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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15226 S 18th Drive Phoenix, AZ 85045

$869,000

5 Beds

3.5 Baths

3,684 SqFt

Status Active

MLS # 6750716

Property Type Single Family Residence

Price Type --

ABSOLUTELY GORGEOUS on an incredible Preserve Lot w/ expansive Mountain Views. This home offers 5 bedrooms, 3.5 Bathrooms a Den, Formal Living & Dining Room. This home boasts a spacious Master Bedroom w/ Sitting Area & Gas Fireplace, a Walk out Deck to view the most Amazing Sunsets! Huge master bath has double sinks, garden tub, walk in shower, and 2 walk in closets. Spacious Kitchen has granite countertops, 42 inch maple cabinets, eat in kitchen, & walk in panty. Spacious Family Room w/contessa stone gas fireplace. Dramatic spiral staircase & open loft makes for a spectacular entry to this executive home. Extensive tiled patio, Pebble Tech Pool w/waterfall, with Backyard Mountain Views! Wood Blinds throughout home. Come see your new home today!

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312 E Windsor Avenue Unit 14 Phoenix, AZ 85004

$869,000

2 Beds

2.5 Baths

2,050 SqFt

Status Active

MLS # 6652436

Property Type Townhouse

Price Type --

Our eyes are made to see forms in light: light and shade reveal these forms. Rising like the sun over Midtown Phoenix is Soleil. Inspired by Original Modernism; built for connoisseurs of live, work, play. There's a renaissance going on in PHX and you can be close to it all. Uber or light rail yourself to 3 rd Street Promenade and into secluded hidey holes! And when you need to unwind? You're 15 minutes away from exciting, desert hiking trails. It's here you'll witness sun-setting colors pour and splash themselves all over the Sonoran Desert.

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21002 N Desert Sands Drive Sun City West, AZ 85375

Open House

New

$869,000

4 Beds

3.5 Baths

4,379 SqFt

Status Active

MLS # 6761144

Property Type Single Family Residence

Price Type --

Beautifully Updated Golf Course Home on a Corner Lot! This stunning home boasts excellent curb appeal and a welcoming courtyard that leads you to the front door. As you step inside, you are greeted by an elegant formal living and dining area with soaring ceilings and abundant natural light. The home features new flooring throughout, fresh interior and exterior paint, and brand-new windows along with solar. The spacious family room showcases floor-to-ceiling windows, a cozy fireplace, a built-in entertainment center, and a wet bar - perfect for gatherings. The gourmet eat-in kitchen is equipped with an abundance of oak cabinets, granite countertops, a center island, stainless steel appliances, an electric cooktop, and wall-mounted oven and microwave. The expansive master suite offers a private entrance, a cozy sitting area, and a luxurious en-suite bathroom featuring a double vanity, freestanding tub, large walk-in shower, and private toilet. Upstairs, the bedroom/loft space includes an en-suite bathroom, stunning sunset and golf course views, and direct access to a private balcony. Step into the backyard oasis, which features a heated pool, artificial turf, remote-controlled sunshades, and an oversized awning. The large covered patio offers breathtaking golf course views, making it ideal for entertaining. Located in a community with plenty of amenities, this home is perfect for anyone who loves to entertain!

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25037 S Ribbonwood Drive Sun Lakes, AZ 85248

Open House

$869,000

3 Beds

2 Baths

2,631 SqFt

Status Active

MLS # 6732045

Property Type Single Family Residence

Price Type --

GORGEOUSLY REMODELED, CUSTOM Borgata model (3 Bedroom PLUS DEN & 2 Bath) w/ PHENOMENAL GOLF COURSE VIEWS in the GATED, ADULT COMMUNITY OF IRONWOOD! You'll be delighted with all of the LUXURIOUS UPGRADES throughout this home like: Wood-Look tile, designer lighting, plantation shutters, neutral colors, NEWER HVAC SYSTEMS & 2-car plus GOLF CART GARAGE. The GREAT ROOM is open to the Chef's kitchen w/ QUATRZ, MASSIVE ISLAND, NEW APPLIANCES & HUGE WALK-IN PANTRY. The AMAZING MASTER SUITE has a SITTING ROOM & HUGE WALK-IN CLOSET. BOTH BATHROOMS ARE REMODELED! 2 OVERSIZED GUEST BEDROOMS & A DEN TOO! EXPANSIVE PAVER PATIO W/ GREAT GOLF COURSE VIEW & LOW MAINTENANCE LANDSCAPING. ALL OF THIS & Community amenities like: golf, tennis, pickleball, pools/spas, fitness center, clubs & restaurants!

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19422 N 67th Lane Glendale, AZ 85308

$867,000

5 Beds

3.5 Baths

3,988 SqFt

Status Active

MLS # 6738109

Property Type Single Family Residence

Price Type --

Stunning Arrowhead home w/ huge pool & lush landscaping! Nestled at the top of cul-de-sac, this impressive 3,988 sq ft home sits on over a 1/3 acre w/ 2x6 construction & dual pane windows. It features five spacious bedrooms and 3.5 updated bathrooms. The primary bathroom shower has multiple body sprayers & free standing tub. The expansive game room offers surround sound, wet bar, a custom wormy oak ceiling, space for a pool table & views and access to the pool. The kitchen cabinets are Sapele wood & have sturdy pullouts in all lowers, granite countertops, Kitchenaid & Bosch appl. The beautifully refinished pebble tec diving pool has a new variable speed pump. Backyard has a small orchard w/ citrus & pomegranate trees, a cactus garden & plant covered gazebo! Low HOA fees! The family room has a stone wood burning fireplace, new carpet and surround sound. Large windows with views of the pool and lush green yard. First floor has oak wood flooring in kitchen and traffic areas. All bedrooms are upstairs and there is a desk study area in the hall. The desk and cabinets are mahogany wood. There are 2 staircases in the home which if needed could divide the home into 2 living areas. There are 3 a/c units and 2 water heaters. This is a MUST SEE home to appreciate. All bathrooms have been fully updated. Laundry room is located upstairs with the bedrooms. Both stairways have custom wood railing and spindles. Garage has separate space for storage or for a dedicated workshop. The cactus garden includes valuable mature organ pipe cactus and a large saguaro along with a well-located cozy private seating area. In addition to very low traffic in the cul-de-sac itself, its smaller street front footage creates additional highly usable space in the back yard leaving a comfortable grass area and a brick patio off the dinning room. Swimming pool has a 10' deep diving well. The pool includes a large shallow shelf ideal for small children or for a space for adults to hang out. Pool also has a Bahia shelf and ample bench space. Pool is 46' long down the center, which allows its use to swim laps. The location is so convenient to the 101, Costco, fine and casual dining, Arrowhead Hospital and the New Phoenix Children's Hospital. Arrowhead is a golf community with Arrowhead Country Club just down the street. Residents can join for a fee, which includes tennis, pool & a gym. Original owners have kept this home beautiful! Note: Artwork in the primary bathroom does not convey.

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22678 E Pegasus Parkway Queen Creek, AZ 85142

$866,990

4 Beds

4.5 Baths

3,623 SqFt

Status Active

MLS # 6732024

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Located in an exclusive gated enclave within the vibrant Harvest community, the Enchantment series offers a prime location near swimming pools, a catch-and-release lake, and a park. It provides a quiet retreat close to shopping and entertainment. The well-appointed kitchen, featuring a large island and pantry, is perfect for entertaining or relaxing. Additionally, there's a full guest suite with a living room, ideal for visitors or permanent guests. Don't miss this opportunity.

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18615 W Cathedral Rock Drive Goodyear, AZ 85338

$865,175

4 Beds

3.5 Baths

3,036 SqFt

Status Active

MLS # 6733715

Property Type Single Family Residence

Price Type --

Beautiful Luxury 1-Story Home in all 1-Story Community To Be Built in appx 5-6 Months & just 10 homesites remain! Unique 60 ft Wide Home with 4 beds, 3.5 ba + Study + Pet Shower + Multi-Gen Suite (Includes Bed 4 + Living/Media Room + Full Ba+ Full Size Laundry Hook-Up + Private entrance at 1-car). Classy Chef-Inspired Kitchen w/Gas Cooktop, Wall Oven/Micro, Pot Filler, Quartz Countertops, 42'' Upper Cabinets, 10' Ceilings, 8' Doors, 5 1/4'' Baseboards, The 2-car garage has a 6ft Extension + XL Pavered Driveway, & Gated Courtyard. Enjoy the Indoor-Outdoor Living with a 12' Slider at Kitchen and a 20' Multi-Slide at Great Room. The Primary Suite has a Zero Step Entry Shower, and a door to the backyard. Spray Foam Insulation Attic & Exterior Walls, Plus a Tankless Water Heater Pics of Model

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9450 N 83rd Place Scottsdale, AZ 85258

$865,000

3 Beds

2 Baths

1,865 SqFt

Status Active

MLS # 6753959

Property Type Single Family Residence

Price Type --

Welcome to Scottsdale's premier McCormick Ranch community! This exceptional home is situated on a large corner lot with a deep pool and picturesque mountain views. You will be greeted by the home's vaulted ceilings, creating a bright and open atmosphere. Plantation shutters are thoughtfully installed in every room, adding timeless elegance while offering privacy and light control. With Mountain View Park across the street you have quick access to walking, biking, trails, and golf courses.

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22003 N 36th Street Phoenix, AZ 85050

$865,000

3 Beds

2 Baths

2,345 SqFt

Status Active

MLS # 6751682

Property Type Single Family Residence

Price Type --

Discover your perfect home in the coveted neighborhood of Aviano! This newly painted, move-in-ready residence features 3 generously sized bedrooms and 2 beautifully appointed bathrooms, all within an inviting open-concept layout that enhances space and flow. Plantation shutters throughout add a touch of elegance and ensure privacy. Convenience is key with this property's prime location—just moments from Loop 101, Desert Ridge, and Pinnacle High School. Inside, you'll find a master suite with both a separate garden tub and walk-in shower, plus two spacious private closets. The kitchen is a culinary dream with a built-in wine cooler, ideal for entertaining and relaxation.

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2830 E Janelle Way Gilbert, AZ 85298

$865,000

4 Beds

3.5 Baths

4,553 SqFt

Status Active

MLS # 6743020

Property Type Single Family Residence

Price Type --

This one owner home is very gently lived in as it was a second home. A Beautiful courtyard with outdoor covered patio welcomes you. This home has an open floor plan and has recently been freshly painted. Downstairs you'll find a large family room and chefs kitchen along with formal dining. Upstairs you'll find an extremely large Primary Bedroom is a WOW factor with sitting area, attached office/exercise room, ensuite bathroom and very large walk in Primary closet. Speakers through out the home! three guest bedrooms, laundry room, tv loft room. Step outside to this resort style North/South facing yard with swimming pool and putting green. This floor plan does not last long. Quick walk to community park.

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36014 N 3rd Street Phoenix, AZ 85086

$865,000

4 Beds

2.5 Baths

2,094 SqFt

Status Active

MLS # 6705969

Property Type Single Family Residence

Price Type --

Relaxed charm of country living exists in this exceptional, fully renovated property. A paradise for horse and wildlife lovers outside, with a taste for luxury inside. Nestled in the Sonoran desert, this home boasts space for multiple horses and has a well-lit tack room. Two RV hookups connected to septic, electricity, and water offer convenience for outdoor enthusiasts. Ample space is available for parking a Jon boat and your John Deere. Inside this home cool gray tile flooring welcomes you, creating a refreshing ambiance. New white cabinetry and elegant lighting add a touch of luxury and sophistication. This property seamlessly blends the tranquility of country living with the modern comforts of a stylish home. Country really is cool again!

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25174 N 73rd Lane Peoria, AZ 85383

$865,000

5 Beds

3.5 Baths

4,457 SqFt

Status Active

MLS # 6750599

Property Type Single Family Residence

Price Type --

Wow! Gorgeous 5 bedroom, 3.5 bath home plus loft or 6 bedroom? This home is an Entertainers Delight; Gourmet Granite Island kitchen, plenty of Maple cabinets, Black Stainless Steel appliances, Mornings at the Breakfast bar, Happy hour at the built in Wine bar, separate living, family and formal dining rooms. Ceramic tile flooring, plush carpet & designer 2 tone interior paint. Upstairs to Master Suite with soaking tub & separate shower, dual sinks & large walk-in closets. One bedroom with full bath downstairs. Backyard oasis features; Sparkling Blue Salt Water pool with Refreshing Waterfall, Newly painted Cool Deck, Full covered patio, Huge Green Grass field of a yard for the Kids & Puppies to run, Mature fruit trees, RV gate & Corner lot! Elem, Jr High & High schools nearby! Enjoy Savings with the leased solar panels! Fantastic new ''Trailhead Shopping Area'' featuring wonderful restaurants & Safeway supermarket just down the street! Hurry!

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