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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14010 N 12th Street Phoenix, AZ 85022

$889,000

4 Beds

3 Baths

2,492 SqFt

Status Active

MLS # 6742289

Property Type Single Family Residence

Price Type --

Gorgeous and meticulously maintained move in ready home on a nearly 1/4 acre lot! Nestled on a very quiet street between the Phoenix Mountain Preserve, Lookout Mountain Golf Club and Moon Valley, this home features a spacious open floor plan and tall 10' ceilings. Built in 2007, this is one of the newer homes you will find in this area. Amazing newly remodeled eat-in kitchen with new counters, custom soft closing cabinets, large island with extra storage, LG smart refrigerator and Miele dishwasher. The large master bedroom features an enormous custom walk in closet by California Closets, (Custom California Closets throughout) and private entry to backyard and pool. Master bath recently remodeled with an added linen closet, new cabinets, walk in shower, rain shower head and double vanity. This is a split floor plan with two bedrooms featuring a jack and jill design. There is an additional room that can be used as either a guest room or office/den. Private backyard retreat with high privacy walls and no neighbor directly behind the property. Beautiful outdoor living with travertine pavers, pebbletec pool which includes fire and water features , large covered patio with newly installed 12' retractable awning, firepit and a pergola over island with built-in smoker, grill, mini fridge & bar seating! Great A/C with newly replaced compressor. A beautifully maintained front yard with paver driveway, large side yards and Xeriscape. LG washer and dryer in laundry room will convey. Tons of garage storage area, electric opener with MyQ and the owners installed additional overhead storage. Some furniture may be available in a separate bill of sale. You and your clients will love this home!

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3414 N 78th Street Scottsdale, AZ 85251

$889,000

3 Beds

2 Baths

2,100 SqFt

Status Active

MLS # 6753738

Property Type Single Family Residence

Price Type --

Outstanding Scottsdale location! You can walk to play golf, see a spring training game, restaurants and much more. RARE Peaceful Valley subdivision home. One of only seven homes that face the famous bike/walking path and is adjacent to Continental Golf Course. Some past remodeling done in baths, kitchen, electrical panel, and a/c was replaced approx. 4 years ago. Solar panels owned by APS that pays you $50 a month and takes care of them. Open kitchen, dining, living areas. Gas cooktop, granite counter, separate laundry room. Large master suite with adjacent office, den or work out space. Master bath has granite counter, double sinks. Nice sized fenced back yard. This HEART of Scottsdale home is ready for you and can be a quick close of escrow. Take a look!

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2521 E Carol Avenue Phoenix, AZ 85028

$889,000

3 Beds

2 Baths

2,386 SqFt

Status Active

MLS # 6708856

Property Type Single Family Residence

Price Type --

PRICED TO SELL 09/12! Instant Equity! This 3/2 bath home in a private 29 home gated community offers a split floorplan, perfect for entertaining. High ceilings highlight the kitchen with Gallery appliances, plank wood ceiling, quartz countertops, and ample storage. The great room features a temp controlled wine closet, stacked stone fireplace, and spacious entertaining areas. The primary bedroom includes a custom closet and luxurious bath. A second bedroom and guest bath with custom tile accents complete the layout. Third bedroom's front-facing position enhances the home's appeal. Conveniently located near hiking, biking, and horseback riding trails, & freeway access . Over 150k in upgrades in this stunning home, come quickly before its gone!

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3155 S Porter Street Gilbert, AZ 85295

Open House

New

$889,000

5 Beds

3 Baths

3,739 SqFt

Status Active

MLS # 6762423

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after Spectrum at Val Vista Community! This stunning two-story residence has brand new carpeting and LVP throughout the home. The immaculate kitchen features cabinetry, sparkling stainless steel appliances, granite countertops, and a walk-in pantry. Enjoy a quiet night out but can't leave the house? This home features its own private speakeasy with music and a private entrance! Upstairs, you have the master bedroom with dual sinks, a generous walk-in closet, and a spacious loft for entertaining or a mini home theater. Step outside to the oasis where you will feel like you are on vacation all year! Brand new AC unit, solar panels, private pool, brand new turf, covered patio, and a BBQ shed perfect for hosting any party.

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1694 E Azafran Trail San Tan Valley, AZ 85140

Open House

$889,000

2 Beds

2.5 Baths

2,667 SqFt

Status Active

MLS # 6744546

Property Type Single Family Residence

Price Type --

Is an oversized, park-view lot on your list of must-haves? This Tarragona floorplan home in Encanterra Country Club is a rare find. Situated on one of the larger premium lots, it boasts spectacular park views and a sense of privacy that's hard to match. The spacious backyard retreat is a true oasis, featuring lush landscaping, gorgeous tile work, a water feature, and striking fire columns and brand new BBQ! Inside, the home offers 2 bedrooms and a den with a Murphy bed that can easily serve as a third bedroom. The master suite includes a unique multi-purpose 'smart room' that functions as a laundry room and a secret room, offering additional flexibility as a potential bedroom. The home is designed with storage in mind, providing full cabinetry throughout. The gourmet kitchen is a chef's dream, complete with two gigantic kitchen islands. The great room is perfect for entertaining, featuring a built-in bookcase and TV stand. The spacious courtyard with a fireplace provides a cozy outdoor space with park views, perfect for relaxing or entertaining. Adding to the home's appeal, it includes owned solar panels and an air-conditioned garage with EV charging! Home features surround sound and commercial grade redone landscape lighting. The Encanterra community itself offers an amazing lifestyle with a top-notch golf course, community center with gym resort-style pools, restaurants, and a wine bar. Experience one of the finest lots for privacy and magnificent views in this exclusive community. This Tarragona home truly offers the best of luxury living in Encanterra.

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3273 Prospector Way Wickenburg, AZ 85390

Open House

New

$889,000

2 Beds

2.5 Baths

2,340 SqFt

Status Active

MLS # 6761690

Property Type Single Family Residence

Price Type --

5 Car GARAGE Cordova home features 2 beds/2.5 baths a Den and much more! Beautifully designed back yard w/built-in BBQ, Synthetic Grass, Large Covered patio and electric sun shades. The gourmet kitchen has gas cooktop, built in oven, large center island w/custom pendant lighting. The primary suite has split vanities, spacious tub, tiled shower enclosure, separate door leading out to the spacious back patio. Great Room has multi sliding door bringing the inside and outside together.

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6634 W Roy Rogers Road Phoenix, AZ 85083

$888,500

5 Beds

3 Baths

2,566 SqFt

Status Active

MLS # 6730244

Property Type Single Family Residence

Price Type --

SINGLE LEVEL SPLIT FLOOR PLAN 5BED, 3BATH, 3C GARAGE HOME . CUL-DE-SAC PRIVATE LOT WITH VIEW FENCE AND GORGEOUS MOUNTAIN VIEWS!! SMART HOME TECHNOLOGY. TWO TONE PAINT, TILE. OPEN FLOOR PLAN EVERY BEDROOM WITH WALK IN CLOSETS, KITCHEN WITH QUARTZ COUNTERTOPS, SS APPLIANCES. LARGE LOT ALL PROFESSIONALLY LANDSCAPED PAVERS, ARTIFICIAL TURF AND MATURE PLANTS.

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7141 E Rancho Vista Drive Unit 2011 Scottsdale, AZ 85251

$888,000

2 Beds

1.5 Baths

968 SqFt

Status Active

MLS # 6760250

Property Type Apartment

Price Type --

Warm, Inviting, Modern/Contemporary, Light and Bright... this Optima Camelview Luxury Remodel is simply a breath of fresh air. From the moment you walk inside you'll feel right at home with the abundance of natural wood / natural stone elements and abundance of floor-to-ceiling glass windows. This property boasts a rare floor plan with glass enclosed study featuring custom built in murphy bed acting as a usable second bedroom. Huge Private patio perfect for relaxing or entertaining overlooking Camelview's promenade and fountains. Subzero/Wolf Appliances, Fully integrated smart home with automated blinds, nest thermostats, sonos speakers and smart tv's. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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10006 S 37th Avenue Laveen, AZ 85339

$887,796

4 Beds

3.5 Baths

3,444 SqFt

Status Active

MLS # 6708986

Property Type Single Family Residence

Price Type --

Ideally located near South Mountain, this charming new home offers designer selections, desert and mountain views, a spacious floor plan with 4-bedrooms, and so much more! Some features in the kitchen include Quartz countertops, a waterfall island, and an Executive kitchen package with double ovens and a 36'' gas cooktop and hood. Dayton Birtch Burlap stacked cabinets in the kitchen and dining area. The great room boasts a 12' ceiling and a corner slider door with a post that leads to the outdoor living area. Other highlights include an extended dining area with lower and upper cabinets, upgraded carpet and pad in the bedrooms, 6'' x 36'' plank tile flooring everywhere but the bedrooms, and a freestanding tub in the Primary bathroom. Gated access and biking and walking paths.

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16423 S 4th Street Phoenix, AZ 85048

$885,900

4 Beds

2.5 Baths

3,026 SqFt

Status Active

MLS # 6709338

Property Type Single Family Residence

Price Type --

Nestled on a lovely hillside lot, this spacious single level home offers the ultimate in privacy with endless possibilities! Featuring an inviting split floorplan with over 3,000 SqFt, 4 spacious bedrooms, 2.5 bathrooms, and a 3-car garage. Step inside where you are greeted by an open and airy floor plan complete with soaring 12 foot ceilings that seamlessly connect the living, dining, and kitchen areas. The gourmet kitchen features an abundance of cabinets, granite countertops, walk-in pantry, and large island with breakfast bar that opens to the greatroom and cozy stacked stone fireplace. Picture windows flood the room with natural light, creating a warm and inviting atmosphere. The primary suite is located at the back of the home, and includes a double door entry, separate patio exit, and an ensuite bathroom with double sinks, separate shower, garden tub, and walk-in closet. Three additional bedrooms offer plenty of space for family, guests, or a home office. Outside, your private backyard awaits! Featuring an extended covered patio, flagstone pavers, sparkling pebble finish pool, tranquil rock waterfall, and plenty of room for outdoor dining and lounging. With no neighbors behind and single story homes on both sides, you'll enjoy privacy and tranquility, making it the perfect setting for relaxing or gathering with loved ones. Other features include a new roof in 2016, new HVAC in 2018, new plumbing main line in 2019, and pool equipment updates in 2023. Located in the prestigious Ahwatukee Foothills community, this home is close to top ranked schools, parks, hiking & biking trails, shopping, restaurants, and the 202 Freeway. A fantastic opportunity to make this home your own; see it today!

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3310 E Tonto Drive Overgaard, AZ 85933

$885,000

3 Beds

3.5 Baths

2,016 SqFt

Status Active

MLS # 6756571

Property Type Single Family Residence

Price Type --

Experience mountain living at its finest with this magnificent retreat, perfect for part-time or full-time residence. This stunning home features ample room with 4 bedrooms & 3 baths. Enjoy granite counter tops, a large kitchen island, and modern amenities in your gourmet kitchen. The living Room and Loft offer flexible areas for a family room, game room, or additional entertainment space, complete with a walk-out deck. Your primary Bedroom is a true sanctuary located on the main floor, featuring expansive walk-in closets, a private office or dressing area, and a cozy fireplace. One additional bedroom on the main floor as well as 2 additional bedrooms on the 2nd floor makes for privacy for everyone. The 3 car garage has attached guest quarters with 1/2 bath. Fully fenced 1.48 acres.

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38500 N School House Road Unit 42 Cave Creek, AZ 85331

$885,000

3 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6712442

Property Type Single Family Residence

Price Type --

Beautiful Home, Completely Furnished. Community Pool and Spa. Pickle Ball Courts, Dog Park! Small Fitness Center. Walking Paths. Surrounded by Mountains. 5 Minute walk to downtown Cave Creek. 10 Minute drive at the most to all the Shopping one needs. Across from the Foothills Library. Every type of dining and delights one could choose. You will love this Community. Let this Destination Location be your home! Seller will carry!

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