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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16385 W Yuma Road Goodyear, AZ 85338

$995,000 - 5Br/4Ba -  for Sale in Sarival Gardens, Goodyear
Open House
$995,000
5 Beds
3.5 Baths
3,774 SqFt
Status Active
MLS # 6697999
Property Type Single Family Residence
Price Type --
Luxury Redefined: 5 Bedroom Custom Estate with Pristine Features. Located on a sprawling lot of over an acre, this exquisite custom home blends sophistication with practicality, offering the perfect sanctuary for families and entertainers alike. Boasting 5 generous bedrooms and 3.5 lavish bathrooms, including a self-contained casita with its own full bathroom, this residence ensures comfort at every turn. Step inside to discover a grand open-concept kitchen featuring sleek granite countertops, a glass tile backsplash, and top-of-the-line stainless steel appliances. The breakfast bar opens seamlessly into a cozy living room, anchored by a stylish gas fireplace, creating an inviting space for gatherings. The master suite is a true retreat, complete with a sliding glass door leading to the lush backyard, a sunken bathtub with jets for ultimate relaxation, a modern snail shower, dual sinks, and a separate walk-in closet. A Jack and Jill bathroom mirrors this luxury with a sunken tub, surrounded by chic tile and granite countertops. Functionality meets style in the large laundry room, equipped with ample cabinetry, a sink, and granite countertops. Outside, the expansive covered patio is an entertainer's dream, featuring a built-in BBQ, a vast grass area, and a stunning pool, perfect for Arizona's sunny days. Also, the backyard is a coveted irrigated lot. Located conveniently close to shopping and freeway access to both the 303 and I-10, this home offers both privacy and accessibility. Whether it's luxurious living or high-end entertaining, this property promises to deliver an unmatched lifestyle. Make this breathtaking estate yours and indulge in the sophistication and comfort it offers every day.

7337 W Lisbon Lane Peoria, AZ 85381

$994,700 - 4Br/3Ba -  for Sale in Acoma Estates, Peoria
Open House
$994,700
4 Beds
2.5 Baths
3,061 SqFt
Status Active
MLS # 6629568
Property Type Single Family Residence
Price Type --
New luxury home under construction at Acoma Estates, a gated enclave of 30 homes on oversized lots. This Ocotillo plan with a Classic Modern elevation offers 3061 Sq. Ft. 3-Car Garage plus a 44 ft long RV Garage. Great Room, Den and amazing gourmet kitchen. Located inside the Loop 101, convenient to Arrowhead, P83 District! * This home is currently in the early stages of construction and there's time to personalize the design. 25K builder incentive toward options/upgrades! * Photos are of Model *

4490 S Rio Drive Chandler, AZ 85249

$994,500
5 Beds
3.5 Baths
4,770 SqFt
Status Active
MLS # 6725098
Property Type Single Family Residence
Price Type --
Lot size and Location! This stunning home in a gated community sits on a spacious half-acre lot with an inviting front porch, 3-car garage, and a diving pool. Inside, you'll find soaring ceilings, a calming color palette, and brand new carpet. The formal living areas are excellent for hosting and entertaining guests! The kitchen is a dream with an expansive island, butler's pantry, copper hood vent, and wood cabinetry with crown molding. Room for everyone in the spacious family room. Downstairs guest bedroom, and a huge upstairs bonus room. Also upstairs, three large secondary bedrooms. Luxurious primary suite with a sitting room, private balcony, and 2 walk-in closets! Minutes from schools, parks, shopping, restaurants.

2636 E Lupine Avenue Phoenix, AZ 85028

$994,500
4 Beds
2.5 Baths
2,893 SqFt
Status Active
MLS # 6754003
Property Type Single Family Residence
Price Type --
Make yourself at home in this beautiful 4-bedroom haven showcasing a sparking pool! Displaying a 2-car garage and RV gate. Once inside, you'll immediately notice tile flooring, tall vaulted ceilings, graceful archways, plantation shutters in some windows, stylish light fixtures, and skylights allowing bountiful natural light. You'll have a formal dining room and a spacious great room enhanced by a floor-to-ceiling stone fireplace and a wet bar. The kitchen offers SS appliances, plenty of cabinetry, and a breakfast nook w/a lovely bay window. Romantic primary retreat includes plush carpet, AZ room access, an ensuite w/dual sinks, and a walk-in closet. Don't forget about the HUGE AZ room w/French doors! Easy-care backyard provides a diving pool and a storage shed. This gem has it all! Enclosed living Arizona room is included in the square footage, as well as a bonus room. This is a property that you want to see in person before is gone!

9035 E Lupine Avenue Scottsdale, AZ 85260

$994,500
5 Beds
3 Baths
2,781 SqFt
Status Active
MLS # 6703094
Property Type Single Family Residence
Price Type --
This charming remodeled Contemporary home is located on a quiet cul-de-sac street and across the street from the entrance to a PRIVATELY GATED subdivision park. Gorgeous all new high-end surfaces and paint in 2023. This home features high ceilings throughout with a kitchen open to the family room for seamless living and entertaining. The main level has wood grained tile flooring. Also, featured are Modern, updated baths and a spacious primary suite. The back yard has a large play area to the side and sparkling pool which was just resurfaced. The garage features B/I cabinets and epoxy flooring. Located with easy access to the 101 as well as neighborhood shopping and dining. Honor Health hospital is minutes away. Nearby schools, restaurants, golfing. Great LOCATION!

2539 E Russell Street Mesa, AZ 85213

$994,013
4 Beds
3.5 Baths
2,688 SqFt
Status Active
MLS # 6743965
Property Type Single Family Residence
Price Type --
Almost Completed beautiful quick move in home! This Incredible home sits on one of the top lots on the Model Row! Nice open space with trees behind you. Featuring 12 Ft Ceilings on this single level home is a showstopper, Private front courtyard, Nice 3 car Garage split, Oversized extended covered patio, wood look flooring throughout, Quartz, Upgraded kitchen with gourmet chef's appliances Completed with design upgrades and stunning finishes. Even the garages are 12Ft ceilings bring your toys and car lifts! (Photos are of model)

841 E Canyon Way Chandler, AZ 85249

$994,000
5 Beds
3.5 Baths
4,608 SqFt
Status Active
MLS # 6750482
Property Type Single Family Residence
Price Type --
Beautiful home with Heated Pool and Spa and outdoor kitchen for BBQ. Swim up bar and sucken BBQ. Beautiful view of the lake behind the house. 3 car Garage. The home has hardly been lived in for the past 7 years as it is owned by a Canadian company and are only down here for some winters. The home is a must see inside. Possibly fully furnished, depending on interest and agreements by both parties

1 Easy Street Unit 4 Carefree, AZ 85377

$993,886
3 Beds
3.5 Baths
1,847 SqFt
Status Active
MLS # 6696833
Property Type Townhouse
Price Type --
This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suites. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce Ball Court. Within steps of your door, Fine Restuarants, World Class Art Galleries, Live Music Venues showcasing talented Artists, and Boutiques featuring high end fashion. You'll also find conveniences like living within a upscale village, with a Grocery Store, Post Office, Banks, Hardware Store, Gas Station, Spa's, Wine Bar, and much more, all within moments from your doorstep. Relax and unwind on the large covered patios or indulge in the views from your private viewing deck. With its ideal location just blocks away from Carefree's sister city Cave Creek and a short seven minute drive to North Scottsdale, you'll have endless opportunities for entertainment and exploration. It's no wonder that Carefree is considered one of Arizona's premier places to live. Experience it firsthand at The View Carefree as you live the life of your dreams right here in this extraordinary community! Come see for yourself how sweet life can be at The View Carefree! Please note: Price Sheet and Floor Plans for All Available Units can be found under the Documents Tab.

15608 E Cholla Drive Fountain Hills, AZ 85268

$991,900 - 4Br/4Ba -  for Sale in Fountain Hills Arizona No. 603b, Fountain Hills
New
$991,900
4 Beds
3.5 Baths
2,794 SqFt
Status Active
MLS # 6762576
Property Type Single Family Residence
Price Type --
A truly one of a kind custom built home on view lot. This unique, warm & welcoming floor plan has great flow & exudes pride of ownership. From the stunning Iron front door, enter into this inviting space w/the formal living & dining rooms /3 way fireplace/custom flagstone & Brazilian wood floors...you can just feel the richness! Split floorplan w/the comfortable Master suite completely separate allowing for total privacy. Master bath has a custom snail shower w/bench, dual vessel sinks & alder cabinets. The Chef's kitchen w/top of the line granite & alder cabinets w/pull outs, appliance garage/built in hutch & more overlooks the spacious family room w/double sliding doors to the lush retreat like back yard w/covered patio & Ftn views The sparkling pool/spa/& waterfall...MORE. ...are a welcome site after a long day! A HUGE bonus is the attached guest casita. This special space will welcome family & guests alike, with gorgeous knotty alder cabinets, a murphy wall bed, lots of storage, beautiful bath with custom walk in shower/vessel sink & more! This artistic home is filled with nooks, arches & pot shelves. There is plenty of room for your special art. the 4th bedroom was the 3rd bay of the garage and can be transformed back if desired. There are so many wonderful features of this home, it's hard to list them all here...take a look at the documents section for a full list.

26405 N 19th Drive Phoenix, AZ 85085

$990,990
5 Beds
4 Baths
3,866 SqFt
Status Active
MLS # 6729268
Property Type Single Family Residence
Price Type --
With 5 beds, 4 baths, study, retreat and 3 car garage, this home provides the space needed to entertain family and friends as well as the perfect place for a cozy night alone with a good book. Designer appointed 6''x 36'' plank tile flooring, accent lighting, GE stainless appliances with refrigerator, silver gray and white shaker cabinets & upgraded quartz countertops shine in the chef's kitchen, while the owner's bath also includes quartz tops & upgraded surfaces from floor to ceiling...WOW! Abundant natural light thru large, picturesque windows, a 12' sliding glass door and 8' doors throughout highlight 10-12' flat ceilings & open sightlines. Like to shop? Tremendous closet space & storage; 2x6 construction & new home warranty.

2702 Majestic Elk -- Overgaard, AZ 85933

$990,000
3 Beds
2.5 Baths
1,800 SqFt
Status Active
MLS # 6696250
Property Type Single Family Residence
Price Type --
5.20-Acres Treed lot backs to the National Forest. With Oversized 750 sf 2-Garage and Detached Guest Casita with 1/2 bath. Covered Entry with wrap around trex decking & Covered patio with Metal Railing, Island Kitchen with Granite Countertops & Island with tile backsplash, stainless appliances, New Microwave, Large Primary suite with large shower and w/i closet with built in Dresser & built in Sauna, Vaulted Ceilings with Tongue & Groove Ceilings, Ceiling fans, Wood Stove in Great Rm with built in speakers & TV, Wood flooring thru-out & Tile in Baths, Built in Murphy bed in 2nd bedroom, *3rd bedroom as Guest Castia, Recessed Lights Media Closet, Energy efficent wood casement dual pane windows, 16-foot sokder door backs to Cov.Patio with yard and pavers & Fireplace & SPA to convey, Welcome to your serene sanctuary nestled next to the majestic Sitgreaves National Forest! Imagine waking up to the symphony of birdsong, Elk bugling and the gentle whisper of the large pines, all from the comfort of your own home. Situated on a sprawling 5-acre parcel, this property offers unparalleled tranquility and a deep connection with nature. Explore miles of trails right from your doorstep, immersing yourself in the beauty of the wilderness. Encounter wildlife in its natural habitat as deer, elk and wild horses graze right outside your windows. Whether you're an avid hiker, a nature enthusiast, a hunter or simply seeking solace away from the hustle and bustle, this is the place for you. Step inside your retreat, where luxury meets comfort. Relax and unwind in your very own built-in dry sauna or soak away your cares in the inviting hot tub, surrounded by the sights and sounds of the forest. For the avid golfer, indulge in your passion with the convenience of air conditioned space off the garage featuring a state-of-the-art golf simulator with half bath, or easily convert it into an additional bedroom for guests or family members. The heart of the home beckons with a spacious great room with large windows facing the forest, offering versatility to add an extra bedroom or create the perfect entertainment space. Designed for year-round comfort, both the house and garage boast foam insulation, ensuring energy efficiency and coziness in every season. Say goodbye to maintenance headaches with an exterior that's virtually maintenance-free, featuring engineered siding, durable metal railings, and Trex decking that stand the test of time. Outside, luxuriate in the lushness of your irrigated lawn and large paver patio with fire pit, perfect for outdoor gatherings or simply basking in the natural beauty that surrounds you. Don't miss this rare opportunity to own a slice of paradise, where every day feels like a retreat and the wonders of nature are your constant companion. Welcome home to your own private oasis.

6442 W Ruin Hill Loop Pine, AZ 85544

$990,000
3 Beds
4 Baths
2,240 SqFt
Status Active
MLS # 6715872
Property Type Single Family Residence
Price Type --
Live Your Mountain Dream in Portal IV! Luxurious Multi-Level Home with Breathtaking Views & Privacy Unparalleled Location: This stunning 2,240 sq ft multi-level home sits on a coveted .53-acre parcel in desirable Portal IV. Bordering the 15-acre HOA Nature Preserve, the property offers spectacular panoramic mountain views that will leave you breathless. Witness nature's majesty unfold with the four mild seasons, from your expansive wrap-around deck, Luxury Meets Functionality: Inside, discover a meticulously designed living space. The main level features a grand stone fireplace in the great room, accentuated by new floor-to-ceiling windows that seamlessly blend the beauty of the outdoors with the warmth of the interior. The kitchen boasts new granite countertops, a breakfast bar, and a propane range nestled amongst ample cabinetry. A conveniently located half-bathroom, large utility room with washer, dryer, new RO system, sink and new cabinets completes the main level. Down stairs are two bedrooms. The huge suite downstairs offers a private haven, featuring a fireplace and direct access to the serene backyard, where you can soak in the incredible views. The bedroom in the upstairs loft is very spacious and open. All three bedrooms boast the luxury of en-suite bathrooms for ultimate privacy. Two spacious garages with a new paver driveway allow parking for at least 6 vehicles. This property is a true haven for nature lovers. Encounter majestic eagles, deer, and elk roaming the surrounding area. Experience all four mild seasons in the captivating mountain community of Pine, AZ. Portal 4 has it's own water district that boasts a 250,000-gallon storage tank with a 2500-gallon compression tank, ensuring the community continuous water supply. Don't miss this rare opportunity! *The home is turn key-move in ready with all furnishings available on a separate agreement.*

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