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.

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11025 N 130th Way Scottsdale, AZ 85259

$1,075,000
5 Beds
3 Baths
3,023 SqFt
Status Active
MLS # 6761489
Property Type Single Family Residence
Price Type --
Welcome to Rio Montana in 85259. This stunning 5-bedroom, 3-bathroom Scottsdale home boasts over 3,000 sq ft of bright, open living space, all set in a quiet cul-de-sac with breathtaking McDowell Mountain views. The main floor features an open kitchen and family room with a cozy fireplace, a spacious living and dining room, an oversized bedroom and bath ideal for an office, a laundry room, and a 3-car garage with extra storage. Upstairs, the expansive master suite includes a fireplace and private balcony with panoramic mountain views. The backyard is perfect for entertaining, with a pool and spa, covered patio, built-in BBQ, and two grass areas. Close to top-rated schools, fun parks, great restaurants and scenic hiking trails. Welcome to this exceptional home!

3644 E Villa Cassandra Way Cave Creek, AZ 85331

$1,075,000 - 4Br/3Ba -  for Sale in Sierra Vista 1, Cave Creek
New
$1,075,000
4 Beds
3 Baths
3,451 SqFt
Status Active Under Contract
MLS # 6762401
Property Type Single Family Residence
Price Type --
My Oh My!!! Home that comes w/ Awesome Mountain views-1 acre+ - north south exposure - but, still can enjoy the sunsets!! Step inside courtyard to welcoming Fountain & Kiva Fireplace- Paver Courtyard. Enter Soaring Front Doors to Mt Views - Heated Pool w/ Flowing Rock Waterfall. Begin to fall in LOVE w/ this special 4/3/3 -(2)Trane 5ton 15 seer 2022 - Roof -2024 Tile & Flat roof - Kitchen features Beautiful Granite Counters, R.O. - Stainless Appliances replaced 2024 Oversized SubZero - Bosch Dishwasher& Gas Cooktop -Hood Pro Top- Cafe Dbl Ovens/Microwave - Newer light fixtures & Fans. Exterior Repainted Less than 2 years ago. Step Outside to Beautiful Custom Stamp Enlarged Patio - Artificial Turf Play area - R.O., 2023 Softener & Conditioner 2022 Gas Tankless Hot Water, EV. BEAUTY!

4230 E Fountain Street Mesa, AZ 85205

$1,075,000 - 5Br/4Ba -  for Sale in Mahogany, Mesa
New
$1,075,000
5 Beds
3.5 Baths
3,740 SqFt
Status Active
MLS # 6763086
Property Type Single Family Residence
Price Type --
Welcome to luxury living in the intimate community of Mahogany, in Mesa, Arizona. As you drive through the gates you'll be welcomed with beautiful mature trees and striking curb appeal. This gorgeous, spacious home is perfect for hosting your upcoming holiday parties! The grand, double-door entrance leads you past the formal dining room and library, into the formal living area. The large windows and French-style doors giving you a great view of the stunning, all glass tile pool! The over-sized kitchen has a built-in microwave and dual built-in ovens providing ample counterspace! This lovely home comes with 4 bedrooms, 3.5 bathrooms, a den with a double-door entrance and built-in bookshelves. The den could easy be used at a fifth bedroom. Don't let this one slip away!

38820 N 19th Way Phoenix, AZ 85086

$1,074,950
4 Beds
3 Baths
2,343 SqFt
Status Active
MLS # 6702288
Property Type Single Family Residence
Price Type --
The Sanctuary at Lasalle Heights powered by Tesla Energy with dual battery backups - an energy independent private ranch home estate on 1.25 acres capturing the essence of the sought-after solace & serenity of Desert Hills with views of the blue sky, sunsets & mountains - with nearby state-trust land - surrounding the home. The solar array is paid off & reliably supplies the home with all the energy needed while still connected to the grid. Dual ensuite bedrooms, each with private entries/exits to the grounds. The outdoor oasis is immense with deep dive lap pool & spa - with ample space perfect for entertaining or just relaxing in sun filled days. Over 10k sqft still on site for casita, horse facilities, or boat/RV parking. North Valley proximity to all area amenities. Come & see today!

2502 E Pine Island Lane Payson, AZ 85541

$1,074,000
4 Beds
4 Baths
3,184 SqFt
Status Active
MLS # 6739048
Property Type Single Family Residence
Price Type --
This is a perfect home for a large family or hosting guests providing them their own space. This home in the Pine Island section of Chaparral Pines boasts 4 bedrooms, 4 full bathrooms with two family rooms. It also features two decks overlooking the active water features adding to the serenity and peaceful evenings after a wonderful day of hiking or golf. Close to the amenities makes it easy to enjoy the Clubhouse and Fitness areas for the entire family. Whether you're looking to escape the city on the weekends or making it your full-time residence, this is one to come see.

2114 W Rowel Road Phoenix, AZ 85085

$1,071,822
3 Beds
3.5 Baths
2,983 SqFt
Status Active
MLS # 6724580
Property Type Single Family Residence
Price Type --
Quick Move-in Ready Home! Cachet Homes Encore at Union Park offers luxury semi-custom single-level homes in a prime location. This Bravo Plan three features 2,983 SF, 3 bedrooms, 3.5 baths, a 3-car garage, game room, den, and an open-concept kitchen with a large island and quartz countertops. Additional upgrades include desert front and backyard landscaping, Shaker white cabinets, luxury LVP flooring, upgraded tile and carpet, and more! Community amenities feature multiple parks, community pool, rec center, pickleball, along with convenient access to shopping, schools, and restaurants.

17187 W Piperton Street Surprise, AZ 85388

$1,070,000
4 Beds
3.5 Baths
3,743 SqFt
Status Active
MLS # 6680174
Property Type Single Family Residence
Price Type --
STUNNING NEVER LIVED IN TOLL BROTHERS HOME IN STERLING GROVE!! Be the first to enjoy this exquisite home nestled within Sterling Grove Golf & Country Club! Featuring 4 beds, 3.5 baths, and 3,743 sq. ft., including a convenient main floor office. The chef's kitchen boasts upgraded white cabinets, a 48'' gas cooktop, double wall ovens, a vast granite island, and a spacious pantry. Unwind in the luxurious master suite with a large tiled shower and custom tile. Enjoy the luxurious feel with the wide plank engineered-wood floors and upgraded carpet throughout. Upstairs, discover 3 beds and 2 baths; one bedroom could easily serve as a second master with the addition of a barn door. Guardian garage floor and high-end whole house water filtration system included. This pristine canvas awaits you! Welcome to your future home-sweet-home in Sterling Grove! This place is all about comfort and convenience, starting with upgraded spray foam insulation in every nook and cranny, including the garage walls. Say goodbye to those pesky temperature swings and hello to cozy consistency all year long! Techies, rejoice! We've got an upgraded 400-amp electrical panel ready to power up your gadgets and gizmos. And hey, if a pool is in your plans, we've already set up the electrical panel for you! Sterling Grove isn't just a neighborhood, it's a lifestyle. Picture this: gated community, 24/7 security, and amenities galore - golf, pools, tennis, pickleball, you name it. Plus, there's a top-notch charter school right across the street. Need to grab groceries or do some shopping? You've got Costco, Safeway, and Sprouts nearby, with even more stores on the horizon. Getting around? Piece of cake. The 303's just a hop, skip, and a jump away. And if you're into outdoor adventures, White Tanks Regional Park is practically in your backyard. Sports fanatics, rejoice! State Farm Stadium and Westgate are a short drive away, along with MLB spring training venues for your dose of America's favorite pastime. So, what are you waiting for? Come experience the laid-back luxury of Sterling Grove - where every day feels like a vacation.

5711 S Wayne Drive Chandler, AZ 85249

$1,070,000
5 Beds
3.5 Baths
3,881 SqFt
Status Active
MLS # 6754166
Property Type Single Family Residence
Price Type --
Behind the gates of Barrington South, you will find your dream home in the heart of South Chandler! This stunning single-level, five-bedroom residence is the perfect blend of luxury and comfort. With a separate entrance for added privacy and versatility, this property is ideal for extended family or guests. Step inside and be greeted by spacious, upgraded interiors that flow seamlessly into the backyard—your personal resort oasis. The sparkling pool, surrounded by lush landscaping sets the stage for endless relaxation and entertaining. This home offers the best of Arizona living. Don't miss your chance to own this beautifully upgraded, move-in ready home. Schedule a tour today and make this South Chandler gem yours

1624 E Briarwood Terrace Phoenix, AZ 85048

$1,070,000
4 Beds
2.5 Baths
2,821 SqFt
Status Active
MLS # 6756277
Property Type Single Family Residence
Price Type --
Welcome to this stunning, fully remodeled single-level home, completed within the past year and available furnished! This light-filled, open-concept home offers an ideal split floor plan with soaring vaulted ceilings, spanning 2,821 square feet of living space. Featuring 4 spacious bedrooms, 2.5 luxurious baths, and two distinct living areas, this home blends comfort and sophistication. The kitchen is a showstopper with a waterfall quartz island, custom counters, and a striking chevron glass backsplash. Every bathroom has been completely transformed with high-end finishes. Additional upgrades include brand-new flooring throughout, modern lighting and fixtures, and a newer HVAC system. Step outside to your private backyard oasis, perfect for relaxation or entertaining. With no rear neighbors, enjoy serene mountain views, a covered patio with an outdoor kitchen, and a gorgeous pool. This home is an entertainer's dream!

13450 W Domino Drive Peoria, AZ 85383

$1,070,000 - 3Br/4Ba -  for Sale in Trilogy West Phase 3 Parcel C46, Peoria
New
$1,070,000
3 Beds
3.5 Baths
2,660 SqFt
Status Active
MLS # 6762840
Property Type Single Family Residence
Price Type --
Welcome to Trilogy at Vistancia, a 55+ Gated Community in North Peoria. Meet Shea Home's most popular model, the Rhythmic. 2660 sq. ft of interior living space, 3 BED + OFFICE + CRAFT ROOM + 3.5 BATH + 3 CAR Garage, plus a luxurious backyard to help you relax and embrace Arizona's year-round climate and our outdoor lifestyle. Open concept main living area with dramatic cross beams and tray ceilings, stunning double-sided stone gas fireplace, natural wood-look tile throughout, light crisp color pallet with white trim, doors and wood shutters. 2 separate, 4-panel sliding patio doors allow plenty of natural light, connecting your indoor and outdoor living spaces. Open concept kitchen and dining area, features upgraded light gray cabinetry, waterfall edge Quartz countertops, glossy subway tile backsplash, stainless steel appliance package and hood, plus a pantry for all your storage needs. Step into your master suite, light and bright with access to your private backyard. Full Master Bath features farmhouse-style doors, double sinks, a soaking tub, a large tiled shower with seating, and a spacious master closet. With 2 additional bedroom, 2 bathrooms, a craft room, a powder room, plus an elegant office with custom built-ins and a stone fireplace, this upgraded Rhythmic Model provides you with all the space and functionality you'll ever need. Step out back and take a deep breath, large L-shape covered patio provides the perfect retreat or entertainment space and features mechanical shades on the west side for additional shade and privacy. Classic travertine tile pavers with turf in-between design, calming wall water fountain, outdoor kitchen with serving area, and large ambient stone fireplace all against the backdrop of the Sonoran Desert skyline. There truly is nothing to do except move in and live your absolute best life. Neighborhood mountain views, close proximity to 303 freeway access, 20 minutes to TSMC, shopping, dining, entertainment, health care, and less than 35 min. away from beautiful Lake Pleasant Regional Park.

1209 N Marissa Circle Payson, AZ 85541

$1,069,000
4 Beds
3 Baths
3,366 SqFt
Status Active
MLS # 6720322
Property Type Single Family Residence
Price Type --
INCREDIBLE PRICE DROP! YOUR CHANCE TO OWN!!! THIS HOME BOASTS AMAZING VIEWS THAT WILL LEAVE YOU SPEECHLESS. WRAP-AROUND TREX DECKING ON THE UPPER LEVEL PROVIDES THE PERFECT PLATFORM TO TAKE IN THE SCENERY AND RELAX OUTDOORS. ENJOY THE CONVENIENCE OF A MASTER BEDROOM ON THE MAIN LEVEL WITH A LUXURIOUS WALK-IN SNAIL SHOWER, SOAKING TUB, AND PRIVATE BACKYARD ACCESS. ADDITIONAL BEDROOM IN THE UPPER LEVEL WITH INCREDIBLE VIEWS AND A PRIVATE PORCH. THE KITCHEN BOASTS AN OVERSIZED ISLAND WITH A BONUS PREP SINK, PERFECT FOR ENTERTAINING AND PREPARING CULINARY DELIGHTS. TWO ADDITIONAL GUEST ROOMS WITH A FULL BATH PROVIDE COMFORTABLE ACCOMMODATIONS FOR VISITORS. THE LOWER LEVEL OFFERS A DEDICATED LIVING SPACE, IDEAL FOR ENTERTAINING OR CREATING A SEPARATE FAMILY AREA. SEPARATE ACCESS TO THE YARD ALLOWS FOR FLEXIBLE LIVING ARRANGEMENTS. Brand new air conditioner keeps you comfortable year-round. Enjoy the peace of mind of brand new plumbing in the kitchen and bathrooms. The upstairs guest bathroom has been fully remodeled for a luxurious feel. Step onto gorgeous new floors throughout the entire house. Fresh trim, baseboards, and casing add a touch of elegance throughout. Upgraded 8-foot pine doors, all re-stained, create a warm and inviting welcome. Stunning quartz countertops and all-new cabinet hardware elevate your culinary space. A brand new wet bar is the perfect place to mix drinks and mingle with guests. New ceiling fans and light fixtures add style and functionality. A new coat of paint makes the entire home feel bright and airy. Curl up by the brand new custom stone fireplace for a touch of ambiance. Unwind in the expansive backyard. Tinted windows throughout the house offer UV protection and a touch of sophistication.

8320 E Quill Street Mesa, AZ 85207

$1,065,000
5 Beds
3 Baths
2,887 SqFt
Status Active
MLS # 6720762
Property Type Single Family Residence
Price Type --
Welcome home to this spectacular remodeled ranch home with cozy patios surrounding all sides. Tucked away in the hills of Northeast Mesa, This Desert Modern Ranch style home sits on almost a full acre of usable desert landscape. Very quiet, given a sense of privacy and seclusion. Get ready to fall in love with the cool desert sunrises over the mountaintops to the fiery sunsets glowing with city lights followed by the midnight skies dancing with a full open view of the stars. Remodeled in 2023, this 5 bedroom, 3 bath is a designer's dream. The split floor plan offers a separate guest house with its own kitchenette, separate patio and laundry room. As you step through the bold beautiful, custom entryway you are greeted with richly-appointed spaces. Step into the chef's kitchen with custom creamy cabinetry, a custom 36 inch induction range, stainless appliances, and an abundance of counterspace overlooking the great room. From the great room to the designer's master bathroom, every room is thoughtfully designed. The outdoors really makes this home special. Nestled in the foothills and mountains, you have wildlife and access to walking, hiking, and biking trails right outside your front door with the convenience of being only one mile from the freeway. You'll appreciate the short minutes drive to lots of shopping and restaurants, from coffee and juice bars to the stylish wine bar. Grab a bite at the sushi restaurant or catch a game at the sports bars. Are you ready to go enjoy the Arizona outdoor lifestyle, Take a 10-minute drive to one of Arizona's most scenic lakes or paddle down the salt river. Remember to play a round of golf at one of the country's top golf courses found in Las Sendas only 2 minutes away. If you were waiting for a one-of-a-kind, truly authentic Arizona home, this desert modern Escape is waiting.

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