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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28050 N 110th Place Scottsdale, AZ 85262

$859,000

4 Beds

2 Baths

2,311 SqFt

Status Active

MLS # 6757825

Property Type Single Family Residence

Price Type --

Fantastic 4 bedroom home in North Troon. Close to golf, hiking, biking, Pinnacle Peak and Four Seasons Resort. New windows in 2017. All electric well maintained home with a minimal annual HOA fee.

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18344 W Santa Irene Drive Goodyear, AZ 85338

New

$859,000

5 Beds

4.5 Baths

4,005 SqFt

Status Active

MLS # 6762225

Property Type Single Family Residence

Price Type --

Spacious Custom territorial home located near the South Lake of the prestigious Estrella master planned community with private pool and gorgeous mountain views boasting over 4000 square foot . 5 bedroom 4.5 bath - Welcoming gated courtyard - tiled formal living and dining room with wood shutters - chefs eatin kitchen - granite countertops with large center island and vegetable sink - 2 dishwashers -double oven - staggered hickory cabinets - large butler pantry with glass on cabinet doors - downstairs mother in law set up or guest suite with kitchenette and separate exit - Walkin closets - His and her sinks in master bathroom - Jetted master tub -Pool house with bath - vacuum system

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17632 E Chevelon Canyon Circle Rio Verde, AZ 85263

$859,000

2 Beds

2.5 Baths

1,679 SqFt

Status Active

MLS # 6750451

Property Type Townhouse

Price Type --

MAJESTIC VIEWS AND RESORT LIVING IN THE LUXURIOUS STYLE AWAIT A MOST SOPHISTICATED OWNER! This elegant home built in 2020 is perfectly located in the Resort Section of the prestigious Trilogy at Verde River. This highly sought after Valetta floor plan is thoughtfully laid out and boasts a Great Room open concept, 2 bedrooms, 2.5 bath and spacious DEN with Barn Doors. This gorgeous home provides countless upgrades throughout. The Gourmet Kitchen is the centerpiece of the home with an oversized island, all Stainless Steel Kitchen Appliances, pantry and stunning white cabinets. Sliding wall of glass off the Great Room opens to the extended patio for outdoor entertaining and brings in natural light to show off the tastefully appointed decor. Primary Suite is generously sized and offers a walk-in closet, double sinks and a walk-in shower. This exquisite home provides Resort Lifestyle at it's finest! Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

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17615 E Bismark Lake Court Rio Verde, AZ 85263

$859,000

2 Beds

2.5 Baths

1,679 SqFt

Status Active

MLS # 6752228

Property Type Twin Home

Price Type --

ENJOY THE VIEW FROM THIS SOUGHT AFTER GOLF COURSE LOT ON THE GREEN OF THE 1ST HOLE AT TRILOGY VERDE RIVER GOLF RESORT. This beautiful upgraded 2-bedroom Valetta model has an office/den that can be an extra sleeping area for guests. This home is meticulously maintained with impressive views. Gorgeous kitchen with Upgraded Monogram Appliance Package, upgraded cabinets, backsplash, quartz island and pantry. Spacious great room with custom built in bar and multi sliding door perfect for enjoying the golf course views from the extended patio. Well-appointed primary suite with an luxurious shower, quartz counters, custom mirror and walk in closet. Epoxy-coated 2 car garage. Vibrant Desert Landscaping radiates both front and back. Don't miss this Rare opportunity to purchase this amazing home.

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582 E Bridgeport Parkway Gilbert, AZ 85295

$859,000

4 Beds

4 Baths

3,212 SqFt

Status Active

MLS # 6753366

Property Type Single Family Residence

Price Type --

Beautiful basement home in gated Jakes Ranch where all homes are single level, This unique home features 2 master bedrooms, both with full baths, makes it perfect for the inlaws! The basement features 2 bedrooms with a full bath and a large entertainment room. Conveniently located off the 202 freeway.

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8727 E Jasmine Street Mesa, AZ 85207

$859,000

3 Beds

3 Baths

2,321 SqFt

Status Active

MLS # 6749706

Property Type Single Family Residence

Price Type --

Welcome to this amazing home in the highly desirable gated community of Valencia at Mountain Bridge. Featuring 3 bedrooms, 3 baths, and 3 car extra deep tandem garage. This spacious residence includes a gourmet kitchen with granite countertops and a large island, beautiful greatroom floorplan plus a den, perfect for a home office or additional living space and so much more.. The open great room overlooks a beautifully landscaped backyard with view fencing, offering serene desert and mountain views. The community amenities include a clubhouse with heated pool, spa, fitness center, pickleball and tennis courts, playground, walking trails and so much more. Don't wait because this gem will not last.

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5320 S Dragoon Drive Chandler, AZ 85249

$859,000

4 Beds

2.5 Baths

3,098 SqFt

Status Active Under Contract

MLS # 6676785

Property Type Single Family Residence

Price Type --

Stunning 4 Bed, 2.5 Bath+Den/Office, 3 Car Garage on a Spacious Lot w/ a Private Backyard Oasis in the Highly Sought After, All Single Level Gated Community of Mesquite Grove Estates. Enter Into an Open Floor Plan, Dramatic 12' Ceilings, W/ Spacious Rooms & Custom Shutters. Entertainers Kitchen w/ Granite Counters, Large Island, Beautiful Cabinetry, and a Gas Range seamlessly connecting to the Family Room. Private Owner's Suite Features a Large En-Suite Bathroom W/ Soaking Tub, Dual Vanities, Large Closet & Private Backyard Access. Resort Style Private Backyard w/a Large Covered Patio, Extensive Pavers, Lush Artificial Turf, Pebbletech Heated Pool/Spa, Outdoor Kitchen/Bar w/a Built In BBQ, Sink, Fridge & Firepit For Endless Fun. Top-Rated A+ Schools Just Minutes Away. This Community Truly Has It All. Enjoy the Convenience of All Single Story Homes, Community Walking and Biking Paths, a Community Playground, and Expansive Lush Greenbelts Where You Can Participate in Community Activities Such As Movies In The Park and Food Trucks Once a Month. Just a Short Golf Cart Ride To The Nearby Lone Tree Golf Course or Walk to a Variety of Restaurants Including Pita Jungle, High Tide, Vero's Pizza and Fat Willies. Welcome Home!

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6811 W Monona Drive Glendale, AZ 85308

$859,000

4 Beds

3 Baths

2,327 SqFt

Status Active

MLS # 6686368

Property Type Single Family Residence

Price Type --

RARE! COMPLETELY UPDATED! PREMIUM WATERFRONT HOME! Right around the corner from COMMUNITY VOLLEYBALL, BASKETBALL COURT, PLAYGROUNDS, AND 1+MILE GREENBELT/WATERFRONT PAVED TRAIL! Home features open concept split floor plan with updated flooring, quartz countertops through out, stainless appliances, paint, hardware, light fixtures, bathroom shower and tubs, and primary bedroom walk in closet! 16.4KW owned solar, almost $0 electric bill! Covered patio, pool, hot tub, artificial turf, and palm trees makes this an entertainers dream with incredible indoor/outdoor living! Kayaks included in sale. Just minutes to shopping, restaurants, Westgate Entertainment District, State Farm Stadium, MLB Spring Training Stadium, 10+ golf courses, ASU West Campus, and more! Available fully furnished.

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1 Easy Street Unit 15 Carefree, AZ 85377

$859,000

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6703167

Property Type Townhouse

Price Type --

This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suite with gorgeous view of Black Mountain. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce Ball and much more!!! Come see how sweet life can be at The View Carefree!!!!

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5419 E Everett Drive Scottsdale, AZ 85254

$859,000

3 Beds

2 Baths

2,112 SqFt

Status Active

MLS # 6743039

Property Type Single Family Residence

Price Type --

GREAT NEIGHBORHOOD! Beautiful home in sought-after 85254 zip code with 1/3rd-acre lot, no HOA, open floor plan, and vaulted ceilings! Great curb appeal with North/South exposure, private courtyard, mature landscaping, and automatic watering/yard lighting. Inside, there's a great room with beamed ceilings and an updated kitchen with quartz countertops, hardwood cabinets, stainless steel appliances. Spacious, lush backyard is a family's and entertainer's dream. Bedrooms have walk-in closets and there is even a small office for when you need a little time away. Yard is very private with a large covered patio, palm trees, RV parking, 220v electric hook-up, and storage shed. Area is well-known for top-rated schools and being a great place to raise a family or retire. MUST SEE

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9444 N 115th Place Scottsdale, AZ 85259

$859,000

2 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6741639

Property Type Single Family Residence

Price Type --

''There are three things that matter in property: location, location, location.'' This 2bd/2bth Edmunds home has them all! Located in beautiful guard-gated Stonegate w/no homes behind, this rare find has stupendous McDowell Mountain views, and it's just a 90-second walk to the community's 5-star amenities. The heated Olympic-sized pool & spa, surrounded by towering date palms, will make you feel like you live at your own private resort. Recent home updates incl new interior paint, a stainless gas range, microwave & dishwasher, carpet & newer wood-like floors. The home features a kitchen island w/granite counters & island seating, antique white cabs & stacked stone surrounds, new recessed lights & great outdoor spaces, including a separate raised patio and great mountain views! (More) The guard-gated Stonegate community has a Club House, 7 tennis courts, 2 pickleball courts, a half basketball court, a children's playground, an Olympic-size heated pool and spa, lush landscaping, beautiful palm trees and miles of hiking and biking paths with easy access to trails bordering the Pima-Maricopa Reserve, with views of the city, Camelback, Red Mountain and the Tonto National Forest in the distance. Stonegate is a well-run HOA with lots of green space and natural desert preserve areas. The community is conveniently located near golf courses, shopping, grocery stores, restaurants, numerous quality schools including Scottsdale Basis, great hospitals including the Mayo Clinic & Honor Health, Salt River Fields, the Arizona Boardwalk, Highway 101 and a short drive to Old Town Scottsdale. This is Scottsdale living at its finest!

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16097 W Vernon Avenue Goodyear, AZ 85395

Open House

$859,000

4 Beds

3.5 Baths

3,634 SqFt

Status Active

MLS # 6688486

Property Type Single Family Residence

Price Type --

ONE OF A KIND & OWNED SOLAR!!! ($80,000) Zero to very low APS bills! Located in one of Palm Valley's most desired gated communities! 16,000+ ft lot w/ no neighbors behind! 4 HUGE bedrooms, den & bonus room! Spacious gourmet kitchen w/ a massive island, quartz counters, stainless appliances including wall ovens, wine fridge & custom tile backsplash! Huge master suite features dual sink vanities, custom shelving in walk-in closet, snail shower & oversized garden tub. Custom iron/glass front door. Plantation shutters. Highly upgraded light fixtures & ceiling fans. 20 inch tile in traffic areas. Water softener & home water filtration system. Surround sound inside & out. 8 ft doors/10 ft ceilings. Resort-style backyard w/ sparkling pool, water feature & hot tub, built-in BBQ, firepit.... and extended pavered patio. Additional upgrades include a French door exit to the patio, stylish entertainment center with stone accents, walk-in closet in guest rooms, oil rubbed bronze hardware, gorilla racks in garage for additional storage and much more!

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