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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2840 Dillon Boulevard Chino Valley, AZ 86323

$858,000

4 Beds

3.5 Baths

2,844 SqFt

Status Active

MLS # 6753087

Property Type Single Family Residence

Price Type --

Quick move in home at Heritage Pointe in gorgeous Chino Valley. Enjoy the rural lifestyle while being only 20 minutes away from Prescott. Close to local restaurants, Safeway Center & shops. This 4 bedroom, 3.5 bath Woodland Model's upgrades include a outdoor great room, 42'' Cabinets with crown moldings & hardware, Laundry cabinets, Designer Granite tops, barn door between master and bath, a gas fireplace, flooring, a 2 car side entry garage plus a large attached temperature controlled RV garage. A must see home! Watch the Virtual Tour! Click the Docs Tab to see features and floor plan.

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22462 N 80th Lane Peoria, AZ 85383

$858,000

5 Beds

2 Baths

2,824 SqFt

Status Active

MLS # 6760556

Property Type Single Family Residence

Price Type --

Your dream home is finally here! This beautiful 5-bedroom, 2-bath residence boasts a 3-car garage, an RV gate, and an impeccably designed front yard. Inside, you'll find a living/dining room with high ceilings and stone tile flooring. You'll also find a dry bar perfect for entertaining. The spacious great room boasts classic plantation shutters and a surround sound home theater system. Kitchen equipped with quartz counters, white shaker cabinetry, chic pendant lighting, stainless steel appliances, and a center island with a breakfast bar. The main bedroom offers wood flooring, an ensuite with dual sinks, and a walk-in closet. Gorgeous Backyard for entertaining features a pool with a fountain, built in gas grill, gas fire pit, and an in-ground trampoline. Enjoy breathtaking sunsets in the enchanting backyard, showcasing a covered patio, pristine artificial turf, a shed for added storage, a warm firepit, a built-in BBQ, and a sparkling pool for endless summer fun. This gem will sell fast!

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22838 N De La Guerra Drive Sun City West, AZ 85375

Open House

$858,000

2 Beds

2.5 Baths

2,784 SqFt

Status Active

MLS # 6689724

Property Type Single Family Residence

Price Type --

FURNISHED Golf Course Beauty w/3 car garage & courtyard. Don't miss out on this upscale Figueroa Model, nestled in a desirable interior location of Corte Bella on the 13th fairway! 10 ft ceilings, 8ft interior doors, 2 ensuites, den and powder room. Casual dining with a vew of the course + formal dining in the gathering room! Butler pantry including beverage cooler, XL pantry, walk-in storage closet and huge laundry room w/cabinets galore! This luxury model has become one of Corte Bella's favorites. Kitchen has a huge island w/ prep sink. Top of the line, stainless steel appliances, counter depth fridge, breakfast nook. Massive outdoor living space designed for daily enjoyment & entertaining. This will become your favorite place to end the day of you as you enjoy the colorful AZ sunset Corte Bella Country Club is 45+ is a guard-gated Del Webb community. Offering 2 restaurants & bars, a fitness center, heated pool & spa, locker and shower rooms, day spa, tennis, pickleball, bocce ball, social HOA activities and planned excursions and special interest clubs. Corte Bella Golf Club is a semi-private club. Corte Bella residents may NOT use the recreation facilities in Sun City West but may play golf on the SCW public golf courses. Corte Bella is well known for its award-winning golf course, restaurant, and amenities.

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7659 W Tether Trail Peoria, AZ 85383

$857,990

5 Beds

4.5 Baths

4,132 SqFt

Status Active

MLS # 6717198

Property Type Single Family Residence

Price Type --

Welcome to Ashton Woods newest community in Peoria -The Sanctuary at Aloravita. Welcome to your dream home with our stunning Diamond Floor Plan! This spacious two-story home boasts 4,132 sq ft of luxurious living space, featuring 5 oversized bedrooms and 4 1/2 bathrooms, perfect for accommodating your growing family or hosting guests. Step into the expansive great room, highlighted by a breathtaking 4-panel slider that seamlessly merges indoor and outdoor living. The kitchen is a culinary paradise, equipped with built-in appliances with gas range stove, elegant white painted shaker style cabinets, Della Terra quartz countertops, White Mosaic tiled backsplash, and polished nickel hardware. Indulge in premium interior finishes including 6x36 wood style plank tile floors in the main living spaces, upgraded plush carpeting in the bedrooms, loft, and a dedicated office space. Ascending the staircase, the second level unveils an owner retreat that exudes tranquility. The expansive owner's suite includes dual vanities in the bathroom and a large walk-in closet. Additional bedrooms on this level offer ample space for family or guests, each thoughtfully designed with comfort in mind, including a large loft for that extra needed space. Pamper yourself in the upgraded bathrooms adorned with stylish fixtures and lighting. Additional options in this home are 8 foot interior doors, soft water pre plumb, and paver driveway. Great location close to dining, freeways, parks, and entertainment!

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68 E Folklore Trail Hereford, AZ 85615

$857,000

2 Beds

2 Baths

2,344 SqFt

Status Active

MLS # 6721016

Property Type Single Family Residence

Price Type --

This is an amazing and gorgeous property in the canyons with lots of mature trees and a variety of wildlife around. This custom built home sits on nearly 7 acres that includes the home with 2344 sf that features 2 bedrooms and 2 baths along with a large living, dining room, along with a kitchen and a balcony to sit and enjoy the wonderful views all around. There's loads of windows to take advantage of all there is to see. You'll find a large garage that has a roll up door on each end along with a large patio area that's great to sit and enjoy the birds. There is fencing around the property and an endless list of amenities that are on the description attached in the documents tab to review. You won't want to miss this opportunity for such a gorgeous place to call home!

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6307 E Gelding Drive Scottsdale, AZ 85254

$855,000

3 Beds

2 Baths

1,704 SqFt

Status Active

MLS # 6742573

Property Type Single Family Residence

Price Type --

Welcome to a beautifully remodeled home in highly desirable 85254, perfectly situated on a quiet cul-de-sac. With 3 bedrooms, 2 baths, and 1,704 square feet of living space, this home offers a luxurious living experience in a prime location. The open-concept great room boasts wall-to-wall travertine flooring, creating a seamless flow throughout the home with a split floor plan. A recently updated kitchen features sleek white European-style cabinets, quartz countertops, stainless steel appliances, two pantries, a spacious kitchen island, and eye-catching glass tile backsplash. Also, included in the kitchen, are two 220 volt outlets on the counter. The primary suite is a true retreat, offering direct outdoor access, walk-in closet, and a private ensuite with top-of-the-line fixtures and walk-in shower. Remodeled Guest bath w barrier free entry to shower. Step outside to your backyard oasis, complete with a built-in BBQ island, wood/gas-burning pizza oven, water feature, fire pit, covered patio, and mature landscaping and large pavers. Additional features include RV gates and parking, ample storage space, and a recently upgraded lifetime metal roof. Behind the RV gate at the pad you will find one 220volt outlet, one 110 volt 30 amp outlet, and one 110 volt 15 amp outlet for all your RV needs. This is a rare opportunity to own a move-in-ready home in North Scottsdale, just minutes from Kierland, Scottsdale Quarter, golf resorts, and fine dining. Plus, with no HOA, this property is the perfect blend of luxury and convenience. Don't miss out on this exceptional home! (None of the interior artwork is included in this sale.)

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31106 N 161st Place Scottsdale, AZ 85262

$855,000

3 Beds

3.5 Baths

2,947 SqFt

Status Active

MLS # 6759524

Property Type Single Family Residence

Price Type --

North Scottsdale HORSE PROPERTY with breathtaking SUNSETS & MOUNTAIN VIEWS! Nestled on a 2.5 acre lot, this custom home offers serene living with a large horse corral & fenced backyard. 3 bed + loft, 3.5 bath layout includes a downstairs suite with outdoor access, perfect for guests or rental. The gourmet kitchen features a new induction cooktop, stainless steel appliances, & an island overlooking a great room with a propane gas fireplace. A custom wood & iron staircase leads to an office loft & bedrooms with separate balcony exits. Highlights include a master bath with jetted tub & dual shower heads, multiple elevated decks, new roof (2021), Pella doors & windows, water softener, & 3-car garage. North Scottsdale location with access to hiking paths, schools, & more!

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2353 Florian Meadow Trail Overgaard, AZ 85933

$855,000

3 Beds

3 Baths

2,898 SqFt

Status Active

MLS # 6663325

Property Type Single Family Residence

Price Type --

A custom 3 BR/3BA, 2898 SqFt cabin in a very pristine area of Overgaard. This home is nestled on a full acre that is heavily treed with mature Ponderosa Pines. The interior features a great room design with 30' knotty pine ceilings, a wall of windows, a duel fuel stone faced fireplace, a large kitchen with butcherblock countertop, an island with Silestone counter, wood, tile laminate and carpet flooring. The wood flooring is from the Chediski fire. It also boasts, a wet bar, a 24x24 Arizona room with a freestanding wood burning stove,. a loft with four permanent bunkbeds, an upstairs bedroom with bathroom. The master bedroom is downstairs with an en-suite bathroom with jacuzzi tub. There is also a game game room w/fireplace. The exterior boasts a patio with a fireplace and circular drive. This pristine homesite would make a wonderful horse property. Plenty of room for a barn with stalls and a round pen.

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2648 E Teakwood Place Chandler, AZ 85249

$855,000

5 Beds

3.5 Baths

4,015 SqFt

Status Active

MLS # 6711913

Property Type Single Family Residence

Price Type --

Large culdesac corner lot, 5-bedroom, 3 1/2 bath home is stunning! ALL NEW Interior paint. Upgraded kitchen & bathrooms with new quartz countertops and cabinets. All new carpet. Master bedroom on first floor. Chandler with A+ schools, restaurants and shopping walking distance. 5 large bedrooms. The open floor plan makes the home spacious, and a comfortable place for all to gather. Exit two oversized sliding glass doors to your oasis backyard. Enjoy shade under the large covered patio, or sun while floating in the pool. New turf area and large rock side yard make for easy maintenance. Enjoy fresh fruit from your fruit trees. A short walk to parks, bike paths and grills. Come explore what could be your home sweet home.

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5650 S Feliz -- Mesa, AZ 85212

$855,000

5 Beds

3.5 Baths

3,040 SqFt

Status Active

MLS # 6757009

Property Type Single Family Residence

Price Type --

Welcome home! This stunning Toll Brothers home nestled in the desirable Cadence master-planned community. This exquisite property sits on a premium lot directly across from a park and offers five spacious bedrooms, a versatile den, a loft, and 3.5 bathrooms. Step inside to find high ceilings, elegant LPV flooring, and designer touches throughout. The open-concept great room seamlessly connects to the dining area and covered patio through retractable glass doors, creating a perfect setting for indoor-outdoor entertaining. The gourmet kitchen features beautiful cabinetry, high-end appliances, quartz countertops, and gas cooking. Enjoy resort-style living with access to Cadence's impressive amenities, including a pool, fitness center, clubhouse, sports courts, playgrounds and a resort pool.

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25918 S 193rd Place Queen Creek, AZ 85142

$855,000

5 Beds

2.5 Baths

3,124 SqFt

Status Active

MLS # 6662345

Property Type Single Family Residence

Price Type --

**CUSTOM HOME ON CLOSE TO 1 ACRE**NO HOA**PLENTY OF SPACE ON EITHER SIDE OF LOT FOR ENDLESS POSSIBILITIES**PEBBLE TEC POOL AND SPA**NEUTRAL COLOR INSIDE**LARGE ENTRY**SEPARATE DINNING AND FORMAL LIVING ROOM**FAMILY/TV ROOM OFF KITCHEN**BREAKFAST BAR AND NOOK**DOUBLE OVENS**GRANITE**CUSTOM KITCHEN CABINETS**WALK-IN PANTRY**LARGE BEDROOMS**TRAVERTINE TILE IN ALL COMMON AREAS AND BEDROOMS**WOOD PLANK TILE IN BATHS**PLANTATION SHUTTERS**2 RV GATES**COME SEE ALL THIS WONDERFUL HOME HAS TO OFFER!**

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6738 S Rachael Way Gilbert, AZ 85298

$855,000

3 Beds

3 Baths

2,740 SqFt

Status Active

MLS # 6741651

Property Type Single Family Residence

Price Type --

Immaculate & remodeled in highly sought-after Seville Golf & Country Club. Your backyard oasis awaits, backing to a greenbelt/park — year-round swimming with your heated/cooled pool, spa, patio, built-in BBQ island, screened patio and fire pit. Inside, you'll be impressed by the extensive remodel of this 3 bed/3bath home plus den (4th bed?) featuring upgraded hardwood & tile flooring, recently painted, plantation shutters, beautifully updated bathrooms, and a stunning stacked stone fireplace with entertainment wall. The heart of the home, the kitchen, with granite countertops, island, pantry, and stainless steel appliances. The primary suite boasts a luxurious spa-style bathroom, with a soaking tub and an updated shower. Enjoy all that Gilbert has to offer with country club living!

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