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

5269 Wellness Way Prescott, AZ 86301

$899,000
3 Beds
3 Baths
2,380 SqFt
Status Active
MLS # 6731660
Property Type Single Family Residence
Price Type --
etter than new, highly upgraded, one level Dorn Organic Home set high on the largest lot in centrally located Walden Ranch with unobstructed views of Granite Dells, Mingus Mountain and San Francisco Peaks. Watch the July 4th fireworks and the moon rise from your patio. Popular Sunflower plan with post-tension slab and healthy building techniques that exceed the United States Energy Star program, making it 70% more energy efficient than the typical home. Open concept living features a central great room with vaulted ceilings, gas fireplace with blower; chef's kitchen with GE Profile appliance suite, white painted cabinets, stunning quartz countertops and 9 foot island with pendants overhead and huge walk-in pantry; formal dining area with a view; private primary suite with dreamy walk-in shower; 2 bedrooms sharing a full bath; den or office; rich engineered hardwood floors; fully landscaped and fenced backyard paradise with covered patio, grassy area for kids and pets, and paver area for al fresco dining under the stars; 3 car garage with epoxy floor; thermal blinds, Roman shades and plantation shutters; and ceiling fans in 3 bedrooms. Walk or bike to the scenic Peavine Trail, community gazebo, pickleball, 2 dog parks and bocce ball. Easy drive to both campuses of Dignity Health, public and charter schools (including Basis and Tri-City Prep), historic downtown Prescott's shops, restaurants and Courthouse Square cultural events, and Watson Lake for boating and hiking.

1532 W Loma Lane Phoenix, AZ 85021

$899,000
3 Beds
2 Baths
2,429 SqFt
Status Active
MLS # 6744527
Property Type Single Family Residence
Price Type --
Beautiful classic ranch style home with detached casita. The main house includes 2429 square feet with 3 spacious bedrooms and 2 baths. The casita totals 555 square feet with attached storage room. Beautifully remodeled throughout. The kitchen features custom cabinets, stainless appliances with double ovens and a gas stove top. The breakfast area boasts a built-in buffet and desk area and tons of storage. This home is perfect for entertaining inside and out. Cozy family room offers a wood burning stove. French doors lead to the bright Arizona room. Additional features include Plantation shutters and ceiling fans throughout, recessed lighting, remodeled bathrooms, and tile flooring. Enjoy the large backyard offering lush green landscape, sparkling diving pool, shade trees, and so much more

312 E Windsor Avenue Unit 11 Phoenix, AZ 85004

$899,000
3 Beds
3 Baths
2,400 SqFt
Status Active
MLS # 6750873
Property Type Townhouse
Price Type --
Our eyes are made to see forms in light: light and shade reveal these forms. Rising like the sun over Midtown Phoenix is Soleil. Inspired by Original Modernism; built for connoisseurs of live, work, play. There's a renaissance going on in PHX and you can be close to it all. Uber or light rail yourself to 3 rd Street Promenade and into secluded hidey holes! And when you need to unwind? You're 15 minutes away from exciting, desert hiking trails. It's here you'll witness sun-setting colors pour and splash themselves all over the Sonoran Desert.

3150 Hi Joe Road Lakeside, AZ 85929

$899,000
3 Beds
3.5 Baths
3,400 SqFt
Status Active Under Contract
MLS # 6713947
Property Type Single Family Residence
Price Type --
Nestled in the embrace of nature on 3.4 acres, this exquisite 3 bed 3.5 bath log-sided home is a haven of serenity and rustic luxury. BACKS TO NATIONAL FOREST, you can hike or ride your horse out the back gate into the forest. Imagine waking up to the gentle rustling of pine trees and the soft murmur of Porter Creek, as sunlight filters through your window, illuminating the spacious interiors that blend seamlessly with the great outdoors. The heart of the home, a grand rock fireplace, stands as a testament to the craftsmanship and attention to detail that has gone into creating this masterpiece. The kitchen, a culinary dream with its brand new double oven, invites you to create and share meals that become memories. ...READ MORE ... The barn, a versatile structure, awaits your vision to transform it into a home for your equine friends or a creative workshop. This property isn't just a home; it's a lifestyle, offering endless possibilities for those who seek tranquility and a deep connection with nature. Enjoy all the White Mountains have to offer! Winters with skiing, snowboarding, and sledding on the mountain or enjoy your snowmobile. During the spring there are plenty of outdoor events, lakes for fishing, and golf courses around the area. Enjoy farmers markets, small private restaurants, and holiday events for the family. Just imagine the small-town life at a slower pace with neighbors that still say hello and have a meal together.

33624 N 7th Street Phoenix, AZ 85085

$899,000
3 Beds
2.5 Baths
2,128 SqFt
Status Active
MLS # 6755227
Property Type Single Family Residence
Price Type --
Welcome to your hidden gem in the Highlands of Desert Hills! This private retreat is perfectly nestled on a secluded lane just off 7th Street, offering breathtaking mountain views and endless possibilities. Step inside this meticulously maintained home and discover a warm, inviting space with beautifully updated flooring, a modern kitchen, and remodeled bathrooms. The expansive great room flows seamlessly into a bright and open kitchen, perfect for family gatherings and entertaining guests. Upstairs, you'll find three generously sized bedrooms, each boasting stunning mountain views from every window. The master suite offers a peaceful escape with its updated bathroom and serene atmosphere. Outside, the spacious backyard is your personal oasis, complete with a pergola-covered patio for relaxing afternoons, a manicured yard, and a guest RV spot with full hookupsperfect for visitors! Plus, a large covered carport provides plenty of storage for your RV or boat. This unique property sits on over 2 acres, with the option to subdivide for future building opportunities. Whether you're dreaming of expanding or simply enjoying your slice of paradise, this home offers endless potential. Don't miss out on this rare find.

27615 N 137th Street Scottsdale, AZ 85262

$899,000
3 Beds
3 Baths
2,668 SqFt
Status Active
MLS # 6675258
Property Type Single Family Residence
Price Type --
Nestled in the serene rural area east of Rio Verde Foothills, this custom-built home exudes a genuine Southwestern charm. The great room, split floor plan, and tile floors showcase a disreable layout. Southwest-inspired custom details set this home apart from others. Revel in the breathtaking panoramic views of the surrounding mountain ranges from this tranquil abode, ideally situated in a small neighborhood 2 blocks south of Dynamite Rd & 136th St. . The backyard oasis beckons with mesmerizing vistas, featuring a delightful pool and soothing water feature for serene evenings outdoors. Meticulously maintained, this residence boasts fresh interior & exterior paint, presenting a turnkey opportunity. The home features a paver circular drive in front, an EV charger & oversized 3 car garage

11698 E Cortez Drive Scottsdale, AZ 85259

$899,000
2 Beds
2.5 Baths
1,834 SqFt
Status Active Under Contract
MLS # 6681098
Property Type Single Family Residence
Price Type --
GORGEOUS MOUNTAIN VIEWS! This adorable Villa has it all! Beautiful golf course and mountain views, private sparkling blue pool with water feature, hot tub, all in the heart of Scottsdale. Double Primary bedroom suites with full bathrooms, an office/den area that could easily be converted to a third bedroom. Soaring ceilings with multiple large window adorn this large open floor plan with natural light throughout the day with excellent sun exposure. Don't miss this opportunity as the Villas are a rare gem. Extra cabinet space and good sized garage. Very close to shopping, dining, West World, Spring Training, Mayo and all the amazing community amenities you could want! Tiered memberships available for community facility usage.

11542 E Christmas Cholla Drive Scottsdale, AZ 85255

$899,000
2 Beds
2.5 Baths
1,743 SqFt
Status Active
MLS # 6734009
Property Type Single Family Residence
Price Type --
Welcome to your perfect ''Lock N' Leave'' luxury home, nestled in the prestigious Desert Views at Troon Village. Surrounded by the breathtaking mountain views of Pinnacle Peak and Troon, this beautifully updated residence offers the ultimate blend of elegance and convenience. The meticulously designed 1,743 square foot home features a thoughtful split floor plan with two primary en-suite bedrooms, a stylish den, and a rare 2.5 baths, accentuated by 10-foot ceilings. The expansive great room layout amplifies the sense of space beyond its dimensions. Step inside to discover a tastefully renovated interior, highlighted by a recently remodeled kitchen. This culinary haven boasts granite countertops, a spacious breakfast bar, a kitchen island, wine fridge, and top-of-the-line stainless steel appliances. Soft-close maple wood cabinetry adds a touch of sophistication. The foyer leads to a chic half bath, featuring a custom floating sink crafted from honed quartzite, complemented by a stunning copper fixture, bespoke lighting, and designer wallpaper from Lemieux Et Cie, evoking the luxury of a 5-star resort. The main primary bedroom is a sanctuary, complete with a private patio and large bathroom windows that frame the mesmerizing views of Pinnacle Peak. The luxurious bathroom offers a garden tub for soaking while admiring the serene backyard. The primary bedroom closet is a masterpiece, illuminated by custom dimmable LED lighting and adorned with designer wallpaper, and plush carpeting underfoot to enhance the sense of opulence. This closet is as functional as it is beautiful, with dedicated shelves for your shoe collection, open shelving for easy access, ample hanging racks, a pullout valet rod for outfit planning, and velvet-lined jewelry drawers for your treasured accessories. It's a space that combines convenience and sophistication, making daily preparations a joy. The backyard of this luxurious home is a sanctuary of relaxation and natural beauty, featuring a rejuvenating hot tub and a custom water feature that creates a serene atmosphere. The xeriscape landscaping is a masterpiece of sustainable design, incorporating over 50 varieties of desert plants to offer a true desert botanical experience. Thoughtfully placed lighting highlights the stunning flora and adds a magical ambiance to evening gatherings. As you relax and unwind, you'll be captivated by the distant mountain views and the iconic silhouette of Pinnacle Peak, creating a picturesque backdrop for every moment spent outdoors. This home is a golfer's dream, situated just minutes from world-renowned golf courses like Monument at Troon North, Grayhawk Golf Club, and Legend Trail Golf Club. Fine and casual dining options abound nearby, including the Four Seasons Scottsdale Resort, Mastro's Steakhouse, Preston's, Fleming's, Pescada, and more. Membership at Troon Country Club offers access to golf, tennis, pickleball, a lap pool, and a state-of-the-art fitness center, along with casual and fine dining options. You'll also be close to numerous renowned spas, including the Fairmont Princess Scottsdale Resort, the Four Seasons Spa, Agave Spa at The Westin Kierland Resort, and The Boulders Resort Spa. This home promises not to disappoint. Come embrace luxury living in the heart of Troon Village. Most furniture, artwork and accessories are available under a separate bill of sale. This home is truly ready to move right in, all you will need is your suitcase.

9837 W Lariat Lane Peoria, AZ 85383

$899,000
4 Beds
2.5 Baths
3,199 SqFt
Status Active
MLS # 6728829
Property Type Single Family Residence
Price Type --
Welcome to your dream home, a luxurious sanctuary nestled on a premium view lot in the prestigious gated community of Stonebridge Ranch, located in the highly desirable 85383 Peoria neighborhood. From the moment you enter the private courtyard through the elegant iron gate, you'll be captivated by the charm and sophistication of this residence. This popular split floor plan features 4 spacious bedrooms, a versatile den, and 2.5 beautifully appointed bathrooms. Designed for modern living, the home boasts energy-efficient prepaid solar, ensuring sustainable and cost-effective living. Step inside to find a freshly painted interior and many upgrades throughout, including coffered ceilings in the main entryways, living areas, and the owner's suite. The gourmet kitchen is a chef's delight, equipped with gas cooktop, under-cabinet lighting and a stunning 12-foot slider door that seamlessly connects indoor and outdoor living spaces. The resort-like backyard is an entertainer's paradise, featuring a built-in fireplace, meticulously landscaped yard, and two separate pergolas complete with a barbecue and bar area. At the heart of this outdoor oasis is a gorgeous heated swimming pool with a unique glass finish, offering breathtaking desert mountain views and access to the most beautiful sunsets you have ever seen. For your peace of mind, this home has been thoroughly inspected with all repairs completed, and a home warranty is offered. Accessibility is a key feature, with handicapped accessible doorways and a roll-in shower, ensuring comfort for all residents and guests. Conveniently located near shopping centers, nationally recognized schools, and just 10 minutes from Lake Pleasant, this home offers an unparalleled lifestyle. This home has it all and so much more. Don't miss the opportunity to make it yours

10171 E Clinton Street Scottsdale, AZ 85260

$899,000
4 Beds
2.5 Baths
2,576 SqFt
Status Active
MLS # 6742583
Property Type Single Family Residence
Price Type --
Step inside this recently upgraded home in one of the most sought after neighborhoods in Scottsdale. Featuring 4 bedrooms and 2.5 bathrooms, with NO HOA fees! Enjoy a private, spacious backyard complete with a fenced pool, covered patio, grassy area, and a balcony overlooking the space. The property includes a 3-car garage and additional parking for 3 more vehicles in the driveway. Recent updates include Italian porcelain flooring, new baseboards, renovated bathrooms, ceiling fans, a new dishwasher, and a new AC unit. Conveniently located near excellent schools, bike and walking paths leading to a nearby lake and community park, and abundant hiking trails. Easy access to the 101 freeway, with dining, shopping, and entertainment just minutes away.

5217 W Creedance Boulevard Glendale, AZ 85310

$899,000
4 Beds
2.5 Baths
2,958 SqFt
Status Active
MLS # 6689467
Property Type Single Family Residence
Price Type --
Explore the boundless possibilities of this spacious 4-bedroom, 2.5-bath home, ideally situated on a vast lot in Glendale with no HOA. Featuring extensive grounds suitable for horses and ample RV parking, this property is a blank canvas ready for your vision. It includes a huge 888 sq ft detached garage and a 1,111 sq ft attached garage, with potential to convert into additional living spaces or even a casita. Consider the opportunity to subdivide the lot for dual home development. Perfect for a visionary looking to revitalize and capitalize on its immense potential.

2801 W Windsong Drive Phoenix, AZ 85045

$899,000
5 Beds
4.5 Baths
3,731 SqFt
Status Active
MLS # 6737926
Property Type Single Family Residence
Price Type --
Highly desirable Ahwatukee Foothills Home. Open Desert behind this oversized lot with a Diving pool, Waterfall, Built in BBQ and bar, Gas firepit surrounded by a travertine patio. RV Gate. First floor ensuite bedroom, den with built in desks. Huge kitchen island, gas cooktop, wall ovens with large family room. Upstairs is a large master suite with private balcony over looking the serene desert, plus a separate sitting room perfect for quiet time reading a book or baby room. 2 bedrooms with Jack and Jill bathroom. 3rd bedroom and bath plus a Large bonus room with pool table and built in shelving. Proposed park project for the Foothills Reserve in 2024. Amenities may include; Pickle Ball court, splash pad, Covered Playground, Outdoor fitness area, 1/2 College BB Court, Swing Set and Ramada.

Leave a Reply

Your email address will not be published.