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

3063 E Warbler Road Gilbert, AZ 85297

$1,050,000
4 Beds
3.5 Baths
4,035 SqFt
Status Active
MLS # 6719812
Property Type Single Family Residence
Price Type --
Beautiful single level home on an oversized lot with a private heated pool, low maintenance turf, rv gate and 3 car garage surrounded by single story homes. Inside you'll find a spacious open layout, large chefs kitchen, hardwood flooring and shutters throughout,. 4 generously sized bedrooms, a theater room, 2 primary bedroom closets and 3.5 baths. 1 guest room with ensuite bath, and 2 guest rooms with jack and jill bath. The perfect set up for multi gen living. Located near shopping, dining, entertainment and parks. Quick commute to the 202 for great valley wide access.

5350 E Deer Valley Drive Unit 1281 Phoenix, AZ 85054

$1,050,000
3 Beds
2.5 Baths
2,265 SqFt
Status Active
MLS # 6726698
Property Type Townhouse
Price Type --
Rarely available, fully furnished Golf Casita located privately in the rear of the community, backs to Wildfire Golf Club. Experience this amazing resort style living opportunity! Beautifully furnished 3 bedrooms + loft town home located near Desert Ridge and across from High Street. Open concept floor plan with customized kitchen cabinets, soaring ceilings, a gas fireplace, and so much more! Enjoy the large primary bedroom on the main level, as well as the laundry room, and patio. Then head upstairs for 2 oversized bedrooms with a Jack & Jill bath. Huge loft upstairs with fireplace. North exposure balcony overlooks the Golf Course. One car garage attached PLUS one parking garage spot included. Community includes 3 heated Pools, spas, game room, exercise/fitness, and BBQ areas.

11157 N Lilac Lane Flagstaff, AZ 86004

$1,050,000
5 Beds
3 Baths
2,610 SqFt
Status Active
MLS # 6726975
Property Type Single Family Residence
Price Type --
Indulge in the serene ambience where unparalleled sights of the majestic San Francisco Peaks greet you amidst the tranquility of nature. Bracing the vastness of Arizona's beauty, this abode is a testament to classic craftsmanship and thoughtful design, constructed in 2004 by a noteworthy local contractor for his lovely family. The home spans over a generous 2,610 square feet of well-appointed space, an ideal canvas for your unique lifestyle. A perpetual invitation to outdoor enjoyment is beautifully presented via an inviting wrap-around porch, perfect for quiet reflection or family gatherings against the backdrop of breathtaking peak views. The property is a horse lover's paradise. It possesses an engineered Barn master show bar equipped with five stalls, a tack room, electricity, and water for horses. An engineered loafing shed presents additional space for horses or other animals. A detached garage-shop, sweeping an extraordinary 1,037 square-feet, holds excellent potential for conversion into bespoke guest quarters, extending hospitality in grand style. The property is replete with mature fruit trees - peach, apple, cherry, and plum, interspersed with grapevines that give forth a bounteous harvest each year. Accentuating the eye-catching flora are towering Navajo Willow, Blue Spruce, and cotton-less Cottonwood trees that cast a quaint charm over the dwelling. The interiors are equipped with hotspot circulating water along with central heating and air conditioning systems that ensure year-round comfort. For those cozy winter nights, a traditional wood stove adds warmth and a charming aesthetic. Adding a touch of luxury to the master bath is a whirlpool tub combined with a separate shower. A commercial air compressor is an added convenience in this well-equipped property. Enclosed by pipe and attached horse fence, the property exudes a sense of secure seclusion. Remarkably, this hidden gem stimulates an intimate connection with nature as it's bordering the national forest on two sides. Located on a private and paved pathway, this exquisite home promises peace and privacy. Transform outdoor dining experiences with a grill area and patio in the backyard. This move-in ready home is more than just a residence; it's a lifestyle retreat, where cherished memories await to be created in a blissful countryside setting. Don't miss out on this rare opportunity to own this slice of paradise.

1838 E Lakecrest Drive Gilbert, AZ 85234

$1,050,000
4 Beds
3 Baths
2,870 SqFt
Status Active Under Contract
MLS # 6727499
Property Type Single Family Residence
Price Type --
Experience the ultimate in lakefront living with this exquisite Arizona home. Nestled in Val Vista Lakes this home provides the perfect balance of seclusion and accessibility to all of the wonderful amenities Gilbert has to offer. This spacious home features vaulted ceilings, a centrally located fireplace, large kitchen island, spacious bedrooms and completely updated throughout. Whether you are looking for a peaceful retreat or a place to entertain family and friends, this property has it all.

2034 E Glendale Avenue Phoenix, AZ 85020

$1,050,000
5 Beds
3 Baths
2,297 SqFt
Status Active
MLS # 6727523
Property Type Single Family Residence
Price Type --
Oasis on rare 1/2 acre in the middle of town! 5 bdrm/3 bth with room to expand! Split level floor plan is perfect for multigeneration living or extended stay guests. Lovingly remodeled from top to bottom! Roof 2019, Ext Paint 2023, ABS Plumbing, Electrical Panel 2020, R-49 Insulation, Quadruple Pane Milgard Windows! Chef's kitchen 2022: custom design layout, quartz counters, marble backsplash, SMART stainless appliances, wine chiller, induction cooktop, oversized stainless vent hood, R/O, pot filler, extra deep sink, hands free faucet, HUGE island, tons of storage! Baths 2021: marble counters, marble tiled showers, Kohler fixtures, Toto toilets, custom storage! Upgraded luxury vinyl tile flooring T/O 2021! Incredible backyard makes the perfect retreat! ...see ''MORE'' section for more (Outdoor features cont.)...Putting green, wiffleball driving range, dart/game center, cornhole, disc golf, fire pit, rainfall water feature with SMART lighting, oversized travertine dining area, seating/picnic areas, 5-burner gas grill, outdoor speakers, vegetable/herb gardens, fruit trees, plentiful and well placed landscaping! Perfect for entertaining! Plenty of room for RV/boat. Attached workshop and storage room is a hobbyist's delight! Laundry: custom quartz counters, custom laundry storage. Additional upgrades include: electric hybrid water heater 2020, water softener system 2021, SMART irrigation, SMART interior and exterior lighting, SMART thermostat, Moroccan tiled fireplace with custom walnut mantle, custom BALI window coverings, 8 foot entryway door with passcode entry, upgraded interior doors/hardware, custom built-in storage in great room and bedrooms, hand-troweled walls, craftsman trim T/O, deep soak tub in upstairs bath, rainfall showerheads!

4330 S Neutron -- Mesa, AZ 85212

$1,050,000
3 Beds
2.5 Baths
3,392 SqFt
Status Active
MLS # 6730383
Property Type Single Family Residence
Price Type --
Highly upgraded and decked out designer Eastmark single-level home for sale (3-5 bedrooms) with three bedrooms plus an office, flex room, and a sparkling pool with heater AND CHILLER. The chef's kitchen, complete with ceiling heigh illuminated cabinets, quartz counters, stainless steel appliances, alongside a butler's pantry with wine fridge. Master bedroom with a separate entrance goes in and out of the pool area plus the master bathroom has a vanity. The backyard oasis has both patio and pergola, built-in BBQ, and a nice baja step in the pool to relax on. Perfect for entertaining. Plus, the flex room with double rench doors leading to an outdoor yoga/meditation and water area. Imagine high-end finishes and touches built into a home where their sudden need to move is your HUGE gain! FYI - you can enclose the space between the 2nd and 3rd bedrooms to add a 4th bedroom and closet if you would like a 4th bedroom.

11681 N Palawan Place Tucson, AZ 85737

$1,050,000
4 Beds
3.5 Baths
3,640 SqFt
Status Active
MLS # 6733406
Property Type Single Family Residence
Price Type --
Welcome to your dream home offering breathtaking mountain views and unparalleled comfort. This exquisite property features a sparkling pool where you can relax under the sun or entertain guests in your own private oasis. Embrace sustainable living with OWNED SOLAR PANELS that provide efficient energy solutions. The gourmet kitchen boasts a gas stove, perfect for culinary adventures, complemented by tile flooring and new carpet throughout the home. Freshly painted walls create a bright and inviting atmosphere, while the entertainers backyard features a built-in gas firepit, grill, and pergola. Ideal for multi-generational living, this residence includes a convenient mother-in-law suite. Enjoy seamless entertainment with wired surround sound throughout the home. Discover a green thumb's delight with a raised flower bed and a designated dog run for your furry companions. Feel secure with a comprehensive security system and fire protection measures in place. A new washer and dryer simplify laundry tasks, while double ovens and stainless steel appliances in the kitchen elevate your cooking experience. Cozy up on chilly evenings by the gas fireplace, adding warmth and charm to this exceptional property. Experience luxury living and unmatched amenities in this meticulously maintained home that combines elegance with practicality, offering a lifestyle of comfort and convenience.

862 N Butte Avenue Chandler, AZ 85226

$1,050,000 - 4Br/4Ba -  for Sale in Park Promenade Parcel 3, Chandler
Open House
$1,050,000
4 Beds
3.5 Baths
3,419 SqFt
Status Active
MLS # 6738757
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living in this centrally located Chandler neighborhood. A one-of-a-kind contemporary modern interior features 4 bedrooms, 3 full baths, and 1 half bath with a plethora of upgrades and features that will leave you in awe. Meticulously maintained by the original owner, this property exudes sophistication and artistic style. The open floor plan is perfect for family living or entertaining, with the primary suite on the first floor. The home also boasts a custom 114-bottle, temperature-controlled wine cellar, high-end kitchen appliances, custom lighting, elegant limestone flooring, and luxurious Gravity Glas pieces throughout. The oversized primary ensuite features a volcanic limestone bathtub and steam shower. Upstairs, you'll find all secondary bedrooms and a large loft or theater room. The 3-car garage with a third bay that is fully enclosed, insulated, with central air adds even more value. Outside, you'll find over a 1/3 of an acre of your very own private park setting. A resort-style pool with a waterfall, built-in BBQ, fireplace, and a sports court with a basketball rim. Surrounded by mature trees and ample space for all your family's favorite activities. Whether you're hosting a summer BBQ or enjoying a game of basketball, this backyard has everything you need. Brand new energy-efficient windows, custom shutters, new AC units, a Kinetico water softener system, updated water heater. This home provides easy access to the 101, 202, and I10 Freeways, as well as being just a 15-minute drive from Sky Harbor Airport. It is close to major employers like Honeywell, Intel, and Microchip. Also within walking distance of schools, in close proximity to Desert Breeze Train Park, tons of shopping, and dining options.

5347 N 106th Avenue Glendale, AZ 85307

$1,050,000
4 Beds
3.5 Baths
3,568 SqFt
Status Active Under Contract
MLS # 6739535
Property Type Single Family Residence
Price Type --
PRICE IMPROVEMENT! OWNED SOLAR PANELS at $60K value! Camelback Farms features this amazing lot with just over an acre, and includes a 3-car garage with attached garage cabinets. Rare find is the 60' long DETACHED RV Garage, 220-volt and upgraded electrical - perfect for a workshop or working on cars. YOu have a front and back door on the RV Garage, perfect for a semi or trailer. The potential for parking and storage on this lot is immense. The solar panels were installed in Nov 2022, which means VERY LOW electrical bills for you! There is NO HOA, and you will enjoy the grass backyard with irrigated water, private pebble tec pool, and children's playground. Inside the home is a large entry with 4 beds plus den, 3.5 baths, granite countertops, plus perfect space for home office. The Primary Bedroom has tall ceilings, a separate exit, and a large circular Primary Bathroom with soaker tub, separate shower, his/her vanities, and a wrap-around closet that is close to 500 sq ft. Tons of space in the Primary Suite. There is also a junior suite with en-suite bathroom and walk-in closet on the south side of the home. The other two bedrooms are on the north side of the home and share a Jack and Jill bathroom. All bedrooms are large and over-sized. Very tall ceilings throughout, central vacuum, granite countertops, double ovens, stainless steel appliances, wet bar, tall windows, pavers, tiled floors, and large Laundry Room with plenty of storage. This family home boasts many custom upgrades, offers tons of potential with the detached garage, and is a one-of-a-kind property that you won't want to miss!

27119 N 143rd Street Scottsdale, AZ 85262

$1,050,000
4 Beds
4.5 Baths
2,938 SqFt
Status Active Under Contract
MLS # 6741422
Property Type Single Family Residence
Price Type --
This meticulously maintained home on 1.25+ acres features an expansive great room that flows into the dining area & an updated kitchen with a large island, granite countertops, newer stainless steel appliances, & spectacular views. The sliding glass doors open to your backyard oasis, where you will enjoy a resort-style negative edge pool, hot tub, mountain views, built-in BBQ, and an expansive patio perfect for relaxing or entertaining. The master suite offers a private exit to the patio, a walk-in shower, soaking tub, & a large walk-in closet. A truly spacious floorplan provides ultimate privacy, and every bedroom has ensuite bathrooms. Recent updates include newer paint inside and out, new AC units (2022), updated windows (2019), updated kitchen & bathrooms, resurfaced roof (2019), & so much more! Room for your horses, RV, toys, a casita, etc.

7309 E Rovey Avenue Scottsdale, AZ 85250

$1,050,000
4 Beds
2 Baths
3,249 SqFt
Status Active
MLS # 6742741
Property Type Single Family Residence
Price Type --
Welcome to an extraordinary retreat in Scottsdale's prestigious Briarwood community. This stunning residence, located on a peaceful cul-de-sac, offers breathtaking Camelback Mountain views and exceptional craftsmanship throughout. Inside, you'll find elegant wood-like tile flooring, soaring ceilings, and a striking two-way brick fireplace that connects the living and great rooms, creating a warm and inviting ambiance. The chef's kitchen is a highlight, featuring top-tier stainless steel appliances, quartz countertops, and a spacious island—perfect for cooking and entertaining. The master suite is a private oasis, complete with a dedicated office, direct patio access, and a spa-inspired bathroom with dual sinks, a luxurious garden tub, and a generous walk-in closet. Outside, entertain effortlessly with a custom pizza oven, relax under the gazebo by the fire pit, or enjoy the pool and spa. Additional features include a flexible open den/office and a secondary bedroom with a sitting area and separate entrance, ideal for guests. Experience the pinnacle of luxury and Scottsdale living.

4242 E Hazelwood Street Phoenix, AZ 85018

$1,050,000
3 Beds
2 Baths
1,400 SqFt
Status Active Under Contract
MLS # 6746002
Property Type Single Family Residence
Price Type --
Walk to La Grande Orange and Postino! Beautiful tree lined street in Arcadia! Beautiful remodel, ready to move in. NOW Priced to sell in a neighborhood surrounded by larger more expensive homes! Location, Location, Location! 3 BEDROOM, 2 BATH, NEWER WINDOWS, HVAC, ROOF AND INTERIORS! Gorgeous lot with covered patio and sparkling pool. Private lot! Hurry, wont last long at this price! Not a flip, sellers had planned to live in the home. Now vacant and ready for quick close.

Leave a Reply

Your email address will not be published.