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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14026 S 34th Street Phoenix, AZ 85044

$875,000

4 Beds

3 Baths

3,138 SqFt

Status Active

MLS # 6712057

Property Type Single Family Residence

Price Type --

STUNNING & IMMACULATE COMPLETE REMODEL IN CANYON ESTATES!!*4 BEDROOM, 3 BATH, PLUS LOFT/GAMEROOM*FOYER*FORMAL LIVING ROOM*FORMAL DINING ROOM*FAMILY ROOM W/FIREPLACE*LARGE KITCHEN W/STAINLESS STEEL APPLIANCES, ISLAND, QUARTZ COUNTERS, MOSAICS, & RECESSED LED LIGHTING*ONE BEDROOM ON MAIN LEVEL WITH FULL BATH*LARGE MASTER SUITE*MASTER BATH W/DUAL VANITIES & WALK-IN CLOSET*TWO ADDITIONAL BEDROOMS UP*PLANTATION SHUTTERS THROUGHOUT*EVERYTHING IS BRAND NEW LIKE A NEW BUILD*LAUNDRY ROOM*3-CAR GARAGE*PRIVATE LOW MAINTENANCE BACKYARD WITH COVERED PATIO, TURF, PEBBLESHEEN POOL, & PALM TREES*PERFECT FLOORPLAN*THIS IS TRULY A RARE FIND IN CANYON ESTATES!!!

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5537 E Kelton Lane Scottsdale, AZ 85254

$875,000

5 Beds

3 Baths

2,740 SqFt

Status Active Under Contract

MLS # 6708152

Property Type Single Family Residence

Price Type --

5 bed 3 bath home w/ a 3 car garage & a huge premium N/S Exposure Lot. Formal Living & Dining room. Large kitchen that features an island/breakfast bar, granite counters & Stainless appliances. Over-sized family room w/ a slate fireplace that is open to the kitchen. Spacious primary suite features a walk-in closet & the primary bath has a separate shower & soaking tub w/ dual sinks. FULLY PAID OFF SOLAR at close of escrow. The $41,750 system has 41 panels, Property has been well maintained. Prime location w/ easy access to the 101 loop & SR-51. Minutes away from Desert Ridge, Kierland & Paradise Valley Mall. A+ Rated Paradise Valley schools.

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1800 S Salt Mine Road Camp Verde, AZ 86322

$875,000

3 Beds

3 Baths

3,380 SqFt

Status Active

MLS # 6724670

Property Type Single Family Residence

Price Type --

Welcome to your dream property! Enjoy breathtaking panoramic views from all around this 18+ acre parcel bordering the Prescott National Forest and a short distance to Copper Canyon Loop which is perfect for hiking and horseback riding. Beautiful 3,379 sq. ft. residence features 3 bedrooms, 3 bathrooms, an elegant kitchen with granite countertops and custom wood cabinetry, and stunning stone tile. Primary bedroom with en-suite bath. Above the garage is a versatile space that can be used for a home theater or studio. This property is ideal for equestrians with ample space and easy trail access. Don't miss this rare opportunity! Buyer and Buyer's Broker to verify any and all items that are of material issue.

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4750 S Rhodium Lane Mesa, AZ 85212

$875,000

3 Beds

2.5 Baths

2,493 SqFt

Status Active

MLS # 6741921

Property Type Single Family Residence

Price Type --

Beautifully appointed home on nearly 15,000 sqft corner lot! This home has 3 bedrooms and 2.5 bathrooms along with a den and extra flex room. The inviting iron gate leads into a private courtyard up to your grand Iron front door. The gourmet kitchen offers double ovens and gas stovetop perfect for hosting any gathering. The backyard features lots of greenery, two pergolas, fire features, heated and cooled pool with a cover, above ground spa and built in areas for all of your BBQ needs! Owned solar panels keep utilities lower than most on the hot summer days. This home is a true gem you do not want to miss out on. Enjoy all of the amenities the great community of Eastmark has to offer!!!

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1420 N 41st Drive Show Low, AZ 85901

$875,000

5 Beds

3 Baths

3,946 SqFt

Status Active

MLS # 6727470

Property Type Single Family Residence

Price Type --

Introducing a spacious & meticulously designed 5-bedroom, 3-bathroom home, now available at 1420 N 41st Dr, Show Low, AZ. This 3,964 sqft residence, expandable to 4,208 sqft with the included storage area, claims a prime position in a serene yet vibrant neighborhood of the Country Club Manor. The robust, cast-in-place concrete walls contribute to the home's sturdy structure. Step inside to find rich durable hardwood floors & high-quality Anderson windows enhancing both the beauty & efficiency of the home. Bonus office room. The heart of the home is the spacious kitchen equipped w/ a double oven, ideal for those who love to cook &entertain. Downstairs is equipped w/ a 2nd potential living area, including a separate kitchen area. This property also features a 23-camera security system (negotiable), adding an extra layer of peace of mind. Accessibility is optimized with new sliding doors on upstairs balcony, opening to a backyard, complete with fruit-bearing apple & pear trees. Additional functional upgrades include a pre-installed gas line ready for an emergency generator & a double gate on the west side for privacy & security.

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20546 W Summit Place Buckeye, AZ 85396

$875,000

5 Beds

3 Baths

3,457 SqFt

Status Active

MLS # 6700065

Property Type Single Family Residence

Price Type --

This stunning 5 bedroom, 3 bathroom home offers a perfect blend of elegance and comfort. Lush grass and an extended paver driveway, lead to a 3 car garage and charming front porch that beckons you inside. Just inside, a cozy living room awaits, perfect for intimate gatherings while a formal dining area sets the stage for lavish feasts. The heart of the home is the expansive great room, boasting soaring ceilings, recessed lighting, and seamless access to the backyard oasis or relaxing Teen/Bonus room. The stylish kitchen is a chef's dream, featuring granite counters, a generous island, ample cabinetry, and top-of-the-line appliances. Luxury awaits in the primary bedroom with an ensuite bathroom complete with dual sinks, a separate tub and shower, and a walk-in closet offering plenty of storage space. Discover a serene backyard featuring NEWLY INSTALLED SOD and a covered patio, built in fire pit and basketball court, perfect for enjoying relaxing evenings with loved ones. Owned solar panels, offer both eco-friendly living and potential cost savings on energy bills. Don't miss your chance to experience the epitome of luxury living in Verrado's premier community.

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10374 E Tierra Buena Lane Scottsdale, AZ 85255

$875,000

3 Beds

2 Baths

1,909 SqFt

Status Active Under Contract

MLS # 6705041

Property Type Single Family Residence

Price Type --

You won't want to miss this home located in the highly sought after master planned community of McDowell Mountain Ranch complete with soaring ceilings, open concept floorplan & no neighbors directly behind you. This charming 3-bedroom, 2-bathroom home is a true gem, boasting a carefully designed layout that includes versatile living spaces. Step inside to discover a stylish interior perfect for entertaining. The heart of this home lies in its open concept living area, where the kitchen seamlessly flows into the great room, dining area, family room & kitchen complete with breakfast bar seating. Off the spacious family room the back yard is the perfect set up for entertaining, complete with view fencing, backing directly to the Mule Deer Trail/biking & walking pathway, the preserve AND... with no neighbors directly behind you. Not to mention the easy maintenance landscape with Astro turf in the back yard & the perfect size Heated Spool that seats 20! The over-sized primary suite has double doors, large walk-in closet and tastefully remodeled bathroom with soaking tub & walk-in tiled shower. There is solid wood luxury plank flooring through the main living areas. If that isn't enough for those of you car/garage enthusiasts there is a Custom Marbled Epoxy garage coated flooring in the 2 car garage along with hanging storage racks, built in garage cabinets & a soft water loop. McDowell Mountain Ranch is an award-winning premier master planned community located in North Scottsdale designed by Phil Mickelson, known for its natural beauty, access to outdoor activities all while being situated at the foothills of the McDowell Mountains, where residents can enjoy all the conveniences of living in-town with an abundance of restaurants, shopping, grocery stores & just a 5 min drive to the 101 Freeway. The community features 2 heated pools/spas, playgrounds, basketball courts, tennis courts, Pickleball league & there are numerous trails, both paved & unpaved that meander throughout the community. The City of Scottsdale Aquatic Center w/lazy river & Library is close by in addition to miles and miles of hiking, biking & equestrian trails at the landmark Gateway to the McDowell Sonoran Preserve trailhead.

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8 E Biltmore Estates Drive Unit 114 Phoenix, AZ 85016

$875,000

2 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6641901

Property Type Apartment

Price Type --

Enjoy resort style lock and leave living in this 2 bedroom 2 bathroom luxury condominium at the fabulous Fairway Lodge. Beautifully well-maintained grounds, pool and spa, fitness center, clubhouse, and underground parking! This prime corner unit is located on the first floor and offers easy access from the parking elevators. Inside you'll find high ceilings, plenty of natural light, cherry wood cabinetry, granite counters, Subzero & Wolf appliances, engineered wood and travertine flooring, and a stunning gas fireplace. The master retreat features a private patio and an ensuite with double vanities and walk-in closets. Steps away from the Iconic Arizona Biltmore Resort, walking distance from great restaurants, shopping,10 minute drive to Sky Harbor Airport!

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4824 W Waltann Lane Glendale, AZ 85306

$875,000

4 Beds

2 Baths

2,012 SqFt

Status Active Under Contract

MLS # 6736484

Property Type Single Family Residence

Price Type --

Welcome to your dream 4 bed, 2 bath home, situated on just shy of an acre lot with TWO large RV gates. Freshly remodeled by local interior design firm Lux n Home, this home features a beautiful open floor plan with high-end finishes through out making it perfect for entertaining and every day living Step outside to your private oasis. The expansive backyard includes a sparkling pool, ideal for cooling off during hot summer days. Sports enthusiasts will love the full-sized sport court which features basketball, volleyball pickleball and tennis. Outside of the sport court, you will find a blank space that would be perfect for parking, building a guest house or turning into additional space for animals. This property offers the perfect blend of luxury and space, making it a rare find in today's market. Don't miss out on the opportunity to own this stunning home!

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6867 E Vista Bonita Road Hereford, AZ 85615

$875,000

3 Beds

2.5 Baths

2,881 SqFt

Status Active

MLS # 6633420

Property Type Single Family Residence

Price Type --

Don't miss this spacious 3 BR 3 BA home on 16 beautiful acres with panoramic mountain views! Insulated block construction with adobe finish, inside you'll find gorgeous plank wood ceilings, alder wood accents, and tiled flooring throughout. The large kitchen features an island with breakfast bar, double oven, and custom cabinetry. French doors lead you to the large master bedroom with an attached space for home office, sitting room, etc. and a substantial walk-in closet. Enjoy the views from the screened AZ room or from the inviting wrap around porch, surrounded by mature landscaping. The property has everything you'll need for your animals and hobbies with a large barn with tack room, covered RV parking, two corrals, arena, and water tanks. Existing grazing lease conveys with the sale.

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28701 N 61st Street Cave Creek, AZ 85331

$875,000

4 Beds

3 Baths

2,988 SqFt

Status Active

MLS # 6740186

Property Type Single Family Residence

Price Type --

Best Value & Priced home North of the 101 near the edge of Scottsdale & Phoenix with a 3-car garage. Nestled within the gated and highly desired Estates at Palos Verdes, this exceptional 4-bedroom residence sits on a large, .57-acre lot, offering a serene backdrop of native desert views from an expansive covered patio. The beautiful curb appeal of this elevated lot captivates, hinting at the elegance within. Soaring ceilings in the expansive great room flow seamlessly into the open kitchen. High ceilings in all secondary rooms amplify the sense of space, while three fireplaces throughout the home add a cozy, traditional ambiance. Shared spaces feature large-scale travertine tile laid diagonally, while beautiful floors in all bedrooms ensure warm but carpet-free living. The huge primary suite is a true retreat, complete with its own fireplace, granite counters and a spacious walk-in shower. Step outside to the large covered patio, where you can enjoy natural desert views and a built-in barbeque, perfect for entertaining. Experience the perfect blend of luxury, comfort, and style in this remarkable residence at the Estates at Palos Verdes. Your dream home awaits!

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9010 W Eagle Talon Drive Peoria, AZ 85383

$875,000

5 Beds

4 Baths

4,093 SqFt

Status Active

MLS # 6729983

Property Type Single Family Residence

Price Type --

Nestled under the foothills of majestic Westwing Mountain, this gorgeous North/South home enjoys the peace and quiet of Cul-du-Sac. Boasting 5 bedrooms (all them oversized...HUGE...and all of them have walk-in closet), 4 bathroom, fantastic choice of flooring, a view of cascading Westwing mountain, mature trees, gourmet kitchen with a huge pantry and charming and restful backyard. Near to Basis, Peoria & Greathearts Academy, Peoria. Enjoy the awesome Westwing community amenities...Welcome home. Seller is related to Listing Agent.

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