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

4530 E Red Fox Lane Flagstaff, AZ 86004

$1,144,900
5 Beds
3 Baths
3,114 SqFt
Status Active
MLS # 6701350
Property Type Single Family Residence
Price Type --
TURN-KEY SHORT TERM RENTAL! This FULLY FURNISHED gorgeous, fully remodeled home sits on a 1/4 acre heavily wooded, cul-de-sac lot in Continental Country Club! Featuring 5 spacious bedrooms, 3 full baths, palatial great room w fireplace, attached dining room & entertainer's kitchen with white cabinetry, Quartz countertops, SS appliances with double ovens, walkin pantry & kitchen island overlooking the dining nook! Upgrades abound & include wood laminate flooring throughout, modern fixtures, soaring vaulted ceilings, fresh designer paint inside & out, two car garage & much more! Primary bedroom is downstairs & boasts ensuite bath with double sinks with Quartz counters, separate walkin tile shower & soaking tub & walkin closet! 3 upstairs bedrooms have walkout balcony with stunning views!

20453 N 95th Place Scottsdale, AZ 85255

$1,140,900
3 Beds
3 Baths
2,468 SqFt
Status Active
MLS # 6650312
Property Type Single Family Residence
Price Type --
This very beautiful, cozy home, in the highly desired DC Ranch gated community, offers 2-master suites and 3 full bathrooms with a 3rd bedroom which could be used as an office. As you enter you'll enjoy the easy flow of the layout. The home boasts a fully recently replaced roof along with your own private, temperature controlled, wine cellar, which holds over 150 bottles. Enjoy morning coffee in the backyard that has great mountain views. You'll fall more in love with the lovely AZ evenings on the back patio w/ heated pool & spa which offers tranquil water features and relaxing nights lights. Also equipped with built in BBQ grill. The 2 car Garage has extra cabinets for storage. The DC Ranch community offers a perfect combination of restaurants, activities and additional amenities.

1139 E Dolores Road Phoenix, AZ 85086

$1,140,000
4 Beds
3.5 Baths
3,038 SqFt
Status Active
MLS # 6681675
Property Type Single Family Residence
Price Type --
Another beautiful home by NEXTGEN Builders to be built: 4 BD plus office/den, 3.5 BA, high quality luxury home, oversized 2 car gar plus 46+' RV gar with 12x14' tall garage door. Large lot. No HOA, oversized contemporary front door, 2x6 framed exterior, large kitchen island, quartz counter tops throughout. All bedrooms have walk-in closets. Master bath has large entry shower with standalone tub and double sinks. 8' doors throughout. High ceilings, energy efficient spray foam insulation, post tension foundation, Pictures are of model home.

6610 E Morningside Drive Phoenix, AZ 85054

$1,140,000
3 Beds
3 Baths
2,547 SqFt
Status Active
MLS # 6741116
Property Type Single Family Residence
Price Type --
Quiet street in the beautiful Paridise Ridge gated community. 3 bedroom 3 full bath with a den plus bonus room that could be used as another office or nursery. Extra large master closet and a laundry room with lots of storage space. Back yard is low maintenance with artificial turf. Garage has hanging storage and epoxy floors.

2775 S Baker Drive Apache Junction, AZ 85119

$1,140,000
4 Beds
3.5 Baths
3,273 SqFt
Status Active
MLS # 6721580
Property Type Single Family Residence
Price Type --
Breathtaking Home with Spectacular Mountain Views nestled on 1.3 acres of serene living, perfect blend of tranquility and luxury. Owner's suite is a private retreat featuring a spa-like bath with glass shower, soaking tub, and a walk-in closet with ample storage. Split Floorplan: This thoughtfully designed layout ensures privacy with the owner's suite on one side and a large flex room along with three guest rooms in another wing. One guest room with en suite bath, while two others share a convenient Jack and Jill bath. A powder room is perfectly situated off the flex space/living room. With 10ft ceilings, spray foam insulation for superior energy efficiency, and large dual pane windows framing picturesque views, every detail of this home exudes elegance and comfort. The heart of the home is an expansive open kitchen featuring a huge center island with quartz counters, a large walk-in pantry, A 4-car garage provides ample space for your vehicles and storage needs, including a dedicated charger for electric vehicles. The meticulously planned yard offers spaces for everything - from enjoying the views to hosting BBQs in the dedicated entertaining area. Artificial turf ensures low maintenance, while well-planned drainage and a garden area cater to all your outdoor needs. There's even space for an additional dwelling, with plans for the next phases of yard development available (pool ADU). The property features a shared well with 4 other homes, reaching 550 ft deep with water at 240 ft. A water softener and RO system ensure high-quality water throughout the home. Spray foam insulation offers excellent energy efficiency. Escape the hustle and bustle with light-restricted nighttime living, perfect for stargazing and enjoying the peaceful ambiance of your surroundings.A few days each year, for just a few minutes, the sun projects a larger-than-life shadow of a cougar chasing its prey, known as the Cougar Shadow. Witness this breathtaking natural event right from your own backyard. This custom home is more than just a place to live; it's a lifestyle. Don't miss the opportunity to make this extraordinary property your own. Experience the perfect balance of luxury, comfort, and natural beauty.

2206 E Sapium Way Phoenix, AZ 85048

$1,139,995
5 Beds
3.5 Baths
3,887 SqFt
Status Active
MLS # 6703828
Property Type Single Family Residence
Price Type --
Stunning former model w/ fantastic floor plan, mountain views & total privacy backing to Mountain Preserve. 2 suites w/ full baths, one up/one down, w/ 3 additional large rooms. Huge kitchen w/ double island, 2 separate sinks, espresso cabinets, granite countertops, and SS appliances. Master bath (down) w/ freestanding soaking tub & walk in shower w/ multiple shower heads. Roof replaced 2021 (15-yr warranty), new 5 ton HVAC for downstairs, hot water heater 2 yrs old, & water filtration/softener throughout! Backyard is private oasis w/ covered patio, sparkling pool + spa & fire pit. Nearby shopping, dining, hiking & top-rated schools. 20 min to Sky Harbor Airport. LOW HOA $198 semi-annually, offering biking/walking paths, pickleball, tennis, playgrounds, community pool and spa. LUCKY BUYER

17810 E Stocking Trail Rio Verde, AZ 85263

$1,139,900
2 Beds
2.5 Baths
2,186 SqFt
Status Active
MLS # 6762458
Property Type Single Family Residence
Price Type --
Welcome to your Spanish Hacienda in the 55+ community of Trilogy at Verde River. Wow!! This 2 bedroom, 2.5 bath home is absolutely stunning! The front courtyard has an inviting sitting area with an exterior fireplace. As you enter the home, you'll see the den/office, with a barn door. The hallway opens to the kitchen & great room. There are luxury upgrades everywhere! Wide plank tile flooring throughout, with some fun, white washed tile in the bedrooms to make a statement. Beautiful plantation shutters, and the sliding glass doors along the back to bring the outdoor living in. The outside patio has plenty of room for entertaining & the landscaping is exquisite! There is a walking path around the home, to give a little more space to the left side and behind. The panoramic mountain views are breathtaking! Trilogy has too many amenities to mention. The Resort style pool, a lap pool, Eddy's Poolside dining, Alvea Spa, a golf course by Tom Lehman, Afturburn Fitness Center, Tennis & Pickleball Courts. Bocce Ball, a 7.5 acre Dog Park, Needle Rock Restaurant, Cooking Classes at Helen's Kitchen, Classes at The Art Loft, outdoor concerts and more!! This is not just a community, it is a lifestyle. Truly a one of kind home, don't miss it!

1010 W Via De Arboles -- San Tan Valley, AZ 85140

$1,139,000
4 Beds
2.5 Baths
2,661 SqFt
Status Active
MLS # 6733622
Property Type Single Family Residence
Price Type --
This home has been professionally created for both living and entraining your family & friends. Large horse pasture with multiple trees which provide lovely shade for your horse's enjoyment. The backyard is a dream! Completely enclosed with private metal fencing, with 3,000 s.f. pavers and a 59,000 gallon pool with water & fire features. 30' pergola with built in BBQ. Sit & Spin built in hot tub with stacking stone. Everyone that enters just says WOW!!! $400,000 Landscaping pkg. The Kitchen and master bath have been remodeled, including copper tub. Over 10,000 s.f. of paver's front and back. Multiple thriving fruit trees. This is a one of a kind that is just coming on the market in the desirable VinWood Estates. Homes in this horse community do not come on the market very often!

50 Talia Court Sedona, AZ 86336

$1,137,000
3 Beds
2 Baths
1,923 SqFt
Status Active
MLS # 6754313
Property Type Single Family Residence
Price Type --
Charming Primary OR Getaway Home. NO HOA, STR FRIENDLY, Conveniently Located Between Sedona and VOC, this meticulously maintained Cavanaugh Southwest Beauty has SPACIOUS Great Room Living with high ceilings and split floor plan. The impressive rustic entry door adorned with iron nail accents invites you into this open, bright and comfortable single level home. Feel the immediate warmth from the Saltillo tile in foyer and dining area. Kitchen boasts granite counters with full backsplash, Viking SS appliances including fridge and gas oven cooktop/hood vent and a SS two-compartment sink, prep island, pantry, breakfast bar and nook, Custom SW cabinets. Additional option for dining space in Great Room which features recessed lighting and track lighting to showcase artwork. Dual double doors for easy access to backyard. Perfect set-up for entertaining guests. Spacious primary bedroom suite has large soaking tub, separate shower, dual vanities, private commode, walk in closet with built-in shelves and bi-level hanger rods for efficiency and extra storage behind door. Guests will enjoy privacy and comfort of the two additional bedrooms with a full bathroom between them. Enjoy the privacy of the Fully Enclosed, level backyard with mature trees and plants along the perimeter. Grab your favorite beverage, relax in the shade from the Juniper tree and take in the amazing dead-on view of Cathedral Rock to the West. Outdoor grilling and dining on the patio is always in season. Plenty of additional patio space for potted plants and yard space for multiple flower/ vegetable garden beds. Large laundry room includes Whirlpool washer and dryer, folding station, extra storage and utility sink. Other features include NEW Lennox HVAC, ecobee thermostat, art niches and much more. Roof replaced in 2021. Close proximity to world-class hiking and biking trails, shopping, golf and all Sedona/VOC amenities, living is easy within this quality-built home with a super-functional floor plan on a large level lot. What are you waiting for? Make this special property yours today!

20207 W Amelia Avenue Buckeye, AZ 85396

$1,135,000
4 Beds
3 Baths
2,539 SqFt
Status Active
MLS # 6752900
Property Type Single Family Residence
Price Type --
Stunning residence available in the highly coveted Pasqualetti Mountain Ranch subdivision. Built just a couple of years ago, this home features four bedrooms plus a den and beautiful custom interior finishes. The kitchen showcases a generous island, double ovens with Air Fryer option, granite & butcher block countertops, counter-depth refrigerator, accompanied by a mini fridge, under-counter lighting, gas stove, R/O system, and classic farmhouse sink. Other notable features are a junior suite with a private bathroom. The main bedroom offers double doors onto the patio. The main bathroom showcases a generous size rain shower. The living room is pre-wired for surround sound. The home is also pre-wired for a security system. A laundry room with a utility sink and custom cabinets, and mudroom with built-in cabinets. The garage has a beautiful epoxy-coated floor, insulated walls and attic, and a landing in the attic over the garage for storage. A tankless water heater. The home has a split floor plan layout with a spacious 3-car garage, expansive front and rear porches, and a stunning pool with a mini golf landscape. The property's front and backyard is low-maintenance landscaping for effortless upkeep. Experience the stunning mountain vistas from a spacious home site spanning over an acre. A true must-see!

3957 E Beechnut Place Chandler, AZ 85249

$1,135,000
4 Beds
3.5 Baths
2,868 SqFt
Status Active
MLS # 6754412
Property Type Single Family Residence
Price Type --
Fully Professionally remodeled TW Lewis home in the prestigious gated Pontevedra at Valencia! This BRAND NEW modern home design is meticulously executed throughout. Step through the iron privacy gate to your brand-new paved courtyard! Upon entry marvel at the impressive 10ft ceilings. High-end ultra durable SPC flooring. The kitchen boasts a wealth of upgrades including an oversized 9.5ft island with gorgeous Taj Mahal quartzite counter tops throughout. This chefs' dream kitchen features ss appliances, gas stove, built-in wine fridge, owned r/o drinking system, commercial range hood, topped with modern black fixtures complete the rich esthetic. The open concept allows for beautiful sightlines showcasing oversized 8x10 fireplace. Primary bedroom includes upgraded oversized stand-alone tub with newly designed tile surround and shower features rain shower faucet. Modern bathrooms with frameless glass shower and impressive black accent fixtures. One of the bedrooms include full bath. Home has owned soft water system. The backyard is an oasis, featuring covered patio, commercial misting system, fully travertine deck, meticulously manicured yard with sparkling pebble tech pool with an expansive baja shelf. Close to 202, A+ schools, and ample shopping.

9186 S San Pablo Drive Goodyear, AZ 85338

$1,135,000
4 Beds
3.5 Baths
4,314 SqFt
Status Active
MLS # 6703066
Property Type Single Family Residence
Price Type --
A true gem in the desert! This 4300 square foot home is nestled on a premium 1.19 acre lot at the base of the Foothills mountains in the amenity rich community of Estrella Mountain Ranch. Every room of the home on the main level is the epitome of Southwest Arizona charm and boasts mountain views from the quiet cul-de-sac lot. The chef's kitchen features stainless steel oversized double oven, six burner gas stove top, a warming drawer, trash compactor and dual dishwashers with oversized pantry. Kitchen also features breakfast bar with seating of up to six and is conveniently situated between the living room, eat in kitchen nook, and formal dining room to ensure effortless flow of the home. Home boast a split floorplan featuring soaring 12 foot ceilings on main floor, custom floor to ceiling window treatments, dual fireplaces, a home office and bonus space. Master retreat features oversized bedroom, expansive dual master closets and en suite complete with dual vanities, make up counter, separate tub and walk in shower, and matching built in cabinets for linen storage. In the basement you will find an additional two bedrooms, bathroom and a bonus living / entertaining space including dry bar complete with mini fridge. The expansive backyard is the epitome of AZ outdoor living and an entertainers paradise and features an oversized patio, private pool, dual firepits, water feature, private basketball court and a covered BBQ with built in grill and counterspace fit for a pit master. The coveted community of EMR features two resident centers with fitness centers, restaurants and heated pools alongside breathtaking walking trails and family driven activities monthly. Don't miss out on your opportunity!

Leave a Reply

Your email address will not be published.