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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7141 E Rancho Vista Drive Unit 4007 Scottsdale, AZ 85251

$899,000

2 Beds

2 Baths

1,425 SqFt

Status Active

MLS # 6706306

Property Type Apartment

Price Type --

Spectacular Optima Camelview Remodel Opportunity. Perfect for an investor or end user. Welcome to this lovely 2 Bed 2 Bath 1425 SF unit featuring TWO private parking spaces. This property boasts a massive private terrace perfect for relaxing or entertaining and a very desirable floor plan with a huge master suite. You'll also find an abundance of floor-to-ceiling glass windows and lush community views. A true value for the price, set up a showing today and make this amazing property your own! All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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6644 E Oak Street Scottsdale, AZ 85257

$899,000

3 Beds

3 Baths

2,020 SqFt

Status Active

MLS # 6750681

Property Type Single Family Residence

Price Type --

This charming remodeled Scottsdale single-family home is 2,020 square feet with 3 bedroom and 3 bathrooms. The property offers an open kitchen, a split floorplan and a fireplace. The master bedroom has been added on and boasts a walk-in closet and his/her sinks. The property sits on an oversized 8,511 square foot lot with a swimming pool and a two car garage with plenty of storage. This home checks all of the boxes.

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1553 N 69th Place Scottsdale, AZ 85257

$899,000

4 Beds

2.5 Baths

2,628 SqFt

Status Active

MLS # 6724433

Property Type Single Family Residence

Price Type --

Discover luxury living in this 4+ bedroom, 2.5-bathroom gem located on a corner lot in a desirable Scottsdale gated community. Featuring an open floor plan with ample natural light and a gourmet kitchen boasting a large island with breakfast bar and stainless appliances. Enjoy spacious living and dining areas with custom in-ceiling speakers as well as a bonus entertaining or den space. All bedrooms and a bonus room are located on the second floor along with a walk-out terrace. The large master suite offers a walk-in closet and a luxurious en-suite bathroom. The tranquil backyard features a covered patio and easy to maintain turf. The garage boasts an EV charger and epoxy floors. Enjoy the community's resort-like amenities including a serene pool, spa, gym and BBQ grilling area. This property is located near Papago Park and the Phoenix Zoo and is a short drive to downtown. Don't miss your chance to make this home your own!

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19835 N Hidden Ridge Drive Surprise, AZ 85374

$899,000

3 Beds

3 Baths

2,809 SqFt

Status Active Under Contract

MLS # 6741785

Property Type Single Family Residence

Price Type --

This one you don't want to miss, an absolutely beautiful Golf course home comes with a SE back exposure. Double Door Entry, Media wall With Fireplace. This rare estate model gem located on GFN #17 exudes charm, warmth & richness. The spacious kitchen is a chefs dream with its large island and ample cabinet space, stainless steel appliances, gas cooktop and lots of cabinets. Guest en-suite + additional bedroom set up as an office. Large Primary suite with sitting area and door to patio. Laundry room w/cabinets & wash sink. 3 car garage w/built in cabinets and overhead storage. Pavers on the driveway and front sidewalk. The extended covered patio has travertine tile, built in BBQ & great golf views of # 17 on Granite Falls N. Fenced yard and area of artificial grass for the pet!

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5540 E Dahlia Drive Scottsdale, AZ 85254

$899,000

4 Beds

2 Baths

2,086 SqFt

Status Active

MLS # 6713147

Property Type Single Family Residence

Price Type --

Beautiful home with tons of space in 85254! Home is well appointed and Move In Ready! **Seller offering $8,000 credit toward Buyer's closing/loan rate buy down costs if needed** Interior wood shutters, newer appliances & granite counters in bathrooms. All appliances convey! Huge lot with room for everything. Diving pool, jacuzzi and plenty of space for entertaining. Pride of ownership is on display! Includes these big ticket updates: Renewal by Anderson windows NEW in 2018, Roof replacement in 2020, Full AC/HVAC replaced in 2020 with York 5 ton/16 seer unit, Pebble tech pool resurfaced in 2020, Exterior painted in 2021. Perfect for a Buyer to move right in and make this your new home. Thank you for your interest!

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5328 W Lone Cactus Drive Glendale, AZ 85308

$899,000

4 Beds

3 Baths

2,866 SqFt

Status Active Under Contract

MLS # 6726774

Property Type Single Family Residence

Price Type --

Rare chance to own a solid red brick home located on a prime cul-de-sac lot w/170' of lake frontage! Custom boat dock & winding staircase to rooftop patio deck. Situated in an enclave of the lake that is mostly custom homes. North/South orientation, this stunner boasts 360 MTN views. Great room floorplan features solid oak wood floors recently refinished and ceilings set with crown molding. Entertainer's paradise with dining/living space accented by a 2 way fireplace warmly welcomes you home. Plantation shutters throughout. 4 car garage offers new cabinets & recent water heater. Home is pre-wired for security.

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4761 S Burma Road Gilbert, AZ 85297

$899,000

5 Beds

3.5 Baths

3,441 SqFt

Status Active

MLS # 6730706

Property Type Single Family Residence

Price Type --

Beautiful 5 bedroom, 3 1/2 Bath Home + Casita + Detached Garage located in Layton Lakes, Gilbert, AZ. This Lennar home is 3440+sf including a NextGen Casita. Main Home Ground Floor has a spacious open floor plan and a 2 car garage. Upstairs is 4 BR, 2 BA and a loft area. Casita is 1 BR with Kitchenette, Bath, Living Room and Laundry Area. It has a single garage, private main entry and patio. Great setup for a parent, older child or guest. Freestanding Garage 16'x30' with dbl RV gate. 12'x8' garage door. One of a kind in Layton Lakes.The oversize Yard has mature full landscaping, multiple patios and full watering systems. 2200+ sq ft of paver patios, walks and driveway

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312 E Windsor Avenue Unit 13 Phoenix, AZ 85004

$899,000

3 Beds

3 Baths

2,400 SqFt

Status Active

MLS # 6652435

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.

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7625 N 177th Avenue Waddell, AZ 85355

$899,000

6 Beds

5 Baths

2,832 SqFt

Status Active Under Contract

MLS # 6729064

Property Type Single Family Residence

Price Type --

This 2-acre equestrian property with flood irrigation features a 3-bedroom, 2-bath MAIN HOUSE and an attached GUEST HOUSE with 2 bedrooms, 2 baths, a full kitchen, a laundry room, and a private entrance. Additionally, there is a private EN-SUITE with 1 bedroom and 1 bath.The main house kitchen boasts upgraded granite counters, white cabinetry, stainless steel appliances, ample storage, a large walk-in pantry, and a kitchen island. The main living area features vaulted ceilings, an updated primary bath, spacious bedrooms, and a covered patio with a spa outside the primary bedroom, along with another large covered patio in the backyard. The property also includes a large sparkling POOL that is fully fenced and can be heated for the winter months. Detached shop 28' x 30' + Covered RV parking

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3240 E Melody Drive Phoenix, AZ 85042

$899,000

5 Beds

3.5 Baths

4,920 SqFt

Status Active

MLS # 6740429

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Villas at Toscana! This stunning single-family basement home boasts breathtaking views of South Mountain. Featuring 5 spacious bedrooms, 3.5 luxurious bathrooms, & a fully finished basement with its own kitchenette, this home offers ample space and privacy for family and guests. Newer AC units, New Carpet recently installed, Interior painted in 2024 & Exterior in 2021 and a newer water heater. Some of the features are Formal Dining, Spacious Den, 3 Bedrooms upstairs (split floor plan) with a Jack & Jill bathroom, 2 bedrooms downstairs. The main kitchen is a chef's delight with granite counters & upgraded stainless steel appliances, including a gourmet gas stove. Beautiful wood flooring graces the main areas, complemented by new carpet in the bedrooms. The master bath is a sanctuary with a jetted tub and separate shower. Experience the perfect blend of elegance & comfort.

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3808 E Powell Way Gilbert, AZ 85298

$899,000

3 Beds

2 Baths

2,361 SqFt

Status Active

MLS # 6711636

Property Type Single Family Residence

Price Type --

***DESIRED SEVILLE GOLF COMMUNITY***ALMOST A 3/4 ACRE N/S LOT***METICULOUSLY KEPT***LOADED WITH UPGRADES***DECORATOR TOUCHES***OPEN FLOOR PLAN*2 LIVING AREAS+DEN*UPGRADED CABINETS*LARGE KITCHEN ISLAND*GRANITE COUNTERTOPS*NEW FLOORING*NEW ROOF*NEW WINDOWS&DOORS*AUTOMATIC/REMOTE WINDOW COVERINGS*SECURITY SYSTEM&CAMERAS*NEW FIXTURES*FRESH PAINT*OUTDOOR LIVING AT IT'S BEST!!!*COVERED PATIO*EXTENDED PAVERS*SPARKLING POOL*NEWER VARIABLE SPEED PUMP*ABOVE GROUND SPA*GAZEBO*NEW IRRIGATION&LANDSCAPE LIGHTING*LARGE GRASS AREA*GARDEN*MATURE LANDSCAPING*CITRUS TREES*EXTRA STORAGE*RV GATE*3 CAR GARAGE*EXPOY FLOORS*NEW WATER HEATER*WATER SOFTENER*OPTIONAL MEMBERSHIP TO COMMUNITY WATER PARK,RESTAURANT,GYM,TENNIS,PICKLEBALL&GOLF*THE LIST GOES ON,MUST SEE ALL THE HOME HAS TO OFFER*

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1909 W Yearling Road Phoenix, AZ 85085

$899,000

3 Beds

2 Baths

2,391 SqFt

Status Active

MLS # 6735712

Property Type Single Family Residence

Price Type --

The Chatman Charm awaits! This beautiful one-story Desert Craftsman meticulously built by David Weekley in the prestigious Union Park community exudes modern elegance. The fabulous interior features warm tones and dramatic entry rotunda, leading to an open great room, abundant natural light, gorgeous flooring, sizable bedrooms, and ample living spaces for entertainment. The kitchen is equipped for the family chef, boasting an elongated kitchen island, wall oven, stainless steel GE appliances, pantry and an abundance of cabinets. The spacious primary suite offers a luxurious walk-in closet and bath complete with an oversized double vanity, a walk-in shower and private water closet. Gorgeous 3 panel sliding glass doors create an indoor/outdoor entertaining dream and lead to your backyard... paradise! Host fun gatherings with a sparkling pool, lush matured trees and a covered patio. Low-maintenance landscaping combines rock, pavers, and artificial turf. Additional features include a tandem garage, 10ft flat ceilings, updated paint 2024, updated flooring in 2024. The house itself is only 5 years old being built in 2019. Don't miss out on this fantastic opportunity!

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