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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15613 E Palomino Boulevard Fountain Hills, AZ 85268

Open House

$945,000

3 Beds

2 Baths

2,564 SqFt

Status Active

MLS # 6739401

Property Type Single Family Residence

Price Type --

Welcome to this breathtakingly remodeled home, showcasing an array of custom features and luxurious upgrades. This property offers an unparalleled living experience with its modern amenities, exquisite design, and stunning views of the famous scenery Fountain Hills is known for, including the fountain. The heart of the home is the brand-new living room, featuring a custom floor-to-ceiling stone wall that highlights a Dimplex electric fireplace, flanked by custom shelves with tile mosaic backs and dimmable lights above every shelf. It's a perfect place to display artwork.Step outside into your private pool and spa oasis, custom-designed and added in 2020. The heated pool and spa are adorned with stunning stone tiles, cascading water features, and a large Baja shelf, creating a perfect retreat for relaxation and entertainment. The backyard also features easy-to-care-for turf, adding to the low-maintenance luxury of this home. Inside, you'll find custom flooring throughout and a brand-new guest bathroom with all new plumbing fixtures, metropolis stone countertops, a stunning custom mosaic tile feature wall, and a walk-in shower with floor-to-ceiling stone tiles. The walls and ceilings have been newly painted, enhancing the fresh and modern feel of the home. The upgraded kitchen boasts new modern panels, new appliances, stunning stone countertops, stone flooring, a new sink, and new plumbing fixtures. New Infinity sliding glass doors have been installed off the living room and primary bedroom, seamlessly connecting indoor and outdoor spaces. Additional features include a fully remodeled primary shower room, a custom wrought iron front door with new side panel windows, new modern fans and light fixtures, a brand-new and upgraded underground irrigation system, retractable sun shades in the dining area, a new modern garage door, and a new outside tile patio. The HVAC units were replaced in 2019 and 2022. This home is a true gem, offering luxury, comfort, and modern conveniences in every corner. Don't miss out on this incredible opportunity to own a piece of paradise! Please see the full list of upgardes under the document tab

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16674 S 18th Way Phoenix, AZ 85048

Open House

$945,000

5 Beds

3 Baths

3,093 SqFt

Status Active

MLS # 6750560

Property Type Single Family Residence

Price Type --

Experience luxury living with this stunning 5-bedroom, 3-bathroom home situated on the picturesque Foothills Golf Course with South Mountain views. This two-story masterpiece combines modern sophistication with breathtaking natural beauty, offering a perfect blend of comfort and style. Step into the newly remodeled kitchen -- a chef's dream, featuring sleek new appliances, contemporary cabinetry, gorgeous expanded island and elegant countertops & backsplash and a huge pantry. Enjoy the open-concept layout, perfect for both everyday living and entertaining. The home features a striking stacked stone fireplace, adding a touch of warmth to the Family room. An updated glass and metal front door creates a welcoming entrance to the front living/ dining area with floor to vaulted ceiling windows with beautiful shutters , while a new 12-foot glass slider seamlessly connects the Family Room and kitchen to the outdoor oasis, inviting you to enjoy stunning sunset views from the comfort of your home. The five generously sized bedrooms provide ample space for relaxation and privacy. The newly remodeled bathrooms offer modern fixtures and finishes, ensuring a spa-like experience. With a 3.5-car garage, you'll have plenty of space for vehicles, Including an EV charger, storage, and hobbies, making this home as functional as it is beautiful. Add in the bonus of a paid off Solar and you really add to the value of this gorgeous property! Step outside to your private backyard and take in the mesmerizing sunset views over the Estrella Mountains. This serene setting is perfect for outdoor dining, relaxation, enjoying your pool and the natural beauty of South Mountain too! This exceptional Foothills Golf Course home combines modern updates with stunning natural vistas, offering a unique living experience. See this home today and step into a home where luxury and tranquility meet.

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21921 S 197th Street Queen Creek, AZ 85142

$944,995

4 Beds

3 Baths

2,890 SqFt

Status Active

MLS # 6731788

Property Type Single Family Residence

Price Type --

This is a must see Julia- 4 bedroom, 3.5 bathroom with oversized extended patio and gourmet chef's kitchen, perfect for entertaining. You will also discover 10' ceilings in this airy open floorplan. 15, 027 sq ft lot size, extremely hard to come by. West Park Estates features all single-story homes. Don't wait on this one.

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44421 N 20th Street New River, AZ 85087

$944,900

4 Beds

3 Baths

2,994 SqFt

Status Active

MLS # 6709540

Property Type Single Family Residence

Price Type --

This Custom Mt View Home with pool & Oversized 4 car garage on a 1.38 Acre parcel and NO HOA is located at the end of a cul-de-sac. Private street with only 3 other homes! Freshly Painted and New Carpeting in all bedrooms...Large open concept living areas and generous room sizes throughout. Spacious Kitchen with Granite, B-fast Bar, Walk-in Pantry and informal dining/Breakfast room... HUGE Split Primary bedroom with private pool access, Separate Spa Tub & Shower and Dual Vanities! Features Include an additional Master Suite, Large Walk-in Closets in every bedroom! Cool Pool with a Baja Step & built-in Table, 2 Fireplaces, a really nice Covered Patio, a Giant Courtyard in front and a Pergola out back. Way Too many features to list so please come check out this special home today

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7343 W Lisbon Lane Peoria, AZ 85381

Open House

$944,700

3 Beds

2.5 Baths

2,699 SqFt

Status Active

MLS # 6629569

Property Type Single Family Residence

Price Type --

New luxury homes at Acoma Estates, a gated enclave of 30 homes on oversized lots. Plans from 2,600 to 3,700 square feet, including plans with attached RV garages up to 70 ft in length! 3 spectacular floor plans and gorgeous elevations to choose from. These homes are designed with modern amenities and offer generous living spaces. Located inside the loop 101, convenient to Arrowhead, P83 District, This Cholla plan offers 2,699 Sq. Ft. 3-Car Garage + RV. 10' interior ceilings with 8' interior doors, and many more included features to follow! * This home is currently in the stages of construction. 25K builder incentive toward options/upgrades! * Photos of Model *

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10148 W Avenida Del Rey -- Peoria, AZ 85383

Open House

$943,900

5 Beds

3.5 Baths

3,496 SqFt

Status Active

MLS # 6736429

Property Type Single Family Residence

Price Type --

You have an AMAZING OPPORTUNITY to HAVE ''IT ALL'' with this BEAUTY in the HIGHLY DESIRABLE FLORENZA NEIGHBORHOOD*Minutes from SHOPPING, EXCELLENT SCHOOLS, FREEWAYS, and RESTAURANTS, but tucked away in this peaceful community*Your EXPANSIVE GORGEOUS KITCHEN includes BUILDER'S EXTENSION and has OVERSIZED ISLAND, DOUBLE OVENS, cook top, ABUNDANT CABINETS, LARGE PANTRY and custom backsplash*OWNER SUITE has EXTENDED SITTING AREA and TILE WORK AT OVERSIZED SHOWER*You will LOVE the 8-FT DOORS, FANASTIC FLOORING, flowing natural light, and 3-PANEL SLIDING DOOR*This floorplan includes 5 bedrooms, 3.5 baths, so much storage, and a FLEX SPACE*This EASY CARE backyard has TURF and TRAVERTINE PATIO and SURROUND at REFRESHING POOL*COME BY and SEE WHY you will want to CALL THIS PLACE YOUR ''HOME''

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20498 E Via De Colina -- Queen Creek, AZ 85142

$943,149

5 Beds

3.5 Baths

4,517 SqFt

Status Active

MLS # 6746209

Property Type Single Family Residence

Price Type --

MLS#6746209 April Completion! The Acadia is a spacious 2-story floor plan offering 4,517 sq. ft. with 5 bedrooms, 3.5 bathrooms, a 3-car split garage, dining room, study, and game room. As the largest floor plan in the Ellsworth Ranch Voyage Collection, it's designed to be your perfect home. The foyer is the central hub, leading to the dining room, study, laundry, winding staircase, and the open-concept gathering room, kitchen, and casual dining area. The main-level primary suite features dual vanity sinks and his-and-hers walk-in closets. Upstairs, find secondary bedrooms and a versatile media room. Structural options include: double gate in lieu of standard, media room, gourmet kitchen, water softener, and gas line for future outdoor kitchen.

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5143 E Palo Brea Lane Cave Creek, AZ 85331

$940,000

3 Beds

2 Baths

2,286 SqFt

Status Active

MLS # 6744830

Property Type Single Family Residence

Price Type --

This is a rare find situated on an oversized, private lot, offering the perfect blend of luxury and comfort. The open-concept design is accentuated by vaulted ceilings, creating a bright and airy atmosphere. Home has tile flooring and wood plantation shutters throughout. The spacious kitchen features a grand 9x4 island, granite counters, double oven, electric cooktop, an abundance of storage & under cabinet LED lighting. Kitchen flows into family room, accented by an electric fireplace. The home includes a den and an additional room which can be used for dining, game/bar area, or a second family room. Step outside to an oversized patio, PebbleTec pool, built-in KitchenAid grill, a grassy area & desert landscaping. Newer roof, AC, variable speed pool pump, pool vacuum & MyQ smart garage.

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10309 E Cinnabar Avenue Scottsdale, AZ 85258

$940,000

3 Beds

2.5 Baths

1,937 SqFt

Status Active Under Contract

MLS # 6725244

Property Type Single Family Residence

Price Type --

NEW FLOORING THROUGHOUT! NEW FRIDGE, DISHWASHER, RANGE & MICROWAVE, NEW COUNTERTOPS IN KITCHEN AND BATHROOMS, NEW KITCHEN SINK & LIGHT FIXTURES! Welcome to this unmatched lakefront condo with casita in the distinguished 55+ community of Heritage Village IV. This stunning single-level property boasts a large primary suite with dual patio access, a second bedroom with a half bathroom perfectly suited for a prestigious office, and a third bedroom/guest suite in the detached casita. Tucked away in a quiet cul-de-sac, this home features a private patio with serene lake views, lush orange trees and a nearby water feature adding a peaceful ambiance to your outdoor experience. The community amenities include two heated pools, tennis courts, golf, and much more. This is an extremely rare opportunity to experience resort-style living in one of Scottsdale's most sought-after locations!

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102 E Eugie Avenue Phoenix, AZ 85022

New

$940,000

4 Beds

2 Baths

2,053 SqFt

Status Active

MLS # 6759847

Property Type Single Family Residence

Price Type --

OUTDOOR LIVING PARADISE! Resort style backyard with over $200,000 put into the backyard in 2022. Completely remodeled home in the desirable Moon Valley area. Corner lot with mountain views. Open floor plan with remodeled kitchen, bathrooms, flooring, and lighting. Perfectly manicured inside & out! The private backyard is ready for entertaining with new pool, sunken patio with TV, fireplace, refrigerator and grill. Additional gas fireplace for entertaining into the night. New putting green. New A/C units, newer hot water heater. Leased Solar. Great location close to restaurants, shopping, golf, and parks. Easy freeway access to the 51 and I17. Don't miss out on this one!

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1931 W Bartlett Court Chandler, AZ 85248

$940,000

4 Beds

3 Baths

3,533 SqFt

Status Active

MLS # 6737368

Property Type Single Family Residence

Price Type --

Step inside this stunning 4-bed, 3-bath home nestled within the prestigious gated community of Ocotillo Lakes. As you enter, you're greeted by the grandeur of tall ceilings in the spacious front living room, featuring a cozy fireplace that sets the tone for comfort and elegance. The gourmet kitchen includes upgraded cabinets, a built-in KitchenAid refrigerator/freezer, matching appliances, and a walk-in pantry. The master suite offers a walk-in closet, separate bathroom vanities, a large sit-in tub, and a walk-in closet, separate bathroom vanities, a large sit-in tub, and a walk-in shower. The backyard is an entertainer's dream with a large pool, hot tub, spacious patio, balcony, water features, and a lush grass area. This home is perfect for relaxation and enjoyment.

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2915 E Constance Way Phoenix, AZ 85042

$940,000

5 Beds

4.5 Baths

3,404 SqFt

Status Active

MLS # 6741678

Property Type Single Family Residence

Price Type --

Look no further! This fantastic 5 bed, 4.5baths Plus office residence now on the market is the one for you! Featuring a beautiful facade w/brick veneer accents, a manicured landscape, 3 garage spaces, paver driveway, and an RV gate! Inside you will find a spacious living area and formal dining room w/tile flooring, graceful archways, neutral palette throughout, plantation shutters, and elegant light fixtures. The gorgeous kitchen is equipped w/everything the aspiring chef needs, ample cabinetry w/crown moulding, a walk-in pantry, quartz counters, mosaic tile backsplash, stainless steel appliances, an island w/a breakfast bar, and a breakfast nook. End your busy day in the primary bedroom, boasting soft carpet, a walk-in closet, and a full ensuite w/dual vanities. Double doors open up to a cozy den, ideal for an office or reading nook. Also including a lovely backyard w/a covered patio and artificial turf, this home is simply a dream come true! Act now before it's gone!

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