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.

Whats 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.

Click Here to See What Your Home is Worth

3419 N 63rd Place Scottsdale, AZ 85251

$900,000
4 Beds
2 Baths
1,856 SqFt
Status Active Under Contract
MLS # 6712274
Property Type Single Family Residence
Price Type --
This Home is a RARE find with NO HOA, ALL FURNISHINGS & in a PRIME location between Old Town Scottsdale & Arcadia. It offers stunning views of Camelback Mountain. The house features an open concept with modern upgrades throughout. The gourmet kitchen boasts Italian cabinetry, stainless steel appliance package, a custom kitchen island with granite countertops, and a spacious 5-burner gas cooktop with a convenient pot filler. The bedroom/office has French doors that provide direct access to the backyard. The bathrooms have been elegantly upgraded, with the master bathroom featuring an oversized tile surround shower. The backyard is an entertainers delight with covered patio, pool and fire pit. Let's not forget that you'll be within walking distance to Fashion Square and Old Town. This is also a prime location for a short term rental. Furnishings are available as well! Call for details!

6628 N 2nd Avenue Phoenix, AZ 85013

$900,000
4 Beds
3 Baths
2,629 SqFt
Status Active
MLS # 6718555
Property Type Single Family Residence
Price Type --
Come see this beautiful upgraded home in a great Phoenix location! Offering a 2 car garage w/paver driveway and an easy-care landscape w/synthetic turf & mature trees. Discover a formal living room w/plantation shutters, new lighting fixtures & ceiling fans, fresh neutral paint, and wood like tile floors t/out. The refinished kitchen has new SS appliances, quartz counters, a walk-in pantry, and white shaker cabinets. You'll love the main bedroom boasting a sitting room or office w/built-in desks, French doors to the back, and an updated ensuite w/dual sinks & walk-in closet. Other two large bedrooms also enjoy sitting rooms, walkin closets, and a Jack & Jill bathroom w/dual sinks! Out the back, you have a covered patio w/pergola extension and enough room for entertaini

580 Choctaw -- Flagstaff, AZ 86005

$900,000
4 Beds
2.5 Baths
2,760 SqFt
Status Active
MLS # 6680113
Property Type Single Family Residence
Price Type --
Incredible home located 10 miles South of Flagstaff in the Mountainaire subdivision in the Ponderosa Pines. Situated on 1/3-acre lot surrounded by mature pines this property has plenty of room for RV & boat parking. The large covered deck is a wonderful place to enjoy those summer monsoon storms. Upon entering you will find a sweeping staircase and on your right is the perfect size room for a office or study. The LVP flooring can be found throughout the main level. The kitchen has upgraded appliances, butcher block island and hickory cabinets. Upstairs the spacious primary bedroom has a bonus room that could be a hobby room, workout area or a grand primary closet. Square footage could be easily increased by finishing out the 3rd level for an amazing game room or additional bedrooms.

5921 E Ocupado Drive Cave Creek, AZ 85331

$900,000 - 3Br/2Ba -  for Sale in Lone Mountain, Cave Creek
Open House
$900,000
3 Beds
2 Baths
2,168 SqFt
Status Active
MLS # 6714192
Property Type Single Family Residence
Price Type --
Impeccably maintained and thoughtfully upgraded, every detail of this home has been crafted with care and precision.Welcome to your dream home in the highly sought-after gated community of Lone Mountain in Cave Creek, Arizona! Nestled on an oversized cul-de-sac lot, this stunning south-facing residence offers unparalleled privacy, bordering a Natural Area Open Space (NAOS) with no neighbor to the east. Step inside this elegant 3-bedroom, 2-bathroom split floor plan home and discover a haven of comfort and style. The spacious living areas provide ample room for the entire family to enjoy. The home boasts a paid-off solar system, electric retractable awnings, and expansive patios, perfect for embracing Arizona's beautiful weather. The oversized lot offers plenty of space for gardening or play, creating a wonderful environment for children and grandchildren alike. The backyard retreat is an entertainer's delight, featuring a gazebo, built-in BBQ, and synthetic grass for low-maintenance enjoyment. Imagine savoring breathtaking sunrises and sunsets in this tranquil oasis. The heart of the home is the extended kitchen, designed for both functionality and beauty. With beautiful Alderwood cabinets, a breakfast bar island, granite countertops, and new smart appliances, this kitchen is a chef's dream. Throughout the home, you'll find spacious rooms adorned with wood and tile flooring, complemented by crown moldings. The laundry room is a model of efficiency, complete with plenty of storage, a folding counter, and a built-in ironing board. Custom-designed closets add a touch of luxury, and the master bedroom features a built-in vanity for your convenience. The home's artwork is showcased with an integrated electric system, controlled by a dimmer switch, adding a sophisticated ambiance. Additional highlights of this remarkable home include a large fireplace with an elegant mantle, an extended-size garage, and both casual and formal dining areas. Every window is fitted with plantation shutters, providing both style and privacy. Don't miss this rare opportunity to own a piece of paradise in Lone Mountain. Enjoy a private tour today and experience the exquisite lifestyle that awaits you in this exceptional home.

2703 N Sterling -- Mesa, AZ 85207

$900,000 - 5Br/4Ba -  for Sale in Las Sendas, Mesa
Open House
$900,000
5 Beds
3.5 Baths
3,310 SqFt
Status Active
MLS # 6739036
Property Type Single Family Residence
Price Type --
360 DEGREE VIEWS! MOUNTAIN, CITY LIGHTS, SUNSET & SUNRISE VIEWS! Come see this gorgeous home on a quiet cul-de-sac in the master planned golf course community of Las Sendas. Pride of ownership. 5 bedroom 3.5 baths. Beautiful entry, open concept floor plan. Classic kitchen, granite countertops, SS appliances opens to family room w/ gas FP & informal dining area all overlooking a stunning back yard. 1st floor Flex room showcases 14 ft ceilings & private exit. Perfect in-law space, office or game room with wine bar & walk-in closet. Private owners suite offers mountain views w/ access to decks stunning views. Upgraded primary bath includes quartz vanities, custom cabinetry, a super sized walk-in shower & a Lg walk-in custom closet system. Three other lg bedrooms, oversized loft, walk in & beautifully remodeled bath. Backyard is a perfect entertaining backyard. Extended covered patio, pool, spa (privacy shade)and lush landscaping. Stairway to a viewdeck off the owners suite which extends around for sunset & city light views. 3 car garage w/ epoxy flooring. Las Sendas offers excelling schools, clubhouse, heated pools, spas, tennis, pickleball, fitness center, parks & many social events. Close to dining, shopping & freeways. Quick access for hiking, lakes & Tonto National Forest. Las Sendas Golf Course offers challenging golf with stunning views. Fine dining restaurant and an event center.

7296 S Lancaster Street Gilbert, AZ 85298

$900,000 - 5Br/4Ba -  for Sale in Adora Trails Parcel 15, Gilbert
Open House
New
$900,000
5 Beds
3.5 Baths
3,957 SqFt
Status Active
MLS # 6762273
Property Type Single Family Residence
Price Type --
Your dream home is finally here! Discover this amazing residence nestled in the Adora Trails Community. A harmonious open layout showcasing a designer color palette, beautiful tile flooring, modern fireplace, & multi-sliders merging the indoor with the outdoor living. The stunning chef's kitchen is a cook's delight, offering white cabinetry w/crown moulding, granite counters, double wall oven, SS appliances, huge pantry, a chic mosaic backsplash, & a large island equipped with a breakfast bar. The lower master retreat boasts a private bathroom with dual sinks & a walk-in closet. LUTRON Ra3 Lighting control system. Laundry upstairs & down! Enjoy hosting fun get-togethers in the wonderful backyard, featuring a covered patio, HEATED & CHILLED pool, & a cozy ramada!

14025 N 11th Place Phoenix, AZ 85022

$900,000 - 4Br/3Ba -  for Sale in None, Phoenix
Open House
$900,000
4 Beds
3 Baths
2,329 SqFt
Status Active
MLS # 6679677
Property Type Single Family Residence
Price Type --
Million Dollar Gorgeous Contemporary Modern Property For $900K, Includes All Furnishings. Additional, Lender 1% Rate Buy Down. See Docs Tap. Indulge in mountain-framed serenity at this stunning property boasting a modern 2,351 sqft open floor plan. With 4 bedrooms, including 2 custom master suites, and 3 baths with custom tiling, luxury awaits at every turn. Oversized garage, RV gate, and unique stained concrete flooring that add practical elegance. The custom kitchen with quartz countertops and ss appliances beckons culinary adventures. Enjoy seamless indoor/outdoor living via the 4-panel patio slider leading to the covered patio and spacious backyard on a .30 acre lot, perfect for entertaining and future poolside gatherings. Experience unparalleled beauty amidst neighboring new builds, making this the epitome of modern mountain living. Wonderful school system and elementary across the street. All buyers Dolphin Pools offering cost plus with, buyer. The discount would be in the 8-10% . Temporary 1-0 buydown offered by preferred lender for qualified buyers. Scholars Academy is the local charter school that is well sought after and minutes away from the property. Only 15 minutes away from the newly reimagined PV Mall features an expansive central park and community gathering place situated amongst a mecca of dining, entertainment, and retail experiences. Phase one will be host to a 400-unit multi-family luxury development, AVE Paradise Valley, Whole Foods Market, and best-in-class restaurants and retail. Also close to central Phoenix and north Scottsdale to continue your entertainment, dinning, and shopping exerperience for you and the whole family.

5120 N Juniper Loop Pine, AZ 85544

$899,999
4 Beds
3 Baths
3,068 SqFt
Status Active
MLS # 6736268
Property Type Single Family Residence
Price Type --
Escape the city chaos and dive into nature's bliss in charming Pine, AZ! Picture this: a spacious 4 bedroom 3 bathroom, 3068-sqft haven nestled among towering trees, views that go on and on, boasting a sleek driveway and a 2-car garage. This beauty flaunts a mix of classic mountain charm with modern flair. Step inside to a level entry airy layout blending the living room, dining area, and kitchen. Cozy up by the fireplace in the living room or step out onto the balcony for breathtaking views. Glide into the kitchen with its earthy Indian Marble counters and top-notch appliances. The main entry floor houses a bedroom, bathroom, kitchen, living room, easy garage access and a beautiful deck with amazing views. Journey downstairs to a snug family room with its own fireplace, a lower-level patio with mountain vistas, a kitchenette, bedroom, bathroom, and laundry room. Upstairs, the master bedroom boasts an en-suite, alongside a fun sitting/game room and one more bedroom. Ascend to the office/sitting room with a deck offering jaw-dropping mountain panoramas. This gem features central HVAC, surround sound, a new roof, and easy access from two different streets (Juniper Loop &/or Spring Trail) - Spring Trail entry is nestled in a cul-de-sac. A dreamy mountain retreat awaits you!

6899 E Orion Drive Scottsdale, AZ 85257

$899,999
3 Beds
2.5 Baths
2,411 SqFt
Status Active Under Contract
MLS # 6747552
Property Type Single Family Residence
Price Type --
Welcome to luxury living. This was the model home that sold 78 other homes in the gated Skye community. Low maintenance, safe secure interior lot, with beautiful pool views and no neighboring houses blocking the natural sunlight. With $212,000 in optional builder upgrades that cannot be found in other houses in the subdivision. The 11' ceilings, 8' doors and walls of glass add to the already expansive feeling of the home. High end Thermador appliances, gas burner and Koehler fixtures. The kitchen has custom cabinetry, massive quartz waterfall island and a walk-in pantry. Three multi-slide glass doors let you experience indoor/outdoor living. Spacious and welcoming living spaces are perfect for entertainment. The grand primary suite has beautiful modern crown molding and an Ultra Spa Bath with large walk-in closet. The rarely optioned 846 SF roof lounge offers third floor outside living areas and views of every nearby mountain. Custom loft area with built in workspace and wine fridges. Whole house surround sound with wall controls for each speaker. Three zone HVAC keeps the rooms constantly comfortable. New insulated cool roofing system. Smart home wired On-Q system and numerous other special features. Community has heated pool, spa, grills, full gym and three pocket parks for your four-legged friends. A rare opportunity for sale by the original owner/agent.

32623 N 22nd Drive Phoenix, AZ 85085

$899,999
4 Beds
3 Baths
2,598 SqFt
Status Active Under Contract
MLS # 6760890
Property Type Single Family Residence
Price Type --
Check out this beautiful single-story, next-gen home in Copperleaf, a gated community in Sonoran Foothills! With 3 bdrms in the main house and a full 1-bdrm casita too, perfect for so many things! Upgraded kitchen has extended cabinets and GE Monogram appliances. All bdrms have upgraded ceiling fans & carpeting. There is wood-plank tile flooring elsewhere and smart home features including special barriers in the attic for a cooler house! From the frontdoor entryway you can see the sliding doors that overlook the patio & beautiful pool & spa surrounded by lush landscaping! Home has a single & a double-car garage both w/keyless entry. Located in an awesome community with great amenities, pickleball courts, clubhouse and more! This property truly has too much to mention! Check it out!

2601 E Shangri La Road Phoenix, AZ 85028

$899,999
4 Beds
2.5 Baths
2,334 SqFt
Status Active
MLS # 6749995
Property Type Single Family Residence
Price Type --
Oversized lot perfectly situated in a highly desirable neighborhood on a peaceful cul-de-sac, this exceptional home offers stunning mountain views and an array of modern upgrades. The bright entryway welcomes you into an open front room filled with abundant natural light, setting the stage for the rest of this beautiful home. The spacious, updated kitchen features quartz countertops, elegant cabinets with crown molding, floating shelves, and stainless steel appliances, making it perfect for both everyday living and entertaining. Updated flooring flows seamlessly throughout the home's main areas, enhancing the home's contemporary feel. The large, open family room, highlighted by exposed ceiling beams, provides a warm and inviting space for gatherings. The expansive primary retreat is a true sanctuary, complete with outdoor access, ideal for enjoying the serene surroundings. With four bedrooms plus a separate office space, this home offers plenty of space for everyone. Step outside to discover a backyard oasis on one of the largest lots in the neighborhood, featuring a sparkling pool and a private, landscaped yard. A spacious covered patio with extensive pavers invites you to enjoy outdoor living year-round, making this home an entertainer's dream. The large side yard with an RV gate provides ample storage or project space. Energy-efficient windows throughout ensure comfort and cost savings. Don't miss the chance to own this perfect blend of style, comfort, and convenience in one of the area's most sought-after locations!

42420 N Stonemark Drive Anthem, AZ 85086

$899,999
4 Beds
3.5 Baths
3,678 SqFt
Status Active
MLS # 6692850
Property Type Single Family Residence
Price Type --
SELLER TO PAY OFF SOLAR AT CLOSE OF ESCROW!!! Stunning Radisson model situated on over 1/4 Acre lot in prestigious Anthem Country Club. A private and inviting courtyard sets the entry to this amazing home. Perfectly oriented on a premium lot overlooking the wash. Enjoy beautiful sunsets as the backyard looks west. Open floor plan with 12 ft ceilings. The built in BBQ island creates the perfect ambiance . Minutes to the front gate and the Persimmons clubhouse. The large primary suite includes a private exit to the backyard, dual sinks, soaking tub, step-in shower, & walk-in closet! Updated flooring and newer AC!

Leave a Reply

Your email address will not be published.