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.

Whats 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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2654 E Virginia Street Mesa, AZ 85213

$850,950
5 Beds
4.5 Baths
3,615 SqFt
Status Active
MLS # 6745610
Property Type Single Family Residence
Price Type --
This is Base Price on a New Build and does NOT Include Lot premium or Upgrades. Grove at Lehi is bringing their sophisticated style to a new Upscale Gated Community in the Citrus District of Northeast Mesa. The Palm Tree lined Grand Entrance and charming decorative gatehouse provides a sense of arrival and welcomes you inside this gated 108-homesite community. Incredible central park that offers a lighted pickleball court, playground, and ramada perfect for outdoor family fun! Grove at Lehi provides easy access to the Loop 202 with close proximity to Tempe, Scottsdale, and Gilbert. Larger Lots with offering 8ft and 10ft Side Gates. Come Check out this brand-new community. This is Base Price on a new Build and does NOT Include Lot premium or Upgrades. Not Final Price (Photos Are Of Model)

29806 N 155th Street Scottsdale, AZ 85262

$850,000
4 Beds
3 Baths
2,858 SqFt
Status Active
MLS # 6704241
Property Type Single Family Residence
Price Type --
UNDER CONSTRUCTION, estimated completion is in August, 2024. NO HOA , large lot (1.02 acre) allows for endless backyard improvements, unobscured MOUNTAIN VIEWS from the patio, low cost and reliable water source with new shared well. A short drive to loop 101, Scottsdale Quaters, Kierland. Tonto National Forest, the Verde River, and Trilogy Golf Course are also within 10 minutes drive. The pictures are of the model. The house is under constructions and might not be available at base price due to construction progress and upgrades installed at builder's discretion. Please request the up-to-date list of installed upgrades and cost estimate.

3061 W Sunbeam Lane Queen Creek, AZ 85142

$850,000
4 Beds
3.5 Baths
2,737 SqFt
Status Active
MLS # 6734172
Property Type Single Family Residence
Price Type --
Welcome to this stunning new construction in Queen Creek, offering 4 bedrooms and 3.5 bathrooms on a sprawling 1.5-acre lot. Designed with entertainment in mind, this home features a spacious kitchen equipped with top-of-the-line appliances, ample counter space, and an open layout perfect for gatherings. The expansive backyard provides endless possibilities for outdoor living, from hosting barbecues to creating your own private oasis. With modern finishes and thoughtful design throughout, this home combines luxury with comfort in a beautiful and serene setting. Enjoy the best of Queen Creek living in this exceptional property!

1114 S Kinzer Court Payson, AZ 85541

$850,000
3 Beds
2 Baths
1,978 SqFt
Status Active
MLS # 6740946
Property Type Single Family Residence
Price Type --
Amazing new build in the exclusive Green Valley Vista Subdivision, This home boast nearly 2000 Sq Ft and backs the National forest with spectacular views of the Matazal mountain range from the great room, Master bedroom and the covered deck.

8732 E Valley Vista Drive Scottsdale, AZ 85250

$850,000
3 Beds
2 Baths
1,518 SqFt
Status Active
MLS # 6750641
Property Type Single Family Residence
Price Type --
Welcome to 8732 E Valley Vista Dr, a beautifully updated gem nestled in the heart of Scottsdale, AZ. This inviting residence offers a perfect blend of contemporary comfort and classic charm, situated in a serene and desirable neighborhood. This home provides ample space for both relaxation and entertainment. The open-concept floor plan seamlessly connects the living, dining, and kitchen areas, making it ideal for gatherings with family and friends. The recently remodeled kitchen is a culinary enthusiast's dream, featuring sleek countertops, modern cabinetry, and top-of-the-line appliances. Enjoy preparing meals with ease and style in this bright, functional space. The home includes 3 well-appointed bedrooms, each offering generous closet space and natural light. The primary suite is a true retreat, complete with a luxurious en-suite bathroom for your relaxation and comfort. Step outside to your private backyard sanctuary, designed for both leisure and entertaining. The beautifully landscaped yard includes a stunning pool and spa, featuring lighting that illuminates the space with a captivating glow. Enjoy the convenience of controlling the lighting and spa temperature right from your smartphone, allowing you to set the perfect ambiance at your fingertips. Whether you're hosting a soirée or relaxing under the stars, you can easily adjust colors, brightness, and lighting/heating timers to create the ideal atmosphere. Situated in the sought-after Scottsdale community, this home offers easy access to local amenities, including shopping, dining, and entertainment options. Enjoy the convenience of being close to major roads and top-rated schools. This residence combines luxury with functionality, providing a tranquil retreat in one of Scottsdale's most coveted neighborhoods. Don't miss the opportunity to make this exceptional property your new home!

13135 W Baker Drive Peoria, AZ 85383

$850,000
2 Beds
2.5 Baths
2,366 SqFt
Status Active
MLS # 6741680
Property Type Single Family Residence
Price Type --
One-of-a-Kind SOLAR Chroma floor plan to hit the market! Situated on PRIME PROPERTY w/ a SOUTH BACKYARD - separation from neighbors and adjacent to expansive landscape tract & GREEN BELT!! Fully Fenced Back YARD creates extreme PRIVACY! 2 Bed, 2.5 Baths, Den, Smart Space & HIDDEN BONUS ROOM - IMPRESSIVE!! Step inside and you'll fall in love w/ this OPEN GREAT ROOM PLAN w/ an abundance of NATURAL LIGHT due to OVERSIZED WINDOWS & being located next to OPEN SPACE!! GORGEOUS TILE thru-out the entire home. Stunning KITCHEN features; espresso-stained cabinets w/ large CROWN MOLDING, GRANITE w/ LEATHER FINISH, SS BUILT-IN GAS APPLIANCES w/ SS HOOD VENT, BUILT-IN FRIDGE, roll-outs & soft-close drawers! Owners suite is EXTENDED & Both Baths are UPGRADED to the HILT. Shhh, HIDDEN ROOM is behind CUSTOM BUILT-IN CABINETRY - WOW!! Home features a POWDER ROOM. Step outside to paradise - enjoy an EXTENDED PATIO w/ TRAVERTINE PAVERS, Gas FIRE PIT, lounge area w/ TV & AUTOMATED SCREEN that runs the length of the patio - this home is spectacular!! Additional features: OVERSIZED Garage w/ epoxy floors, cabinets & storage, garbage enclosure, sink in the laundry room, soft water, RO, custom lighting, add'l can lighting, Central Vacuum, Custom Closet at Master and so much more!!

6803 E Main Street Unit 4407 Scottsdale, AZ 85251

$850,000
2 Beds
2.5 Baths
1,622 SqFt
Status Active
MLS # 6749449
Property Type Apartment
Price Type --
Welcome to The Mark in Old Town Scottsdale and this amazing 1622 square foot home. This condominium has 2 large bedrooms, each with ensuite bath and a spacious walk-in closet. Every room in the home has a view of the Papago or McDowell Mountains. Stone tile throughout contributes to a spacious feel. In addition, there is a sizeable laundry room, powder room and plenty of closet space. The updated kitchen includes a Wolf gas store and GE Monogram appliances. The Mark has recently beautifully updated the rooftop pool, spa, outdoor kitchen and entertainment areas. The Mark is currently working on plans to remodel the on-site workout facility and the main lobby. This is one of the best locations in Old Town, in walking distance of plenty wonderful restaurants and entertainment.

6375 N 175th Avenue Waddell, AZ 85355

$850,000
3 Beds
2 Baths
1,750 SqFt
Status Active
MLS # 6754959
Property Type Single Family Residence
Price Type --
This exceptional 2023 custom-built home redefines luxury living with meticulous craftsmanship. Nestled on over an acre with flood irrigation, the property offers versatile outdoor potential. Custom 2x6 framing construction AND plywood sheathing, this home guarantees durability and long-lasting structure integrity. Equipped with spray foam insulation, the residence ensures superior energy efficiency. The heart of the home is the kitchen, a true culinary masterpiece. Exquisite Brazil Quartzite countertops, natural beauty with remarkable durability. Spacious living environment but also offers a canvas for a variety of outdoor activities and enhancements. Quality, modern design, and functionality harmoniously blend to create an extraordinary living experience. Request Property Feature List. Home includes a 10x20 custom shed, can be used for car storage. Custom Carport aslo accomdate cars or trucks. High-end appliances complete the kitchen, providing the tools and technology needed to create gourmet meals and entertain with style. The thoughtful design extends to the three bedrooms and two bathrooms, offering a harmonious balance of comfort and sophistication. Each space is carefully curated to enhance your daily living experience, providing a retreat that reflects the attention to detail put into every aspect of the home. This property isn't just a residence; it's a testament to quality, craftsmanship, and the pursuit of a refined lifestyle. With its unique features, high-end finishes, and expansive acreage, this home invites you to experience a new standard of living. Make it yours and embrace the epitome of modern luxury. Discover a home that goes beyond the ordinary, presenting an exquisite custom-built residence completed in 2023. Situated on over an acre of land with irrigation capabilities, this property offers a unique opportunity for spacious living and versatile outdoor use. Constructed with precision and quality in mind, the home. Step into the heart of the home, where the kitchen stands as a culinary masterpiece. Quartzite countertops, sourced from Brazil, elevate the space with their natural beauty and resilience. High-end appliances complete the kitchen, providing the tools and technology needed to create gourmet meals and entertain with style. The thoughtful design extends to the three bedrooms and two bathrooms, offering a harmonious balance of comfort and sophistication. Each space is carefully curated to enhance your daily living experience, providing a retreat that reflects the attention to detail put into every aspect of the home. This property isn't just a residence; it's a testament to quality, craftsmanship, and the pursuit of a refined lifestyle. With its unique features, high-end finishes, and expansive acreage, this home invites you to experience a new standard of living. Make it yours and embrace the epitome of modern luxury.

4629 W Summerside Road Laveen, AZ 85339

$850,000
6 Beds
4.5 Baths
3,785 SqFt
Status Active Under Contract
MLS # 6756376
Property Type Single Family Residence
Price Type --
Say YES to this stunning custom-designed executive home! Its indoor and outdoor features are a must-see! This home is located in an urban village just south of Phoenix, Laveen Village. Just eight miles from Downtown Phoenix entertainment venues, restaurants, and sports arenas. Enjoy this half-acre private yard with open spaces, stunning sunsets, and mountain views—easy access to the 202 freeway connecting to I-10, with Sky Harbor Airport just minutes away. Laveen Village is where old western history and urban development meet, offering its residents a comfortable lifestyle. This home offers expansive living areas both inside and out. Flex space, living/dining rooms, chef kitchen, bedrooms, baths and so much more. Make this home the ONE for you!

9191 E Nittany Drive Scottsdale, AZ 85255

$850,000
2 Beds
2 Baths
1,542 SqFt
Status Active Under Contract
MLS # 6721218
Property Type Single Family Residence
Price Type --
Location Location Location! Move-In Ready ! This Gorgeous, Mountain View home truly has it all without a detail spared. This open floor plan home has been recently remodeled, including a 11 ft kitchen island, built in wine fridge, microwave drawer, Sleek LG Appliances . Plenty of space for you and your family to entertain or relax, in the resort style backyard or breakfast nook looking out over the McDowell Mountains. Low maintenance backyard and landscaping. 2 electric car chargers in the Garage & RO System included! See it Today before it's too late!

32313 N 16th Lane Phoenix, AZ 85085

$850,000
4 Beds
2.5 Baths
3,122 SqFt
Status Active
MLS # 6756171
Property Type Single Family Residence
Price Type --
Stunning TW Lewis home in a quiet, gated community in Sonoran Foothills. Stylish and functional floor plan with plenty of space to live, work and entertain. Warm neutral finishes, custom maple cabinetry, granite counters and plantation shutters throughout. Gourmet kitchen abuts den with stacked stone fireplace. Separate area for dining room if desired. Huge primary suite with walk-in closet, 3 additional bedrooms plus a large bonus space. Garage has epoxy floors and cabinets. An intimate courtyard upon entry and a spacious backyard with gorgeous desert views. Property backs to a wash making it very private and serene. Extensive walking, hiking and biking trails from your front door. Community amenities include parks, basketball, volleyball, tennis, pickleball, pool, spa and splashpad. Easy access to I17 and 303.

5422 E Piping Rock Road Scottsdale, AZ 85254

$850,000
3 Beds
2 Baths
2,257 SqFt
Status Active Under Contract
MLS # 6759143
Property Type Single Family Residence
Price Type --
Welcome to this exceptional home, where a stunning courtyard and grand ten-foot wrought iron glass door invite you into a truly unique living experience. Nestled in a rare 22-home gated HOA subdivision within the highly coveted 85254 zip code, this property offers the perfect balance of privacy and convenience. The community's tennis court adds to the appeal, and you'll find yourself just five minutes from premier shopping destinations like Kierland Commons, Scottsdale Quarter, and the soon-to-be remodeled Paradise Valley Village, making this an even more desirable location. With quick access to both Highway 101 and Highway 51, commuting to work or reaching Phoenix Sky Harbor Airport takes 20 minutes or less. Plus, Horizon High School is right around the corner, enhancing the neighborhood's attractiveness. Inside, the home boasts an open great room floor plan with polished Travertine floors, French exits, privacy roller shields throughout, and a cozy fireplace, perfect for both everyday living and entertaining. The gourmet kitchen, featuring stainless steel appliances, tall Cherry cabinetry, granite countertops, a pantry, and a stylish stone backsplash. The king-sized master suite offers two spacious walk-in closets and a private terrace with gorgeous views. Both bathrooms are beautifully appointed with granite countertops and tiled showers. The guest bedroom includes its own private entrance, while the third bedroom is currently set up as a office, providing flexibility for your lifestyle needs. Outside, a sparkling PebbleTec pool with boulder water features awaits, complemented by a refinished Cool Deck, lush landscaping, and low-maintenance updated turf. Recent upgrades include newer AC units (upstairs and downstairs), a brand new installed roof, a refinished pool and Cool Deck, resealed Travertine tile throughout the home, and more. Don't miss this rare opportunity to own a one-of-a-kind home in a one-of-a-kind community.

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