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.

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115 E Santa Cruz Drive Phoenix, AZ 85085

$898,230
4 Beds
3 Baths
2,997 SqFt
Status Active
MLS # 6745245
Property Type Single Family Residence
Price Type --
NEW SPEC HOME Located on ACRE Lot, NO HOA, 4 Bedroom, Great Room Concept**Room for RV Parking and/or Future RV Garage**4 Car Garage w MyQ openers, pre-plumbed for Soft Water, Utility Tub & Garage Service Door**Front Parking has 20' Pad**Ceramic Tile T/O except Bedrooms**1 Bdrm/Bath is Guest suite split from Other Bedrooms **2 bdrms Share Bathroom (Jack/Jill )**Raised Height Vanities at all Bathrooms**Kitchen Offers Granite Waterfall Island, Neutral colored Cabinetry, Stainless Appliances, Smooth Radiant Cooktop, R/O Pre-plumbed to Refrigerator, Large Pantry**Owner Suite w Dual Vanities/Separate Shower/Tub/Private Toilet/Spacious Closet**Laundry Rm w/Built In Cabinetry**8' Tall Interior Doors**Oversized BaseBoards**Low E Vinyl Windows**Covered Back Patio** Builder Incentive w Prefer Lender

19412 E Camina Plata -- Queen Creek, AZ 85142

$898,000
3 Beds
3 Baths
2,155 SqFt
Status Active
MLS # 6706767
Property Type Single Family Residence
Price Type --
**Seller will pay for a 2-1 buy down or 1% permanent rate buy down, lowering your payment nearly $1000/month!** PRICED BELOW MARKET! Winner of BEST HOME on Tour! Welcome to your dream home in Queen Creek! This beautifully renovated 3-bed, 3-bath home has undergone a complete high-end transformation. Despite the extensive $200K+ REMODEL & ADDITIONS, the home retains its original, classic architectural charm and is the perfect blend of modern luxury and serene country living. Nestled on OVER AN ACRE, this exquisite property, with NO HOA, promises both tranquility and convenience in one of the area's most sought-after locations. From the studs up, no detail has been overlooked. This home has been meticulously rebuilt with high-end finishes & amenities, as well as updates to the electrical, plumbing/fixtures, HVAC ducting, roof, insulation, a bathroom added and much, much more! The heart of this home is its gourmet kitchen. Featuring high-end custom, soft close cabinetry, SS appliances, quartz countertops, custom hood & tile backsplash & huge center island w/ lots of storage space. The open layout flows seamlessly into the dining and living areas, perfect for hosting family gatherings or dinner parties. The living spaces are bathed in natural light, highlighting the beautiful flooring and designer fixtures throughout. The spacious master suite is a true retreat, complete w/ a luxurious ensuite bathroom featuring a walk-in shower, dual vanities & massive walk-in closet w/ custom built-ins. The two additional bedrooms are equally spacious and well-appointed, each with walk-in closets, as well as access to two additional, beautifully designed bathrooms. These spaces offer comfort and privacy for family members or guests. Enjoy outdoor living at its finest, where over an acre of land offers endless possibilities for relaxation and recreation or even the addition of a pool. Bring the horses, RV, Quads...all the toys! Enjoy a cute playhouse for the kids to play in, as well as a renovated structure w/ AC that offers numerous options for use, whether it be a workshop, teen retreat, game room, gym, storage, home school space! If you're a horse lover you'll love the horse set up w/ corral offering 2 stalls, arena, tack/storage room & separate pasture w/ irrigated lot. Located close to top-rated schools, shopping, and dining, this home offers the best of both worlds - luxury & convenience. Don't miss this rare opportunity to own a fully renovated, move-in-ready home in one of Queen Creek's most desirable neighborhoods. Schedule your private tour today and experience firsthand the unmatched beauty and quality of this exceptional property. Your dream home awaits!

13619 W Springdale Drive Sun City West, AZ 85375

$897,200
3 Beds
2.5 Baths
3,662 SqFt
Status Active
MLS # 6760733
Property Type Single Family Residence
Price Type --
This ''One of a Kind Mansion'' Del Webb Gold-Key Custom Home in Sun City West. The WOW factors are innumerable in this Diamond. Enter through a Grand, Front Courtyard leading to Bold Double Doors. With approximately 3,662 sf of living space, this 3 bedroom, 2.25 Bathroom home is filled w Luxury & Opulence. Exceptional features in this home include expanded guest suite w a private entrance, home theater w disappearing screen & built in surround sound,, private exercise room, 2 fireplaces & rich custom library. The Chef's kitchen is large & efficient w a center island, Corian counter tops, white cabinetry, newer stove top, dual built in ovens & tilt out top. 39 Solar panels that are Owned. All this & more, plus all the amenities of Sun City West. This home offers ultimate LUXURY.

21389 W Hillcrest Boulevard Buckeye, AZ 85396

$896,397
4 Beds
3.5 Baths
2,780 SqFt
Status Active
MLS # 6739139
Property Type Single Family Residence
Price Type --
Gorgeous curb appeal, 4 bed, 3.5 bath, 3 car garage with enclosed study; incredible quartz countertops in kitchen with upgraded GE stainless appliances, tiled backsplash, huge island and tons of storage. Open plan with 90 degree sliding glass door to outdoor living area. Upgraded plank tile flooring, upgraded carpet/tile and countertops in owner's retreat bath. Sunroom with vaulted ceiling; Perfect home for entertaining. 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY; see you soon!

10226 N 171st Drive Waddell, AZ 85355

$895,900
4 Beds
3.5 Baths
3,012 SqFt
Status Active
MLS # 6650681
Property Type Single Family Residence
Price Type --
Welcome to this beautiful 4 bedroom, 3.5 bathroom, modern style home in Waddell with exceptional design and finishes. When you enter this home, you'll notice the elegant open concept floor plan perfect for modern living with a spacious rooms, kitchen and casual dining joined by a perfectly quartz island. High ceilings allow wonderful natural light to fill this space through a large sliding door that leads to your covered patio that is perfect for indoor-outdoor living. More...

43702 N 49th Lane New River, AZ 85087

$895,777
4 Beds
2.5 Baths
3,274 SqFt
Status Active
MLS # 6715004
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the serene city of New River! This immaculate 4-bedroom, 2.5-bathroom property boasts luxury and comfort at every turn. Situated on a sprawling lot just under half an acre, this meticulously upgraded residence offers over $250K of recent upgrades, ensuring an unparalleled living experience. Step into the backyard oasis and be greeted by a newly installed heated/cooling sparkling pool. The extended patio comes complete with misters, ideal for outdoor entertaining year-round. Enjoy al fresco dining in the outdoor kitchen, built-in BBQ area, or practice your golf skills on the professionally installed putting greens, all while soaking in breathtaking mountain views. This home is not only a paradise for outdoor enthusiasts but also offers premium interior features. Revel in the comfort of new windows, ensuring energy efficiency and abundant natural light throughout. Stay cool during Arizona summers with brand new AC units, while plantation shutters add a touch of elegance to every room. Additionally, the community's HOA allows for RV parking, facilitated by the convenient RV gate. The property is located next to great schools, trails, and Lake Pleasant. Whether you're seeking tranquility amidst nature or luxurious amenities for entertaining, this property has it all. Don't miss your chance to call this spectacular residence your own!

17448 W Carlisle Drive Surprise, AZ 85388

$895,000
3 Beds
3.5 Baths
2,350 SqFt
Status Active
MLS # 6677435
Property Type Single Family Residence
Price Type --
TOLL BROTHERS NEW HOME GATED GOLF COURSE COMMUNITY LAKE SUBDIVISION RESORT STYLE AMENITIES AND MUCH MORE! LOCATED IN THE ACTIVE ADULT COMMUNITY 55+ AT STERLING GROVE. STUNNING MIDWOOD SPANISH HOME AT STERLING GROVE GOLF & COUNTRY CLUB! OVERSIZED LOT WITH A SPACIOUS BACKYARD! GREAT CURB APPEAL WITH CUSTOM LANDSCAPING! THIS BEAUTIFUL HOME HAS A PLETHORA OF UPGRADES! BLACK IRON ENTRY DOOR, WHITE OAK WOOD FLOORING, GREAT ROOM WITH CATHEDRAL CEILING, CHEF'S KITCHEN WITH GAS COOKTOP, BUILT-IN MICROVAVE AND WALL OVEN. TWO-TONE KITCHEN CABINETS, WHITE BRICK HERINGBONE BACKSPLASH, QUARTZ COUNTERTOPS, ACCENT FURNITURE ISLAND WITH FARM SINK. SHUTTERS THROUGHOUT THE HOME AND MOTARIZED SHADES. EXPANDED MASTER BEDROOM. MASTER BATHROOM HIS & HER SINKS WITH VANITY. POP-OUT MIRRORS, AND WALK-IN TILED SHOWER. SECOND BEDROOM IS AN ENSUITE WITH A WALK-IN CLOSET. BONUS: THIRD BEDROOM IS A PRIVATE CASITA! LARGE EXTENDED COVERED BACK PATIO AND LOTS OF SPACE FOR YOU TO MAKE YOUR VERY OWN BACKYARD OASIS! Sterling Grove Golf & Country Club is a Gated Community w/24 Hour Guard Post. Great Opportunity to Enjoy on a daily basis so many Wonderful Amenities and Beautiful Views of the White Tank Mountains, Lakes, Ponds and Gorgeous Greens on your Walks, Jogs, Bike Rides! Amenities: TROON Managed Jack Nicklaus Design 18 Hole Golf Course, Tennis Courts, Pickleball Courts, Country Club, Resort Style Pools, Fitness Center, Spa, Restaurants, and Much More!

1704 E Snapdragon Court Payson, AZ 85541

$895,000
4 Beds
4 Baths
3,410 SqFt
Status Active
MLS # 6734399
Property Type Single Family Residence
Price Type --
Wonderful Mountain Retreat located in prestigious gated golf community of Chaparral Pines awaits you. Beautiful wood flooring guides you through the spacious foyer into the great room featuring stone floor-to-ceiling gas fireplace. Open floor plan brings living room, dining area, and kitchen all together for many festive occasions with family and friends. Kitchen boasts Cambria Quartz countertops and cherry cabinets, breakfast island, walk-in pantry and stainless-steel appliances. Large patio doors lead to wonderful, covered porch that wraps around to the front of the home for many enjoyable outdoor evenings. Large patio captures spectacular mountain and pond views and provides plenty of outdoor living and entertaining space. Main floor has master bedroom with large walk-in closet and private bathroom with soaking tub and separate shower. Second bedroom on main floor has attached full bath. Also located on the main floor are climate-controlled wine cellar, powder room, and laundry room with ample storage. One-of-a-kind upper level has two bedrooms with walk-in closets, full bath, separate office, and large living room/game room area. Wonderful for entertaining with room for friends and extended family. Oversize garage with storage cabinets, room for two vehicles and side-by-side or golf cart.

2522 E Pleasant Lane Phoenix, AZ 85042

$895,000
4 Beds
3.5 Baths
2,782 SqFt
Status Active
MLS # 6706622
Property Type Single Family Residence
Price Type --
### Luxurious Corporate House in Gated Community - 15 Minutes from Sky Harbor International Airport Welcome to the epitome of luxury and comfort in the heart of Phoenix! This magnificent corporate house, ideally located just 15 minutes from Sky Harbor International Airport, offers the perfect retreat for executives #### Key Features: - **4 Bedrooms 3.5 Baths** - **Two Master Suites:** Both exquisitely furnished with high-end decor and top-of-the-line Amerisleep mattresses, ensuring unparalleled comfort. - **Office:** A well-equipped office space to cater to all your professional needs. - **High-End Furnishings:** Every corner of the house boasts quality furniture designed for comfort and style. The living areas are inviting, while the bedrooms promise restful nights with sumptuous bedding and mattresses. - **Fully Furnished:** The entire home is perfectly furnished with modern amenities and stylish decor, so you can move in without any hassle. - **Climate-Controlled Swimming Pool:** Enjoy the luxury of a climate-controlled swimming pool, providing a serene oasis to relax and unwind even during the hot Arizona summers. Perfect for evening swims or a refreshing dip after a long day. - **Spacious Kitchen:** A gourmet kitchen fully equipped with top-grade appliances, granite countertops, and everything you need to prepare a quick snack or a gourmet meal. - **Quiet and Secure:** The property is located in a serene, gated community ensuring maximum security and privacy. Perfect for executives needing a quiet and secure environment for extended stays. This home is a perfect blend of elegance and practicality, tailored to meet the highest standards of corporate living. Whether you are in Phoenix for a short business trip or an extended stay, this property promises to be more than just a houseit's a home. #### Additional Amenities: - High-speed internet and smart home features. - Laundry room with modern washer and dryer. - Two-car garage. - Landscaped gardens with outdoor seating areas. Welcome to your new home in Phoenixwhere luxury meets convenience.

7180 W Tombstone Trail Peoria, AZ 85383

$895,000
5 Beds
3.5 Baths
3,901 SqFt
Status Active
MLS # 6757337
Property Type Single Family Residence
Price Type --
Welcome to the highly desirable community of Aloravita! Situated on a north/south facing corner lot, this beautiful two story plan will appeal to you the moment you drive up. Walk in to large vaulted ceilings and an abundance of natural light, differentiating this home from the majority you'll see on the market. The wide open floor plan is ideal for many buyers who are searching for a home with the perfect functionality. The kitchen boasts a large island with beautiful cabinetry, quartz countertops & SS appliances. Large bedrooms, a wonderful office, a huge loft area that doubles as a second living room & ample storage space make this a home that truly has it all.The beautiful backyard will require little maintenance too,with the turfed yard & all plants on a drip system. See this TODAY!

5244 E Charleston Avenue Scottsdale, AZ 85254

$895,000
3 Beds
3 Baths
2,387 SqFt
Status Active
MLS # 6757944
Property Type Single Family Residence
Price Type --
Prime location 85254 at an unbeatable price! Home has been very well maintained. Full roof underlayment replacement 2019. Two Trane AC units 2022. Exterior house paint 2023. This spacious floor plan boasts a Kitchen that was made for entertaining. Beautiful neutral colored granite counter tops. SS appliances. Custom solid maple cabinets (throughout the home). Two islands with extra cabinet space. Vaulted ceilings with lots of natural light. No carpet in living areas. Primary bedroom has large walk-in closet with custom shelving. Den/office has built-in shelving. Can also be easily converted to a 4th bedroom. Large backyard with extended paver patio area. Sun screens throughout. 3 car garage with built-in cabinets/work bench. Matching slab of granite for bathroom counters conveys with home

8547 E Via De Encanto -- Scottsdale, AZ 85258

$895,000
3 Beds
2 Baths
1,970 SqFt
Status Active
MLS # 6736739
Property Type Single Family Residence
Price Type --
Welcome to your stunning 3-bedroom, 2-bathroom oasis in the sought-after Sands Scottsdale subdivision of Scottsdale, AZ. This 1,970 square feet home boasts a beautiful pool, luxurious travertine and turf in the backyard, perfect for entertaining or relaxing in style. Situated on a spacious corner lot with a 2-car garage. With triple Sliding Door access to the covered & enclosed patio with a decorative security screen door. Just one block away from fabulous Zumi park. Embrace an active lifestyle with nearby walking paths, hiking trails, and premier golfing opportunities. Just minutes to the Pavilions, shopping, restaurants and railroad park. Approx 1 mile to the 101. Best location in all of Scottsdale. Don't miss out on this fabulous opportunity to own a piece of paradise in Scottsdale!

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