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.

Click Here to See What Your Home is Worth

4001 E Rancho Drive Phoenix, AZ 85018

$1,900,000
3 Beds
2.5 Baths
3,150 SqFt
Status Active
MLS # 6752445
Property Type Single Family Residence
Price Type --
VIEW LOT - Very special .81-acre elevated view lot with a full Unobstructed backyard view of Camelback Mtn & the Praying Monk plus Piestewa Peak & South Mtn. No utility lines or poles and elevated high above the surrounding rooftops. The Camelback Mountain view photos here were taken from existing finished grade in the backyard. The buildable pad may be expanded. The lot is on the Phoenix/Paradise Valley border (Phx side/Phx taxes). 40th St is residential only in this location. Very quiet & private. This is the Hopi/Arcadia school district and only .34 miles from Phoenix Country Day School. Homes must be single story and under 20-feet in height. The existing home has interior demo, adds no value, and is sold in as-is condition.

37031 N Mirabel Club Drive Scottsdale, AZ 85262

$1,900,000
3 Beds
3.5 Baths
3,366 SqFt
Status Active
MLS # 6751900
Property Type Single Family Residence
Price Type --
Great home in the gated Mirabel Club. Situated on a quiet premium homesite with beautiful landscaping surrounding the home. The open kitchen with top of the line appliances has been tastefully updated and overlooks the great room. From the great room you enter a large covered outdoor patio area with pool, spa, fire pit and built in BBQ. Enjoy great views of mountains, natural desert and stunning Arizona sunsets. Additionally the home offers two bedrooms both ensuite, den and half bath on the main level and an attached loft with bedroom, full bath and outdoor patio.

3429 E Coolidge Street Phoenix, AZ 85018

$1,900,000
4 Beds
4 Baths
2,574 SqFt
Status Active
MLS # 6758634
Property Type Single Family Residence
Price Type --
Quintessential Arcadia ranch with guest house. This turnkey home features main house with 4 bedrooms, 3 bathrooms and bonus 1 bed/bath guest house with kitchenette. Entertain family and friends in the great room with large windows, formal dining, and chef's kitchen with stainless steel appliances, 2 wine fridges, eat-in kitchen, breakfast nook, and open family room with entry to the backyard. Primary suites includes dual sinks, separate bathtub and shower, powder area, walk-in closet, and private access to the backyard. Enjoy the best of Arizona's indoor/outdoor living in the pool/spa with expanded pool deck and yard with putting green, BBQ area with fire pit and sink station, and multiple areas to lounge in the back or front yard patios. Home also includes 2-car garage, double laundry units, RV gate, and storage sheds. Located minutes away from Phoenix and Scottsdale's top resorts, golf, hiking, dining, and shopping.

51414 W Pete Road Aguila, AZ 85320

$1,900,000
3 Beds
3.5 Baths
6,556 SqFt
Status Active
MLS # 6659027
Property Type Single Family Residence
Price Type --
This magnificent Property offers Hacienda Style Architecture reminiscent of Spanish Living plus a 52' x 80' Hangar with Pilot's Lounge. Chef's Kitchen boasts Wolfe Range, Kol-Gard Commercial Refrigerator, Traditional & Baker's Islands, Conversation Counter & Separate walk-in Server's Pantry. Complete with Formal Dining Room, Great Room Dance Floor, Wet Bar, Spa, Atrium, multiple Fireplaces, Den & Office, it's ideal for personal Luxury or Entertaining. The spacious Primary Suite features multiple Bath areas, Large walk-in Closet & Sitting Room. Guest Rooms have Private Exits. Enjoy Outdoor Living on the Covered Patio. The 52' x 80' Hangar features Pilots' Lounge, Shop, Storage Room & Sunshade Port. Propane & Diesel Fuel Tanks plus RV parking add to the convenience of Airpark living. Property is on 5 acres with Private Well, Well House & Detached Garage in a Gated Airpark with HOA & CCR's. State Land across the street to the South. Community has a 3,906' paved, lighted runway, paved taxiways/streets & community center for great gatherings. See Document Tab for Additional Features. THIS IS AN ACTIVE AIRPARK. PLEASE YIELD TO PLANES. DO NOT CROSS, DRIVE OR WALK DOWN RUNWAY.

7220 N 185th Avenue Waddell, AZ 85355

$1,900,000
3 Beds
2 Baths
1,000 SqFt
Status Active
MLS # 6691951
Property Type Single Family Residence
Price Type --
Here's your chance to one a piece of Waddell history...the iconic LITTLE KENTUCKY! Equestrians, trainers, breeders, this is the property you have been looking for. Offering an impressive 140 x 250 covered arena, 3 enclosed barns offering 16x16 stalls fully trimmed out with high pressure mister systems, water and electric, the large barn also offers a workshop shop and trainers office with kitchenette area, there is an additional 4 stall shed row offering 12x 32 stalls, 60' trainers round pen, hot walker, covered hay storage, several tack and storage areas, wash rack,. multiple pastures, exercise track, 32 stalls in total and not to mention the very comfortable and nicely appointed 3 bedroom apartment AND ASK US ABOUT THE POSSIBILITY OF PURCHASING THE MAIN HOME AND ADDTIONAL 4 ACRES!!!

6347 E Old West Way Cave Creek, AZ 85331

$1,900,000
4 Beds
3 Baths
2,984 SqFt
Status Active
MLS # 6720526
Property Type Single Family Residence
Price Type --
Custom home / horse property greets you with pillars outside & in along with a large arched wooden door, and a view! 4 bedrooms (plus 1 office/den space) & 3 bathrooms. Lovely open floor plan with an entertainer's dream bar & mini fridge. The solar panels are owned making this the catch of the year keeping this high vaulted & flat ceiling space cooled. The 3 car garage with cabinets wrapped around is a dream workspace & parking area with an added work room/office attached. There is gated trailer parking just to the side of the garage. As we make our way outside we find resort style landscaping, an outdoor grill station, pebble tec pool + spa, & a putting green. Just further is a Priefert custom 5 stall barn, shavings storage area, indoor tack room, sand arena/turnout, & more

7180 E Kierland Boulevard Unit 1007 Scottsdale, AZ 85254

$1,900,000
3 Beds
2 Baths
1,755 SqFt
Status Active
MLS # 6692074
Property Type Apartment
Price Type --
A luxury lock-and-leave unlike any other! This stunning 3 bedroom, 2 bathroom condo offers an unparalleled blend of sophistication, comfort, and convenience. Featuring 10' ceilings only available on floors 10 and above. The open-concept layout connects the living, dining, and kitchen areas, creating an inviting ambiance perfect for both relaxation and entertaining. The split floor plan is ideal for privacy between the primary and secondary bedrooms. The gourmet kitchen features Sub Zero/Wolf and Cove appliances, quartz waterfalled countertops, and ample custom cabinetry with pull outs and outlets, providing both style and functionality. The expansive primary suite includes black out motorized shades and mountain views, as well as a lavish ensuite bathroom complete with a large glass-enclosed shower, and double vanity. Two additional well-appointed bedrooms offer plenty of space for family members or guests, each providing comfort and privacy. Step outside to your private balcony and soak in the breathtaking views of the surrounding cityscape, serving as the perfect backdrop for al fresco dining or morning coffee. Residents of this exclusive community enjoy a wealth of amenities, including a resort-style pool, spas, cold plunge, steam rooms, saunas, massage room, fitness center, basketball, pickleball, bocce ball, squash, gaming room, golf simulator, conference room, business center, party room, BBQ areas, fire pits, and more. Located in desirable the Kierland area, a walk across the street takes you to world-class dining, shopping, entertainment, and outdoor recreation options, including Mastro's Ocean Club, Morton's steakhouse, Sephora, Apple, Landmark Theater, Putt Shack, Lululemon, and so much more!

8023 E Cholla Street Scottsdale, AZ 85260

$1,900,000
6 Beds
4 Baths
4,066 SqFt
Status Active
MLS # 6673338
Property Type Single Family Residence
Price Type --
Two birds with one stone is possible...as this is two homes on over an acre. What an incredibly rare opportunity in Scottsdale. With two homes on an acre this provides maybe a few generations together OR multiple income streams at one address. The main house is over 2300 sq ft and the manufactured house is over 1500 sq ft and just underwent a dramatic remodel. The remodel included new flooring, completely new kitchen and baths as well as paint and more. These places book end a huge backyard and sparkling diving pool. Both places have ample parking with a 2 car garage, 2 car carport and a circle drive. No HOA restrictions here but you do live right across from Starfire Golf Course (So you have that going for you, which is nice!) And you have an abundance of options with the entire acre.

40072 N 110th Place Scottsdale, AZ 85262

$1,900,000
3 Beds
3 Baths
2,393 SqFt
Status Active
MLS # 6737304
Property Type Townhouse
Price Type --
Apache Cottage in a fantastic location!!! Overlooking the 9th fairway of the Apache golf course offering wonderful mountain, sunset, and city light views! This comes fully furnished with everything you can think of all on one level. It is the perfect desert retreat just steps away from the community pool and a short walk to the fabulous Apache Clubhouse!'' MEMBERSHIP AVAILABLE to be purchased with this property. A 30-day Membership application review and approval is required. Contact the Desert Mountain Club for details.

6500 E Camelback Road Unit 1014 Scottsdale, AZ 85251

$1,900,000
2 Beds
2.5 Baths
2,491 SqFt
Status Active Under Contract
MLS # 6700804
Property Type Townhouse
Price Type --
Welcome to The Luxian. Be the first to live in this custom new home. Located at the base of Camelback Mountain, you find this exclusive gated community existing of only 14 homes. The openness of the main level is great for gathering. With a kitchen that has top of the line appliances, an oversize island & arcadia doors leading to the largest lot in the community. Upstairs you will find 2 suites. The primary suite is quite large, with a spa bathroom, walk in closet, private patio & flex space. This home backs up to hole 3 & 4 of The Phoenician Golf Course. Hang out in the gazebo & enjoy sunrise/sunsets or stroll into Old Town Scottsdale for fine dining, entertainment & shopping. Luxian Villas offer community amenities such as a pool, hot tub & BBQ area all sitting under Camelback Mountain.

15214 N Elena Drive Fountain Hills, AZ 85268

$1,900,000
3 Beds
3 Baths
3,043 SqFt
Status Active
MLS # 6555456
Property Type Single Family Residence
Price Type --
Pool and Spa Included! New home by Harr Family Homes, Contemporary Southwest home on .86 acre w/big views of McDowell Mountains, Fountain & Superstitions...backs to arroyo for privacy & features stunning rock structures for drama. Enjoy open, view-oriented plan featuring 16' X 10' stacking doors that lead to outdoors from a stunning Great Room w/60'' fireplace and 8' interior doors. 10' island kitchen in Kitchen offers Shaker style cabinetry, 66'' uppers (to 10'), SS Frigidaire Pro Series appliances w/full size Refrigerator & Freezer plus 138-bottle wine captain. large Den + 3 fully-suited bdrms, primary suite features W/I shower, beautiful tub & a 9x13' w/i closet w/ custom shelving. Large 4-car garage w/10' ceilings! Pool images represent the pool to be built at closing. POOL AND SPA: -Pool to be complete approx. 90 days after close of escrow. -Pool and spa with Baja Beach entry, by Presidential Pools, includes pavers and landscape CONTEMPORARY ARCHITECTURAL STYLING: - Modern design with details like stacked Ledgestone - Paver Driveway - Modern garage doors with horizontal windows - High-efficiency Vinyl Milgard windows HIGH-QUALITY INTERIOR FINISHES: - 60 Dimplex xlf60 Linear/Landscape Electric fireplace in entertainment wall - 8' Shaker 3 Even-Panel Interior Doors throughout - 16' x 10' PRL stacking Patio Door in the Great room - All Bedrooms feature walk-in closets with high quality organizational systems - Large Laundry room with ample base (lower) Cabinets, sink and Quartz counter-top - Luxury vinyl plank flooring in all Living areas, Bedrooms, Den, Laundry, and Bedroom 3 Closet. - 12 x 24 Porcelain tile in Bathrooms, MB closet, and Bed 2 closet - Quartz countertops throughout the home including the laundry room and baths with under-mount sinks - Primary Bathroom #1 includes a generous size Walk-in shower with dual shower heads, a separate soaking tub with mountain views - Tile Showers in all Baths featuring 12 x 24 porcelain tile and a recycled glass small hex tiled shower floor. - 12 x 24 soap niche, shower bench, and chevron deco band at Main Bathroom #1 Shower surround Kitchen, Bathrooms, and Laundry - Delta Plumbing fixtures and high-end chrome West Elm bathroom accessories - Two-Tone Sherwin Williams paint throughout the home - Executive height vanities with Quartz counters at all Baths - 70 LED Ceiling Fan with Remote included at Great room. 52 White Ceiling Fan with Remote included in Main Bedroom and Bedroom 2 STATE OF THE ART KITCHEN FEATURES: - 4' x 10' entertainers Kitchen Island with seating - Shaker style Cabinetry throughout the home with a designer mix of stained Cherry Wood and white painted. - White Quartz countertop throughout the kitchen with under-mount stainless steel sink - Sleek black Delta faucets and accessories - Stone Chevron Backsplash at Kitchen wraps around the gorgeous 9' Window - (3) Pendant lights at kitchen island GOURMET CHEF-QUALITY APPLIANCES: - Frigidaire Pro 30 built-in Wall Oven - Frigidaire Pro built-in Convection Microwave with pull-down door - Frigidaire Pro Dishwasher - Frigidaire Pro 36 Electric cooktop - 36 Downdraft vent hood at island - Built-in side-by-side Frigidaire Pro Refrigerator and Pro Freezer - 24 wide 138 bottle capacity Dual Zone Tall Wine Cooler with Glass Door

2800 E Portola Valley Drive Gilbert, AZ 85297

$1,900,000 - 5Br/5Ba -  for Sale in Belmont At Somerset, Gilbert
Open House
New
$1,900,000
5 Beds
4.5 Baths
4,067 SqFt
Status Active
MLS # 6763587
Property Type Single Family Residence
Price Type --
This stunning single-level home, built in 2022 and located in the highly sought-after Belmont at Somerset community, was crafted by the prestigious Blandford Homes. Spanning 4,067 sq ft, this 5 bed, 4.5 bath plus den & 4 car garge showcases soaring 12 ft ceilings, an abundance of natural light, and modern finishes throughout. The home features beautiful wood-look tile flooring, sleek quartz countertops, a gourmet kitchen with a natural stone backsplash, walk-in pantry, stainless steel appliances, and a striking wood beam ceiling. Designer lighting, ceiling fan fixtures and custom motorized Hunter Douglas window treatments add elegance throughout the space. The expansive primary suite includes a luxurious soaking tub, lighted floating cabinets, and a spacious walk-in closet. Step outside to an entertainer's dream backyard, complete with travertine pavers, low-maintenance artificial turf, a cozy fire pit with seating area, and a large removable fenced-in pool perfect for both relaxation and family fun. Beautifully situated near the vibrant San Tan Village, this home offers unparalleled convenience with easy access to premier shopping, dining, and entertainment options just minutes away. Located in a highly sought-after neighborhood, you're close to top-rated schools, parks, and recreational facilities. Quick access to the 202 freeway makes commuting a breeze, putting the rest of the Valley at your fingertips. Whether you're looking to enjoy the nearby golf courses, explore local hiking trails, or experience the lively community events, this location has it all. Don't miss the opportunity to experience this exceptional Gilbert home!

Leave a Reply

Your email address will not be published.