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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20295 E Camina Plata -- Queen Creek, AZ 85142

$879,900

4 Beds

2.5 Baths

5,195 SqFt

Status Active

MLS # 6723906

Property Type Single Family Residence

Price Type --

Come see this almost 5,200 sq ft, 4 bed + Office, 2.5 bath home in Queen Creek! The home features a formal living, formal dining, great room off kitchen, 3-car over-sized garages, dual RV gates (front and back), and an inner courtyard parking for family, friends, and your toys! Additional features include a high-end gourmet kitchen, two HUGE kitchen islands, granite slab counter-tops, and SS commercial-grade Viking Appliances w/ double ovens!! Upstairs has a HUGE master suite complete with a private sitting/family room + office, travertine tiled bathroom, and 3 massive walk-in closets! A must see!

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17418 E La Pasada Drive Fountain Hills, AZ 85268

$879,900

3 Beds

2 Baths

2,170 SqFt

Status Active

MLS # 6694760

Property Type Single Family Residence

Price Type --

*** PRICED BELOW APPRAISED VALUE! *** Home just reduced way below current appraised value! This is the perfect time to get a professionally designed home at a fraction of the certified appraisal. 50k value paid for solar. Unbelievable unobstructed Mountain Views. Completely updated, professionally designed custom home gives you the look and feel of a brand new, never lived in home. Soaring ceilings with design features everywhere you look. Each bedroom has its own separate exit. The back yard oasis will have you feeling you are on a permanent vacation. Built in bar and view deck surrounded by an orchard of citrus trees and a majestic fig tree that brings that added bonus of beauty and shade. No HOA. No NPOA. Solar panels are owned and paid for.

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1620 N 36th Circle Show Low, AZ 85901

$879,900

5 Beds

3.5 Baths

3,796 SqFt

Status Active

MLS # 6684294

Property Type Single Family Residence

Price Type --

Owner financing!!! Seller will accept an amount to be determined down and carry remaining balance of the sales price at 5.25% interest rate, amortized over 30 years with a balloon amount at the end of the 5th year. YOUR HOME FOR ALL SEASONS...A place for family and friends to gather, enjoy, unwind, & remember. Located on a quiet cul-de-sac, with 2 driveways & 2 entries, surrounded by beautiful Ponderosa Pines, and dozens of other mature trees, bushes & seasonal flora. Front & rear porches include inviting patio furniture. Lots of upgrades: New metal roof with 50-yr lifetime guarantee-Gutter guards-high efficiency furnace & A/C units-Gorgeous granite (not lab created)-Veranda & decks refinished-lawn sprinklers-hi-end flooring-two separate driveways serving two separate garages-front lawn & completely graveled other areas-Golf course view.

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41904 N Alistair Way Anthem, AZ 85086

Open House

New

$879,900

5 Beds

4.5 Baths

3,197 SqFt

Status Active

MLS # 6759927

Property Type Single Family Residence

Price Type --

Introducing your dream home in the prestigious Anthem Country Club! This exceptional residence offers 5 bedrooms, 4.5 baths, and 3,197 square feet of beautifully appointed living space, including a 216 sq. ft. private casita with its own bedroom and bath.The gourmet kitchen is a chef's delight, featuring elegant Corian countertops, 42-inch cabinets with crown molding, a spacious kitchen island with a breakfast bar, stainless steel appliances, gas cooktop, built-in refrigerator, wall oven, microwave, and a convenient warming drawer. Step inside to discover luxurious Italian marble flooring, new carpeting, soaring 12-foot ceilings, and modern electric window shades throughout. The split floor plan ensures privacy in the expansive primary suite, which includes a double vanity, garden tub, , walk-in shower, and a generous walk-in closet. A guest bedroom boasts its own full en-suite, while two additional bedrooms are connected by a Jack & Jill bathroom with double sinks and a separate tub area.Recent upgrades include three new A/C units (installed in 2020), sleek epoxy floor in the 3-car garage a tankless water heater, and an electric vehicle charging station.Located at 41904 N Alistair Way, this stunning home offers the finest in Arizona living, blending luxury, comfort, and style in one of Anthem's most sought-after communities. Don't miss this opportunity to make it yours!

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4919 E Fernwood Court Cave Creek, AZ 85331

Open House

$879,500

4 Beds

2 Baths

2,574 SqFt

Status Active

MLS # 6714747

Property Type Single Family Residence

Price Type --

IGNORE DAYS ON MARKET. FELL OUT OF ESCROW, BUYER COULD NOT PERFORM. Gorgeous fully remodeled home in beautiful Tatum Ranch. From the custom entry door to the spectacular wood tile flooring thru-out and a stunning fully updated Kitchen w/ all the Bells & whistles ,all Bathrooms renovated and modernized for your comfort, as well as the travertine tile on the patio and surrounding the pool area that gives a classic look. Many more upgrades as stone fireplace and bar included. Don't miss this opportunity to make this home yours.

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15641 E Cactus Drive Fountain Hills, AZ 85268

$879,490

3 Beds

2 Baths

2,025 SqFt

Status Active

MLS # 6758864

Property Type Single Family Residence

Price Type --

Welcome to a rare find with the glory of the Arizona sun pouring in through the expansive windows, flooding the house with natural light & warmth. This openness creates a welcoming atmosphere, making it an ideal space for entertaining. Step outside to discover a sparkling pool & outdoor living area, offering a serene escape on sweltering summer days. Whether you're enjoying a swim under the clear blue skies, hosting a lively get-togethers, or unwinding after a round of golf, this space is designed for pure enjoyment. In conclusion, it's more than just a house. It's a lifestyle of opportunities to savor life's pleasures amidst golf greens, stunning mountain views, radiant sunshine, and the intimacy of home. It's a place to make memories and enjoy the serene AZ mornings. Make it yours today

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Pinetop AZ 85935

$879,000

4 Beds

3 Baths

2,914 SqFt

Status Active

MLS # 6657406

Property Type Single Family Residence

Price Type --

'ATTENTION VETERANS! THIS HOME HAS A VA ASSUMABLE LOAN OF A LOW RATE OF 5.008%! SELLER IS ALSO WILLING TO CONTRIBUTE UP TO $10K TO HELP BUY DOWN THE RATE OR HELP WITH CLOSING COSTS! 'Woodland Hills Beauty'' nestled on .66 of an acre. This Entertains Delight boasts 2 Master Suites, 4 lg Bdrms, 3 full Baths, Gourmet Kitchen w/ high end finishes, Great Rm w/FP, Office/Study, Formal Dining, Covered Front Deck & Covered back Patio, Fully Fenced, RV parking, Oversized 2 car garage w/ tons of storage (pulldown ladder for attic storage) & bonus game room & more! Conveys partially furnished! Close to Woodland Lake with rec fields, walking trails. Close to schools. Great area for families. WOW! ATTENTION VETERANS! HAS A VA ASSUMABLE LOAN!

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20102 W Camelback Road Litchfield Park, AZ 85340

$879,000

4 Beds

2.5 Baths

2,681 SqFt

Status Active

MLS # 6752993

Property Type Single Family Residence

Price Type --

Discover AZ living in this gem Beautiful custom 4 bed 2.5 Bath His & Her Closets- custom built kitchen with storage, great layout for entertaining. over height & extended length 3 car on over an acre mountain views w pool! Spiral Staircase leads up to observation deck for an unobstructed view - No HOA, Not to many areas like , this anymore approx 3 miles from 1-10 minutes from shopping and restaurants, It is a must see

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16478 N 99th Way Scottsdale, AZ 85260

$879,000

3 Beds

2.5 Baths

2,349 SqFt

Status Active Under Contract

MLS # 6746033

Property Type Single Family Residence

Price Type --

Welcome Home! This stunning, meticulously cared for home is ready for its new owners. Greeted by a custom iron and glass door, this Pristine 3 bedroom + sizeable office/ den (easily convertible to 4th bedroom) is perfect for a family or winter home. Split floor plan with flexible living spaces and warm neutral color palette throughout. A beautiful gourmet chef's kitchen with generous sized granite island, stainless steel appliances and gathering/dining area. The kitchen opens up to a spacious family room with an inviting stone fireplace . Relax in your outdoor living oasis with sparkling salt water pool , low maintenance landscaping and serene view fencing. Enjoy a spacious covered patio with 2 areas for entertaining . This spectacular home is located on a quiet cul de sac in the gated community of Trails North at Horseman's Park, and is just 5 min to the Loop 101, Gateway Trailhead, Notre Dame Prep, the Ice Den and Gourmet Restaurants. This one won't last long.

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11159 W Kolina Lane Sun City, AZ 85351

$879,000

3 Beds

3 Baths

2,014 SqFt

Status Active

MLS # 6721359

Property Type Single Family Residence

Price Type --

Welcome to this exceptional property in Sun City's vibrant 55+ community, offering unparalleled space and amenities without HOA restrictions. Situated on a sprawling 1.16-acre corner lot, this home features 2014 sq ft of living space in the main house, complemented by a detached 3200sq ft 16-car shop and a refreshing pool oasis. In the main residence, the kitchen showcases a Monogram refrigerator and hood range, new cabinetry, and striking glass backsplash. Engineered hardwood flooring flows throughout the open layout. Vaulted ceilings in the main living areas with tons of light coming in from outside. The primary bedroom boasts a luxurious walk-in shower and 2 walk in closets.. Outside, the property is a haven for recreational vehicles and hobbyists alike, offering two RV gates, extensive parking, and dual areas with electric hookups and water access. Two clean-outs available, just need to be reconnected into septic. The detached shop, complete with air conditioning and a half bath, provides ample space for storage, projects, or vehicles, including RV parking in two of its bays. This unique property offers unmatched versatility, combining the best of indoor comfort and outdoor leisure in a prime Sun City location. Don't miss the opportunity to make this your dream home in an active adult community known for its amenities and charm.

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792 Pine Spruce Lane Pinetop, AZ 85935

$879,000

3 Beds

2 Baths

2,361 SqFt

Status Active

MLS # 6705634

Property Type Single Family Residence

Price Type --

Uncover a rare gem nestled amidst the serene beauty of Pinetop - a haven of tranquility spanning 1.25 acres of lush, quiet privacy. This outstanding single-level home, offering three bedrooms, plus a large den with custom-built floor to ceiling bookshelves, and two full bathrooms across 2361 square feet, embodies refined living at its best. Enter the expansive great room, complete with a charming custom stone fireplace, seamlessly transitioning into an open kitchen and dining area - ideal for hosting large gatherings or intimate dinners. Tongue and Groove knotty pine ceilings and built in skylights enhance the space. The grand master suite, discreetly tucked away behind the kitchen, offers unparalleled seclusion, while two additional bedrooms and a bath reside at the opposite end of the residence. Indulge in ultimate comfort with covered decks gracing both front and back, inviting you to immerse yourself in the serenity of nature. Water is sourced from a private, high-flow well, with the option to connect to city water service for added convenience. Embrace sustainable living with a solar-powered water heater with panels atop a premium metal roof, complemented by metal-wrapped fascia and six-inch gutters. Additionally, provisions for electric vehicle charging in the two-car garage, along with an extra outlet for your RV, cater to modern convenience. Try your hand at easy homesteading with a custom chicken coop/run and separately fenced organic garden area! Apple, pear and cherry trees plus grape vines and raspberry bushes supplement the garden produce. Surrounded by majestic pine, oak, and alligator juniper trees, the completely fenced sprawling backyard oasis beckons with a vast, level grass area spanning approximately 185 x 110 square feet at the back of the property - a canvas for your imagination to roam freely. Whether you envision a private retreat or a playground for active pursuits like pickleball, the possibilities are limitless. Recently updated with all-new LVP flooring, fresh paint, modern garage doors, and more, this residence epitomizes luxury living without the constraints of HOA fees. Don't miss your chance to experience the pinnacle of sophistication and seclusion in the heart of Pinetop.

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5123 E Pinchot Avenue Phoenix, AZ 85018

$879,000

4 Beds

3 Baths

2,083 SqFt

Status Active Under Contract

MLS # 6683274

Property Type Single Family Residence

Price Type --

Lower Arcadia's charm unfolds in this sought-after neighborhood home. This single-level 4-bed, 3-bath home includes an office/flex space, diving pool, and exercise/bonus room. The property features lush landscaping, mature trees, and a remodeled interior. Updated primary bath, kitchen, windows, pool pump and HVAC. The spacious floor plan maximizes space, leading to a resort-like backyard with ample grass, patio, and covered patio space. This residence offers everything needed for a quintessential Arizona living experience in one of Phoenix's most desirable neighborhoods. Temporary 1-0 Buydown offered by preferred lender for qualified buyers!

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