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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1937 W Tombstone Trail Phoenix, AZ 85085

$973,900

6 Beds

4 Baths

3,919 SqFt

Status Active

MLS # 6730308

Property Type Single Family Residence

Price Type --

Welcome to your own resort style living. Backyard reveals an oasis in the desert. Large backyard, Pebble tech pool with spa, waterfall and water features, in pool table with seating, Baja step. High pressure misters will cool your patio so you can enjoy the outdoors. Operate all pool features, Irrigation, Alarm, Temperature, Front door lock with remote Apps. 6 bd, 4 bth, Gourmet Kitchen, Loft and open floor plan. This home has it all. 5 min walk to school. 4 Garage spaces perfect for all of your toys. Custom Harley Garage. RV gate. Your buyers will love this home is painted very neutral and beautiful.

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20593 W Oregon Avenue Buckeye, AZ 85396

$973,250

3 Beds

2.5 Baths

2,467 SqFt

Status Active

MLS # 6653331

Property Type Single Family Residence

Price Type --

Experience the pinnacle of luxury living in with this exquisite Appaloosa plan by Taylor Morrison. You'll be captivated by the elegant design and attention to detail. The spacious layout is perfect for both relaxation and entertaining. The gourmet kitchen is a chef's dream, equipped with high-end appliances, stylish countertops, and ample storage space. The dining room offers a front-row seat to the scenic golf course, creating a captivating backdrop for every meal. The back patio is an entertainer's paradise, featuring panoramic views of the White Tank Mountains, Phoenix city lights, and the Victory at Verrado golf course. Inside you can retreat to the owner's suite, where tranquility awaits. The beautifully tiled shower adds a touch of luxury to your daily routine.

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4649 N 74th Place Scottsdale, AZ 85251

$970,000

3 Beds

2 Baths

1,296 SqFt

Status Active

MLS # 6759410

Property Type Single Family Residence

Price Type --

Don't miss out on this incredible investment opportunity in the sought-after Old Town Scottsdale area! This three bedroom, two bathroom home is ideally situated within walking distance to all the attractions, dining, and shopping that Old Town has to offer. The standout feature of this property is the detached 400 sf building currently being used as a garage, which has the potential to be transformed into an additional 2BD 1BA, game room or guest house. With an additional 8 parking spaces available in the front of the home, there is ample space for guests or tenants. This property is a perfect opportunity for an investor looking to capitalize on the growing demand for short term rentals and Airbnb accommodations in the area. The prime location and versatile layout make this home a lucrative option for those looking to generate rental income. By converting the detached garage and the front garage into living Spaces, it gives you the opportunity of turning this property into a six bedroom four bath home. With up to 600 sf of additional living space. Take advantage of this chance to own a property in one of Scottsdale's most desirable neighborhoods!

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4309 S Marble Street Gilbert, AZ 85297

$970,000

5 Beds

3.5 Baths

3,787 SqFt

Status Active

MLS # 6756554

Property Type Single Family Residence

Price Type --

Welcome to this STUNNING 5 bed/3.5 bath Home located in the heart of Gilbert with light and bright color scheme throughout, full Master suite, second master bedroom, 2 sitting rooms. Kitchen features white cabinets, GORGEOUS marble countertops, and Stainless Steel appliances with Pebble Ice Maker and neutral wood plank flooring. BEAUTIFULLY landscaped resort style backyard features a CRYSTAL BLUE Pool and SPA, a built in BBQ, In ground Trampoline, oversized front patio with Built in Fireplace. This home is perfect for entertaining! Community features volleyball, basketball, bocce ball courts, trail systems, playgrounds and community center. Near shopping, restaurants, and amenities.

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21931 N 30th Street Phoenix, AZ 85050

$970,000

4 Beds

2 Baths

2,189 SqFt

Status Active

MLS # 6754147

Property Type Single Family Residence

Price Type --

WOW! Best buy in Sky Crossing, Desert Ridge's newest and highest demand subdivision. This is the one you've been waiting for with premium Southeast exposure with private lot backing to the open desert with view fencing so you feel like you're on an acre without the upkeep. The high demand open and split floorplan named Barretta. High ceilings with massive, eat-in island kitchen adjacent to oversized great room. looking out to refreshing play pool off the covered patio. You're going to love the oversized Main Suite on back of the house with views. This interior location is perfect with low traffic street and just around the corner from one of the nicest resort like community centers in the entire master planned community. New elementary school and Reach 11 soccer complex, Pinnacle High.

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10718 E Lumiere Avenue Mesa, AZ 85212

$970,000

5 Beds

4.5 Baths

4,530 SqFt

Status Active

MLS # 6747127

Property Type Single Family Residence

Price Type --

Experience exceptional curb appeal in the highly sought-after Eastmark community. You'll fall in love with this floor plan and its luxurious upgrades. As you enter, you'll notice the ensuite bathroom to the left and a family room that boasts tray ceilings, a stunning accent wall, a built-in bar with a beverage fridge and kegerator, and a captivating stone accent wall. The family room opens to a courtyard, offering the perfect indoor-outdoor experience. The heart of this home is the gourmet kitchen, featuring maple cabinets, granite countertops, a marble backsplash, artistically designed pendant lights, and ample cabinet space. (CLICK TO READ MORE) The kitchen flows seamlessly into the dining and living room, which is enhanced by recessed lighting, built-in surround sound speakers, and artistic lighting. The full wall slider opens up to a resort-style backyard, complete with surround sound, travertine surrounding a sparkling saltwater pool with an in-floor cleaning system and a brand-new pump. The backyard is beautifully landscaped with palm trees and real grass. The primary suite on the first floor, directly off the living room, is generously sized and filled with natural light. It also features tray ceilings, and the bathroom is equipped with dual vanities separated by a massive tub. Upstairs, you'll find a spacious loft with its own bonus room, ideal for a workout area or additional workspace. The three additional bedrooms are also upstairs, with two of them sharing a bathroom, while the third has its own ensuite bathroom. Other highlights include walk-in closets in every bedroom, two full capacity EV chargers, and a storage shelving unit the garage. Just like a world-class resort, this community offers a luxurious community pool, splash pads, numerous parks spread throughout, Steadfast Farm, and its very own state-of-the-art clubhouse, The Mark. The Mark hosts events throughout the year and provides a wide variety of family-friendly games to play.

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2411 S Wandervogel Way Portal, AZ 85632

$970,000

3 Beds

1.5 Baths

1,948 SqFt

Status Active

MLS # 6636290

Property Type Single Family Residence

Price Type --

Situated in the heart of Portal at an elevation of nearly 5,000 feet and within walking distance of Portal amenities, this 28-acre hilltop property offers stunning mountain views and features a 1,948-square-foot adobe brick home with a natural stone pool, 4 individual parcels (3 with utilities), and a newer above standard well with a depth of 600 feet that can be shared with the surrounding parcels. The underground utilities have an estimated investment value of roughly $300,000 in today's market. National forest land borders the property, and the seasonal creek is accessible by foot. Adding the property's charm is its historic significance - situated on a historic horse pass where Theodore Kraft of Kraft Foods and his wife Myrtle built their getaway. Cave Creek Canyon, affectionately known as Arizona's Little Yosemite, is just down the road. While the home does need some work, it offers a comfortable existing floor plan and potential for your creative ideas. Features include a master bedroom with a walk-in shower and a private entrance accessed from the back yard, ample glass doors and windows, an open living / dining room with fireplace, and tile flooring throughout. Previous plans were in place for a new master bathroom that opened to a backyard spa area. Don't miss this unique opportunity to manifest your dreams into reality!

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404 E Coconino Place Chandler, AZ 85249

Open House

$970,000

5 Beds

3.5 Baths

3,856 SqFt

Status Active

MLS # 6749000

Property Type Single Family Residence

Price Type --

Nestled in the prestigious Pinelake Estates is this stunning corner lot, FULLY FINISHED BASEMENT home! This 5-bed, 3.5-bath property features a lovely stone facade, a well-maintained landscape, a tandem 3-car garage, and an RV gate. Discover a fabulous interior that showcases an inviting foyer, a blend of tile & carpet flooring, plantation shutters, and archways. You will also notice the formal living room, open den/office, and the large & bright great room paired with sliding glass doors to the back patio. Open-concept kitchen offers built-in appliances, a handy pantry, granite counters, recessed lighting, and a two-tier island with a breakfast bar. The primary retreat provides direct outdoor access, an ensuite with dual sinks, and a walk-in closet. PLUS! One Jack & Jill bathroom/bedroom. Make sure to explore the HUGE basement equipped with a bonus room, bathroom and a bedroom. Lastly, weekends will always be exciting in this dreamy backyard, boasting a covered patio, mature shade trees, and a shimmering, extra deep diving pool. Don't let this gem slip by you!

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17676 W Whitefish Drive Surprise, AZ 85388

$969,995

2 Beds

3.5 Baths

1,912 SqFt

Status Active

MLS # 6647020

Property Type Single Family Residence

Price Type --

This Midwood Prairie style home is warm and inviting as you approach the front door. Upon entry you see the great room with vaulted ceilings and kitchen with large entertaining island for lots of seating. KitchenAid gas appliances for the gourmet chef in the home. Wood floors throughout except the two secondary bedrooms. The attached great room has a 20' multi slider that leads to a an oversized patio, pool size yard, space for outdoor kitchen for those friends and family BBQ's. Attached Casita with bedroom and bath for out of town guest or private office space. The primary bedroom , bath with sit down vanity, step in shower and walk-in closet. Secondary bedroom has private bath. Laundry room has lots of cabinet storage with washout sink. Come see this outstanding completed home.

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9262 E Pine Valley Road Scottsdale, AZ 85260

$969,900

5 Beds

2.5 Baths

2,644 SqFt

Status Active Under Contract

MLS # 6752841

Property Type Single Family Residence

Price Type --

Beautifully REMODELED 5 bedroom, 2.5 bath home in a quiet North Scottdale community minutes away from TPC, Westworld, and the Kierland/Scottsdale Quarter. Grand entrance with soaring ceilings. Stone flooring throughout the first level. The kitchen was remodeled in 2020! Master bedroom with large adjacent sitting area or office. PLUS, a gorgeous Master Bath which was completely updated in 2021. Sizeable walk-in closet with custom built-ins. Plantation shutters throughout. Engineered wood floors in bedrooms. One bedroom downstairs.. Brand new roof in 2024 with warranty, new windows, water heater & softener—too many items to list (see attached upgrade list). Both ACs are newer. North facing backyard has a newer fenced-in pool, a large heated in-ground spa with a newer heater, and over $20K on NEW landscaping! Large side yard with slab, storage & RV Gate. Award-winning Scottsdale school district. A sprawling grass park just one block over, plus near shopping and many top restaurants. This home is COMPLETELY UPDATED and would make a great family home, a 2nd-home or an Airbnb. Call to book a tour before it sells!

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11108 N 129th Way Scottsdale, AZ 85259

$969,900

4 Beds

2.5 Baths

3,275 SqFt

Status Active

MLS # 6747998

Property Type Single Family Residence

Price Type --

MOUNTAIN VIEWS - PRIVACY BACKS TO NAOS -4 bedroom 2.5 bath, 3 car garage. Generous sized bedrooms, oversized master bedroom with a fireplace sitting area and wet bar. Step outside from master to private balcony overlooking City and Mountain Views. The Kitchen has quartz countertops, center island, stainless appliances and wine cooler. Amazing view from the kitchen overlooking the valley and the Pebble Tec Pool w/Fountain. This Entertainer's delight has a private yard, covered patio, grassy play area, fruit trees, stamped concrete pool decking, built-in BBQ, and a side yard perfect for a dog run. Minutes from Hwy 101, Rio Montana Park, Mayo Clinic, Basis School, Golf, Hiking & Shopping

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5477 W Quail Avenue Glendale, AZ 85308

$969,900

4 Beds

2.5 Baths

2,700 SqFt

Status Active

MLS # 6689139

Property Type Single Family Residence

Price Type --

WATERFRONT! REMODELED! 4 bedroom, 2.5 bath with lake and mountain views on cul-de-sac. DOWNSTAIRS Primary Bedroom! Formal living room at entry with built-ins, family room with fireplace just off NEW high-end kitchen with GE Cafe appliances, gas range, large island. NEW flooring, baths and AC units with 10-year warranty, Tesla charger in 3-car garage. Large covered patio to enjoy the sunset and lake view. Park your pontoon or kayak at your very own DOCK! MOTIVATED SELLER!

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