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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905 N Sinagua Heights Drive Flagstaff, AZ 86004

$1,175,000

6 Beds

4 Baths

4,253 SqFt

Status Active

MLS # 6747569

Property Type Single Family Residence

Price Type --

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3031 E Wildhorse Drive Gilbert, AZ 85297

$1,175,000

4 Beds

3.5 Baths

3,771 SqFt

Status Active

MLS # 6757390

Property Type Single Family Residence

Price Type --

Welcome to your dream home*Immaculate 4 bedroom, den, plus a playroom/extra living area*Recently remodeled kitchen boasts a large center island with Viatera Etude Quartz countertops and 42'' white shaker cabinets w/ crown molding*New appliances including Bosch oven and speed oven/microwave and induction cooktop*Large walk-in pantry*Almost 1/2 an acre with mature trees, patio, Gazebo, turf and paths that leads to private areas and garden beds. Other amenities include: large walk-in closets in all bedrooms, 4 linen closets t/o*Newly painted inside and exterior*Remodeled master bathroom with w/ beautiful tile floor*New sinks, faucets countertops & new separate tub & shower *Exceptional finishes & light fixtures t/o*Engineered hardwood floors t/o*Shutters t/o*Newer Upgraded American

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9378 W Via Montoya Drive Peoria, AZ 85383

$1,175,000

4 Beds

3.5 Baths

3,729 SqFt

Status Active

MLS # 6757502

Property Type Single Family Residence

Price Type --

INCREDIBLE floorplan in The Meadows - 3 separate bedroom wings w/bathrooms. Two living areas, 2 flex spaces - dens, offices, workout/game rooms? Resort-style backyard with travertine hardscape surrounding a bridged pool to gazebo-encircled hot tub. Freshly painted inside and out. New carpet throughout. Gourmet kitchen with massive island and SS appliances. Soft water system, owned solar system, 3-car garage, RV gate. There's MORE! Come take a look!

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20132 W Medlock Drive Litchfield Park, AZ 85340

$1,175,000

5 Beds

3 Baths

2,560 SqFt

Status Active

MLS # 6742933

Property Type Single Family Residence

Price Type --

Discover beauty and comfort in this stunning equine estate, perfectly situated on 2.5 serene acres in the heart of Beautiful AZ Estates. This amazing residence boasts 5 spacious bedrooms and 3 well-appointed bathrooms, designed for both relaxation and functionality. Step into an expansive open floor plan where the large living spaces are highlighted by vaulted ceilings and beautiful tile floors. The oversized kitchen features gorgeous granite countertops, a walk-in pantry, and seamlessly flows into the family room, ideal for entertaining and family gatherings. The master suite offers a private seating area and an impressive walk-in closet, while each additional bedroom ensures ample space and comfort. The oversized laundry room, cleverly designed to double as a bathroom, adds to the home's versatility and convenience. Enjoy breathtaking mountain views and sunsets from virtually every room, with large windows that frame the picturesque landscape. Outside, the property is a true retreat. The well landscaped grounds showcase a sparkling swimming pool, patios, lawn and relaxing spa, creating the perfect backdrop for outdoor enjoyment. For equine enthusiasts, the horse facility is a standout feature, complete with, covered corrals, a turnout area, and a round pen. A 4-car garage provides abundant storage and space, rounding out this exceptional home. Whether you're relaxing by the fireplace, soaking in the views, or enjoying the numerous outdoor amenities, this estate offers an unparalleled living experience.

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1061 N Omaha Circle Mesa, AZ 85205

$1,175,000

5 Beds

4.5 Baths

4,376 SqFt

Status Active Under Contract

MLS # 6735844

Property Type Single Family Residence

Price Type --

PLENTY OF SPACE. A PLACE TO COOL OFF. THIS IS THE HOME FOR YOU! From the moment you enter this gated community and pull up to see its stunning curb appeal, you'll know this is the one. Perfect for hosting friends and family, this home offers ample space to create lasting memories. Picture yourself unwinding after work by taking a dip in your private pool (heated in winter), drink in hand, then shooting some hoops or practicing your short game. Want to escape into a great movie? The loft features a movie screen and projector, perfect for cozy nights with a classic film or discovering a new favorite. The heart of the home, the gorgeous kitchen, is where culinary magic and cherished moments happen. Gather around to whip up your favorite meals and make memories that will last a lifetime!

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18120 W Solano Court Litchfield Park, AZ 85340

$1,175,000

4 Beds

3.5 Baths

4,241 SqFt

Status Active

MLS # 6741801

Property Type Single Family Residence

Price Type --

WELCOME HOME to this breathtaking, 4241 sq ft, custom-built Hacienda style home, in the exclusive gated community of Russell Ranch. Enter the through a rustic arched gateway and take in the private courtyard that features lovely landscaping and a beautiful water feature. The split, open concept floor plan includes high ceilings, exposed wood beams, built-ins. . The kitchen has chiseled granite counters, an island, a large buffet, a gas range, and a spacious pantry. The Primary Bedroom is a cozy retreat that includes a stone fireplace, beautiful built-ins, walk in closet and a stunning tiled bathroom. Bedrooms 2 & 3 each have en suites and walk-in closets. Bedroom 4 would make an ideal craft or exercise room. The den/office is spacious and perfectly situated at the front of the house. The backyard oasis was made for entertaining with a charming Palapa, a built in outdoor kitchen and fire pit. Take a dip into the Pebble Tec pool and spa with three cascading waterfalls and a Baja step. Keep cool on those hot summer days with a pro-grade misting system. The extended 3rd car garage can accommodate a boat and includes dual access doors for easy yard equipment and tool storage. This meticulously maintained home sits on nearly half an acre and is a MUST SEE!

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39068 N 15th Avenue Phoenix, AZ 85086

$1,175,000

5 Beds

4 Baths

4,500 SqFt

Status Active

MLS # 6737942

Property Type Single Family Residence

Price Type --

Privately gated property with with an exceptional opportunity for a multigenerational compund.Sitting on 3.25 acres, this estate provides ample space for all your horses, RVs, and other recreational vehicles, Featuring availability for up to 5 50 AMP RV hookups. The custom home has been completely remodeled, including updates to the piping, electrical systems, and insulation, among other improvements. With its high-income potential and extensive amenities, this property is perfect for those seeking both luxury and functionality in a serene, spacious environment.

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14034 N Coral Gables Drive Phoenix, AZ 85023

$1,175,000

4 Beds

4 Baths

3,014 SqFt

Status Active

MLS # 6631495

Property Type Single Family Residence

Price Type --

Wow, just wow! Stunning property nestled against a mountain in the prestigious Moon Valley Community! This sleek,modern retreat exudes charm with its meticulously designed layout boasting wood floors, vaulted ceilings, and skylights that provide abundant natural light. Spacious living room, open concept kitchen and dining, 3 bedrooms and a separate fitness room with updated modern finishes throughout. Outside boasts an unbelievable resort-style backyard with pool & hot tub surrounded by amazing views. This home is a must-see beauty!

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3829 E Lynx Place Chandler, AZ 85249

$1,175,000

4 Beds

3.5 Baths

2,923 SqFt

Status Active

MLS # 6745483

Property Type Single Family Residence

Price Type --

A sophisticated home in Chandler's Avian Meadows with over $200k in upgrades on a Premium Lot! This soft contemporary Toll Brothers Fiora model rarely comes to market. With so many upgrades, stunning professional landscaping + a sparkling pool with waterfall, this impeccable home will satisfy the most selective buyers. The home is at once both elegant and comfortable with a formal entry leading to the relaxing Great Room. Glass walls showcase the stunning backyard landscape, entertaining areas and pool designed by Creative Environments. The list of upgrades the owner selected is extensive from the Multi-Panel 15' Sliding Stacking Doors, the Weathered Copper Metal Roof feature; KitchenAid Stainless Steel Appliance Package, Primary Bath Kohler Rain Shower and many others. The Primary Suite features a true spa-like experience with an expanded Walk In Shower, Granite Countertops and Soaking Tub. The spacious garages are enclosed by Designer glass & steel doors. Location, schools, upgrades and the beautiful community setting are exactly what every Buyer wants in their next home.

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12325 N Henrys Way Prescott, AZ 86305

$1,175,000

4 Beds

3 Baths

2,536 SqFt

Status Active

MLS # 6554719

Property Type Single Family Residence

Price Type --

We plan to build this Gorgeous 2536 Square Foot Home, w/3Bedrooms, 2.5Bathrooms/ 3CarGarage + Den on 4 ACRES +/- in Williamson Valley Heights. Home will have Stacked Stone Accents, Open/Split Floor Plan, GREAT ROOM Concept, Vaulted Ceilings, Luxury Vinyl Wood Planked Flooring, & Upgraded Lighting. Kitchen will be well appointed Knotty Alder Cabinetry, GRANITE Countertops, Island, Stainless Steel Appliances, Pantry, & under cupboard lighting. Master is Spacious, has dual Sinks, Jetted Garden Tub, Large Shower, & Large Walk in Closet. Additional Features include large Laundry Room adjacent to Master Bedroom, will include Paver Driveway/Walkway, Large Covered Patio & can include Detached RV Garage with plenty of room with a slight price adjustment. Completion Date is estimated at 12 months from Contract Acceptance !!! Photos are of a Previous Home we built but the VIEWS are the Real Thing from the actual lot!!!!! Build to Suit - Images are a sample of possible construction. Taxes listed are for vacant land only. Sale includes parcel numbers 306-35-298 & 306-35-256X.

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32402 N 50th Street Cave Creek, AZ 85331

$1,175,000

4 Beds

3 Baths

2,738 SqFt

Status Active Under Contract

MLS # 6737976

Property Type Single Family Residence

Price Type --

Timeless elegance embraces you in this remodeled home. Modern living room seamlessly flows into the den, dining, & kitchen, creating a contemporary living space. Kitchen features a grand quartzite island w/seating, Fulgor gas stove, 2 ovens, quartz counters, & stunning high-end cabinets. Enjoy beautiful Mesquite flooring, crown molding, pantry, pull-out storage, den cabinetry, custom built ent. center & surround sound! Master bath has XL walk-in shower, quartz counters & specialty cabinets. Backyard is an entertainer's haven with a stylish stacked stone bar, seats 8, gas bbq, fridge, fireplace & 2 covered patios adorned with pergolas; one patio sits elevated, complemented by a misting system. Dive into relaxation with a pool featuring a waterfall, heat/cool pump for year-round enjoyment.

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18701 E Canary Way Queen Creek, AZ 85142

$1,175,000

4 Beds

3.5 Baths

4,354 SqFt

Status Active Under Contract

MLS # 6756940

Property Type Single Family Residence

Price Type --

This impeccably remodeled basement home features everything you need for your dream space. Enjoy custom shaker cabinetry, a 6-burner Wolf Range, Pellet Ice Maker, and a large built-in fridge/freezer—perfect for hosting holiday dinners. The updated wood plank tile floors and fresh carpets add a modern touch. Relax in the basement with a wet bar, secondary laundry room with machines included, and in-ceiling surround sound. Outside, discover a stunning pool, hot tub, waterslide with a grotto, a pergola with a built-in BBQ, a trampoline, new artificial turf, landscape lighting, and updated retaining walls.

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