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

2024 W Andalusian Trail Phoenix, AZ 85085

$949,000
3 Beds
3.5 Baths
3,054 SqFt
Status Active
MLS # 6746695
Property Type Single Family Residence
Price Type --
Check out this stunning home located in the desired Union Park at Norterra. 3 bedrooms + office/den and 3.5 bathrooms. All bedrooms are en suites and the master offers a custom closet! This home boasts a wonderful layout with a 2nd living area plus an oversized laundry room that was just freshly painted. A brand-new shiplapped fireplace/ mantel was just installed with matching shiplap to the recessed ceiling nook to give it a clean and stylish look. You will love entertaining in this kitchen featuring a large island with seating, plenty of cabinet space, stainless steel appliances, and quartz countertops. The 3 car garage (1 tandem spot) has been insulated and plumbed for a sink and water softer. Home has been wired Cat5 throughout. Walk out to the backyard and you will notice brand new turf! Are you thinking of adding a pool or spa? Great news, it is already plumbed for it! Keep the backyard low maintenance or design your own backyard oasis. The community offers Olympic size swimming pool, splash pad, basketball and pickleball courts, event hall and an amazing fire pit. Walking distance to restaurants, shopping, the elementary school!

19550 N Grayhawk Drive Unit 1084 Scottsdale, AZ 85255

$949,000
2 Beds
2 Baths
1,834 SqFt
Status Active
MLS # 6707430
Property Type Townhouse
Price Type --
Experience the epitome of Scottsdale living in this coveted North Scottsdale locale. Nestled at the end of a well-lit cul-de-sac, this 2 bed, 2 bath, 1,834 sq. foot single-level residence boasts an abundance of natural light, accentuated by its desirable end-unit positioning. Step through the circular rotunda entryway and be greeted by sculpted ceiling details that exude elegance. Relish in the warmth of the gas fireplace as you unwind in the spacious living area. The eat-in kitchen, adorned with freshly painted cabinets and updated appliances with oven and induction cooktop, invites culinary creativity. Adjacent, a covered private patio offers a serene retreat for dining or morning coffee. The master suite features a generous walk-in closet, while the den provides flexibility, easily convertible into a third bedroom. Recently updated flooring, a renovated guest bath, and a backyard makeover enhance the allure of this home, ensuring both comfort and style. Indulge in the amenities of the community, including walking, hiking, and biking trails, playgrounds, pocket parks, and tennis courts. Relax by the sparkling swimming pool and spa, or enjoy peace of mind with 24-hour security patrol. Additionally, a gated courtyard adds an extra layer of privacy and charm to this exceptional property.

28216 N 148th Street Scottsdale, AZ 85262

$949,000
4 Beds
2 Baths
2,610 SqFt
Status Active
MLS # 6684580
Property Type Single Family Residence
Price Type --
Welcome home! This one-of-a-kind cypress-wood home rests on a sprawling 1.74-acre North Scottsdale HORSE PROPERTY w/ picturesque mountain views. Amazing location with a rural feel yet the conveniences of city living. Double-gated entries with powered gates and gorgeous ironwork, exceptional equestrian amenities, and parking for all your toys, trailers, and RV. Horse facilities include 6 - 30'x15' covered horse stalls w/ water plumbed to each stall, a tack shed, an approx. 1/3rd acre riding arena w/ metal pole fencing, and a 60'x100' covered big-rig pull-thru w/ lighting. Addt'l highlights include 2 - 20'x30' covered concrete pads, a casita structure w/ stubbed water, an enclosed poultry shed, owned solar panels, 30 amp RV power, and a PRIVATE WELL. The residence features an open concept, dramatic floor-to-ceiling windows, and an abundance of natural light. Living space highlights include chicory wood floors, doors, and ceilings, and a stunning stone fireplace beautifully framed by a full wall of glass and plantation shutters. The kitchen showcases a sizable center island with butcher block counters and bar seating, stainless appliances, a farmhouse sink, granite counters over the remainder of the kitchen, and a stone backsplash. In addition to the kitchen and living space, the main floor hosts 2 bedrooms, an office, and a laundry room. Upstairs you'll find an en-suite bedroom with a spacious loft and dramatic overlook. This property is a RARE find! Embrace tranquility away from city noise. Enjoy morning coffee on your expansive front porch. Pamper your horses and give your dogs room to run. With no HOA restrictions, the sky's the limit for adding on and customizing the space to your heart's content.

6323 E Nisbet Road Scottsdale, AZ 85254

$949,000
4 Beds
2 Baths
2,266 SqFt
Status Active
MLS # 6619120
Property Type Single Family Residence
Price Type --
This beautiful home is definitely move-in ready. Magic 85254 NO HOA; Best one story 4-bedroom 2 bath home. This was built by owners w/definite care and attention to details. Every upgrade was done with a good eye. The wall of new windows in living/dining room w/fireplace opens to a beautiful full patio w/private backyard and fruit trees galore. New windows AND flooring thru out. Recessed lighting too; Kitchen totally remodeled w/quartz countertops; stainless appliances; Master ensuite bathroom has jetted tub; 2 sep sinks; toilet room and huge walk-in closet. The second bedroom w/walk-in closet exits to backyard. Second bathroom has updated shower. Lots of storage; Plus Garage cabinets; Walking distance to many stores; close to upscale shopping; dining; events TPC Open; Kierland

4310 W Ceton Drive Laveen, AZ 85339

$949,000
6 Beds
4.5 Baths
4,214 SqFt
Status Active Under Contract
MLS # 6569690
Property Type Single Family Residence
Price Type --
*** Price below appraisal! *** Amazing 6 bed/4.5 bath home features 2 full owner's suites, newer HVAC, 2 ''hidden'' rooms, wet bar w/ Kegerator, detached 30X50 workshop (5 total garage bays inc. attached garage) & RV hookup. Step into the spacious living areas w/ beautiful hardwood floors & stone fireplace. The kitchen has a walk-in pantry, industrial grade appliances, copper range hood & updated butcher block counters. The primary Owner's Suite features double sinks, soaking tub, walk-in closet, fireplace & hidden room. Outside you'll enjoy a sparkling pool, built-in BBQ, raised garden, full size covered patio & balcony w/ incredible views! Plus, a huge laundry room w/ lots of storage, horse corral & nearby hiking trails. Come & check out this entertainer's dream.

5769 N Woodland View Road Williams, AZ 86046

$949,000
6 Beds
3.5 Baths
2,760 SqFt
Status Active
MLS # 6724014
Property Type Single Family Residence
Price Type --
Welcome to an amazing opportunity to own an absolutely turn key, high income ($100k+ a year) producing GC Luxury Ranch that is only a 20 minute drive to The Grand Canyon and just minutes from town. With 10 acres of pristine and private wild Northern Arizona Country, this property is exactly what you are looking for as an investment or retreat for family and friends. Newly renovated 2760 FT, 6 bedrooms, 3.5 bathrooms, with spacious open floor plan and perfect flow. The moment you open the front door, you are greeted with a beautiful inviting living room that faces the large open kitchen and dining area which opens to the expansive covered patio with BBQ and fire pit. Entertainers will love details like 3 flat screen TVs, game room, walk-in pantry, separate laundry room, and attached oversized two & half car garage with EV charging station. Home has tons of storage inside as well as outside with 3 storage units (1 w/electric) as well as a massive detached workshop that can be easily converted into a possible 2nd revenue stream from another airbnb listing on the same property or as a passive income stream while you live in the main house. You will love the front wrap around porch with spectacular sunset and 360° Mountain views. Meticulously designed with an eye for luxury, fully furnished and appointed with every detail for comfort and fun, this home is an exceptional property that needs to be viewed in person to truly see how special it is. Currently an extremely successful short term rental, the sale will include all furniture, decor, and amenities to make this a turn key investment that can continue running without a hitch. Across VRBO and Airbnb, the property is rated 4.98 stars with over 100 raving reviews, let those numbers speak for themselves. The amazing short term rental manager and accounts transfer comes with the sale of the property. Come take a look before it is gone!

2812 E Harwell Road Phoenix, AZ 85042

$949,000
4 Beds
3.5 Baths
3,407 SqFt
Status Active Under Contract
MLS # 6737852
Property Type Single Family Residence
Price Type --
Nestled in the prestigious gated community of Arboleda Ranch, this stunning 3,407 sq. ft. home offers 4 spacious bedrooms, 3.5 luxurious bathrooms, a study and den, and impeccable upgrades throughout. As you enter the home you will notice the gorgeous trey ceilings in the foyer and vaulted ceilings in the great room creating an open and bright aesthetic. The gourmet kitchen is pristine with granite countertops, stainless-steel built-in appliances, and a kitchen island with a breakfast bar. The butler's pantry connects to the den! The expansive primary suite has a sitting area, an entrance to the serene backyard oasis, and a lavish ensuite with a soaking tub,a beautifully tiled shower, and a walk-in closet. The remaining bedrooms are move-in ready! Bedroom 2 has a private ensuite bathroom and all bedrooms have walk-in closets! Plus, a study with double doors, perfect for a multi-purpose or hobby room! The laundry room is well thought out with a sink and upper and lower cabinets. The backyard will take your breath away with its meticulous design featuring easy-care artificial grass, beautiful green trees, and a refreshing pool. The covered patio has beautiful tile flooring,a modern ceiling fan and extends to an open seating area in the backyard. This backyard is an entertainer's dream! Not only is this home gorgeous but also conveniently located close to the freeway for easier access to dining, shopping, and entertainment. Check out the beautiful Aguila Golf Course or the hiking trails at South Mountain! This home is dream!

3744 W Westcott Drive Glendale, AZ 85308

$949,000
3 Beds
3 Baths
2,276 SqFt
Status Active
MLS # 6722878
Property Type Single Family Residence
Price Type --
** North Phoenix Per The County Assessor's Records** Your dream of owning a small and large animal farm within city limits does still exist. 90' of covered covered Horse Turnouts with up to 6 stalls and pasture. Situated on just under one acre of land in the city, this horse property is a sanctuary from the country modern charm in the inside of the home to the crystal chandelier in the chicken coup. This property will give you that country feel with the benefits of being in-town and close to services like Costco and Honor Health both located within a mile. The block construction on this custom ranch home situated with a north south orientation offers all those locally desired home site checklist items locals covet and our rural aspiring buyers aspire to find to call home This home has a fully updated interior in a country ranch modern style and cared for with a pride of ownership that we not often see in homes of this period. Natural Hickory Cabinets with the soft close features on doors and under-mount soft close glides on the hardwood and dovetailed drawers surpass in quality what we often see even in brand new homes built with price tags well above 1 million. This ranch-style home's floor plan includes a versatile Next Gen Suite, perfect for accommodating guests or loved ones. The 3 bedrooms and 3 baths provide ample space for comfort and relaxation, while the fully insulated property with new windows and plumbing ensures a harmony of practicality with beauty. Outdoor enthusiasts will appreciate the 4 car garage spaces, 2 attached to the home and 2 more in the detached garage which also includes an air conditioned workshop. Park your RV, park your Horse Trailers or overflow parking for those large events you might feel compelled to host in this great home in the future. Come see it today and make it yours right away.

42038 N Moss Springs Road Anthem, AZ 85086

$949,000
4 Beds
3 Baths
2,986 SqFt
Status Active
MLS # 6634707
Property Type Single Family Residence
Price Type --
Welcome to luxury living in Anthem Country Club! This stunning home has undergone a full remodel, offering exquisite features and modern elegance throughout. As you enter, you're greeted by a grand 10-foot accordion door that seamlessly opens to the expansive outdoor space, perfect for entertaining guests or enjoying the serene desert landscape. Step inside onto luxury vinyl plank flooring that adds warmth and sophistication to the living spaces. The upgraded primary bathroom is a true retreat, boasting a super shower and separate tub, creating a spa-like oasis for relaxation and rejuvenation. With 4 bedrooms and 3 full bathrooms, there's plenty of space for family and guests to feel comfortable and pampered. Welcome to luxury living in Anthem Country Club! This stunning home has undergone a full remodel, offering exquisite features and modern elegance throughout. As you enter, you're greeted by a grand 10-foot accordion door that seamlessly opens to the expansive outdoor space, perfect for entertaining guests or enjoying the serene desert landscape. Step inside onto luxury vinyl plank flooring that adds warmth and sophistication to the living spaces. The upgraded primary bathroom is a true retreat, boasting a super shower and separate tub, creating a spa-like oasis for relaxation and rejuvenation. With 4 bedrooms and 3 full bathrooms, there's plenty of space for family and guests to feel comfortable and pampered. Park your vehicles with ease in the 3-car garage, offering ample storage space for your belongings. Outside, the oversized lot features a partial view fence, providing privacy and picturesque views of the surrounding area. Take a dip in the sparkling pool on hot summer days, or lounge poolside in the Arizona sunshine. The newer roof ensures peace of mind and adds to the home's overall appeal. In the heart of the home, the kitchen shines with new countertops and a sleek wet bar, perfect for entertaining friends and family. Whether you're hosting dinner parties or enjoying quiet evenings at home, this kitchen is sure to impress. Don't miss the opportunity to own this exquisite home in Anthem Country Club, where luxury meets desert tranquility.

1270 E Baranca Road Gilbert, AZ 85297

$949,000
4 Beds
2.5 Baths
2,627 SqFt
Status Active
MLS # 6706262
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the coveted Vista Del Oro community! This stunning 4-bed, 2.5-bath home boasts a modern, and sleek remodel, ensuring luxury and comfort in every corner. Dive into your private oasis with a sparkling pool. The spacious 3-car garage provides ample room for vehicles and storage. Inside, you'll find quartz countertops and all-tile flooring, adding a touch of elegance to the open floor plan. Located in a prime location, this home offers unparalleled convenience. It's close to top-rated schools in the Chandler and Gilbert districts, making it ideal for families. Vista Del Oro is known for its vibrant community and easy access to shopping, dining, and entertainment. Don't miss the chance to own this upgraded gem in one of the most desirable neighborhoods.

7780 E Golden Eagle Circle Gold Canyon, AZ 85118

$949,000
3 Beds
3.5 Baths
3,574 SqFt
Status Active
MLS # 6725076
Property Type Single Family Residence
Price Type --
THIRD PRICE REDUCTION! Motivated Seller! Lowest priced $/sf fairway residence in entire community! Wonderful views over the 10th fairway & vistas of a park-like setting of 5 Nicklaus-designed golf holes out the back patio. Some furnishings available under a separate bill of sale. Golden Eagle Village on a quiet a Cul de Sac in a quaint Tuscan Village walking distance to the clubhouse. 24/7 manned gate in this Lyle Anderson Community. Only 36-hole private golf & country club in central Arizona & limited memberships. Less than 35 freeway minutes from Sky Harbor. Only 1 traffic light separates owners from the Atlantic & Pacific Oceans. Upgraded interior finishes w/granite counters, 8' solid core doors, stainless appliances, Emtec & Kohler fixtures. North/South orientation. Soaring ceilings.

7151 E Rancho Vista Drive Unit 4001 Scottsdale, AZ 85251

$949,000
2 Beds
2 Baths
1,586 SqFt
Status Active
MLS # 6700905
Property Type Apartment
Price Type --
Welcome to Optima Camelview! Known for its extra lush landscape and endless resident amenities, come see what all the hype is about and take a full property tour of this spectacular community. Unit 4001 is unique amongst the others for many reasons ... not only does it have one of the largest 2 bed/2 bath floor plans, but this particular unit comes with it's own private outdoor space, separate from the general patio. The opportunities are endless for what you could create there (see photos for virtual staged pics with ideas). #4001 also comes with 2 garage parking spaces, which is a rare luxury only some units have. Some of the amenities include indoor & outdoor pools and spas, gym, sport courts, putting green, locker room, on-property restaurant/bar & commercial business spaces.

Leave a Reply

Your email address will not be published.