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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1308 E Flamingo Court Gilbert, AZ 85297

$929,900

6 Beds

4.5 Baths

4,778 SqFt

Status Active

MLS # 6687404

Property Type Single Family Residence

Price Type --

Spectacular property featuring a spacious 4-car garage & RV gate in Spectrum Estates is a dream come true! Prepare to be impressed by a captivating interior offering wood floors, high ceilings, soothing palette, & a delightful fireplace. The stunning chef's kitchen boasts a plethora of maple cabinets adorned with crown moulding, granite counters, stylish tile backsplash, SS appliances, double wall oven, recessed lighting, & 2-tier island equipped with a breakfast bar. Discover a large loft with endless possibilities! The serene main retreat showcases private outdoor access, an immaculate ensuite with dual sinks, & 2 walk-in closets. Host memorable gatherings in the amazing backyard including covered patio, outdoor fireplace, & a sparkling salt water blue pool! This gem won't disappoint! Mother-in-law suite is also on the first floor with it's own bathroom. Upstairs you will find 4 split bedrooms, 2 full baths, a loft and bonus / game room30.7L x 19.3W area which can be converted into 2 rooms, bedroom, theater room and or game room. This home has all the space you will need. Both 2 car garages have cabinets for extra storage. Gas stub for outdoor BBQ grill.

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2854 E Pike Street Phoenix, AZ 85050

Open House

$929,900

3 Beds

2.5 Baths

2,216 SqFt

Status Active

MLS # 6745150

Property Type Single Family Residence

Price Type --

Immerse yourself in leisure, convenience & tranquility and enjoy luxury living in Astarea, the only gated neighborhood in the highly desired Sky Crossing community. Astarea is comprised of all single level homes and it's residents have access to both the Sky Crossing and Astarea community centers featuring a fitness center, sparkling pools, sport courts, playgrounds, fun events and lots of walking & riding paths. This immaculate home has been meticulously cared for and shows like new. Situated on a prime corner lot which encompasses a North facing backyard, low maintenance lush desert landscaping, turf and pavers in all the right places. Enjoy this spacious 3 bedroom + den, 2 1/2 bath open floor-plan featuring sweeping 10' ceilings, 8' doors, classy neutral palate, lots of natural light, and upgrades throughout. Enjoy the ultimate culinary experience in the generously equipped gourmet kitchen featuring stainless steel Kitchen Aid appliances, 2 standard ovens, gas range, large walk-in pantry, tons of cabinets, beverage fridge and ample counter space to transform into a cocktail or coffee bar. The elegant, granite waterfall island & accent lighting transition the space into a sanctuary of modern interior design. Retreat to the private backyard oasis to experience indoor/outdoor living at it's finest. Enjoy a refreshing dip in the crystal blue pool with the soothing water feature flowing or kick back in the shade on the covered patio with the roller shade ajar and catch one of Arizona's breathtaking sunsets. Wired for surround sound to enhance the ambiance for the music enthusiast or sports fan. After a busy day, unwind in the private owners suite after refreshing and reenergizing in the spacious walk-in rain shower. Dual vanities and a large walk-in closet create a separate, personal, organized space to pamper yourself without feeling cramped. Conveniently located near the 51 & 101 freeways, Desert Ridge Marketplace, High Street, Excellent Schools, tons of entertainment, shopping and much more.

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7551 W Gelding Drive Peoria, AZ 85381

Open House

$929,900

5 Beds

4 Baths

2,800 SqFt

Status Active

MLS # 6646323

Property Type Single Family Residence

Price Type --

*QUICK MOVE IN * at Bella Pasa! 3.99% FIRST YEAR RATE / 5.99% FIXED. On a north facing 10,180 sq/ft lot, this single level home in a gated community has serious WOW factor! Apx 2800 sq/ft this 4-bedroom 4 bath home has a casita/guest quarters with its own private entrance at the back of the home! 2 Car garage PLUS the much talked about insulated SUPER Garage with insulated doors, 16ft ceilings, and an upgraded electrical package! Inside this stunner you will find huge atrium sliding glass doors leading to the large patio. A gourmet kitchen with LG appliances is the perfect match for natural Pecan cabinets and Biancone countertops. Front yard landscaping with paver driveway completes this amazing home! 3.99% first year rate (restrictions apply) on a 2-1 Buy Down.

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507 E Mountain View Road Phoenix, AZ 85020

$929,000

3 Beds

3.5 Baths

2,567 SqFt

Status Active

MLS # 6756263

Property Type Townhouse

Price Type --

Discover Hillside Villas - a gated 15 home Urban Enclave . This is still under construction with completion estimated mid 2025 and interior finish selections can still be made . These homes offer a level of quality , amenities and views unparalleled at this price point . Each Home has a private elevator and custom floating stair case to provide access to each of the 3 levels . From the secure private covered first floor entry courtyard, enter the home through a custom fabricated 8ft steel door into the foyer. A 3 level floating staircase encased in a 30ft light well provides a dramatic focal point . A 3rd guest bedroom , private bath and large garage with storage area and private 2 car driveway are also on this level .

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3830 E Appaloosa Road Gilbert, AZ 85296

New

$929,000

5 Beds

5 Baths

3,159 SqFt

Status Active

MLS # 6762673

Property Type Single Family Residence

Price Type --

This home has never been lived in. Built in 2021, this five-bedroom, five-bathroom 3,159 sqft home is Fulton's largest floorplan in Lakeview Trails. It has a three-car garage, and a fully landscaped backyard with turf. The downstairs is very open and well-lit by the large atrium doors in the great room. It has a flex room and one bedroom tucked away that is perfect for an office, playroom, gym, or private guest bedroom. The upstairs features a spacious loft and has two wings. One wing has three secondary bedrooms that are connected by a single hall and the other wing features the primary bedroom along with the laundry room, which has a dedicated sink and cabinetry. The primary bedroom is 240 square feet and has a bathroom with two sinks, a shower, a large tub, a vanity, and a spacious walk-in closet. All five rooms have walk-in closets. The home is very energy-efficient. There is a dedicated alarm system. The park is just two doors away making it very accessible

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7511 E Desert Vista Road Scottsdale, AZ 85255

$929,000

3 Beds

3 Baths

2,246 SqFt

Status Active

MLS # 6730205

Property Type Single Family Residence

Price Type --

Beautifully-elegant home with an oversized backyard in the desirable Pinnacle Reserve neighborhood of North Scottsdale. Original owners have gorgeously maintained this 3 bedroom, 3 bathroom home including updated travertine tile and carpet, interior and exterior painting, and more! The 3-car garage provides ample room for your cars and other toys. Take a dip in the pool and entertain out on the expansive rear patio or come inside and enjoy the built-in living room entertainment center and open kitchen with walk-in pantry. Additional interior rooms include a downstairs office and an upstairs loft - so come see it today! Seller is related to listing agent.

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860 W Snow Creek Trail Show Low, AZ 85901

New

$929,000

3 Beds

2.5 Baths

2,320 SqFt

Status Active

MLS # 6763294

Property Type Single Family Residence

Price Type --

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8085 E Del Tornasol Drive Scottsdale, AZ 85258

$929,000

3 Beds

2.5 Baths

2,727 SqFt

Status Active

MLS # 6643687

Property Type Single Family Residence

Price Type --

NEW INTERIOR PAINT!! The heart of McCormick Ranch, this impressive 3 bed, 2.5 bath home is the epitome of modern elegance and comfort. As you step inside, you're greeted by soaring ceilings in the formal living room and a wrought iron staircase leading up to a display loft and custom work station. The expansive master retreat spans over 900 sqft, boasting a spa soaking tub, dual sinks, a spacious walk-in closet, & a beautifully tiled shower. The kitchen is a chef's dream with dual stainless steel wall ovens, under-cabinet lighting, and granite countertops with a waterfall edge. Flowing seamlessly into both the family and formal dining rooms. Outside is your personal retreat - a sparkling pool and serene hot tub create the ultimate relaxation spot. All new PEX plumbing & new HVAC

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21334 S 227th Way Queen Creek, AZ 85142

$929,000

4 Beds

3.5 Baths

3,022 SqFt

Status Active

MLS # 6746548

Property Type Single Family Residence

Price Type --

Welcome to this beautiful move in ready 4-bedroom, 3.5-bath residence in the Spur Cross Vaquero Private Gated Section. Built in 2021 this is the sellers private family holiday/vacation home. Outside the covered patio overlooks an expansive resort style oversized pool with waterfalls and fire features surrounded by beautiful limestone patios and extended turf throughout. Inside It features a 3-car garage, an RV gate, & tasteful stone accents. With premium fixtures/upgrades throughout the home we start in the great room that has high ceilings, attractive upgraded oak-look tile, & oversized 4-Panel glass great room sliders that open to the backyard. The kitchen comes w/ an RO filtration system, quartz counters, white shaker double stacked cabinets and dove gray lower cabinets, stylish pendant/recessed lighting, top of the line SS appliances, a walk-in pantry, large island w/ a breakfast bar. You'll also find a spacious den, ideal for an office, media room or 5th bedroom potential. The massive sized main bedroom offers a cozy sitting nook & an ensuite w/ dual sinks, a master spa bathroom, & 2 large walk-in closets. The large backyard is equipped with a gas outdoor stub for a BBQ. Not to mention the property having irrigation in place for future planting, this home truly has it all!

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3012 W South Mountain Road Laveen, AZ 85339

$929,000

4 Beds

3.5 Baths

3,161 SqFt

Status Active

MLS # 6654093

Property Type Single Family Residence

Price Type --

This luxury estate offers something for everyone. The charming and sprawling 4 bedroom 3.5 bath home offers a split floor plan featuring solid wood and stone flooring throughout, 10' ceilings, gourmet kitchen, solid wood doors, elegant stone surround fireplace, large office/den and a generous 3 car garage. The master suite and family room overlooks the newly constructed pebblesheen pool and gazebo. complete with built in BBQ...a space perfect for entertaining. For the craftsman or car enthusiast, the property also offers a detached work shop with RV roll up door and separate entrance. The entire property is surrounded by an 8' block wall for added privacy and security. Zoned R-43 so there's room for a guest house and no restrictions on horses and livestock. A MUST SEE!

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14771 N 100th Way Scottsdale, AZ 85260

$929,000

5 Beds

3 Baths

2,780 SqFt

Status Active

MLS # 6696464

Property Type Single Family Residence

Price Type --

Spacious 5 bedroom 3 bath single family home on a premium lot in a great North Scottsdale neighborhood! The backyard oasis is perfect for relaxing or entertaining with a sparkling pebble tec pool and waterfall feature, covered patio, fenced grassy area for kids and pets, RV gate with hookups, and stunning mountain and sunset views with no neighbors behind you. Conveniently located minutes from top rated schools, sports parks, shopping, dining, AJ's, Safeway, hospitals, golf, an aquatic center, Westworld, and easy access to the freeways. The oversized primary suite with private balcony and 3 large secondary bedrooms are upstairs, with an easily accessible 5th bedroom or office with full bath and multiple living areas on the main level. Home automation and security systems are included.

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9812 E Grandview Street Mesa, AZ 85207

$928,000

5 Beds

4.5 Baths

4,015 SqFt

Status Active

MLS # 6722091

Property Type Single Family Residence

Price Type --

Captivating 4015 sf home situated on oversized lot (.33 acre) on quiet street. Xeriscape landscape, in highly desirable Saguaro Mountain gated Community minutes from Zaharis Elementary, Usary Mountain Regional Park, Saguaro Lake, Salt River, hiking/biking trails. MAIN floor- vaulted living/formal dining areas, spiral staircase, large en-suite bedroom, four storage closets, kitchen with granite counters/walk-in pantry, built-in desk, sizable family room/gas fireplace, sliding glass door leads to well-designed backyard. UPSTAIRS encounter ANOTHER en-suite bedroom with walk-in closet, Master bedroom with double sinks, walk-in closet and access to balcony. Additionally, there are three more bedrooms and a hallway bath. Backyard Oasis features a large patio area, outdoor dining area with gas fire feature, pathways lead to putting green, sandy playground, fenced in pool with grotto/slide, citrus trees, raised garden, and fenced side yard. Insulated four-car garage with built in cabinets and epoxy floor.

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