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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1 Easy Street Unit 6 Carefree, AZ 85377

$910,112

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6696830

Property Type Townhouse

Price Type --

This exquisite townhome is nestled in the heart of downtown Carefree, Arizona. This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suites. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce

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21639 E Vía De Arboles -- Queen Creek, AZ 85142

$910,000

5 Beds

3 Baths

2,964 SqFt

Status Active

MLS # 6755007

Property Type Single Family Residence

Price Type --

Gorgeous NextGen Home with a resort-like backyard. Two homes in one, main home has 4 bedrooms and 2 baths with a huge great room. A beautiful kitchen with quartz counters, SS appliances, and designated dining area creates an open concept living area. Upgraded flooring throughout, shutters and a custom iron gate at courtyard entry. Split primary suite has outside entry and bath has dual showerheads, oversized tub, and walk-in closet. The backyard is a show stopper, perfect for the AZ outdoor lifestyle. Large pool with baja, water features, firepit, BBQ, and two custom pergola's ready to enjoy outdoor living. The NextGen suite has a gorgeous kitchen, living room, bedroom, and bath. Lovely patio with limestone pavers and a fountain. Corner lot in a desired Queen Creek neighborhood.

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16325 N 106th Place Scottsdale, AZ 85255

$910,000

3 Beds

2 Baths

2,130 SqFt

Status Active Under Contract

MLS # 6753958

Property Type Single Family Residence

Price Type --

Single level 4 bed 2 bath home on an over-sized corner lot w/ a pool that has beautiful mountain views & backs to the wash w/ no neighbors behind making it very private! Located in the highly sought after community of McDowell Mountain Ranch! Located steps away from the community center & the biking/hiking trailhead. Open SPLIT floor plan w/ the kitchen open to the family room. Tile in the main traffic areas. Kitchen has white cabinets, granite counters & stainless steel appliances. Primary suite includes a walk-in closet & the primary bathroom includes a sep tub & shower & dual sinks. Community amenities include a heated pool & spa, tennis & pickle ball courts & an abundance of Hiking & Biking Trails. A+ Award winning schools & parks

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4437 E Cordia Lane Cave Creek, AZ 85331

$910,000

4 Beds

2.5 Baths

2,633 SqFt

Status Active Under Contract

MLS # 6702951

Property Type Single Family Residence

Price Type --

This amazing home in Sandlewood Estates is a must see. You will fall in love as soon as you walk through the front door. The beautiful split floor plan and an amazing open living space concept is stunning. The extra large corner lot with no neighbor behind, a huge backyard and n/s exposure is a wonderful entertainment area. The kitchen a amazing with an extra large pantry and beautiful island. There are three bedrooms + bath & den that complete the potential kids wing. This home includes an extra deep 2-car garage and a separate 1-car garage. It has been freshly painted and has wood tile throughtout the common areas. Pride of ownership really shows though in this unique home and you will love the neighborhood. Come check it out before it is too late! Lister is related to seller.

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4767 S 165th Street Gilbert, AZ 85297

$910,000

4 Beds

3 Baths

2,754 SqFt

Status Active

MLS # 6659184

Property Type Single Family Residence

Price Type --

2 yr Home Warranty provided Horse Property nestled in the heart of Gilbert. Saddle up, open the gates and ride your horses for miles on trails along the canal directly behind your property. Four horse stalls, hay sheds, chicken coops and sheds are ready and waiting for your horses, chickens as well as other animals. Gilbert Regional Park is across the streets with playgrounds, tennis, pickle ball, fishing as well as a host of other amenities. This charming home is 2789 sq ft on over an acre of land which is almost impossible to find in Gilbert or Chandler at this price point. This home has four bedrooms, 3 baths, in addition it has an office/workout room in the master, teen hang out room in this split floor plan. A massive primary bedroom. A living/dining room PLUs a large/open kitchen/family room with a fireplace. The screened in porch runs almost the full length of the house that opens up to a private yard with a pool and firepit. This all before you get to the pasture with horse stalls, chicken coops, sheds which include electricity, water and spot lights to the pasture. Other amenities include a large laundry room with cabinets, utility sink and space for a fridge/freezer. A four-car extended garage, two will accommodate your large truck or toys, water softener run by electricity eliminating the need for salt/potassium, pull down attic stairs for storage and a 30-amp outlet inside and outside of the 4th garage for your electric car, RV, power tools and more. Solar (expire in December so you can extend, purchase or remove (need to verify with Tesla)). Electric sub panel to accommodate 30-amp, power to the pasture. Ring spot lights/cameras in various areas, ring doorbell and much more. YOU NEED to SEE this PROPERTY! Items to Convey: Security Camera's, Ring doorbell, outdoor lighting, RO system, Soft Water System, Red as well as the yellow chicken coops, 2 sheds, Play House (or for animals) with electricity. Wired for surround system. Items that DO NOT convey: TV mounts, Tire swing, certain chicken coops, green/red round fencing (will be tagged), work benches in garage, weather vane mounted on front of the house.

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2518 E Mine Creek Road Phoenix, AZ 85024

Open House

$910,000

5 Beds

3 Baths

2,790 SqFt

Status Active

MLS # 6738420

Property Type Single Family Residence

Price Type --

The search is finally over! This beautiful 5-bedroom, 3-bath residence showcases a 3-car garage and a tasteful desert landscape. The living/dining room offers a cool palette, blinds for privacy, wood-look flooring, an inviting fireplace & built-in cabinets with desks! Family room provides a cozy space open to kitchen. The gourmet kitchen boasts quartz counters, shaker cabinets with crown molding, pendant/recessed lighting, a stylish tile backsplash, SS appliances, a walk-in pantry, and a large island with a breakfast bar. The loft adds additional space for leisure or work. The main bedroom features plush carpeting, an ensuite with dual sinks, and a walk-in closet. Outside, the enchanting backyard includes a covered patio, pristine artificial turf, and a sparkling pool. Fall in love!

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1118 E Via Nicola -- San Tan Valley, AZ 85140

$909,999

4 Beds

4.5 Baths

3,418 SqFt

Status Active

MLS # 6722113

Property Type Single Family Residence

Price Type --

Located in the beautiful gated community of Belcara, this 3400sf single level home will impress from the moment you enter the gates. This home is located on nearly a 1/2 acre premium lot, complete with lush landscaping, bordering the community park and greenbelt. Inside, you'll find a welcoming entryway, three guest bedrooms each with their own walk-in closet and en-suite bathroom, plenty of room for entertaining in the private courtyard, den/office, and an open concept living room & kitchen. Relax and recharge in the large master suite featuring an oversized soaker tub, separate sinks, a spacious walk-in shower, and a HUGE master closet! Need room for all the toys? This home boasts two separate two car garages, of which one is complete with built in cabinets and temp controlled!! 4 car garage still not enough? We got you covered with the rv gate and completed pad, to accommodate all your needs! The backyard is an entertainers dream! Regardless if it is the winter or summer months, the 2023 built heated pool and spa with water features and baja step, is sure to please you and your guests year round!

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5141 S Newport Street Chandler, AZ 85249

$909,944

3 Beds

3 Baths

2,563 SqFt

Status Active

MLS # 6755786

Property Type Single Family Residence

Price Type --

Lovely new, single-story home located in the gated and private community of Treeland. Loaded with designer selections, this home features 3 bedrooms, 3 bathrooms, a den, a game room, and an attached 3 car garage. The Gourmet Kitchen boasts Stainless Steel built-in appliances with a 36'' gas cooktop and double ovens, and quartz countertops with a waterfall edge island. Other highlights include a 12' multi-slider at the Great Room, Bryant maple white cabinets, upgraded 8'' x 36'' tile plank flooring, and a frameless walk-in shower at the primary bath. The laundry room has cabinets over the washer and dryer and a laundry sink with cabinets. The exterior features a covered patio and pavers at the driveway and front porch.

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1746 E Jeanine Drive Tempe, AZ 85284

$909,000

4 Beds

3 Baths

2,751 SqFt

Status Active Under Contract

MLS # 6696853

Property Type Single Family Residence

Price Type --

Situated in a neighborhood of custom & semi-custom homes w/NO HOA! Dramatic curb appeal continues in the main living area w/soaring ceilings & 2 sided fireplace dividing the space into cozy sitting area, dining room,& formal living room. Updated island kitchen w/casual dining, white cabinets, upgraded appliance, and two tone granite counters,& wine fridge. The primary suite w/fireplace & sitting area and French doors to the yard. The primary bath has dual vanities & walk in shower,& large closet.2 additional bedrooms (one is currently used as an office) & full bath on this side of the home. An additional bedroom & full bath on the opposite side of the home-plenty of privacy for guests. The backyard oasis w/large covered patio, pool w/water feature, spa,& mature low-maintenance plantings. Last but not least the award winning A+ Cielo elementary school is walking distance.

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12301 N Otto (lot 218) Circle Prescott, AZ 86305

$908,888

2 Beds

3 Baths

2,081 SqFt

Status Active

MLS # 6657523

Property Type Single Family Residence

Price Type --

TAKE ADVANTAGE OF BUILDER INCENTIVES! $20,000 BUILDER OPTIONS CREDIT or 1 YEAR INTEREST RATE BUY DOWN TO 5.99%. New home/lot in Whispering Canyon, mtn views & gorgeous skies await you with this 1 ac lot. This ''right-sized'' model offers great room open concept design with highly upgraded kitchen cabinets, granite counters, walk in pantry, and s/s appliances standard. 17'' x 17'' tile flooring & carpet in the main living areas and 10' coffered ceilings add architectural interest. Split floor plan w/2 bedrooms & an office, den, or optional 3rd bedroom. Primary en suite has bathroom featuring dual sinks, walk in shower, & walk in closet. Front landscaping, paver patios and driveway are included. Select your builder options & design finishes. VISIT OUR MODEL HOME.

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8213 E Fairmount Avenue Scottsdale, AZ 85251

$908,888

4 Beds

2 Baths

2,059 SqFt

Status Active

MLS # 6658726

Property Type Single Family Residence

Price Type --

Don't miss out on this incredible home! It features 4 bedrooms and 2 bathrooms, showcasing a beautiful open floor plan flooded with natural light. The floors are porcelain wood plank tile and upgraded carpet in bedrooms. The kitchen is a gourmet's dream, equipped with white quartz countertops, shaker-style cabinets, a designer island featuring a built-in Sharp Microwave, a wine refrigerator, and an eye-catching backsplash. The stainless steel package includes a gas range and an overhead hood. Both bathrooms have been elegantly upgraded. The backyard is a true oasis, featuring updated landscaping in both the front and back, a heated pool, and a fire pit. And the best part? No HOA!

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1 Easy Street Unit 7 Carefree, AZ 85377

$908,719

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6696831

Property Type Townhouse

Price Type --

Nestled in the heart of downtown Carefree, this luxury townhouse is the epitome of luxury and convenience, where every amenity is just steps from your door in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suites.. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce ball court, restuarants, grocery store, spas, galleries, live music venues, hiking trails, wine bars, and more! Come see how sweet life can be at The View Carefree!

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