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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3010 E Cedar Drive Chandler, AZ 85249

$950,000

4 Beds

3.5 Baths

3,606 SqFt

Status Active

MLS # 6754845

Property Type Single Family Residence

Price Type --

Elevate your lifestyle with this gorgeous 4 bed/3.5 bath/ home designed to give you ultimate comfort, maximum function, and provide a private retreat in the city. Not only does this home boast 3,600 sqft, it's also on an oversize corner lot with a four car garage. Enjoy the blend of ample space with a warm and cozy interior complete with neutral tones. The round entry way is captivating and sets the tone for the rest of the home upon entry. High ceilings and large windows bring light and luxury into the gathering areas. The backyard has been transformed into a private oasis complete with a large patio with shade covering, pergola, and built in BBQ. Kick back by the huge pool or relax in the hot tub. Located in the prestigious, single-level home community of Mesquite Grove Estates Grove, you'll note that the gated neighborhood is rich with green belts and walking trails. This home won't last long!

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8132 E Jackrabbit Road Scottsdale, AZ 85250

$950,000

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6754155

Property Type Single Family Residence

Price Type --

Beautifully remodeled 4bed/2bath home in the heart of Scottsdale. This NO HOA, single level home with split floor plan & attached 2 car garage has been completely updated. Kitchen features leathered Taj Mahal single slab quartzite island, all New GE Cafe appliances with gas stove conversion . New custom cabinets and wine fridge. New flooring throughout house. Luxurious master retreat with custom bath & closets. New landscaping & lawn with outdoor accent lighting. New irrigation front and back yard and new landscaping with citrus trees. New Aluminum sunshades with electrical & fans front & backyard. Family friendly neighborhood, close to Scottsdale Pool, Chaparral Lake, walking trails, playground, soccer fields & dog park. Close to old town shopping and dining. This home will impress!

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29283 N 140th Street Scottsdale, AZ 85262

$950,000

4 Beds

3 Baths

3,205 SqFt

Status Active

MLS # 6748683

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades throughout! This beautiful Modern Farmhouse is located in an AMAZING location in Rio Verde on 1.25 acres. Kitchen w/ WOLF Appliances, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless-Steel Microwave/Oven & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH Entry Glass Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation & Premium Trane AC units. Superior Construction & Craftmanship - Premium Roofing System, Premium Synthetic Stucco & much more! $5,000 to Buyer at Close of Escrow which shall be used towards Buyer installing a water filtration system. Close to hiking & horseback riding trails. HOME to BE COMPLETED in Jan/Dec.

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18011 N 14th Place Phoenix, AZ 85022

$950,000

5 Beds

3 Baths

3,578 SqFt

Status Active Under Contract

MLS # 6745676

Property Type Single Family Residence

Price Type --

Coming Soon to market with million dollar views! Nearly a half acre perch in rare Phoenix Custom Home Gated Community inside the Loop 101. Close and accessible to everything North Phoenix has to offer. Primary and Guest bedroom w/ bath on Main Floor, second story has three oversized guest rooms and massive Flex Room with separate balcony. Huge lagoon pool, private pergola with fireplace, large sport court and RV gate to protect your toys. Tastefully maintained and appointed Santa Fe style home has been well maintained, new Hot Water and HVAC replaced in 2019. This is Move in Ready and set up to entertain.

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6624 N 20th Street Phoenix, AZ 85016

$950,000

3 Beds

2 Baths

2,872 SqFt

Status Active

MLS # 6750573

Property Type Single Family Residence

Price Type --

A SANCTUARY RETREAT directly in front of Granada Park, this partially updated Mid Century ranch home offers the buyer to add his or her personal touch. The heart of the home is the kitchen, featuring a Sub-Zero refrigerator, granite countertop, walk-in pantry, and a spacious island with range, and a bar area, perfect for entertaining. The upstairs master suite includes a walk-in closet and breathtaking views of Piestewa Peak and the city skyline. The family room boasts high ceilings, skylights, and sliding glass doors that open to a lush backyard with mature trees and shade on a third of an acre. Enjoy the saltwater pebble tec pool with water features and a new pool pump. Outdoors is a 500 sq. ft. art studio with water and A/C that provides a private retreat for your creativity

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7348 N 9th Place Phoenix, AZ 85020

$950,000

5 Beds

3 Baths

2,905 SqFt

Status Active

MLS # 6758993

Property Type Single Family Residence

Price Type --

Opportunity awaits! Lovely home that checks all the boxes in a FANTASTIC location is ready for your updating! This custom built home is nestled in a quiet cul de sac in the highly sought after North Central Corridor and Madison school district. Set on a 1/4 acre serene lot, and offering ultimate privacy. Spacious throughout at just under 3,000 sq ft and offering 5 bedrooms (one on the main floor) and 3 baths. Also featuring a huge 3 car garage with extra storage, RV gate and no HOA! Backyard oasis offers pebble tec pool, built in hot tub and gorgeous mature trees. This unique home has been loved by the original owners and in need of some TLC and updating. See private remarks about financing and sold AS-IS. Hurry- priced to sell!

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38507 N 27th Avenue Phoenix, AZ 85086

$950,000

4 Beds

2 Baths

2,125 SqFt

Status Active

MLS # 6760469

Property Type Single Family Residence

Price Type --

This Stunning Custom Home that sits on over an acre of land in North Valley could be yours! If you are looking for a home to remodel and put your creative touches on, here's a great opportunity! Home Features: No HOA: Enjoy the freedom of no homeowners association. 4 Bedrooms, 2 Bathrooms: Spacious layout. Detached Office: Ideal for remote work or a private study. 2700 sq ft Detached RV Garage: Includes an office and loft, perfect for hobbyists or additional storage. Huge backyard with covered Pergola and green grass. The property offers ample privacy and a myriad of possibilities to customize to your liking. Prime Location: Conveniently located right off 27th Ave and close to I-17 freeway. Ample Parking: Plenty of space for vehicles, RVs, and other toys. Room to Create: Expansive space t

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11408 E Diamond Cholla Drive Scottsdale, AZ 85255

$950,000

3 Beds

2 Baths

2,248 SqFt

Status Active

MLS # 6751673

Property Type Single Family Residence

Price Type --

Welcome to this charming Spanish style home in a prime North Scottsdale location of Troon! This three bedroom, two bath home is located near so many major events, still close to Old Town Scottsdale and the airport yet far enough out to enjoy the serene surroundings. As you enter, you are greeted by a light-filled living space with lots of windows that let in ample natural light and plantation shutters cover the windows throughout the home. The open floor plan and high ceilings give the home a spacious and airy feel. The kitchen features plenty of counter space, stainless steel appliances, granite countertops and the floor plan let's you stay connected while entertaining family and guests. The bedrooms are generously sized and offer plenty of closet space along with a separate den for those working from home or just needing quite space to read. Step outside to the beautifully landscaped desert backyard, complete with a covered patio, multiple seating areas, built-in BBQ and adobe style fireplace. This outdoor space is perfect for enjoying the Arizona sunsets and hosting gatherings with friends and family. Don't miss this opportunity to put all your personal touches in the wonderfully cared for home!

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7222 W Wier Avenue Phoenix, AZ 85043

New

$950,000

4 Beds

2 Baths

3,080 SqFt

Status Active

MLS # 6761916

Property Type Single Family Residence

Price Type --

Welcome to a Property of Endless Possibilities! This expansive mid-century ranch offers a rare opportunity to create your dream estate. Spanning nearly 2 acres, the home boasts a partially updated layout, featuring a gourmet kitchen with high-end appliances, and is primed for a touch of cosmetic work to transform it into a true gem. The sprawling 3,750 sq. ft. covered shop is perfect for a variety of uses, offering incredible flexibility. Plus, an added bonus: the property includes four Conex storage units, providing ample storage solutions. With virtual staging showcasing the home's potential, it's easy to see how this property can shine. Light cosmetic updates will quickly elevate it to its full glory. Don't miss this rare opportunity to create something extraordinary!

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5225 E Taylor Street Phoenix, AZ 85008

$950,000

6 Beds

2.5 Baths

958 SqFt

Status Active

MLS # 6752945

Property Type Single Family Residence

Price Type --

Fall in love with this spectacular home with an RV gate, extended driveway, and a cozy front porch! As you enter, a lively living room greets you. Wood & tile flooring, neutral palette, ceiling fans, and a den for office or play are features that can't be left unmentioned. Impeccable eat-in kitchen displays plenty of custom cabinets, SS appliances, granite counters, mosaic backsplash, and backyard access. Sizable main retreat has a private ensuite for convenience. You'll also find a two-story in-laws house that includes a modern great room, highly-upgraded kitchen, three bedrooms, a full bathroom, balcony, and a bonus room. Quaint backyard has ample space for fun gatherings. A gem like this won't last long! Hurry before it's gone!

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10081 E Turquoise Avenue Scottsdale, AZ 85258

$950,000

2 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6731592

Property Type Single Family Residence

Price Type --

Generously expanded one level home with grand master bedroom and extended den all on an oversized lot. This home exudes pride of ownership from the moment you enter the beautiful entrance way. You will delight in the generous square footage of the home and the soaring ceilings. Home sparkles with original finishes and fresh paint throughout. Private backyard with private pool, which is an extremely rare find in this neighborhood. This is the perfect winter haven as it provides home owners with sparkling pools, tennis courts, close proximity to walk paths, parks, and excellent shopping. All of this tucked away in a guard gate paradise.

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7726 E Buteo Drive Scottsdale, AZ 85255

$950,000

4 Beds

2.5 Baths

2,576 SqFt

Status Active

MLS # 6761604

Property Type Single Family Residence

Price Type --

Here's the home you have been looking for! This well cared for home features 4 bedrooms, 2.5 bathrooms, an office/den, a private pool, a putting green and a 2 car garage. Upon entering the home you will be greeted by a sun filled sitting room & dining room with vaulted ceilings. The kitchen opens to family room and features a kitchen island, granite counter tops, custom tiled backsplash & SS appliances. The oversized primary bedroom is located downstairs along with an office/den that can easily be converted to a 5th bedroom. Upstairs you will find 3 additional guest bedrooms and a full bathroom. Step out back to your private oasis that includes a play pool, putting green, and oversized covered patio with multiple seating areas. This move in ready home also features a new roof and one new AC unit. All of this is conveniently located in the coventry at Grayhawk and is within waking distance to Grayhawk Elementary. Move this one to the top of your list before it's too late.

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