512
Property Type Single Family Residence
Price Type --
**** SELLER IS OFFERING $75,000.00 IN LANDSACPE/POOL CREDIT AT CLOSING**** Take pride in residing in this unique haven nestled on a hilltop cul-de-sac with panoramic 360° views! Exquisite curb appeal, a brand new roof, and a 3-car garage with glass doors are just the beginning! Come inside to discover recessed lighting throughout, ledger stone accents, custom railing, and a custom steel floating staircase. The large living room showcases new wood-look porcelain tile flooring, wide sliding glass doors to the back patio, and a stacked stone electric fireplace. The magazine-cover kitchen is a delight, offering pendant lighting, a walk-in pantry, white cabinetry with crown moulding, a waterfall island with breakfast bar, and high-end SS appliances such as a wine cooler, electric cooktop, & a wall oven.Grand owner's retreat stands out with its plush carpet, direct outdoor access, elegant ensuite with dual sinks & freestanding tub, and walk-in closet. HUGE bonus room on the lower level can be used as a recreational center! The backyard provides a covered patio, paver seating area, and new artificial turf! Highly updated with ALL NEW HVAC including ductwork & handlers, new electrical, new plumbing, new drywall, spray foam insulation, custom showers, and all new dual pane Low-E windows! This gem is sure to captivate you! Hurry and act NOW!

1778 E Ramsey Road Benson, AZ 85602

$1,999,000
4 Beds
3.5 Baths
3,551 SqFt
Status Active
MLS # 6737548
Property Type Single Family Residence
Price Type --
Stunning 54-Acre Ranch Property! Experience luxury and comfort in this 3551sqft home featuring an open floor plan, 4 beds, 3.5 baths, granite countertops, wood burning fireplace with stone covered surround, oversized doors, split floor plan, large laundry room with cabinets and countertops. The estate includes 2 horse pastures, riding arena, 8 steel corrals, and 72x60 haybarn. Enjoy modern outdoor amenities like a gazebo with a half bath and outdoor shower, a heated pool and spa, and a basketball/pickleball court. Additional highlights are a 100sqft meat locker, 50x75 3bay insulated shop, internet tower, 22kw generator, and 90 pecan trees. Ideal for horse enthusiasts and those seeking spacious, tranquil living. Don't miss out on this extraordinary opportunity to own a piece of paradise.

7289 E Spanish Bell Lane Gold Canyon, AZ 85118

$1,999,000
4 Beds
4.5 Baths
4,927 SqFt
Status Active
MLS # 6751504
Property Type Single Family Residence
Price Type --
Custom home where luxury meets comfort with Mountain Views. With thoughtful design and impeccable quality throughout, this home features: Custom Arched Doors; Great Room with Fireplace & Wet Bar; Gourmet Kitchen complete w/fireplace-TV Sitting area & spacious breakfast area; Formal Dining Room w/Built-in food warmer for convenient hosting; Master Suite includes Spa like bathroom - Sitting area - Exercise room & private access to Spa & Pool; 3 Ensuite Guest Bedrooms including a detached casita; Two Private Offices; Large covered Patios - Heated Pool - Built in BBQ Kitchen- New Putting Green; Extra height and length 4.5 car garage; 4 New A/C units 2022 - Stucco painted 2023 - Inside Painted 2024. Welcome to your dream home at the base of the Superstition Mountains.

23560 N 78th Street Scottsdale, AZ 85255

$1,999,000
4 Beds
3.5 Baths
4,276 SqFt
Status Active
MLS # 6753791
Property Type Single Family Residence
Price Type --
Rare opportunity in the exclusive, gated community of Vista Monterey! Prime location and large private lot combine desert living with modern convenience. This lovely move-in ready home welcomes with a grand foyer separating the formal living & dining rooms. Large windows and plantation shutters. Warm and inviting open kitchen/family room, boasts a fireplace, built-ins and exposed beams. Gourmet kitchen, featuring high-end SS appliances, granite counters, breakfast nook and island w/breakfast bar. Neutral palette, warm wood, tall ceilings, and tons of natural light. Split floorplan, generous master retreat and good size additional bedrooms plus a dedicated office and second living space. Lush backyard with mature trees, extended patio. outdoor fireplace, bbq and breathtaking sunset views.

11602 N Hayden Road Scottsdale, AZ 85260

$1,999,000
3 Beds
2.5 Baths
3,912 SqFt
Status Active
MLS # 6724818
Property Type Single Family Residence
Price Type --
** BRING ALL OFFERS. Your dream home is within reach! This outstanding residence, beside a prestigious golf club, boasts a circular paver driveway & striking stone façade. Discover sheer beauty & spectacular detail throughout! W/its chic light fixtures, ceiling fans, tile flooring, & picture windows, this house will astonish you. Wide sliding glass doors from the oversized open floor plan provide easy access to the back patio. Magazine-cover kitchen showcases quartz counters, stylish tile backsplash, SS appliances such as an electric cooktop, wine cooler, & wall oven, flat-panel cabinets, & a waterfall island w/a breakfast bar. One Jack & Jill bathroom! Venture outside to find the enchanting backyard, including a covered patio, lovely pergola with a built-in BBQ for weekend grills, a sparkling pool, and serene golf course views. This gem will sell fast! Act now!

4605 W Honeysuckle Drive Phoenix, AZ 85083

$1,999,000
4 Beds
5.5 Baths
3,582 SqFt
Status Active
MLS # 6732855
Property Type Single Family Residence
Price Type --
SPECTACULAR New Custom Home on private cul-de-sac street in north Phoenix is a dream come true! Gorgeous curb appeal, covered porch with mesmerizing mountain views & a convenient RV gate is JUST the beginning. Fall in love with an exquisite interior showcasing engineered hardwood flooring, soothing color palette, dazzling light fixtures, 12 ft ceilings with exposed beams, & multi-sliders merging the indoor with the outdoor living. Enjoy cozy nights at home by the delightful fireplace! The stunning chef's kitchen boasts custom cabinets, quartz counters & backsplash, a pot filler, Monogram stainless steel appliances, including a smart double wall oven & induction cooktop, a wine fridge & a huge island with a breakfast bar. The serene main retreat features plantation shutters, a lavish ensuite equipped with dual sinks, a superb soaking tub, a walk-in shower and large walk-in closet. The other three bedrooms all have en suite bathrooms, walk-in closets and plantation shutters! Garage is oversized 3-car tandem garage with extended height doors, epoxy flooring, built-in cabinets and overhead storage racks. Discover the amazing backyard offering a large covered patio, limestone pavers, a pebble tec swimming pool with a spa and pool bathroom! Don't let this gem pass you by!!

7738 N 185th Avenue Waddell, AZ 85355

$1,999,000
4 Beds
3.5 Baths
2,300 SqFt
Status Active
MLS # 6735714
Property Type Single Family Residence
Price Type --
MUST SEE sprawling ranch style estate/compound on irrigated 2 acre lot. Newly constructed 2300 sf, 4 BR 3.5 BA main house and remodeled 1300 sf, 3BR, 1BA guest house. Perfect for visiting friends/family or private separate inlaw or older child suite. Newly build main house features upgraded Frigidaire appliances and granite counter tops throughout. Stained concrete floors. Custom cabinets and extra large walk-in pantry. Mud room/dog shower in the laundry room. 6 car garage 40x28 w/ additional attached RV garage 41x50. Tons of covered space for extra cars, RVs, boats and more. Huge pool with built-in outdoor kitchen and fireplace for entertaining friends and family. Backyard boasts a motel, tack shed and covered shaded areas for horses. Gated entry. RV hookup and dump capabilities.

7018 E Corrine Drive Scottsdale, AZ 85254

$1,999,000
4 Beds
3 Baths
3,308 SqFt
Status Active Under Contract
MLS # 6751616
Property Type Single Family Residence
Price Type --
Discover luxurious living in this single level completely remodeled home, no expense spared! Situated on over 1/2 an acre lot in 85254, no HOA. The brand new 1400SF CLIMATE CONTROLLED & INSULATED GARAGE with 12' ceiling offers space for 7 vehicles and ample storage for all your toys. Step inside to find a modern, open-concept design with high-end finishes throughout. The gourmet kitchen boasts top-of-the line appliances, sleek cabinetry, and an oversized island perfect for entertaining. The spacious living areas are filled with natural light, creating a warm and inviting atmosphere. Outside your private oasis awaits. The large backyard features a sparkling salt water pool, spa, citrus trees and sport court. Don't miss your chance to make this exceptional property your home!

2203 E Scenic Drive Payson, AZ 85541

$1,999,000 - 4Br/5Ba -  for Sale in Chaparral Pines Phase 1, Payson
Open House
$1,999,000
4 Beds
5 Baths
5,618 SqFt
Status Active
MLS # 6726593
Property Type Single Family Residence
Price Type --
EXQUISITE MODERN MOUNTAIN RETREAT located within the desirable community of Chaparral Pines, with expansive mountain and golf course views! This stunning four-bedroom, five-bath home, including a dedicated office, offers luxurious living both indoors and out. Completely updated and move-in ready, this home boasts a spacious, open floor plan spread across three levels, all accessible by a 3-stop elevator or gentle stairs, perfect for hosting family and friends. The main level welcomes you with a jaw-droppingly grand great room, drenched in natural light from expansive windows that blend indoor elegance with breathtaking views of hole #7 and the Granite Dells in the background. The floor-to-ceiling stone fireplace and a wet bar add to the sophisticated atmosphere, while the radiant heated floors add an additional touch of comfort and luxury. The recently remodeled kitchen, updated in 2020, features quartz countertops, new appliances, and custom cabinetry, and the large breakfast bar and adjacent dining area are ideally situated to enjoy the magnificent views. The main-level master suite opens to an expansive deck, perfect for morning relaxation, and includes a luxurious en suite bath with a sizable walk-in closet. Also on the main level, you'll find a beautifully designed office with built-ins and a sink, a laundry room, and a powder room for guests. Split from the master suite, a short ascent of stairs leads to two private guest bedrooms, each with walk-in closets and en suite baths. The lower level offers a generous living area with a theater setup, wet bar, and outdoor access to a patio featuring a fireplace and hot tub. The fourth bedroom, a spacious guest master suite, is situated for maximum privacy. This home also provides ample storage and flexible spaces to suit your needs with a basement level workshop, multiple closets, an indoor/outdoor dog kennel, and a potential wine cellar that's currently used as a kids toy/play area. The oversized 3.5-car garage accommodates three vehicles, a golf cart, and includes additional storage space.

30600 N Pima Road Unit 58 Scottsdale, AZ 85266

$1,998,000
4 Beds
3.5 Baths
4,595 SqFt
Status Active
MLS # 6754414
Property Type Single Family Residence
Price Type --
SELLER FINANCING AVAILABLE! Immerse yourself in desert tranquility at this Luxurious desert estate on over an acre lot. Bright & open SPLIT floorplan w/2nd master creates seamless flow between the living, dining & kitchen spaces, creating the perfect ambiance to relax or entertain guests. Gorgeous Chef's kitchen features pro-grade stainless appliances, quartz counters, ample cabinetry, walk in pantry, built in dining & gorgeous large island w/seating. Elegant primary suite features spa-like bath w/designer finishes & private patio w/fireplace creating a tranquil escape. Enjoy the beautiful outdoors in one of the many exterior seating areas, or by the sparkling pool w/ fireplace for those chilly desert nights. Prestigious guard gated community of Sincuidados w/its own hiking mtn.

39701 N 107th Way Scottsdale, AZ 85262

$1,998,000
4 Beds
4.5 Baths
3,807 SqFt
Status Active Under Contract
MLS # 6756674
Property Type Single Family Residence
Price Type --
Dramatic wall of glass entry via oversized pivot glass door welcomes you into this Bing Hu designed residence situated along the 8th Fairway of Apache. The essence of easy living and timeless elegance all year, as well as a perfect lock and leave for shortened stays. Proudly offered, this meticulously crafted residence boasts a prime location, mere moments from the second gate, walking path to Apache Clubhouse, and nearby the new Renegade Clubhouse and the Sonoran Spa & Fitness Clubhouse, ensuring effortless access to all the community has to offer. Exhibiting a timeless Arizona contemporary style, this home welcomes you with its one level living, adorned with split-face stone accents and sleek metal facia showcasing clean lines and captivating angles. Step through the private gated courtyard, where tranquil cactus gardens and inviting sitting areas set the stage for the captivating City Lights, Mountains and Sunset views. Geometric ceiling designs grace the central living spaces, where cedar wood plank ceilings soar, complemented by dropped perimeter ceilings with expansive clerestory windows, infusing the interiors with radiant natural light. The great room, with a prominent dry stacked stone fireplace, immaculate stone tiled floors, and expansive windows framing picturesque views, invites relaxation and conversation. Open and airy kitchen welcomes gatherings around the sprawling center island or in the spacious breakfast room, while offering seamless transitions to outdoor living areas as well as the casual family room. Formal dining area overlooking the picturesque cactus gardens and sparkling pool is the perfect setting for creating cherished memories. Private Primary Retreat, a sanctuary of luxury and tranquility presenting a window-wrapped sitting area offering city light views, Black Mountain and stunning sunsets, and a slider to the serene patio oasis with mature cactus gardens with a soothing sparkling pool with waterfall and spa that are just steps away. The ensuite bath pampers with dual vanities, lounge tub with stone surround, and a spacious walk-in steam shower, while the expansive dressing room ensures ample storage. Two additional ensuites in the main home offer comfort and privacy, each appointed with its own bath and patio access. Outside, the L-shaped patio beckons with its deep covered living areas, grilling station, and sparkling pool with waterfall and spa, offering the perfect setting for outdoor entertaining or serene relaxation. The 2023 completed standalone casita is sure to delight your guests. Thoughtfully designed with floor to ceiling view windows, custom linear fireplace and kitchenette set the tone for utter enjoyment. Private and inviting main room with expansive walk-in closet and spa-inspired bath complete the ultimate Scottdale luxury living. Home Highlights: Single Level - No Steps Architect: Bing Hu Larkspur Floor Plan + 2023 Completed Casita 2023 Completed standalone Casita w/ linear fireplace and kitchenette; Butt-glazed corner view window; Tongue and grove cedar plank ceiling 4 Bedrooms 4.5 Baths 2023 Added mature, specimen landscaping to entry courtyard. 2023 Oversize Glass Pivot door - matte black-framed and glass side panel 2023 Exterior walkway, courtyard, and back patio tile 2023 LED lighting inside and out, including garage 2021 Two new HVAC complete units in Main Home (Casita HVAC 2023) 2021 Restoration Hardware shelving added at bar. 2021 Replaced all electrical switches and plates throughout house (white) 2021 Pool and Spa equipment with phone app control 2021 Speakers and sound system (inside and out) 2021 Carpet in bedrooms 2021 Stone tile flooring throughout cleaned, honed, and sealed 2021 Ceiling fans throughout-bedrooms, family room, back patio (matte-black/dark bronze) Adjacent to Apache #8 Fairway Steam Shower 2024 Pool and Spa resurfaced and new tile Centrally located, the Village of Desert Greens provides quick access to the Apache Clubhouse via walking path and nearby the New Renegade Clubhouse, Sonoran Clubhouse Spa & Fitness, multiple golf courses, club dining, as well as the second guard gate for off property shopping and restaurants. Additional community amenities include tennis, pickleball, golf, biking and hiking trails.

8400 E Columbus Avenue Scottsdale, AZ 85251

$1,995,800
4 Beds
3.5 Baths
3,254 SqFt
Status Active
MLS # 6751625
Property Type Single Family Residence
Price Type --
This like new single level home just minutes to Downtown Scottsdale & Scottsdale Fashion Square shopping and restaurants! This boutique community features just 13 homesites and selling fast. This Spacious single level home has 4 bed + den, 3.5 baths, large bonus room or formal living/dining + Den/Office. The spectacular kitchen opens to the Great Room. Primary bedroom includes large soaking tub, separate large walk- in shower and 2 closets, Split ensuite Guest bed rooms .

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