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.

Click Here to See What Your Home is Worth

4935 E Dale Lane Cave Creek, AZ 85331

$975,000
5 Beds
3 Baths
2,942 SqFt
Status Active
MLS # 6752925
Property Type Single Family Residence
Price Type --
Located in the highly desirable Tatum Ranch, this true 5-bedroom, 3-bath home is perfectly positioned with ideal north/south exposure on a corner lot. The home features spacious living areas, including a large eat-in kitchen with a beautiful gas cooktop. The backyard is a true Arizona retreat, offering unobstructed sunset views around an oversized fire pit, and an elevated spa adds a touch of luxury. The property also boasts a three-car garage with built-in storage cabinets and plenty of additional storage space. This home is a total win!

1135 N Signal Butte Road Mesa, AZ 85207

$975,000
4 Beds
2 Baths
2,332 SqFt
Status Active
MLS # 6759874
Property Type Single Family Residence
Price Type --
This estate is truly unique, offering numerous extras with NO HOA. It features a charming 4 bedroom, 2 bath home situated on over an acre of land, complete with an insulated 4-car garage that boasts dedicated air conditioning. The entire perimeter is made private by a custom iron and block fence, including an automatic swinging gate for entry. Inside, a spacious Great Room awaits with a gas fireplace and vaulted ceilings, complemented by shutters and ceiling fans throughout. The expansive eat-in kitchen is equipped with a bay window, a large island, stainless steel appliances, and granite countertops. A decorative white vinyl fence adds style to the interior, separating the relaxing area next to the saltwater Pebble Tec pool. This pool, less than two years old and six feet deep, features two Baja shelves and travertine tile deck. In addition, a third of the property is ideal for a horse setup. There's also an RV-height, 1100 sq ft metal workshop with concrete floors and a 40 ft Conex container for extensive storage. The lot offers scenic mountain views, close proximity to lakes, and nearby biking and hiking trails.

3129 S Honeysuckle Court Gold Canyon, AZ 85118

$975,000
4 Beds
4 Baths
3,300 SqFt
Status Active
MLS # 6757432
Property Type Single Family Residence
Price Type --
RARE 4 BEDROOM VILLA IN SUPERSTITION MOUNTAIN! MAIN VILLA HAS 2 BEDROOMS AND 2 BATHS. TWO GUEST HOUSES, ONE WITH A LIVING, KITCHENETTE AND SEPARATE BEDROOM AREA. THE OTHER IS ON THE SECOND LEVEL WITH IT'S OWN PRIVATE BALCONY. MAIN HOUSE HAS AN OPEN GREAT ROOM, KITCHEN, DINING AREA LAYOUT. NEWLY PAINTED INSIDE. NEW VINYL FLOORING IN 3 BEDROOMS. EXPANSIVE BACK PATIO INCLUDES A DINING AND SITTING AREA AND A SEPARATE SIDE PATIO WITH A FIRE PIT. GREAT LOCATION-WALKING DISTANCE TO THE FITNESS AND CLUBHOUSE. TWO JACK NICKLAUS GOLF COURSES. NOT A GOLFER? ENJOY PICKLE BALL, BOCCE, TENNIS, HIKING ANY MANY OTHER ACTIVITIES COUNTRY CLUB LIVING AT ITS BEST! CLUB AMENITIES UNDER A SEPARATE AGREEMENT. 35 MINUTES TO SKY HARBOR AND 20 MINUES TO MESA GATEWAY AIRPORTS. BUYER AND OR BUYER'S AGENT TO VERIFY ALL PERTINANT INFORMATIONA INCLUDED SQUARE FOOTAGE.

29806 N 119th Avenue Peoria, AZ 85383

$975,000
5 Beds
4 Baths
4,043 SqFt
Status Active
MLS # 6753502
Property Type Single Family Residence
Price Type --
Positioned on a rare, private view lot with only 1 neighbor in the gated Chaparral Canyon community of Vistancia, this 5 bedroom solar-powered home with a private pool is sure to impress. Recently updated White Gourmet Kitchen has a Butlers Pantry, rainfall edge quartz island, gas cook top, upgraded Kitchen Aid appliances, and in-counter ice maker. Key highlights include spray foam insulation, downstairs Den with privacy glass doors, expansive Primary Suite, huge upstairs Game Room, and 3 car epoxy Garage with cabinets and electric car charging capabilities. There is a downstairs bedroom with walk-in closet and nearby full bath ideal for guests. Downstairs smart space can serve as a second office area. Phenomenal views and a spacious, exclusive backyard make this home truly stand out!

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!

36915 N 24th Street Phoenix, AZ 85086

$975,000
4 Beds
3 Baths
2,989 SqFt
Status Active
MLS # 6729426
Property Type Single Family Residence
Price Type --
Come See Us Again! We've listened to your feedback and just completed a remodel in July 2024. This spacious home in a fantastic location features an extended-depth 4-car garage with storage and built-in cabinets. Enjoy two separate RV gates—one on the side and another at the back, both positioned away from the septic system, perfect for heavy RVs or adding a large guest casita or shop. Connected to a private water company, you'll avoid local well water concerns. Relax in the heated pool and spa. The 1.2-acre fully landscaped lot is fenced for privacy and security.

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.

15210 S 20th Street Phoenix, AZ 85048

$975,000
4 Beds
2.5 Baths
3,150 SqFt
Status Active
MLS # 6738033
Property Type Single Family Residence
Price Type --
Beautifully set on a hillside lot with spectacular mountain views in the Ahwatukee Foothills. Located on a cul-de-sac street with only six homes and no neighbors directly across from you--a truly private location. Home boasts a large, open floor plan with abundant natural light. New paint and new carpet throughout. One AC unit replaced in 2022 plus new roof installation in 2021. Pool in backyard with view fencing. This home is perfectly situated close to shopping, restaurants, award-winning Kyrene schools, South Mountain Preserve hiking trails and parks. Don't miss this incredible opportunity to own property in the highly desirable Cabrillo Canyon neighborhood!

2827 W Adventure Drive Anthem, AZ 85086

$975,000
5 Beds
4 Baths
3,834 SqFt
Status Active
MLS # 6729897
Property Type Single Family Residence
Price Type --
3.25% Rate comes with current assumable loan! Solar to convey and Seller's will pay off the balance at closing. Virtually no monthly electric bills. Backyard Mountain and Desert VIEWS from the moment you enter the front door you see the view through big picture windows! If you're looking for a spacious home with large backyard, a pool, space for playing and extraordinary Arizona desert mountain views, this 5 bedroom home is located in the master-planned community Anthem Parkside and was remodeled in 2019. HOA fees less than $100 per month. PLUS Primary Bedroom and one guest bedroom and full bathroom are downstairs. Flex room upstairs off the loft has a balcony with gorgeous views of the desert and mountains. This home has space for working and playing! Large laundry room and oversized three-car garage. 2019 kitchen remodel incl new refrigerator, gas range, washer & dryer, all new flooring, HVAC, hot water heater, R/O system and whole home water filtration system, steel doors in laundry and garage side door, garage door opener for small garage. 2020, new roof above great rm/kitchen. Jump on I-17 to head up north for wine tasting or camping in Sedona, Prescott, or any of the northern Arizona vacation getaways. Lake Pleasant is 19 miles, within approx. 30 minutes for a relaxing day on the water. Anthem is a family centric community with sports courts, catch and release fishing, community train, huge water park, gyms, coffee shops, restaurants, libraries, grocery stores, hiking, biking, walking, dog park, and tons more. FINALLY...a true updated turnkey opportunity in Anthem Parkside for the most discerning Buyer! This home will blow your socks off!

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.

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.

19910 W Amelia Avenue Buckeye, AZ 85396

$975,000
3 Beds
3 Baths
2,437 SqFt
Status Active
MLS # 6733075
Property Type Single Family Residence
Price Type --
Spacious custom home on a one-acre lot, located in Pasqualetti Mountain Ranch, with low fee HOA. Enjoy White Tank Mountain views from the refreshing pool as well as from the living room and master bedroom. Eat-in kitchen with breakfast bar, pantry, and new stove. Master bedroom has space for sitting area, large walk-in closet and linen closet. Master bath has double sinks with custom vanity, large shower with built-in bench. Office/den with custom cabinet is perfect for working from home, or an extra guest room. Second bedroom has wainscoting and chair rail with larger closet. Larger third bedroom offers built-in bookshelves, upgraded en-suite with small walk-in closet. Desert landscaping, drip irrigation with timer, mature trees, and natural desert in the backyard.

Leave a Reply

Your email address will not be published.