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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13440 N 13th Street Phoenix, AZ 85022

$985,000 - 5Br/4Ba -  for Sale in Moonridge Estates Pointe Mountainside Golf Community, Phoenix
Open House
$985,000
5 Beds
3.5 Baths
4,057 SqFt
Status Active
MLS # 6750418
Property Type Single Family Residence
Price Type --
''COME'' see this true 5Bed/3.5Ba/4 Car garage home in the The Pointe Mountainside Golf Community. Enter a light and bright living/dining room with beautiful herringbone wood floors. Open spacious kitchen with stainless steel appliances and granite counters looking onto a large warm family room w/ fireplace. Walk out to a serene back yard with a sparkling saltwater pool and waterfall. Large laundry room with built-ins and wash sink. H2O Concepts whole house water system installed. Huge Primary bedroom has a great walk-in closet with custom built-ins .Walk out onto the balcony and enjoy amazing sunsets. All bedrooms are large and have spacious walk-in closets. One bedroom downstairs with an en suite bathroom. Enjoy this wonderful community.

11619 E Appaloosa Place Scottsdale, AZ 85259

$985,000
3 Beds
2 Baths
2,363 SqFt
Status Active
MLS # 6753078
Property Type Single Family Residence
Price Type --
Welcome to this stunning SINGLE-LEVEL home in the highly desirable, 24 hour guard-gated community of Stonegate in North Scottsdale. This thoughtfully designed residence offers a sought-after SPLIT FLOORPLAN with 3 BEDROOMS, 2 BATHROOMS, and VAULTED CEILINGS throughout the main living areas, creating an open and airy feel. As you enter, you're greeted by a LIGHT and BRIGHT living & dining area with large windows that frame views of the lush backyard. In the LARGE EAT-IN KITCHEN, you'll find GRANITE COUNTERTOPS with a FULL GRANITE BACKSPLASH, complimented by elegant cabinetry offering ample storage, including pull-outs in the cabinets for added convenience. The kitchen has a LARGE KITCHEN ISLAND and is equipped with STAINLESS STEEL APPLIANCES including a newer BOSCH DOUBLE OVEN with microwave and a 5-burner electric cooktop (2023). The adjacent great room features a cozy GAS FIREPLACE and a versatile BUILT-IN BAR AREA perfect for a coffee or wine setup, making it an ideal space for entertaining. The PRIMARY SUITE is a private retreat with vaulted ceilings, large windows with SHUTTERS, and a door to the patio. The ensuite bath offers a LARGE JETTED TUB, SEPARATE WALK-IN SHOWER, double vanity with granite counters, and safety grab bars and comfort height toilet for accessibility. The two guest bedrooms feature vinyl plank floors, shutters, ceiling fans, recessed lighting and built-ins in the closet, providing comfortable accommodations for family or visitors, or a great home office.The LAUNDRY ROOM has white cabinetry with plenty of storage space, granite countertop, a crushed black granite sink and upgraded faucet. Step outside to your PRIVATE BACKYARD OASIS with a COVERED PATIO, recessed lighting, and mature lush landscaping. RETRACTABLE AWNINGS offer additional shade. Recent updates include NEW ROOF (Sept 2024), TWO NEWER HVAC UNITS (2023) POLYBUTYLENE PIPES have been replaced with PEX (2017). The home also features a 2-CAR ATTACHED GARAGE with EPOXY FLOORS, and built-in storage. The home also has a Scale Blaster for Hard water which is an eco-friendly solution to a water softener that takes up a lot less space! STONEGATE residents enjoy RESORT-STYLE amenities such as a junior-size Olympic pool, whirlpool spa, 7 tennis courts, 2 pickleball courts, half court basketball, playground, private clubhouse, ramada equipped with BBQ grills and an outdoor kitchen, and miles of walking, jogging, and biking trails that wind through the community's lush greenbelts and open spaces, all set against the backdrop of McDowell Mountains. With easy access to airports and the 101 freeway, Scottsdale's top shopping, dining, and recreational spots, this home offers the perfect blend of luxury and convenience. Don't miss your chance to own this beautiful Stonegate gem!

7709 E Via Montoya -- Scottsdale, AZ 85255

$985,000
4 Beds
2 Baths
2,366 SqFt
Status Active Under Contract
MLS # 6754822
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the desirable Sonoran Hills community in Scottsdale! This beautifully remodeled single-level residence boasts 4 spacious bedrooms and 2 well appointed bathrooms, perfect for anyone seeking a comfortable and stylish living space. Step inside to discover a fresh, modern aesthetic with updated finishes throughout. The open floor plan creates a seamless flow between the living areas, ideal for entertaining and everyday living. The heart of the home features a splendid kitchen with granite countertops, stainless steel appliances, and ample cabinet space. Retreat to the expansive owner's suite complete with a walk-in closet and a spa-like ensuite bathroom featuring dual sinks, a soaking tub, and a separate shower.

4509 E Blanche Drive Phoenix, AZ 85032

$985,000
4 Beds
2.5 Baths
3,139 SqFt
Status Active
MLS # 6755367
Property Type Single Family Residence
Price Type --
Immaculate Home In PV Lite! Spacious kitchen featuring upgraded cabinetry, tile backsplash, large pantry, wine or coffee bar & lots of natural light. The floor plan has a large living room & formal dining room w/ amazing wood floors & family room w/ projector TV & integrated theater surround sound. The over-sized primary suite offers more amazing wood floors, stone fireplace, sitting area, luxurious master bath w/ custom walk-in shower w/ extensive tilework/lighting & designer walk-in closet. The resort escape backyard boasts a covered patio w/ expanded travertine tile, pergola, grassy area, mature landscaping, citrus trees & magnificent renovated pool. There are so many extras including custom lighting, plantation shutters, Universal Windows in 2017, & energy/cost saving owned solar.

6095 W Mira Road Prescott, AZ 86305

$985,000
3 Beds
2.5 Baths
2,331 SqFt
Status Active
MLS # 6755513
Property Type Single Family Residence
Price Type --
This home is truly impressive, showcasing top-notch builder upgrades throughout. The chef's kitchen is a standout, boasting an expansive island, Bosch appliances, a 5-burner gas cooktop, double ovens, and both a walk-in and butler's pantry. The spacious dining area features a double slider door that leads to a covered patio, perfect for taking in stunning views. With 3 bedrooms, 2.5 bathrooms, and an office/flex room, there's plenty of space for comfortable living. The master suite is a luxurious retreat, offering dual sinks, a walk-in tiled shower with upgraded rain glass, a walk-in closet, and patio access. The split bedroom floorplan includes two large guest rooms and an additional bathroom. The laundry room is well-appointed with cabinets, a utility sink, and quartz counters. Outside, you can unwind on the patio under a pergola with breathtaking views of Granite Mountain. The .52-acre lot backs to HOA open land, providing added privacy and space.

10808 N 43rd Street Phoenix, AZ 85028

$985,000
4 Beds
2.5 Baths
1,885 SqFt
Status Active
MLS # 6756284
Property Type Single Family Residence
Price Type --
Welcome to this updated modern home situated on a premium 16,000sq.ft lot, located in the heart of the Paradise Valley Mall redevelopment corridor where convenience and high end amenities sit just around the corner. Featuring 4 bedrooms and 2.5 bathrooms, this open concept home offers a large living room and sitting area that flows nicely into your dining room and chef's kitchen, which includes a breakfast nook with separate back patio access. The primary bedroom is spacious with tons of closet space and updated dual vanity bathroom with walk-in shower. The pool was just completely redone with new pebble tec, pool equipment, pool heater and lights! The oversized backyard offers expansive covered patio space, large grassy area, sport court and plenty of room to add more amenities for your enjoyment. This is an awesome opportunity to own property in a great part of town and in a home that is move in ready!

29512 N 128th Lane Peoria, AZ 85383

$985,000
3 Beds
3.5 Baths
2,984 SqFt
Status Active
MLS # 6759585
Property Type Single Family Residence
Price Type --
This home is a Combination of Beauty & Amenities Galore! On Golf Course w/ Gorgeous Mtn Views. Enjoy entertaining in Resort Style backyd w/Awesome Sunsets, a lighted Pergola w/Heated Spa, a Serene Fountain & Firepit. Perfect for entertaining & guests will love the privacy offered by the PRIVATE CASITA! Interior is Open Concept Living with updated Center Island Kitchen w/New Quartz countertops, New Commercial Refrig/Freezer, New Gas range w/Custom Hood + Dual wall ovens for a total of 3 Ovens, New RO system + a Butler Pantry/laundry rm. Great room has Wet Bar & Gas Firepl. In addition to 2nd Ensuite Bedrm there is a Flex Room w/courtyard entry, + a Den with Separate Courtyard. Owned Solar w/Vehicle charging, New A/C in 2023, Master w/new remote blinds. See docs tab for amenities lis

9764 E Dreyfus Avenue Scottsdale, AZ 85260

$985,000 - 4Br/2Ba -  for Sale in Sweetwater Ranch Foothills At Sweetwater Ranch, Scottsdale
Open House
New
$985,000
4 Beds
2 Baths
2,229 SqFt
Status Active
MLS # 6763857
Property Type Single Family Residence
Price Type --
Seller wants it SOLD! This beautifully remodeled residence by BRoc Construction boasts designer finishes throughout and is perfectly situated in one of Scottsdale's most sought-after neighborhoods. This spacious home offers 3 bedrooms plus an office that can easily be converted into a 4th bedroom, making it perfect for families or those needing extra space. Step inside to discover an open floorpan with new luxury vinyl plank floors throughout that provide a sleek and modern feel. The updated kitchen features a large island, stunning new cabinets, quartz countertops & stainless steel appliances. Both bathrooms have been thoughtfully updated with new cabinets, tile & contemporary fixtures and finishes that elevate your everyday experience. Outside, enjoy a sparkling new PebbleTec pool oversized covered patio & spa. With a spacious extended 2-car garage with a work space this home is a true find. You'll be just minutes away from top-rated schools, dining, shopping, the freeway and outdoor activities. Experience the best of Scottsdale living in this beautifully appointed home. Don't miss your chance to own this beautifully designed residence!

7141 E Rancho Vista Drive Unit 5005 Scottsdale, AZ 85251

$984,999
2 Beds
2 Baths
1,233 SqFt
Status Active
MLS # 6682197
Property Type Apartment
Price Type --
*SELLER FINANCING AVAILABLE IN THE LOW 5'S* This 5th floor luxury remodeled condo with Camelback Mountain views offers the perfect blend of modern sophistication and natural beauty, providing you with an exquisite living experience. As you enter, you are greeted by an elegant and modern interior design, characterized by sleek lines, high-end finishes, and tasteful decor. Finally, step out onto the balcony to fully appreciate the Camelback Mountain views. The balcony is designed to allow you to relax and soak in the beauty of the surrounding landscape. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, & so much more

1432 E Zion Way Chandler, AZ 85249

$984,900
6 Beds
3.5 Baths
4,077 SqFt
Status Active
MLS # 6743636
Property Type Single Family Residence
Price Type --
Rare Chandler basement home is now available in Geneva Estates! Superb homesite, situated with large backyards directly behind the home and excellent curb appeal this spacious property will provide all of your needs. 6 bedrooms, plenty of storage, and a basement / media room with wet bar included, the home is filled with upgrades. The gourmet kitchen has professionally painted cabinetry, including crown molding, pull out drawers and storage, stainless steel appliances with wall oven, and is open to the great room with a stonewall fireplace to create cozy family memories. The front living and dining room has built in shelving and desks, plantation shutters, large entry door with a security door. Other upgrades include brand new AC unit, brand new carpeting, brand new exterior paint, brand new water heater, 3 car garage with floor epoxy, updated lighting fixtures, prewired for surround sound, large covered patio with built in storage benches and area for outdoor kitchen/bar, sleek plank tile flooring, 8' solid core doors, front porch with tile flooring, the list goes on. The oversized master bedroom has access to the back patio and a large walk in closet. The additional bedrooms are spacious and be sure to check out all of the storage both upstairs and below. The 2 car and 3rd car garages include additional storage built ins as well. The outdoor space includes expansive paver decking, a diving pool with a pebble sheen finish and waterfall feature, stucco block walls, citrus trees and is very private with the large homesites behind it.

9649 E Sector Drive Mesa, AZ 85212

$984,890
5 Beds
4.5 Baths
3,582 SqFt
Status Active
MLS # 6742589
Property Type Single Family Residence
Price Type --
Gorgeous single level 5 bedroom 4.5 bathroom with Den home. 12 foot ceilings in the kitchen and great room invite you in to the 15 foot sliding glass door to the patio. All the finishes were expertly chosen by our design team. White cabinets in the kitchen with warm wood tones in the bathrooms. Luxurious 48'' GE Monogram kitchen appliances and built in 42'' fridge. There is a morning kitchen to hide all the daily use appliances with a second fridge located right next to the huge pantry. The Primary bath is a real show piece with beautiful large tiled shower and free standing tub. This home sits on an oversized 10,000 sq ft homesite. This home will be completed in October.

2410 W Night Owl Lane Phoenix, AZ 85085

$982,000
4 Beds
3 Baths
3,115 SqFt
Status Active
MLS # 6755232
Property Type Single Family Residence
Price Type --
Enjoy resort-style living in this beautiful energy efficient singe-level corner lot home. **OWNED Solar** Attractive facade boasts a 3-car garage, RV gate, timeless stone accents, mature landscape, and inviting courtyard. Captivating interior includes wood-look tile flooring, dazzling light fixtures, a bright living room, and a dedicated den/office/theater room. The floor-to-ceiling stone fireplace and pre-wired surround sound complement the desirable great room. Chef's kitchen highlights abundant cabinets with crown moulding, granite counters, a prep island with a breakfast bar, tile backsplash, and high-end stainless steel appliances such as a wine cooler, double wall oven, range hood, & cooktop gas make this an entertainers dream! Owner's retreat offers a sunny bayed window seating area and a trending barn door to the ensuite comprised of dual sinks, a make-up desk, and a walk-in closet. PLUS! 2nd main bedroom has outdoor access and a bathroom. Stunning backyard is a true gem, showcasing a covered patio, pergola, and a fenced swimming pool perfect for year-round enjoyment. Don't miss this opportunity!

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