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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259 W Forest Service Road Unit 249 Young, AZ 85554

$975,000
3 Beds
3 Baths
2,998 SqFt
Status Active
MLS # 6758228
Property Type Single Family Residence
Price Type --
Creek-front property in the middle of Tonto National Forest. This beautiful 3-bedroom 3- bath custom home sits on 1.1 exquisitely manicured acres bordering Haigler Creek. Too many design features to mention. Includes a 2 -car attached garage with extra-large sleeping loft. Fenced garden area. Irrigation system on the entire property with surface water rights to the creek. An additional 1-acre lot adjacent to the property is available. If you're searching for tranquility and comfort, don't miss out on this one-of-a-kind property in Arizona.

3219 S 196th Drive Buckeye, AZ 85326

$975,000
5 Beds
4 Baths
3,324 SqFt
Status Active
MLS # 6632398
Property Type Single Family Residence
Price Type --
Brand new custom home, JUST WOW!! From the moment you arrive and enter the oversized custom front door... with a great room and massive chef's kitchen that are designed for family and Friend gatherings. Light and Bright * High End trim finishes throughout. 5 large bedrooms all with walk In closets, and 4 full bathrooms. The spacious and inviting great room flows seamlessly into the luxurious kitchen, creating the perfect space for entertaining or simply relaxing at home. The Master bedroom includes a spacious walk-in closet, tile shower and granite vanity sinks. Upgraded hardware and light fixtures. This home sits on 1.25 acers (irrigated) plenty of room to make your very own Oasis! NO hoa, so horses, RV's and assorted toys are allowed. Private well, water softner and much, much more.

16826 N 60th Place Scottsdale, AZ 85254

$975,000
4 Beds
2.5 Baths
2,515 SqFt
Status Active Under Contract
MLS # 6680123
Property Type Single Family Residence
Price Type --
Beautiful family home in a superb location... ignore the days on the market as the home renovation has just been completed... hard to find single level, 4 bedroom, 2.5 baths home with a three car garage... a walkable 3 blocks to North Ranch Elem School & St. Bernadette Catholic Church... kitchen features granite counters, stainless appliances, black under mount sink, walk-in pantry kitchen island & opens to the family room surrounded by windows & a gas fireplace. Luxurious master bath with a spacious vanity area with two sinks, a separate modern tub, walk-in shower and private toilet room. Large home on a corner lot with vaulted ceilings, plant shelves, niches, ceiling fans, water softener, laundry room sink, eat-in kitchen & breakfast bar, pantry, double sinks in guest bath, built-in BBQ covered patio & beautiful landscaping front & back & sparkling pebble tec play pool with waterfall!! The air conditioning units were both replaced; 2023 & 2024. Attractive home and move-in ready!

6311 E Skinner Drive Cave Creek, AZ 85331

$975,000
3 Beds
2 Baths
1,725 SqFt
Status Active
MLS # 6686685
Property Type Manufactured Home
Price Type --
RARE FIND OF A 2.5 ACRE COUNTY ISLAND HORSE PROPERTY. Clean 3 bdrm 2 bth home, nicely landscaped. Very secluded and private. Riding/pasture area with 3 big turnouts with shades. 5 stall mare motel, 4 of which are fully covered apprx size 16x30. Wash rack, electricity and water to barn, Ride through the neighborhood or down the sand wash. **OWNER/AGENT

15071 N 49th Way Scottsdale, AZ 85254

$975,000
5 Beds
3 Baths
2,814 SqFt
Status Active
MLS # 6690514
Property Type Single Family Residence
Price Type --
Welcome to this stunning, spacious 5-bedroom, 3-bathroom home located in the prestigious 85254 zip code with NO HOA! Featuring a bright open floor plan with modern touches, a neutral palette and vaulted ceilings, this home was tastefully refreshed in 2024 with new paint, carpet, lighting and remodeled guest baths. The open kitchen, renovated in 2020, boasts a spacious center island, updated lighting and stainless steel appliances. The primary bedroom offers an en suite bathroom with double sinks, a separate shower and bathtub and a large walk-in closet. Enjoy Scottsdale's indoor/outdoor lifestyle in this beautiful backyard complete with a large covered patio space, a private pool, natural grass lawn and mature landscaping. A huge 3-car garage provides ample storage space. Don't miss the chance to own premium real estate in the coveted magic zip code, boasting a Scottsdale address with proximity to upscale dining and shopping in Scottsdale while benefiting from City of Phoenix services and within the Paradise Valley School District.

6052 N 183rd Avenue Waddell, AZ 85355

$975,000
4 Beds
3.5 Baths
4,072 SqFt
Status Active
MLS # 6697938
Property Type Single Family Residence
Price Type --
This property offers a unique chance to acquire a spacious home in the esteemed Clear Water Farms community UNDER APPRAISED VALUE. The residence boasts 4,072 square feet of living area on a generous 2-acre lot with full irrigation, presenting an ideal setting for those interested in establishing a hobby farm. The home features four bedrooms and three and a half bathrooms, including a primary suite and two additional ensuite rooms, ensuring ample privacy and comfort. The cooled garage includes a convenient half bath, and the property also offers a vast gaming or playroom, adding to its appeal for entertainment or additional living space. Outdoor enthusiasts will appreciate the full RV hookup and the ease of maneuverability it provides. With the majestic White Tank Mountains as a backdrop, the property promises serene views and an idyllic lifestyle, suitable for a large family or multi-generational living. It also holds potential as a lucrative VRBO investment, complete with horse privileges, allowing for a unique vacation experience. The opportunity to witness the stunning mountain sunsets adds a touch of natural splendor to this already attractive offering.

12349 W Tyler Trail Peoria, AZ 85383

$975,000
3 Beds
3.5 Baths
3,124 SqFt
Status Active
MLS # 6703115
Property Type Single Family Residence
Price Type --
REDUCED!! BEAUTIFUL 3126 SQ FOOT 3 BED, 3.5 BATHS +DEN/OFFICE, GREAT ROOM WITH FORMAL DINING AREA. CUSTOM FEATURES THROUGHOUT. DAVID WEEKLEY IS THE BUILDER OF THIS 2X6 CONSTRUCTED HOME. SOLAR OF $83.50 A MONTH FOR DESERT HEAT SAVINGS. LARGE TILE IN ALL BUT THE 2 EXTRA BEDROOMS. 3 MASTER SUITES SPLIT FLOOR PLAN. MAIN BEDROOM IS SPACIOUS WITH OPEN VIEWS OF OASIS BACKYARD, BATH HAS LARGE GLASS WALK-IN SHOWER, 2 AND 2 SEPARATE VANITIES WITH LOTS OF STORAGE. HUGE WALK-IN CLOSET IS PROFESSIONALLY DESIGNED BY CA CLOSETS. LAUNDRY IS RIGHT OFF THE MASTER CLOSET FOR CONVENIENCE. KITCHEN BOASTS WHITE SHAKER CABINETS, 15X7 FOOT WOOD TONE ISLAND WITH UNDER LIGHTING, GRANITE, SOARING CABINETS, HIGH END APPLIANCES, SUBZERO COUNTER DEPTH FRIDGE. DEEP SPACIOUS WALK-IN PANTRY. SEPARATE BREAKFAST ROOM WITH BUILT-IN SERVING COUNTER/ CABINETS AND DISPLAY GLASS FRONT RAISED CABINETS. FORMAL DINING ROOM IS CURRENTLY USED AS A SITTING AREA. SO MANY CHOICES IN THIS SPACIOUS HOME. DEN/OFFICE HAS BUILT-IN DESK, STORAGE, TV AND IS ROOMY. WINDOWS HAVE EITHER PLANTATION SHUTTERS ON THE FRONT OF THE HOUSE OR WOVEN BLINDS ON OTHER WINDOWS. MASSIVE SLIDER TO PATIO HAS AUTOMATIC SHADES THAT ARE SELDOM CLOSED DUE TO NO NEIGHBORS BEHIND. 2 COVERED PATIOS WITH RETRACTABLE SHADE ON ONE AND THE OTHER HAS NEW ELECTRONIC SHADES FOR SUMMER USE. OUTDOOR KITCHEN IS OFF THE BREAKFAST KITCHEN AREA. BACKYARD IS SURROUNDED BY BLOCK WALLS. VERY PRIVATE YARD. THERE IS A PUTTING GREEN FOR FUN AND PRACTICE, A FIRE-PIT WITH NATURAL GAS AND A WATER FEATURE IN THE MIDDLE WITH A BUBBLING WATER FALL. DESERT LANDSCAPING FRONT AND BACK IS WATER SMART FOLIAGE AND BRIGHT COLORFUL FLOWERING SHRUBS. 3 CAR TANDUM GARAGE WITH CUSTOM CABINETS INSIDE. GOLF AND SOCIAL MEMBERSHIPS ARE AVAILABLE TO PURCHASE IN THIS AWARD WINNING GATED COMMUNITY. COUNTRY CLUB HAS 3 POOLS, PICKLEBALL & TENNIS COURTS,BOCCI BALL, WONDERFUL WORKOUT FACILITIES, A RESTAURANT AND AN 18 HOLE 72 PAR GOLF COURSE DESIGNED BY JIM ENG.THIS AREA HAS LOTS OF WILDLIFE, AZ BEAUTY AND BREATHTAKING VIEWS AND SCENERY. HOA IS 468.50 QUARTERLY. VISTANCIA HAS BEEN VOTED #1 MASTER PLANNED COMMUNITY IN AZ YEARS IN A ROW. NOT AGE RESTRICTED!! $1500 WORKING CAP FEE WITH PURCHASE. NO POOL TO WORRY ABOUT. WOULD BE A GREAT YEAR ROUND OR WINTER HOME. SOME FURNITURE AVAILABLE OUTSIDE PURCHASE. SELLER IS LICENSED REALTOR IN AZ. SELLERS PREFER DRIGGS TITLE, KIMBERLY OWEN, WESTGATE OFFICE.

14103 S 44th Avenue Laveen, AZ 85339

$975,000
3 Beds
3 Baths
2,975 SqFt
Status Active
MLS # 6710652
Property Type Single Family Residence
Price Type --
This is desert living with amazing mountain views, privacy, seclusion, peace and quiet! This includes the 1 acre lot south (APN: 300-04-036) of the house. Basement home with guest house/shop offers flexibility for various living/working arrangements! Perfect for horses, hobby enthusiast, multi gen living, basement offers a separate living level along with the detached building for extended family or vacation rental. Ideal for small business 1200sf unit located across wash with bridge, keeps home private and work separate! Think of the savings not having to pay for an additional work space or more than one home! NO HOA and centrally located close to freeway and access to the entire valley! Set at the base of the mountain/preserve, perfect quiet, peaceful setting to enjoy sunsets and natural desert life! This multifunctional property is for those nature lovers and those not wanting cookie cutter living. Chef Kitchen. Modernized interior. Located in the county with lower property taxes. If more space is needed, another lot north of house is available! See MLS No. 6708136

4937 W Desert Hollow Drive Phoenix, AZ 85083

$975,000
4 Beds
3 Baths
3,635 SqFt
Status Active
MLS # 6716344
Property Type Single Family Residence
Price Type --
This home has extensive upgrades/improvements, 4 bedrooms, 3 baths, office/den, great curb appeal & front courtyard in desirable Indian Springs Estates. Newer gourmet chef kitchen with beautiful cabinets, granite countertops, double ovens, kitchen island/breakfast bar, walk-in pantry & eat-in kitchen area too. Spacious relaxing family room with fireplace & wet bar with beverage/wine cooler. Large master suite with upgraded bathroom, double vanities, separate tub/shower & amazing custom walk-in closets. Entertainer's dream backyard with sparkling pool, waterfall, spa, plenty of space for pool furniture, painted scenery walls, outdoor fireplace, full length covered patio, mature trees, grassy play area to enjoy with family & friends. Large lot with room for a RV garage or casita.

1014 E Glenn Drive Phoenix, AZ 85020

$975,000
4 Beds
4 Baths
2,287 SqFt
Status Active
MLS # 6716478
Property Type Single Family Residence
Price Type --
Welcome home to your 4 bedroom / 4 full bath, permitted remodel that's undergone a total transformation in every way imaginable with curb appeal galore. Featuring multiple en-suite baths, dual HVAC system, a designer kitchen with pantry, custom cabinetry & luxury appliances, an open floorpan with lots of natural light, an attached fully finished garage, an indoor laundry room & a magnificent rear yard that offers tons of privacy complete with a large pebble bottom pool, low maintenance landscaping with artificial turf & a large covered patio. Quiet neighborhood, freeway close with lots of amenities near by.

11899 N Spearfish Street Surprise, AZ 85388

$975,000
5 Beds
4 Baths
2,740 SqFt
Status Active
MLS # 6721901
Property Type Single Family Residence
Price Type --
IF YOU ARE LOOKING FOR RESORT STYLE LIVING WITH GOLF, DINING, SPA, FITNESS AND POOLS, LOOK NO FURTHER! This stunning home is located in a Toll Brothers, luxury home builder, guard gated, golf and country club community. The property is a rarely available SINGLE LEVEL home that contains 5 Bedrooms, all large enough to fit a king size bed, & 4 Full Baths. The home has TWO EN-SUITE bedrooms. The primary bedroom is located in the back of the home and includes a large bathroom with two sinks, vanity, tiled-floor expanded shower, and huge walk-in closet. The other is tucked away on the other side of the center hallway, providing a perfect situation for IN-LAW living, an AU PAIR, or a Guest Bedroom. The epoxy floored garage is expanded width, perfect for two cars, and a 3rd bay large for a golfcart, recreational toys, and storage! The home includes tens of thousands of dollars in upgrades, including a 16 ft multi-slider that opens to the covered patio, great for INDOOR/OUTDOOR living, an upgraded premium lot in the subdivision with the larger collection of homes and CLOSEST to the amenities (clubhouse, 3 pools/ hot tub, restaurant, fitness center, spa ), sustainable wood-look flooring throughout, professional landscaping, motorized shades in the dining area, and wood plantation shutters in bedrooms and garage. With all the home has to offer, it is still new enough, 2 ½ years old, for you to add your personalized touches, colors, and accents! This house checks all the boxes! With the new price adjustment, LOOK NO FURTHER ... This property will feel like HOME!

1401 E Orange Grove Road Tucson, AZ 85718

$975,000
4 Beds
4 Baths
4,392 SqFt
Status Active
MLS # 6723320
Property Type Single Family Residence
Price Type --
Unable pick Schools in Tucson Area under school section - District in area is Catalina Foothills, Elementary School: Manzanita Middle School: Orange Grove High School: Catalina Foothills More... Nestled in the prestigious Catalina Estates, this southwestern style luxury home is a masterpiece of unique personality and design. Boasting three outdoor fireplaces, three indoor fireplaces, a stunning pool area that extends to an outdoor freshwater shower and bathroom against beautifully designed high stucco walls. Framing the picturesque surroundings are the Catalina mountain views, creating the perfect backdrop. Enjoy gatherings at the built-in barbecue area with a large custom-built table, while the fun sports court caters to a fun recreational experience. Spacious two car garage & tandem RV-style garage with shelves and storage space, providing all the space you need! 37 OWNED solar panels offer convenience and energy efficiency! OWNED water softeners and OWNED security camera Nestled in the prestigious Catalina Estates, this southwestern style luxury home is a masterpiece of unique personality and design. Boasting three outdoor fireplaces, three indoor fireplaces, a stunning pool area that extends to an outdoor freshwater shower and bathroom against beautifully designed high stucco walls. Framing the picturesque surroundings are the Catalina mountain views, creating the perfect backdrop. Enjoy gatherings at the built-in barbecue area with a large custom-built table, while the fun sports court caters to a fun recreational experience. Spacious two car garage & tandem RV-style garage with shelves and storage space, providing all the space you need! 37 OWNED solar panels offer convenience and energy efficiency! OWNED water softeners and OWNED security camera system. Overall, this home is a well-equipped property for comfortable and luxury living!

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