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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5537 N 71st Street Paradise Valley, AZ 85253

$925,000

3 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6688222

Property Type Townhouse

Price Type --

3BR, 2BA property with spacious family room made bright & airy by vaulted ceilings. Move-in ready or make minor changes to personalize. Eat-in kitchen w ample storage & doors opening to a nice back patio. Oversized master suite, walk-through closet to the primary bath, sliding glass doors open to the W & N balconies for terrific views. Property has a rare wrap-around side yard providing access to the back patio, which is great for outdoor entertaining & relaxation. Side yard great for storage as well. Pool/Spa steps away through the gate off the back patio. Only minutes to some of the finest restaurants & shopping the valley has to offer, Old Town Scottsdale, Fashion Square, plentiful bar & nightlife options. Short Term Rentals, with no restrictions ARE allowed in Villa de Fuente.

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3423 E Enrose Street Mesa, AZ 85213

$925,000

4 Beds

3 Baths

4,082 SqFt

Status Active Under Contract

MLS # 6721014

Property Type Single Family Residence

Price Type --

Nestled on a quiet street in the desirable neighborhood of Thayer Estates, this 4 bed 3 bath home exudes Midwest charm rarely found in Arizona. An iron entry door leads to an impressive dining room and sitting room with soaring ceilings and stunning rock fireplace. The dining room leads into the efficiently laid out kitchen with granite countertops and cabinets galore. The first floor has an additional dining area, sitting area, two bedrooms and bathroom. Upstairs, a master bedroom with sitting room (or office) and fireplace exudes elegance and is completed by a spacious master closet, large shower and separate spa tub. An additional bedroom and bathroom and large loft/family room complete the upstairs living space. This home has two newer top of the line AC units and metal roof.

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23040 W Hammond Lane Buckeye, AZ 85326

$925,000

3 Beds

3 Baths

2,275 SqFt

Status Active

MLS # 6735567

Property Type Single Family Residence

Price Type --

Situated on over an acre of land, this beautifully remodeled single-level pool home offers a perfect blend of luxury and functionality. The property features a versatile casita/pool house, ideal for guests or as a private retreat, and a 40' x 50' RV garage with a loft, providing ample space for storage or hobbies. Outdoor living is a dream with a cozy fireplace sitting area and a covered BBQ area, perfect for entertaining. Walking Distance to Buckeye's brand new Sundance Park. With its expansive grounds and thoughtful design, this home is a rare find, combining elegance, comfort, and practicality.

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2607 E Matterhorn Drive Flagstaff, AZ 86004

$925,000

5 Beds

3.5 Baths

2,878 SqFt

Status Active

MLS # 6738339

Property Type Single Family Residence

Price Type --

Stunning 5-bedroom home, freshly remodeled with top-tier amenities including granite countertops, rich Alder cabinetry and elegant slate flooring. Experience the comfort of modern upgrades like a newer roof, furnace, and carpeting, all complemented by a durable Trex deck and poured concrete patio. Embrace sustainability with an efficient water catchment system. The property is an outdoor lovers paradise boasting mature landscaping with two mature Cherry trees, a Peach Tree and young Jonathan Apple tree, plus a 6-person jacuzzi along with newer fencing and raised garden beds! Enjoy the convenience of NO HOA & luxury of AIR CONDITIONING. Additional features include practical gutters added, unbelievable interior and exterior storages and so much more!

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7629 N Via De La Campana -- Scottsdale, AZ 85258

$925,000

4 Beds

2 Baths

1,917 SqFt

Status Active

MLS # 6751738

Property Type Single Family Residence

Price Type --

You don't want to miss out on this affordable home in the heart of McCormick Ranch! Walk around the corner to beautiful Comanche Park This beautifully maintained property boasts a brand new Trane AC system installed in 2023 and recently updated Anderson windows (with warranty!), The split floor plan offers privacy and flexibility. Step outside to your own private oasis featuring a resurfaced pool with efficient equipment and a safety net for peace of mind. The backyard is a paradise for both pets and kids, with pet-friendly turf, a children's play set, and even a pomegranate tree! This home has strong bones and is ready for new owners to add their touch!

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25840 N 44th Way Phoenix, AZ 85050

$925,000

5 Beds

3 Baths

3,071 SqFt

Status Active

MLS # 6688986

Property Type Single Family Residence

Price Type --

WOW ! !!!!!! You have to see this beautiful 5 bedroom/3 bath home on a huge lot backing up to natural desert and a park in the distance with stunning Arizona sunsets over the mountains! One of a kind lot in Tatum Highlands subdivision! Pebble Tec play pool, travertine patio, shade sails for sun protection...a very private backyard yet has easy walking access to the desert and the park. Living room and formal dining and an entertainer's delight island kitchen with granite counters, breakfast bar, double ovens and a bay window that you can oversee the backyard festivities! Guest bedroom with built-in shelves can double up as an office or den! And a full bath downstairs, too! Plantation shutters, barn doors and more!

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3551 W Hidden Mountain Lane Anthem, AZ 85086

$925,000

4 Beds

2.5 Baths

3,514 SqFt

Status Active

MLS # 6678178

Property Type Single Family Residence

Price Type --

Impressive single level 4 bed, 2.5 bath plus Den residence w/tandem 4-car garage backing to the Mountain Preserve in Anthem. Both AC units less than 3 years old, Misting system, Tile flooring, neutral palette, fireplace, custom front screen door, pool, BBQ, Spa pad w/220. Discover the spotless gourmet kitchen w/cooktop including a cherry wood cabinets w/crown moulding, granite counters, a butler pantry, recessed lighting, double wall oven, & an island with a breakfast bar. Double doors open to the primary suite showcasing back patio access, a private bathroom with dual vanities, & a walk-in closet. Enjoy breathtaking mountain views all around from the amazing backyard offering a covered patio and complete privacy

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9223 E Whitethorn Circle Unit 667 Scottsdale, AZ 85266

$925,000

2 Beds

2 Baths

2,032 SqFt

Status Active

MLS # 6607795

Property Type Townhouse

Price Type --

Amazing Boulder's Villa, just a short walk to the club and resort! Enjoy the spa, golfing and incredible resort! Charming southwest home with beautiful beams throughout the bright, spacious great room which features a gas fireplace, open floor plan from the living room, dining and kitchen. Kitchen boasts ample cabinet space, granite counters, breakfast bar & gas range. The spacious primary bedroom is full of natural light and has its own entrance to the large backyard. Enjoy the large, private backyard with mature landscaping and sunset views. The property is on a private, low-maintenance lot. Looking to buy your private dream home or a GREAT investment property in one of the best neighborhoods in Scottsdale, look no further! This is it!

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1861 E Aster Place Chandler, AZ 85286

$925,000

4 Beds

3.5 Baths

3,057 SqFt

Status Active

MLS # 6727340

Property Type Single Family Residence

Price Type --

In the highly desirable area of South Chandler, this exquisite 4-bedroom, 3.5-bathroom single-level home PLUS an office is nestled in a boutique gated community. As you enter, you are greeted by 10' ceilings and an expansive open floor plan. The upgraded kitchen features gas cooktop, staggered cabinetry and a large island that doubles as a breakfast bar. Primary suite is complete w/ an en-suite bathroom featuring dual vanities, soaking tub, separate shower and two spacious walk-in closets. One of the additional bedrooms offers an en-suite bathroom, perfect for guests. The backyard is a private oasis designed for relaxation & entertainment w/pergola, natural gas fire pit, water fountain, built in BBQ and garden beds. Convenient to top-rated schools, restaurants, shopping and freeway access

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1 Easy Street Unit 25 Carefree, AZ 85377

Open House

$925,000

3 Beds

3.5 Baths

2,283 SqFt

Status Active

MLS # 6757312

Property Type Townhouse

Price Type --

Amazing, Contemporary Townhome that is walkable to everything Carefree. Finished in late 2023, this home has exquisite finishes, not to mention spectacular views of Black Mountain. 2 primary suites, one on MAIN FLOOR. Porcelain plank flooring, Quartz Counters with Waterfall Island, Built-In Bosch stainless appliances, tankless gas water heater and backlit mirrors create a fresh interior finish. Tongue & Groove Cedar ceiling treatments and 14' Vault at upper-level display thoughtful structural design.

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5732 N 25th Street Phoenix, AZ 85016

Open House

$925,000

3 Beds

3 Baths

2,044 SqFt

Status Active

MLS # 6758488

Property Type Townhouse

Price Type --

Spacious townhome with welcoming courtyard entry in guard-gated Heights of Biltmore at Taliverde. Bright neutral paint and wood flooring throughout with tile in two of the baths. Kitchen features warm cabinetry, granite, stainless steel appliances, and eat-in breakfast area with coffee bar. Great room living/dining has a wet bar, built-in cabinets, soaring fireplace with stone surround, and a wall of French windows and French door to the balcony. Primary suite has a floor-to-ceiling fireplace, full bath with double sinks and separate step-in shower, walk-in closet with built-in organization, patio and atrium access. Two secondary bedrooms and an office with built-in bookcase. 2-car garage has built-in storage and epoxy floors. Enjoy Biltmore area dining, entertainment, shopping and more!

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7234 E Las Palmaritas Drive Scottsdale, AZ 85258

Open House

$925,000

3 Beds

3 Baths

2,626 SqFt

Status Active

MLS # 6693292

Property Type Single Family Residence

Price Type --

Beautifully updated home in the desirable community of Briarwood 6. You are welcomed by the charming courtyard and custom entry door. Entering the home, you will find soaring ceilings and bright sun filled rooms. The spectacular, custom kitchen is the jewel of the home but only the beginning of upgrades/improvements, which include: new LVP flooring, fully remodeled hall bath, new pool equipment and pebble tec resurfacing, two new HVAC systems (2021 and 2022), custom media wall in den, smart lighting, new landscaping and so much more. The primary bedroom is a sanctuary. Spacious room with fireplace and direct access to the rear yard/pool. Spa like bath with soaking tub and beautiful shower. The breakfast room is charming. This home is the perfect blend of indoor/outdoor living.

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