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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10611 E Tumbleweed Avenue Mesa, AZ 85212

$1,250,000

5 Beds

4.5 Baths

3,996 SqFt

Status Active

MLS # 6739419

Property Type Single Family Residence

Price Type --

Through the gates past the spacious manicured grounds your almost new home awaits. Bright and open with lots of natural light. Entertain friends and family around the large kitchen (double ovens) island while others enjoy the large patio through 8'' open double sliders with remote shades. Others can congregate around the outside kitchen, relax in the spa or sit in the additional sitting area and enjoy the sound of the fountain. Enjoy the finest of finishings from one upgraded flooring throughout to a library ladder in pantry. Bedroom wing has its own sitting room, a craft room and an en-suite. Owned solar! Extra storage room in garage. Your lifestyle will include the fitness center (so get rid of the gym membership), the huge pool you don't maintain,the parks and many more amenities.

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22808 S 132nd Street Chandler, AZ 85249

$1,250,000

2 Beds

2 Baths

1,077 SqFt

Status Active

MLS # 6713163

Property Type Manufactured Home

Price Type --

Private horse lover's paradise located in a county island in one of the most desirable zip codes in Chandler! This 2.247 acre property boasts eight 16' x 16' fully covered mare motel stalls, a 20' x 20' fully covered Stallion/Foaling stall with attached irrigated grass turnout, two additional irrigated grass turnouts, tack up stall/cross ties, a 150' x 175' arena with premium sand footing, mature shade trees and city water. This property has enough space to build your dream home and barn, but also includes an existing modular home that can be renovated and lived in while your dream home is being built! In addition, a 1.14 acre, MLS #6713160, abuts this property that can be purchased to expand the arena to 175' x 300', or simply build your own version of an equestrian paradise!

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10095 E Graythorn Drive Scottsdale, AZ 85262

$1,250,000

3 Beds

3 Baths

2,292 SqFt

Status Active

MLS # 6733394

Property Type Single Family Residence

Price Type --

Perfect lock and leave home with 3 bedrooms and 3 baths all on one level! Oversized 2 car garage, multiple patios, barbecue and southerly exposure offering amazing privacy! This 2292 square foot cottage is walking distance to The Sonoran Club which features Pickleball, Bocce, Croquet, Tennis, Swimming, Fitness and a world-class spa. Membership is NOT available from the seller. Contact Desert Mountain membership for information.

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40 Hutson Lane Sedona, AZ 86351

$1,250,000

3 Beds

3 Baths

2,930 SqFt

Status Active

MLS # 6738920

Property Type Single Family Residence

Price Type --

Beautiful, Move-in Ready 2930 Sq ft. Home on 1.07 Acres, situated on a 360 view lot. Gorgeous, jaw-dropping Views from All Angles to Enjoy the Breathtaking Sedona Sunrise & Sunsets, Majestic Red Rocks, Bell Rock & Natural Landscaping surrounding this One of a Kind Custom Built Home. A Serene Location with plenty of Hiking, Biking, Golfing, Shopping, Top Rated Restaurants within walking distance in the Village of Oak Creek. This home is a 3 Bedroom 3 Bath w/ Large Private Additional 4th Room that can be used as Bedroom, Office or Living space. There are Two-Primary Ensuite Bedrooms, each with their own Private access to Patio & Built in Fireplace. Soaring Wood Beam Ceilings in the Open living space with Ample Windows & Sliding Glass Doors, to Provide Stunning Views as you walk throughout

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13385 N 91st Street Scottsdale, AZ 85260

$1,250,000

4 Beds

2.5 Baths

3,026 SqFt

Status Active

MLS # 6748467

Property Type Single Family Residence

Price Type --

OVERSIZED lot...14,560 Approx.SF!!! A Neighborhood Gem in the heart of Scottsdale. Key components have been updated...two new HVAC units in 2021, roof replaced in 2017 & new pool pump/filter/heater in 2022. This 4 bedroom, 2.5 bath property sits on an oversized cul-de-sac lot with heated pool/spa, built in BBQ, lush landscaping & sports court. The gourmet kitchen features stainless steel appliances, gas cooktop, pantry closet and large island perfect for entertaining. The primary suite is on the main level and upstairs you will find 3 bedrooms, a full bath, loft & office/gym. Improvements include flooring, bathrooms, custom blinds, exterior paint. Close to the 101 freeway, shopping, restaurants, and golf courses. This property is an absolute MUST SEE!

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6435 E Maria Drive Cave Creek, AZ 85331

$1,250,000

5 Beds

3.5 Baths

3,209 SqFt

Status Active

MLS # 6704239

Property Type Single Family Residence

Price Type --

5 bedrooms 2.5 bathrooms with a Separate 1 bedroom 1 bath guest house (income opportunity) Incredibily peaceful, quiet location. Hard to believe your minutes away from everything.Courtyard entrance with fireplace accesssible from guest house and main house-great to enjoy on chilly nights. Extended back patio provides shade. Majestic Views of Black Mountain from the pool, view deck, back yard, primary bedroom & main living areas make this a must see home! Lawn in the yard great for the pets. Souring Ceilings t/o the home. All bedrooms are generously sized. Kitchen and Laundry Room all new 2023 quartz counters, shaker cabinets, tile backsplash and stainless steel appliances. Pool remodeled in 2024. Over an acre, County Island, plenty of room for ADU, RV garage, shop, Toys, Horses, ect

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18248 W Desert Sage Drive Goodyear, AZ 85338

Open House

$1,250,000

5 Beds

4 Baths

3,500 SqFt

Status Active

MLS # 6749741

Property Type Single Family Residence

Price Type --

This stunning 5-bedroom, 4-bathroom home is a true gem, offering luxury living in a desirable neighborhood! Built in 2019, it's the last home completed in the subdivision, is situated on an oversized lot and right on the golf course. The grand entrance welcomes you into a spacious open concept living area with high ceilings, gorgeous 12x24 neutral tile floors, and large windows that flood the space with natural light. Smart home enabled, this home comes equipped with a Ring security system and four cameras, all light fixtures and fans are custom made and plantation shutters throughout. The gourmet kitchen features top-of-the-line stainless steel appliances, Espresso colored shaker cabinets, granite countertops, herringbone subway tile backsplash, and an oversized butler pantry. The primary suite is true retreat with a spa-like en-suite bathroom, which includes dual vanities, and a large, upgraded walk-in closet with built-in California closers. Enter the backyard through remote controlled power blinds on the sliding glass doors to your beautifully landscaped oasis that includes a covered patio, fireplace, built-in kitchen with grill and refrigerator, which are all perfect for outdoor dining and entertainment. Enjoy your pool and spa all year around, that are heated with both gas and electricity. This home has been fitted with gutters that drain out underground and did I mention there is solar with a back-up battery, and it's paid in full!! Located in a prime location and just 25 miles from downtown Phoenix, Estrella provides a lakeside mountain oasis nestled in the Sierra Estrella Mountains in the Sonoran Desert Valley. The community offers more than 500 acres of parks and open space, including 72 acres of lakes for boating, fishing, and hiking. Estrella is home to a Nicklaus-designed championship golf course along with pickle ball, volleyball and basketball courts. Estrella offers a Yacht Club and three different Residents Clubs that feature resort-style pools, state-of-the-art fitness centers and a variety of sports courts, outdoor seating, dining, and more. Last but not least, within the Estrella community, they have five schools that focus on the arts, science, sports, civics, and citizenship which offer well-rounded education. Don't miss out on this incredible opportunity to own a luxurious home with every detail thought of in this sought-after neighborhood.

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3844 S Mingus Drive Chandler, AZ 85286

Open House

$1,250,000

4 Beds

3.5 Baths

2,919 SqFt

Status Active

MLS # 6744188

Property Type Single Family Residence

Price Type --

Private corner lot in the quaint community of Cantabria. Professional interior design throughout, from the coffered ceilings with custom lighting to the gorgeous hardwood flooring in all bedrooms. Excellent distribution of space, 4 bedrooms, 3.5 baths, craft room, office w/glass French doors, custom shelving & desk, automated blinds w/ custom window treatments t/o, space for your every need in kitchen w/ Sub-zero fridge and Miele appliances, lg granite island and quartz at counters, butler & walk-in pantry, lg laundry rm w/ sink & custom made storage. Large extended covered patio w/automated screens, travertine tile at patio and pool, built in BBQ, fruit trees, etc. Enjoy your staycation in the backyard w/heated pool & spa, built in BBQ, extended cov'd patio & auto screens Welcome Home!

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600 E Peach Tree Street Queen Creek, AZ 85140

$1,249,900

2 Beds

2.5 Baths

2,414 SqFt

Status Active

MLS # 6716811

Property Type Single Family Residence

Price Type --

This Napoli model offers a great room floor plan, den, formal dining, nook, spacious primary suite with sitting room and plenty of space for your guests. Sparkling pool and built in BBQ grill overlooking the Encanterra golf course. The kitchen is well equipped with stainless steel appliances, tons of cabinet space and custom light fixtures. The huge rolling wall of glass creates a perfect outdoor space for Arizona living. The smart space laundry room makes a great home office and offers plenty of additional storage. Encanterra offers tons of amenities at your fingertips. Book your visit today and start living the Good Life at Encanterra now!

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7503 N Magic Dust Way Parks, AZ 86018

$1,249,900

4 Beds

4 Baths

2,898 SqFt

Status Active Under Contract

MLS # 6740727

Property Type Single Family Residence

Price Type --

Beautiful home situated on 9.5 fenced acres. Main home offers 2/3 bedrooms, 2 baths, living room, dining room, bar area, sun room, spacious kitchen, inside laundry room, heated floors & 2 car attached garage. This special property also features separate bunkhouse & a guest house. Bunkhouse is spacious with 2 bunk beds (4 beds total), bathroom & living area. Gorgeous guest house offers bedroom area, living area, bathroom & island kitchen. Property also features 3 ponds (1 is spring fed), out buildings/sheds & heated dog run area. SqFt of 2898 is main house only, does not include the sq footage of the bunkhouse or guest house. Buyer to measure sq ft. Bunkhouse & guest house being sold furnished. Please see attached document for even more features.

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5046 E Redfield Road Scottsdale, AZ 85254

$1,249,900

4 Beds

2.5 Baths

3,213 SqFt

Status Active

MLS # 6759883

Property Type Single Family Residence

Price Type --

** REFRESHED PRICE, PACKED WITH VALUE, and TURN KEY - SELLER IS EXCITED TO ENTERTAIN YOUR OFFER and SAYS LET'S TALK ** This GRAND ESTATE is positioned in one of the most highly sought after areas, exquisitely designed, boasts superlative features, upgrades, and updates including, but not limited to NEWER HVAC UNITS, NEW WATER HEATER, NEWER ROOF, and NEW WINDOWS! And if all of THAT isn't enough, the FIRST FLOOR MASTER ENSUITE w/separate sitting area, exquisite tiled FIREPLACE anchored by plantation shuttered side windows, walk-in closet, barn door, large dual vanity & over sized custom walk-in shower w/dual heads, and private exit to your backyard SPA beckons rest and relaxation ... ... while upstairs the 3 oversized Guest Bdrms, 1 beautiful Guest Bath w/dual vanities, and a MASSIVE BONUS /FLEX ROOM (possible 5th Bdrm?) affords room for ALL. Are you the cook in the family? If so, you'll LOVE THE WELL APPOINTED CHEF's kitchen w/quartz counters, RO system, waterfall edge island/bar, newer SS appliances, soft close cabinets, and farmhouse sink overlooks the oversized backyard with several sitting spaces for outdoor enjoyment, a remodeled diving pool, easy care turf, and custom SPA (can you hear the music?). This true OPEN CONCEPT living enjoys easy care wood plank tile and movement flows effortlessly from Entrance to Living and Dining areas, and into the KITCHEN to FAMILY ROOM that features its FIREPLACE that exudes mediterranean style custom tile work, AND separate WET WINE BAR.

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21211 N 38th Place Phoenix, AZ 85050

$1,249,900

4 Beds

3.5 Baths

3,552 SqFt

Status Active Under Contract

MLS # 6751849

Property Type Single Family Residence

Price Type --

Here is a rare opportunity to own a FULLY remodeled home in the highly sought after Fireside at Desert Ridge Community. The first floor features a kitchen to living room open concept with soaring ceilings, 1/2 bath, dining room, office and en suite guest room. The 2nd floor includes a loft, 2 guest rooms, full bath and primary bedroom. Interior upgrades include new flooring and paint throughout. Kitchen-Custom island and breakfast nook, resurfaced cabinets, backsplash, and high end ss appliances and sink. Living Room-new entertainment center with oversized fireplace and built in wine fridge. All bathrooms-upgraded floor tile, countertops, sinks, tiled showers and glass doors. Exterior upgrades-full home paint, front courtyard pavers and gas fireplace, lighting, turf, gazebo & misters.

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