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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26199 S 227th Street Queen Creek, AZ 85142

$850,000

4 Beds

4.5 Baths

3,621 SqFt

Status Active

MLS # 6754975

Property Type Single Family Residence

Price Type --

Experience luxury living in this turnkey home, featuring high ceilings, expansive windows, and abundant natural light. Enjoy versatile spaces with a dedicated office and a separate movie room, while the serene primary suite offers a spa-like bathroom with his-and-her sinks and an additional powder space. Each junior suite comes with its own bathroom, ensuring comfort for everyone. The low-maintenance backyard, complete with lush turf and shade-providing trees, adds to the appeal. The original owners did not skip on the details, making it a dream home to move into! This community has something for everyone to enjoy. It features two outdoor parks, children's orchards, playgrounds, a scenic lake, and bike paths, pools and more! DISCOVER YOUR DREAM LIVING TODAY!!!!

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3411 E San Xavier Road Sierra Vista, AZ 85635

$850,000

6 Beds

5.5 Baths

4,539 SqFt

Status Active

MLS # 6711465

Property Type Single Family Residence

Price Type --

This Beautiful multi-generational home with its 6br 5bth +1/2 bth by the pool. Home is 4538sqft +1056sqft walk out fully finished basement, 3 car garage with storage room, Home offers a Parents suit that is 1095sqft with a private entrance, Fully finished basement with Living room, Pool table that stays with the home, Bedroom, and bathroom, also has private patio and walk up exterior stairs for the young adult. Two Master suits with private bathrooms, two large bedrooms with shared bathroom. Central Vacum. This amazing home sits on 1.7 acers with a sparkling pool with slide and waterfall. Pool is completely fenced. Some Nice fruit trees , grass RV gate and block wall surrounding the back yard for total privacy.

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11983 W Creosote Drive Peoria, AZ 85383

$850,000

2 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6712439

Property Type Single Family Residence

Price Type --

Luxurious, low maintenance lifestyle with access to North Peoria's premier golf and country club! Welcome to this 2 bedroom, 2 bath plus den home with scenic views of the golf course and surrounding desert. Highly upgraded with beautiful gourmet kitchen, amazing cabinetry, gorgeous under cabinet lighting, stainless appliances, upgraded granite countertops, tile backsplash, walk in pantry and large seating island. Amazing wall of cabinets and shelving in the dining area. 5 Wall mounted TVs convey. Upgraded interior window shades and shutters, Rear patio electric roller shade, Upgraded ceiling fans interior and exterior, front screen door and office Murphy bed/desk combo are just some of the amazing improvements. Exterior paint 6/2024. You are going to love this home!!

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28232 N 58th Street Cave Creek, AZ 85331

$850,000

3 Beds

2 Baths

2,592 SqFt

Status Active Under Contract

MLS # 6709358

Property Type Single Family Residence

Price Type --

Move-in ready! This stunning horse property in Cave Creek is the one you've been waiting for. Discover an impressive interior featuring a designer color palette, vaulted ceilings, gleaming wood-look floor with neutral tile, & a delightful brick fireplace. The fabulous kitchen boasts wood cabinetry adorned with crown moulding, granite counters, stainless steel appliances, recessed lighting, a pantry, & a peninsula equipped with a breakfast bar. The primary bedroom offers soft carpet in all the right places, a walk-in closet, & a private bathroom for added comfort. Enjoy outdoor living in the amazing backyard showcasing a covered patio, built-in BBQ, & a sparkling swimming pool with a spa! This Home will NOT disappoint! Seller will provide to Buyer 2.00% Sellers Concessions for Closing!!!

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914 N 6th Street Phoenix, AZ 85004

$850,000

2 Beds

3 Baths

2,081 SqFt

Status Active Under Contract

MLS # 6731855

Property Type Single Family Residence

Price Type --

**This Home has a story** A charming 1917 Craftsman Home in the Evans Churchill District just steps from the heart of Roosevelt Row, one of the last original residences in the area. Welcome to opportunity with Versatile City-zoning for mixed use - This property offers incredible flexibility whether you envision creating your Urban dream residence, a trendy restaurant, a retail business or other venture, the use permit offers great flexibility for an unparalleled opportunity in one of Phoenix's most sought-after neighborhoods. You'll be at the center of Phoenix's First Friday Art Walk creating a lively cultural experience. Surrounded by exciting new eclectic dining options, galleries and shopping, you'll never run out of places to explore. Plus, you're just a stone's throw away from ASU's downtown campus, easy freeway access, major sporting events, concerts, and endless dining options. Don't miss out on this rare opportunity to own a piece of Phoenix history in a location that has it all - uncover the endless possibilities this property has to offer!

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7381 W Paso Trail Peoria, AZ 85383

Open House

$850,000

5 Beds

3.5 Baths

3,376 SqFt

Status Active

MLS # 6741370

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION, LOCATION! Step into this exquisite Taylor Morrison Cottonwood floorplan, nestled in the highly desirable Terramar neighborhood. This expansive home features five bedrooms, three and a half bathrooms, and a three-car garage, providing all the space you need. Recently updated with fresh interior paint, brand-new flooring, and sleek new baseboards, it exudes modern elegance. Outside, your private oasis awaits: mature trees, your very own garden area, a sparkling heated swimming pool and spa, and inviting spaces like a gazebo and fire pit for ultimate relaxation and entertainment. Situated on a premium lot and close to top-rated schools and shopping, this home offers both luxury and convenience. Don't let this exceptional property slip away—make it yours today! This is more than just a house; it's a place to call home. Don't miss the chance to make this exceptional property yours!

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3294 E Blue Ridge Way Gilbert, AZ 85298

Open House

$850,000

4 Beds

2.5 Baths

3,567 SqFt

Status Active

MLS # 6759907

Property Type Single Family Residence

Price Type --

Embrace Arizona living in this spacious, upgraded home in the peaceful Marbella Vineyards. Save big with owned solar panels and relax in your backyard oasis featuring a heated pool, perfect for year-round enjoyment. Located in a prime Gilbert area with access to top Chandler district schools, this home has it all. The open floor plan boasts a striking staircase railing, with custom entertainment built-ins in both the living and family rooms. Featuring 4 bedrooms (master on the lower level), a bonus room (can be a 5th bedroom), and stylish hardwood and tile floors throughout. The kitchen is equipped with cherry cabinets, granite countertops, and modern touches. Pre-plumbed utility areas and a soft water system add to the convenience.

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28911 N 41st Place Cave Creek, AZ 85331

Open House

$850,000

5 Beds

3 Baths

2,905 SqFt

Status Active

MLS # 6740548

Property Type Single Family Residence

Price Type --

Prepare to be amazed by this home built in 2016, with exceptional entertaining space. Featuring a gourmet kitchen, 5 bedrooms, 3 bathrooms, and a backyard that will make you never want to go inside. The backyard has all the Paradise Vibes that will make all your friends green with envy. The oversized pool boasts a spacious Baja shelf complemented by an impressive water feature to create the perfect ambiance. Adjacent to the pool is an outdoor kitchen complete with a bar seating area for 10. A built-in smoker produces mouthwatering meats while the natural gas grill sizzles up steak and spicy shishito peppers. As the day transitions into night, savor the serenity of Cave Creek's dark skies. When it's time to retreat indoors, you'll be welcomed by a gourmet kitchen featuring a gas cooktop, elegant white shaker cabinets with 42 uppers, granite countertops, an island, stainless steel appliances, and a pantry. The main level also offers a full bedroom and bath for guests who won't want to leave! Upstairs, the primary bedroom awaits with an ensuite bathroom boasting a tiled shower large enough to rival a car wash, a double vanity, and a spacious walk-in closet. Additionally, the upper level includes three more generously sized guest bedrooms with walk in closets, a guest bathroom, and a loft space perfect for a second living room, office, or gym. Run don't walk to see this dream of a house, as backyards of this caliber are in high demand. Cave Creek offers top-notch schools, amazing shopping, and dining delights. Don't miss the famous Buffalo Chip Saloon and world-class golf, plus unbeatable biking and hiking trails. A quick drive to the best of Desert Ridge & Scottsdale. It's all right here!

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27681 N 108th Way Scottsdale, AZ 85262

Open House

$850,000

3 Beds

2 Baths

1,998 SqFt

Status Active

MLS # 6759437

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat in the heart of Troon North! This stunning 3 bed, 2 bath, residence boasts unparalleled mountain views, offering a picturesque backdrop for your everyday life. Brand new roof in July 2024. As you step into the meticulously designed property, you're greeted by a luxurious pebble tec pool and spa, complete with pop-up filters for ease of maintenance and endless relaxation. The home's grandeur is immediately apparent with its soaring 12-foot ceilings, creating a sense of spaciousness and sophistication in every room. Large windows strategically placed throughout the residence invite abundant natural light, illuminating the exquisite interior and highlighting the breathtaking vistas beyond. Entertain with ease in the gourmet kitchen, featuring upgraded shutters, premium appliances, and ample counter space for culinary creations. The open-concept layout seamlessly connects the kitchen to the living and dining areas, fostering effortless flow and connectivity for gatherings of any size. Retreat to the lavish master suite, where tranquility awaits amidst panoramic views and indulgent amenities. The en-suite bathroom offers a spa-like experience with a soaking tub, dual vanities, and a spacious walk-in shower, providing the ultimate in relaxation and rejuvenation. Outside, the expansive patio beckons you to unwind in style with natural area open space at the rear of the property, whether you're basking in the Arizona sun, dining alfresco under the stars, or simply enjoying the serenity of your private oasis. With meticulously landscaped grounds and unparalleled vistas of the surrounding mountains, every moment spent outdoors is an escape to paradise. Located in the prestigious community of Troon North, this residence offers the perfect blend of luxury living and natural beauty. Enjoy world-class golf, hiking trails, and upscale amenities just moments from your doorstep, making every day feel like a vacation in paradise.Don't miss your chance to experience the epitome of desert living in this exquisite Troon North retreat.

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5209 N 145th Drive Litchfield Park, AZ 85340

Open House

$850,000

5 Beds

4.5 Baths

4,473 SqFt

Status Active

MLS # 6736383

Property Type Single Family Residence

Price Type --

Amazing move in ready Gem in the heart of Litchfield park. This one has 5 large Bedrooms, full Casita with separate entrance downstairs, 4.5 baths, huge loft, master down, and a 3 Car Tandem Garage nestled in the enclave of exquisite estates & Amenities. Gourmet Kitchen features gas cooking and stainless appliances with no homes in backyard for maximum privacy. Kitchen featuring a large Granite Island, In wall Oven and microwave, Gas Cooktop, walk-in Pantry & Butlers Pantry. The expansive upstairs loft welcomes oversized bedrooms with seperate walk in closets including jack and Jill bath between two of the bedrooms and another bedroom with a private bath! Indulge in the Outdoor Pool, upgraded landscape including synthetic turf and putting green! This is a one will go fast!!

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1642 E Circle Mountain Road New River, AZ 85087

Open House

$850,000

4 Beds

2 Baths

2,433 SqFt

Status Active

MLS # 6751380

Property Type Single Family Residence

Price Type --

Rare horse property with NO dirt roads to your driveway! Another Legacy Builds Stunner! Perfectly situated on a nice flat 1.35 acre lot with 365 degree mountain views this grand open concept 2024 construction home presents you with all the best of modern living with all the creature comforts of southwest living! New River is notorious for its wide open spaces, starry night skies, and horses and horsepower! Vaulted ceilings and ample windows create a large and airy space for central living and the builder NEVER skimps on storage. 10 foot ceilings throughout and 12 foot ceilings in the main living area! Spray foam insulation throughout and Milgard Windows. 4 bedrooms PLUS a large office. Extended length 3 car garage! Grand primary suite! Huge walk in closet! Upgrade list available.

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19107 E Sunnydale Drive Queen Creek, AZ 85142

$849,999

4 Beds

3 Baths

2,457 SqFt

Status Active Under Contract

MLS # 6732642

Property Type Single Family Residence

Price Type --

Welcome to luxury living in Queen Creek! This stunning custom-built residence offers unparalleled elegance and modern amenities. It is one of the few homes that has irrigation through Chandler Heights. Featuring 4 bedrooms and 3.5 bathrooms this home showcases a completely new and renovated interior. Check out the meticulous attention to detail, with custom door and cabinet colors that add a touch of sophistication to every room. The master bathroom is a sanctuary, complete with a luxurious bathtub and a rain shower head . The spacious layout includes a unique basement, providing extra room for entertainment. The A/C and hot water heater are also only a few years old. The property is situated on a 1.22-acre lot. With no HOA, you have the freedom to build your perfect backyard.

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