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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1814 E Harmont Drive Phoenix, AZ 85020

Open House

$935,000

3 Beds

2 Baths

1,830 SqFt

Status Active

MLS # 6754276

Property Type Single Family Residence

Price Type --

Nestled in the sought-after neighborhood of Northern Foothills, this home is situated on a cul de sac lot near Piestewa Peak and the Phoenix Mountain Preserve. The newly remodeled interior you must see to appreciate all of its outstanding high end and great design details. The Kitchen is a culinary haven that has newer GE Profile Appliances and Large kitchen island has leathered finished natural granite counters, with high end and designer finishes. Enjoy the ultimate in outdoor living with a pebble tech salt water pool, above ground Spa and newer sliding doors opening to your spacious backyard, outdoor kitchen and custom pergola, ideal for gatherings or quiet relaxation. The home was intentionally thought through creating destination locations both inside and out for those who enjoy experience of romance in their surroundings. Immerse yourself in luxury with a split master retreat featuring lavish upgrades & ample closet space, offering unparalleled comfort and style. Don't miss your chance to own a truly one-of-a-kind architectural gem in a prime, north central Phoenix location with access to great schools, dining, multi-use trails, shopping, and entertainment. This home has so many upgrades biobidets, Trimlights, Alarm system, 100% Polyaspartic garage floor with lifetime warranty and much more!

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22820 S 204th Place Queen Creek, AZ 85142

$933,202

5 Beds

3.5 Baths

4,517 SqFt

Status Active

MLS # 6749738

Property Type Single Family Residence

Price Type --

MLS#6749738 October 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.

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776 Hideaway Lane Prescott, AZ 86303

$930,000

4 Beds

5 Baths

3,618 SqFt

Status Active

MLS # 6753655

Property Type Townhouse

Price Type --

This former townhome model home- ''Ponderosa'' model is the most spacious of all the town homes in the Aspen Creek Meadows community adjacent to Capitol Cayon golf course 2nd hole. Experience luxury living at it's finest. The gourmet kitchen with stainless high-end appliances, gas range w/double oven, pristine cherry cabinetry, pull-out shelves, under cabinet lighting, subway tile backsplash, and island seamlessly connect to the family room and dining area, ideal for entertaining. Soaring ceilings with natural light accentuate the home's high end finishes. Travertine and carpeted flooring throughout the home. A sliding glass door from the family room opens to a large deck w/ stunning views or nestle indoors & cozy up to the gas fireplace. The spacious townhome boasts four bedrooms, three ensuites, including a luxurious primary suite with a private balcony. The ensuite bathrooms features dual vanities, a large shower, and a walk-in closet. A den/loft provides versatility as a home office or flex-space. A private elevator makes accessibility to all 3 levels easy and effortless. Custom cabinets and wash sink in the laundry room. 3 temperature controlled zones, and 3 exterior decks. 2 car garage with overhead storage in built in cabinetry. Experience the finest of living behind private gates and all that Hassayampa Community Village has to offer.

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11856 E Terra Drive Scottsdale, AZ 85259

$930,000

3 Beds

2.5 Baths

2,410 SqFt

Status Active Under Contract

MLS # 6747826

Property Type Single Family Residence

Price Type --

Stunning single level home in the GUARD gated community of Stonegate. Located in the heart of Scottsdale this community offers so much. From safety and security to a community pool, tennis, and pickle ball courts. Easy access to fine dining, great schools, hospital, and freeways. Not to mention the world class golf and hiking. Walk through the front door and you will find high ceilings and a great open floorplan. Primary bedroom is split from the other two guest rooms for complete privacy. This layout is perfect for entertaining as everything flows. The backyard features complete privacy and easy maintenance. Two newer AC units that will keep you cool during the hot AZ summers. Too many amazing features to list.

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9557 W Oberlin Way Peoria, AZ 85383

$930,000

5 Beds

3.5 Baths

3,920 SqFt

Status Active

MLS # 6701515

Property Type Single Family Residence

Price Type --

Highly coveted gated community of Pleasant Valley in north Peoria, this exquisite two-story home offers luxurious living at its finest. With five spacious bedrooms, including a convenient mother-in-law suite downstairs, and three and a half baths, this residence provides ample space and comfort for the entire family. PREFERRED LENDER TO BUY DOWN INTEREST AT NO COST TO BUYER! discover a beautifully designed home that seamlessly blends elegance with modern comfort. Updated Kitchen with quartz countertops. at the heart of this home lies in its stunning backyard oasis, featuring a large diving pool, ramada, volleyball, large Yard for outdoor entertaining and relaxation. Convenience meets luxury with RV parking and a four-car garage, ensuring ample space for vehicles and outdoor gear List of Upgrades: Huge Diving/Play pool w/waterfall Gas fire-pit 4-car garage 50 amp 240 Volt EV charging outlet in garage Extra concrete parking in front and for RV in back Walk-in closets in every bedroom Remodeled Kitchen w/Gourmet cooking pkg (incl dual convection ovens) FP in family room Double-sided FP in Master Bedroom/Bath Newly painted Plantation Shutters throughout Mature Citrus--Tangelo, Lemon, Grapefruit Grass Volleyball court w/removable poles Upgrades/Updates: 2024--Remodeled Master Shower w/Marble 2024--Remodeled Master Quartz Countertops 2023--Updated wood floors on stairway and upstairs 2023--Repainted entire interior w/washable flat paint 2022--New Reverse Osmosis 2021--New Water Softener 2021--New Gas Water Heater 2021--New Pool Pump w/Vortex cleaner and Dolphin pool robot 2020-21=2 New 14 seer 5 ton Trane AC units

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6841 N 3rd Place Phoenix, AZ 85012

$930,000

3 Beds

2 Baths

2,235 SqFt

Status Active

MLS # 6687155

Property Type Single Family Residence

Price Type --

This home truly has it all! Conveniently located in the heart of Central Phoenix and just steps from Murphy's Bridle Path on Central Ave, you will fall in love with this updated home inside of the gated Villa Tercera Community. This residence features 3 bedrooms, 2 bathrooms, and over 2,200 square feet. The kitchen is light filled and spacious with upgraded custom cabinetry, granite countertops and stainless steel appliances. Step into your backyard oasis complete with a private pool, flagstone deck, covered patio, and beautifully landscaped yard with artificial turf and citrus trees. HOA includes Cox high speed internet and expanded cable. Sellers are related to listing agent.

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2058 N 68th Place Scottsdale, AZ 85257

$930,000

4 Beds

3 Baths

1,965 SqFt

Status Active

MLS # 6719124

Property Type Single Family Residence

Price Type --

Beautiful, updated home close to downtown Scottsdale, offers 4 bedrooms, 3 bathrooms, two separate primary bedrooms (each with own ensuite), one of which walks out to the covered back patio and meticulously maintained backyard. The bright, modern kitchen includes s/s appliances, an oversized island, plenty of storage space, and opens to great room. You will love the Pebble Sheen pool built in 2015 with a large Baja shelf for relaxing and sunbathing. The backyard is like your own private Oasis, with artificial grass, low water-use landscaping, large covered patio, and storage shed. Block wall in backyard was extended in height to secure more privacy. HVAC replaced in 2014 and roof in 2016. 2-car garage with epoxy floor is extra deep for your larger vehicles. Conveniently located close to Old Scottsdale, Greenbelt, Spring Training, world-class shopping, limitless restaurants.

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32215 N 16th Avenue Phoenix, AZ 85085

$930,000

3 Beds

2.5 Baths

3,231 SqFt

Status Active

MLS # 6704235

Property Type Single Family Residence

Price Type --

Wow! This exquisite 3 bed, 2.5 bath home with Den loaded with built in cabinets is finally on the market and ready for you! Featuring a 3-car garage, easy-care landscape, stone accents, and a paver courtyard w/an outdoor fireplace. Discover a spacious dining & living area w/tile flooring, graceful archways, a cozy fireplace, and neutral palette throughout. The home is already prewired for surround sound & multi room audio to the great room, main bedroom, den, back patio, & courtyard! The kitchen includes chic light fixtures, wood cabinetry, 2 ovens, SS appliances, an island, a two-tiered breakfast bar, and granite counters. Relax and unwind in the main bedroom, boasting plush new carpet, an ensuite with dual vanities, dual walk in closets, a spacious shower with dual shower heads & a soaking tub. Also including a large backyard w/a covered patio, extended seating area, and a view fence featuring a desert wash and mountain tops in the distance. Upgrades completed in 2024 include both exterior and interior paint throughout, new fountain in the courtyard, updated landscaping with lovely new plants, all connected to a fully replaced irrigation system, new rip rap, 9 tons of added gravel, new landscape lighting system, new carpet in bedrooms and closets, new hardwood in den, grout color change and seal for all the floor and countertop tile, updated pull down spraying kitchen faucet, freshly painted kitchen island and touch up stain to cabinets throughout the home, new belt drive garage door openers, epoxy in the garages and replaced one of the HVAC units. The list of updates seem endless. This home is a dream come true!. Act now

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5544 E Dusty Wren Drive Cave Creek, AZ 85331

$930,000

4 Beds

3 Baths

3,155 SqFt

Status Active

MLS # 6695109

Property Type Single Family Residence

Price Type --

Price Enhanced!!! You must see this charming single-story haven nestled in a prime cul-de-sac - the pictures do not do this home justice! Offering privacy and great mountain vistas!. What a great family home this is, with an ideal split floor plan, and plenty of room for a pool! The home boasts a chef's dream kitchen with upgraded staggered cabinetry, granite counters, and a GE Monogram appliance suite. The inviting eat-in space features a center island and a generous pantry, perfect for culinary enthusiasts. With wood-look tile flooring, 10ft ceilings, and freshly painted interiors, every corner exudes warmth and hospitality. The master suite is a true retreat, featuring hand-scraped hardwood floors, a private backyard exit, and a lovely full bathroom adorned with brand new quartz counters, dual sinks, a jetted tub and walk-in shower. Step into the backyard oasis and savor the tranquility of the extended covered patio overlooking a faux grass lawn, framed by a wrought iron view fence and secured with a RV gate. Additionally, indulge in the convenience of a 2-car garage with epoxy flooring and ample storage cabinets. What was a third bay of the garage was enclosed making a large climate controlled room, currently used for storage, but could be a play room, work-out room, or a number of other possibilities. In all, this home offers the perfect blend of luxury and practicality, promising an unparalleled lifestyle amidst breathtaking surroundings. Don't miss the opportunity to make this your forever home!

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394 W Azalea Drive Chandler, AZ 85248

$930,000

5 Beds

3.5 Baths

4,115 SqFt

Status Active

MLS # 6742912

Property Type Single Family Residence

Price Type --

**Seller offering up to $20K CONCESSION / INCENTIVE to buyer!!! **Step into luxury with this stunning rare basement home, nestled in the prestigious Avalon at Dobson Crossing community. With over 4,000 sqft of beautifully designed living space, this gem boasts 5 spacious bedrooms, a separate office space, 3.5 bathrooms, a basement with a kitchen and a projection screen for your late night movies and a 3-car garage for all your cars and toys.... Dive into summer fun in your private pool with a waterfall or entertain guests in style. This home is a perfect blend of elegance and comfort—don't miss your chance to make it yours! Your Dream Home Awaits...

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1240 E Paint Your Wagon Trail Phoenix, AZ 85085

$929,900

5 Beds

3.5 Baths

2,940 SqFt

Status Active

MLS # 6721785

Property Type Single Family Residence

Price Type --

Beautiful updated Desert Hills home with a guest house/suite and RV parking structure! South of Carefree Hwy in a highly desired area, this home with city water boasts 4 beds & 3 baths in the main home and 1 bed & bath in the guest house. The high-quality remodel/updates are throughout including the amazing kitchen with shaker cabinets and a giant island, huge walk-in tiled shower in the primary bedroom and newer LPV. The multi-panel back door opens to a large patio and pool area. The 300 sf guest house has a separate entry and kitchenette but with a full-size range and fridge. Newer roof with an owned & paid off solar system. Large laundry room and extra storage throughout. The 3-car garage has an epoxy floor.

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3232 E Birchwood Place Chandler, AZ 85249

$929,900

4 Beds

2.5 Baths

3,098 SqFt

Status Active Under Contract

MLS # 6720954

Property Type Single Family Residence

Price Type --

NEW PRICE! Discover this incredible opportunity in a highly sought-after Chandler neighborhood! This expansive corner lot is over 17,000 sq ft, features a stunning resort-like backyard. Dive or slide into your very own diving pool, perfect for those endless summer days. This lovely 4-bedroom, 2.5-bathroom home spans 3,098 sq ft. Car enthusiasts will revel in the expansive 3-car garage, while the 12-foot ceilings add a touch of grandeur throughout the home. Whether you're hosting gatherings or enjoying a quiet evening, this home offers the perfect blend of elegance and comfort. Don't miss this rare gem! (ROOF ONLY 5yrs OLD)

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