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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1520 E San Miguel Avenue Phoenix, AZ 85014

$895,000
3 Beds
2 Baths
1,646 SqFt
Status Active Under Contract
MLS # 6758109
Property Type Single Family Residence
Price Type --
Don't miss your opportunity to own a classic North Central Ranch home on one of the most desirable streets in the area, featuring irrigated lots and mature trees. Stepping into the home, from your private, gated courtyard, you are greeted with ample sunlight, courtesy of the North/South orientation. Tasteful updates abound in this unique home. The kitchen is perfect for cooking and gathering, while the living areas offer plenty of room to relax. Outside, your private backyard oasis awaits, featuring a sparkling pool surrounded by mature landscaping—ideal for unwinding or hosting friends. Located in a tight knit neighborhood with easy access to local hot-spots, this home offers the perfect setting for your next chapter. Make it yours today!

20489 S 199th Place Queen Creek, AZ 85142

$895,000 - 4Br/3Ba -  for Sale in Cielo Noche, Queen Creek
New
$895,000
4 Beds
2.5 Baths
3,250 SqFt
Status Active
MLS # 6755928
Property Type Single Family Residence
Price Type --
Welcome Home to the Gated Community of Cielo Noche in Queen Creek, Beautiful 4 Bedroom, 2.5 Bath Plus an Office & Bonus Room, Large Corner Lot, Kitchen Area w/ Large Island, Granite Counters, New Wolf Gas Cooktop, Double Ovens, New 4 Door Refrigerator, New Dishwasher, New Microwave, Large Primary Bedroom, Primary Bath w/ Tiled Walk-in Shower, Garden Tub & 2 Walk-In Closets, NEW Pergo Flooring in Bedrooms, NEW Tiled Guest Bathroom Shower, Laundry Room w/ Sink, 3 Car Tandem Garage w/ Mini-Split HVAC System ($10K) & Ceiling Storage Racks, Tesla Powerwall Unit and OWNED Solar System ($37K), EV Charging Station, NEW North Side Dual Zone HVAC SYSTEM (2022), FRESHLY Painted Exterior , Large Backyard Space w/ Heated Pool & Spa and Extended Patio Area that is Great for Entertaining.

43908 N 10th Street New River, AZ 85087

$895,000
4 Beds
3 Baths
2,455 SqFt
Status Active
MLS # 6718757
Property Type Single Family Residence
Price Type --
Enjoy the best views in New River! Panoramic valley and mountain views, gorgeous territorial custom home, wrap around decks and no HOA on almost 1.5 acres! This spectacular hillside home offers a large open concept floorplan, master suite on main level with another guest bedroom and bath. The Chef's kitchen boasts Alder cabinetry, polished light Corian, black appliances. The dining area offers amazing views! The laundry has cabinets and a sink. All appliances convey. The lower level has 2 bedrooms and a Jack n Jill bath. All bedrooms have access to the view decks or patios. All tile floors, walls of glass, dramatic fireplace in grtrm, luxury master suite, and a 3-car garage, plus new exterior paint. Backyard has a place for a spa and has a fire pit, with fenced area for pets.

7615 N 22nd Street Phoenix, AZ 85020

$895,000 - 3Br/2Ba -  for Sale in Biltmore Highlands, Phoenix
New
$895,000
3 Beds
2 Baths
1,979 SqFt
Status Active
MLS # 6762493
Property Type Single Family Residence
Price Type --
Nestled in the sought-after hillside neighborhood of Biltmore Highlands, this classic Hallcraft Terrace home is situated on the western slope of Piestewa Peak and the Phoenix Mountain Preserve. This private hillside retreat features 3 bedrooms, 2 baths, a 2-car garage, and a secluded backyard, perfect for relaxation and entertaining. The residence is within close proximity to an extensive hiking trail system in the Phoenix Mountain Preserve, just a short walk from your doorstep. Conveniently positioned near the 51 freeway, this home provides easy access to the entire city and is only minutes away from downtown Phoenix and Sky Harbor Airport. Come and discover the distinctive lifestyle that Biltmore Highlands has to offer!

28352 N 124th Drive Peoria, AZ 85383

$895,000
2 Beds
2.5 Baths
2,438 SqFt
Status Active
MLS # 6752527
Property Type Single Family Residence
Price Type --
Welcome to Luxury Living with OWNED SOLAR on an oversized CORNER LOT boasting 2 bedrooms plus den, 2.5 bathrooms and 2,430+ sq. ft. Featuring 10ft ceilings and PLANTATION SHUTTERS throughout. A chef's dream kitchen featuring stainless-steel appliances, dual kitchen islands, GAS COOKTOP and under cabinet lighting! Benefit from 34 fully OWNED SOLAR panels. HUGE PRIMARY SUITE with access to back patio, bath w/dual sinks, shower, soaking tub, and 2 WALK-IN CLOSETS. The backyard is truly a PRIVATE OASIS with neighbors only on 1 side. Soak in your PRIVATE POOL and enjoy the mature landscaping. Sip your morning coffee on the pergola covered courtyard and experience beautiful sunsets on the large, covered patio with sensor motorized sunscreens. The 3-car tandem garage provides ample space for vehicles, with built-in storage cabinets. This home has been meticulously maintained, a MUST SEE! All of this is located within the award-winning 55+ Community of Trilogy at Vistancia, that offers resort style living at its finest.

22933 E Silver Creek Lane Queen Creek, AZ 85142

$895,000
5 Beds
4.5 Baths
4,897 SqFt
Status Active Under Contract
MLS # 6738032
Property Type Single Family Residence
Price Type --
Say hello to luxury living in Meridian! This almost 5000 sq-ft beauty is the LOWEST priced home with this amount of square footage in the community. This two-story home is packed with unique upgrades, including a jaw-dropping 12-foot ceiling with Da Vinci antique gold tiles. Inside, enjoy spacious bedrooms, rich hardwood floors, and a tropical backyard retreat with a pebble tech pool and Baja shelf. You can soak in mountain views from the master suite upstairs where you'll also find a versatile loft area. The resort-style backyard features a waterfall/grotto pool, tiki torches, ambient lighting, and a gazeboperfect for your staycation dreams. The Next Gen Suite offers private space for guests or rental income, with its own entrance. Located in the Meridian community with quick access to the 24, shopping, and dining, this home also features a 4-car air-conditioned garage. Sellers are motivated. Bring us an offer today!

4536 E Paradise Lane Phoenix, AZ 85032

$895,000
4 Beds
3 Baths
2,050 SqFt
Status Active Under Contract
MLS # 6743454
Property Type Single Family Residence
Price Type --
Discover this completely remodeled gem just north of the new PV Mall development! This 4-bedroom, 3-bathroom home has been meticulously renovated from top to bottom, leaving no detail untouched. The open-concept layout showcases a stunning kitchen with brand-new GE appliances, perfect for entertaining and everyday living. Two of the bedrooms are en suites, offering private retreats within the home. Step outside to your expansive backyard, where you'll find a newly resurfaced pool, new landscaping, and plenty of space for outdoor activities on a generous 10,000+ sq ft lot with RV gate access. Upgrades include new HVAC system, AC, windows, and doors, this home is truly move-in ready and built for comfort. Don't miss this opportunity to own a beautifully updated home in a prime location!

3628 E Weldon Avenue Phoenix, AZ 85018

$895,000
3 Beds
2 Baths
1,852 SqFt
Status Active
MLS # 6753668
Property Type Single Family Residence
Price Type --
Immaculate and move in ready 3 bedroom, 2 bath single story home located in the highly desired subdivision of Suncrest Estates. This beautiful home was meticulously landscaped and completely remodeled in 2024. This home features a new roof, new windows, open concept updated kitchen with stainless steel appliances, new cabinetry, quartz countertops, completely remodeled bathrooms, new paint, new wood look tile floors, new plumbing and lighting fixtures. Located on a quiet cul-de-sac lot in one of the most highly coveted areas in Phx! Easily the best overall value in Arcadia. Close by great restaurants, shopping, trails & Camelback Mountain.

2207 E Canary Drive Gilbert, AZ 85297

$895,000
4 Beds
3 Baths
2,462 SqFt
Status Active
MLS # 6750705
Property Type Single Family Residence
Price Type --
STUNNING Model-Grade Home located in the desirable, gated community of STRATFORD in GILBERT! This beautifully upgraded home is situated on a corner lot, featuring a wraparound front porch. Step inside to discover an open & inviting floor plan that seamlessly blends style and functionality. Luxurious family room with sliding glass wall that opens to the beautifully landscaped backyard, perfect for indoor-outdoor living. The kitchen is a chef's dream boasting premium appliances, quartz countertops, upgraded cabinetry & lighting. Elegant finishes of wainscoting & shiplap in all the right places. Backyard is an entertainer's delight featuring a pergola with gas fireplace & grill, misters, and travertine tile patio. Don't miss this rare opportunity to own a truly unique and beautiful home! BUILDER UPGRADES: Corner lot with wrap around front porch (extra 5 ft west side yard), Unencumbered backyard view of San Tan Mountains, view of Central Park from the front porch. Top Level, Premium Tile throughout Family room/Patio Sliding Glass Wall Plantation Shutters throughout Upgraded Kitchen Island Light Fixture LED can lights; family room and middle bedroom Top of the line Appliance package with built in Frig/Freezer Upgraded completed Laundry room with cabinets, counter & sink Kitchen Farm Sink Upgraded Kitchen/pantry Quartz Countertops & skirt Kitchen/Butlers pantry backsplash Floating Vanities in all Bathrooms Upgraded under cabinet LED lighting in kitchen and pantry Undercabinet LED lighting in all bathrooms Upgraded Mirrors in all bathrooms Upgraded Master Bathtub/shower Upgraded Master Bathroom medicine cabinets Front bathroom shower with glass doors Middle bathroom glass tub doors Upgraded black hardware throughout 8' High Garage Door with Windows OWNER UPGRADES: Garage Floor finish Water Softener Custom Garage Storage and work Bench/Drawers Plumbed for gas dryer; Maytag Washer and Dryer Wainscoting Entry, hallways and into family room, kitchen island Shiplap in family room, master bedroom, den and front bedroom Custom slat wall entry, kitchen and butler's panty Custom remote-controlled shades on back patio and Pergola Custom AV Rack: eight camera system, distributed streaming audio system throughout home including backyard landscape system, networking, wired with fiber Elite Ring Doorbell Automated front door lock Automated Garage door opener Automated Thermostats Custom Built-ins - master closet, middle bedroom Chameleon/Vacuflo Central VAC - four locations; family room, middle bedroom, laundry room, and garage with all attachments Custom Painted Kitchen Island Automated outside front sconce lights Back Yard Landscaping: turf, pergola, gas fireplace, gas BBQ griddle, café lights, automated misting system on pergola, LED flood lights, walnut travertine tile patio, pergola and fence/plants surround, PVC irrigation (no tubing in back), shrubs, trees, trellises Painted backyard interior fence to match community common area color Automated Rachio Irrigation System Screwless Faceplates throughout Doggie Door - den to west side yard dog run Master Bath Barn Door Den paned window French Doors Ceiling Fans Dining Light Fixture Kitchen Curtains on sliders Paver Border front and side yard - filled in pavers at trash bins Turf friendly backyard shade screens Wireless Access Point (WAP)

8622 Jupiter Drive Flagstaff, AZ 86004

$895,000
4 Beds
3 Baths
3,209 SqFt
Status Active
MLS # 6744885
Property Type Single Family Residence
Price Type --
If you're looking for a beautiful multi-generational home on 2.5 acres with stunning views of the San Francisco Peaks, look no further! This property features a spacious main home of 2,473 sq feet, including 3 bedrooms and 2 bathrooms. Enjoy large family and living areas, both equipped with pellet stoves to keep you warm during the colder months. The fenced front yard is perfect for relaxing while enjoying the tranquility of rural living. Additionally, there's a charming 1 bed 1 bath guest home with an attached garage, ideal for short or long term living. This property backs up to the National Forest, providing excellent opportunities for hiking and watching wildlife. With ample space for outdoor toys, animals, and guests, you'll have plenty of room for all your needs.

7611 E Casa Grande Road Scottsdale, AZ 85258

$895,000
3 Beds
3 Baths
2,382 SqFt
Status Active
MLS # 6693927
Property Type Single Family Residence
Price Type --
PRICE IMPROVEMENT. McCormick Ranch patio home nestled in the prestigious guard gated Sandpiper Subdivision. This 3bed/3bath offers neutral decor, high ceilings and an airy ambiance. Natural light pours in through the main living space with a wall of windows creating a warm inviting atmosphere. Home features dark wood floors and crown molding throughout. The kitchen offers stainless steel appliances, granite countertops, breakfast bar and pantry. Gorgeous built-in buffet spans the dining area for tons of extra storage space. Primary bathroom features an oversized walk-in shower remodeled in 2023. Fabulous center courtyard is the perfect space to relax or entertain. This lovely community has heated pools and spas, a lush serene landscape, all in the perfect Central Scottsdale location.

1700 E Lakeside Drive Unit 1 Gilbert, AZ 85234

$895,000
3 Beds
3 Baths
2,836 SqFt
Status Active
MLS # 6715055
Property Type Townhouse
Price Type --
On the water!! Love this water view of Val Vista Lakes from this terrific townhome in highly desired Breckenridge Bay!! Enter this sensational view property & gaze through the wall of glass windows/doors in the great room onto your backyard & lakes!! Soaring high ceilings in the great room & entry make this home just an incredible treat! Kitchen has a super nook area with same views of this blue fabulous Val Vista Lake scene! Primary bedroom is huge and enjoys the same wonderful views of Val Vista Lake! Primary bathroom features double vanities, sep. shower & tub, & a water closet. Additionally, the primary suite has a huge sep. walk in closet! 2nd bedroom (ensuite) is huge with a large bathroom & walk in closet! 3rd bedroom is large (downstairs) & large bathroom close by. Location, location, location---but could use some updating--for a new fresh on-trend look!! Make it just what you want!!

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