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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5345 E Mclellan Road Unit 98 Mesa, AZ 85205

$1,025,000
5 Beds
3 Baths
3,005 SqFt
Status Active
MLS # 6729572
Property Type Single Family Residence
Price Type --
Stunning remodel in a serene and quiet neighborhood, and the Seller is offering Financing with an accepted offer. Gorgeous High-End Remodel that underwent an extensive renovation in Fall 2023, resulting in a timeless and inviting home that is perfect for entertaining. Spacious Great Room has soaring ceilings with tons of natural light that showcase the inviting backyard, with updated pool and spa. The open floorplan provides abundant natural lighting and opens to a fully appointed kitchen. Luxe Primary Suite has dual sinks, huge walk in shower, gorgeous soaking tub and makeup station. Embracing functionality and charm with a contemporary twist, this home offers an array of amenities that provides privacy, luxury and comfort. Contact Listing Broker for Seller Financing option

3574 E Gemini Place Chandler, AZ 85249

$1,025,000
4 Beds
3.5 Baths
2,919 SqFt
Status Active Under Contract
MLS # 6733306
Property Type Single Family Residence
Price Type --
Welcome to your ELEGANT & SPACIOUS DREAM HOME in Chandler's prestigious Pescara. The perfect lifestyle blend of LUXURIOUS MODERN LIVING and comfort. The current owner has cherished family memories of this wonderful property and knows you will find it simply amazing. Stunning features include: A GENEROUS FLOOR PLAN with abundant natural light. Chef's GOURMET KITCHEN with granite countertops, high-end appliances and ample cabinetry. MASTER SUITE complete with large en-suite bath featuring dual vanities, a soaking tub and walk-in shower. VERSATILE LIVING SPACES to maximize work, play and entertainment. PRIVATE OUTDOOR OASIS with beautifully landscaped yard and patio. Highly desirable PRIME LOCATION easy for any commute, A+ rated schools, parks, shopping & dining. Plan to see it today! Residence at 3574 E GEMINI PL, CHANDLER, AZ 85249 Nestled within a serene, exclusive community in Arizona, this stunning single-story residence epitomizes luxury and comfort, offering an unparalleled living experience. Designed for discerning individuals who appreciate the finer details, this home features four generously sized bedrooms and 3.5 elegant bathrooms, making it a perfect sanctuary for both relaxation and entertaining. Upon arrival, guests are greeted by a magnificent wrought iron front-entry door with a glass insert that elegantly opens, setting the stage for the opulence within. The home's design seamlessly blends modern sophistication with timeless elegance, featuring designer touches throughout that elevate the living experience. The heart of this home is undoubtedly its gourmet kitchen, which will delight culinary enthusiasts with its upgraded kitchen appliances, including a sub-zero fridge, ensuring food freshness and superior storage. Granite countertops grace the entire kitchen, providing ample space for meal preparation and casual dining, while upgraded cabinets and extra storage solutions ensure a clutter-free and organized space. The wood-like tile flooring adds a touch of warmth and elegance, making the kitchen not only functional but also a stylish gathering spot. Formal dining and casual dining rooms offer flexible options for entertaining, whether hosting intimate dinners or larger gatherings. The spacious primary bedroom serves as a tranquil retreat, featuring a sliding door exit to the back patio, allowing for private enjoyment of the stunning outdoor spaces. A second bedroom boasts its own bathroom and walk-in closet, offering comfort and privacy for guests or family members. The exquisite attention to detail extends to the outdoor living areas, where an exquisite travertine patio sets the scene for relaxation and entertainment. The round gas-powered outdoor firepit is a focal point for gatherings, providing warmth and ambiance on cool evenings. Pristine artificial turf surrounds the space, ensuring easy landscape maintenance while the upgraded stone on the exterior of the home and a 3-piece design concrete paver driveway add to its curb appeal. Car enthusiasts and hobbyists will appreciate the gorgeous epoxy 3-car garage, providing ample space for vehicles and storage. This home is a rare find in a tranquil community development of high-end homes, offering luxury, comfort, and convenience. Whether you're entertaining guests or enjoying a quiet evening at home, this property provides an exceptional living experience in one of Arizona's most sought-after locations.

13055 W Chucks Avenue Peoria, AZ 85383

$1,025,000
5 Beds
3.5 Baths
4,846 SqFt
Status Active
MLS # 6734189
Property Type Single Family Residence
Price Type --
Absolutely Stunning 5 Bedroom + Den, 3.5 Bathrooms, Two Story Home Located on One-Third Acre Lot, Highly Desired Entrada Gated Community, Formal Living & Dining Room, Gourmet Kitchen w/Custom Cabinets & Granite Countertops, Kitchen Island w/Breakfast Bar, Eat-In Kitchen Dining, Spacious Family Room, Separate Game Room w/Wet Bar, Upstairs Master Bedroom w/Separate Sitting Room/Office, Master Walk-In Closet, Master Bathroom w/Dual Sinks & Separate Tub & Shower, 4 Additional Bedrooms & 2 Bathrooms Upstairs, One Bedroom is Being Used a Movie Theater Room, Professionally Landscaped Front & Backyard, Covered Backyard Patio, Sparkling Swimming Pool, 3 Car Garage, All BRAND NEW A/C UNITS, Amazing Views, Come Check It Out!

2818 E Malapai Drive Phoenix, AZ 85028

$1,025,000
4 Beds
2 Baths
2,022 SqFt
Status Active
MLS # 6740315
Property Type Single Family Residence
Price Type --
This stunning contemporary designed and developed 4 bed 2 bath rebuilt home, from the floor up to and including the roof and everything in between is located in the sought after Heritage Heights area at the base of the Phoenix Mountain Preserve. Every detail has been meticulously crafted with all new plumbing, electrical, HVAC, flooring, fixtures, lighting, cabinetry, doors, windows, the list goes on. Nestled on a quiet low traffic enclave, with easy access to the preserve trailhead and the 51 freeway, this home offers the ideal blend of tranquility and convenience. The functional floor plan includes a master ensuite with private exterior access providing a seamless indoor-outdoor living experience similar to that which is provided from the homes great room.

7912 S 43rd Place Unit 18 Phoenix, AZ 85042

$1,025,000
4 Beds
3 Baths
2,957 SqFt
Status Active
MLS # 6744565
Property Type Single Family Residence
Price Type --
Pride of ownership! This 4-bed, 3-bath cul-de-sac home in Legacy Mountain Villas is a true charmer! Awe-inspiring interior showcases sheer beauty & spectacular attention to detail. Discover elegant tile flooring, upscale ceiling fans, & recessed lighting that illuminates every corner. Harmonious open floor plan promotes a modern feel, complemented by a wall-mounted fireplace & fully expandable sliding glass doors that allow you to open the outdoor patio for additional entertaining options. Gorgeous kitchen is a chef's dream, equipped w/cabinets adorned w/crown moulding, stylish tile backsplash, a waterfall island w/a breakfast bar, quartz counters, & SS appliances. Owner's retreat boasts a spotless ensuite comprised of dual sinks, garden tub, enclosed glass shower, & a walk-in closet. Highlights include a 2nd main bedroom w/bathroom & walk-in closet. Enjoy incredible mountain views from the serene backyard, which provides a covered patio & artificial turf. Don't hesitate to make this gem your forever haven!

13355 N 100th Place Scottsdale, AZ 85260

$1,025,000
4 Beds
2.5 Baths
2,438 SqFt
Status Active
MLS # 6745412
Property Type Single Family Residence
Price Type --
Discover this recently upgraded single-story home in the highly sought-after Mountainview Ranch community of North Scottsdale. This exceptional property features 4 bedrooms and 2.5 bathrooms, perfectly designed for modern, comfortable living in a serene setting. Step into the heart of the home where the kitchen has been transformed with elegant new granite countertops, a stylish mosaic backsplash, and rich espresso-stained cabinets. These enhancements are complemented by dark wood flooring and light 12x24'' tile throughout the home, creating a sophisticated and cohesive look. Fresh interior paint, along with upgraded tile shower surrounds, add to the home's contemporary charm. The hall bath features a chic wall-hanging vanity, offering both functionality and a touch of modern design. The master bathroom is truly a retreat, showcasing a luxurious freestanding tub with a tiled accent wall, an expanded shower with tasteful tile surrounds, and new granite countertops and flooring. The thoughtful details extend to every corner of this home, ensuring a blend of elegance and comfort. **Seller is open to offering Seller to Buyer concessions** Outside, the property continues to impress with a beautifully landscaped yard and a sparkling pool, perfect for relaxation and entertainment. Close to shops, grocery, and entertainment.

881 W San Marcos Drive Chandler, AZ 85225

$1,025,000
3 Beds
3 Baths
2,945 SqFt
Status Active Under Contract
MLS # 6747803
Property Type Single Family Residence
Price Type --
Fabulous home in prestigious San Marcos Country Club Estates. This spacious 2945 sq ft home offers timeless charm & functional convenience. The large great room provides a great space for relaxing & entertaining. The kitchen is sure to please any chef with its granite countertops, wall oven, separate gas cooktop, fridge, pantry, & island with seating. There is also a formal dining room & a den/office. The master suite provides the perfect retreat with walk-in closet, double sinks, walk-in tiled shower, private toilet room & direct access to the back yard. The other bedrooms also have walk-in closets. The South-facing backyard provides the perfect oasis boasting easy-care turf, sparkling diving pool, pergola with outdoor kitchen including built-in BBQ, ice maker, warming drawer & fridge. Located close to the San Marcos golf course & several parks and within walking distance of downtown Chandler with it's many shopping, dining & entertainment venues.

1418 E Villa Maria Drive Phoenix, AZ 85022

$1,025,000
5 Beds
3.5 Baths
3,662 SqFt
Status Active
MLS # 6751094
Property Type Single Family Residence
Price Type --
Welcome to a custom-built gem by renowned Builder J.P. Malone. 3,700 sq ft of refined living space in a gated community. The front patio provides breathtaking views. Inside you're greeted by a stunning one-of-a-kind private courtyard, complete with a shimmering pool. The outdoor experience continues with a covered patio featuring a built-in BBQ, perfect for al fresco dining. The backyard has a larger gourmet BBQ setup and a natural wood fireplace create an inviting space for gatherings under the stars. The interior boasts a gourmet kitchen designed to impress, with a grand island, ample prep space, stainless steel appliances, and a gas cooktop. The master suite, conveniently located on the first floor, offers a retreat of unparalleled comfort and privacy. Upstairs there are 3 bedrooms with a full bath & flex space that can be as a living area. A private casita in the courtyard is detached from the main home & has incredible southern views providing a perfect space for guests or a private office. Situated with easy access to I-17, 101, and 51, this property ensures seamless connectivity to the entire Valley. Plus, you're just minutes away from Desert Ridge, Norterra, and a multitude of fine dining and retail options. Experience the pinnacle of luxury living in North Phoenixwhere elegance, convenience, and comfort converge.

27026 N Sycamore Creek Road Rio Verde, AZ 85263

$1,025,000 - 3Br/3Ba -  for Sale in Tonto Verde, Rio Verde
New
$1,025,000
3 Beds
2.5 Baths
2,715 SqFt
Status Active
MLS # 6751583
Property Type Single Family Residence
Price Type --
Experience the best single-level living in this magnificent greatroom floorplan in the highly sought-after Tonto Verde 55+ golf community. Nestled on a huge premium corner lot, this beauty flaunts stone detailing, a 3-car garage, an extended paver driveway, a spacious front yard, & a gated courtyard great for welcoming guests. You'll love the immaculately designed interior enhanced with high ceilings, recessed & chic light fixtures, ceiling fans, a floor-to-ceiling stone fireplace, wood-plank tile flooring, & multi-sliders to the back patio. The heart of this house is the stunning eat-in kitchen, outfitted with quartz counters, a mosaic tile backsplash, SS appliances, plantation shutters, rich wood cabinetry, a walk-in pantry, an oversize island with a breakfast bar & Breakfast room. Primary bedroom with sitting area, plantation shutters, & french door to the covered patio. Primary bath with double sinks, walkin shower, free standing soaking tub, and huge walkin closet. Split Guest bedroom with a private patio & full bath, could be a second primary bedroom with a large walkin closet. Powder room off the great room for guests. A beautiful $1,650,000 house with pool is being built behind this home.

836 E Holbrook Street Gilbert, AZ 85298

$1,025,000 - 4Br/3Ba -  for Sale in Layton Lakes Phase 2 Gilbert Parcel 13, Gilbert
New
$1,025,000
4 Beds
3 Baths
3,615 SqFt
Status Active
MLS # 6762541
Property Type Single Family Residence
Price Type --
This incredible home in the Layton Lakes community is now available! This 4-bed, 3-bath home epitomizes modern living. Inside, you'll find ceramic tile and vinyl laminate flooring, recessed lighting, and a dry bar with beverage cooler. The gourmet kitchen includes a gas range and vent hood, dual ovens, stainless steel appliances, walk-in pantry, and a large island. The primary suite include separate exit, massive shower with a rain head, dual vanities, and a huge walk-in closet. The NextGen guest quarters feature their own entrance, living room, kitchen, full bath with dual sinks, and walk-in closet. Outside, you'll enjoy a covered back patio, plumbing for a hot tub, and a great view over the greenbelt. HOA amenities include a splash pad, walking paths, playgrounds, and sports courts.

19667 E Estrella Road Queen Creek, AZ 85142

$1,024,995
3 Beds
3.5 Baths
3,190 SqFt
Status Active
MLS # 6731747
Property Type Single Family Residence
Price Type --
Home Sweet, Home! Fully upgraded new build! N/S facing oversized lot 3 Car Garage plus 40' RV Garage- this is a toy lover's dream. This beautiful home features 3 bedrooms, 3.5 bathrooms, an oversized study plus a huge game room. Front yard landscape as well as paver walkway/ driveway is included.

6731 N 9th Drive Phoenix, AZ 85013

$1,020,832 - 4Br/4Ba -  for Sale in Ocotillo Lane, Phoenix
Open House
$1,020,832
4 Beds
3.5 Baths
2,625 SqFt
Status Active
MLS # 6759755
Property Type Single Family Residence
Price Type --
Welcome to Ocotillo Lane! Step into this contemporary two-story home featuring the Owner's Bedroom and Laundry Room on the first floor. Upstairs, you'll find a secondary en suite and two additional bedrooms, each with walk-in closets. Enjoy the gourmet kitchen with gas appliances, quartz countertops, upgraded stacked cabinetry for extra storage, and a stylish tiled backsplash. Luxury touches include 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 52. Visit this beautiful home today!

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