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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317 E Creosote Drive Phoenix, AZ 85085

$925,000

4 Beds

2.5 Baths

3,463 SqFt

Status Active

MLS # 6706729

Property Type Single Family Residence

Price Type --

Welcome to your next home in the prestigious Gateway Sonoran Preserve subdivision, built by Taylor Morrison. This stunning single-level residence features 4 spacious bedrooms, 2.5 luxurious baths, and a generous 3,463 square feet of living space. The gourmet kitchen is spacious, beautiful, has tons of cabinet space and an absolutely massive walk in pantry, boasting stainless GE Monogram appliances, double wall ovens and a gas cooktop. Enjoy the expansive open floor plan, perfect for entertaining in the large living room or versatile den/office/bonus room. Situated on a large corner lot, this home includes a 3-car garage and an RV gate. New carpet and move-in ready, located in a gated community for added security and privacy. The SunRun Solar system helps to keep the home efficient to run.

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27165 N 71st Lane Peoria, AZ 85383

$925,000

6 Beds

4.5 Baths

3,889 SqFt

Status Active

MLS # 6709999

Property Type Single Family Residence

Price Type --

OVER THE TOP BUILDER LUXURY UPGRADES! MOUNTAIN VIEWS! 6 BEDROOM, 4.5 BATHROOM HOME WITH Over the top builder upgrades! Home features upgraded cabinetry, granite counter tops, entertainers kitchen, extended dining room and primary bedroom, great room with 25ft glass slider door that opens up to covered patio with fireplace for incredible indoor/outdoor living! Split floor plan-primary bedroom, office, living area, kitchen, and laundry room on main level; 5 bedrooms, 3 full bathrooms, loft/small office space, and large storage closet upstairs. Large 3 car tandem garage, plenty of storage throughout the house. Every room has walk in closets! Beautiful Mountain Views from every room, front and backyard! Private backyard with 200ft+ distance to nearest neighbors to the east!

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6622 E Villa Rita Drive Phoenix, AZ 85054

$925,000

4 Beds

3 Baths

2,030 SqFt

Status Active

MLS # 6739652

Property Type Single Family Residence

Price Type --

Located in the highly desirable community of Paradise Ridge that's conveniently located close to all that Arizona living has to offer. This beautiful home is located behind a gated entrance in a quiet neighborhood that's meticulously maintained and features gorgeous amenities - including heated pool, spa, grassy park and playground. Once inside, the popular single-story floor plan features open-concept great room, 4 bedrooms AND a den. The designer kitchen is at the heart of the home with a large island, custom cabinetry, Quartz countertops and walk-in pantry. The great room has sliding glass doors that open up to the back covered patio with built-in BBQ, perfect for indoor/outdoor living. The primary suite has large walk-in closet, dual sinks and separate tub and shower. Rounded out by a 2-car gargae - this one checks all the boxes!

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18672 W Santa Irene Drive Goodyear, AZ 85338

$925,000

4 Beds

3.5 Baths

2,982 SqFt

Status Active

MLS # 6694336

Property Type Single Family Residence

Price Type --

Live the Estrella Lifstyle in this amazing home! Located on over 1/2 acre lot that backs to NAOS w/mountain views, this home provides resort style living with the home and community ammenities. Home has a gourmet kitchen, 4 spacous bedrooms, 3.5 baths including a huge primary suite w/lavish bath. Pool, spa & tiered putting greens in the private backyard with mountain views. Home can be available fully furnished down to the linens and dishes. Perfect for a vacation rental or a seond home. Owned Tesla solar panels. Estrella boasts 65+ trails for hiking & biking, 50+ community parks with lakes, boating, playgrounds, sport courts, 3 Residents' Clubs that feature resort-style pools, state-of-the-art fitness centers, a variety of sports courts.

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39705 N 3rd Street Phoenix, AZ 85086

$925,000

3 Beds

3 Baths

2,905 SqFt

Status Active

MLS # 6752200

Property Type Single Family Residence

Price Type --

Discover modern elegance in this stunning custom home. Newly built with 12-foot ceilings and sleek tile floors throughout, it features a gourmet kitchen with a large island, quartz counters, and beautiful white cabinets. Relax by the cozy fireplace or enjoy the breathtaking mountain views through a wall of glass sliders. The split floorplan ensures privacy, and plantation shutters throughout add a touch of sophistication. Set on 1.4 acres, the expansive backyard offers endless possibilities. The next-gen separate garage includes an EV outlet and its own entrance. Embrace refined living in this exquisite property!

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1040 E Osborn Road Unit 302 Phoenix, AZ 85014

$925,000

3 Beds

2.5 Baths

2,717 SqFt

Status Active

MLS # 6697098

Property Type Apartment

Price Type --

Discover the difference at Crystal Point with its Magnificent unobstructed 270-degree views from every room of the Downtown skyline, Camelback Mtn, Piestewa Peak & Phoenix Country Club Golf Course. This 3rd floor condo is 2,718 sq ft with elegant 91/2 ft high ceilings was remodeled in 2023. It boasts oversized ensuite bedrooms & separate den/office that can easily be a 3rd bedroom. Spacious balcony w/gas outlet for BBQ has sliding glass doors that lead to the great room, and Kitchen. Building amenities include a lap pool/spa, exercise room, concierge, 24 hr guard, 2 underground parking spaces & storage room. Separate 'Hotel Quality' guest suites available. Unparalleled in Arizona, this little-known secret in the heart of Phoenix with timeless architecture is a must see!

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18226 W Marshall Court Litchfield Park, AZ 85340

$925,000

4 Beds

3.5 Baths

3,798 SqFt

Status Active

MLS # 6742054

Property Type Single Family Residence

Price Type --

One of the greatest floorplans EVER! Elegant entrance w/fountain and stunning custom door w/designer touches throughout this inviting floorplan. Details like two-way fireplaces, niches, storage areas abound. Gourmet kitchen features granite, huge walk-in pantry, staggered cabinetry, travertine backsplash, island, sleek high end appliances w/gas cooktop & double ovens, and pot filler. Butlers Panty w/wine rack! Main suite is spa like retreat w/sitting area, walk-in shower, 2 huge master closets, fireplace adds ambiance to both the bed & attached bath. Teen suite w/game rm and 2bedrms. 2nd Master suite has own entrance! Versi-stone flooring & wood-look tile in bedrooms. Lovely turf area/putting green, custom fountain, paver patio, RV hookup, 3G w/cabinets, garden bed, pet door w/enclosure. Personally one of the best floorplans I have seen! Outside storage shed, custom lighting changes color, energy efficiency with 1 newer A/C. Large laundry room with tons of cabinets. This home has so much storage, there are so many details that make this a very RARE find! Check out the price per sqft compared to others in the area! Great Value for this luxury home.

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6242 E Hearn Road Scottsdale, AZ 85254

$925,000

4 Beds

2 Baths

2,436 SqFt

Status Active

MLS # 6723436

Property Type Single Family Residence

Price Type --

Wow, This is a beautifully updated 4 bedroom 2 bath treasure located in the high demand 85254 zip code with No HOA. The owners have meticulously cared for this home which sets on a 1/3rd acre lot on the corner of a cul-de-sac and has 2 rv gates and rv parking. Home features a light, bright, open floorplan with split master bedroom. The kitchen and both baths were updated including island and granite counter tops throughout. Living room features vaulted ceilings and beautiful brick faced fireplace. This home has lots of character and is an excellent example of western and modern style mix. The rear yard features a diving pool, fruit trees and large storage shed. See this home today, you will immediately fall in love with it.

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31218 N 49th Street Cave Creek, AZ 85331

$925,000

3 Beds

2 Baths

2,532 SqFt

Status Active

MLS # 6662736

Property Type Single Family Residence

Price Type --

HUGE PRICE ADJUSTMENT 1.4-ACRES 3 bed 2 bath home boasts a delightful wrap-around porch. Inside, you'll find vaulted ceilings and an open floor plan that leads to a spacious kitchen with a center island, granite countertops, and a generous breakfast area. The flexible living space offers various possibilities. It comes equipped with horse corrals and a lighted arena. An additional concrete slab near the arena is ideal for a new shed or parking space for recreational vehicles. The property is conveniently located near shopping and dining options, just minutes away from Tatum Blvd, Carefree Hwy, or Scottsdale Rd, on a County Island. It allows a maximum of 2 horses and offers access to numerous trailheads for hikers and multiple golf courses. Just minutes away from A.J.'s, Safeway, Fry's, Walmart Super Center and Home Home Depot. With Scottsdale road 3 miles East you can enjoy dining, shopping and nightlife. Carefree Hwy and Tatum Blvd are just around the corner. The seller has recently added white interior bedroom doors, replaced outlets, fixed roof tiles, corrected plumbing inside and outside, added insulation, drywall patch n paint, and corrected many other deferred maintenance items. This home is ready to go!

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7504 E Almeria Road Scottsdale, AZ 85257

$925,000

4 Beds

3 Baths

2,272 SqFt

Status Active

MLS # 6744674

Property Type Single Family Residence

Price Type --

This home is absolutely stunning and entirely new construction! With 2,648 sq. ft. of permitted custom design and AMAZING upgrades throughout, it's a true gem. Nestled in the heart of South Scottsdale, it boasts a fantastic location with freeway access and an abundance of surrounding entertainment. This corner-lot home features 4 generously sized bedrooms in a split floor plan and three large bathrooms. Upon entry, you'll find a great room with a large open-concept space leading to the kitchen area. The gorgeous custom kitchen setup includes a center island, upgraded granite countertops throughout, additional cabinetry in the dining area, and a beverage/wine fridge. There is even additional plumbing if you'd like to add an optional bar sink. With ample storage and cabinet space, all upgraded stainless steel appliances are included. The home flows seamlessly into a vaulted bonus room that extends into a separate wing of the house. The master suite features a huge walk-in shower, his-and-hers bathroom vanity stations, and a large walk-in closet. The seller spared no expense, using top-notch design and materials, including upgraded tiles and glass shower surrounds in all showers and baths. The laundry room is spacious with additional storage. A custom wood beam is installed in the high vaulted ceiling, and the beautiful, easy-care landscape design in the front is low-maintenance. The backyard features a long extended patio, two RV gates, and two side gates, offering plenty of room to create your perfect space. This home is priced to sell and is well under market value per square foot. The seller is offering a one-year warranty, and all warranties convey with the new AC unit, new roof, new windows, and manufacturers' warranties on the appliances. Seller is offering a $20,000 incentive to be used towards backyard landscape or however, client chooses! WELCOME HOME!

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13502 N 31st Place Phoenix, AZ 85032

$925,000

5 Beds

2.5 Baths

3,700 SqFt

Status Active

MLS # 6741538

Property Type Single Family Residence

Price Type --

$100,000 price adjustment! Must See! Amazing, well maintained 5 bedroom plus loft, 2.5 bathroom, two level house with garage space for 5 plus vehicles. This house features vaulted ceilings, upgraded kitchen and appliances, large bedrooms and a split garage. Tucked back into the corner of a quiet cul-d-sac, come make this house your new home. It has low maintenance landscaping, and just the right amount of mature trees to create a private yard to relax in. This is a hidden gem inside the city, minutes from shopping, hiking, schools and the airport.

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40016 N 1st Place Phoenix, AZ 85086

$925,000

4 Beds

3 Baths

2,614 SqFt

Status Active

MLS # 6741149

Property Type Single Family Residence

Price Type --

This stunning Desert Hills custom home was meant for entertainment! Spaciously laid out floorplan with 12' ceilings and a kitchen with wood cabinetry, granite counters, double ovens and stainless-steel appliances. Step outside and enjoy the negative edge pool, swim up bar, cabana and built-in barbeque. Side yard set up for dogs with artificial grass and their own doghouse! Freshly painted inside and out in 2023. Oversize 4 car garage offers lots of storage. Plenty of room to add a horse set-up, shop or RV garage in the open area at north end of property.

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