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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28909 N 127th Lane Peoria, AZ 85383

$989,000

2 Beds

2.5 Baths

2,610 SqFt

Status Active Under Contract

MLS # 6752135

Property Type Single Family Residence

Price Type --

HIGHLY UPGRADED 2BR, 2.5 BA + Den, Solar '' AURORA '' Nestled on a PREMIUM, PRIVATE 11,415 SF Lot in the Heart of Trilogy at Vistancia . Gourmet Kitchen includes Quartz Island and Countertops, Staggered Cabinets w Frosted Glass Doors, Roll out Drawers, Pendant Lighting, Barn Door,Gas Cooktop and New Fridge. Great Room Media Center w Floating Shelves, Stone Accents & TV Wall Mount. High End Window Treatments, 12' Coffered Ceilings w Crown Molding, Ceiling Fans, Raised Baseboards & Central Vac TO. Owners Suite Features Generous Closets, SPA like Bath w Soaking Tub, Walk In Shower & BONUS Room. BR 2 is Split & En Suite. HUGE Backyard w Heated Play Pool ,Spa,Gorgeous Landscape, Extended Patio w Fireplace, Electronic Sunshades, Built in Gas Grill & TRAEGER, Dog Run ,Turf & Snake Fencing !

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2540 W Tanya Road Phoenix, AZ 85086

$989,000

5 Beds

3.5 Baths

2,814 SqFt

Status Active

MLS # 6753086

Property Type Single Family Residence

Price Type --

Pool & Spa + 5-Bedroom 3.5-Bath home on OVER an ACRE, with a full pass-thru garage. Enjoy serene evenings on the elegant paver patio, complete with a built-in gas fire pit savoring the tranquility of cool desert nights. Newer interior & exterior paint. Step inside to an open-concept living and family room, seamlessly connected to the renovated gourmet kitchen. This chef's dream kitchen boasts upgraded cabinetry, custom slab quartz countertops, and a built-in wine fridge. Porcelain wood-look tile flooring, matte black fixtures, designer light fixtures & faucets Mountain views. The home's unique layout includes a second master suite See the document tab for all upgrades. Too many to list here Come see soon!

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41807 N Anthem Ridge Drive Phoenix, AZ 85086

$989,000

3 Beds

2.5 Baths

2,736 SqFt

Status Active Under Contract

MLS # 6753251

Property Type Single Family Residence

Price Type --

Welcome to your dream home, perfectly situated on an elevated golf course lot with breathtaking views of the Sonoran Mountains! This stunning property allows you to watch golfers on the picturesque par-3 hole while you entertain friends by your gorgeous pool, bake pizza in your charming wood-burning oven, or grill on your built-in BBQ. Step inside to discover a light and bright open floor plan, featuring expansive windows, a neutral color palette, and stylish tile flooring throughout. The eat-in kitchen is a chef's delight, showcasing beautiful cherry cabinets, sleek black granite countertops, stainless steel appliances, a gas cooktop, a built-in refrigerator, a convenient home organizing desk, abundant storage, and a spacious food prep island... Retreat to the enormous primary bedroom, thoughtfully separated from the other bedrooms, which boasts a remodeled walk-in shower, a luxurious soaking tub, dual sinks, and an expansive walk-in closet. Need a dedicated workspace? The office/den is perfect for working from home, ensuring productivity in a serene environment. The remodeled secondary bath features a modern walk-in shower, offering your guests a comfortable experience. Additionally, the three-car garage comes equipped with an EV charger for your convenience. As a member of Anthem Golf and Country Club, you will enjoy a social membership that grants access to two state-of-the-art gyms, two inviting pools, relaxing hot tubs, a steam room, a sauna, tennis and pickleball courts, a stunning 16-acre catch-and-release lake, and scenic walking and biking trails. Separate golf memberships are also available for avid golfers. Don't miss this incredible opportunity to live in luxury and enjoy all the amenities this exceptional community has to offer!

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21637 N 59th Terrace Phoenix, AZ 85054

$989,000

3 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6754037

Property Type Single Family Residence

Price Type --

Lightly lived in, low maintenance & highly efficient D.R. Horton 'McCormick' model home - the perfect blend of style & convenience! It features a tankless hot water system, 14-Seer Carrier AC, & synthetic turf backyard which sides open space behind for added privacy. Entertaining is made easy with the gourmet kitchen & expansive quartz counter island, 5-burner gas cooktop, under counter lighting, stunning pendant lights, surround sound speakers, & large walk-in pantry. This one-level home has no interior steps & 3-car tandem garage to stable multiple vehicles/toys w/ plenty of overhead storage. Located in the very popular Talinn at Desert Ridge - a gated development minutes from City North & Desert Ridge Marketplace, where shopping, entertainment, fine & causal dining collide. Skip the wait of building...this stunning move-in ready home is available now! [Builder had a $40,000 lot premium on this location]

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207 N Parkview Court Litchfield Park, AZ 85340

New

$989,000

4 Beds

5 Baths

3,552 SqFt

Status Active

MLS # 6755497

Property Type Single Family Residence

Price Type --

Exquisite Litchfield Park home with Contemporary interior finishes. Luxury and convenience in a coveted, desirable location! Tall ceilings, natural polished stone flooring, radiant light floods home throughout the day and makes this open floorplan an inviting sanctuary for you and yours. 4 spacious bedrooms in Main House feature huge closets and black-out window treatments ensuring your privacy and comfort. Private Casita with seperate entrance offers in-suite bathroom and comfort, just perfect for guests or multigenerational living. Entertaining Oasis style backyard with private pool and heated spa. Cul de sac corner-lot, one of largest in community, and steps away from Aleppo Community Park; volleyball, basketball, ramadas, playground, soccer field, etc. Top rated schools . )

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6420 E Palm Lane Scottsdale, AZ 85257

$989,000

3 Beds

3 Baths

2,000 SqFt

Status Active

MLS # 6757733

Property Type Single Family Residence

Price Type --

Beautiful top-to-bottom REMODELED home in the highly sought-after Hy-View neighborhood in Scottsdale! Great curb appeal with a lovely landscape front yard, a 2-car garage, and a paver driveway & front patio. The immaculate interior boasts a spacious open layout that promotes a modern feel! Enhanced by fresh neutral paint, recessed lighting, chic light fixtures, wood-flooring, & tons of natural light. You'll love the French doors merging the inside/outside activities. The renewed kitchen has sleek GE appliances w/wine cooler, quartz counters, tile backsplash, white shaker cabinetry, & a center island. Large main bedroom features a sitting area, outdoor access, a walk-in closet, & a spotless bathroom. You won't be disappointed in the beauty and craftsmanship in this property!

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2942 S First Water Lane Gold Canyon, AZ 85118

$989,000

3 Beds

3 Baths

2,715 SqFt

Status Active

MLS # 6759346

Property Type Single Family Residence

Price Type --

MANY GORGEOUS UPDATES, AWESOME LOCATION, PRIVATE CASITA, this stunning home has so much to offer! In addition to the fully remodeled kitchen, the newest updates include 24'x48'' beautiful porcelain tile, fully remodeled primary bathroom suite, 3 new AC units, new tankless water heaters, California Closets, brick wall facade in office and so much more! Your Chef's kitchen features custom white oak cabinets with built-in Thermador 52 bottle wine fridge, quartz counters with waterfall island and Viking appliances. Very private location with green belt to one side, views of the 18th green of the Prospector Course with lake and clubhouse views, you can walk to the fitness center in the morning and to the clubhouse later for dinner and drinks! The sunsets are spectacular here! The beautiful primary suite bath includes a freestanding tub, new tile shower, custom vanities and California Closet system! You'll love all the extras this home offers such as two-way fireplace, built-in entertainment cabinet, pendant lighting, undermount outlets in kitchen, LED lighting, recessed overhead lighting, upgraded USB outlets, dimmable light switches, whole home water filtration system and a spacious garage with EV charging system and epoxy floors. Some home furnishings included. So much to see here, Superstition Mountain is a great place to live and play. The Club features two 18-hole Jack Nicklaus designed courses, fully remodeled clubhouse with fine and casual dining, patio dining, bocce ball, pickleball, fitness center, special events and fabulous friends and neighbors! Come to the Mountain, you'll be happy you did! Golf and social memberships are optional and available under separate agreement.

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9576 W Blue Sky Drive Peoria, AZ 85383

$989,000

5 Beds

3.5 Baths

3,750 SqFt

Status Active

MLS # 6761354

Property Type Single Family Residence

Price Type --

Gracious living at its finest! This stunning 5-bedroom property in the gated Pleasant Valley has all the bells & whistles. Starting with a great curb appeal, professionally manicured landscape, RV gate & parking, and a 3-car garage w/extended driveway. Fabulous interior ''shouts'' attention to detail t/out! High-vaulted ceilings add to the spacious feel, complemented by plantation shutters, elegant light fixtures, designer paint, tons of natural light, and tasteful flooring - tile & soft carpet. Large living room, formal dining room, & versatile den are some attributes that can't be left unsaid. The inviting family room opens to the kitchen, allowing a greater traffic flow. The gourmet kitchen boasts granite counters, a breakfast bar, and built-in appliances w/cooktop gas & double ovens. The pantry and wood cabinetry w/wine rack ensure ample storage! The oversized main bedroom has French doors to the back and an ensuite with dual sinks, a soaking tub, a separate shower, & a walk-in closet. One secondary bedroom includes its own bathroom as well. For added convenience, the laundry provides a sink & attached cabinetry. The impressive backyard offers amenities for year-round entertaining or relaxing in solitude with your loved ones! A covered patio, lush lawn, and a refreshing pool & spa complete the picture. This gem is truly a DREAM home. See it! Love it! Live it!

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2744 S First Water Lane Gold Canyon, AZ 85118

$988,900

3 Beds

3 Baths

2,705 SqFt

Status Active

MLS # 6759587

Property Type Single Family Residence

Price Type --

ABSOLUTELY GORGEOUS VILLA backing to the championship tee on the 18th HOLE of the Prospector course at Superstition Mountain Golf and Country Club!! STUNNING CURB APPEAL highlighted by a beautiful CUSTOM stone façade. THE HOME HAS BEEN HIGHLY UPGRADED,AND HAS A WONDERFUL LIGHT AND BRIGHT FEEL. It is the most popular Palermo model featuring an OPEN FLOORPLAN, large master bedroom with luxurious bathroom, guest bedroom with ensuite bathroom and den/bedroom also with private bath. The home features BEAUTIFUL TRAVERTINE FLOORS and custom window coverings throughout providing an elegant feel. Great room includes kitchen with GRANITE COUNTERTOPS, top of the line appliances, INCLUDING BUILT-IN WINE FRIDGE. The spacious family room includes a fireplace for ambiance, a high vaulted ceiling, and light bright windows and sliding doors which connect to outdoor living. The BACKYARD IS AN OUTDOOR LOVER'S DREAM with multiple sitting areas, BUILT-IN BBQ, FIREPIT, and CUSTOM FIREPLACE to enjoy the cool winter evenings. The home backs to the 18th tee which feels like an extension of the backyard and because it is the championship tee it gets little activity. There is also an ENCLOSED INNER COURTYARD for maximum privacy with hardscape and water feature. This home is PERFECTLY LOCATED with a short walk to the Clubhouse and Sports Club.

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27657 N 73rd Drive Peoria, AZ 85383

$988,053

4 Beds

4.5 Baths

3,505 SqFt

Status Active

MLS # 6746327

Property Type Single Family Residence

Price Type --

This BEAUTIFUL NEW 2024 home on a premium lot backing to common area is OVERFLOWING w/over $170k of DESIGNER upgrades! Professionally landscaped front yard w/faux grass and paver driveway! GOURMET kitchen w/gas cooktop, quartz countertops, waterfall island, urban cabinets + stainless appliance suite incl. fridge! Great room/dining room w/tons of windows and multi-sliding door for indoor/outdoor living! CUSTOM built-ins in dining room! Separate office or den + a BIG loft! PRIVATE primary bedroom suite w/coffered ceiling and barn door to LUXURIOUS ensuite bath w/walk-in shower! Bring your own backyard design to this HUGE backyard w/covered porch and create the oasis of your dreams! This property has too many upgrades to list here! Come see for yourself. Welcome HOME!

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16837 S 18th Way Phoenix, AZ 85048

New

$988,000

5 Beds

3.5 Baths

3,430 SqFt

Status Active

MLS # 6751148

Property Type Single Family Residence

Price Type --

Do you enjoy your privacy while being close to it all? This stunning home is situated in the coveted Foothills in Ahwatukee/Phoenix near freeway access and golf amenities. It boasts a large backyard with a sparkling pool for your quiet retreat or for frequent entertaining. Nestled within a foothill, the home has no neighbors to the north or east of the property. There is plenty of room for family and guests with 5 bedrooms and 3.5 baths. The primary suite is conveniently located on the first floor with a large primary bathroom and soaking tub, and a second bedroom suite is located on the second floor away from three additional spacious bedrooms. Upstairs also features a versatile loft perfect for a home office, play area or reading area. There is ample parking and storage with a three-car garage and build-in cabinets. This type of home is a rare find, combining modern upgrades throughout the home with exceptional privacy and views! Dont miss the beautiful new roof with updated tiles in a beautiful and modern earth tone shade!

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2941 W Sunbeam Lane Queen Creek, AZ 85142

$987,500

5 Beds

4 Baths

3,122 SqFt

Status Active Under Contract

MLS # 6728690

Property Type Single Family Residence

Price Type --

Just completed! Check out this beautiful New 5 bedroom 4 full bathroom custom home on AN 1.25 ACRE lot with NO HOA! Spacious great room plan with gourmet kitchen, White Cabinets, induction cooktop, subway tile, stainless steel appliances, full fridge and freezer, custom quartz counters, and walk-in pantry. Master suite has it all!! Private porch access, dual vanities, separate tub and shower. Huge walk-in closet. Front office /den with double doors. Front Bedroom / In Law Suite with private entrance and private bath. Large laundry room with sink and cabinets. Oversized 3 car garage. Block Wall Fenced Yard. Front yard desert landscaping on Paved Rd. With No HOA! Builder paying $15,000 towards closing costs with preferred lender.

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