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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8502 W Cavalier Drive Glendale, AZ 85305

$1,200,000

4 Beds

2 Baths

2,600 SqFt

Status Active

MLS # 6727787

Property Type Single Family Residence

Price Type --

Country living at its finest & located in the heart of Glendale! RV GARAGE&SHOP This home offers you 4 bedrooms + office,2 bathrooms, formal living area, huge laundry room, spacious family room with fireplace, upgraded kitchen w/island & dual ovens, tiled floors, & huge pantry. Outside you can enjoy the glassed in AZ room, hard to find diving pool & gazebo. The detached RV garage is 80x24 approx. , can fit 6 cars, roll down doors & has its own bathroom. Perfect for your toys, workshop or a future guest house. Neatr HEROES PARK, dead end street, slump block construction, mature shade trees, & extra covered area *shed in back All this & close to shopping, restaurants, schools, parks, Cardinals Stadium & Westgate entertainment district. A must see home!

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1326 E Wier Avenue Phoenix, AZ 85040

$1,200,000

6 Beds

4 Baths

3,296 SqFt

Status Active

MLS # 6763350

Property Type Single Family Residence

Price Type --

Main house is 5 bedrooms, office with 3 bathrooms. Open floorplan to kitchen in main living area. Additionally includes an attached 1 bed, 1bath, office and kitchen apartment. Property is also listed for sale to include the additional 1acre lot seen in pictures for $1.7m. Zoned R3 allowing for up to 3 stories with close to 30 units on both lots combined.

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13 Sycamore Road Sedona, AZ 86336

$1,200,000

4 Beds

3 Baths

3,278 SqFt

Status Active

MLS # 6763546

Property Type Single Family Residence

Price Type --

You're going to love this Oak Creek Island, a truly unique location. Welcome to Doodlebug Island, in the heart of Sedona, where you can enjoy the Red Rock views and the soothing sound of Oak Creek from the decks of this one-of-a-kind home. The property offers a park-like setting with mature Sycamore trees, 4 bedrooms (one on the main level), 3 bathrooms, 3 fireplaces, wood-wrapped windows, and a 3-car garage. There are multiple decks on both levels, plus a hot tub overlooking Oak Creek. This rare find is sure to steal your heart!

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4949 E Evans Drive Scottsdale, AZ 85254

$1,200,000

3 Beds

2 Baths

1,923 SqFt

Status Active Under Contract

MLS # 6752831

Property Type Single Family Residence

Price Type --

Step into this Breathtaking Property, where every inch has been thoughtfully Reimagined to reflect the Flawless Finishes typically found in Multi-Million-dollar homes. The Serene, Sophisticated color Palette blends beautifully from room to room, enhanced by bleached engineered Wood floors ,Neutral Cabinetry, and Premium Stone Slabs. Each Tile Selection and Fixture, from Lighting to Plumbing, was chosen to impress even the most Discerning Buyer. The Heart of the home is the Spacious living area, featuring an 16-foot slider that seamlessly connects the Interior with the Stunning Outdoor space. This enhances the home's Open, Airy feel and invites an abundance of Natural Light. Outdoor Living at Its Finest; The Backyard is a true Oasis, designed for Relaxation and Entertainment. Lush landscaping surrounds a Sparkling Pool with a Serene Waterfall feature, creating a Peaceful Retreat. The new built-in BBQ area, finished with a Soapstone Countertop and brand-new Grill, is perfect for outdoor dining and hosting. Endless pavers, ample grassy areas, and vibrant landscaping complete the picture. No Expense was spared in transforming this property into a Showcase of Modern Luxury. It's more than a Home; it's a Lifestyle. Bring your most selective buyers!

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30262 N 130th Glen Peoria, AZ 85383

$1,200,000

3 Beds

3.5 Baths

2,771 SqFt

Status Active Under Contract

MLS # 6751509

Property Type Single Family Residence

Price Type --

HIGHLY UPGRADED 3BR, 3.5 BA '' VANTAGE '' Model w Heated POOL / SPA & PREPAID Solar Lease . Offered for the first time in Award Winning Trilogy at Vistancia & Situated on a Prime N/S Cul De Sac Lot with STUNNING Views, NO homes behind & in VERY CLOSE Proximity to the Mita Club and it's AWESOME Amenities! Tremendous Curb Appeal to Include Stone Accents,Travertine Entry, Lush Desert Landscape + 3 Car Garage. Inside Shows Magnificently w 12ft Tray Ceilings, High End Wood Plank Tile, Lighting, Window Treatments, Central Vac, Ceiling Fans & Security System T/O .Open Concept Living Features Great Room w Built In Media Center & Multi Slide Doors. Gourmet Kitchen w Gas Cooktop, Gorgeous Staggered Cabinets, Custom Roll Out /Soft Close Drawers, Expansive Granite Slab Island & Decorative Backsplash Owners Suite with AMAZING Spa Like Bath w Soaking Tub, Tiled Shower , Dual Lavatories & Closets w One of a Kind Built Ins . Den w floating Shelves and French Doors to Patio. True Entertainers Backyard Oasis w Heated Lap Pool / Spa , Firepit , Automatic Sunshades , Misters and VIEWS ! Garage with Stainless Sink and Door to Receptacle Storage. This Model does not come available Often !

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30939 N Roller Coaster Lane San Tan Valley, AZ 85144

$1,200,000

4 Beds

3 Baths

2,868 SqFt

Status Active

MLS # 6740905

Property Type Single Family Residence

Price Type --

This stunning 4 bed, 3 bath residence is better than a new build. Pulling up you're greeted with massive circular paver driveway, beautiful facade w/brick accents, 1.25 acres fully landscaped featuring a desert botanical walk path, water feature, fire pit, 3 car side garage, 2 RV gates, and HUGE detached RV garage! Inside you will find a spacious open floor plan w/elegant wood-look tile flooring, several custom built-in's, a warm fireplace, wooden shutters, and neutral palette throughout. The gourmet kitchen is comprised of white cabinetry w/crown moulding, a walk-in pantry, quartz counters, subway tile backsplash, recessed & pendant lighting, SS appliances, and an island complete w/a breakfast bar. The primary bedroom showcases soft carpet, private outdoor access, a walk-in closet. Don't forget about the cozy den, ideal for a reading nook. Also including an expansive backyard w/a covered patio, water features, and an extended seating area w/a fire pit, this home is simply a dream come true! What are you waiting for? Act now!

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7525 E Gainey Ranch Road Unit 188 Scottsdale, AZ 85258

$1,200,000

2 Beds

2 Baths

2,047 SqFt

Status Active

MLS # 6759996

Property Type Single Family Residence

Price Type --

Welcome to Gainey Ranch Greens! beautiful community of single family homes, choice lot with no home behind you, 2 bedrooms and den -SINGLE LEVEL home with vaulted ceilings & split floor plan, vaulted ceilings, 2 fireplaces, spacious kitchen with breakfast area opens to family room, charming backyard with BBQ, 2 side yards and lovely plantings, close to the community pool. Enjoy access to all of the best Gainey Ranch amenities including the incredible recently remodeled clubhouse, heated pool & spa, pickle ball courts, tennis courts, and state of the art fitness center! 24 hour guard gated entry - this is the perfect winter getaway or year-round home!

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42217 N Astoria Way Anthem, AZ 85086

$1,200,000

3 Beds

3.5 Baths

3,144 SqFt

Status Active

MLS # 6761159

Property Type Single Family Residence

Price Type --

$12,500 TOWARDS MTG RATE BUYDOWN OR CLOSING COSTS! On Persimmon hole #14. Golf & mt views. Featuring 3 bedrooms & large cabana w/full bath & walk-in closet. EASY CONVERSION OF OFFICE TO 4TH BEDROOM. Gas stove, ample cupboard & counter space. Walk in pantry. Oversized primary bedroom w/Classy Closet. HIS/HER vanities. Large laundry ROOM. East windows w/remote shade operations. NEW 2018 A/Cs & ROOF underlayment. Fresh interior paint. Hard wired burglary & fire alarms. A/C in 3RD GARAGE. All lights low power LED. 1 owner, no smoking, no pets. Anthem amenities are outstanding & multi-generational. Golf course & community allow private golf carts! 2 of everything, golf courses, tennis, club houses, restaurants, pools, fitness centers, just 2 much fun! Plus pickleball & bocce ball.

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16121 E Ridgestone Drive Fountain Hills, AZ 85268

$1,200,000

2 Beds

2.5 Baths

1,865 SqFt

Status Active

MLS # 6754268

Property Type Townhouse

Price Type --

This Overlook at Firerock masterpiece offers incredible mtn and golf views & is a dream come true! Lovely façade boasts a 2-car garage w/glass doors, paver driveway, & stone accents. You'll find a meticulously designed interior w/clean lines that exudes modern sophistication. Harmonious open floor plan is complemented by tile flooring, surround sound, a wall-mounted fireplace, & large sliding glass doors leading to the back patio. Stunning kitchen showcases recessed & pendant lighting, a plethora of cabinetry, quartz counters, a prep island w/a breakfast bar, stylish tile backsplash,& SS appliances, which include wall ovens & cooktop gas. Grand owner's retreat provides plush carpet, direct outdoor access, an ensuite w/dual sinks, make-up desk, an enclosed glass shower, & a walk-in closet. Wonderful backyard features a covered patio, built-in BBQ, fireplace, and a refreshing spa/spool (app to control the spool). Large powered shade to cover large stacking door. What's not to like? You must see it in person to fully appreciate its beauty! There is a sound system with 2 zones (one for inside and one for outside). RO Water System, Water Softener, TV Hookup in Primary bedroom.

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4755 S Pura Vida Way Gold Canyon, AZ 85118

$1,200,000

3 Beds

5 Baths

2,881 SqFt

Status Active

MLS # 6743975

Property Type Single Family Residence

Price Type --

Awe-inspiring residence nestled on a private cul-de-sac with stunning mountain views from every angle! Fall in love with the marvelous desert landscaping and ample courtyard for enjoying your morning coffee. The perfectly designed layout has formal dining, a semi-open den w/a built-in bookcase, and a bright living room w/a wood-burning fireplace. Cook like a chef in the eat-in kitchen showcasing an island w/breakfast bar, granite counters, SS appliances, a walk-in pantry, tile backsplash, and wood cabinets w/crown moulding. Retreat to the main bedroom to find a separate backyard access, a walk-in closet, and a spa-like ensuite. A jetted tub, two vanities, and a floor-to-ceiling tiled shower complete the main bathroom! The home also offers a dry bar for a wine area, a half bathroom w/vessel sink, and an attached casita. The casita includes a kitchenette, a spacious living area, a bedroom, and a lavish bathroom. Host fun gatherings in the paved backyard featuring a covered patio, a refreshing pool and spa combo, an outdoor shower, a charming balcony, and exquisite mountain views. See it, love it, live it!

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19555 E Via Del Oro -- Queen Creek, AZ 85142

New

$1,200,000

4 Beds

3 Baths

3,405 SqFt

Status Active

MLS # 6754180

Property Type Single Family Residence

Price Type --

You will be captivated by this true gem nestled on a sprawling estate with horse privileges. Enjoy the sound of the water fountain at the porte-cochère over the circular drive leading to a spacious 4-car garage. Inside, experience soaring ceilings, a wall of windows and gorgeous views. The primary suite is a sanctuary with a luxurious bathroom featuring a separate step-in shower, a jacuzzi tub, an enormous walk-in closet and fireplace. The laundry room is equally grand, offering abundant cabinetry and a convenient sink. The backyard is nothing short of an oasis, boasting a glistening pool, a soothing hot tub, and a charming ramada with a fireplace for unforgettable gatherings or a cozy evening under the stars. This home is not just a place to live; it's a lifestyle waiting to be embraced

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1430 W Maddock Road Phoenix, AZ 85086

$1,200,000

5 Beds

2 Baths

4,102 SqFt

Status Active

MLS # 6760600

Property Type Single Family Residence

Price Type --

MOUNTAIN VIEWS! Incredible 5 bed, 3 full bath masterpiece with a large workshop nestled on nearly 2.2 acres and NO HOA! This energy-efficient beauty features a 5-car garage, circular driveway, and private easement. This beauty has precise attention to detail that is found inside! From the luxury vynil, recessed lighting, storm windows, and light color palette enrich the overall ambiance. Discover an open den with a fireplace, an office with built-in bookshelf, and an ample living room to enjoy with the family that flows into the dining area. The gorgeous kitchen boasts plenty of white shaker cabinetry, new SS appliances, amazing Calcutta counters, an eat-in peninsula island, and a breakfast bar. The large primary has a huge walk-in closet, an ensuite with extended sinks, and walk-in tub where you can unwind.. The massive backyard offers a full-length covered patio and a large workshop where you can create, also plenty of space to host guest, and enjoy your beautiful AZ sunsets. Don't let this gem slip you by and make it yours TODAY!

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