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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4103 E Mead Way Chandler, AZ 85249

$1,049,000

4 Beds

2.5 Baths

3,399 SqFt

Status Active

MLS # 6759559

Property Type Single Family Residence

Price Type --

Fall in love with this exceptional two-story gem located in the highly sought-after Avian Trails community! Excellent curb appeal with striking tone detailing, a manicured landscape, RV gate, and an extended driveway. The chef's kitchen features granite countertops, a mosaic tile backsplash, a spacious island with a breakfast bar, a newly added wine cooler, and all new appliances. Step into your private oasis, where a resort-style backyard awaits, featuring a newly built gazebo, a custom-built BBQ, and a stunning stone water feature - perfect for both relaxation and entertaining. Fresh paint inside and out, new front illumination, new irrigation system, upgraded bathrooms and new carpeting throughout add even more value! This one-of-a-kind, move-in ready home truly has it all!

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10583 E Palomino Road Scottsdale, AZ 85258

New

$1,049,000

3 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6763654

Property Type Single Family Residence

Price Type --

Stunning re-imagined remodel! Vibrant open floor plan is an entertainer's dream. Bold, new designed kitchen opens up into large living and dining room. Family room has an exquisite fireplace. Waterfall quartz countertop wraps custom cabinets, with plenty of storage and professional stainless-steel appliances. Large island has plenty of seating and is a great spot for conversation. The master bath has an amazing new upgraded walk-in closet with custom built-ins and a gorgeous modern tiled shower. This home has all new dual pane windows, front door, solid core interior doors, flooring, paint, baseboards, plumbing and lighting. Too much to list! Over a 1000 sq. ft. of brand-new turf installed in the tranquil backyard. Make this one yours before it is gone. Owner/Agent.

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14198 N Gecko Canyon Trail Tucson, AZ 85755

$1,047,000

4 Beds

4 Baths

3,550 SqFt

Status Active

MLS # 6720592

Property Type Single Family Residence

Price Type --

** ONLY USE GOOGLE MAPS FOR NAVIGATING TO THIS HOME ** Truly visual real estate! Enormous balcony space. The best view in Tucson awaits its new owner. Highly motivated to sell this brand new home. NO HOA! $250,000 under appraisal! Do not miss this once in a lifetime chance to make these awe inspiring views your own. Ask about options to add to your home, fenced yard, smart blinds and lights, or anything else you'd need. A pool can be built out similar to the rendering on this listing for just $65,000. This contract option can be signed during closing of this home sale.

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22580 E Alyssa Drive Queen Creek, AZ 85142

$1,046,667

4 Beds

3.5 Baths

3,363 SqFt

Status Active

MLS # 6741189

Property Type Single Family Residence

Price Type --

Lovely former model home in Terrace at Madera boasting a modern farmhouse architectural style with furnishings included. Loaded with designer features, this spacious home has a custom pool with a water feature, a game room, open office, nook, and a formal dining room with a butler's pantry pass through to the kitchen. The kitchen boasts executive GE appliances with SS double ovens, a microwave, 36'' gas cooktop and vent hood, a stainless Steele refrigerator, Windsor painted boulder cabinets with extended cabinets at the nook, upgraded calacatta jubilee quartz countertops with waterfall edges, and designer backsplash. The great room has a built-in entertainment cabinet and a 16' center pull slider. The home has a February 2025 COE.

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3751 E Fairmount Avenue Phoenix, AZ 85018

$1,045,000

4 Beds

2.5 Baths

2,255 SqFt

Status Active

MLS # 6717497

Property Type Single Family Residence

Price Type --

Introducing 3751 E Fairmount Ave! Located in the highly sought after area of Suncrest Estates, this spacious floor plan will surely captivate. Offering a split 4 bedroom configuration, an oversized living and dining area, open concept kitchen with newly refinished cabinetry, a spacious family room, 2.5 baths, and an entertainment ready backyard with a swim up BBQ bar. Enter the home from a private paver laid front patio into a grand living and dining room space. Exploring through the living/dining area into the well equipped kitchen with a peninsula designed counter layout that overlooks the family room, and out into the backyard and pool. The main bedroom suite is adjacent to the kitchen and family space. Cozy, yet spacious, the master bedroom grants an impressive bath with a duel vanity, step in shower, and a walk-in closet. Head back to the kitchen and find the entry to the laundry room that passes through to a rare to find in the area, an oversized 1 car garage. This property was designed with space and functionality in mind. We'd love for you to see it yourself!

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15042 N 49th Way Scottsdale, AZ 85254

$1,045,000

5 Beds

3 Baths

2,823 SqFt

Status Active

MLS # 6728748

Property Type Single Family Residence

Price Type --

Spectacular turn-key home in a quiet area walking distance to Sunrise Middle and Liberty Elementary. This rare 5-bdrm home has $300,000 of upgrades -- fully owned paid-off solar which generates so much energy that APS sometimes pays the home owner (see doc tab). Enjoy high quality vinyl flooring, two fairly new AC units, a new roof, high vaulted ceilings, a nice sized great room for social gatherings, a formal dining area and living room space, a resort style backyard with turf in the back, grass in the front an EV charger in the garage and even an adorable small play area under the stairs used as a secret playroom. No HOA. Easy access to the 101, Desert Ridge shopping and entertainment nearby and near the soon-to-be re-built Paradise Valley Mall. This home will go fast

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6268 W Louise Drive Glendale, AZ 85310

Open House

New

$1,044,000

4 Beds

3 Baths

2,902 SqFt

Status Active

MLS # 6762446

Property Type Single Family Residence

Price Type --

Experience serene living on this exceptional waterfront lot, boasting panoramic mountain views and perfectly situated in a quiet cul-de-sac. The meticulously landscaped property features a tranquil lakeside seating area, a 2023 putting green, a private pool, and a heated spa for year-round relaxation. Entertain with ease, thanks to the custom-built-outdoor kitchen, complete with a BBQ, fireplace, and all the amenities for effortless gatherings. The stunning 2022 remodel includes a new roof, upgraded flooring, a complete kitchen and bathroom renovation, revitalized pool and spa, as well as fresh interior and exterior paint, complemented by modern lighting, and updated fixtures. Recent 2023 improvements include a new A/C unit and water heater ensuring added comfort and efficiency. Inside, the home radiates charm, featuring a wet bar in the family room, a convenient laundry chute, and a separate workshop in the garage. The thoughtfully designed layout offers four bedrooms upstairs and a laundry room on the lower level, providing seamless functionality. Nestled in a prestigious golf and lake community, this home is located near top-rated schools, scenic walking and biking trails, and a nearby conservation park with stunning hiking paths.

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3159 E Coconino Drive Gilbert, AZ 85298

$1,040,000

5 Beds

4.5 Baths

4,770 SqFt

Status Active

MLS # 6742009

Property Type Single Family Residence

Price Type --

Introducing this exquisite residence, cherished by its original owners and nestled on a sprawling half-acre lot. This stunning home offers ample space and luxury for all, featuring a formal living and dining room, a cozy family room, and an expansive 500-square-foot loft. The gourmet kitchen is a chef's dream, boasting abundant cabinetry, a walk-in pantry, a butler's pantry with a dedicated sink, and a large center island perfect for culinary creativity. Equipped with a double wall oven and a nearly new Frigidaire Gallery 36-inch 5-burner cooktop, this kitchen is designed for those who love to cook. Cleanup is effortless with the recently installed Frigidaire Gallery dishwasher. The main floor is home to a luxurious master suite with private access to the back patio. The master bathroom features a separate tub and shower, dual vanities, and two spacious walk-in closets. An additional en suite bedroom is also conveniently located on the main level. The laundry room is expansive, lined with cabinets and equipped with a utility sink. Upstairs, you'll find three more bedrooms (originally four, with two combined), two bathrooms each with double sinks, a dedicated office area, and a loft with a wet bar. Parking is never an issue with two 2-car garages and a driveway that accommodates up to 10 vehicles. The backyard is a true paradise, centered around a 26,000-gallon heated pool and spa, complete with a 10-foot waterfall and slide. The extended patio, adorned with LED color-changing bistro lights, sets the perfect ambiance for any occasion. A second patio features a sandy beach-like area with a fire pit, and there's plenty of turf for kids, pets, or anyone looking to enjoy the outdoors. For those who crave even more recreation, the 272-acre Gilbert Regional Park is just next door, offering tennis and pickleball courts, playgrounds, ramadas, a lake, and a performance pavilion for concerts. This home truly offers the best of luxury living and outdoor adventure.

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8502 E Catalina Drive Scottsdale, AZ 85251

$1,040,000

6 Beds

3.5 Baths

2,000 SqFt

Status Active

MLS # 6745794

Property Type Single Family Residence

Price Type --

This exceptional 6-bedroom haven delivers on every level. The home features two primary suites, a formal dining area, an entertainer's dream backyard that is NE facing w/ covered patio, sparkling pool, built in bbq/pergola, putting green, turf gaming area & pavers! The home was extensively renovated in 2010 & then the former garage was converted into livable space in 2023 adding 2 new bedrooms, 1.5 new bathrooms & an inside laundry room. This home is ideal for multi-generational living or hosting extended family. The yard features a plentiful pink grapefruit tree & is all turf/rock/low maintenance. Pima Park & BlackRock Coffee are just down the block. The ideal South Scottsdale location is close to both Old Town Scottsdale & the 101 for easy access to the rest of the valley.

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15860 N 61st Street Scottsdale, AZ 85254

$1,040,000

4 Beds

2 Baths

2,442 SqFt

Status Active

MLS # 6753364

Property Type Single Family Residence

Price Type --

Fabulous Ranch Style Home on Oversized Lot in North Ranch Community with Neighborhood Parks, Local A+++ Schools! Location! No HOA! This Home has Many Exquisite Upgrades Including Anderson Windows, Trane Air Conditioner ('21), Roof('23) & Solar (Owned) and Exterior was Painted with Durable Shield Paint That is Warrantied for 30 Years. Living Room has an Entertainer's Buffet with Wine Fridge! Enjoy a Resort Level Backyard with Play Area/Real Lawn, Pool, Seating Areas & Synthetic Lawn too. Spacious Kitchen with Large Island is Open to Family Room & Views to Backyard. Formal Dining is Set Up As Exercise Retreat! 3 Bedrooms are Spacious! Are you ready to Relax and Enjoy Your Resort Like Home?

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10717 N 140th Place Scottsdale, AZ 85259

$1,040,000

4 Beds

2.5 Baths

2,677 SqFt

Status Active

MLS # 6760524

Property Type Single Family Residence

Price Type --

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4808 N 24th Street Unit 808 Phoenix, AZ 85016

$1,037,900

3 Beds

2 Baths

1,600 SqFt

Status Active

MLS # 6730557

Property Type Apartment

Price Type --

*Seller offering 2.5% concessions to buyer!* Welcome home to the most exceptionally designed residence at Optima Biltmore. Unit 808 is a premium end unit, in the most desired column in the community. Three sides of glass with Panoramic views, from the courtyard to downtown and beyond. Stunning kitchen with 'Taj Mahal' quartzite waterfall island and Thermador appliances. Bar area with full size Miele wine fridge and custom millwork. Stunning white oak floors throughout! Must see to appreciate the detail and craft in this home. No expense spared creating a functional and stylish urban oasis. Includes TWO adjacent parking spaces with additional storage locker. Easily walk to near limitless shopping and dining options at the Biltmore. Final touches in progress

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