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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4327 E Sands Drive Phoenix, AZ 85050

$999,999
4 Beds
2 Baths
2,252 SqFt
Status Active
MLS # 6757580
Property Type Single Family Residence
Price Type --
Come see this beautiful move-in-ready, 4 bedroom, single story, 3 car garage home with large low maintenance backyard and huge pool in highly desirable Desert Ridge community! Just minutes away from Desert Ridge Marketplace, this home boasts high ceilings, custom accent walls (including a fun wine feature), new flooring and it's been freshly painted throughout! The modern fixtures and kitchen updates make this the perfect entertaining home. It's roof and HVAC are newer, making this home turn key and ready for all of your holiday decorations!

23060 E Sonoqui Boulevard Queen Creek, AZ 85142

$999,999
4 Beds
3.5 Baths
3,633 SqFt
Status Active
MLS # 6758540
Property Type Single Family Residence
Price Type --
An entertainer's dream. This home is built for gatherings, big or small. Step into the executive kitchen—massive, stylish, and open to the living room. Perfect for cocktail parties, family get-togethers, or just cozy evenings in. Slide open the double glass doors, and the party flows outside to an extended patio. The lot? Huge. Pickleball court. Firepit. Putting green. Your backyard becomes the ultimate retreat. Inside, 12' ceilings make the space feel grand. The split floorplan offers privacy and convenience. One room with an ensuite. A Jack and Jill bathroom for the others. And the master? Your private sanctuary. You'll never want to leave, but the community offers amenities at your doorstep. Homes like this don't last. Come take a look today! Discover the Meridian community, where 229 acres of open space invite residents of all ages to embrace outdoor living. With 8 interconnected parks, Meridian offers endless opportunities for recreation and free play. From miles of scenic walking and biking trails to wide-open areas for unstructured fun, there's something for everyone. Dive into the community pool, unwind by the fireplace, or explore unique features like the outdoor movie ramada, splash pad, and community garden. For adventure seekers, there's climbing nets, tire tunnels, boulder gardens, and volleyball. Even chalkboard walls and outdoor table tennis await. Experience a lifestyle where play and relaxation thrive together.

2200 N Kimberlee Road Tucson, AZ 85749

$999,999 - 3Br/2Ba -  for Sale in S1 T14s R15e, Tucson
New
$999,999
3 Beds
2 Baths
2,308 SqFt
Status Active
MLS # 6762522
Property Type Single Family Residence
Price Type --
Rare opportunity for a 5+ acre Ranch home with SR Zoning on the east side of Tucson (East of Tanque Verde Road & Houghton) Property consists of a three Bedroom one Bathroom home, one Bedroom one Bathroom Guest House, Private Court Yard, Office, Barn, Stables, 220' long by 150' wide Arena, Private Well plus City Water, Septic plus Sewer Connection available and so much more! Would make a perfect place for a Veterinarian, Farm, Airbnb, Wedding Venue, Business start up, even that family ranch home you've always wanted!

21031 N 60th Terrace Phoenix, AZ 85054

$999,990
3 Beds
2 Baths
2,182 SqFt
Status Active
MLS # 6720790
Property Type Single Family Residence
Price Type --
Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Ready for move-in by Fall 2024, this Barletta plan offers an open floor concept with an extended rear section. The chef's kitchen features a luxury package, including quartz countertops, gas appliances, a waterfall edge island, and café-style cabinets and countertops. Enjoy the elegance of glass doors on the stacked cabinets and a glass low-threshold walk-in shower in the owner's bath. The home includes three bedrooms, two bathrooms, and two dens. The spacious lot provides ample room for a pool.

1010 E Pierson Street Phoenix, AZ 85014

$999,990
4 Beds
3 Baths
2,611 SqFt
Status Active
MLS # 6719995
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the heart of Phoenix, AZ. This stunning property offers a perfect blend of modern luxury and timeless charm, ideal for those seeking comfort, style, and convenience. Close to top-rated schools, trendy restaurants, boutique shops, and vibrant entertainment options. The open floor plan seamlessly connects the living, dining, and kitchen areas, perfect for entertaining. The chef-inspired kitchen features high-end stainless steel appliances, granite countertops, custom cabinetry, and a large island with seating. Relax and unwind in the master bedroom, complete with a walk-in closet & spa-like ensuite bathroom featuring a soaking tub, dual vanities, and a separate shower. This home is a rare find, offering the perfect blend of luxury, comfort and location.

1937 W Burnside Trail Phoenix, AZ 85085

$999,990
4 Beds
3.5 Baths
2,813 SqFt
Status Active
MLS # 6733602
Property Type Single Family Residence
Price Type --
Why wait to build when you can have this 2023 newly constructed home with a fully designed backyard featuring a resort-style pool! Offering an open-concept living space perfect for entertaining. A guest bedroom on the main floor provides privacy for visitors. Gourmet kitchen features stainless steel appliances, a large center island, quartz countertops, with plenty of cabinet space. Located off the kitchen is a dedicated desk space, ideal for remote work. Nicely appointed dining area with large windows showcasing the backyard oasis and covered patio overlooking the pool, ideal for entertaining. Upstairs, the primary suite includes a soaking tub, walk-in shower, dual vanities, and a spacious walk-in closet. Cozy upstairs loft offers a private retreat, perfect for teens or movie nights. Don't forget about the cozy den, ideal for an office or lounge area. Finally, the expansive backyard includes a covered patio, built-in BBQ, a fire pit, artificial turf, and a sparling blue pool perfect for the warm summer days! What are you waiting for? Act now!

4437 N Granite Reef Road Scottsdale, AZ 85251

$999,990
4 Beds
3 Baths
2,213 SqFt
Status Active
MLS # 6736855
Property Type Single Family Residence
Price Type --
Move-in ready is this COMPLETLY renovated and permitted 4 bed, 3 bath home! Prime location in southeast Scottsdale location with NO HOA!! The cozy private courtyard in the front brings you into this spacious floor plan. Brand new tile flooring all throughout the home for easy care and maintenance. Just to the left of the foyer is your formal dining area niche. An open and inviting great room area awaits you with 12 ft wide accordion pocket doors that open all the way for that indoor/outdoor living. Kitchen area just off to the right that's been completely redesigned to maximize the efficiency of space. Large kitchen island with plenty of prep space and eat-up bar seating. All stainless-steel appliances including a 6-burner gas range. Both a pantry and a walk-in pantry. Walk down the hall where there are three guest bedrooms and a full bathroom. Master bedroom with ensuite bath that has a dual sink vanity and walk-in seamless shower, and a walk-in closet with built-ins. A full-size laundry area with extra storage space and guest bathroom on the other side of the home with an exit out to the pool area. Plenty of covered patio space, and extended patio area surrounding your refreshing pool area. New pool cleaning system installed as well as the pool and deck areas have been completely resurfaced. Desert landscaping in both the front and back yards for easy year-around maintenance. Perfect neighborhood location with just a short drive to either Camelback Fashion Square or Old Town Scottsdale to the west, or hop on the Loop 101 to the east, giving you easy access to all of the finest restaurants, shopping Scottdale has to offer, or commuting to wherever you need to go.

1010 E Indianola Avenue Phoenix, AZ 85014

$999,990
5 Beds
3 Baths
2,925 SqFt
Status Active
MLS # 6752386
Property Type Single Family Residence
Price Type --
Welcome to this stunning new build features 5 bedrooms, 3 baths, and an open-concept design. The Kitchen boasts a French door refrigerator, 5-burner gas range, a wall-mounted double oven, perfect for culinary enthusiasts and large walkin pantry. The spacious living room includes an electric fireplace, open to the dining room and kitchen with an oversized rear sliding door and large window offering much natural light. Nice backyard with built-in BBQ island. The first floor also features a guest bedroom and mudroom. The second floor boasts a primary suite that offers a luxurious bathroom with standalone tub, dual showerheads, and walk-in closet. Second floor laundry, huge family room, three other bedrooms one with a balcony. With ample parking and a prime location, this home is a must-see!

45409 N 22nd Street New River, AZ 85087

$999,990 - 5Br/4Ba -  for Sale in S2 Sw4 Ne4 Ne4 Ex W 30f R, New River
New
$999,990
5 Beds
4 Baths
3,821 SqFt
Status Active
MLS # 6762554
Property Type Single Family Residence
Price Type --
Imagine living on a stunning 2.5-acre horse property with NO HOA and PAID OFF SOLAR. This estate includes a beautiful 1 bed, 1 bath guest house, perfect for visitors or multi-generational living. Step inside the main home to find tile floors, a neutral palette, and a formal dining area that opens to a spacious living room. A two-way fireplace adds warmth and charm, flowing into a large great room. The chef's kitchen features stainless steel appliances, double wall ovens, granite counters, ample cabinetry, a walk-in pantry, and a center island with a breakfast bar. The main suite is a luxurious retreat with a sitting area, backyard access, and a spa-like bathroom, complete with dual sinks, a makeup vanity, a soaking tub, and a large walk-in closet... A versatile den offers the ideal home office space, along with two guest bedrooms, each featuring full ensuites for ultimate privacy. Outside, the expansive backyard is an entertainer's dream, featuring a covered patio with misters, a Ramada, gazebo, built-in BBQ, firepit, and a shed. With plenty of space for horses, this property truly offers it all. Don't miss out on this exceptional opportunity!

3058 W Sousa Court Anthem, AZ 85086

$999,980
4 Beds
3.5 Baths
3,444 SqFt
Status Active
MLS # 6748099
Property Type Single Family Residence
Price Type --
Welcome to Your Dream Home! Nestled in the highly coveted Enchantment neighborhood within Anthem, where every home is a single-story retreat on expansive lots, this stunning single-level residence offers the epitome of luxurious living. Boasting four generously sized bedrooms and a versatile office/den that easily transforms into a fifth bedroom, this home provides space and flexibility to suit any lifestyle. With three full bathrooms, a convenient powder room, and a host of top-tier features, this property redefines comfort and style. The heart of the home is undoubtedly the completely remodeled kitchen—a chef's dream come true. No detail has been overlooked in this culinary haven, from the gleaming new granite countertops to the state-of-the-art appliances. Imagine preparing gourmet meals on a gas stove with a custom copper vent, or baking your favorite dishes in the double electric oven, which easily converts into a full-sized oven. Additional thoughtful touches include a pull-out mixing station, a pull-out microwave and a striking backsplash that ties everything together in perfect harmony. Beyond the kitchen, this home continues to impress with its meticulous upgrades. A Brand-New Roof, Newer AC Units, and Newer Windows ensure comfort and peace of mind for years to come. Step outside to the redesigned and updated backyard, where a new pergola provides the perfect spot for outdoor dining. Your new outdoor kitchen caters to your alfresco entertaining needs, and a putting green offers endless fun for all. The sparkling pool invites you to cool off on warm days, while the spa beckons you to unwind under the stars, letting the day's stress simply melt away. This home is not just a place to live - it's a lifestyle. Don't miss your chance to experience the best of Anthem living in the Enchantment Neighborhood. Plan your private tour today and step into the home of your dreams! See Documents Section for Complete List of Updates.

3265 S Coffeeberry Court Gold Canyon, AZ 85118

$999,950 - 3Br/3Ba -  for Sale in Club Villas At Superstition Foothills, Gold Canyon
Open House
$999,950
3 Beds
3 Baths
2,615 SqFt
Status Active
MLS # 6199176
Property Type Single Family Residence
Price Type --
$100,000 GOLF INITIATION FEE INCLUDED WITH SALE - Step inside and prepare to be enchanted by the elegance and beauty that awaits you in this newly built Bellago home located in the prestige guard gated Superstition Mountain Community. As you enter this luxurious home, your eyes will be drawn to the stunning engineered hardwood floors that flow seamlessly throughout the main living areas. The vaulted ceilings with hollow core beams in the great room create a sense of grandeur, while the cozy fireplace invites you to gather with loved ones on those cool Arizona evenings. The chef in your family will be delighted by the gourmet kitchen, complete with marble countertops, Mediterranean soft close cabinets, and a Jennair luxurious refrigerator. The toe kick LED lightstrips and under cabinet LED light strips add a touch of sophistication. Step outside onto the expansive patio and imagine hosting unforgettable gatherings with friends and family. The gas drop for the BBQ makes outdoor cooking a breeze, while the back yard landscaping with synthetic grass ensures a lush and low maintenance oasis. Relax and unwind on the two travertine patios, perfect for enjoying the stunning mountain views or sipping your morning coffee. Retreat to the luxurious master suite, where you'll find marble tile floors, a marble master grand shower, and a stunning freestanding tub. Pamper yourself in this spa-like bathroom, surrounded by opulent finishes and a soothing color palette. Now, let's talk about the lifestyle that awaits you in this exclusive community. As a resident of this prestigious neighborhood, you will have access to a world of leisure and recreation right at your fingertips. The $100,000 golf initiation fee is included in the sale, granting you access to not just one, but two championship-level golf courses designed by the legendary Nicklaus himself. Perfect your swing on these meticulously manicured fairways, surrounded by breathtaking views of the Superstition Mountains. Take a dip in the shimmering outdoor community pool or relax in the hot tub, both reserved exclusively for residents and their guests. Stay active and fit in the state-of-the-art fitness center or join in on the many exciting events and social gatherings planned throughout the year. When you're ready to indulge in some culinary delights, head to the private clubhouse restaurant or sophisticated cocktail lounge. Treat your taste buds to exquisite cuisine and enjoy the company of friends and neighbors in an elegant and refined setting. This Bellago home offers true luxury, privacy, and serenity in one of the most sought-after communities in Arizona. Don't miss your opportunity to experience the lifestyle you've always dreamed of.

19301 N Ponderosa Court Surprise, AZ 85387

$999,940
4 Beds
3 Baths
2,865 SqFt
Status Active
MLS # 6750699
Property Type Single Family Residence
Price Type --
Stunning HAMPTON expanded to 2863 SF with preferred ''C'' elevation. This home features a heated resort style pool and spa surrounded by a very large covered patio. The relaxing setting includes a firepit, built in grill with a counter and seating along with patio misting system and orange trees. Large kitchen with nook and island featuring upgraded cabinets with slideouts, water softener recently replaced, new oven, and kitchen shutters. Large great room for entertaining plus a separate dining room. A true four bedroom home as the library/den was upgraded as a builder option. Full 3 car garage with four feet extension. Epoxy garage floors, and new furnace/ AC 2018. Many additional features including prime location, security doors, water softener, central vac, gas cooktop, reverse osmosis, expanded guest bedroom and much more.

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