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

3567 E Hazeltine Way Queen Creek, AZ 85142

$1,199,900
3 Beds
2.5 Baths
3,211 SqFt
Status Active
MLS # 6752610
Property Type Single Family Residence
Price Type --
Situated on an interior N/S lot in a secluded gated comm. Feat. a great room split floor plan w/3 bedrooms + den & formal dining. Shutters & luxury vinyl plank flooring t/o. Surround sound w/in-ceiling speakers. The gourmet kitchen features a HUGE 10.5x7.5ft island/breakfast bar w/granite slab counters & tile backsplash, a butler's pantry, lots of cabinets w/hardware & crown molding. Stainless steel appliances incl. gas cook top, double ovens & B/I micro. Huge owners suite w/10ft ceilings & sep exit to patio. Step out the 4 panel sliding glass door to a resort backyard w/a covered patio w/2 fans, speakers & b/I bbq. Putting Green & Gas Firepit. Heated Pebble-tec pool/spa w/swim up bar w/stools, baja step & rock waterfall grotto. Step down into the amazing ramada to relax & or to entertain ...Insulated 4 car garage w/epoxy floors, cabinets, 4 dedicated electrical outlets & service door. RV Gate with pavered front for extra parking. The laundry room features cabinets, a sink & access from owners closet. Plus soft water, whole home water conditioner & r/o systems. Spacious Owners' Suite with 10ft ceilings w/crown molding. Walk-in Tiled shower in owners' bath. Guest bath features granite counters and double copper sinks. Tankless water heater and more. Pavered driveway with courtyard entry with soothing fountain. Private gated community. Spectacular San Tan Mountain Views. Stone imported from Turkey on Ramada, Outdoor Kitchen, Raised Spa & Firepit. Remote controlled shade screen at patio. City of Gilbert services, Chandler Schools.

5720 E Claire Drive Scottsdale, AZ 85254

$1,199,900
7 Beds
3 Baths
4,036 SqFt
Status Active Under Contract
MLS # 6745833
Property Type Single Family Residence
Price Type --
The best value in all of 85254, period. This home has been tastefully finished throughout w/ all of the comforts & details you could desire. The open concept kitchen connects to the great room with a fireplace centerpiece & views to the pool & backyard. Upstairs is also the formal dining room, the primary suite, two additional bedrooms & additional full bath. The backyard highlights include a pool, covered patio w/ fireplace, putting green, turf, BBQ & lush/mature landscaping. The basement presents a great opportunity to comfortably house a large family w/ 4 additional bedrooms & additional bathroom. The oversized two car garage has both space for a workshop, storage & , gym & more. No HOA, close to Kierland, The Quarter, PV Mall & the 101 you will not get a better value in this area!

31811 N 16th Avenue Phoenix, AZ 85085

$1,199,900
5 Beds
4.5 Baths
4,830 SqFt
Status Active
MLS # 6735613
Property Type Single Family Residence
Price Type --
Prepare to be captivated by this awe-inspiring Santa Barbara-style residence, boasting 5 spacious bedrooms and 4.5 luxurious baths, along with a generous finished basement that's perfect for entertaining or relaxation. The exterior charm features a striking stone façade, a 3-car garage, and meticulously designed desert landscaping that complements the inviting courtyard, creating an ideal first impression. Inside, the interior showcases elegant new wood floors in both the family room and kitchen, enhancing the overall aesthetic. A cozy two-way fireplace serves as a focal point for both the family room and den, while an abundance of dual pane windows floods the space with natural light. The formal dining room is perfect for gatherings. The spacious den can serve as a quiet retreat or home office. The fully finished basement, complete with new carpet in the bedrooms, provides additional living space for guests or family activities. Culinary enthusiasts will appreciate the chef's dream kitchen, fully equipped with a brand-new oven, an expansive island featuring a breakfast bar, a walk-in pantry, and ample cabinet space for storage. The romantic owner's suite is a true sanctuary, offering private access to the serene backyard, and a spa-like bathroom complete with dual sinks, a separate tub and shower, and a generous walk-in closet for all your storage needs. Step outside to discover an entertainer's dream backyard, where you can unwind around the gas fire pit beside the sparkling pool, indulge in the built-in BBQ for alfresco dining, and relax in the spa while soaking in the breathtaking mountain views. This splendid home combines elegance, comfort, and functionality in a way that is truly unforgettable. A must-see gem that you won't want to miss!

7702 W Villa Theresa Drive Glendale, AZ 85308

$1,199,900
4 Beds
3 Baths
3,491 SqFt
Status Active
MLS # 6682818
Property Type Single Family Residence
Price Type --
Beautiful CUSTOM FULLY remodeled modern block home on a corner lot on almost a half acre!! Four bed, 3 bath home with a remodeled pool and room for all your toys!! Oversized terrazzo porcelain tile throughout whole home, wood/beam vaulted great room with two sided metal wrapped fireplace, gourmet kitchen with custom iron/glass shelving, HUGE double sided kitchen island with leather finished upgraded double waterfall granite island, modern cabinet bar handles, commercial grade double oven with gas burners/griddle, built in Kitchen Aid fridge, easy reach drawer microwave, modern hand made tile backsplashes in kitchen/bathrooms/laundry, black marble tiled master bathroom with walk in full body/handheld and rain shower stand alone tub, his and her sinks with lighted mirrors, his and hers built in closets, HUGE master retreat with sitting area and sliders to the back patio, new tile/foam roof, energy efficient and highly upgraded gas water heater, two new AC/Heating units, refinished pebble tech pool with new water tile, LED pool light, new variable speed pool pump, fully refinished and extended pool surround/outdoor entertaining area, full length custom metal designer back patio, energy efficient block home with all new dual pane energy efficient windows and oversized sliders, modern flat texture throughout whole home, new interior/exterior paint, new sand finish stucco exterior, modern interior/exterior designer lighting, upgraded LED recessed lights, iron/glass double front door, all new interior doors black upgraded square hardware, upgraded baseboards, HUGE game room, professionally epoxied garage floor with built in storage and insulated garage door, custom metal gates, new landscaping with PVC water lines and automatic timers, and so much more to see in person!

4054 E Prescott Place Chandler, AZ 85249

$1,199,900
4 Beds
3.5 Baths
3,300 SqFt
Status Active
MLS # 6753340
Property Type Single Family Residence
Price Type --
FARMHOUSE MEETS DESERT LUXURY IN SOUTH CHANDLER'S EXCLUSIVE GATED MASTER PLAN ''CANOPY''. Pursue an Inspiring SOUTH CHANDLER LIFESTYLE in this stunning magazine model residence... offering the REFINED DESIGNER LIVING you've been looking for. CONSIDER IT ALL... PRIZED SOUTH CHANDLER PROXIMITY at LINDSAY/OCOTILLO RD CORRIDOR with attractions/amenities surrounding your doorstep from all directions, Distinctive Tri-Pointe Homes Farmhouse Architecture & Late 2022 Craftsmanship with Today's Must-Have Energy Efficiencies, Private Portico Courtyard Entry, NEW MOVE-IN READY LUXURY INTERIOR SHOWCASING CUSTOM OWNER UPGRADES FEATURES FINISHES EVERYWHERE... including NEW HIGH END LVP flooring throughout (complete carpet delete), OPEN CATHEDRAL CEILING GREAT ROOM ''CITRUS'' Floor Plan influencing everyday functionality & featuring a Professional Chefs Gourmet Kitchen w/built-in GE Café Appliances, MIRRORING 12' STACKING GLASS DOORS & Wall Glass Windows influence extraordinary Indoor/Outdoor themed Views & Festivities, Uniquely Designed Central/Backyard Portico Courtyard Space with Porcelain Tile & Decorative Accents, Multiple Bonus Rooms include (Open Game Room Space near secondary bedrooms & Additional flex/den space featuring Upgraded Glass Slider with Front Courtyard Entry/Views & Custom 8' Iron French Doors w/Frosted Privacy Glass, Private Owner Suite Retreat w/Spa-Like Bath Amenities including a Hydro System Freestanding Soaking Tub, Transition outside and soak up Your Newer Heated Salt Water Luxury Lounge Pool with Elevated Water Features, Baja Shelf, Travertine Hardscape & Green Turf Scape. Backyard has room to further design all your best OUTDOOR USES & FAVORED Backyard Amenities. 10,108 Sqft Corner Home Site modeling ideal North Backyard Exposure. EXPERIENCE IN PERSON. MAKE THIS LIMITED HOME OFFERING YOUR PRIZED SOUTH CHANDLER SANCTUARY! RESIDE AT ONE OF ARIZONA'S MOST DESIRABLE ADDRESSES... WHERE CHANDLER MEETS GILBERT. Nestled between the thriving City of Chandler & Town of Gilbert (both nationally recognized as Best Places to Live in America) residents take advantage of what's Beyond the Front Door. Scenic San Tan Mountains Views, Open Greenbelt Spaces & Playgrounds, Lush Community Landscaping, Excelling School Options, Chandler's Citrus Vista Park, PRIVATE CANOPY GATED ACCESS DIRECTLY INTO VETERANS OASIS LAKE & NATURE PRESERVE for all your outdoor walking, running & biking adventures, Ocotillo & Gilbert Rd - Mixed-Use/Grocery Corridor, Nationally Acclaimed Gilbert Regional Park, San Tan 202 Freeway Access, Crossroads Towne Center includes Target/Harkins Theatre, San Tan Village - Outdoor Upscale Shopping & Dining, New & Established Southeast Valley Business Corridors and Mix-Used Developments, Chandler Municipal Airpark w/Runway for Midsize Private Jets, Vibrant Downtown Chandler & Old Town Gilbert's Heritage District Festivities, Phoenix-Mesa Gateway Airport - Second Growing Hub to Phoenix Sky Harbor... this is just the start!

22568 E Alyssa Drive Queen Creek, AZ 85142

$1,199,581
5 Beds
4 Baths
3,659 SqFt
Status Active
MLS # 6741168
Property Type Single Family Residence
Price Type --
Luxurious former model home featuring a desert modern architectural style, single-level living, a generational suite with a kitchenette, a game room, separate office, and more! The home has a February 2025 COE and includes the furnishings. Designer features throughout. The kitchen boasts a 12' multi-slider, GE café SS appliances with a built-in wall oven, microwave, stainless Steele refrigerator, and 30'' gas cooktop with a vent hood, an extended island with new elegance quartzite countertops, glass tile backsplash to the ceiling, and Lausanne maple truffle stacked cabinets with matte black pulls. 12' ceilings at the great room, dining room, and kitchen. A 10' center pull slider at the great room and a built-in entertainment cabinet. Upgraded light fixtures and custom window treatments.

27023 N Sycamore Creek Road Rio Verde, AZ 85263

$1,199,500 - 2Br/3Ba -  for Sale in Tonto Verde, Rio Verde
New
$1,199,500
2 Beds
2.5 Baths
3,159 SqFt
Status Active
MLS # 6751169
Property Type Single Family Residence
Price Type --
One of the best Four Peaks mountain view lot in the development. This home boasts a generous 4 car tandum garage + golf cart garage, a striking circular driveway, a huge covered patio with fireplace, BBQ island, water feature & a view deck to overlook the golf course. The great room showcases high ceilings, abundant natural light, a chic wet bar with a wine cooler, icemaker, & sink. Family room adjacent to the kitchen & breakfast room with tile floors, and an inviting gas fireplace. The formal dining room is complete with plantation shutters and a sophisticated chandelier. The kitchen features granite counters, 42' wood cabinets, a tile backsplash, built-in appliances, a large pantry, skylight & a breakfast bar island. Double doors leads to the den/office with a builtin desk & cabinets.

29091 N 139th Street Scottsdale, AZ 85262

$1,199,000
4 Beds
4 Baths
4,034 SqFt
Status Active Under Contract
MLS # 6748671
Property Type Single Family Residence
Price Type --
Discover the 4034 floor plan & all it has to offer. The kitchen boasts luxurious finishes, such as, stainless steel WOLF appliances, upgraded 42'' upper cabinets w/ crown molding, ample countertop space & a large center island. The adjacent informal dining area provides a comfortable & convenient space. The great room is filled with natural light & a sliding glass door lets in even more. The homes boasts plenty of room for everyone w/ a GUEST LIVING area w/ seperate entry & a BONUS/GAME ROOM. The spa-like primary bathroom includes a BEACH ENTRY shower, dual-sink vanity, a soaking tub, & a spacious walk-in closet. Enjoy outdoor living, dining, and entertaining on the covered patio, and take advantage of the 4-car garage on 1.25 ACRES w/ NO HOA. Home to be completed in Nov/Dec 2024

Show Low AZ 85901

$1,199,000
4 Beds
4 Baths
3,372 SqFt
Status Active
MLS # 6739787
Property Type Single Family Residence
Price Type --
''Lux Cabin'' with stunning fairway views & water feature on #15 Tower Course. Torreon is a Troon Development with amenities that are second to none! Conveying beautifully furnished, new high-end hot tub on expansive back deck, 20ft handcrafted juniper wood bar, 2 Master Suites, wall of windows & more!

14046 N 64th Drive Glendale, AZ 85306

$1,199,000
5 Beds
4.5 Baths
4,132 SqFt
Status Active
MLS # 6755940
Property Type Single Family Residence
Price Type --
Nestled on over an acre, this estate boasts unparalleled privacy with lush, mature landscaping situated at the end of a quiet street. The property is connected to city services accompanied with an irritated lot, and includes OWNED SOLAR PANELS! It offers a 6-car detached garage in addition to an RV gate, without any restrictions of an HOA. Designed for entertaining, this recently remodeled home features multiple seating areas and gathering spaces both indoors and outdoors - an ideal destination for hosting friends and family or simply enjoying quiet evenings at home. It features a functional, split floorplan with seemingly unlimited storage and an abundance of natural light. With 5 bedrooms plus an office, there is plenty of space for everyone! As you enter through the front door, you are greeted with soaring high vaulted ceilings and an oversized living area with neutral flooring and paint colors throughout. Around the corner, you'll find the expansive eat-in kitchen that provides a massive island, multiple sinks, a wine fridge, dual oven, SS appliances, and picturesque views of the backyard. The brick fireplace in the family room creates a warm and cozy feeling, and is a fantastic place to recharge. There are 2 bedrooms downstairs. One includes access to the backyard and an en-suite bathroom ideal for guests, while the other shares a jack-and-jill style bathroom with the office. The primary suite resides upstairs and is equipped with a large walk-in closet, along with a massive terrace to capture the breathtaking sunsets Arizona has to offer. There are two additional bedrooms split from the primary bedroom that share a full bath upstairs. The most discerning buyer will appreciate the enormous laundry room with additional storage cabinets, a large sink, and custom barn doors. This estate is a one-of-a-kind home that provides the ideal set up for an event planner's dream, or the perfect getaway for an escape from the city. Centrally located, with functionality and sustainability, your private sanctuary is just minutes away from modern conveniences, making this the ultimate choice for your next place to call home!

2320 W Hidden Valley Drive Phoenix, AZ 85086

$1,199,000
5 Beds
3.5 Baths
3,589 SqFt
Status Active
MLS # 6759895
Property Type Single Family Residence
Price Type --
WOW! Start living in this stunning 5 bedroom oasis, nestled on a vast 1.2-acre lot in Phoenix. With a 4-car garage and a detached 2-RV garage, this home offers both space and style. Inside, sleek floors, bright skylights, and a spacious great room with a cozy fireplace and custom cabinets set the stage for modern living. The formal dining area is perfect for hosting gatherings, while the pristine kitchen impresses with its abundance of wood cabinets, stainless steel appliances, wall ovens, pantry, granite counters, and an island breakfast bar. The luxurious main suite offers a tranquil sitting area and a spa-like bathroom featuring dual sinks, a standalone tub, and a huge walk-in closet... A dedicated office space makes working from home a breeze. Even the garage is a standout, with additional cabinets for all your storage needs. Step outside into your expansive backyard, complete with a covered patio, fireplace, built-in BBQ, and a fenced-in pool. There's plenty of room to relax, entertain, and grow. What's not to love? This is your dream home waiting to happen!

31715 N 47th Terrace Cave Creek, AZ 85331

$1,199,000
5 Beds
3.5 Baths
3,929 SqFt
Status Active
MLS # 6753295
Property Type Single Family Residence
Price Type --
Need some room to spread out in gorgeous Cave Creek? This property has so many reasons to say YES to the address! Oversized (14,897 sq. ft) cul-de-sac lot, 5 bedrooms, 3.5 baths, loft, HEATED pool and spa added in 2020. Did we mention the 4 car garage? Fresh flooring, paint and majority of cabinets refinished, new LED lighting ,baseboards and door hardware in 2023. Huge island in the kitchen with storage galore! Head to the backyard and you will find an entertainers dream with a gas fireplace, built in BBQ and plenty of shade under the extended pergola. Brand new artificial turf installed 2024. Location, location, location. City of Phoenix services with a Cave Creek address. There are also a few restaurants, gyms and shops that are walkable from this property.

Leave a Reply

Your email address will not be published.