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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5117 E Windstone Trail Cave Creek, AZ 85331

$860,000

3 Beds

2.5 Baths

2,214 SqFt

Status Active

MLS # 6730628

Property Type Single Family Residence

Price Type --

Explore this enchanting 3-bedroom gem nestled in Tatum Ranch. A welcoming 3-car garage and picturesque desert landscaping sets the stage. Step into an open layout that captivates with vaulted ceilings, contemporary wood-look flooring, and a spacious great room, perfect for relaxing evenings. The delightful kitchen is a chef's dream, complete with pristine white cabinets, stainless steel appliances, granite counters, a mosaic tile backsplash, recessed lighting, and a large island with a breakfast bar. The sizable master bedroom itself offers double doors, a chic bathroom with dual sinks, a barn door leading to a walk-in closet. With access to the covered patio you can easily cool off in the sparkling pool as you admire your huge backyard. Outside, you'll find a covered patio, sitting area, fire pit, built-in BBQ, and a refreshing pool, ideal for entertaining or quiet reflection. Enjoy the added convenience of a garage with attached cabinets. There's so much to love about this home. Experience it for yourself!

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2061 S High Sierra Court Show Low, AZ 85901

$860,000

3 Beds

2 Baths

2,071 SqFt

Status Active

MLS # 6723870

Property Type Single Family Residence

Price Type --

Your own private custom home awaits you in the gated community of Snow Creek, nestled in the cool Wht Mountains of AZ. this stunning 3 bedroom, 2 bath home spans 2,071 sq. ft. and is situated on a double lot totaling .86 of an acre. the home features exquisite custom rock work throughout both it's interior and exterior adding a unique charm. The spacious great room, complete with a cozy gas fireplace provides a welcoming space for gatherings. The large kitchen equipped with ample cabinets and counter space ensures that entertaining is a breeze. the homes split floor plan offers convenience and privacy with a Jack and Jill bath servicing two bedrooms. The large master bedroom is truly designed for ultimate relaxation. Oversized 2 car garage and gorgeous mountain view

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9307 W Plum Road Peoria, AZ 85383

$860,000

4 Beds

2.5 Baths

2,960 SqFt

Status Active Under Contract

MLS # 6732902

Property Type Single Family Residence

Price Type --

Situated in Westwing Mountains beautiful community of Escena, this home is the GEM of the neighborhood. Featuring 4B, 2.5b, it has UPGRADES GALORE. GOURMET kitchen boasts upgraded 42in cabinets with under cabinet lighting, large granite island, double ovens, gas cooktop, SS appliances & is the perfect space for entertaining. In addition to the flex media room, the great room features under cabinet lighting & a gorgeous 12 foot tall tile FIREPLACE. Bathrooms feature stunning WALK-IN showers. Multiple arcadia doors open to spacious travertine patio with FIRE PIT & sitting area. Custom POOL with water feature & a perfectly manicured yard will excite every buyer. 4 car garage with built in cabinets, plus RV gate. This home is what dreams are made of & can be yours. PRICED TO SELL!!

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22941 W Blue Sky Drive Wittmann, AZ 85361

$860,000

3 Beds

2 Baths

2,140 SqFt

Status Active

MLS # 6689563

Property Type Single Family Residence

Price Type --

Voted Best home on Tour! This 4-bedroom, 2-bathroom, 2-car garage property boasts a custom horse setup with 4 stalls featuring runouts, 3 turnouts, a circular concrete drive, and 3 RV gates with a 30 amp hookup. The heated pool with a waterfall adds a touch of luxury. With no HOA restrictions, this property is ideal for horse enthusiasts. The seller has invested over $500K in upgrades, making it a remarkable find. The home sits on nearly 2 acres and includes 4 20X20 stalls with mats and waterers, a locking tack shed with a washer, its own water heater, a propane tank, and enclosed hay storage that holds a squeeze. Additionally, there is a shaded dog house with a run and auto water. The property features a covered 30X38 shade for your LQ or RV, 3 sprinklered turnouts with shade and water, each approximately 150X20, and a 120X110 lighted, sprinklered arena. For more details and before pictures, refer to MLS # 5763130 and the doc tab. There are 6 before photos included with the photos. At the end of the day when you are ready to kick back with a cold one, hang out with your friends by your heated pool and barbeque under the covered patio. And, your new home also features a newer A/C, newer roof, on-demand water heater, and split floorplan. There is a water softener, reverse osmosis, and a newer dishwasher, refrigerator, and washer and dryer. The pool equipment is also newer. The warranties include roof and A/C. So, the major upgrades are complete. The landscaping is on automatic waters and was all new about 5 years ago so it's mature and lush. There is also a variety of citrus trees. So, come and make this your own.

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8100 W Orangewood Avenue Glendale, AZ 85303

$860,000

3 Beds

4.5 Baths

3,100 SqFt

Status Active

MLS # 6730894

Property Type Single Family Residence

Price Type --

Step into this one of a kind beautiful home. This home boast pride of ownership with 1 owner who designed and built this home 42 years ago. Attention to detail went into every space of this home. A few details to note, it is located on almost 1 acre of irrigated land. Kitchen offers sub zero built in refrigerator, trash compactor and coffee bar with ins-ta hot. Central vacuum system throughout. 2 full master suites with built in tiled tubs and showers. Cedar lined closets with built in drawers and cabinets. Beautiful backyard with lap/diving pool with a built in spa, and built in BBQ. Guest house/pool house to be used as you desire. 2 RV gates with RV parking. The list goes on and on. Come see for yourself all this property has to offer.

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3403 E Valencia Drive Phoenix, AZ 85042

$860,000

4 Beds

4 Baths

3,077 SqFt

Status Active

MLS # 6709216

Property Type Single Family Residence

Price Type --

Built in 2021, this like-new home offers a blend of modern design and comfort. With 4 bedrooms, 4 baths, and 3,077 square feet of living space, this single-story residence invites you to experience a lifestyle of ease and elegance. The kitchen is truly the heart of the home—a space where you can cook, gather, and create memories. With a huge center island and a walk-in pantry, it's both functional and inviting, seamlessly flowing into the open gathering room and casual dining area. Every corner of this home has been designed with care to create a warm and welcoming atmosphere. Located in a gated community with beautiful mountain views, this home is just minutes away from the highway for easy access. A must see!

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2474 E Cherry Hill Drive Gilbert, AZ 85298

$860,000

6 Beds

4 Baths

3,687 SqFt

Status Active

MLS # 6737452

Property Type Single Family Residence

Price Type --

Located in the highly sought after community of Adora Trails. Premium N/S Lot. 6 bed 4 bath 3,687 sq ft home w/ a loft & a 3 car garage. Paver driveway & beautiful wrought iron front door. Kitchen is open to the family room & includes an island w/ seating & pendant lighting, granite counters, stainless steel appliances, gas range & double ovens. Formal dining room. Primary suite is over-sized & includes a walk-in closet, primary bathroom has an elegant entrance & includes dual sinks & a huge shower. Low maintenance backyard that includes a covered patio & large artificial turf area. Community amenities include a workout facility, heated pool & spa & parks & lots of green grassy areas. A+ Schools.

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302 S Laguna Drive Gilbert, AZ 85233

$860,000

4 Beds

3 Baths

3,375 SqFt

Status Active

MLS # 6713631

Property Type Single Family Residence

Price Type --

What a RARE find in Madera Parc Estates! Nestled on a prime corner lot, this gorgeous home displays a 3-car garage w/attached cabinetry and a great curb appeal highlighted by a lush landscape w/artificial turf. Be greeted by a large living & dining room adorned with bay windows! Continue onto the spacious family room, featuring a fireplace for chilly nights. The impressive kitchen boasts SS appliances w/wine fridge, granite counters, a tile backsplash, white cabinetry w/crown molding, a pantry, and an island w/breakfast bar. Its French doors merge the inside/outside activities! Vaulted ceilings add to the airy feel, complemented by plantation shutters, archways, neutral palette, recessed lighting, and tasteful flooring - tile/wood/carpet. One bedroom & a large office complete the downstairs. Head upstairs to find the double-door main bedroom, offering an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Need space for entertaining? The fantastic, tranquil backyard awaits you! With a covered patio, synthetic lawn, BBQ area, mature trees, and a sparkling pool, this yard promises year-round enjoyment. This gem won't disappoint. Explore it! Love it! Live it!

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3216 E Branham Lane Phoenix, AZ 85042

Open House

$860,000

3 Beds

2.5 Baths

2,588 SqFt

Status Active

MLS # 6727761

Property Type Single Family Residence

Price Type --

SELLER EXTREMELY MOTIVIATED!! Meticulously cared for, amazing floor plan and resort feel day in day out. This home has alllll the features and upgrades... Tranquil water fountain greets you as you walk through the custom front door (complete with custom window tint WITH warranty) ...step into your VAULTED foyer with custom tile inlay-3 bedrooms, 2.5 baths + an office space at 2,588 SqFt. Chef's kitchen with premium WOLF stove, HUGE island, revers osmosis, wine fridge and stainless appliances. Primary bedroom has built in storage cabinets and dual separate vanities. Plantation shutters throughout, NEW exterior paint & hot water heater just 2 yrs ago, night time LIGHTS installed around ENTIRE perimeter, AC serviced YEARLY and NEW 2024 pool sweeper. Resort style backyard complete with sun shades and 3 separate patio exits: off PRIMARY BEDROOM, kitchen and a separate COURTYARD patio off entry way area. You have TWO huge GRASS yard areas for playing and activities, a PUTTING GREEN, a pool with BUILT IN swim up BAR, outdoor kitchen featuring BBQ/wine fridge/regular fridge and storage. Did I mention NEW MISTERS installed 2022 and gorgeous fire pit?? This is a show stopper, come see for yourself and feel just how peaceful and elegant this home truly is.

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14065 E Burnside Trail Scottsdale, AZ 85262

$859,999

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6724098

Property Type Single Family Residence

Price Type --

JUST COMPLETED New Construction desert home on 1.7 ACRES! 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, & last but not least an upgraded full 12' patio to watch the sunset on 4 Peaks and Granite Mountain from.

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1851 E Ocotillo Road Phoenix, AZ 85016

$859,999

4 Beds

3 Baths

1,840 SqFt

Status Active

MLS # 6631090

Property Type Single Family Residence

Price Type --

!!! $65,000 Price Reduction !!! Be the first to live in this completely renovated single-story residence with Spectacular views of Piestewa Peak! It flaunts a large front yard, an OVERsized garage, lots of parking space, & a delightful front courtyard for your morning coffee. You'll LOVE the chic interior, boasting a spacious living room filled with abundant natural and recessed lighting. The gourmet eat-in kitchen presents meticulous attention to detail with new SS appliances, gleaming quartz counters, white shaker cabinetry, striking tile backsplash, and an island w/a breakfast bar. The main suite is a sanctuary, showcasing a pristine bathroom w/a step-in shower, dual sinks, a walk-in closet, & French doors to the back patio. Another primary bedroom retreat complete with it's own private full bathroom for convenience. A huge advantage for that multigenerational family. The home's elegance extends outdoors to the tranquil backyard, providing a covered patio that invites relaxation! Experience the grandeur that awaits in every corner of this remarkable gem! Walking distance to Granada Park.

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17654 W Guthrie Street Surprise, AZ 85388

$859,995

3 Beds

3.5 Baths

2,730 SqFt

Status Active

MLS # 6647069

Property Type Single Family Residence

Price Type --

Step foot into this Calistoga floor plan located in an Active Adult neigborhood. Upon entry you see the great room with vaulted ceilings and a 20 ' multi slider leading you to the outdoor oversized patio for those indoor/outdoor BBQ's. The beautifully appointed kitchen with upgraded KitchenAid appliances and neutral toned quartz countertop and backsplash that goes to the 10' ceiling will impress your guest. Cabinets and sink in large laundry room, primary bath has sit down vanity and shower with exquisite tile and quartz for that luxury spa feel. This 3 bedroom, 3.5 bath home gives you an open concept with tile in all the main areas and upgraded carpet in the bedrooms. Don't miss this great opportunity to enjoy this home and community with all the amenities that your heart desires.

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