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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28313 N 158th Street Scottsdale, AZ 85262

$1,035,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6733018

Property Type Single Family Residence

Price Type --

Beautiful Contemporary home by NEXTGEN Builders with views! To-Be-Built 4 Bedroom + office/den, and 3.5 Baths, High quality luxury build includes 2-car garage, plus 46' RV garage with 12x14' door. No HOA, Contemporary style front door, paver front sidewalk and 23' driveway, Quartz countertops at kitchen island, Stainless steel appliance package, gas cooktop. Quartz counter tops throughout. All bedrooms have walk-in closets. Owner's suite has it's own bath with large entry shower, stand-alone tub, double sinks, and walk-in closet. 8' doors throughout, nicely finished. Energy efficient Spray foam insulation, 2x6 framed exterior, fully sheathed exterior, post tension foundation, & amazing views, Buyer to verify all facts & specs. Water is handled by a shared well. Paved roads to property.

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4400 S Oleander Drive Chandler, AZ 85248

$1,035,000

3 Beds

2.5 Baths

2,820 SqFt

Status Active

MLS # 6717940

Property Type Single Family Residence

Price Type --

Highly upgraded TW Lewis home with a gorgeous backyard! Tall ceilings, brand new landscape watering system, upgraded flooring, separate den/office/4th bedroom, large garage with built in cabinets, open layout with gorgeous kitchen that features a cooktop, granite counter tops, stainless-steel appliances, island with breakfast bar seating and a formal dining room. The home is well equipped for relaxing or having a little fun. The master suite has a large king sized bed, double sinks, upgraded walk-in shower, separate soaking tub & large walk-in closet. Very high neighborhood appeal with the gated community, next to Intel and Price Rd technology Corridor plus Arizona's top school district and A+ Schools like Hamilton High School, CTA & Basis within 5 miles! There's more... Over $25k in backyard remodel just completed! The backyard features a pebble tec pool, travertine decking, large covered patio, grassy play area & a BBQ. This home in the Ocotillo Lakes neighborhood is close to nine different courses including 27 holes at the Ocotillo Golf Club which is less than a mile away from the home. Spend your evenings at the Lone Butte Casino or the Wild Horse Pass Casino, both of which are nine miles northwest. For the kids, the Snedigar Recreation Center is 1/2 mile east, offering facilities for baseball, basketball, pickleball and much more. There is shopping, restaurants, movie theatres and grocery stores all less than a mile away!

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2872 E Redwood Place Chandler, AZ 85286

Open House

$1,035,000

6 Beds

4 Baths

4,211 SqFt

Status Active

MLS # 6729158

Property Type Single Family Residence

Price Type --

Freshly painted from top to bottom! This spacious 4200+ sq ft Chandler home in the highly desirable Artesian Ranch has it all! Recently updated, including fresh paint on the front door, porch, baseboards, cabinets, pantry, and interior walls. Inside, you'll find an open floor plan featuring formal living/dining areas and a large family room with soaring ceilings, stunning tile, and wood flooring. The gourmet kitchen is a chef's dream with granite counters, a gas cooktop, double wall ovens, stainless steel appliances, pendant lighting, and a breakfast bar. Upstairs, the primary retreat boasts a luxurious ensuite, and there's a secondary primary suite downstairs. With 4 more bedrooms and 3 updated baths, there's plenty of room for everyone. Step outside to the perfect entertaining space wit

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300 E White Mountain Boulevard Pinetop, AZ 85935

$1,030,000

4 Beds

2 Baths

2,806 SqFt

Status Active

MLS # 6640190

Property Type Single Family Residence

Price Type --

Includes a singe family home and 4 condos. Home is 2806 Sq ft with 2 car garage built in 1956 with a large back deck overlooking Billy Creek. The 2 story condo with 4 units built in 1993 with a rustic design, each unit has 2 bedrooms and 2 bath and a deck. Condos have gas heat, house has gas heat in one bedroom and gas heat hot water pipes runnng in concreate floors. Conos MLS #6640184

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20918 E Orchard Lane Queen Creek, AZ 85142

$1,030,000

4 Beds

3 Baths

3,073 SqFt

Status Active

MLS # 6696318

Property Type Single Family Residence

Price Type --

Experience the perfect blend of rural charm and urban convenience in this exquisite equestrian home nestled on a ¾ acre lot in the sought-after Orchard Ranchettes community! Boasting over 3,000 sq ft of living space, this residence offers a split floor plan with 4 bedrooms, 3 full baths, a spacious great room, and a separate game/movie room with its own entrance. Custom woodwork adorns both the interior and exterior, complementing the 3 covered patios, the pebbble tec, saltwater 8.5' deep pool and an expansive 3-car garage. Inside, a chef's kitchen awaits with granite countertops, stainless steel appliances, alder wood cabinets, and a stunning rock arch accentuating the dual fuel range. The great room impresses with a gas fireplace and soaring 14-foot ceilings adorned with grand exposed beams. Retreat to the luxurious master suite featuring an oversized jetted bathtub and a walk-in shower with dual shower heads. Updates include a new roof in 2022, two water heaters, and warranted A/C units installed in 2017! Enjoy picturesque mountain views from the private courtyard and convenient parking for your recreational vehicles with two RV gates. Roof is insulated and energy efficient. Horse pathways, walking path, free fruit, and connectivity to the trail. Don't miss out!

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2923 E Constance Way Phoenix, AZ 85042

$1,030,000

5 Beds

4.5 Baths

3,404 SqFt

Status Active

MLS # 6758439

Property Type Single Family Residence

Price Type --

Discover luxury living in the gated community of Blossom Hills, with stunning views of South Mountain Preserve. This home, on a north/south-facing lot, offers easy access to the I-10 and 60 freeways, and is close to top shopping and dining. The split, open-concept floor plan and flex spaces provide versatility for any lifestyle. With a 3-car garage and ample storage throughout, this home is as functional as it is elegant. Perfect for family gatherings or entertaining, the kitchen features double ovens, a large island, and multiple dining areas. The resort-style backyard includes a saltwater pool, play areas, and citrus trees. Located near top-rated schools, including Arizona Cultural Academy & College Prep.

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6743 N 9th Drive Phoenix, AZ 85013

$1,029,715

3 Beds

2.5 Baths

2,695 SqFt

Status Active

MLS # 6707226

Property Type Single Family Residence

Price Type --

Welcome to Ocotillo Lane! Step into this contemporary two-story home featuring thoughtfully designed exterior architecture. Once inside you will be impressed by the 10ft ceilings and 16-foot sliding glass door in the great room, creating a perfect space for entertaining loved ones. Enjoy the gourmet kitchen equipped with gas appliances including a luxurious 42'' built-in refrigerator, quartz countertops, upgraded stacked cabinetry for extra storage, and a stylish tiled backsplash. Luxury touches include engineered wood and tiled floors, plus tiled showers in all bathrooms. Energy efficiency is top-notch with spray foam insulation and a tankless gas water heater, achieving an impressive HERS score of 53. Visit this beautiful home today!

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33220 N 60th Way Scottsdale, AZ 85266

$1,025,000

5 Beds

2.5 Baths

3,656 SqFt

Status Active Under Contract

MLS # 6660614

Property Type Single Family Residence

Price Type --

Experience luxury living in this stunning home with new front yard landscaping and a redesigned backyard oasis. Upgraded kitchen and bathroom cabinets, a gas cooktop, and newer GE appliances adorn the spacious kitchen overlooking the oversized family room with an updated fireplace. The backyard features travertine decking, an outdoor kitchen, new turf, landscaping, and pool equipment. Downstairs includes a bedroom with adjacent bath and office. Upstairs boasts an oversized master, three bedrooms, and a large game room opening to a resurfaced deck. 3-car garage with epoxy flooring. Walking distance to A+ schools!

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512 E Tanya Trail Phoenix, AZ 85086

$1,025,000

4 Beds

3 Baths

3,002 SqFt

Status Active

MLS # 6700311

Property Type Single Family Residence

Price Type --

PRICE ADJUSTMENT, $1,025,000, THIS IS AN UPDATED WONDERFUL HOME IN DESERT HILLS AREA. Located at the end of a private road of five homes, this open great room concept floor plan has skylights and large windows looking out to the mountain views. The split floor plan includes an attached Guest Quarters with an outside entrance & inside entrance. It has a kitchenette, full bath, walk-in closet and combination bedroom/living room area. The Master bedroom has a sitting area with a fireplace and direct access to the outside patio area. The Master bathroom has a whirlpool tub & walk-in-glass block shower and an oversized walk-in closet. Two of the four bedrooms share a Jack and Jill Bath. This kitchen is a gourmet cook's delight. A Center island, a walk-in pantry and generous cabinetry provide incredible storage A Five-burner gas cooktop, a built-in microwave and a wall oven complete the kitchen. A unique money tree artwork enhances the eating area, The formal dining room opens to the great room, which has a fireplace and looks toward the distant mountains to the north. The 3-car garage has built-in cabinets and a work bench. There is soft water to the driveway for washing cars, parking an RV, with access to a 30-amp hookup. The two metal buildings and above ground hot-tub in the back yard stay with the home. The front & back yards have low maintenance landscape. Beyond the low fence in the back yard is 2/3 of an acre of natural desert including Palo Verde Trees, Saguaro cacti and 4 fruit trees. Twenty-five owned solar panels and a tankless hot water heater contribute to energy savings. The property is zoned for horses. Perfect living for a large, extended family. WHAT'S SPECIAL, 24 SOLAR PANELS, BUILT IN CABINETS IN GARAGE 'TANKLESS HOT WATER HEATER' NO HOA, GAS & CITY WATER

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2933 E Sands Drive Phoenix, AZ 85050

$1,025,000

4 Beds

2 Baths

2,137 SqFt

Status Active Under Contract

MLS # 6702501

Property Type Single Family Residence

Price Type --

This exquisite modern residence embodies the epitome of upscale living, boasting over $300k in opulent upgrades. Step outside into an entertainer's paradise featuring a custom heated, pebble-tec saltwater pool with a Baja shelf, cascading waterfall features, and a luxurious in-ground spa, all accentuated by elegant marble travertine. Enjoy outdoor gatherings under an oversized pergola, enhanced by surround sound and stone tile walls, while relishing in the convenience of a built-in BBQ. Don't forget to practice your swing on the putting green. Step indoors to experience the timeless sophistication of Carrera marble tile flooring, complemented by a modern kitchen featuring granite countertops, a waterfall-edge island, and premium stainless steel appliances nestled amidst upgraded staggered cabinets. Additional luxuries include an extended family room, 2-foot garage extension, and lavish touches such as wainscoting in the family room and 4th bedroom. . Enjoy the community features such as the expansive fitness center, pool & splash pads, basketball court and multiple playgrounds. Minutes from Desert Ridge Marketplace, High Street, 101 & 51 freeways, dining & entertainment options are seemingly endless! Also, close by to renowned Mayo Clinic Hospital. Hurry before this rare opportunity is gone!

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4037 S Taylor Drive Tempe, AZ 85282

$1,025,000

4 Beds

2 Baths

2,523 SqFt

Status Active

MLS # 6719672

Property Type Single Family Residence

Price Type --

Location Location Location...and when you're not out, spend time in your luxurious resort style back yard!! Entertain your entire family and all your friends under the huge covered patio with large wet bar, built-in BBQ Grill, flat screen TV, recessed lighting and ceiling fans. Keep cool in the freeform play pool which has plenty of in-pool seating, Baha deck, three water features and multiple umbrellas affording plenty of shade. Swim year round in the solar heated pool and entertain on the patio under the built-in infrared heaters. If you're into cars or own your own business, you'll love the detached garage which affords oversized access door to accommodate two auto lifts or store your work vehicles and trailers. So much more, you'll want to see it all in person!!! Don't miss out!

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335 S Red Rock Street Gilbert, AZ 85296

$1,025,000

4 Beds

2 Baths

2,478 SqFt

Status Active

MLS # 6725212

Property Type Single Family Residence

Price Type --

Welcome to your new home. Home has a gracious dining room with an awesome kitchen with vaulted ceilings. Secluded wing separates bedrooms from living area. Master bedroom has huge closet and the remaining rooms are oversized as well. Fully landscaped acre with a covered patio, storage area and an RV gate. Hurry on over as this will not last!

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