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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5702 N 13th Street Phoenix, AZ 85014

$949,000

4 Beds

4.5 Baths

2,440 SqFt

Status Active

MLS # 6697415

Property Type Single Family Residence

Price Type --

Introducing an incredible corner lot gem in Uptown Phoenix. With 4 beds, 4.5 baths, a 1-car garage, and an RV gate, this home showcases high-end craftsmanship throughout. From the brand-new roof to upgraded electrical and plumbing, every detail exudes quality and pride. The gourmet kitchen and lavish bathrooms are sure to impress. Situated in a coveted area just north of downtown Phoenix and west of the esteemed Biltmore area, this home offers access to top-rated schools, chic eateries, and premier shopping. This residence provides the perfect blend of convenience and refinement. Don't miss the chance to make this stunning property your new home.

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5253 N 31st Place Phoenix, AZ 85016

$949,000

3 Beds

2 Baths

1,983 SqFt

Status Active

MLS # 6704884

Property Type Single Family Residence

Price Type --

This beautiful patio home nestled in the highly sought after Biltmore area Village on the Lakes gated community is a true treasure! The tranquil setting & desirable location embraces your luxury living space with lush greenery, beautiful walking paths, the Arizona Canal Trail, & open green belt areas. The c-plan home encompasses the open concept patio w/ mountain view balcony, sparkling pool, & therapeutic spa, with sliding glass doors on all 3 sides creating a unique ambiance, superlative privacy & plentiful natural light. 3 bedrooms & 2 baths plus an office space with powered & shuttered venting skylights. Upgraded kitchen with SS appliances & dining area plus a formal dining room & spacious living room w/ cozy fireplace. Well maintained with potential limited only by your inspiration!

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5737 W Creekside Lane Queen Creek, AZ 85144

$949,000

4 Beds

3.5 Baths

2,692 SqFt

Status Active

MLS # 6737915

Property Type Single Family Residence

Price Type --

WOW! Just WOW! Pride of ownership is shown in this exquisite territorial property the Iron Gate Estate - located in the prestigious Creekside Estates, sitting on over an acre of land. The lush front yard, 3-car side garage, RV gate, and ample parking spaces offer both beauty and convenience. Enter through a cozy courtyard featuring a charming stone-accented fireplace. Inside, be captivated by the sleek interior adorned with plantation shutters, pre-wired surround sound, and a formal dining area perfect for gourmet meals. The great room is a highlight with exposed wood beams, a corner fireplace, and a wet bar with direct access to the kitchen. The natural light and phenomenal attention to detail throughout the home, constantly leave you in awe! Check out this estate before it's gone soon! The delightful kitchen boasts custom cabinets and stainless steel appliances, including wall ovens, granite counters, a center island, a walk-in pantry, a breakfast room, and a peninsula with a breakfast bar. The spacious main suite provides direct backyard access, a bay window, and a chic bathroom with dual vanities, a jetted tub, and a walk-in closet. The backyard, with its covered patio, is a blank canvas ready for your personal touch, where you can enjoy scenic sunset and mountain views with your favorite beverage. What's not to like? Don't miss out on this incredible property!

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2325 E Beachcomber Drive Gilbert, AZ 85234

$949,000

4 Beds

3 Baths

3,425 SqFt

Status Active

MLS # 6736562

Property Type Single Family Residence

Price Type --

Location location! Gorgeous remodel! Welcome to your dream home located on a corner lot in Val Vista Lakes community! A perfect blend of luxury and comfort. Soaring vaulted ceilings that enhance the spacious feel of the grand foyer and formal dining area, large main room with a dramatic fireplace as the centerpiece. Entertain effortlessly with the stylish wet bar. Upscale fixtures and lighting throughout the home. The eat-in kitchen is a highlight, featuring stainless steel appliances, new cabinets, elegant quartz countertops, a generous pantry and large center island plus dining area. Upstairs, you'll find a sizable loft media room that offers versatile space for relaxation or play, a hidden playroom in an upstairs bedroom and reading area. Retreat to the luxurious primary bedroom, where tranquility awaits. Enjoy direct access to the backyard oasis along with an upscale ensuite bathroom that features dual sinks, a standalone soaking tub, and walk-in closet. The downstairs bonus room can serve as a gym, office, or other function that suits your lifestyle. Outside is your private paradise! A lush grass front yard. The backyard includes a huge covered patio, beautiful paver decking, ramada, and lap pool, perfect for entertaining! Don't miss your chance to own this stunning home!

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5630 E Bramble Berry Lane Cave Creek, AZ 85331

$949,000

4 Beds

3.5 Baths

3,094 SqFt

Status Active

MLS # 6695541

Property Type Single Family Residence

Price Type --

Seller can help with rate buydown. Fresh, remodeled Tuscan style villa in exclusive gated Lone Mountain, fine finishes. Bright soaring great room w clerestory windows, premium Aspen Blond porcelain tile, Monet backsplash bistro kitchen w sweeping tiger eye granite, premium brushed SS gas ovens,42 in maple cabs, walk in pantry, downstairs MBR w plantation shutter Bay Window sunrise, billowy steam bath, rainforest walk in shower. UP: Media room, 3 BR, walk in closets, 2 full BAs. Sports yard surrounded by desert gardens, green house, roses, hot tub, 700sf Travertine deck. Awesome mountain views. Private island cul de sac. 980sf 4 car finished epoxy garage, extreme storage. 2 RO systems. Utility sink. Paver drive. Primo green house, sports yard. Pristine. Seller to contribute up to $500 to a one year home warranty upon successful closing.

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10730 E Diffraction Avenue Mesa, AZ 85212

$949,000

6 Beds

4.5 Baths

5,327 SqFt

Status Active

MLS # 6731387

Property Type Single Family Residence

Price Type --

Welcome to this exquisite 6-bedroom home, complete with a loft and den, offering ample space and luxurious features throughout. Boasting stunning curb appeal with stone accents and dark shutters, this home exudes elegance from the moment you arrive. Inside, plantation shutters adorn the windows, and the entire home is graced with luxury vinyl plank flooring, adding both sophistication and durability. The kitchen is a chef's dream, featuring a massive island with shelves on each side for extra storage, grey extended-height cabinets, a subway tile backsplash, dual ovens, and upgraded pendant lights. The loft provides a versatile space for relaxation or entertainment, while the dedicated movie room is perfect for family movie nights or gaming sessions. (CLICK TO READ MORE) Convenience is at your fingertips with two laundry roomsone on each floor. The primary suite is a true retreat, with an extra seating area, a wood-paneled accent wall, coffered ceilings, and numerous windows that overlook the stunning backyard, flooding the room with natural light. The en-suite bathroom is equally impressive, featuring dual vanities, a ceiling-tiled shower, a separate tub, and an extra vanity area. Step outside to the gorgeous backyard, designed for ultimate enjoyment and entertainment. The built-in BBQ, extended pergola, and firepit create the perfect setting for gatherings. The large, fenced dog run with artificial turf ensures your pets have their own space. Enjoy the sparkling pool with a large baja step and travertine surroundings, providing a resort-like experience right at home. Additional landscape lighting enhances the ambiance. This community offers a world-class resort experience with a luxurious community pool, splash pads, numerous parks, 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. Don't miss the chance to experience luxury living at its finest and make this exceptional home yours!

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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.

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15217 W Daybreak Drive Surprise, AZ 85374

Open House

$949,000

2 Beds

2.5 Baths

2,483 SqFt

Status Active

MLS # 6747884

Property Type Single Family Residence

Price Type --

Fantastic home totally rebuild in 2020. Newer roof, windows, HVAC, flooring, electrical, plumbing. Cherrywood cabinets with pullouts in spacious kitchen with an island, granite countertops, and stainless steel appliances. All on a beautiful golf course lot with a swimming pool, hot tub, triple car garage and much more. Cat 5 wiring throughout. Plus paid solar. Don't miss out on the opportunity to own an almost new home.

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18377 W Porter Drive Goodyear, AZ 85338

Open House

$949,000

4 Beds

4 Baths

4,178 SqFt

Status Active

MLS # 6753751

Property Type Single Family Residence

Price Type --

Nestled on a coveted over sized custom lot near South Lake in Estrella, this 4 Bed + Den home offers an unparalleled living experience. Immerse yourself in breathtaking views of the Estrella Skyline, framed throughout this stunning home. Step inside to discover a world of warmth & elegance. In the heart of the home the gourmet kitchen offers an ambiance of timeless sophistication. Cozy nooks & inviting great rooms offers ample space for relaxation, while artisan-crafted details & art niches add a touch of charm. The sprawling primary suite, conveniently located on the first floor, is a luxurious sanctuary. Explore the home's impressive floorplan, including multiple balconies & a secluded ''Sky View Deck'' where you can savor the lake views. 3 Car Garage & RV Gate is ideal for toys. Estrella is a master-planned community designed for comfort and convenience. Here's what makes Estrella the perfect place to make your home: Troon-Managed Golf Course: Tee off at the Golf Club of Estrella, a Nicklaus-designed course managed by the prestigious Troon Golf. Your Estrella HOA fees cover an extensive range of amenities, allowing you to experience resort-style living every day: Water Activities: Explore the lakes with paddleboats, sailboats, and kayaks offered by the Yacht Club. Starpointe Resident's Club: This 24,000 sq ft recreation center boasts a waterpark, gym, lap pool, game rooms, and a teen club, something for everybody. Presidio Resident's Club: This 18,500 sq ft facility features a heated pool, splash pad, demo kitchen, Community Garden, Cantina and a state-of-the-art workout area. Pickleball & Trails: Enjoy friendly competition on the neighborhood pickleball courts, or explore the scenic FINS trail system for hiking and biking adventures. Enjoy a variety of restaurants, medical and dental offices, and various services right at your fingertips. Estrella offers an exceptional lifestyle with upscale amenities, and convenient access to day to day services.

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3565 E Starflower Drive Queen Creek, AZ 85142

Open House

$949,000

3 Beds

3.5 Baths

3,212 SqFt

Status Active

MLS # 6724881

Property Type Single Family Residence

Price Type --

Breathtaking! Enjoy the safe suburbs and mountain views of Chandler Heights, just 25 minutes from Downtown Chandler. This elegant home in the gated community of Copper Bend hosts a spacious 3 bedrooms at over 3200sqft. Recently built in 2019, some say it still has the new-house smell to it. Enjoy a stroll in the community park, or have fun with your children on the playground. The open kitchen is great for socializing while you utilize the double wall ovens & gas cooktop. Enjoy brunch on your granite countertops, and use the butler's pantry for storage. Across the community to the South is Gila River Indian Land, great for reserve/hiking trail with immaculate views of the East Valley. Lender Owned, Buyer to Verify All Facts.

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10710 E Evergreen Street Mesa, AZ 85207

$948,000

3 Beds

2.5 Baths

3,148 SqFt

Status Active

MLS # 6753734

Property Type Single Family Residence

Price Type --

Beautiful single-story home nestled in a quiet neighborhood on almost a half an acre of land. This rare premium lot has a beautiful home with an Air-Conditioned 43'x15' RV Garage, and 2 separate 2 car Garages each with its own entrance to the home! With an RV, Boat Friendly HOA and 2 RV Parking Gates there is room for everything. There is a clean out/dump for your RV directly outside the RV garage. You can store friends and family's RV's here! There are multiple 50 amp plugs in the RV garage, one in the main garage and 2 additional plugs one on each side of the home. Whole home water filtration system and R.O system. Extremely open floorplan with 3 bedrooms, 2 full baths, a ½ bath, a bonus room, and an office. Gorgeous flooring, kitchen cabinets, stainless steel appliances, subway tile and granite countertops with a large walk-in pantry. Built in natural gas BBQ and Pergola out back. Two new Trane air conditioners with 10-year transferable warranties. Lots of storage area inside and out. Large rooms and a primary suite and bath.

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11673 N 136th Street Unit 1011 Scottsdale, AZ 85259

$947,900

3 Beds

2.5 Baths

2,020 SqFt

Status Active

MLS # 6655214

Property Type Townhouse

Price Type --

New 2022 Construction in PRIME location near Scottsdale Mountain, The Reserve is a Private Luxury Villa Community close to EVERYTHING - Shopping, Dining, Golfing & steps away from Coffee Shop, Bespoke Market, Wine Bar, Italian Cuisine, Pizzeria, Parks & Hiking Trails! This Upscale Resort Style Villa features spectacular Mountain & Desert Views, 2 Bed/EnSuites + DEN/FlexSpace/3rd Bed Opt. with an OPEN Split Floorplan, 2.5 Baths, Gourmet Kitchen w/Upgraded Cabinetry, Breakfast Bar Island, Premium Granite, Bosch Stainless Steel Appliances, French Door Refrigerator, Tile Backsplash, Walk-in Pantry, Gas Cooking, LED Lighting, Premium Tile Showers, Deep Soaking Bathtub, Home Automation, Energy Efficiency Features, 2 Covered Patios, Private Courtyard, ASK for the detailed Upgrade & Feature List!

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