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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1926 W Holden Drive Phoenix, AZ 85085

Open House

$884,990

4 Beds

3 Baths

2,627 SqFt

Status Active

MLS # 6717694

Property Type Single Family Residence

Price Type --

With a 12-foot ceiling, oversized energy-efficient windows and a large 16-foot sliding glass door in the family room, this home shines with an abundance of natural light and boasts fantastic Sight Lines to the backyard. Clean lines, white and dark shaker cabinets, accent lights, a gorgeous tile backsplash, clean white quartz tops on an oversized island, and stainless GE appliances make creating Sunday breakfast a breeze. Delight in the huge walk-in closet and oversized tiled Super Shower in the Owner's Retreat. Designer selections also include upgraded pad and carpeting, plank tile, two-tone paint, and much more. 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY.

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13282 W Golden Puma Trail Peoria, AZ 85383

$884,900

4 Beds

3 Baths

2,414 SqFt

Status Active

MLS # 6721607

Property Type Single Family Residence

Price Type --

Spectacular views from every angle of this oversized 9000 sqft elevated lot located in a cut-de-sac. Stunning 22' David Weekly single story home featuring 4 bed 3 full baths open floorplan 12' ceilings in Living room & Kitchen private en-suite open bonus room natural lighting throughout. Chef's kitchen is designed w/ stainless appliances, oversized cabinets, granite w/ a large island. Well designed & spacious master-suite offers a super sized walk-in shower, dual shower heads, dual sinks + oversized walk-in closet. Breathtaking outdoors whether you are out back or enjoying your views of the valley from the private courtyard. 360' views from this unique lot in the Northpointe Community. State of the art community center offers many amenities to incl. pool, playground + more.

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6917 S 219th Drive Buckeye, AZ 85326

$884,000

4 Beds

2.5 Baths

2,679 SqFt

Status Active

MLS # 6755029

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOME with DETACHED RV GARAGE and ACREAGE PROPERTY, with a one-person OWNED WELL, OFFERS a PEACEFUL LOCATION that is AWAY from THE BUSINESS OF DAYILY LIFE but close enough for CONVENIENCES*The SINGLE OWNER home has been BEAUTIFULLY MAINTAINED and METICULOUSLY CARED FOR*You have an OVERSIZED GREATROOM and EAT-IN NOOK that LOOKS out at the SPRAWLING GRASS, RAMADA and MOUNTAINS in the distance*the LARGE KITCHEN has GAS STOVE (propane), AMPLE UPGRADED CABINETS, and two pantries*You will love the POCKET OFFICE/HOBBY ROOM*OWNER BEDROOM has SITTING AREA, walk in closet, GRANITE COUNTERS and TILE WORK at the WALK IN SHOWER*Behind your rolling RV GATE is a TWO-BAY DETACHED GARAGE with a 50-AMP RV hook up and clean-up area*COME BY and SEE WHY you will WANT to CALL THIS PLACE YOUR ''HOME''

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7012 N 22nd Street Phoenix, AZ 85020

$884,000

4 Beds

3 Baths

2,368 SqFt

Status Active

MLS # 6730100

Property Type Single Family Residence

Price Type --

Escape to a 4-bed, 2.5-bath home nestled among Phoenix's scenic mountains. This home features a versatile kitchen with two ovens, two dishwashers + a prep sink. Located just East of the 51 you're just minutes from Piestewa Peak trail and have fantastic mountain views from the front and backyard. With close proximity to Madison Elementary School and steps away from Chabad of Phoenix, this neighborhood is HIGHLY coveted. Enjoy a desert backyard oasis with a sparkling pool, perfect for relaxation or entertaining. Located minutes from downtown Phoenix and the vibrant Biltmore area. Embrace the Arizona lifestyle in this amazing mountain retreat!

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1651 E Redwood Place Chandler, AZ 85286

Open House

$884,000

5 Beds

3 Baths

4,120 SqFt

Status Active

MLS # 6748766

Property Type Single Family Residence

Price Type --

Amazing cul de sac location next to a greenbelt and playground. 5 bed, 3 bath, 3 car garage. NEW ROOF, NEW ENERGY EFFICIENT WINDOWS, PRIMARY BATH REMODELED, NEW CARPET and FRESH INTERIOR PAINT THROUGHOUT. Downstairs bedroom with a full bathroom next to it. Lovely backyard, NEW PET FRIENDLY TUFF, covered patio, Pebble-Tec Pool, relaxing waterfall, North South facing lot. Outback, the house presents a soothing backyard equipped with a covered patio, a grassy area, and a fenced pool with rock waterfall. Don't hesitate to make it yours! Hurry!

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3943 E Canyon Place Chandler, AZ 85249

$882,900

5 Beds

3 Baths

3,883 SqFt

Status Active

MLS # 6732286

Property Type Single Family Residence

Price Type --

Discover your dream home in Chandler, AZ! This stunning 2-story residence offers 3,883 square feet of luxurious living space and is located on a quiet cul-de-sac. With 5 bedrooms, 3 baths, and a large loft/playroom, there's plenty of room for everyone. The heart of the home is the gourmet kitchen, featuring granite countertops, a gas range, and stove. It's perfect for culinary enthusiasts. The adjacent living and dining areas are designed for both comfort and style, making entertaining a breeze. The spacious 3-car garage provides ample storage and parking. Upstairs, the generously sized bedrooms offer peaceful retreats, with the master suite boasting a large bathroom and ample closet space. The versatile loft/playroom can serve as a home office, game room, or additional living space to suit your needs. Step outside to your private backyard oasis, complete with a charming gazebo and built-in BBQ. This outdoor space is ideal for hosting gatherings or simply relaxing in your serene surroundings. Situated in a great neighborhood, with bike paths, basketball court, picnic are and a large play area. This home offers convenient access to top-rated schools, shopping, dining, and recreational facilities. Enjoy the perfect blend of a tranquil suburban lifestyle with the amenities of urban living just minutes away.

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8313 E Rancho Vista Drive Scottsdale, AZ 85251

$880,000

3 Beds

2 Baths

1,810 SqFt

Status Active

MLS # 6755012

Property Type Single Family Residence

Price Type --

Welcome home to your very own private oasis nestled in Scottsdale. This stunning home offers 3 bedrooms, 2 bathrooms, and a spacious 3.5-car garage with an RV gate. Designed for style, comfort, and convenience, this home is sure to impress! The chef's kitchen stands out with its stainless steel appliances, double ovens, and granite countertops, complemented by a stylish backsplash and tall cabinets that provide an abundance of storage. For added convenience, the kitchen features a wine cooler, a custom breakfast bar, pot filler, microwave drawer, and much more. Enjoy the elegance of bamboo wood flooring throughout, along with tall ceilings and recessed lighting that brighten the large, open living spaces. Step outside and enjoy your private backyard oasis, complete with a pool, turf, and mature shady trees. The large lot features low-maintenance desert landscaping, allowing you to spend more time enjoying your home and less time on upkeep. Plus, with no HOA, you have the freedom to make this space truly your own! This property is a rare find, conveniently located in the heart of Scottsdale near highly-rated schools, freeway access, Old Town Scottsdale, highly sought after golf courses, shopping centers, restaurants, and the best entertainment Scottsdale has to offer. **BONUS GREAT NEIGHBORS** The neighborhood itself is fantastic, offering a wonderful sense of community.

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28657 N 68th Drive Peoria, AZ 85383

$880,000

4 Beds

3 Baths

3,064 SqFt

Status Active

MLS # 6756127

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in a serene cul-de-sac! This semi-custom masterpiece boasts four spacious bedrooms plus a versatile den, perfect for a home office. With three beautifully appointed bathrooms, this residence offers both comfort and convenience. Step inside to discover an inviting open concept layout that seamlessly connects the dining room and living areas, making it ideal for entertaining! The chef's kitchen is a culinary delight, featuring modern appliances, ample counter space, and elegant finishes. As you venture outside you'll be greeted by a sparkling pool that promises endless summer fun, surrounded by lush landscaping and varieties of citrus, pomegranate and fig trees. Relax in beautifully designed courtyards. Added benefit Solar to lower costs. HURRY THIS IS IT

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731 Pine Creek Drive Lakeside, AZ 85929

$880,000

4 Beds

3 Baths

2,304 SqFt

Status Active

MLS # 6612034

Property Type Single Family Residence

Price Type --

BRAND NEW HOME TO BE BUILT! This virtual listing is an example of what we can build just for you. This custom home in The Shores at Rainbow Lake offers an open floor plan with grand, vaulted ceilings in the great room to bring the outdoors in. Features include: gas fireplace in the great room, granite countertops, stainless steel appliances, soft close cabinets, LVP floors, walk-in shower with tile surround, LP Smart Siding, Trex deck, iron railing, oversized 3 car garage, AC, gas heat, covered back deck with fireplace and more. Beautiful pine trees on this gated lot with privileges to Rainbow Lake. Financing available. Estimated build time 9-10 months from permits. Other floor plans available to suit your needs. Let's create your perfect mountain dream home. Call for details. this lot. We have 2 other lots available, one next door and one across the street, see 6610047 & 6610019. Additionally we have virtual specs (to be built homes) listed on those lots as well to give you more ideas as other floor plans are available to build. See MLS (6612020 & 6612046). We can build any of these plans, plus many more or design your plans from your imagination. Let us help make your dreams a reality. Other plans will be priced out to build accordingly.

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2288 Richenbacher Circle Overgaard, AZ 85933

$880,000

2 Beds

2 Baths

1,677 SqFt

Status Active

MLS # 6722276

Property Type Single Family Residence

Price Type --

Framed by a picturesque 0.71 acre corner, cul-de-sac lot this 1677 SqFt 2 BR/ 2BA chalet is a stunning blend of rustic charm with modern comfort. This home's unique split log siding is featured both inside and out. This home boasts an inviting great room concept with a wall of windows, that offers a panoramic view of the beautiful well-manicured landscaping. This chalet features spacious and well appointed rooms, berber carpet, parquet flooring, ceiling fans and central heat and AC. The exterior boasts a cemented circular drive and 698 SqFt of decking with metal railing. The hangar which joins the taxiway is 48 x 50 with a motorized bi-fold door and a two car garage. This is a must see.

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22521 N 93rd Drive Peoria, AZ 85383

$880,000

4 Beds

2.5 Baths

3,122 SqFt

Status Active

MLS # 6759141

Property Type Single Family Residence

Price Type --

This exceptional home combines luxury, style & functionality. Featuring 4 beds & 2.5 remodeled baths, the residence boasts new interior paint, trims & upgraded LVP flooring in bedrooms & baths. Three bedrooms include walk-in closets, offering ample storage space. The open-concept living room has two electric fireplaces & seamlessly connects to the kitchen via sliding glass doors. The gourmet kitchen features Corian counters, a tiled backsplash & under the kitchen island & modern shaker cabinets in the laundry room for additional storage. The separate den/office adds versatility to the living space. Outside, the beautifully landscaped backyard showcases travertine flooring, garden beds & a covered patio—perfect for relaxing by the pool or hot tub, powered by a propane tank. The driveway lined w/ pavers leads to extended RV parking, ideal for those w/ larger vehicles or recreational needs. A built-in security system, security door & solar system provide peace of mind & energy efficiency. w/ proximity to top-rated schools, shopping & recreation, this home combines modern comforts w/ thoughtful design, making it a perfect retreat for any family.

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1 Easy Street Unit 4 Carefree, AZ 85377

$880,000

3 Beds

3.5 Baths

1,847 SqFt

Status Active

MLS # 6696833

Property Type Townhouse

Price Type --

This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suites. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce Ball Court. Within steps of your door, Fine Restuarants, World Class Art Galleries, Live Music Venues showcasing talented Artists, and Boutiques featuring high end fashion. You'll also find conveniences like living within a upscale village, with a Grocery Store, Post Office, Banks, Hardware Store, Gas Station, Spa's, Wine Bar, and much more, all within moments from your doorstep. Relax and unwind on the large covered patios or indulge in the views from your private viewing deck. With its ideal location just blocks away from Carefree's sister city Cave Creek and a short seven minute drive to North Scottsdale, you'll have endless opportunities for entertainment and exploration. It's no wonder that Carefree is considered one of Arizona's premier places to live. Experience it firsthand at The View Carefree as you live the life of your dreams right here in this extraordinary community! Come see for yourself how sweet life can be at The View Carefree! Please note: Price Sheet and Floor Plans for All Available Units can be found under the Documents Tab.

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