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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6858 E Orion Drive Scottsdale, AZ 85257

$899,999

3 Beds

3 Baths

2,251 SqFt

Status Active

MLS # 6732713

Property Type Single Family Residence

Price Type --

Super clean and ready to go!! Gated Scottsdale community with community pool, spa and workout facility. Upscale 3 bedroom/2.5 bath detached residence. PREMIUM LOT with extra common space from the east property. Highly upgraded with 10' ceilings, Tile backsplash, Trex and custom metal decor on patio, roof deck with utilities/views, plantation shutters, Bulldog security doors on front and back, tankless hot water system, custom kitchen cabinets to ceiling, Nest security cameras, custom built in closet shelving, fiber optic Cox cable, oversized 15' kitchen island, and oversized slider doors, built in loft shelving, direct access to street. Close to ASU, Sky Song, Old Town Scottsdale and freeway access. Use Aligned and LBX.

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2310 S Val Vista Road Apache Junction, AZ 85119

$899,999

4 Beds

2 Baths

2,778 SqFt

Status Active

MLS # 6742880

Property Type Single Family Residence

Price Type --

This fantastic 4 bed, 2 bath residence now on the market is for you! Featuring Superstition Mountain views w/a natural desert front yard and putting green, circular driveway, a welcoming 2 front porch patios, a 3 car oversized garage w cabinets, and an RV hookup. Discover spacious dining & living areas w/high ceilings and a beehive fireplace to keep you warm during the winter months. The kitchen is comprised of oak cabinetry w/ample counter space, a pantry, Tuscan appliances, and a quaint breakfast bar. End your busy day in the primary bedroom, boasting a full ensuite w/dual sinks for added comfort. Finally, the resort style backyard includes a covered patio, extended paver seating area, lush natural turf, a refreshing hot tub, and an outdoor kitchen & a mini park or hangout area.

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30401 N 115th Drive Peoria, AZ 85383

Open House

$899,999

4 Beds

3 Baths

2,498 SqFt

Status Active

MLS # 6717943

Property Type Single Family Residence

Price Type --

Ask about the assumable 2.75 interest rate. Welcome to this stunning David Weekley home located in the premier community of Sunset Ridge at Vistancia. This exceptional property offers four bedrooms, three bathrooms, and a spacious three-car garage, perfectly designed for modern living. As you step inside, you'll be greeted by an open and inviting floor plan that seamlessly blends elegance and comfort. The gourmet kitchen is a chef's dream, featuring high-end appliances, ample counter space, and stylish cabinetry. The adjacent living and dining areas are perfect for entertaining or enjoying family time. Each bedroom is generously sized, providing plenty of space for rest and The living area features 16-foot sliding doors that open to the backyard, seamlessly blending indoor and outdoor living. Step outside to enjoy the view fence and breathtaking mountain views that create a serene and picturesque setting. Whether you're sipping your morning coffee or hosting an evening gathering, this backyard is sure to impress. Adding to the charm, the exterior of the home is adorned with trim lights, enhancing the curb appeal and creating a magical ambiance in the evenings. Sunset Ridge at Vistancia is known for its peaceful environment and beautiful landscapes, making it a sought-after community for those seeking tranquility and natural beauty. Don't miss the opportunity to own this extraordinary home. Schedule a private showing today and experience all the unique features and luxurious amenities this property has to offer!

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15201 S 183rd Drive Goodyear, AZ 85338

Open House

$899,999

3 Beds

2.5 Baths

3,036 SqFt

Status Active

MLS # 6759763

Property Type Single Family Residence

Price Type --

Welcome to Arizona Luxury Living! This stunning single-story home nestled in one of the largest lots in the Estrella Mountain Ranch Community, featuring a media room with a 125W surround sound system, perfect for movie nights! Enjoy endless fun in the fully furnished game room, complete with a sleek hardwood pool table. The open-concept living area has wood-look tile floors, recessed lighting, and a spacious gourmet kitchen. The kitchen is an entertainer's dream, offering an oversized island, granite countertops, SS appliances, custom cabinetry, and subway tile backsplash. The home includes a well-designed Jack and Jill bathroom, shared between two rooms. Primary is a personal spa- retreat that leads out to the desert oasis with a sparkling pool & jacuzzi, a built in BBQ & gas fire-pit. The oversized backyard features a built-in BBQ, gazebo, firepit area, a blue pool and spa combo, a covered patio, and plenty of shade trees. This gem won't last long on the market! Hurry!

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209 E Northern Avenue Phoenix, AZ 85020

Open House

$899,999

4 Beds

3 Baths

2,727 SqFt

Status Active

MLS # 6736391

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in the heart of the Central Corridor! This stunning, freshly painted and upgraded 4 bedroom, 3 bath home boasts an inviting open living concept, perfect for both relaxation and entertaining. Immerse yourself in luxury with a split master retreat featuring lavish upgrades & ample walk in closet space, offering unparalleled comfort and style. Newer appliances! Enjoy the ultimate in outdoor living with a heated diving pool and new sliding doors opening to your spacious backyard, outdoor kitchen and custom pergola, ideal for gatherings or quiet relaxation. This home is a rare gem that combines elegance, functionality, and the finest in modern living. Don't miss out on the additional home gym and private office space. Truly the epitome of contemporary luxury!

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4633 N 127th Drive Litchfield Park, AZ 85340

Open House

$899,999

5 Beds

3.5 Baths

4,011 SqFt

Status Active

MLS # 6726517

Property Type Single Family Residence

Price Type --

This is an amazing opportunity to live the active luxury lifestyle in this fabulous home located within the GATED Vintage Subdivision of Wigwam South, Litchfield Park. This gorgeous, remodeled Fulton Bordeaux, 5 bedroom with office model is very special with over $170K in upgrades. Upon entering you will fall in love with the gorgeous tile flooring, open great room, gas fireplace & GOURMET CHEF'S KITCHEN featuring all-new, soft close custom wood cabinets/lighting, granite counter tops, stylish backsplash, an oversized granite middle island, 3 pantries and lots of storage throughout the home. With over 4,000 sq. ft. which includes a fully FINISHED BASEMENT, adding to the meticulously designed living space, there is lots of room for great comfort and extravagant living. FULLY PAID SOLAR

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20144 E Rosa Road Queen Creek, AZ 85142

$899,998

6 Beds

4.5 Baths

4,402 SqFt

Status Active

MLS # 6744335

Property Type Single Family Residence

Price Type --

Discover your dream home in this highly upgraded 6-bedroom, 4.5-bath oasis! This spacious residence boasts a stunning open floor plan, perfect for both entertaining and comfortable family living. Step into a beautifully designed kitchen featuring modern appliances, elegant countertops, and ample storage, seamlessly flowing into a generous living area. Retreat to the luxurious primary suite, complete with a spa-like en-suite bath and walk-in closet. Outside, enjoy your private paradise with a sparkling pool, ideal for relaxing or hosting summer gatherings. With thoughtful upgrades throughout and plenty of room to grow, this home is a rare find that combines luxury and functionality. Don't miss the opportunity to make this exquisite house your HOME!

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19545 E Domingo Road Queen Creek, AZ 85142

$899,995

4 Beds

3 Baths

2,180 SqFt

Status Active

MLS # 6729005

Property Type Single Family Residence

Price Type --

MUST SEE! This beautiful home is located on a corner lot in the community of West Park Estates. Inside you will find; 4 oversized bedrooms, 3 full bathrooms, an oversized chef's kitchen and a spacious layout boasting with 10' ceilings! Front yard landscape is included as well as paver walkway/driveways. The backyard is a clean slate for the buyer to install a pool or whatever they choose

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35234 N Barley Street San Tan Valley, AZ 85144

$899,995

6 Beds

5.5 Baths

3,704 SqFt

Status Active

MLS # 6723814

Property Type Single Family Residence

Price Type --

Deluxe contemporary lifestyle. The Monetta's covered entry and two-story foyer flow past the formal dining room toward the great room and large covered patio beyond. The well-designed kitchen is complete with a large center island, plenty of counter and cabinet space, butler pantry, and walk-in pantry. The primary bedroom suite is enhanced by a spacious walk-in closet and primary bath with dual-sink vanity, soaking tub, shower, and private water closet. Central to the loft, secondary bedrooms feature ample closets, one with private bath, two with shared hall bath and separate dual-sink vanity area. Additional highlights include a first-floor bedroom suite with walk-in closet and private bath, a powder room and drop zone, and centrally located laundry. Casita option added.

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1037 W Ridge Road Apache Junction, AZ 85120

$899,990

4 Beds

3.5 Baths

3,251 SqFt

Status Active

MLS # 6726565

Property Type Single Family Residence

Price Type --

BR, 3.5 baths, enclosed office and enclosed tv room. 14-foot ceiling in family room with 16-ft multistacking SDG in family room leading to patio. Kitchen with 54-inch stacked cabinets with morel and white cabinets in kitchen. Stainless steel appliances with chimney hood. Tile backsplash to top of chimney hood. Dining room cabinets with floating shelves. All bathrooms with upgraded tile tub and tile showers. All bathrooms with upgraded quartz tops. The owners' bedroom with 14-foot ceilings and wall of windows. Includes super shower with upgraded tile work and rain can. Door leading to utility room. Full cabinets with sink. 4-car garage.

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388 E Catalina Lane San Tan Valley, AZ 85140

$899,990

2 Beds

2.5 Baths

2,449 SqFt

Status Active

MLS # 6737092

Property Type Single Family Residence

Price Type --

Stunning sought after Terragona plan with 3 car garage, on large 8400+ sq ft corner lot! Enjoy the spacious back yard with your own private pool w/gorgeous water feature and fire pit! Over $250k in upgrades incl. granite, stone, SS appliances, Elec car charger in garage with tons of storage! Custom shutters, window coverings. 2 islands in the kitchen with granite counters and custom back splash and range hood makes this home ideal for the chef in your family and entertaining! Separate office w/ dbl doors to easily convert the room to guest room. Lg primary suite w/ dbl walk in closets, elec shades and slider to bk yrd. pool area. Interior patio w/fountain adds light and allows for indoor/outdoor dining, or your morning coffee/afternoon cocktails! Enjoy the Good Life in Encanterra CC

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13022 W Solano Drive Litchfield Park, AZ 85340

$899,990

4 Beds

3.5 Baths

3,272 SqFt

Status Active

MLS # 6741980

Property Type Single Family Residence

Price Type --

You will LOVE this CUSTOM estate on over 1 Acre, with NO HOA in the Heart of Litchfield Park! Exquisite basement home with full guest suite, bar and entertaining area downstairs - perfect for multi-gen families or entertaining in general. Home features 4-bedroom, 3.5-baths with many custom touches. Built by well known local builder with no expense spared or detail overlooked. Gated home with circular driveway & large fountain creates grand entrance - and lots of parking. Huge balcony on back of home overlooks stunning HEATED pool, sweeping landscape and Koi pond area. - Complete with built in BBQ area, firepit and lots of seating areas. Property also features large 200 sq ft shed & OWNED Solar system. Ideal location, close to shopping, restaurants & Golf courses at renowned Wigwam Resort

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