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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8314 E Jackrabbit Road Scottsdale, AZ 85250

$999,000

5 Beds

3 Baths

2,888 SqFt

Status Active

MLS # 6739759

Property Type Single Family Residence

Price Type --

: Amazing Tri-Level Home In A Prime Scottsdale Neighborhood. This Home Has A Huge Private Bedroom Suite On The Main Level With Large Walk In Closet, Double Sinks, Freestanding Tub And An Awesome Shower With Floor To Ceiling Tile With Clear Glass Enclosure, Wall Shower With Overhead Rain Shower. Large Living Room Open To Remodeled Kitchen With Great Dining Area And Double French Doors Leading To Rear Patio And Pool. Kitchen Features Newer Cabinets With Crown Molding, Granite Counters, Glass Tile Backsplash With Stainless Smooth Top Range Oven, Dishwasher, Microwave And Refrigerator. Two Spacious Bedrooms And Bathroom On The Lower Level As Well As Two Additional Bedrooms And Third Bathroom On The Upper Level. The Rear Yard Has Synthetic Turf And A Beautiful Pebble Tec Pool With Water Featur Yard Delivers Distant Views Of Camelback Mountain, A Covered Patio, Secluded Side Yard For Relaxing In The Shade And Yard Games. A Secure Shed Is Also For Yard Tools, Bikes Etc. Being So Close To Chaparral Park And The Bike Trails Along The Park And Indian Bend Wash Allows Easy Access To Activities, Fishing, Running And All The Fine Shopping And Restaurants In The Exquisite Camelback Corridor And Old Town. This Location Is Hard To Beat And Is Also Walking Distance To Award Winning Schools. Great for an Short Term Rental Property or a Great Family Home.

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1312 W Berridge Lane Phoenix, AZ 85013

Open House

$999,000

4 Beds

4 Baths

3,672 SqFt

Status Active

MLS # 6740400

Property Type Single Family Residence

Price Type --

***LARGEST LOT & HOME COMBINATION AVAILABLE UNDER $1M in Central Phoenix!***Beautifully updated home on a massive lot in right in the heart of central Phoenix with an entire separate guest house! An absolute prime location! Trendy restaurants in every direction! Minutes to the stadiums for sporting events! The main home has beautiful finishes throughout! Beautiful white quartz countertops with a modern black backsplash! Bathrooms are also appointed with beautiful modern finishes as well!! Opportunity to add some color & flare to personalize this beautiful home to make it a great primary residence or to make just an absolutely stellar Investment Property! Furniture can also be sold separately, come see us today! Whoever adds a pickleball court to this property will win big!

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3202 E Las Rocas Drive Phoenix, AZ 85028

$999,000

4 Beds

2.5 Baths

2,649 SqFt

Status Active

MLS # 6749405

Property Type Single Family Residence

Price Type --

This spacious home is located in a quiet cul-de-sac nestled at the base of the Phoenix Mountain Preserve. Offering stunning mountain views with easy access for hiking and mountain biking. 4 large bedrooms with 2 1/2 bathrooms, the 1/2 bath features a shower and a toilet perfect for pool use as it is located near a patio door. There is a 3 car garage and RV gate. No HOA. The large lot has mature landscaping, citrus trees a sparkling pool and a storage shed. Other features include travertine flooring, large patios front and rear, dual hot water heaters, new roof, one new AC unit, fresh paint inside and out. Lovingly maintained by the second owner since 1976. Very easy access to SR 51 and a few minutes to the redeveloped PV mall area with dining and shopping.

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4810 Night Hawk Loop Pinetop, AZ 85935

$999,000

3 Beds

3 Baths

1,825 SqFt

Status Active Under Contract

MLS # 6749661

Property Type Single Family Residence

Price Type --

Amazing golf course property in Pinetop Lakes Country Club. This home has never been on the market. Custom built in 1986 with exquisite attention to the architectural detail. Remodeled by Evergreen, built of cedar and expansive decking in plank ash wood. The vaulted ceiling and wall of windows in the living room are a sight to behold. Wood flooring, kitchen open to living room and decks in the front, back and off the master bedroom. 3 bedrooms and 3 baths - a split floorplan which affords privacy. The 2 car garage has storage and a work area and has direct access to the home. The master bedroom is large with a sitting area and private deck. The kitchen has stainless steel appliances and a breakfast bar. Furnishings available by separate agreement.

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8885 E Pershing Avenue Scottsdale, AZ 85260

$999,000

4 Beds

3 Baths

2,854 SqFt

Status Active Under Contract

MLS # 6753003

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 3-bathroom residence has been thoughtfully remodeled to offer modern comfort and style. As you step inside, you'll be greeted by a bright and spacious living and entertainment area. The chef's kitchen boasts sleek countertops, state-of-the-art appliances, and ample cabinetry. Retreat to the luxurious master suite, complete with a beautifully updated en-suite bathroom and generous closet space. The additional bedrooms are equally well-appointed, providing comfort and privacy. Step outside to your own private oasis,where a meticulously landscaped yard features a built-in pool and spa. You're also just moments away from Kierland and the scenic McCormick Ranch where you can enjoy fine dining,shopping,and recreational activities.

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9503 W Jj Ranch Road Peoria, AZ 85383

$999,000

4 Beds

2.5 Baths

3,097 SqFt

Status Active

MLS # 6753437

Property Type Single Family Residence

Price Type --

Welcome to your beautiful, modern, ''like new'' single-level home in Cantilena. It's a perfectly laid out, 4 bedroom, plus den, 2.5 bath home with a split floor-plan and upgrades around every corner. Enter through the cozy front courtyard into the spacious great room where the whole family can gather. The gourmet chefs kitchen offers a massive island for entertaining with quartz countertops, designer tile, high end GE Monogram SS appliances, gas cooktop, upgraded and extended cabinetry with custom drawers, and a walk in pantry. Just off the kitchen is the dining and living space along with a custom built-in modern bar. The grey neutral tile throughout the main living spaces, and the neutral carpet and paint in the bedrooms makes this home truly move-in ready. The 2 large sliding glass doors open up to the peaceful resort style backyard with no neighbor behind! The sparkling pool has a grotto with a waterfall feature, and therapy jets! Low maintenance turf, multiple seating areas, and a large side yard for bocce ball or cornhole. The 3-car tandem garage is set up perfectly as an additional entertaining space but can be used for storing all your toys to take up the road to Lake Pleasant. There's even more room behind the gate on the side yard if you need it! The community features multiple parks and grassy areas for kids to play, and has easy access to top schools, freeways, shopping and dining. Don't miss out on this amazing home!

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10446 E Monterra Way Scottsdale, AZ 85262

$999,000

3 Beds

2 Baths

2,145 SqFt

Status Active

MLS # 6754097

Property Type Townhouse

Price Type --

This is the PERFECT opportunity at The Reserve in North Scottsdale for those who don't want to worry about maintenance and upkeep or looking for a simple lock and leave. The HOA takes care of everything outside of the drywall!!! This elegant and conveniently located gated residence has all of the amenities you'd expect in a North Scottsdale community yet is just steps away from the great outdoors. Not only are you just minutes from some of the best golf courses Scottsdale has to offer, you are just FEET from Pinnacle Peak Park and less than 5 miles from the Sonoran preserve, Toms Thumb Trailhead and the Tonto National Forest. This quiet and picturesque community is centrally located to shopping and dining but still has quick and easy access to all of your favorite outdoor activities This 2145 square-foot, three bedroom two bath home beams with the pride of ownership. Upon entering, you're greeted by a spacious living area and open floor plan that seamlessly connects the living room, dining area, and kitchen, creating an ideal living space. The chef's kitchen is equipped with modern stainless steel appliances, granite countertops, a giant island for entertaining and ample cabinetry for all your storage needs. The master suite provides a peaceful sanctuary, complete with a generous walk-in closet and an en-suite bathroom featuring dual vanities, a soaking tub, and a separate shower. Two additional guest bedrooms are perfect for family or visiting friends, offering an additional room for a home office or workout space. The garage floor has brand new epoxy. This home also has a water softener and reverse osmosis. The Roof has been redone in 2022 and Exterior paint 2023.

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3130 E Cedar Drive Chandler, AZ 85249

$999,000

4 Beds

3.5 Baths

3,606 SqFt

Status Active

MLS # 6757419

Property Type Single Family Residence

Price Type --

This incredible property is nestled in a gated community and ready to make buyers' dreams come true. The 3,606 square foot home is built on a generous 12,380 square foot lot featuring a live lawn, mature trees and a welcoming courtyard. With 4 bedrooms, 3.5 baths and multiple living rooms, this house is perfect for a family looking for extra space and/or entertainers hoping to make hosting a hobby. Other noteworthy features include custom bar, largo patio, built in BBQ, sparkling pool and a 4-car garage. Located just miles from popular shopping and restaurants, buyers will learn it's a quick drive (or walk) to neighborhood favorites. The home falls within the coveted Chandler Unified School District boundary and is also a mile from Veterans Oasis Park.

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10628 E Tumbleweed Avenue Mesa, AZ 85212

$999,000

5 Beds

4 Baths

2,726 SqFt

Status Active

MLS # 6760845

Property Type Single Family Residence

Price Type --

Welcome to your Dream Home, nestled in the highly sought-after Estates at Eastmark community! This home is newer construction with impressive living space and the only home with a casita under $1 million in the Estates community! It's 1 story and has a 4 Car pass-through garage, too! The home features all of the luxurious upgrades including a gourmet kitchen with quartz countertops, ample storage space, a gas range, walk-in pantry, updated range hood and pot filler. Open and bright with an excellent, livable floor plan. Upgrades include an air purification system throughout entire home, energy efficient heating/cooling system in garage, automated blinds throughout, and added electrical outlets for convenient living. Also, Sweedish lighting & accent wall in Casita & new tile flooring in Primary Bedroom & Casita. Luxury living at its finest with sliding back patio doors that open to your backyard oasis. Lawn is low maintenance artificial turf and a blank canvass to build your Dream Backyard! It's one of the best locations in the community, backing to the Greenbelt and land on the east side for privacy and great views! Don't forget the incredible Eastmark community amenities like the pools, club, community center with gym, and much more! Sauna, hot tub, and furniture are negotiable. Welcome Home!

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25803 N 8th Avenue Phoenix, AZ 85085

$998,900

4 Beds

3 Baths

3,030 SqFt

Status Active

MLS # 6654964

Property Type Single Family Residence

Price Type --

Price drop!!!! Motivated Seller offering 2% concessions with full price offer.This Exquisite Phoenix Home with Masterful Upgrades and Horse Property Potential!Welcome to this remarkable 4-bedroom, 3-bathroom home nestled on a sprawling 1-acre lot with endless possibilities. As you step inside, you'll be greeted by the impressive upgrades that make this property stand out.Stunning Master: The master bathroom has been thoughtfully remodeled, featuring a stunning and spacious shower that exudes luxury and modernity.Instant Hot Water: Enjoy the convenience of a tankless hot water heater with a recirculating pump, ensuring you have instant hot water at your fingertips, saving you time and energy. Fresh HVAC Unit: April 2023, a brand-new east wing A/C-Heat pump unit was installed. Outdoor Oasis: The property boasts professionally landscaped grounds with pavers and an irrigation system utilizing PVC for durability. You'll appreciate the hands-free fertilizing system and strategically placed lighting that enhances the property's beauty both day and night. No HOA: Embrace the freedom of no HOA restrictions, allowing you to tailor this property to your heart's desire. Generous Space: With 4 bedrooms and 3 bathrooms, there's room for everyone to enjoy their own space and privacy and don't forget the 10 foot ceilings and solid core doors. Horse Enthusiast's Dream: If you've ever dreamed of having horses or simply desire ample outdoor space, this property is your canvas to create your equestrian paradise. 4-Car Garage: Car enthusiasts and hobbyists will adore the oversized 4-car garage, providing ample space for all your vehicles and projects. Gourmet Kitchen: The oversized kitchen is a chef's delight, offering plenty of room for culinary creations and entertaining. This exceptional property offers a rare combination of modern comforts, outdoor potential, and a prime location in Phoenix. Don't miss this unique opportunity to make it your own.

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4651 N Justin Drive Prescott Valley, AZ 86314

$998,663

3 Beds

3 Baths

2,501 SqFt

Status Active

MLS # 6710716

Property Type Single Family Residence

Price Type --

Another gorgeous Capstone Home in Jasper on an oversized lot with incredible views. This single level Farmhouse is complete and MOVE-IN-READY with washer, dryer, refrigerator and backyard landscaping. This home features 10' ceilings throughout, 8' solid core doors, hardwood flooring in living room, den, kitchen, dining, and butlers pantry; luxury grade berber carpet in bedrooms, 12'' by 24'' tile in baths, quartz countertops, and a freestanding tub in primary suite.

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10222 E Southwind Lane Unit 1043 Scottsdale, AZ 85262

$998,500

3 Beds

3 Baths

3,017 SqFt

Status Active

MLS # 6666242

Property Type Townhouse

Price Type --

Show stopping views! Discover the charm of an exquisite townhome nestled within the prestigious gated community of Golf Villas. This elegant residence welcomes you with a delightful courtyard, setting the tone for luxurious comfort. Discover rich wood floors that pave the way to a cozy space, perfectly tailored to host your cherished piano or dining table. Large living area is a haven of relaxation, featuring a warm fireplace and tastefully designed wall niches that add character to the space. The kitchen, a true culinary delight, boasts abundant cabinetry, sleek granite counters, high-quality stainless steel appliances, including convenient wall ovens, and a breakfast bar. Spacious main bedroom is a serene retreat, offering direct access to a sun-kissed balcony. Its ensuite is complete with dual sinks, a jetted tub, and a generous walk-in closet. Descend to the finished basement, where built-in cabinets and a walk-out feature enhance the living space. For added convenience, a private elevator provides effortless access to all three levels of this luxurious townhome. Step outside to immerse yourself in breathtaking views of mountains and the lush golf course from your balcony or the patio. The backyard is an oasis of leisure, featuring a built-in BBQ and a cozy seating area. The community amenities, including a pool and spa, elevate the living experience in Golf Villas. This townhome is not just a residence; it's a lifestyle offering, complete with every comfort and luxury you could desire. It's more than a home; it's a gem waiting to be discovered.

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