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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19927 W Meadowbrook Avenue Litchfield Park, AZ 85340

$899,000

4 Beds

3 Baths

2,130 SqFt

Status Active

MLS # 6732481

Property Type Single Family Residence

Price Type --

2 Acre Lot, Horse privileges, Pool & More--Welcome to your Desert Oasis! Custom Sante-Fe style home featuring 4 bedrooms & 3 bathrooms on 2 Private acres, great for privacy & enjoying the outdoors! Home has a gorgeous built-in fireplace in the great room with soaring vaulted ceiling, & wood beam accents. The kitchen includes plenty of cabinetry, granite counter-tops, stainless-steel refrigerator & dishwasher, built-in ovens, & hooded gas stove top. The primary bathroom has double sinks, spacious garden tub, & tiled walk-in shower. It has a full-length covered patio & 3 car garage and is wired for a 220 outlet. The Pebble-Tek pool has a waterfall & beautiful White Tank Mountain views. This lot has extra space to add on garages, horse stalls, & more. Come take a look at this serene oasis!

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2522 W Brisa Drive Phoenix, AZ 85085

$899,000

5 Beds

3.5 Baths

3,536 SqFt

Status Active

MLS # 6738844

Property Type Single Family Residence

Price Type --

Don't miss this incredible opportunity! This spacious 5-bedroom, 3.5-bath home with a den and loft is perfect for family living and entertaining. Located on the largest lot in the subdivision. The downstairs primary suite includes dual walk-in closets, a large shower, garden tub, and separate vanities. A dedicated office with quartz countertops and built-in cabinets is ideal for remote work. Also features washer and dryer on on both levels for added convenience. Enjoy the low-maintenance pool with water features and smartphone controls. The property also boasts a 70-foot concrete RV pad, a 12KW owned solar system, a whole-house humidifier, and a water softener with a reverse osmosis system. The sizable backyard is an entertainer's dream, boasting a covered patio, refreshing pool, and ample space for outdoor festivities. Make this beautiful residence yours today!

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8737 E Whitton Avenue Scottsdale, AZ 85251

$899,000

5 Beds

2 Baths

1,488 SqFt

Status Active

MLS # 6733270

Property Type Single Family Residence

Price Type --

It's a vibe! Luxurious 5 bedroom, 2 bath cul-de-sac home in the Heart of Charming Old Town Scottsdale. You will not want to miss this home. 1/3 Acre awaits for all the kids & toys. Wether you are looking for a family home or a well equipped vacation rental with solid income history. Designer touches throughout. Fun accent walls and 5 well appointed bedrooms. Everything has been updated! New kitchen, appliances, landscaping, flooring and brand new baths! Spring training is just a few blocks away. Conveniently located near the 101 freeway. Minutes away from all the fine dining, art, theater and shopping that Scottsdale has to offer! Furnishings available on Separate Bill of Sale.

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18206 W Sells Drive Goodyear, AZ 85395

$899,000

5 Beds

4 Baths

3,469 SqFt

Status Active

MLS # 6740880

Property Type Single Family Residence

Price Type --

* Welcome to the Desert Lily model * 5 bedrooms, 4 bath single level energy efficient, well-maintained entertainers home. Enter this beauty through the elegant foyer leading into a rotunda. Home includes a large formal dining room. Kitchen offers 36'' staggered cabinets, designer tile backsplash with engineered stone/ granite countertops, s/s appliances, double ovens, gas cooktop, butler's pantry and a huge eat in breakfast bar with room for the entire family. Enter your primary suite thru French doors and enjoy your newly laid wood flooring. A welcoming RV friendly home sitting on an almost 15k sq ft lot with both front and back irrigation to the ample foliage including your very own fruit trees low maintenance yard Pool is exquisite!!! perfectly placed gas fire and water bowls for those who love to entertain there is a covered patio large enough for your gathering. The community of Sedella offers multiple basketball courts, parks and a volleyball court. There are several walking paths and sidewalks big enough to drive your golf cart.

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7716 E Cave Creek Road Carefree, AZ 85377

$899,000

3 Beds

2 Baths

2,725 SqFt

Status Active

MLS # 6665090

Property Type Single Family Residence

Price Type --

BACK FROM PENDING, Buyer could not perform. Amazing Potential with this wonderful home. SEE DRAWING OF HOME IN PHOTOS. Sellers is an Artist/Designer. Home is private setting with Mountain Views. 2 RV Garages with 15'-6'' ceilings and can hold up to 6-7 cars or RV. Adjacent room can be an Apartment has loft now. With additional 2 car garage can hold total of 8 cars. Many patios for beautiful sunsets and the Mountains. Only approx. one mile from Carefree Town. Home Was appraised by a LICENSED APPRAISER 11/24/2023 for $983,000. So this home is under market value by $84,000. Pleasure to show and has many artistic pieces in the home. This home has large circular driveway for many cars and entertaining. A/C's checked a run great. There is A/C in the RV garage. Great Deal Easy to sow.

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15809 E Cholla Drive Fountain Hills, AZ 85268

Open House

$899,000

4 Beds

3 Baths

2,415 SqFt

Status Active

MLS # 6756084

Property Type Single Family Residence

Price Type --

Wow-Wow-Wow This is not some quick flip! Check out the curated updates, the updated and upgraded feel of a loving and cared for home! Custom features are a must see! Fountain, Parks, Downtown, Luxury, Mountains, Hiking, Adventure await! Pool is ready for the days, Veranda is perfect for those night time sunsets.

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15816 E Echo Hill Drive Fountain Hills, AZ 85268

Open House

$899,000

2 Beds

2.5 Baths

2,736 SqFt

Status Active

MLS # 6748215

Property Type Single Family Residence

Price Type --

The latest inside-out makeover in Fountain Hills! If you do NOT want the most magnificent kitchen in this home segment? Skip this one. Sitting on a quiet interior street in a central upscale neighborhood, this polished gem has NO INTERIOR STEPS aside from stairs to an open-air loft & upper view deck. The lot's elevation provides dramatic mountain & sunrise views to the East, while the backyard's north orientation keeps the massive covered patio shaded from mid-morning on, ALL YEAR LONG! The backyard transformation matches the interior's, with 2 charming water features, a private garden, and 4 citrus trees. An oversized 3-car garage with additional workshop space & owned solar panels are icing on the cake. The owners completed this renovation to create their dream home; now it can be yours This is essentially a single level home with upstairs bonus space. It was purchased because of its wheelchair-friendly layout with no interior steps and generous interior passageways. The upstairs loft with powder room offers unlimited flexibility; it can be a oversize bonus room (game room, library, etc) with breathtaking eastern views, or could easily be converted to a spacious office and 3rd bedroom with full bath.

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12670 W Bajada Road Peoria, AZ 85383

Open House

$899,000

2 Beds

2.5 Baths

2,610 SqFt

Status Active

MLS # 6739574

Property Type Single Family Residence

Price Type --

HIGHLY SOUGHT AFTER LOCATION on fairway of the signature #14 hole with expansive views. Spacious backyard features HEATED POOL & SPA, kool decking, large faux grass area & view fencing. Premium features include 2 NEW 2021 TRANE HVAC UNITS, leased SOLAR, 12-FT CEILINGS, & NO CARPETING--large tile & wood flooring. Chef's kitchen w/GRANITE SLAB on countertops & front island, QUARTZ-2021-on center island, staggered cabinets w/abundant storage, built-in s/s appliances w/GAS cooktop, 2 sinks. Adjacent to the kitchen are the great room w/gas fireplace & views of backyard & golf course & a private courtyard with PERGOLA ideal for breakfast or morning coffee. HUGE PRIMARY SUITE with access to back patio has BAY WINDOW/ w/views, bath w/dual sinks, shower & soaking tub, 2 WALK-IN CLOSETS & FLEX RM. Use the versatile flex room for a private office, exercise room, craft or art room, TV watching or combination of uses. The ENSUITE guest bedroom is split from the primary suite. A den, half bath, casual or formal dining room & laundry room are also found in this 2610 SF Tuscan 'Aurora'. The two-car garage with WHOLE HOUSE WATER FILTRATION SYSTEM & 2022 gas hot water heater has additional area for a golf cart & storage. This home is located in award-winning, gated 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the neighborhood. The Mita Club has additional community amenities including a huge resort outdoor pool. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Paloma Park (Peoria's newest park) & Lake Pleasant.

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3943 E Chestnut Lane Gilbert, AZ 85298

Open House

New

$899,000

5 Beds

2.5 Baths

2,626 SqFt

Status Active

MLS # 6758954

Property Type Single Family Residence

Price Type --

WOW! The Sellers have thought of everything! Professionally decorated by the same designer that staged the former models, this Bridges North gem is striking with all the right colors & finishes. Bright open floorpan with high ceilings Gorgeous Chef's Kitchen features Convection Oven, Induction Cooktop, Custom Backsplash, Quartz countertops, Oversized Pantry, Stainless Appliances 8' Paneled Interior Doors, RESORT STYLE POOL w/ Waterfall & HEAT & COOLING SETTINGS, In ground Pool Cleaning System, TRAVERTINE Decking, FIVE BEDROOMS,THREE CAR GARAGE + OWNED SOLAR for energy efficiency. Tile Flooring throughout. (List of upgrades in documents tab) You will fall in love! Edgewater Community in Bridges North features parks, playgrounds, splash pad, outdoor amphitheater, sport courts & much more!

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2446 E Pierson Street Phoenix, AZ 85016

Open House

$899,000

4 Beds

3 Baths

1,954 SqFt

Status Active

MLS # 6734350

Property Type Single Family Residence

Price Type --

Become the proud owner of this tastefully updated 4-bedroom, 3-bath residence in one of the most desirable areas in the valley! Fantastic curb appeal boasting a 2-car garage, an immaculate lawn, and a welcoming patio for cozy gatherings. Inside, the living room showcases high ceilings, recessed lighting, exposed beams, picture windows offering a stunning view of the backyard, and attractive wood-look flooring. The delightful kitchen comes with granite counters, white shaker cabinets, a subway tile backsplash, stainless steel appliances, a pantry, and a serving window with a breakfast bar for casual meals. The serene main bedroom offers vaulted ceilings, plush carpeting, French doors leading to the backyard, an ensuite with dual sinks, and a walk-in closet. Outside, the enchanting backyard is perfect for enjoying beautiful sunsets, featuring an open patio, stylish pavers, low-maintenance artificial turf, a charming gazebo with a built-in BBQ grill, pizza oven and a Blackstone. Don't forget to check the document tab for a list of all the recent updates. This gem will sell fast! Act now!

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17779 E Silver Sage Lane Rio Verde, AZ 85263

Open House

$899,000

3 Beds

2.5 Baths

2,316 SqFt

Status Active

MLS # 6674812

Property Type Single Family Residence

Price Type --

Introducing the Lightly lived in Highly upgraded 2316 sqft Contemporary Brasada model built in 2022. It includes a custom front courtyard, an extra hobby room, and a double doored Den for flexibility in room usage. Both, The Primary Suite and The Formal dining room features upgraded Sliding doors leading to the patio. Other Key Upgrades include added doors to the Primary bathroom and Pantry along with the Built-in Monogram kitchen appliances. The front & the backyard is fully landscaped with pavers, synthetic grass, fruit trees, and a green hedge. The extension of Great room tiles into the patio via the upgraded large Stack slider doors seamlessly connect with the outdoors to enjoy the stunning views of the FourPeaks. Neutral grays and whites create a cohesive aesthetic throughout

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2501 N 81st Way Scottsdale, AZ 85257

$898,500

3 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6709035

Property Type Single Family Residence

Price Type --

MAGNIFICENT, FULLY FURNISHED MID-CENTURY MODERN! This exquisite Scottsdale estate features four functional rooms, all equipped with beds, 2 full baths, open kitchen space overlooking remodeled backyard. Large chef's kitchen boasts stainless steel appliances, granite countertops & massive island. Wood plank tile flooring and new paint t/o, upgraded dual pane windows and modern accents, make this home feel brand new! Backyard has just undergone a full remodel with a new pebble tech pool, custom mural, and many spaces for entertaining inside and out! You'll love that this home boasts an interior laundry room and 2 car covered carport. All of this is just a bike ride to Old Town Scottsdale with endless opportunities for shopping, dining, and entertainment!

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