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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200 W Portland Street Unit 627 Phoenix, AZ 85003

$879,000
2 Beds
2.5 Baths
1,498 SqFt
Status Active
MLS # 6750381
Property Type Apartment
Price Type --
Experience urban luxury with this stunning sixth-floor condominium in Phoenix's premier high-rise, Portland on the Park. This two-bedroom, two-and-a-half-bath corner unit features the coveted ''J Floorplan'' and offers 1,498 sq ft of sophisticated living space with unparalleled privacy, boasting windows on all sides and no shared walls. Enjoy panoramic city and mountain views from the expansive 20' balcony. The home has SmartHome technology and is freshly upgraded with high-end finishes and luxurious amenities. Residents can indulge in on-site facilities including a gym, heated pool, rooftop sky lounge, and more. Located in the heart of the Roosevelt Row Arts District, this home offers easy access to vibrant cultural experiences and comes with three owned garaged parking spaces. * THE DETAILS: Nestled between Portland Park, the Japanese Friendship Garden, Margaret T. Hance Park, and the RoRo, this south- facing apartment provides outstanding vistas from every angle. This highly appointed urban jewel includes high-end upgrades throughout, such as a SmartHome hub, new Café appliances, automated roller shades, programmable thermostats for the dual-zone HVAC, 24x24 porcelain terrazzo tile, plush high-end carpeting in the ensuite bedrooms, Toto Toilets with Bio-Bidet remote control toilet seats, lighted/heated vanity mirrors, recessed LED lighting, ceiling fans, large walk-in closets with ample storage, and custom decorator touches throughout. In addition, the deed for this home includes 3 owned, assigned parking spaces in the gated garage. Enjoy the convenience of a front desk concierge available six days a week and the peace of mind provided by nightly and weekend on-site security. The first floor is your gateway to relaxation and recreation, featuring a fully equipped gym, heated pool, bocce ball court, and BBQ grills with direct access to the park and Irish Cultural Center. The elegant lobby invites you to unwind by the two-sided gas fireplace, socialize in the indoor/outdoor gathering spaces, or find a quiet moment in the lounge area and library. The rooftop beckons, where the ultimate chill space awaits. The sky lounge offers a cozy firepit, large screen TV, BBQ grills, and an outdoor kitchen area, all framed by 360-degree views of the valley from north to south and east to west. For a more serene retreat, visit The Nest on the seventh floor, a quiet recessed exterior lounge area nestled above the treetops, overlooking the tranquil Japanese Friendship Garden. Additional conveniences include on-site dry-cleaning delivery service and secure package and grocery delivery handling, ensuring your daily needs are effortlessly met. Your new home provides street-front retail including Valley Coffee Company, Painters Lounge Portland Dental, and Saint Pasta (coming soon,) just steps away. Walk to dozens of restaurants and cultural experiences from Mid-down to Downtown. The Roosevelt Light Rail station is only a block away, offering easy access to the entire valley. The monthly HOA covers a plethora of services including but not limited to; Internet, Cable TV, Natural Gas, Water, Sewer, Trash, gym, Concierge, Security, building engineer, common area/amenities upkeep/maintenance, and blanket insurance. Don't miss your chance to own a premium residence in the most sought-after high-rise in the valley. This is more than just a home, it's a lifestyle. Don't wait!

3407 N 188th Avenue Litchfield Park, AZ 85340

$879,000
4 Beds
2.5 Baths
2,781 SqFt
Status Active
MLS # 6733204
Property Type Single Family Residence
Price Type --
Experience the charm of this exquisite corner lot property in the peaceful Litchfield Farms gated community. Solar is owned with no cost to buyer. Price reduction is $46,000 below recent appraisal. Set on over an acre of land, this energy-efficient home offers a spacious 3-car garage, dual RV gates, and ample parking for all your needs. Inside, be welcomed by upgraded flooring, vaulted ceilings, and a generous living room designed for comfort. The great room is perfect for family gatherings and entertaining. The kitchen delights with its wooden cabinetry, stainless steel appliances, large pantry, spacious counters, recessed lighting, and a central island with a breakfast bar. The sizable main bedroom includes an ensuite with dual sinks, a stylish walk in shower and walk in closet. Outdoor living is redefined with a tastefully divided backyard that includes RV parking, a covered patio, storage shed, sand volleyball court, sitting area, built-in BBQ, a natural gas firepit, and a refreshing custom pool surrounded by travertine decking and multiple water features. This tropical paradise is all set against scenic mountain views. Ideal for memorable gatherings, this rare gem promises an unparalleled lifestyle! Don't miss it!

19612 W Colter Street Litchfield Park, AZ 85340

$879,000
4 Beds
3 Baths
2,560 SqFt
Status Active
MLS # 6682592
Property Type Single Family Residence
Price Type --
Spectacular residence located in Litchfield Park is a dream come true! Prepare to be impressed by a captivating open layout showcasing tile flooring, fresh soothing palette, modern recessed lighting, & multi-sliders opening to the back patio. The gorgeous kitchen boasts white cabinetry adorned with crown molding, sparkling SS appliances, a pantry, sleek quartz counters, and a large island equipped with a breakfast bar. The main retreat features soft carpet in all the right places, a private bathroom with dual sinks, a delightful soaking tub, and a walk-in closet. Discover the oversized backyard, offering a covered patio, mesmerizing mountain views, and tons of potential for customization! This gem will not disappoint!!

2455 W Shannon Street Chandler, AZ 85224

$879,000
5 Beds
3 Baths
3,200 SqFt
Status Active
MLS # 6742251
Property Type Single Family Residence
Price Type --
Looking for a new home? This fabulous 5 bed, 3 bath residence now on the market is for you! A freshly painted exterior, all new roof, manicured landscape, and a 3 car garage w/built-in cabinets & door openers are just the beginning. Discover a sizeable living area and formal dining room w/high ceilings, plantation shutters, updated light fixtures, and custom palette throughout. Enjoy quality time w/friends & loved ones in the cozy family room. The chef's kitchen is comprised of wood cabinetry w/crown moulding, a walk-in pantry, granite counters, tile backsplash, stainless steel appliances including a new cooktop, and an island complete w/a breakfast bar. Upstairs you'll find a cozy loft, ideal for a lounge or reading nook. The primary bedroom boasts elegant wood flooring, a walk-in closet, and a full ensuite w/dual vanities. Finally, the wonderful backyard showcases a covered patio, lush natural turf, extended paver seating area, and storage space! Water softener, arrow system, and two new AC units have all been installed! What are you waiting for? Act now!

6688 E Duane Lane Scottsdale, AZ 85266

$879,000
3 Beds
2.5 Baths
2,159 SqFt
Status Active
MLS # 6747289
Property Type Single Family Residence
Price Type --
Nestled on a nearly 1/2-acre corner lot in a cul-de-sac, this home offers privacy with its wash-backed property. The spacious floor plan features vaulted ceilings, large double doors, a cozy fireplace, and a three-car garage. The kitchen boasts a central island, formal dining area, eat-in space, granite countertops, and maple cabinets. The expansive backyard includes a 2-year-old Jacuzzi brand swim spa under a new pergola with an adjustable roof, a large covered patio, grassy play area, and a kids' sand pit. The new roof, installed in December 2022 by Renco Roofing, comes with a transferable warranty. Additional features include two double gates for backyard access and side yard storage parking, a whole-house soft water and filtration system, and a phone app-controlled irrigation system. Don't miss out on this exceptional property!

6859 E Orion Drive Scottsdale, AZ 85257

$879,000 - 4Br/3Ba -  for Sale in Skye On Mcdowell, Scottsdale
Open House
$879,000
4 Beds
2.5 Baths
2,206 SqFt
Status Active
MLS # 6761033
Property Type Single Family Residence
Price Type --
Welcome to your luxury single family home located within gated community in highly desirable South Scottsdale location. This stunning 4 BR 2.5 BA residence offers a spacious and modern open floorplan with 10 ft ceilings and 8 ft doors throughout. Stunning gourmet kitchen features custom backsplash, soft closing cabinets, stainless steel appliances, gas range, hood, upgraded granite counters, breakfast bar, walk-in pantry, R.O. and water softener system. Wood look tile floors on first level and brand-new upgraded carpet freshly installed upstairs. Entire home was just professionally cleaned and freshly painted throughout. Immaculate and move in ready! All appliances included, tankless hot water heater, custom plantation shutters throughout, UV screens on south side bedrooms, and prewired for surround sound. The 2-car garage features EV charger and epoxy floors. Dual large multi slide doors in living room lead to a covered rear outdoor patio featuring beautiful landscaping with irrigation and maintenance free turf. Upstairs you will find a large master bedroom with fully tiled owners shower, dual sinks, and walk in closet. Three additional bedrooms are located across the loft and private from the master. A staircase from the loft leads you to the expansive rooftop terrace freshly resurfaced and painted and ready for entertaining guests or to relax and enjoy the cooler temps with stunning views of the valley, surrounding mountains and renowned Arizona sunsets. This is indoor/outdoor living at its finest. Community features sparkling pool with swaying palms and a spa to enjoy year-round plus a covered outdoor grill/kitchen area and a fitness center. Located just minutes from Oldtown Scottsdale's exquisite restaurants and vibrant shops, an ideal spot for those who enjoy a lively urban lifestyle while still embracing the comfort of home. Nearby attractions just a short drive/walk/bike from this residence include Papago Park, Phoenix Zoo, Desert Botanical Gardens, Hole in the Rock, and so much more. Located less than 6 miles from Sky Harbor airport make this home extremely convenient for travelers. Don't miss your opportunity to own this remarkable home in a location that truly has it all!

3440 E Granite View Drive Phoenix, AZ 85044

$879,000 - 4Br/3Ba -  for Sale in Canyon Estates 2 Lot 56-103 Tr G, Phoenix
Open House
New
$879,000
4 Beds
2.5 Baths
3,009 SqFt
Status Active
MLS # 6761348
Property Type Single Family Residence
Price Type --
This stunning home sits on a sprawling 12,297 sqft. mountain view lot in the highly desirable Canyon Estates. Packed with upgrades and featuring fully owned solar, this home offers incredible curb appeal and elegant living. The spacious floor plan features 4-bedrooms, 2.5-bathrooms and a separate office. Inside, you'll find vaulted ceilings and an airy and bright atmosphere with big dual-pane Low-E windows. The beautifully designed kitchen showcases a walk-in pantry, granite countertops, a kitchen island, formal dining space, and a breakfast bar. Step outside to enjoy the scenic balcony and covered patio, overlooking a grand pool set in a beautifully landscaped yard with panoramic views of the surroundings. Recent upgrades include new AC units and LED thermostat in 2022, solar system installation in 2022, new front house lighting in 2023, updated appliances and a new hot water heater. Additional updates include a water filtration system, new garage doors, newer pool equipment, and a modernized alarm system in 2024. This home is move-in ready with all the luxury and comfort you could ask for!

20371 E Calle De Flores -- Queen Creek, AZ 85142

$878,500
3 Beds
2.5 Baths
3,024 SqFt
Status Active
MLS # 6709897
Property Type Single Family Residence
Price Type --
MOVE-IN READY!! METICULOUS Maracay Home located in the Montelena community in a cul-de-sac. This elegant home offers a host of UPGRADED desirable features for comfortable living. Grab a book & relax on the large front porch patio that offers no direct sun. Enter foyer that leads to an open layout featuring 10' ceilings, lots of natural light, and a beautiful elegant Tuscan design. The GOURMET KITCHEN is the heart of the home that features Tuscan lighting, an abundance of cabinets, a butcher pantry, an OVERSIZED ISLAND with plenty of storage cabinets, 5 burner gas top stove, TWO WALL OVENS, and lots of granite counter space. Adjoining the kitchen is an airy living room with plenty of natural light, surround sound, accent lighting, and a 3D wall gas fireplace, a 12' SLIDING GLASS DOOR that opens to the spectacular pool/waterfall. The owner's suite is a serene retreat with plenty of sitting room and lighting. Ensuite bath includes an oversized soaking tub, separate tub/shower, double sinks, large walk-in closet featuring new floor-to-ceiling storage shelving by Closets by Design, direct access to laundry room through walk-in closet; Laundry room set up with hanging racks, folding table, and extra cabinets; Secondary bedrooms with WALK-IN CLOSETS. Versatile flex room suitable for an office, workout room, or study. The backyard is an entertainer's dream with a GAZEBO adorned with party lights, built-in gas BBQ, gas firepit, and a pool with built-in heating/cooling system, and a soothing water feature.

14825 N 50th Place Scottsdale, AZ 85254

$878,000
3 Beds
2 Baths
2,604 SqFt
Status Active
MLS # 6719392
Property Type Single Family Residence
Price Type --
Welcome to this beautiful home with great location, beautifully updated , w/ OPEN CONCEPT, in the sought-after magic zip code of 85254. No HOA & No Pool! 2020 (2) new HVAC, Kitchen & Bathrooms w/ White Quartz Countertops, Stainless Steel appliances. PLUS, extra Large Bonus Room/Office. Split Master Bedroom Wing w/ Dual Master Closets, Dual Sinks & Walk-in Shower. No Interior Steps. Dual-Pane Windows with plantation shutters. 2,604 SF Block construction home w/ Stucco & Paint. New garage door. Lot size is over 10,000 SF. Single story homes all around for extra privacy. Walking distance to Liberty Elementary & Sunrise Middle School. Minutes to the Desert Ridge, Scottsdale Quarter, Kierland & Paradise Valley Shopping Centers. Close to the 51 & 101 Freeways for easy access

577 E Las Puertas Lane Queen Creek, AZ 85140

$877,846
2 Beds
2.5 Baths
2,728 SqFt
Status Active
MLS # 6600574
Property Type Single Family Residence
Price Type --
Welcome to the extraordinary Alora plan - a showcase of luxury and thoughtful design. Step inside and be greeted by a sprawling and functional layout, featuring a huge gourmet kitchen that offers convenience and ample storage. This Alora plan lives large with a spacious living room, huge kitchen island and the sitting room off of the kitchen is perfect for enjoying your morning coffee or entertaining for dinner. A few upgrades include a large rolling wall of glass, gourmet kitchen, upgraded appliance package and all landscaping.

9564 E Hansen Way Gold Canyon, AZ 85118

$875,000
4 Beds
3 Baths
3,025 SqFt
Status Active
MLS # 6660986
Property Type Single Family Residence
Price Type --
JUST COMPLETED New Construction contemporary desert home on 1.25 ACRES with direct backyard views of the Superstition Mountains! This new build with NO HOA includes a gorgeous custom iron front door, a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, Modern Shower and Beautiful Double Vanities, an oversized four car garage, exceptional energy efficiency with spray foam insulated walls & ceilings, upgrading A/C system, Premium Stucco, & last but not least an upgraded full 12' patio to watch the sunset on the Superstition Mountains from.

9580 E Hansen Way Gold Canyon, AZ 85118

$875,000
4 Beds
3 Baths
3,025 SqFt
Status Active Under Contract
MLS # 6646047
Property Type Single Family Residence
Price Type --
JUST COMPLETED New Construction contemporary desert home on 1.25 ACRES with direct backyard views of the Superstition Mountains! This new build with NO HOA includes a gorgeous custom iron front door, a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, Modern Shower and Beautiful Double Vanities, an oversized four car garage, exceptional energy efficiency with spray foam insulated walls & ceilings, upgrading A/C system, Premium Stucco, & last but not least an upgraded full 12' patio to watch the sunset on the Superstition Mountains from.

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