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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1782 N Edgewood Street Flagstaff, AZ 86004

$999,000

4 Beds

3 Baths

2,870 SqFt

Status Active

MLS # 6710256

Property Type Single Family Residence

Price Type --

Beautiful 4 Bedroom, 3 full Bath home situated on an oversized lot in the highly desirable Continental Country Club Community. This Great Room floor plan boasts windows galore allowing lots of natural light to flow in as well as views of the lovely trees. The vaulted ceilings are a bonus! A preferred split plan provides the owners and their guests/family space and privacy. The Primary Bedroom and two Baths can be found on the main level while there are 3 Bedrooms, 1 Bath, and a Living Room down. There are two fabulous wood burning fireplaces for those chilly nights - 1 up and 1 down. The open Kitchen features gorgeous granite counters, a gas stove, stainless steel/black appliances, tiled backsplash, and a large island with a Breakfast Bar. Perfect for entertaining or mingling with family! This Beauty has been remodeled just right! The spacious Primary Bedroom Suite has been reconfigured to create a stunning Bathroom that features a separate tub & tiled shower, 2 sinks w/ plenty of cabinets, a dedicated vanity, French doors to the deck and a sizable closet. The 2 Guest Baths have been upgraded to picture perfect. The Hardwood Floors throughout are impressive! A Sun Room is your Bonus Room, bringing the outdoors in. The amazing Backyard is the highlight of this home! Enjoy the stunning scenery of the Ponderosa pines and the elk grazing. Nature abounds. Lots of peace and privacy here! BBQ with Friends/Family or just lounge on the newer trex deck. Community amenities include; pools, spa, snack bar, restaurant, fitness center, tennis, pickle ball, golf, media room, and more! Must see! Put this home at the top of your list! 10+

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3154 W Silverdale Road Queen Creek, AZ 85144

$999,000

4 Beds

2 Baths

2,329 SqFt

Status Active

MLS # 6713666

Property Type Single Family Residence

Price Type --

REDUCED! & 5K towards Buyer's Rate Buy Down! 2020 build & just voted''Best Home on Brokers tour''4-Car XL garage. Are you looking for that location out of the hussle bustle with hiking biking right out the door . This is your dream desert oasis on a 3.3 Acre corner lot! Views of San Tan & Superstition Mtn awaits you! Entire property fenced & secured w/no climb fencing & set for pets, horses & livestock!This turn-key home boasts 4 bedrm w/opt office, 2 baths & upgraded chef's kitchen w/dbl ovens & walk-in pantry.Laundry room incl sink for conv. & upgraded wood look tile thu out home including bd rooms!Cozy up to a gas fireplace & enjoy an open concept living, dining rm. w/vaulted ceilings. Large cov patio/Pool fenced and secured with privacy! Must see to appreciate this special lotd An entertainer's dream! Property combines modern comfort w/ rural charm! Additionally, property incl. hookups for RV/motorhome, 4 car XL garage for toys & tools!Security system, water filtration & RO system. Hiking, Biking & Riding just out the front door! Several marked trails within 2 mi of property.

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9633 E Solina Avenue Mesa, AZ 85212

$999,000

4 Beds

3.5 Baths

3,004 SqFt

Status Active

MLS # 6716421

Property Type Single Family Residence

Price Type --

This single-level, energy-efficient home offers the perfect balance of cozy charm and grand, open spaces with 10-foot ceilings, large, picturesque windows & sleek 8' doors. Professionally designed with upgraded shaker cabinetry, a large inviting island, quartz countertops, and a designer appointed tile backsplash, the gourmet kitchen boasts a walk-thru pantry, accent lighting, and stainless GE Monogram appliances. The open-concept family room with 12' ceiling expands out onto the patio through 12' large sliding glass doors. Elegant plank tiling, a large walk-in closet, and a serene Super Shower with large soaking tub highlight the spa-inspired bath in the large and private Owner's Retreat. 2-tone paint and upgraded flooring throughout. See you soon! 2X6 CONSTRUCTION

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10050 E Mountainview Lake Drive Unit 22 Scottsdale, AZ 85258

$999,000

2 Beds

2 Baths

1,843 SqFt

Status Active Under Contract

MLS # 6721907

Property Type Townhouse

Price Type --

Welcome home to this beautifully appointed waterfront townhome in the heart of Scottsdale Ranch! This great room floorplan is offered Turnkey Fully Furnished with 2 bedrooms and 2 full bathrooms with southern exposure to the private community lake and waterfalls. Offering full privacy and a lock-and-leave lifestyle, this home is the perfect option for someone looking to spend a few months of the year here or downsizing from a larger home. Mountainview Lake Estates features two community pools, one of which is right across the street from this home with direct access to Lake Serena. This community also neighbors the Scottsdale Ranch Park & Tennis center encouraging the lifestyle that so many enjoy while living here. This home shows off with its 18ft high ceilings and gorgeous wood beams in the great room with a kitchen complete in high end granite, cabinets and fixtures - all with views of the community lake which this home sits on. The roof was also replaced in 2020.

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9560 E Spiral Avenue Mesa, AZ 85212

$999,000

4 Beds

3.5 Baths

3,640 SqFt

Status Active

MLS # 6722013

Property Type Single Family Residence

Price Type --

Own it or Rent it! Welcome to your dream home in the desirable neighborhood of Eastmark! This stunning 2-year-old home features 4 bedrooms, 3.5 baths, and a Guest Suite downstairs for ultimate convenience. The spacious loft offers additional living space, while the courtyard and huge back patio provide perfect spots for outdoor entertaining. Step outside to enjoy the outdoor kitchen, misters, heated/salt pool, and spa - all perfect for relaxing or hosting gatherings. Over $200k in Seller upgrades! This home exudes luxury and elegance at every turn. In addition, Builder upgrades total $127k. Not only does this home offer incredible amenities, but it is also located in a community rich with activities. From playgrounds and a Community Pool to a skate park, disc golf, and more! There is something for everyone to enjoy! Plus, with a Community restaurant, Community Farm, and coffee shop just steps away, you'll never run out of things to do. Conveniently located near shopping, schools, and a variety of activities, this home truly has it all. Don't miss your chance to own a piece of paradise in this sought-after neighborhood.

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1921 W Yearling Road Phoenix, AZ 85085

$999,000

4 Beds

3 Baths

2,501 SqFt

Status Active

MLS # 6723537

Property Type Single Family Residence

Price Type --

Step into luxury in this beautiful new home in the vibrant Norterra community of Northern Phoenix. This spacious property offers high end builder finishes throughout including upgraded tile flooring, modern light fixtures, a gourmet kitchen with large island and stainless steal appliances, a large extra office/den area, and an upgrade to 12 foot sliding back doors which open up to your newly xeriscaped backyard on a premium lot. The 3-car tandem garage offers plenty of space for cars, toys, or storage. Enjoy the multitude of features Norterra has to offer including a community pool & spa, basketball & tennis courts, walking paths and community parks. Just minutes from shopping, restaurants, freeways, the new TSMC Factory, and vast recreation areas. Don't miss this home! Photos coming soon

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8102 E Mulberry Street Scottsdale, AZ 85251

$999,000

4 Beds

2 Baths

1,871 SqFt

Status Active

MLS # 6724427

Property Type Single Family Residence

Price Type --

Redesigned in 2023. This stunning residence features new flooring, fresh interior paint, and chic modern decor, creating a warm and inviting atmosphere. The versatile attached casita can serve as a 4th bedroom or a private workspace, offering flexibility to suit your needs. Step outside to discover a large backyard oasis, complete with a heated pool and oversized baja shelf, putting green, and a covered outdoor lounge with plenty of seating. The sellers are offering optional furnishings for a seamless, turn-key investment. Conveniently located near local attractions and with no HOA, this home is ideal for vacation rental purposes or personal enjoyment. Additionally, there is potential to convert the 2-car garage into a luxurious primary suite, enhancing the layout and adding value.

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4112 W Paradise Lane Phoenix, AZ 85053

$999,000

5 Beds

3.5 Baths

2,918 SqFt

Status Active

MLS # 6733379

Property Type Single Family Residence

Price Type --

Gorgeous single story property, features , 5 total Bedrooms and 3.5 Baths on a half acre lot with NO HOA on a corner lot, has beautiful curb appeal. Complete Studio for extra income or as a mother in-law suite with private entrance and parking, 3 car garage, beautiful flooring throughout,tall ceilings with plenty of natural light, ,plantation shutters, french door to patio , crown moldings, wood fireplace, formal dining room with decorative columns, granite counters, travertine splash, wine cooler huge kitchen island with breakfast bar, gazebo/Pergola with built in BBQ, 3 point access to the back yard, RV parking, both A/C units were replaced in 2023, pool filter replaced in 2022, MUST SEE TO APPRECIATE ! Great location, near I17 and 101, Banner Thunderbird Hosp, ASU West,Shopping mall

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8578 Eagle Point Road Pinetop, AZ 85935

$999,000

4 Beds

4.5 Baths

3,086 SqFt

Status Active

MLS # 6735227

Property Type Single Family Residence

Price Type --

Imagine a home where every detail reflects a commitment to excellence and comfort. This fully furnished abode within the Country Club area is not just a dwelling, but a statement of luxurious living. The architectural marvel spans 3,086 square feet, featuring four bedrooms and four and a half baths, each space crafted with meticulous attention to detail. The chef's kitchen, with its custom cabinets and high-end appliances, is a culinary dream. The master suite, with its lavish bathroom and walk-in closet, offers a private sanctuary. The additional bedrooms, each with their own full bathrooms, provide ample space for family and guests. The loft area, overlooking the communal spaces, is perfect for leisure and entertainment. ..READ MORE... The separate mother-in-law suite and activity-ready garage add layers of functionality and convenience. Outside, the 0.33-acre lot is a private paradise, complete with a new hot tub, gas firepit, and built-in grill for memorable outdoor gatherings. Renovated in 2018, this home near the Apache-Sitgreaves National Forest merges the rustic allure of a cabin with the comforts of a modern retreat, making it an ideal haven for those seeking a life of adventure and tranquility. This is more than a home; it's a lifestyle waiting to be embraced. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

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8147 N 5th Street Phoenix, AZ 85020

$999,000

5 Beds

3 Baths

2,808 SqFt

Status Active

MLS # 6736317

Property Type Single Family Residence

Price Type --

Discover this exquisite Frank Lloyd Wright-inspired mid-century modern home, where innovative architectural design seamlessly merges modern luxury with timeless elegance. Greeted by a large, brick courtyard entry, you are welcomed into a residence that embodies sophistication. From the moment you enter, the great room impresses with a modern stone fireplace and soaring wood-beamed ceilings that effortlessly flow into the gourmet kitchen, creating a grand and inviting ambiance. The kitchen is a culinary haven, equipped with top-of-the-line appliances including a 6-burner gas range w/convection oven, a spacious island w/breakfast bar, integrated stainless wine and beverage center, and striking black fusion granite countertops. An oversized walk-in pantry with a butler's counter further enhances functionality and storage, making this kitchen a chef's dream. Open the expansive 8' steel patio doors to reveal a covered patio, ideal for hosting gatherings or savoring peaceful outdoor moments. Beyond, your private backyard oasis awaits. Relax beside the pristine diving pool, surrounded by meticulously landscaped grounds that offer beauty and privacy. Situated on a corner lot with a long private drive, this 2268 sqft home features 4 spacious bedrooms and 2 luxurious bathrooms. The versatile two-car garage includes a studio apartment with kitchenette, offering a 5th bedroom and 3rd bathroom, and adding nearly 600 sq ft of additional living space perfect for guests, hobbies, or an office. Don't miss your chance to own a truly one-of-a-kind architectural gem in a prime, central location with access to great schools, dining, multi-use trails, shopping, and entertainment!

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1187 Fawn Lane Prescott, AZ 86305

$999,000

5 Beds

3 Baths

3,904 SqFt

Status Active

MLS # 6737059

Property Type Single Family Residence

Price Type --

This gorgeous home sits on .85 acres with panoramic mountain views. Main level living with primary bedroom and guest room on main floor. Completely remodeled, updated & upgraded. Chefs kitchen with quartz counters, 2 sinks, GE cafe appliances, double oven, wine refrigerator, spacious island bar seating. Great room with all new lighting, fireplace & new flooring opens to entertainers deck with amazing mountain views. Lower level offers 3 more bedrooms, 1 with separate entrance if desired. Oversize 2 car garage with epoxy floors, new textured concrete driveway.

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5238 W Caldwell Street Laveen, AZ 85339

$999,000

4 Beds

3 Baths

2,787 SqFt

Status Active

MLS # 6737149

Property Type Single Family Residence

Price Type --

Irrigated lot/ No HOA/ Great Location/ Close to the 202 loop/ Office room could be converted to a 5th bedroom/ Easy to show/ One of the last gems in Laveen/Phoenix. 1.25 Acres in the heart of Laveen. Horse Property. Full irrigation rights w/ irrigation already on property. 2-3 minutes from the 202. No neighbors./ Private dead end street for privacy/. Picture perfect sunsets./ Incredible views of South Mountain and Estrella Mountains./ A+ elementary school Paseo Point and High School Betty Fairfax are close by/ New shopping plazas all nearby. In and out, Canes, Sprouts, Frys, Safeway. New AMC theatre coming soon. Perfect to build for up to 1600sq ft guest house. Pool. Huge 3 car garage. Everything close by. Peaceful living in the heart of Laveen.

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