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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3336 E Earll Drive Phoenix, AZ 85018

$999,300

4 Beds

3 Baths

2,500 SqFt

Status Active

MLS # 6754375

Property Type Single Family Residence

Price Type --

Appraised on 2/14/24 for $1,204,429 Fully remodeled designer oversized property with 2 master bedrooms. Split floor plan, 4 bed 3 bath 2 car garage. Gorgeous property to live in. Over $200k in upgrades from floor to the ceiling was all done.

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4479 N Ashbury Court Apache Junction, AZ 85119

$999,000

5 Beds

4 Baths

3,525 SqFt

Status Active

MLS # 6753648

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades & a WALK DECK!! This beautiful Modern Farmhouse is located on 1 ACRE of Horse Property w/ GUEST LIVING QUARTERS. Gourmet Kitchen w/ high-end Cabinets w/ 42'' uppers, White Quartz Countertops, Built-in Stainless-Steel Microwave Drawer, WOLF GAS Oven/Cooktop, STEAM OVEN & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Glass Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! $5,000 to Buyer at Close of Escrow which shall be used towards Buyer installing a water filtration system. MOVE IN ready in Dec/Jan.

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397xx N 3rd Street Phoenix, AZ 85086

$999,000

4 Beds

3 Baths

3,500 SqFt

Status Active

MLS # 6643098

Property Type Single Family Residence

Price Type --

CUSTOM HOME TO BE BUILT, PURCHASE EARLY AND YOU CAN DECIDE THE COLORS AND SPECIAL FEATURES TO MAKE IT YOUR HOME. BUILDER HAS BUILT HOMES IN THE AREA AND OWNS THIS LOT. ENJOY THE BEAUTIFUL SUNSETS FROM YOUR BEAUTIFUL HOME. RV GARAGE CAN BE ADDED. HOME PRICING INCLUDES STAINLESS STEEL APPLIANCES, WHITE CABINETS, QUARTZ COUNTERTOPS,TILE WALK IN SHOWERS, 8 FI DOORS, 12 FOOT CEILINGS AND A FIREPLACE AND A TANKLESS WATER HEATER. AGENT IS RELATED TO SELLER

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1320 W Christie Lyn Lane San Tan Valley, AZ 85144

$999,000

4 Beds

2 Baths

2,325 SqFt

Status Active

MLS # 6645128

Property Type Single Family Residence

Price Type --

Located in the ever growing area of QUEEN CREEK, this BEAUTIFUL 2325 sq ft 4 bed, 2 bath CUSTOM home features a GORGEOUS CRYSTAL BLUE POOL and Desert Landscape with STUNNING MOUNTAIN VIEWS on over an acre of land with breathtaking sunsets, perfect for entertaining. Home features open concept floor plan, kitchen island and dining area, Master suite with a walk in closet with a separate shower and tub in the master bath. Near restaurants, shopping, and amenities. NO HOA! Automatic gate entry for both front and rear gate. House has 50 amp RV hookup along with a vented sewage hookup.

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17807 E Silver Sage Lane Rio Verde, AZ 85263

$999,000

2 Beds

2.5 Baths

2,316 SqFt

Status Active

MLS # 6674808

Property Type Single Family Residence

Price Type --

Introducing the charming 2316 sqft Brasada model, a Spanish-style 2022 build residence ideally situated on a corner lot offering Picturesque mountains and Amazing Four Peaks views. Experience the beauty of the fully landscaped front courtyard and backyard, complete with synthetic grass, pavers, and flourishing fruit trees. Inside, the home features a sophisticated upgraded built-in SS Monogram kitchen with roll out Pantry and an additional hobby room perfect for versatile use. Upgraded tile flooring that seamlessly extend into the spacious patio via the large Stack Slider door and connect the indoor and outdoor for stunning sunrise views. Convenience is key with included washer and dryer units, while the interior design showcases a harmonious blend of neutral grays and whites throughout.

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3850 W Union Hills Drive Glendale, AZ 85308

$999,000

8 Beds

5 Baths

5,574 SqFt

Status Active

MLS # 6678355

Property Type Single Family Residence

Price Type --

Welcome to this remarkable property boasting a distinctive setup tailored for multi-generational living/co-ownership,Duplex, or a long-term care facility. Situated on a sprawling 44,665 square feet irrigated corner lot, NO HOA this estate comprises two fully renovated houses. The front house approx 2916 SqFt (underroof) has 4 bedrooms 3 baths + 6 car carport & the back house is 2208 SqFt (under roof) has 4 bedrooms 2 baths with attached Garage, and an additional detached garage. both have their separate inside laundry. Every detail has been meticulously attended to, from the new roof, new A/C, new windows and doors to the upgraded lavish kitchen, bathrooms, flooring, and light fixtures. This is an exceptional opportunity not to be missed, Act now

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9733 W Keyser Drive Peoria, AZ 85383

$999,000

5 Beds

3.5 Baths

4,464 SqFt

Status Active

MLS # 6686357

Property Type Single Family Residence

Price Type --

Nestled within a prestigious gated community, this exquisite two-story residence, boasting 5 bedrooms and 3.5 baths, has been meticulously updated to embody modern luxury and comfort. As you step onto the property, the lush lawn and a breathtaking backyard oasis with over 20 trees and a sparkling pool welcome you into a serene retreat. The heart of the home is adorned with all-new waterproof flooring upstairs, setting a tone of elegance that extends throughout the entire residence. The bathrooms have undergone a stunning transformation, remodeled to feature floor-to-ceiling tile in the master bath, a spacious 6-foot tub, a stand-alone shower enclosed with crystal glass, and modern quartz countertops that also grace the rest of the home. Every detail has been thoughtfully selected, from the freshly painted cabinets that add a touch of freshness to the entire space, to the new light fixtures and ceiling fans that enhance the home's ambiance. The interior and exterior were painted in 2021, showcasing the home's well-maintained and updated character. For the automotive enthusiast or those who appreciate a well-organized space, the garage is finished with custom epoxy flooring, adding durability and style. In an age where convenience and security are paramount, this home is equipped with smart switches for lighting control via your smartphone, new stainless steel appliances (2021), a Nest security system that will remain for the new owners, and a safe tucked under the stairs for added peace of mind. The outdoor living space has been upgraded with pavers installed in 2023, offering a perfect setting for entertaining or relaxing under the canopy of mature trees. The property's resilience is secured with a complete new roof in 2021 and brand new AC units installed in 2022, ensuring comfort year-round. This home is not just a dwelling but a smart, sophisticated sanctuary that combines beauty, functionality, and peace of mind in a coveted location. It represents a rare opportunity to own a turn-key property where every detail has been carefully curated for luxury living.

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1350 W Sierra Buena Court -- Show Low, AZ 85901

$999,000

4 Beds

3 Baths

3,750 SqFt

Status Active

MLS # 6687153

Property Type Single Family Residence

Price Type --

Experience the epitome of mountain luxury in this completely remodeled Sierra Pines Cabin, nestled on over an acre of densely forested land in Show Low, Arizona. Redefining comfort and elegance with a professional and thoughtful redesign, this cabin unveils a modern floor plan that includes a newly added fourth bedroom and a convenient walk-in pantry, enhancing both space and functionality. The heart of the home is the kitchen, where quartz countertops meet custom maple dovetail cabinets, creating a harmonious blend of style and craftsmanship. The Cafe style stainless steel appliances provide a gourmet experience for the home chef, while the new lighting and plumbing fixtures throughout the cabin add contemporary flair to the rustic setting. Central to the living area, a German... ... Schmear fireplace stands as a testament to exquisite design, offering a cozy ambiance and a stunning focal point. The second level soars with vaulted ceilings, amplifying the cabin's spaciousness and reinforcing the grandeur of mountain living. Protecting this treasure is a new 50-year metal roof, promising durability and peace of mind. Beneath your feet, luxury waterproof flooring offers both beauty and resilience against the elements, ensuring your home remains a sanctuary of comfort no matter the season. Outside, the sprawling land is a canvas of nature, with majestic trees that whisper tales of serenity and seclusion. This cabin does not just offer a home; it promises a lifestyle ensconced in the beauty of Arizona's high country and adventure.

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41 Arrow Drive Sedona, AZ 86336

$999,000

5 Beds

4 Baths

2,616 SqFt

Status Active

MLS # 6695150

Property Type Single Family Residence

Price Type --

Come see this amazing house! This 5 bedroom, 4 bathroom property was formerly run as a fully legal bed and breakfast then a doctor's office in Sedona! and comes with proper zoning for up to 6 rentals and has been reviewed by the city New buyer could make a few upgrades to the existing structure or complete rehab it with renderings already available that have been reviewed by the city! We are very close to the shuttle drop off for a major trail head and just across the 89A from Broken Arrow Trailhead. Seller does have document from the city approving bed and breakfast. Buyer to verify all potential uses with the proper governing authorities.

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6444 E Highland Road Cave Creek, AZ 85331

$999,000

3 Beds

2 Baths

2,165 SqFt

Status Active

MLS # 6695479

Property Type Single Family Residence

Price Type --

Delightful Cave Creek home situated on just over 2 acres in coveted, well established neighborhood. 360-degree mountain views frame this exceptional horse-friendly property featuring tranquil setting with flowing floor plan, Travertine tile floors in all common areas, generous and independently cooled Arizona room plus expert modernization throughout. Expansive back yard has corral & shade structure together with a tack shed. Still room for toy-barn and/or resort style pool. Neutral palette, dazzling views, plentiful saguaros and enchanting surroundings combine for a truly unique opportunity to live the authentic Cave Creek lifestyle. Bridle path/recreational trail just steps away. Immaculate!

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15056 E Marathon Drive Fountain Hills, AZ 85268

$999,000

3 Beds

2 Baths

1,575 SqFt

Status Active

MLS # 6697256

Property Type Single Family Residence

Price Type --

Welcome to modern living in scenic Fountain Hills, AZ. This stunning 3 bedroom, 2 bath home boasts contemporary updates throughout, offering a sleek and inviting ambiance. Entertain in style with a spacious living area, perfect for gatherings. The gourmet kitchen features stainless steal appliances and quartz counters. Step outside to your own private oasis, where a large backyard awaits. Enjoy endless days of relaxation by the sparkling pool and rejuvenate in the soothing spa. Practice your golf skills on the custom putting green, adding a touch of luxury to your outdoor experience. Nestled in a prime location, this home offers convenience and tranquility, with easy access to local amenities and breathtaking mountain views. Don't miss out on the opportunity to make this dream home yours There is a NPOA even though this is not a HOA there is a transfer fee and disclosure fee.

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5501 W Whispering Wind Drive Glendale, AZ 85310

$999,000

5 Beds

3 Baths

3,764 SqFt

Status Active

MLS # 6704030

Property Type Single Family Residence

Price Type --

An incredible opportunity to own a premium corner lot over 30,000 sqft with no HOA! This home features an open floor plan, cathedral ceilings, huge kitchen island, pool and spa, covered patio, built-in barbecue, a sprawling backyard, extended driveway, and so much more. The owner's suite is located on the first floor and features a walk-in closet, direct outdoor access, and a spacious en-suite bath. Also located on the first floor is a second bedroom, guest bath, and laundry room. On the second floor you'll find a spacious loft, an additional three bedrooms, guest bathroom, and a large den including a balcony with gorgeous views of Thunderbird Park perfect for an additional family room or play room. This home also includes a three car garage and the unique feature of a second kitchen within the garage which is fully tiled and has a sink, built-in cabinets, hook up for gas or electric stove, and plenty of space for additional fridge/freezers. Make time to come and see the endless possibilities for this gorgeous home today!

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