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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3713 E Nolan Drive Chandler, AZ 85249

$1,250,000

5 Beds

3.5 Baths

3,908 SqFt

Status Active

MLS # 6750895

Property Type Single Family Residence

Price Type --

Situated on one of the most desirable lots in all of Valencia this exceptional 5-bedroom, 3.5-bathroom basement home offers the perfect blend of luxury, comfort, & eco-friendly living. Gorgeous wood-look tile, neutral paint, and stunning natural finishes - contemporary meets traditional in this TW Lewis quality home. Enjoyable from both inside & out, the lake with waterfall directly behind the home offers both privacy and serenity. The main level is designed with both style and functionality in mind. Including a modern kitchen with high-end appliances, huge breakfast bar, gas range, double ovens, built-in microwave, under cabinet lighting, & tons of counter/cabinet space. Suitable for entertaining or lazy evenings with the family the kitchen opens to the family room with gas fireplace. The living room is suited for entertaining with built-in bar and views of the stunning backyard accessible through the double slider doors - creating true indoor/outdoor living capitalizing on our gorgeous AZ weather. The primary suite serves as a peaceful retreat with a walk-in closet and a luxurious spa-like en-suite bathroom. The unique split floor plan basement features two generously sized bedrooms, a full bathroom, and a versatile flex roomideal for a home office, gym, or entertainment space or think multi-generational living! Step outside to enjoy your private backyard oasis, complete with a sparkling pool, large covered patio, artificial grass, & tons of pavers - a welcome retreat for your morning coffee or a glass of wine in the evening. The property also boasts pre-paid solar ensuring low electric bills for years to come.

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23008 E Galveston Street Mesa, AZ 85212

New

$1,250,000

3 Beds

3 Baths

3,039 SqFt

Status Active

MLS # 6764340

Property Type Single Family Residence

Price Type --

*SELLERS WILL PAY UP TO 10K- BUYERS CLOSING COSTS/ RATE BUY DOWN* Nestled in Rancho Apache this non HOA home sits on over an acre of land, surrounded by nature and grandiose custom homes. Near fwy 24, Eastmark, and the famous sports complex. This location is unbeatable, very close to shopping, dining, and entertainment! This home features 13ft ceilings, custom floor to ceiling windows and glass doors throughout, which makes it spacious and open. A great kitchen with large waterfall island perfect for entertaining. 3ba and 3bd plus a flex room which can be used as a 4b/ office/ den, all bd have exterior access. The 3 car garage is overextended and spacious, also features RO and water softener. And a large workshop in the back. This home is ready to make your own!

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1102 N Loma Vista Mesa, AZ 85213

New

$1,250,000

4 Beds

4 Baths

4,043 SqFt

Status Active

MLS # 6764617

Property Type Single Family Residence

Price Type --

Outdoor Enthusiasts and Entertainers, Welcome Home! This stunning executive estate sits on over an acre of meticulously landscaped and private paradise in the prestigious Groves of Mesa—best of all, there's NO HOA! Whether you're an active family or love to host, this home has it all. Enjoy a private pickleball/basketball court, a lit grass volleyball court, and ample room to transform the property into a horse haven with space for stables and a show area. The real showstopper is the expansive patio area, designed for seamless indoor-outdoor living. Unwind in your sparkling pool and spa, cozy up by the outdoor fireplace, or fire up the built-in BBQ for al fresco dining under the stars. With a mix of covered and uncovered patio space, it's perfect for year-round gatherings. Inside the 4 bedroom/4 bathroom home, you'll find character-filled features like vaulted wood-beamed ceilings, bright picture windows, brick accents, and a sunken living room. This home offers a classic aesthetic, ready for your personal touch and modern updatesall at a fraction of the cost of a new construction home. Ideally located near the 202, shopping, dining, and award-winning Mesa schools, this property offers the best of both worlds: a private outdoor oasis and city conveniences. Make this versatile and vibrant estate your ownplan a tour today!

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118 W Palm Lane Phoenix, AZ 85003

New

$1,250,000

5 Beds

3.5 Baths

2,475 SqFt

Status Active

MLS # 6764614

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the prestigious Willo Historic District! This meticulously updated historic Craftsman residence sits on one of the largest lots in the area, offering unparalleled space and potential. Every detail has been thoughtfully preserved and modernized, blending historic charm with contemporary luxury. Entertainers will love the kitchen with an oversized island and Thermador range. Dual primary suites each feature en-suite bathrooms and walk-in closets. See the documents tab for a full list of updates completed and potential future possibilities (garage, casita, pool). Don't miss the chance to own this rare find in the coveted Willo Historic District. Coordinate your private tour today to experience the timeless allure and endless possibilities this home offers.

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5101 E Kathleen Road Scottsdale, AZ 85254

$1,250,000

5 Beds

3 Baths

3,365 SqFt

Status Active

MLS # 6734990

Property Type Single Family Residence

Price Type --

Welcome to your perfect Scottsdale retreat in the highly sought-after 85254 zip code! This spacious 5-bedroom, 3-bathroom home boasts a prime location with an oversized lot and a sparkling pool, offering ultimate privacy and comfort. Located in the heart of Scottsdale, you'll enjoy easy access to a wealth of amenities. Scottsdale is renowned for its vibrant community events, top-rated golf courses, and excellent schools. Nearby Kierland Shopping and Scottsdale Quarter provide unparalleled shopping, dining, and entertainment options, ensuring there's always something to do. Inside, the home features a convenient layout with a bedroom and full bath downstairs, ideal for guests or multi-generational living. The expansive backyard oasis is perfect for relaxation and entertaining, complete with a refreshing pool and ample space for outdoor activities.

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9844 E June Street Mesa, AZ 85207

$1,250,000

5 Beds

5 Baths

4,172 SqFt

Status Active

MLS # 6744067

Property Type Single Family Residence

Price Type --

GORGEOUS MOUNTAIN, SUNRISE & SUNSET VIEWS! Gated private Boutique community nestled in the prestigious Mesa Uplands of NE Mesa. Close to hiking, boating, shopping & dining. Gorgeous contemporary flair that is warm & welcoming. ALL SINGLE LEVEL LIVING. Entertainers dream home & backyard. Entry offers soaring 2 story ceilings with huge windows offering expansive mountain views. True chefs kitchen: 42'' Expresso cabinets, tile backsplash, Granite slab countertops, gas cooktop w/ SS range hood, oversized prep island, built in oven / micro w/ walk in pantry. Generous dining is open to a wonderful family room. Tile flooring. Huge windows allowing natural light & mechanical blinds. Beautiful open staircase w/ decorative banner. The owner's suite is private & offers majestic views. Spa like bathroom offers 2 vanities, free standing tub, walk in shower & everyone's dream closet. Secondary bedroom area offers their own flex space, 2 bedrooms w/ walk in closets and Jack & Jill bath. Front bedroom w/ walk in closet & full bathroom. All baths are nicely upgraded. Second floor offers a super loft which can be used as a den/ studio/ office along with a bedroom & full bath. Wall of windows to the deck will blow your mind with views that are a must to experience. AZ dream resort backyard. Extended covered patio, heated 5.5 ft deep pool, heated spa & water features. Lush landscaping and 5 hole putting green. Views of the Superstitions MTN and Usury MTN are unobstructed. Sunrises and sunsets are spectacular! Close to the 202, shopping, dining, lakes and hiking. This home will not disappoint! This community is outstanding!

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2934 W Amberwood Drive Phoenix, AZ 85045

$1,250,000

4 Beds

3.5 Baths

4,109 SqFt

Status Active

MLS # 6760822

Property Type Single Family Residence

Price Type --

Welcome to your dream home with stunning mountain views in the exclusive gated Summit at Foothills Reserve! Nestled on a private and secluded .59 acre corner lot backing South Mountain. This property invites you to experience the pinnacle of luxurious living in Ahwatukee. This residence offers an impressive amount of communal space. Boasting 4 bedrooms, 3.5 bathrooms, plus a versatile den/office, a large loft, formal living & dining rooms, and a large family room off the kitchen. The gourmet kitchen features an extended Island, white cabinets, granite counters, butlers sink/ walk in pantry, & stainless appliances. A long list of upgrades include travertine tile, wood shutters, custom stonework, ornate Iron railings, central vac, upgraded insulation, soft water, surround sound + much more! Step outside to discover the greatest aspect of this home, the backyard oasis that awaits. Located on a one of a kind lot with South Mountain and Estrella Mountain views. The yard has been professionally landscaped with a sparkling pebble pool, spa, and waterfall, expansive pavered areas, fire pit, built in BBQ and a huge balcony with exterior spiral staircase. It's an amazing space to share with friends and family. Located within close proximity to the 202 and a quick drive to shopping, dining & entertainment. You also get highly ranked Kyrene Schools, and Desert Vista High School. Don't miss the opportunity to make this spectacular property your own.

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2715 W Cheyenne Drive Laveen, AZ 85339

$1,250,000

5 Beds

4 Baths

4,195 SqFt

Status Active

MLS # 6749896

Property Type Single Family Residence

Price Type --

Possible Seller Financing..Do you ever dream of getting away from the hustle & bustle of a busy hectic routine to a place with views all around in a peaceful quiet serene setting to unwind and relax? Then look no further. THIS UNIQUE HUGE NEWER SINGLE LEVEL 4200 sf MANSION WITH 4 CAR GARAGE +CASITA+ HORSE PROPERTY ON OVER 2 ACRES AT THE BASE OF SOUTH MOUNTAIN .. CITY VIEWS FROM EACH DIRECTION .. NO HOA!! The most amazing sunsets to city lights, feeling you are on top of the world overlooking Arizona, while taking a swim in the pool to relaxing in the spa...this HUGE HORSE property on over 2 acres offers direct access to hiking with only minutes to the nearest golf course & a few miles to downtown Phoenix...appx 15 minutes to Westgate sports arena & Tempe. Great schools & lots of shopp

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2181 W Thompson Place Chandler, AZ 85286

$1,250,000

4 Beds

3 Baths

3,767 SqFt

Status Active

MLS # 6756720

Property Type Single Family Residence

Price Type --

Originals owners in the Discrete, Distinguished, and Gated Germann Country Estates, for the 1st time, are presenting this home for sale. 4 Beds + Den + 3 Full Baths + 14-foot ceilings throughout. Large Master Suite w/ His/Her closets and sinks & Separate Tub/Shower. Enter the large double Front doors to Formal Dining Rm, Living Rm, & Study. Continue towards expansive kitchen opening into the Breakfast Nook, Family Rm and Glass Patio Doors opening to the backyard oasis complete w/ Pool/Slide, Sun Deck, & Large Covered Patio. No Bedrooms share a wall in this unique design including Jack & Jill Beds/bath. 3_ car garage complete with epoxy flooring, full house water softener, & Cabinet Storage. A Must See!

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10361 N 101 Street Scottsdale, AZ 85258

$1,250,000

3 Beds

2 Baths

2,179 SqFt

Status Active

MLS # 6739913

Property Type Single Family Residence

Price Type --

Gorgeous Remodeled Single Level home in The Island at Scottsdale Ranch lake Serena Subdivision , Enjoy water activities, boat ride etc,, ,3bed,2 baths and patio. Single level. Gated comm. With maintenance. Back yard new professional built in grill and water feature with expanded patio. New floors with granite counter tops and backsplash in kitchen, newer kitchen aid appliances - stainless steel. New Kohler sinks and faucets in all baths, with granite tile.. One of a kind ,immaculately maintain a must see

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16229 E Blue Sky Drive Scottsdale, AZ 85262

$1,250,000

4 Beds

3.5 Baths

3,042 SqFt

Status Active

MLS # 6759183

Property Type Single Family Residence

Price Type --

Amazing custom home with horse privileges nestled in the breath taking mountain setting of North Scottsdale. This wide open floor plan is complete with huge fireplace, custom cabinetry in the great room and custom roller shades on every window. The kitchen is every chefs dream with built in stainless steel appliances, huge walk in pantry w/ prep area, giant waterfall- style kitchen island w/ quartz counters, real wood cabinetry and custom stone backsplash. You will find luxury hardwood and tile throughout the home. Enter the master retreat to find the amazing super shower, pedestal soaking tub, his & hers sinks and huge walk in closet. Oversized garage with custom built in cabinets. This acre lot has plenty of room for your pool, horse facility, shop and so much more.

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45425 N 14 Street New River, AZ 85087

$1,250,000

3 Beds

2.5 Baths

3,058 SqFt

Status Active

MLS # 6756246

Property Type Single Family Residence

Price Type --

Gorgeous Custom Home! Stunning Panoramic Views on 2 plus acres. The hillside home features large picture windows with views of the national forest. The great room has 16 foot ceilings with viga poles and a fireplace. The cabinets and doors are beautiful natural alder. The master bedroom has amazing views also,, a fireplace, 2 patios, a grand bathroom, and spacious closet. Split floorplan with 2 guest bedrooms plus a full office with built in desk and shelves. Open the doors and enjoy the views! Outdoor relax on one of the 5 patios or relax in the jacuzzi tub! Car buffs? Large detached 1200 immaculant 4 car garage/shop with pefect epoxy floors. You have rv parking with hookups on the side of the garage. OWNED SOLAR! Come out, relax, and enjoy the views from any room!

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