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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7851 E Ocotillo Road Scottsdale, AZ 85250

$875,000

2 Beds

2 Baths

1,744 SqFt

Status Active

MLS # 6756328

Property Type Single Family Residence

Price Type --

Discover the perfect Scottsdale lifestyle with this exceptional opportunity in the highly sought-after Suntree community! This beautifully maintained, single-level patio home offers modern amenities and stylish design throughout. Featuring 2 bedrooms, a spacious office, 2 full bathrooms, and a 2-car garage. This home is move-in ready and waiting for you! The property is filled with natural light, and the south-facing backyard with synthetic turf, which opens to community green space, is ideal for relaxation. The primary suite is a serene retreat, complete with a remodeled bathroom and separate exit to the covered patio, fruit trees, and yard—perfect for outdoor gatherings with friends and family. Residents enjoy access to a community pool, jacuzzi, and tennis court. Conveniently located near Paradise Valley, Fashion Square, and world-class dining and shopping, this home offers a blend of luxury and convenience. With nearby parks, hiking trails, and miles of bike paths, this rare find won't last long!

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7088 W Redbird Road Peoria, AZ 85383

$875,000

5 Beds

4.5 Baths

3,915 SqFt

Status Active

MLS # 6754568

Property Type Single Family Residence

Price Type --

Welcome home to beautiful Aloravita situated between two mountain preserves! Over $175,000 in builder options & owner upgrades were put into this stunning 5 Bed 4.5 Bath + Office/Den & BONUS Room boasts a generous 3,915 s/f on a corner lot. BEDROOM & FULL BATH DOWNSTAIRS! Built in 2021 with a 3 Car Garage. Gourmet kitchen w/ large island, quartz counters, butler pantry + additional large pantry. Family room w/ gas fireplace & formal dining room. Custom banisters to spacious upstairs w/ huge BONUS ROOM. Wood-look tile & upgraded carpet/pad throughout. Quartz countertops in all bathrooms! Lg Master w/ beautiful mountain views open to spacious bath. Bedroom upstairs with private bath! Professionally installed LED lighting and MUCH MORE!

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8059 E Wilshire Drive Scottsdale, AZ 85257

$875,000

3 Beds

3 Baths

1,981 SqFt

Status Active

MLS # 6741064

Property Type Single Family Residence

Price Type --

Minutes from Old Towne, Fashion Square, ASU and Sky Harbor! As you step into the home the Mid-Century Modern styling and pride of ownership shines through. The perfect home for hosting with a fully updated kitchen including a gas range and convection oven and a secondary electric oven and additional full sized refrigerator. Also featuring quartz countertop and SS appliances. 3 bedrooms and a fully equipped office give you flexibility to work from home. 2 of the 3 bedrooms come with en suite bathrooms, one of which has its own courtyard! Plenty of storage throughout. Resort style living in the backyard! Enjoy the pebbletec pool, jacuzzi under gazebo, artificial grass and travertine pavers. Plenty of privacy and large covered patio will allow you to enjoy the backyard all year round. Hot water heater, pool pump and dishwasher 2 years or newer. There is a Reverse Osmosis system for drinking water and the ice maker. Situated on a cul-de-sac results in little traffic and a quiet street. This brick built home is energy efficient and the average electric bill in 2023 was $180/month.

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16611 S 9th Street Phoenix, AZ 85048

$875,000

3 Beds

3 Baths

1,969 SqFt

Status Active

MLS # 6749591

Property Type Single Family Residence

Price Type --

This stunning Model Home in Ahwatukee's newest gated community of Palma Brisa awaits new owners! With every added detail and upgrade you will love the design and layout of this bright, open home. This beautiful 3 bed, 3 bath home has top of the line stainless steel appliances, a large island and living room, custom finishes throughout with a split floor plan and a convertible space to add an office or bonus room. With quick freeway access this property sits just 15 minutes from Sky Harbor Airport, Phoenix Premium Outlet Mall, Wild Horse Pass Hotel & Casino, Chandler Village, and so much more. With nearby hiking trails and bike paths and close proximity to both Foothills Golf Club & Whirlwind Golf Club you will love the lifestyle this home provides!

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615 W Frier Drive Phoenix, AZ 85021

$875,000

4 Beds

3 Baths

2,496 SqFt

Status Active

MLS # 6719773

Property Type Single Family Residence

Price Type --

This tastefully remodeled ranch home, located in the highly desirable area between 7th St and 7th Ave, showcases over $200K in recent upgrades. The home features a 5-ton AC unit (2020) with a 10-year warranty, wood tile flooring throughout, and a fully updated kitchen with a granite island, custom cabinets, stainless steel appliances, and backsplash. Both bathrooms have also been remodeled. An additional room, perfect for an office, adds to the home's versatility. The upgraded backyard includes a vaulted back patio roof, an oversized 6' deep pool (2021) with therapy jets and a waterfall, synthetic grass, and a storage shed. Ideal for car enthusiasts, the property offers a 2-car garage plus extra parking, situated on a spacious 12,794 sqft corner lot with an RV gate and a large front yard. Enjoy the convenience of being minutes from all areas of town in this stunning classic ranch home in North Central Phoenix.

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3327 S Felix Way Chandler, AZ 85248

$875,000

4 Beds

2.5 Baths

1,959 SqFt

Status Active

MLS # 6751694

Property Type Single Family Residence

Price Type --

A waterfront home in the Ocotillo community recently underwent a complete renovation, including a new kitchen, bathrooms, floors, and an updated swimming pool. The home's extended driveway and stone veneer accents give it excellent curb appeal. Featuring soaring vaulted ceilings, tile flooring, skylights, & an entertainment niche & 2-way fireplace, the interior features a spacious living room. This spacious primary bedroom offers direct balcony access, along with a luxurious ensuite featuring dual sinks, a soaking tub, and a mirrored wardrobe. A soothing backyard has a covered patio, lush lawn, and a sparkling pool, making it your own private paradise. Enjoy all the amenities this Community has to offer! Don't wait to see this stunning lakefront property before it's gone

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29249 N 140th Street Scottsdale, AZ 85262

$875,000

4 Beds

3 Baths

2,766 SqFt

Status Active Under Contract

MLS # 6748682

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades throughout! This beautiful Modern Home is located in an AMAZING location in Rio Verde on 1.25 acres. Kitchen w/ a WOLF Gas Cooktop & Range, Built-in Stainless-Steel pull-out Microwave, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH EDGE glass shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation & Premium Trane AC units. Superior Construction & Craftmanship -Premium Roofing System, Premium Synthetic Stucco & much more! $5,000 to Buyer at Close of Escrow which shall be used towards Buyer installing a water filtration system. Close to hiking & horseback riding trails. ESTIMATED Completion date Dec/Jan

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11100 E Greythorn Drive Scottsdale, AZ 85262

$875,000

3 Beds

3 Baths

2,826 SqFt

Status Active

MLS # 6740242

Property Type Single Family Residence

Price Type --

Fabulous home located in high-demand North Scottsdale location close to golf, hiking, restaurant's, Cave Creek, Pinnacle Peak & much more. Scenic boulders surround quiet neighborhood which is adjacent to a wonderful children's park and dog park. Beautiful front yard with lush landscaping & view of Tom's Thumb peak. Many upgrades including new roof, custom closets, cubby drawers, motorized shades in master and plantation shudders throughout. The quiet backyard is a private resort-like oasis with exquisite landscape, covered patio, built-in BBQ bar, sparkling pool, above ground spa and fireplace. The kitchen features beautiful granite, large island, convection oven and induction cooktop. Step out into the 3-car garage that is a handyman and mechanics dream custom tool storage and hoist.

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2502 E Osborn Road Phoenix, AZ 85016

New

$875,000

4 Beds

2.5 Baths

2,582 SqFt

Status Active

MLS # 6762562

Property Type Single Family Residence

Price Type --

Investment opportunity! This charming home built in 1941 is situated on a 20,314 SF lot in central Phoenix near tons of popular local dining spots & just minutes away from Biltmore Fashion Park & close to freeway accesses that will take you to Tempe, Scottsdale, Glendale and downtown Phoenix. The possibilities are endless. This lush lot with irrigation is a little slice of paradise in the city with pine and pecan trees, and plenty of room for a pool. W/ 2 RV gates, there is also room for an RV. Property currently includes two lots. Apn #s 119-05-041-B & 119-05-041-A. Property is zoned R1-6 and could possibly be divided into 3 lots to become an investors dream!

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8333 E Via Paseo Del Norte -- Unit 1003 Scottsdale, AZ 85258

$875,000

3 Beds

3 Baths

2,066 SqFt

Status Active

MLS # 6755005

Property Type Townhouse

Price Type --

Welcome to an exceptional 3 bedroom, 3 bathroom residence in Veritas at McCormick Ranch, the most loved floor plan, where space and design come together seamlessly. Upon entering, you'll be greeted by stunning Santa Barbara architecture and meticulous grounds. The expansive epoxied two-car garage offers not only ample storage but also space for a workshop. As you make your way to the second floor, you'll discover an inviting open-concept living area. The living room is bathed in natural light from large windows and features a cozy gas-burning fireplace—ideal for cooler evenings. The space is perfect for both entertaining and unwinding with loved ones. Kitchen, living and dining space all blended into one open concept living space. The kitchen is a chef's delight, offering abundant storage, a gas range, a spacious refrigerator, and generous counter space, including a convenient breakfast bar. The laundry room is conveniently located on this floor for added ease. The primary bedroom is a serene retreat, complete with a private balcony. The en-suite primary bathroom boasts a walk-in shower, dual sinks, and a large walk-in closet. This unit has been meticulously cared with stunning wood floors throughout, fresh paint and carpet this month. Water filtration installed in the home as well as soft water softener. Enjoy walking to LA Fitness, Luci's Cafe, Pilates studios, Walgreens, restaurants, shopping, and greenbelt access. Stunning community pool area just a few feet away equipped with heated pool and spa. Don't miss out on the opportunity to call this amazing space yours.

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10427 W Fossil Creek Road Pine, AZ 85544

$875,000

3 Beds

2 Baths

1,904 SqFt

Status Active

MLS # 6697113

Property Type Manufactured Home

Price Type --

Spacious 3BR 2BA home on a fantastic 4.51 acres lot bordering the Tonto National Forest. The bungalow home is situated in a very private position on the property and offers amazing views of Strawberry Valley. Inside is a spacious open concept great room, including a family room and formal living room. The large kitchen sits central to the home and includes an island with great workspace and an induction stove top. Three good sized bedrooms offer lots of space for family or home offices. Upgraded flooring has been installed throughout, and the kitchen, bathrooms, and appliances are all of a high quality. Outside, the covered back deck has space for both eating, lounging, and BBQing and great views from every angle. To the front, the patio offers a spot to enjoy the cool evening sunsets. A newly built gazebo further down the property provides a shaded spot to relax, enjoy the views, and watch the elks roam. A large leveled gravel drive offers ample space for up to 10 cars. And for those with big hobbies, the property also offers a massive 30' x 66' insulated shop/garage with skylights and full electrical service. Endless potential! Finally, LOCATION, LOCATION, LOCATION! The property offers access to all the best sites that Northern Arizona has to offer-- breathtaking waterfalls just down the road at Fossil Creek, charming shops and restaurants in the quant community of Strawberry, and endless hikes in the cool mountain air. With an expansive 4.5 acres of property and proximity to all sorts of recreation, the house may serve as a great investment for those interested in short term rentals, glamping sites, etc.

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7968 E Montebello Avenue Scottsdale, AZ 85250

$875,000

3 Beds

2.5 Baths

1,806 SqFt

Status Active Under Contract

MLS # 6727193

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully remodeled residence is ideally situated in a prime central location, offering the perfect blend of convenience and luxury. Every inch of this home has been thoughtfully designed and meticulously maintained to ensure a hassle-free lifestyle for its new owners. Nestled in the heart of the city, this home provides easy access to top-rated schools, shopping centers, parks, and dining options. Enjoy the best of urban living with everything you need just minutes away. The home boasts a complete remodel with high-end finishes and modern touches throughout. From the moment you step inside, you'll be greeted by an open floor plan, abundant natural light, stunning wood floors and stylish décor. In addition, venetian plaster fireplace and induction stove. The chef's kitchen is a culinary delight, featuring custom cabinetry, premium stainless steel appliances, a large peninsula island, dual sinks and prep areas and elegant quartz countertops. Perfect for both everyday meals and entertaining guests. The home even includes a whole home water filtration system for you comfort. Designed with busy lifestyles in mind, this home includes low-maintenance landscaping and energy-efficient systems. Spend more time enjoying your home and less time on upkeep. Step outside to your private backyard haven, complete with a patio for alfresco dining and a beautifully landscaped garden. It's the perfect space for relaxation in the hot tub and outdoor gatherings. The neighborhood has just been equipped with new fiber optics for the fastest internet available. This home is a rare find, has over 300K in upgrades and offers everything you need for comfortable, stylish living. Don't miss the chance to make it yours!

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