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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1930 W Holden Drive Phoenix, AZ 85085

Open House

$894,990

4 Beds

3 Baths

2,576 SqFt

Status Active

MLS # 6681780

Property Type Single Family Residence

Price Type --

With 4 beds, 3 baths, retreat, study and 2 car garage, this home provides the space needed to entertain family and friends as well as the perfect place for a cozy night alone with a good book. Designer appointed 6''x 36'' plank tile flooring, accent lighting, GE stainless appliances w/built in refrigerator, white shaker cabinets & upgraded quartz countertops shine in the chef's kitchen while the owner's bath also includes quartz tops & upgraded surfaces from floor to ceiling...WOW! Large, picturesque windows, 8' doors, 12' sliding glass door 10-12'' flat ceilings & open sightlines. Like to shop? Tremendous closet space & storage; 2X6 CONSTRUCTION; Extensive new home warranty.

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26421 N 19th Drive Phoenix, AZ 85085

Open House

$894,990

3 Beds

2.5 Baths

2,392 SqFt

Status Active

MLS # 6680538

Property Type Single Family Residence

Price Type --

Reap the luxury & convenience of this incredible location in this gorgeous, BRAND NEW, single level home in amenity-rich Union Park. With 3 full beds, 2.5 baths, study and 3 car garage, this home provides the space needed to entertain family and friends as well as the perfect place for a cozy night alone with a good book. Designer appointed plank tile flooring, accent lighting, GE stainless appliances, 2-tone shaker cabinets & upgraded quartz countertops shine in both the chef's kitchen while the owner's bath also includes upgraded surfaces from floor to ceiling...WOW! Abundant natural light thru large, picturesque windows highlight 10' flat ceilings & open sightlines throughout. Like to shop? Tremendous closet space & storage. 2x6 construction; extensive new home warranty

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24340 W Morning Vista Lane Wittmann, AZ 85361

$894,500

4 Beds

2 Baths

2,140 SqFt

Status Active

MLS # 6725301

Property Type Single Family Residence

Price Type --

Country living in this exquisite Equestrian Custom Home at Patton Place. Mountain views for miles & incredible desert sunsets as the backdrop. This is a single level 4 bedroom, 2 bath home w 3 car garage situated on a well sized 1 acre lot! Inside this dreamy home is tile or lush flooring, custom paint, high end window coverings, ceiling fans & lighting. Through the RV gate you'll find the show stopper, a master planned yard w turf, pavers, arbor, concrete pad, wooden deck & a full outdoor kitchen w running water, electric & propane. Beyond the vinyl veranda fencing is the horse area complete w round pen, tack room, showering station & stalls w auto water and electric! This home has so much more to offer! Come see soon!

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6825 N 3rd Place Phoenix, AZ 85012

$894,500

2 Beds

2 Baths

2,590 SqFt

Status Active

MLS # 6756535

Property Type Single Family Residence

Price Type --

This beautifully updated patio home is in the heart of North Central Phoenix, situated in the coveted, gated Villa Tercera community. The layout is bright and open and combines modern style with a warm, vibrate atmosphere. The kitchen is a true standout, featuring stainless steel appliances, elegant countertops, and plenty of cabinet space. The interior features an informal family room, formal living room, formal dining room, an air conditioned sun room and private office. Enjoy the private and serene outdoor space, featuring a private pool/hot tub, multiple seating areas, and the bonus of a private, air conditioned studio. This property is perfect for entertaining and can accommodate both large and small gatherings. Close to fantastic dining, shopping, and outdoor activities.

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34213 N Borgata Trail Queen Creek, AZ 85144

$893,398

3 Beds

3.5 Baths

3,031 SqFt

Status Active

MLS # 6721281

Property Type Single Family Residence

Price Type --

Welcome to this new home in Prelude at Oro Ridge boasting a 3 car garage, 3 bedrooms, a den, and 3.5 bathrooms! This well-thought-out floorplan will not disappoint! The kitchen features Jennaire Stainless Steel appliances, Quartz Countertops, Urban Taupe Cabinets, and a waterfall island. The primary suite is lavish with a freestanding soaking tub in the ensuite. You will love the upgraded flooring throughout! Do not miss out on this gorgeous home!

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14055 E Aloe Vera Drive Scottsdale, AZ 85262

$890,000

3 Beds

2.5 Baths

2,501 SqFt

Status Active

MLS # 6659427

Property Type Single Family Residence

Price Type --

MOVE-IN READY! Builder's lender financing incentive may available on this contemporary home by NEXTGEN Builders - Great views. This 3 Bedroom + office/den, 2.5 Bath luxury residence features an oversized 3-car garage, no HOA, a grand front door, extensive pavers on the sidewalk and 23' driveway, and a gourmet kitchen with a large island, white shaker cabinets, quartz countertops, and upgraded appliances including a convection oven/microwave combo and gas cooktop. Each bedroom has a walk-in closet. Master bath includes a spacious shower, standalone tub, and double sinks. Quality is evident with 8' doors, spray foam insulation, 2x6 framing, a fully sheathed exterior, and a post-tension foundation. Water is supplied by a shared well. Photos are of a model. Buyer to verify all facts and specs

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1501 N Miller Road Unit 1009 Scottsdale, AZ 85257

Open House

$890,000

3 Beds

2.5 Baths

2,080 SqFt

Status Active

MLS # 6749430

Property Type Townhouse

Price Type --

NEW HOMES DELIVERING NOW. Primely located END UNIT with incredible roof deck views. Vistas is a boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

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16706 E Fairview Street Gilbert, AZ 85295

$890,000

4 Beds

2.5 Baths

1,849 SqFt

Status Active

MLS # 6757251

Property Type Single Family Residence

Price Type --

Welcome to your country retreat at 16706 E. Fairview St, Gilbert, AZ 85295! This charming full log cabin offers the serene lifestyle you've been dreaming of. Step into this delightful A-frame log home and let the warm, inviting ambiance envelop you. The high ceilings, rich natural wood, and abundant light create a cozy and welcoming space. The heart of the home features a beautifully remodeled kitchen and a spacious dining area, perfect for family meals and gatherings. Inside, you'll find four comfortable bedrooms, three bathrooms, a handy laundry room, an airy upstairs loft, and a generous family room. Outside, unwind on the expansive wraparound porch that graces three sides of the house—ideal for savoring your morning beverage or watching the world go by. Click ''More'' for more info. For your equine friends, there's a 6-stall horse barn ready to pamper them, along with lush, fenced irrigated pastures. Mature shade trees and a garden area adorn the large grassy yards, enhancing your outdoor enjoyment. Enjoy the best of country living while still being close to all the conveniences you need. Great schools, churches, San Tan Mall & Harkins Theatre, San Tan Village shopping (including Costco, Sam's Club, Starbucks, Wal-Mart, and WinCo), Gilbert Mercy Hospital, a local fire station, Discovery Park, and easy access to the San Tan 202 Freeway are all just minutes away. Come experience the charm and tranquility of this country havenyou'll never want to leave!

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3928 E Powell Court Gilbert, AZ 85298

$890,000

4 Beds

2 Baths

2,361 SqFt

Status Active

MLS # 6742225

Property Type Single Family Residence

Price Type --

Gorgeously upgraded 4 bedroom, 2 bath home with den/office option in highly desirable Seville Golf & Country Club Gilbert Community and on a 1/2 acre lot! Inside features an open floor plan with tile and carpet, updated paint, shutters in main living area, two beautifully remodeled bathrooms and a kitchen made for the chef at heart with a large island, quartz countertops, Blanco Silgranit sink, 42'' cabinets, brand new Samsung BESPOKE appliances with gas range & walk-in pantry. Outside has upgraded front yard lush landscape with turf and the backyard is a complete oasis with mature landscape, large grass area, newly remodeled pool(heated)/spa with water feature, fire pots, Bose speakers, extended paver patio, amazing outdoor kitchen, pergola with propane fireplace and automated RV gate.

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3248 S Golden Barrel Court Gold Canyon, AZ 85118

$890,000

3 Beds

3 Baths

2,608 SqFt

Status Active

MLS # 6753279

Property Type Single Family Residence

Price Type --

NEWLY UPDATED Well appointed villa in SUPERSTITION MOUNTAIN.. NEW GRANITE IN KITCHEN AND ALL THE BATHROOMS. NEW FLOORING IN GREAT ROOM, DINING AREA, KITCHEN AND PRIMARY BEDROOM. NEWLY PAINTED INSIDE. Three bedroom, three baths. Open great room/dining room/kitchen layout. Viking appliances, Wet bar. WINE WALL.Large master suite with laundry conveniently located off the primary suite closet Two side patios - one with built in BBQ and fire table and the other with an above ground hot tub. Corner lot. Walking distance to the fitness center and TWO JACK NICKLAUS GOLF COURSES! Not a golfer? Enjoy pickle ball, bocce, tennis, hiking and many other activities You'll love it here!. Twenty minutes to Gateway Airport and 35 minutes to Phoenix Sky Harbor airports.Maintenance free living at its best Club Membership and amenities under a separate agreement. Buyer and/or buyer's agent to verify all pertinent information including square footage.

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1310 Kenrick Drive Wickenburg, AZ 85390

$890,000

3 Beds

2 Baths

1,490 SqFt

Status Active

MLS # 6745756

Property Type Single Family Residence

Price Type --

Welcome to your peaceful retreat in Wickenburg! This beautifully-crafted log home offers 3 bedrooms & 2 baths across 1,490 square feet of comfortable living space, nestled on 12.75 acres of endless possibilities. Enjoy complete privacy while being conveniently close to historic Wickenburg, just 4 miles from the Wickenburg Ranch Golf & Social Club, and near all the local restaurants & shopping spots. Step inside to a warm & inviting interior, where exposed beams on the vaulted ceilings add character, and soft carpet ensures coziness in all the right places. Enjoy the bright & airy living room, perfect for entertaining, and flows seamlessly into the dining area and the fully-equipped kitchen; A cook's delight with ample cabinet & counter space, a peninsula with breakfast...CONTINUE READING. ...breakfast bar seating. Unwind in the Arizona room, ideal for relaxation at any time of day. The romantic main suite features a cozy sitting area, balcony access, a private bathroom & a walk-in closet. The other two bedrooms are perfect for guests, sharing a full bathroom that's just right for their needs. Outside, the views are simply breathtaking, with stunning sunsets behind the mountains, all enjoyed from the comfort of your covered patio. The expansive, fenced backyard offers room for all your outdoor passions, from storing your toys in the storage shed, working in the detached 2-car garage with a carport & workshop, to caring for horses in the arena, corrals & vast roaming space. This property is more than just a home; it's a lifestyle waiting for you to make it your own. Come explore all the potential this exceptional property has to offer! Includes two parcels: APN: 50503-023C and APN: 505-03-023J. Property includes 25x50 Pole Barn; 20x14 Corral with 100 sq. ft Horse Arena: 14x20 Shop Tack Shed; Goat Pen; Bird Aviary; Chicken Pen; Metal Roof on Home and Garage.

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3459 E Mockingbird Drive Gilbert, AZ 85234

$890,000

4 Beds

3 Baths

3,038 SqFt

Status Active

MLS # 6748919

Property Type Single Family Residence

Price Type --

Must lease back to seller for 3 years. GORGEOUS Home. UPGRADE galore. BASEMENT Home. LOCATION LOCATION LOCATION!!!. Conveniently located 2 miles from the 60 and 3 miles from the 202 and mile from major shopping area. REMODELED within the last year with new windows, blinds, sliding door, light fixtures, fans, flooring paint, water-softener system with tankless water heater, painted kitchen cabinets, etc (too many to list). Solar panels were installed in 2021 together with the new roof. A must see to appreciate this beautiful and immaculate home.

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