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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5707 E Killen Loop Prescott Valley, AZ 86314

$865,000

3 Beds

3 Baths

2,418 SqFt

Status Active

MLS # 6736062

Property Type Single Family Residence

Price Type --

Welcome to your dream home, stunning Energy Star certified Smart home with owned solar. As you arrive, a paver driveway leads to the inviting front entrance and covered porch, setting the tone for what lies beyond. Inside, plank tile flooring flows seamlessly throughout the open floor plan, complemented by plush carpet in the three bedrooms. A bonus room, which features custom closet doors and adjustable drawers. A great room with a modern gas fireplace on remote, adjoining dining area invites all the comfort and relaxation of a home. The gourmet kitchen is a chef's delight with stainless steel appliances, including a Bosch refrigerator, 5 burner gas cooktop, wall oven and microwave, centered around a large kitchen island with quartz countertops and a stylish backsplash. A walk-in pantry provides ample storage. The laundry room is equipped with cabinets, folding countertop, and a utility sink. This room is wired for a solar pack. Quartz countertops grace each bathroom, including the luxurious owner's suite with its modern tiled shower, freestanding bathtub, and executive height dual sink vanity. A spacious walk-in closet completes the suites appeal. Outside, professionally landscaped grounds on a drip system adorn the front and back, with the backyard featuring a covered paver patio off the great room, an extended open patio, artificial grass, raised garden beds, a shed, and a block privacy fence for entertaining in style. The extended 2-car garage boosts custom cabinets, a workbench, overhead storage and shelf storage. A Wi-Fi booster for seamless connectivity. Custom window blinds, great room and owner's suite are remote-controlled for added convenience and comfort to this modern oasis of a home.

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28995 N Royce Road Queen Creek, AZ 85144

$865,000

3 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6708255

Property Type Single Family Residence

Price Type --

Rare 5-acre horse property with unbelievable San Tan Mountain views! No HOA! Beautiful Ranch home with stone exterior and circular drive. Large arena, tack room and corrals! New kitchen cabinets and quartz counter tops being installed. New matching kitchen appliances. Master bedroom with double sinks, separate bathtub and walk in shower and walk in closet. Gated pool with new water pump and sweeper. Front and back covered patio to watch those AZ sunrises and sunsets! Come check out this one-of-a-kind property!

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1643 S Ponderosa Drive Gilbert, AZ 85295

$865,000

4 Beds

3.5 Baths

3,722 SqFt

Status Active

MLS # 6737576

Property Type Single Family Residence

Price Type --

Welcome to the Lyons Gate community located in Gilbert! This stunning, freshly painted residence offers an abundance of space, perfect for comfortable living and entertaining. The home is a spacious 2-story, split layout with the master bedroom conveniently located downstairs along with an office in the front room. The upstairs serves as its own private getaway with additional bedrooms, a large loft, and a cozy extra space perfect for an office or craft area. Enjoy the luxury of expansive rooms, elegant finishes, and a prime location in one of the most sought-after neighborhoods. Take advantage of all that Gilbert has to offer, including parks, shopping, restaurants, entertainment, and much more!

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4832 W Saguaro Park Lane Glendale, AZ 85310

$865,000

5 Beds

3 Baths

2,434 SqFt

Status Active

MLS # 6746057

Property Type Single Family Residence

Price Type --

The Prestigious community of Saddleback Meadows. Original Owners, care of the home does not go unnoticed. Touches of custom wood and molding through out the home. Intercom system, Central vacuum system. Wonderfully large pool to enjoy. No HOA. Just down the street from a golf course off Pinnacle Peak rd. There's hiking on the Thunderbird Park. Access to shopping centers and entertainment. Easy access from I-17 and 101.Two lots on each side available for sale or all purchased all together.

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9240 E Broken Arrow Drive Scottsdale, AZ 85262

$865,000

4 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6738795

Property Type Single Family Residence

Price Type --

Elevate your lifestyle! Welcome to this stunning 4-bedroom, 2-bathroom residence nestled in Legend Trail community, a renowned master-planned neighborhood in North Scottsdale. This single-level gem is ideally located on a quiet cul-de-sac and boasts a range of modern features and incredible views. What makes this house unique? Stunning sunset views and mountain views. New roof and HVAC system, plus an electric car charger in the 2-car garage which also includes custom built-in cabinets. Open-concept kitchen and family room, formal living and dining areas, plank tile flooring, and plantation shutters throughout. Low maintenance front and back landscaping ensures you spend more time enjoying your home. You will also enjoy all the amenities of Legend Trail's community center which includes 2 pools, fitness center, tennis and pickle ball courts and clubhouse - all included in the HOA fee. Come experience the best of Scottsdale with cooler temperatures and nearby golf courses and hiking trails. Don't miss your chance to own a piece of this vibrant community!

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222 W Pelican Drive Chandler, AZ 85286

$865,000

6 Beds

3 Baths

3,557 SqFt

Status Active

MLS # 6752875

Property Type Single Family Residence

Price Type --

Newly renovated 2-story home in Arden Park community, with 6 bedrooms,3 full bathrooms, loft/office upstairs, and three car garage. New title at the first floor and new carpet on the second floor. New painting, new cabinet and countertop for kitchen and all the bathrooms. New lighting in the kitchen. Easy access to shopping, meals, entertainment, and top-rated schools. Easy access to the 202, school meals, and entertainment. The owner is an active real estate agent in the state of Arizona.

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548 N Swallow Lane Gilbert, AZ 85234

$865,000

5 Beds

2.5 Baths

3,945 SqFt

Status Active

MLS # 6727143

Property Type Single Family Residence

Price Type --

Welcome to the beautiful community of Rancho Collene. Pride of ownership is shown throughout this gorgeous property. This large 5 bedroom, 2 1/2 bath home also includes a massive game room/loft. Home was upgraded top-to-bottom in 2020 with top of the line flooring, paint, and appliances. Custom sun shades outside and plantation shutters inside for every window and slider help keep out the AZ heat. The side RV gate and RV pad allow access for all kinds of storage. Pool and spacious backyard allow for lots of entertainment. You don't want to miss this opportunity to own your dream home in Gilbert!

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944 E Elmwood Place Chandler, AZ 85249

$865,000

5 Beds

3 Baths

4,010 SqFt

Status Active Under Contract

MLS # 6691790

Property Type Single Family Residence

Price Type --

Absolutely stunning home in a Gorgeous neighborhood w/ some of the best schools AZ has to offer!!! Freshly painted inside & out w/ all new white oak LVP flooring & plush carpet through out. Impressive vaulted entryway leads into HUGE great room w/ towering ceilings, beautifully remodeled kitchen, gas fireplace, & tons of windows/natural light. 1st floor master suite features double door entry, BIG walk-in closet, soaking tub & walk-in shower all w/ new marble look tile. There's also a guest bedroom w/ another full bath downstairs, great for home office, nursery, or when the folks come to stay from outta town! Upstairs you'll find 3 spacious guest rooms, remodeled bathroom, & a GIGANTIC loft! 3 car garage, RV gate and BIG 12k+ sq ft lot, Pebbletec pool, BIG covered patio. 2much 2 list!!

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38500 N School House Road Unit 43 Cave Creek, AZ 85331

$865,000

3 Beds

2 Baths

2,292 SqFt

Status Active Under Contract

MLS # 6711538

Property Type Single Family Residence

Price Type --

THIS IMMACULATE HOME IS PRICED TO MOVE! Come take a look at this 2022 newly built home that is highly upgraded with over $190,000 in upgrades and landscaping! The Chef's Kitchen feature's GE Monogram Appliances, huge Waterfall Granite center island, extended cabinets with interior lighting and under cabinet lighting in multiple areas. Home has 3 bedrooms, 2 bathrooms and a den/office. Custom flooring throughout finishes off this fantastic home. Garage has new Epoxy floors. There is a community pool, spa, firepit, and pickleball court. Minutes to downtown Cave Creek featuring, Harolds, Buffalo Chip and tons of shopping. Only 30 min to Sky Harbor International Airport. It doesn't get much better than this! Come see this beautiful home before it is gone!

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11846 N 40th Place Phoenix, AZ 85028

Open House

$865,000

3 Beds

2 Baths

1,853 SqFt

Status Active

MLS # 6759200

Property Type Single Family Residence

Price Type --

Rare opportunity to be on Stone Creek Golf Course's 7th green inside of this unique 24/7 guard gated Hidden Lakes community. Delight in your own heated pool & spa while enjoying breathtaking sunsets. This single level home has been tastefully updated with new roof, cabinets, countertops, bathrooms, appliances, flooring, windows, doors, Alexa controlled LED lighting, and much more! The private community offers another pool & spa with pickle ball and tennis courts available to residents. With PV reimagined set to open soon, you'll be in the heart of of the newest shopping and entertainment to hit the PV area. Located just a couple of miles from Kierland & Scottsdale Quarter with easy freeway access, and plenty of trails... this location is highly sought after.

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22300 E Quintero Road Queen Creek, AZ 85142

Open House

$865,000

4 Beds

3.5 Baths

3,194 SqFt

Status Active

MLS # 6702706

Property Type Single Family Residence

Price Type --

Motivated seller! Welcome to Queen Creek! This magnificent home has it all with soaring ceilings, custom stone work and a floorplan of your dreams. Enjoy your private gated court yard as you enter the well-appointed home, inside you will find a huge great room, a chef kitchen with a massive island, quartz countertops, a gorgeous primary suite with a beautiful bathroom and a dream custom closet. Step out to your private oasis HEATED pool and lush grassy yard. This split floor plan offers 3 additional large sized bedrooms with a flex room. The third rear bedroom has its own ensuite. You can enjoy the extended Laundry room with additional storage and extra closets throughout the home. Enjoy a 3 car garage and RV gate for extra parking and more!

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13453 W Katharine Way Peoria, AZ 85383

Open House

$865,000

2 Beds

2.5 Baths

2,252 SqFt

Status Active

MLS # 6750730

Property Type Single Family Residence

Price Type --

Check out this ''MUST SEE'' RARE 4 CAR GARAGE, corner home. Trilogy homes with this much garage space are few and far between. As you walk through the custom ''vented'' iron front door, you notice how welcomed and relaxed you begin to feel in this home. The spaciousness and light are abundant. This is a SOUTH FACING BACKYARD home with NEUTRAL GREY PALETTE, bright space and TONS of upgrades. Your GOURMET KITCHEN boasts neutral white cabinets stacked with glass faced uppers to the ceiling for you to display your treasures. QUARTZ COUNTERTOPS throughout! There is plenty of natural light in addition to over/under cabinet dimmable lighting. When you walk towards the back of the great room, you begin to notice you have an entire other living space outside! As you pass through the 15ft sliding glass door, it starts to feel even more welcoming as you start hearing the FOUNTAIN flowing from the TRAVERTINE patio space. A built in BBQ and HOT TUB invite more feelings of COMFORT and LUXURY. This spacious home gives you plenty of room for gatherings with fellow CAR CLUB enthusiasts, hosting Mahjong games or happy hours! When you become an owner in Trilogy, you will wonder why you waited so long to move! Come see the light of this UNIQUE and INVITING open concept home!

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