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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6583 S Legend Court Gilbert, AZ 85298

Open House

$925,000

5 Beds

2.5 Baths

2,825 SqFt

Status Active

MLS # 6746444

Property Type Single Family Residence

Price Type --

Discover the perfect blend of modern elegance and comfortable living in this beautifully upgraded single-story home with 4 car garage. Nestled on a premium cul-de-sac lot in the highly sought-after gated community of Seville, this home offers a seamless open floor plan and exceptional features designed for today's lifestyle. Step inside to find a freshly painted interior with brand-new carpeting, creating a pristine and inviting atmosphere. The spacious living areas include a large den that can easily serve as an office or formal dining room, offering flexibility to suit your needs. The heart of the home is the kitchen, which boasts stunning wood cabinets and elegant granite countertops, perfect for both everyday meals and entertaining guests. Retreat to the primary suite, where you'll find ample space and comfort. The home includes five generously sized bedrooms and two and a half bathrooms, ensuring plenty of room for family and guests. Step outside to your private oasis, where a sparkling pool awaits, complemented by a relaxing sitting area ideal for enjoying sunny days or hosting gatherings. With fresh exterior paint and move-in-ready charm, this home is a rare find in a desirable location. Don't miss your chance to make this exquisite property yours. View this home today and experience the exceptional lifestyle that awaits in Seville!

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7122 S Champagne Way Gilbert, AZ 85298

$924,900

5 Beds

4 Baths

4,590 SqFt

Status Active

MLS # 6707227

Property Type Single Family Residence

Price Type --

Oversized lot with pool, no neighbors behind you. 4 large bedrooms, 4 full baths, 1 den, 1 large playroom, office. Primary bedroom has an open den/nursery/office attached. Balcony off the primary bedroom runs the entirety of the house. The primary bathroom features a large shower and an oversized drop-in tub. 2 of the bedrooms upstairs share a jack-and-jill bathroom. The other upstairs bedroom has its bathroom off the hall. The media room is ready for your movie theater seating. Downstairs has an office off the foyer. Duel sets of stairs. The downstairs entertainment room features a bar with under-bar lighting and a spot for your pool table. Backyard patio runs the entirety of the house. Gas fire pit, seating and BBQ. Pool heat pump does not work and will not be repaired or rep

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2923 N 81st Place Scottsdale, AZ 85251

$924,900

4 Beds

2 Baths

2,273 SqFt

Status Active

MLS # 6648127

Property Type Single Family Residence

Price Type --

NEW PRICE. - SELLER MOTIVATED!! NESTLED NEAR VIBRANT OLD TOWN SCOTTSDALE WITH NIGHTLIFE, WORLD-CLASS GOLF COURSES, UPSCALE SHOPPING DESTINATIONS, PIMA PARK & SCOTTSDALE BASEBALL STADIUM. FUN AND ENTERTAINMENT FOR THE ENTIRE FAMILY! PREPARE TO BE CAPTIVATED WITH THE IMPECABLE CRAFTSMANSHIP AND REFINED AESTETICS. THE STRIKING WOOD FLOORS ADD A TOUCH OF WARMTH AND ELEGANCE. THE LARGE PICTURE WINDOWS ALLOW FOR AN ABUNDANCE OF NATURAL LIGHT. THE OUTDOOR OASIS IS AN IDYLLIC SANCTUARY OFFERING AN ARRAY OF AMENITIES DESIGNED FOR BOTH RELAXATION AND RECREATION. IMMERSE YOURSELF IN THE HEATED POOL YEARROUND OR ENJOY THE EXPANSIVE PATIO COMPLETE WITH A CHARMING FIRE PIT. PERFCT FOR ALFRESCO DINING. EASY ACCESS TO THE LOOP 101

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23134 N 40th Place Phoenix, AZ 85050

$924,899

5 Beds

3 Baths

3,039 SqFt

Status Active

MLS # 6717035

Property Type Single Family Residence

Price Type --

Welcome home! Your well-maintained home is located in a prime location of Desert Ridge, just steps away from miles of scenic hiking and biking trails, this home offers both tranquility and convenience. Unwind in the peaceful backyard after a day spent exploring nature or enjoying nearby shops and dining. With soaring ceilings that flood the home with natural light, it exudes a lively and joyful atmosphere—a space perfect for gatherings, entertainment, and relaxation. Dive into the heated pool, play in the backyard, or cozy up with a good book. A legacy of laughter, shared meals, and cherished memories fills these walls. It's now ready for you to create the next chapter of your story. CONTINUE READING...Click more... 5 bedrooms, 3 bathrooms, + a loft AND a den! ideal for entertaining. $5k in solar shades were added to the home to enjoy the light without the heat! The $100/month Tesla solar panels also come with all of the maintenance at Tesla's expense. Don't like solar? They will remove the panels but why not take advantage of inexpensive electricity to keep you home cool and your pool sparkling! In addition, the refrigerators convey with the home. Conveniently located on the ground floor is the Den or versatile home office and another bedroom. Ascend the staircase to discover the large loft space, leading to the spacious master retreat, complete with a luxurious bathroom boasting a soaking tub, spa shower, and a generously sized walk-in closet. Additional spacious bedrooms and bathroom, offering ample privacy and comfort for all occupants. The high-quality carpet has been well maintained and feels great underfoot! Step outside to the backyard oasis, where a covered patio invites relaxation, overlooking a pebble tech pool and a designated play area for kids, pets, or a garden, making it a perfect outdoor retreat for both relaxation and recreation. This area of Desert Ridge doesn't get through traffic and is super quiet. Located just steps away from all that Desert Ridge has to offer, including miles of trails perfect for mountain biking, running, walking, and exploring. This home combines luxury living with unparalleled convenience, promising a lifestyle of comfort and sophistication.

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6122 N 8th Avenue Phoenix, AZ 85013

New

$924,000

4 Beds

3 Baths

2,613 SqFt

Status Active

MLS # 6763512

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOME IN A WONDERFUL LOCATION! 4 bedroom, 3 bath single story home with a pool, jacuzzi and extended patio. Huge kitchen, stainless appliances, dual temperature wine fridge, great room and dining room. Fully remodeled, gourmet kitchen, custom cabinets, granite counters and island. Floors are wood tile with exception of carpet in the bedrooms. Located in a quiet cul de sac!

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16657 W Durango Street Goodyear, AZ 85338

$922,220

5 Beds

3.5 Baths

3,100 SqFt

Status Active

MLS # 6715193

Property Type Single Family Residence

Price Type --

Custom Home with Grand Style. Located in the Highly sought after location, across the street from Vanderbilt Farm Estates. This Beautiful home will amaze you as you walk into your entry room with soaring ceilings and modern chandeliers and a grand iron staircase. Newly remodeled 5 bedroom 3.5 Bathroom Home. Secondary Suite Downstairs with its private on-suite. Your Dream Kitchen, with no attention to details spared. Wake up from your primary bedroom into your private top deck with serene views. Every aspect of this home exudes elegance. Just over an acre of land, one of the only homes left with Equestrian Rights..Enjoy more privacy with the property being near the end of the street. Tranquility living at its finest. You won't want to miss this one

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1931 W Rowel Road Phoenix, AZ 85085

$921,990

4 Beds

3 Baths

2,627 SqFt

Status Active

MLS # 6747153

Property Type Single Family Residence

Price Type --

This open single level plan offers 4 beds, 3 baths, study & an incredible outdoor living area. With a 12' ceiling in the family room, oversized energy efficient windows & large 16' sliding glass door in the family, this home has an abundance of natural light & fantastic sightlines to the backyard. Clean lines, shaker cabinets, accent lights, a gorgeous tile backsplash, clean quartz tops on an oversized island and stainless GE appliances. Huge walk-in closet & oversized tiled super shower shine in the owner's retreat. Designer selections also include plank tile, 2-tone paint & much more.2X6 CONSTRUCTION; New Home Warranty.

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22913 E Carriage Way Queen Creek, AZ 85142

$921,673

6 Beds

4 Baths

3,779 SqFt

Status Active

MLS # 6679888

Property Type Single Family Residence

Price Type --

Very popular Loft plan w/Retreat. The home has highly upgraded cabinets, flooring and countertops . Also, includes a Gourmet Kitchen w/ SS Chimney Hood, ,, Tankless Water Heater, Service Garage Door , Atrium Door to patio, ''16 SEER RATING FOR ''AC'' ENERGY STAR HOME ! BARNEY FARMS the newest Premiere Master Planned Community in Queen Creek, w/ RESORT like atmosphere, LAKE COMMUNITY w/ an large Amenity Center, fountains , 2 large Community Pools, Aquatic Center, Pickle Ball, Bocce Ball, Corn Hole, Sand Volleyball, full court basketball , fishing ''catch and release'' kayaking, canoeing, walking trails thru-out. Barney Farms also has KMB K-6 School in the community. A MUST SEE !!

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7779 N Copperfield Parkway Prescott Valley, AZ 86315

$920,000

4 Beds

4 Baths

2,470 SqFt

Status Active

MLS # 6671060

Property Type Single Family Residence

Price Type --

Welcome to an exceptional opportunity in this newer gated community, where large 4+ acres and custom site-built homes define the essence of luxurious living. Situated near the entrance of the neighborhood, this home will be the ideal location for your dream home. Boasting 360-degree views of the breathtaking Mingus Mountain range, the majestic Granite Mountain & the iconic San Francisco Peaks, this homesite promises a panorama of natural beauty. Construction of this luxury home is proposed to start mid/end March 2024 with an estimated 10-month build time. If entered into a build contract prior to the end of April 2024, you will be able to select limited finish selections. The homesite provides a gorgeous canvas for creating a residence that complements the spectacular vistas. Owner/Agent. See documents for spec or ask the agent for details. The surrounding wells in this community are noted for their exceptionally high productivity, ensuring reliable access to water for your home. Alternate Septic. Domestic animals only are allowed.

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19835 W Meadowbrook Avenue Litchfield Park, AZ 85340

$920,000

4 Beds

2.5 Baths

2,680 SqFt

Status Active

MLS # 6757946

Property Type Single Family Residence

Price Type --

Must See!! Indulge in everything this corner lot horse property has to offer! Beginning at the stained-glass double doors, you're welcomed into an open floor plan that extends into 3 bedrooms, 2 full bathrooms, and additional office w/ a ½ bathroom and private entrance. With NO HOA, owned solar panels, 2 Trane systems w/UV Filters, 2 new water heaters, commercial greywater drip system for landscaping, owned Culligan Water Softener and R/O system, and ADT Doorbells & System, this property truly offers serenity and savings. The backyard features professional landscaping, covered back patio, custom 10x10 barn w/water and electricity, and a cement slab wash rack for horses! P.S. Main Bath w/Twin Showers and Soaking Jetted Tub, Auto-Waterers for Horse Shed, Exterior painted 2022 w/5 yr warrant

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4558 Prairie Trail Prescott, AZ 86301

$920,000

3 Beds

2.5 Baths

2,707 SqFt

Status Active

MLS # 6749608

Property Type Single Family Residence

Price Type --

Plenty of WOW Factor with this OUTSTANDING Contemporary Ranch style in Desirable YAVAPAI HILLS Subdivision on a HALF ACRE with a Flat/Level Drive & Incredible VIEWS!!! Home has 2707 square feet all on ONE LEVEL with 3Bedrooms/2.5Bathrooms/3CarGarage, + 12x21 Arizona Room as a Bonus, Beamed Ceilings, Ceiling Fans, 18'' Tile in all wet/traffic areas & carpet in balance (Seller offering $9,000 carpet allowance with full price offer), Gas Fireplace w/Blower, Stone Chimney face, Entertainment Niche, GREAT ROOM Concept, Formal Dining room, Honeycomb Blinds, Peeled Pole Accents, & Central Vac. Kitchen is Beautiful with Knotty Alder Cabinetry, GRANITE Countertops, Under Cupboard Lighting, ISLAND, Stainless Steel Appliances, Warming Oven, Wall Oven/Micro, & Large Pantry... Master is oversized with direct access to Deck, Large Walk-In Closet, Dual Sinks, Jetted/Garden Tub, & Large Snail Shower. Bedroom #2 is being used as Office/Den with Built In Desk & has direct access to guest bath with Dual Sinks, Bedroom #3 is spacious....has Zoned HVAC, Fenced Back Yard, New Trex Deck with Stairway to lower level, Large Laundry w/upper & lower cabinetry, Storage Cabinetry in Garage, & has huge standup crawl space for MAN CAVE.

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1807 W Sierra Sunset Trail Phoenix, AZ 85085

New

$920,000

4 Beds

3.5 Baths

2,968 SqFt

Status Active

MLS # 6762514

Property Type Single Family Residence

Price Type --

Stunning TW Lewis home on premium corner lot in the sought-after gated community of Sonoran Foothills in N. Phoenix. This super clean, move-in ready home features a large gourmet kitchen w/lots of cabinets, a breakfast island, in-wall oven/microwave combo plus desk/workstation. The spacious family room has a media wall w/ gas fireplace and direct access to the private covered patio & backyard with no visible neighbors. The master suite also has access to the backyard & the luxurious bathroom feat. dual vanities, deep soaking tub, tiled shower and BIG walk-in closet. The secondary bedrooms are split from the rest & include one ensuite & another is perfect for office w/ double doors & access to front courtyard. Friendly community has many activities, close to K-8, shopping, I-17/101 & TSMC.

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