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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10010 S 37th Avenue Laveen, AZ 85339

$981,070
4 Beds
3 Baths
3,129 SqFt
Status Active
MLS # 6711693
Property Type Single Family Residence
Price Type --
Gorgeous new home in Summit at Whispering Hills. Loaded with designer features, this 4 bedroom, 3 bath, 3 car garage home has it all. Features in the kitchen include executive kitchen appliances including a double oven and a 36'' cooktop and hood and Della Terra quartz countertops. Extended dining area with lower and upper cabinets. A 16 x 8 center pull slider door and 12' ceilings at the Great Room. Other highlights include Winstead painted white cabinets, soft close cabinet doors and drawers, black matte lighting, door, and plumbing fixtures, and upgraded carpet and pad at the bedrooms. The extended primary suite has a frameless walk in shower in the bathroom suite. There is 8'' x 40 '' plank tile flooring in all areas but the bedrooms. Also included is an attached accessory garage.

24414 S Lakeway Circle Sun Lakes, AZ 85248

$980,000
3 Beds
3 Baths
2,800 SqFt
Status Active
MLS # 6754738
Property Type Single Family Residence
Price Type --
Truly uniquely expanded Milano model with a casita on the Lakes #5 hole in the highly desired active adult community of Oakwood at Sun Lakes. Cute courtyard at front entry off the large versatile casita w/Murphy bed, kitchenette, and full bath with granite counters and tiled walk-in shower. Stunning kitchen has been opened to the expanded great room for maximum entertaining value. So much cabinet space, two islands, custom range hood and backsplash, SS appliances, and coffee/wine bar. Good-sized primary suite with sliders to patio, updated bath with raised granite counters and tiled walk-in shower. Wall-to wall sliders in the great room with maximum golf course/water views. Second bedroom plus office w/glass French doors. Pebbletek pool with spa. Large separate golf cart garage SEE MORE with workbench. This one is a must see! Start enjoying the many amenities of Oakwood with pools, golf, tennis, pickleball, countless clubs and a top-notch restaurant.

12058 N Loma Linda Street Surprise, AZ 85388

$980,000
4 Beds
3.5 Baths
2,730 SqFt
Status Active
MLS # 6686634
Property Type Single Family Residence
Price Type --
Stunning Calistoga model in the beautiful gated community of Sterling Grove. Priced well below market value! Over $80k spent in landscaping, and in home upgrades after closing! This home was designed with impeccable design starting with the farmhouse style with great curb appeal. The owners spared no expense with the landscape adding double patios to the front which welcome a great gathering area for family and friends as well as great views of the White Tank Mountains. Step inside and you will be notice the beautiful chefs kitchen with top of the line Jenn Air appliances including the Jenn Air built in fridge. The chefs kitchen has upgraded soft close cabinets, beautiful hardware and upgraded quartz counters. The gorgeous brick backsplash flows into the great room where it is used on the built in fireplace. The high vaulted ceilings have beautiful dark beams that are a show stopper. The great room and dining room flow well to make a great entertainment space. On one side of the house you will find the large main bedroom with a stunning bathroom that boasts a walk in shower with beautiful tile. You will also find the large custom closet with built in dressers and laundry hampers. Next there is a secondary bedroom and full bath with upgraded tile in the shower. You will also find bedroom 4 that has double door entry which is currently being used as a theater room/office. On the other side of the home you will find another main bedroom suite. This large bedroom has its own walk in closet and private bath with upgraded shower tile. The backyard is perfect for those who want to relax in the beauty of the extra large patio with brand new bull frog spa as well as beautiful ficus trees to add privacy. The patio is plumbed for an outdoor kitchen just waiting to be completed. The laundry room right off of the garage is expansive and houses not only the washer and dryer but a full wall of cabinets for extra storage as well as another fridge. The 3 car garage has a separate 2 car garage and a single car garage that is big enough to fit a small car and golf cart as well. Hanging storage racks have been installed for extra storage as well. Your clients will be amazed at everything this home has to offer. Home is listed below market value and for less than owners have spent due to their need to sell.

4345 N 159th Drive Goodyear, AZ 85395

$980,000
4 Beds
4 Baths
2,899 SqFt
Status Active
MLS # 6696393
Property Type Single Family Residence
Price Type --
Welcome to your own slice of paradise! Escape to tranquility in this luxurious and upgraded home nestled on a peaceful cul-de-sac in the coveted Palm Valley neighborhood. From the moment you arrive, you'll be greeted by richly appointed spaces and meticulous attention to detail that adorn every corner. Entertain with ease in the expansive gathering areas, including a bright and inviting kitchen perfect for culinary delights and lively conversations. Whether you are cozying up by the fireplace in the family room or enjoying your favorite tunes with the built-in surround sound system throughout, every moment is imbued with comfort and style. Welcome to your own slice of paradise! Escape to tranquility in this luxurious and upgraded home nestled on a peaceful cul-de-sac in the coveted Palm Valley neighborhood. From the moment you arrive, you'll be greeted by richly appointed spaces and meticulous attention to detail that adorn every corner. Entertain with ease in the expansive gathering areas, including a bright and inviting kitchen perfect for culinary delights and lively conversations. Whether you are cozying up by the fireplace in the family room or enjoying your favorite tunes with the built-in surround sound system throughout, every moment is imbued with comfort and style. Stay productive in the separate office/library, thoughtfully designed with built-in bookcases for both organization and flair. Indulge in the luxurious primary suite, a haven designed for relaxation and comfort. Pamper yourself in the separate shower and soaking tub, then revel in the convenience of the spacious walk-in closet. This home also features a unique second mini ensuite bedroom, offering additional comfort and privacy for guests or family members. Experience seamless indoor-outdoor living with a 5-panel outswing patio door, seamlessly blending the beauty of the outdoors with the comfort of your home. Step outside to discover an entertainer's dream, complete with breathtaking views of the White Tank Mountains and an array of outdoor amenities sure to elevate every gathering. Take a refreshing dip in the sparkling saltwater pool and spa, gather around the outdoor kitchen with its expanded bar for delightful al fresco dining beneath the pergola-covered patio, or cozy up by the fireplace or fire pit for intimate conversations under the stars. For the avid entertainer or hobbyist, a spacious 1200 sq. ft. detached garage awaits, offering endless possibilities and equipped with a convenient kitchen and bathroomperfect for hosting events or storing recreational vehicles. All this set on a generous 31,000+ sq. ft. lot, providing ample space for privacy and relaxation. Experience the epitome of luxury living in this meticulously crafted residence. Make it yours and elevate your lifestyle to new heights.

18650 N Thompson Peak Parkway Unit 1027 Scottsdale, AZ 85255

$980,000
2 Beds
2.5 Baths
2,430 SqFt
Status Active
MLS # 6711796
Property Type Townhouse
Price Type --
In the esteemed DC Ranch community of North Scottsdale, this residence embodies luxury living. With two bedrooms and two and a half bathrooms, this townhome exudes sophistication and comfort. Brand New Trane A/C unit just installed. The well-equipped kitchen boasts a 4 burner Wolf gas cooktop, built-in oven and microwave, and an expansive island, ideal for seamless entertaining. All new wide plank European Oak wood flooring adds timeless elegance throughout, while the master bath features remodeled limestone flooring and marble finishes for added luxury. A versatile den offers flexibility as an office or potential third bedroom. Convenience is key, with the home mere steps from the heated community pool and spa for effortless relaxation.

3807 E Crest Lane Phoenix, AZ 85050

$980,000
3 Beds
3.5 Baths
2,863 SqFt
Status Active Under Contract
MLS # 6725486
Property Type Single Family Residence
Price Type --
Amazing Toll Brothers residence in the highly sought-after Aviano! This 3-bedroom beauty sits on a larger corner lot offering a beautifully designed desert landscape, a 2-car garage with paver driveway, and a gated entryway leading to the main door. Inside, discover a perfect blend of traditional charm & modern functionality with a split floor plan that promotes a sense of privacy between areas yet allows easy entertaining thanks to its ample size. The living/dining room is filled with natural light from the wall of windows, and the wet bar makes it ideal for dinner parties. The cozy family room overlooks the backyard, and the gas fireplace adds a warm & inviting feel. The kitchen showcases staggered cabinetry, stainless steel appliances, travertine backsplash, granite countertops an oversized island with eat-in bar, and a breakfast nook with access to the back patio. The owner's suite is a complete retreat with a spa-like ensuite that includes dual sinks, a vanity table, a jetted tub, and a bountiful walk-in closet. Each additional bedroom has its own bathroom! The large backyard was made for entertaining. Enjoy al fresco dining under the attached pergola, or show-off your grilling skills in the outdoor kitchen. What are you waiting for? A deal like this won't last. Make an offer today! VOTED BEST HOME ON TOUR by Scottsdale Area Association of Realtors, Desert Ridge!

15234 N 19th Place Phoenix, AZ 85022

$980,000
3 Beds
2 Baths
3,024 SqFt
Status Active
MLS # 6749417
Property Type Single Family Residence
Price Type --
Stunning Hillside Retreat with Panoramic Views on Lookout Mountain is on the Market. Nestled at the end of a peaceful cul-de-sac, this exquisite single-level home offers unparalleled 180° views of the McDowell Mountains, Pinnacle Peak and east valley. Located on a 14,964 square foot lot, this property combines privacy with convenience, making it a true gem in the heart of Phoenix. Located just seconds from the Phoenix Mountain Preserve, outdoor enthusiasts will love the proximity to some of the best hiking trails in the area. Enjoy the serene beauty of the desert landscape with no HOA restrictions. The home's elevated position ensures that your views remain unobstructed. This 3-bedroom + office / living room, 2-bathroom residence boasts a thoughtful floor plan designed for comfort and entertaining. The large game room/family room features a built-in wet bar, indoor water feature and a fireplace, creating the perfect ambiance for gatherings. The gourmet kitchen is equipped with high-end appliances including a stainless refrigerator, Bosch dishwasher, custom cabinetry all complemented by a large walk-in pantry. The backyard is an entertainer's paradise, facing Northeast to provide shaded comfort all day. The large patio opens to reveal a sparkling pool with waterfall and stunning views. The patio and backyard areas offer multiple spaces for outdoor dining and relaxation. Including the separate raised deck area away from the main patio. The home features high ceilings and skylights throughout the home, enhancing the sense of space and luxury. The 3-car garage is designed to accommodate full sized vehicles. Additional RV parking area and a storage shed offer even more convenience. A Rare Find in Phoenix, this home offers easy accessibility for all. The combination of its hillside location, breathtaking views, and luxurious amenities makes it a rare find in the Phoenix market. Don't miss the opportunity to own this extraordinary home, perfect for both relaxation and entertainment.

3731 E Equestrian Trail Phoenix, AZ 85044

$980,000
4 Beds
2 Baths
2,525 SqFt
Status Active
MLS # 6754417
Property Type Single Family Residence
Price Type --
Stunning Equestrian Estates Single Level Home located on almost ½ acre lot. Gated Courtyard Entry Formal Living (Theater) room & Dining (game) room, Family room with Fireplace, Slab Granite Counters, Large Island, Black Appliances, Recessed Lighting and lots of storage, Crown Molding throughout, 6'' Baseboards, Plantation Shutters, Main Suite overlooks Resort Style Pool With incredible water feature, Main Bath has Dual Sinks and x-large shower. Back of Property has approximately 950 sq feet Barn / Workshop with electricity and water, 2 Horse Stalls, direct access to Bridle Path to common riding area, enclosed workshop & storage, Mature Backyard with Covered Patio, Diving Pool & incredible water feature, spa, Large Grass area, Lush Landscaping, Citrus trees, Garden area, RV Gate

13208 W Woodstock Road Peoria, AZ 85383

$979,999 - 3Br/3Ba -  for Sale in Vistancia Village H Parcel H-21, Peoria
New
$979,999
3 Beds
2.5 Baths
2,828 SqFt
Status Active
MLS # 6762537
Property Type Single Family Residence
Price Type --
Gorgeous, modern, and shows like a model home with mountain views and plenty of privacy! Built in 2022, this fabulous 3 bedroom, 2.5 bath home also offers TWO FLEX spaces to meet your needs and a FOUR CAR GARAGE! Open floor plan with kitchen opening to the great room and informal dining area. Gourmet kitchen offers quartz counters, upgraded stainless appliances & backsplash, gas cook top, huge island, and tons of white shaker cabinets! Primary suite is split and offers a gigantic spa-like bathroom with super sized shower, fixtures, and walk in closet. Welcoming courtyard with locking custom gate and pavers. Enjoy the community pool & spa, community center, fitness room, walking paths and parks. Minutes to hiking and Lake Pleasant to enjoy the outdoors, which is a great place to call home

10972 N Hershey Street Surprise, AZ 85388

$979,995
4 Beds
3.5 Baths
2,730 SqFt
Status Active
MLS # 6647026
Property Type Single Family Residence
Price Type --
This Calistoga has 4 bedrooms, 3.5 baths and 3 car split garage. The great room and kitchen are open giving a very spacious feeling with vaulted ceilings. Large island and stainless steel KitchenAid gas appliances give this home a WOW factor. The 20' multi slider in great room opens to a large patio and yard that is perfect for a water feature to give that cool ambiance for a low maintenance yard. The flooring is wood looking tile throughout which leads you from room to room in comfort. The primary bedroom is spacious with bath that has step-in shower and sit down vanity, large walk in closet. Secondary bedrooms are spacious in size and gives room to grow. This home is ready to welcome a new family and will not disappoint.

14925 E Morning Vista Lane Scottsdale, AZ 85262

$979,900
4 Beds
3 Baths
2,957 SqFt
Status Active
MLS # 6650134
Property Type Single Family Residence
Price Type --
3 Buildings, are more than expected! Living quarters and a workroom/office total 3404 sq ft. The home has a 2 Car Garage with bonus storage area. Building #3 is a large Office/Workshop and a large-sized 2-car garage ready for toys - ATV, RV or? Main home offers an open floor plan, boasts a large entrance to the Great Room, spectacular ceiling Vega Beams, a Dining, Kitchen with tiled floors. The master suite presents a large walk-in closet, separate tub, shower & door to patio. The split floor plan includes 2 more bedrooms & a bathroom on the other side of the home. Includes a Casita & lot that is Building permit eligible for a wide range of structures, including barns, storage, garages, or even a new home. 2.5-acres & producing well!

14732 E Shimmering View Fountain Hills, AZ 85268

$979,900
2 Beds
2 Baths
2,286 SqFt
Status Active Under Contract
MLS # 6737611
Property Type Single Family Residence
Price Type --
Welcome to the guard gated community of Eagle Mountain where endless mountain and city light views are forever yours. Nestled above emerald fairways on a private cul-de-sac, this incredible STEP FREE property is a rare find. Thoughtfully refreshed in 2024, new plank flooring along with designer fixtures are found throughout. Functionality meets convenience with an open floor-plan, fantastic master, & well designed ancillary bedrooms.Epicurious fanatics will be dazzled in the chefs kitchen featuring a lovely breakfast bar, granite countertops, ample cabinetry, and window lined breakfast room.. The office is easily converted to a bedroom. Embrace every Sonoran Season with a backyard equipped with a sparkling pool, covered patio, fireplace, built-in BBQ, misting system and flagstone patio.

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