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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5056 S Opal Place Chandler, AZ 85249

$895,000
4 Beds
2.5 Baths
2,859 SqFt
Status Active Under Contract
MLS # 6697690
Property Type Single Family Residence
Price Type --
**Whispering Heights was nominated one of Chandler's Excellence Neighborhood Award**. This home is located in** Top Rated School District, Chandler Unified. It is one block away from the gifted Weinberg Academy**. The backyard, a true oasis that epitomizes resort-style living. A sparkling pool awaits, complete with a spacious baja step and a swim-up bar nestled under a charming Ramada with BBQ. This meticulously maintained home, 4 bed plus den( w doors) home features an oversized family room off the kitchen AND a separate room for entertainment or sitting room. There are no neighbors behind, corner lot in a cul del sac behind a beautiful green belt and walking distance to Veteran's Oasis Park! Many upgrades including, HVAC, flooring, carpet, kitchen remodel, new hot tub that conveys, turf, interior and exterior paint. The owners suite is very oversized with a separate entrance to the backyard. The 3 other bedrooms and den/ office are situated on the opposite side of the home as well the single car garage. The 3 car garage features built in cabinets and epoxy floor and water softener. The home has a full inspection and roof completed too!

15052 N 100th Place Scottsdale, AZ 85260

$895,000
3 Beds
2 Baths
1,677 SqFt
Status Active
MLS # 6689619
Property Type Single Family Residence
Price Type --
OFFERED COMPLETELY TURN-KEY INCL. LINENS AND PATIO FURNTURE! Just bring your suitcase and move right in! Sparkling clean updated Great Room split 3 bedroom 2 bath with pool and 2 car garage on a corner lot. Vaulted ceilings and huge windows with views. Control 4 system, RING cameras front and back. Also for lease 30 day minimum no maximum.

1708 E Verde Lane Phoenix, AZ 85016

$895,000
6 Beds
6 Baths
2,462.70 SqFt
Status Active
MLS # 6746455
Property Type Single Family Residence
Price Type --
For investors seeking an IMMEDIATE INCOME generation with no additional investment required! 2023 average occupancy rate 93%. Current Airbnb rating 4.85 out of 5. CAP RATE 9.64%!!! Possible to enter with 5% DOWN! Meticulously RENOVATED 5-UNIT Short-Term Rental in Central Phoenix! Comes with over $5,000 in Bookings. Nestled in one of Phoenix's most DESIRABLE LOCATIONS with immediate access to HWY-51, 2 min drive to Phoenix Children's Hospital, 8 min drive to Biltmore Fashion Park, top-rated dining, and vibrant nightlife. This rental is a top choice of traveling nurses! Each unit is designed to provide guests with comfort and style, ensuring HIGH OCCUPANCY RATES. Every unit features a modern Kitchen, Bath, and separate Private Access. A well-maintained shared outdoor space with seating, hammock, fire pit and BBQ facilities creates an inviting atmosphere for relaxation. Convenient laundry facility w/washer & dryer is available for guest use.

4760 W Mountain Hollow Loop Show Low, AZ 85901

$895,000
3 Beds
2 Baths
2,552 SqFt
Status Active
MLS # 6748773
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This beautiful 3-bedroom property with massive bonus room above garage offers a perfect blend of comfort and convenience. Here are some of its standout features! Spacious open concept cathedral main living area. Real stone hearth with programmable thermostat pellet stove. Don't like the pellet stove then swap out for a natural gas fireplace as gas line is already there. Custom soft close cabinets throughout entire house (even the laundry room) with quartz counters and all lower kitchen cabinets with pull out shelves. Laundry room also include a full-sized upright freezer. With three generously sized bedrooms, there's plenty of room for family, guests, or even a home office. Large master on sweet with massive full ceramic double shower, double sinks, heated ceramic floors with programmable thermostat, very large soaking tub and huge custom designed walk-in closet. Guest bathroom is also a well-appointed designed with modern fixtures and finishes for your comfort and convenience including ceramic shower around the tub. Huge bonus room above garage could have many uses: home office, arts and crafts room, extra sleeping quarters, movie room, near endless possibilities). Expansive 3-Car Garage with space for work shop area and two large heavy duty storage racks. The garage ceiling is over 11ft permitting room for a car lift. Whether you have multiple vehicles, boat, UTV or need extra storage space, the extra-large three-car garage has you covered. Outside paver RV parking with full hook-ups and 50 Amp receptacle. Traveling enthusiasts will love the dedicated RV parking space making it easy to hit the road at a moment's notice. This home is perfect for those who value comfort, space and functionality. Then step outside to the front or back porch and enjoy your wine or coffee while watching the sun rise and sun set. Out back is a gas grill converted to natural gas (no more lugging propane bottles) and a natural gas fire ring perfect for those cool or winter evenings. Just off the back porch is a paver patio with power cabling under the house waiting for you to add your hot tub. For your safety and security along with a fire hydrant in the front yard, this house also has a complete automatic security system with motion sensors, live and recorded video, and smoke, fire, CO2 and crawl space freeze warning sensors. HVAC is a split system so you can control both floors to your comfort. Also remember that most of the furniture is also available outside of escrow. Just look at those powered recliners!!!! Be warned if you see it you will want to buy it. Home is nestled on TWO lots that have been combined offering additional privacy between neighbors and creates more of an estate feel

3538 E Squawbush Place Phoenix, AZ 85044

$895,000
4 Beds
2.5 Baths
3,010 SqFt
Status Active
MLS # 6719100
Property Type Single Family Residence
Price Type --
Discover the charm of this immaculately designed property in the highly sought out community of Canyon Estates. The pride of ownership shows the high level of care this property has received over the years. With a neutral pallet throughout allows for ease of design. A highly in demand downstairs master bedroom and laundry is just one of the enticing features that this beautiful home has with 4 bedrooms, 2.5 bathrooms, living room, den, eat -in kitchen, a separate office and a lofted upstairs featuring a custom built in desk and book selves. Relax in your backyard oasis by the pool or practice on your own putting green. This property has so many upgrades and is a much see. Note: all artwork, and Lease water softener do not convey.

15232 N 102nd Street Scottsdale, AZ 85255

$895,000
4 Beds
3 Baths
2,515 SqFt
Status Active Under Contract
MLS # 6693782
Property Type Single Family Residence
Price Type --
MUST SEE McDowell Mountain Ranch Masterpiece! 4 beds/3 baths PLUS a large home office. Backyard shines with a sparkling heated pool & spa. Beautifully updated, this lovely home includes soft close shaker cabinets, quartz countertops, wood-like porcelain tile floors, plush carpet w/ upgraded pad upstairs, gas fireplace, double oven/gas range, master bathroom features tile shower, oversized soaking tub w/ tile surround, double sinks w/ modern light fixtures. Huge walk-in closet in the primary bedroom . Downstairs bathroom has a lovely tile shower as well. Both AC's have been replaced. Canned lighting added & modern light fixtures. Pool/spa have been resurfaced & automated. Backyard w/citrus trees. Community has tennis, pickelball, heated pool/spas, walking & hiking trails & golf course.

401 N Whitetail Knob Drive Payson, AZ 85541

$895,000
3 Beds
3 Baths
1,882 SqFt
Status Active
MLS # 6694079
Property Type Single Family Residence
Price Type --
Rare picturesque mountain home in a very private peaceful location right under the Mogollon Rim near the headwaters of the East Verde River, with amazing views of the Rim. The House has two bedrooms & a loft plus a guest house. Abundant decks and serene landscaping invites refreshing relaxation. The lush greenery is fed by irrigation water pumped to the house from the ditch, fed by the East Verde River. Private access is afforded by a private driveway on US Forest Service land by permit. The adjoining lots 55 and 54, can be purchased for an additional price of $550,000. Also the property is ajacent to the national forest sevice on its entire eastern property boundary line, giving the property the feel of its own privite canyon retreat. See document tap Survey & REA Property Flyer

5712 N Scottsdale Road Paradise Valley, AZ 85253

$895,000
3 Beds
2 Baths
1,922 SqFt
Status Active
MLS # 6714346
Property Type Townhouse
Price Type --
Prime location Paradise Valley home in a quite GATED community. New Roof replacement with 10 year warranty for new owner. This fully remodeled 3-bedroom gem offers the ultimate blend of luxury and comfort; spacious living area, featuring soaring vaulted ceilings with beautiful wood beams and a unique bar under staircase. The open concept kitchen with brand new stainless steel appliances and waterfall countertops with over hang. Bathrooms have been remodeled to offer modern convenience and style with led mirrors and freestanding tub. Upstairs' master is spacious offering a view of Camelback mountain and also has a private outdoor patio. The community features a heated pool, spa, work out facility and club house for your enjoyment. Close to 5-star dining, shopping & entertainment.

28631 N 66th Avenue Phoenix, AZ 85083

$895,000
5 Beds
4 Baths
3,173 SqFt
Status Active Under Contract
MLS # 6716622
Property Type Single Family Residence
Price Type --
Imagine the perfect home for all stages of life! This sprawling single-level retreat offers 4 beds & 3 baths in main home AND 1 full bed and bath in the separate guest suite. Great room & large kitchen island for gathering. Multi gen suite with kitchen, living, bed/bath, laundry, private shaded patio & garage.Enjoy extremely low energy costs w/ OWNED Tesla solar with 3 battery backups! Solar shades and wood shutters enhance energy efficiency, and 3 EV outlets. Retreat to your Sparkling pool w/ mountain views, travertine deck & gas fire feature. Inside, find luxury living w/upgraded kitchen & baths featuring stainless appliances, wood shutters, cool tile floors throughout and primary super shower.This is a Lennar Smart home with MyQ garage openers, smart locks at entry, Wifi access points.

1509 W Kiowa Avenue Mesa, AZ 85202

$895,000 - 4Br/3Ba -  for Sale in Golden Palms Estates, Mesa
Open House
New
$895,000
4 Beds
3 Baths
2,750 SqFt
Status Active
MLS # 6762417
Property Type Single Family Residence
Price Type --
Step into this beautifully remodeled home where every detail is designed for luxury and entertainment. This corner lot home has only one neighbor and is everything but ordinary! The HIGHLY desirable Dobson Ranch community is a picturesque, master-planned community built around scenic lakes and filled with top-notch amenities: multiple pools, tennis courts, parks, and walking trails, along with an 18-hole golf course- which is VIEWABLE from this homes very back yard!! The MAIN house boasts 3 spacious bedrooms and 2 modern bathrooms, while the attached, private 1-bedroom, 1-bathroom CASITA offers the perfect retreat for guests or family. Entire home is porcelain and travertine tile, no carpet. CASITA is a completely self containing home on its own with 1 ton wall unit for heating/cooling, washer/dryer, bidet and even RO just like main house. Your primary suite has it's OWN additional room to use as an office, workout or lounging space. En Suite bathroom has modern upgrades, dual sinks and walk in shower. Your chef's kitchen is the heart of the home, featuring stainless appliances-including not 1, but 2 FULL-SIZE refrigerators! Yes,you read that right...2! An apron-style under-mount sink with upgrades like a glass rinser, RO, a sleek low-profile hood, built-in microwave at an accessible height, and an abundance of soft-close cabinets. The stunning counters, Delta Terra QUARTZ **book-matched for symmetry and flow** featuring 3 waterfall edges-- true conversation starter!! Adjacent to the kitchen, the matching wet bar elevates the space with a pull-down faucet, reverse osmosis system, on demand hot water, dual fridges, and an ice maker, all perfectly placed around a cozy wood burning dual sided fireplace. Your open floor plan has breathtaking vaulted ceilings and overlooks the backyard from every window. Outside, the entertainer's dream continues with an expansive backyard, a large diving pool, mature hedges and ample space for gatherings or future backyard projects. This home is the perfect blend of modern style and functionality, and is situated on a golf course corner lot... Curious yet? Come check it out in person, you won't want to leave!

20704 N 90th Place Unit 1067 Scottsdale, AZ 85255

$895,000 - 2Br/2Ba -  for Sale in Courtyards At Market Street Condominium, Scottsdale
Open House
$895,000
2 Beds
2 Baths
1,771 SqFt
Status Active
MLS # 6699568
Property Type Townhouse
Price Type --
Come see this quiet and gorgeous Single-Story End Unit Townhome today!! As you enter, notice the beautiful beams in the great room as well as hardwood flooring and a cozy fireplace. The chef's kitchen features new quartz counter tops, new KitchenAid SS appliances, quartz back splash and a center island. The roomy master has its own walk-in closet and spa like ensuite boasting double sinks, walk-in shower and luxurious tub, perfect for relaxing after a hard day at work. This townhome has a second bedroom for your guests and a den for your home office. You can enjoy endless blue skies and lush desert scenery from your back patio. The community pool is located across the street and you are a short walk to the famous Market Street with a variety of restaurants, shops and a grocery store. This townhome is located in the heart of DC Ranch which has many community amenities including 2 community centers, a fitness center, a large heated pool and spa, basketball courts, tennis courts, pickleball courts, playgrounds, walking and biking trails. With picturesque views of the McDowell Mountains and convenient proximity to hiking trails and outdoor recreation, this is the epitome of resort-style living. Don't miss this opportunity to experience luxury living at its finest in the Courtyards at DC Ranch.

7725 E Portland Street Scottsdale, AZ 85257

$895,000 - 5Br/3Ba -  for Sale in Mereway Manor Lots 1-88, Scottsdale
Open House
$895,000
5 Beds
3 Baths
2,910 SqFt
Status Active
MLS # 6741279
Property Type Single Family Residence
Price Type --
Experience the epitome of comfort and functionality in this true 5-bedroom, 3-bathroom home with new roof, paint, AC and pool and boasting a spacious remodeled kitchen that is perfect for culinary enthusiasts. Situated on a tranquil cul-de-sac, the property features a pool for refreshing dips and two separate air-conditioned buildings that can serve as offices, studios, or serene yoga spaces. Enjoy ultimate privacy with a backyard that overlooks a peaceful greenbelt park with direct access, ideal for cozy evenings around the fire pit after a swim. Wired for security and equipped with cutting-edge technology, this home offers an open floor plan that exudes brightness and airiness throughout. Discover your new oasis today!

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