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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77 S Presidio Drive Gilbert, AZ 85233

$855,000

5 Beds

3 Baths

3,830 SqFt

Status Active

MLS # 6745996

Property Type Single Family Residence

Price Type --

BEAUTIFUL AND SPACIOUS LARGE HOME IN A DESIRABLE LOCATION! HOME BOASTS 5 BEDROOMS, 3 BATHROOMS, AND TONS OF STORAGE SPACE!!! LARGE AND SPCAIOUS KITCHEN AND FRESH PAINT THROUGHOUT THE HOME. BACKYARD IS WELL MAINTAINED WITH LUSH LANDSCAPING. ENERGY EFFICIENT AIR CONDITIONERS THAT WERE REPLACED LESS THAN 5 YEARS AGO. SOLAR SYSTEM ON THE ROOF INCLUDED AND WILL BE PAID OFF AT THE TIME OF CLOSING. THIS BRINGS DOWN THE UTILITY BILLS SUBSTANTIALLY WITH GREAT SAVINGS! RV GATE WITH PARKING ON THE SIDE OF THE HOME. VERY NICE, WONDERFUL, QUIET NEIGHBORHOOD! RARE TO FIND A HOME THIS SIZE IN THIS LOCATION AT THIS PRICE POINT! PLEASE BRING YOUR BUYERS. THEY WILL NOT BE DISAPPOINTED!!!

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28917 N 66th Avenue Phoenix, AZ 85083

$855,000

4 Beds

3 Baths

2,967 SqFt

Status Active

MLS # 6710471

Property Type Single Family Residence

Price Type --

Experience luxury living in this exquisite next-generation home in the Pyramid Peak subdivision with endless mountain views. Next gen Suite has a dedicated AC unit, vinyl plank flooring, kitchenette, living area, 1 bed /1bath,separate entry, hookup for stackable washer/dryer and dedicated 1 car garage,Perfect for multi-generational living, having guests or an extra office. The Main home is split floor plan with 4 spacious bedrooms one is set up as a dedicated office and 2 full bathrooms. Kitchen is a chefs dream with white cabinetry, stunning quartz countertops, huge island for entertaining and stainless steel Monogram appliances with 6-burner gas stove, perfect for culinary enthusiasts. Enjoy seamless indoor-outdoor living with a stunning wall of patio doors that open to the backyard.. step outside to enjoy your private paradise featuring a heated pool and spa with a stunning stone backdrop and tranquil waterfall featureideal for relaxation and entertainment. Covered patio with an extended paver patio, dog run on the side yard with easy care artificial turf. This home combines luxury and practicality, offering a unique and versatile living space. Don't miss the opportunity to make this stunning property your own.

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200 W Portland Street Unit 821 Phoenix, AZ 85003

$855,000

2 Beds

2 Baths

1,425 SqFt

Status Active

MLS # 6723094

Property Type Apartment

Price Type --

Downtown gem in the sky! Exceptional residence in Portland on the Park is true comfort for the urban dweller - Luxuriate in the modern, industrial feel of this 2 bed 2 bath furnished condo. Glorious views overlooking downtown Phoenix. Floor to ceiling windows, lofted ceilings, engineered hardwood floors. Designed for the true cook with quartz counters, gas cook top, & Bosch stainless appliances. Stunning community offers a rooftop lounge with 360 degree views of the city, mountains, Hance Park/Japanese Friendship garden. Slip into the resort-like heated pool, or kick back in front of the 80'' Outdoor TV, BBQ gas grills & outdoor gas fire pit. Extensive fitness center. Close to lightrail, eclectic restaurants, shopping, entertainment, sport events, airport. True live-work-play environment!

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2810 Dillon Boulevard Chino Valley, AZ 86323

Open House

$855,000

4 Beds

3.5 Baths

2,844 SqFt

Status Active

MLS # 6761313

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 3 bedroom, 3.5 bath Woodland Model upgrades include a temperature controlled & insulated 2 car garage & RV garage, a guest suite with living area (4th bedroom), Bath & walk in closet, Maple 42''cabinets with crown molding and granite tops, laundry cabinets, Gas fireplace, Upgraded flooring and plumbing fixtures, Black frame windows and more! Click the Docs Tab to see features and floor plan. A beautiful home for entertaining!

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2068 S Sailors Court Gilbert, AZ 85295

Open House

$855,000

4 Beds

3 Baths

2,925 SqFt

Status Active

MLS # 6747779

Property Type Single Family Residence

Price Type --

Charming 4 bedroom, 3 bath home with den/office, Pool, Spa and 3-Car Garage located in Ashland Ranch in Gilbert. This home features a large open kitchen with stainless steel appliances, wet-bar, breakfast bar that seamlessly flows into the family room, where a cozy fireplace creates a warm and inviting atmosphere. The split master bedroom layout offers privacy, with the master suite thoughtfully separated from the other bedrooms. The master suite includes a luxurious en-suite bath, providing a serene retreat. Step outside to your private oasis, complete with a sparkling pool & spa, ideal for relaxation & outdoor entertainment. A large covered patio provides the perfect spot for dining & a well-maintained grass area adds charm & versatility to the outdoor space.

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2555 Nelson Lane Chino Valley, AZ 86323

Open House

$855,000

4 Beds

3.5 Baths

3,125 SqFt

Status Active

MLS # 6674913

Property Type Single Family Residence

Price Type --

REDUCED! Quick move-in spec with a 3125 SF split floor plan located at Heritage Pointe in gorgeous Chino Valley. Enjoy the rural lifestyle while being only 20 minutes away from Prescott. Close to local restaurants & shopping. This beautiful home sets on a 1-acre lot with a 2-car side entry garage plus an attached large RV garage with dump, both temperature-controlled. Lots of upgrades. 42'' cabinets, big walk-in pantry, solid countertops, flooring, gas appliances, tankless gas water heater, sprinkler system & much more. A must-see home! Watch the Virtual Tour and come see! Click the Docs Tab to see features and floor plan.

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23060 E Oriole Way Queen Creek, AZ 85142

$854,900

3 Beds

3 Baths

2,307 SqFt

Status Active

MLS # 6759852

Property Type Single Family Residence

Price Type --

Located on one of the largest homesites in the coveted Barney Farms community, this highly upgraded, original-owner Craftsman-style home offers luxurious family living with 3 bedrooms plus den/flex room and 3 baths in a spacious 2307 SqFt featuring a great room layout and split bedrooms. The gourmet kitchen will delight the home chef with an abundance of upgraded cabinetry (including 42'' uppers, upgraded drawers, hardware, and crown molding), Quartz countertops with upgraded thick edge, stainless GE appliances including a gas cooktop, convection and microwave wall ovens and dishwasher; designer tile backsplash, a large walk-in pantry, and an island with breakfast bar and pendant lighting. 16-foot atrium sliding glass doors lead out from the great room to your dream backyard! You'll love the 560-square foot pool (still under warranty) with Pebble Sheen finish, upgraded Pentair Heat/Cool pump, upgraded filter and commercial grade cover; professional landscaping including easy-care artificial turf for kids and pets to play on, and extended covered patio with ceiling fan and a gas stub for your BBQ. The primary bedroom has access to the backyard, a tray ceiling, and an en-suite bath with dual sink vanity, oversized Marbella spa shower with rain shower and bench, and a walk-in closet with mirrored doors. Other features of this spectacular home include upgraded luxury vinyl plank flooring throughout living areas and baths, upgraded carpet and padding in bedrooms, laundry room cabinets & sink, larger tubs in secondary baths, a water softener, security system, upgraded front door, upgraded lighting and ceiling fans throughout, and a 3 car tandem garage with epoxy floors, hot and cold water faucet, service door to the backyard, extended paver driveway and RV gate. The HVAC system has a parts & labor warranty that is transferable! Barney Farms is a beautiful master-planned community featuring a deep-water lake, acres of parks and green spaces, walking trails, a gigantic 12,293 SqFt surface area pool and clubhouse, play areas, sport courts (including pickleball!), and other great amenities!

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9590 E Blazing Star Circle Prescott Valley, AZ 86315

$854,600

4 Beds

2 Baths

2,315 SqFt

Status Active

MLS # 6732658

Property Type Single Family Residence

Price Type --

Looking for room to breathe? Then look no further than this 2.01-acre, 4 bedrooms, 2 bath, 2315 sq. ft. home with open concept living, gorgeous views, spacious kitchen, with knotty pine cabinetry, that is throughout the home, granite countertops, walk-in pantry, stainless steel appliances, two refrigerators, one in main house, the other in the garage, 9 ft ceilings, stoned wood fireplace, with accent natural wood walls on each side. A reverse osmosis system in kitchen, NUVO whole house filtration with saltless water softener and a separate arsenic filtration system, plus a 2400 underground water storage tank with low level warning system. How about enjoying your morning drink in the large screened-in porch watching the breathtaking sunrises over Mingus Mtn. The perimeter is fully cross fenced/no climb with interior cross fencing/no climb and a double gate easy access for your yard toys, with a large additional cross fencing/no climb area for your pets. Mature trees, plus 4 producing fruit trees, enclosed garden, paver patio with a spacious Pergola, plus a paver outdoor firepit. 50' RV pad with 50-amp hookup. 3 car garage with built-in cabinetry, plus the full length of the garage up-top shelving for extra storage. 3 sheds, a 10x20 - spectacular She shed, a 10x14 - Tuff Shed & a 8x10 - garden shed. Whew... This home features simply too many upgrades to list, see under documents for more details.

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12321 N Otto (lot 217) Circle Prescott, AZ 86305

$854,500

3 Beds

3 Baths

2,081 SqFt

Status Active

MLS # 6657540

Property Type Single Family Residence

Price Type --

TAKE ADVANTAGE OF BUILDER INCENTIVES! $20,000 BUILDER OPTIONS CREDIT or 1 YEAR INTEREST RATE BUY DOWN TO 5.99%. New home/lot in beautiful Whispering Canyon with this .56 acre lot. This ''right-sized'' model offers great room open concept design with highly upgraded kitchen cabinets, granite counters, walk in pantry, and s/s appliances standard. 17'' x 17'' tile flooring & carpet in the main living areas and 10' coffered ceilings add architectural interest. Split floor plan w/2 bedrooms & an office, den, or optional 3rd bedroom. Primary en suite has and bathroom featuring dual sinks, walk in shower, & spacious walk in closet. Front landscaping included. Still time to select builder options, i.e. fireplace & design finishes, i.e. flooring & counters. Photos are of model.

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40220 N Fairgreen Way Anthem, AZ 85086

New

$854,000

4 Beds

2.5 Baths

2,738 SqFt

Status Active

MLS # 6761587

Property Type Single Family Residence

Price Type --

Welcome to this stunning Serenity model in the award-winning Anthem community! This single-level home features a breathtaking backdrop with view fencing overlooking a serene wash and walking trail. Enjoy your own backyard oasis, complete with a sparkling pool and a spacious Alumawood pergola, perfect for al fresco dining and entertaining. Inside, the home boasts brand new flooring and a fully remodeled gourmet kitchen with an oversized island. Energy-efficient features include owned solar, Andersen Windows, an updated HVAC system, and a tankless water heater. With an updated roof and thoughtful upgrades throughout, this property seamlessly blends style, comfort, and functionality. Don't miss your chance to make this gem home!

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25807 N 19th Glen Phoenix, AZ 85085

$854,000

4 Beds

3 Baths

2,628 SqFt

Status Active

MLS # 6737667

Property Type Single Family Residence

Price Type --

This home offers 4 bedrooms and 3 baths, one of the secondary bedrooms is an en-suite. The open floor plan includes a Study, providing flexibility and additional living space. The split floor plan ensures privacy and convenience. The kitchen is a chef's dream, featuring a gas stove with a 5-burner cooktop and granite countertops throughout. The kitchen also boasts a large island with a granite top, providing ample space for meal preparation and gathering. The master bedroom is a private retreat, featuring a hot spa for ultimate relaxation. Upgraded tile floors throughout, offering a luxurious and low-maintenance living environment. The home is equipped with modern conveniences, such as a saltwater softener added in 2023 for improved water quality, and a tankless water heater that was replaced in the same year, ensuring energy efficiency and a continuous supply of hot water. The washer and dryer are included, making laundry a breeze. The highlight is the backyard with a 15x20 brick patio with a cover, perfect for outdoor entertaining and relaxation. The entire backyard is beautifully landscaped with flowering shrubs, creating a picturesque setting. Adding to the charm is a tall southern oak tree, providing shade and a touch of nature. The backyard also includes ponded plants that will remain, adding a tranquil element to the space. The garage offers additional storage options with its metal storage cabinets, as well as a convenient workbench and shelves for those who enjoy DIY projects. The garage is also insulated, providing comfort and energy efficiency. This exceptional property is located in a vibrant community with a variety of amenities. The community hub features an event lawn, playground, outdoor barbecue, basketball and pickleball courts. Union Park's resort-style pool and is surrounded by covered cabanas and lush landscaping. With easy access to major highways, shopping centers, dining options, entertainment venues, this is a special opportunity you won't want to miss.

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5100 S Hudson Place Chandler, AZ 85249

$852,909

3 Beds

2.5 Baths

2,427 SqFt

Status Active

MLS # 6743675

Property Type Single Family Residence

Price Type --

Lovely new single-story, designer accented home in the gated Treeland community. Currently under construction, this home is due to complete by the end of October 2024. The home offers a spacious floor plan featuring 3 bedrooms, 2.5 bathrooms, a den, and attached 3-car garage. The kitchen features stainless steel built-in appliances including a 30'' gas cooktop and quartz countertops with a waterfall edge island. Other highlights include a 12' multi-slider at the dining room, Bryant maple buckskin cabinets, glass French doors at the den, upgraded 8'' x 36'' tile plank flooring, and a separate tub and shower at the primary bath. The laundry room is pre plumbed for a sink and there are pavers at the driveway and front porch.

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