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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3320 N 44th Street Phoenix, AZ 85018

$849,999

2 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6693877

Property Type Single Family Residence

Price Type --

ARCADIA LITE! The Ritz Carlton, Four Seasons, and W Hotels all boast furnishings created by the same artisan cabinetry maker who created the Antoine Proulx cabinetry in this contemporary Zen sanctuary. This property harmoniously blends live & work environments in a spacious garden setting, complete with a fire feature and fountains. Serenity abounds within the private walls of weathered steel and block, perfect for meditation and outdoor yoga. The generous shade structure invites you to make full use of the outdoor living environment year-round. Architecture by Luis Salazar. This home is virtually soundproof, with a split floor plan, gourmet kitchen, and skylights. It offers two en-suites, a separate home-office or studio, and an additional room ideal for a newborn nursery.

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19668 E Estrella Road Queen Creek, AZ 85142

$849,995

3 Beds

2.5 Baths

2,580 SqFt

Status Active

MLS # 6698571

Property Type Single Family Residence

Price Type --

Discover the Hanson, a thoughtful ranch plan with three generous bedrooms—including a lavish owner's suite with a private bath—and an open, airy layout for entertaining. Highlights include a quiet study, an expansive great room and an impressive kitchen with a walk-in pantry, center island and optional gourmet features. You'll also appreciate a large covered patio, a 2-car garage with a third tandem space and a convenient RV garage. RV garage is 43' and ready to accommodate all of your toys.

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17394 W Sugar Hill Court Surprise, AZ 85388

$849,995

2 Beds

2.5 Baths

2,794 SqFt

Status Active

MLS # 6704548

Property Type Single Family Residence

Price Type --

Located within an Active Adult only neighborhood this 2 bedroom 2.5 bath St. Helena floorplan with bonus room has a wow factor, open entry to large spaces for office on one side and dining on the other. The living room is an open concept to the kitchen and large island with plenty of seating, double ovens and two tone cabinets with KitchenAid gourmet stainless steel gas appliances that's a cooks dream. the custom backsplash that extends all the way to the ceiling, there is also a butler's pantry just perfect for those entertaining shopping sprees. The flooring is wood plank tile throughout even in the bedrooms. The primary bathroom has a separate tub and shower and tile to ceiling and sit down vanity, the primary closet has a custom package to fit even the most extravagant wardrobe.

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22308 E Maya Road Queen Creek, AZ 85142

$849,995

4 Beds

3.5 Baths

3,194 SqFt

Status Active

MLS # 6741075

Property Type Single Family Residence

Price Type --

Be the proud owner of this exquisite 4-bedroom home in the prestigious Charleston Estates. It boasts a stone-accented facade, a paver driveway, and a 3-car garage, welcoming you into a serene courtyard. Step inside to discover wood-look flooring, layered crown molding, plantation shutters, and a spacious living area. Formal dining room is perfect for festive meals, while the large kitchen features white cabinets, stainless steel appliances with wall ovens, a stylish tile backsplash, recessed lighting, a walk-in pantry, and a center island with a breakfast bar. Main bedroom is a retreat, complete with a sitting area, a chic ensuite with dual sinks, a soaking tub, and a walk-in closet. A versatile bonus room serves as an office or family room... The lush backyard, with its covered patio, is ideal for lively barbecues. Experience this charming home for yourself!

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1547 W Vernon Avenue Phoenix, AZ 85007

Open House

$849,995

3 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6757540

Property Type Single Family Residence

Price Type --

Beautiful 3+ bed, 2 bath Tudor Revival home in the sought-after Del Norte Place Historic District. Enjoy versatile living w/ a den/flex space and a finished basement for expanded utility. This 1,928 sq ft residence features all NEW systems & sits just steps from Encanto Park. Timeless character meets modern convenience.Adorned with ORIGINAL scored concrete AND wood floors, it seamlessly blends vintage charm with modern amenities. Step inside to discover a gorgeous barrel ceiling echoing the arched front picture window, original scored concrete floors, complemented by vintage and period light fixtures, offering a warm ambiance throughout. Additionally, French doors from the living room open into a versatile den offering endless possibilities as a home office or a tranquil retreat. The kitchen is perfect for culinary enthusiasts; a 6-burner gas stove, oiled soapstone countertops, adorned with a marble backsplash and top of the line SS appliances. Spanning 1928 sq. ft., the home's vintage interior spaces beckon with a spacious formal dining room leading to the enchanting indoor/outdoor oasis of the covered patio and private sanctuary in the back yard. Downstairs, a large finished basement provides ample space for recreation or relaxation, catering to every lifestyle need. Discover the epitome of refined living in this peaceful neighborhood.

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13190 W Horsetail Trail Peoria, AZ 85383

$849,990

3 Beds

2.5 Baths

2,304 SqFt

Status Active

MLS # 6753632

Property Type Single Family Residence

Price Type --

Discover luxury living in this stunning Northpointe home! This 3-bed, 2.5 bath gem sits on an elevated lot with outstanding views. The updated gourmet kitchen features quartz and granite countertops, custom cabinetry and top-tier appliances, perfect for any chef. Soaring 12-foot ceilings elevate the spacious family and dining rooms, complemented by a striking stackstone entertainment wall.The primary bedroom boasts a custom Stackstone accent wall, adding rustic charm. Enjoy seamless indoor-outdoor living with a grand patio, and park with ease in the spacious three-car garage. The iron front door adds a touch of elegance to this incredible home!

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29122 N 146th Street Scottsdale, AZ 85262

$849,990

3 Beds

3 Baths

1,637 SqFt

Status Active

MLS # 6706800

Property Type Single Family Residence

Price Type --

THIS GORGEOUS DESERT OASIS AWAITS YOU! Over 1 Acre, split floor plan, horse property, with a guest house, sparkling pool, amazing waterfalls, built in BBQ, RV gates and so much more! Drive up to the beautifully desert landscaped front and backyard with pavers to a 2 car garage and extended double set of RV gates. Walk in the front door to a open concept living with vaulted high ceilings, a neutral contemporary palette, high end fixtures, upgraded tile flooring and a stunning electric fireplace. The designer chef kitchen features granite counters, espresso soft close cabinets and drawers, SS appliances, walk-in pantry, tile backsplash and a breakfast bar. The primary bedroom boasts panoramic doors to the backyard, large walk-in closet, double sinks and a private toilet room. The guest rooms offer stunning sunrise views and a jetted walk in tub and sit down shower for the second bath. The casita offers another bedroom with an additional 3/4 bath and a slider that opens to the awesome backyard patio, built in BBQ and beautiful backyard oasis. Don't forget the landscaped yard comes with a covered patio, travertine deck, soothing above ground spa that conveys with the home and a separate gated doggie door and pet area off to the side of the house. Inside laundry with extra storage and washer and dryer also convey with the sale. Come out today to see everything this amazing home has to offer you already as well as all of the additions you could add to give it your own personal touch!

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914 E Mead Drive Chandler, AZ 85249

$849,990

5 Beds

4 Baths

4,608 SqFt

Status Active

MLS # 6752600

Property Type Single Family Residence

Price Type --

Experience luxury in this stunning 5 bed, 4 bath home, now available for immediate sale. Boasting an impressive two-story entry, the home features a gourmet kitchen with a large island, 5 burner gas cooktop, stainless steel appliances, and a butler's pantry. The main level offers a spacious family room, formal living and dining areas, and a bedroom with a full bath. Upstairs, the primary suite includes a versatile sitting area, a lavish bath with a soaking tub, separate shower, dual vanities, and a walk-in closet. Additionally, there are three more bedrooms, one with an en-suite bath, and a large loft. The backyard is perfect for entertaining, featuring an extended patio and turf yard. Conveniently located near Loop 202, shopping, dining, Chandler employers, and top-rated public schools.

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1952 W Bramble Berry Lane Phoenix, AZ 85085

$849,990

5 Beds

4.5 Baths

3,018 SqFt

Status Active

MLS # 6731409

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Explore the Prato two-story floorplan, ready by Sept/Oct, featuring an owner's suite and an additional suite on the first floor. The chef's kitchen includes a gas cooktop, hood, and quartz countertops, with upgraded tile and carpet throughout. A center slider in the gathering room enhances indoor-outdoor living. An added bathroom upstairs creates another suite. The home also includes a full electrical package, a landscaped front yard, and stylish interiors.

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17979 W Desert Willow Drive Goodyear, AZ 85338

$849,950

3 Beds

2.5 Baths

2,457 SqFt

Status Active

MLS # 6759836

Property Type Single Family Residence

Price Type --

Welcome! This resort-style living in Cordoba Park at Estrella Mountain Ranch! This stunning 3 bed/2.5 bath + large open office home sits on a spacious 12,350 sq ft lot with breathtaking mountain views! The backyard oasis features a 31'x71' travertine patio, a covered area with fans, surround sound, a misting system, BBQ station, fire pit, & a 12'x34' self cleaning heated pool with a waterfall. Back inside be blown away with a pristine & enjoyable open concept layout with wood plank tile, 10' ceilings, crown molding, large sliding doors in both kitchen and family room. The kitchen boasts of quartz countertops, extended white cabinets, walk in pantry & built in appliances. The master suite offers dual custom walk in closets. 3 zone HVAC, hot water on demand & plantation shutters.

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3954 E Crescent Place Chandler, AZ 85249

$849,950

5 Beds

3 Baths

3,868 SqFt

Status Active

MLS # 6607152

Property Type Single Family Residence

Price Type --

Looking to say goodbye to your dreary old living space and hello to your dream home? Buckle up, because we've got a stunning 5-bed, 3-bath masterpiece for you. Tucked away in a quiet cul-de-sac, this crib in the highly sought-after Avian Meadows neighborhood is the ultimate upgrade. The interior is immaculate, the kitchen is chef-worthy, and the layout is spacious enough to do cartwheels in. You'll have your own guest bedroom and bathroom for all your out-of-town pals, plus a bonus flex space for all your wacky hobbies. Upgrades galore, like a gas fireplace and pre-wired surround sound and security systems, will make you feel like a boss. And wait until you see the outdoor hangout - complete with a firepit and pergola. And if that's not enough to make you swoon, the scenic Veterans Oasis park is just a hop, skip, and a jump away. Don't snooze on the chance to own this hot property!

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6719 N 15th Avenue Phoenix, AZ 85015

$849,950

4 Beds

2 Baths

2,494 SqFt

Status Active

MLS # 6729425

Property Type Single Family Residence

Price Type --

Prepare to be dazzled! This meticulously home sits on a 1/4 acre lot, offering a private oasis perfect for indoor and outdoor living. High ceilings and a spacious living and dining area, adorned with wood floors. The gourmet kitchen features granite counter-tops, a back-splash, breakfast bar, a gas cook-top, and ample cabinetry. Open floor plan flows into the family room. Relax by the fireplace, a perfect focal point for cozy gatherings. The master bedroom provides a sanctuary for relaxation. Private access to the backyard oasis and a luxurious walk-in closet boasting custom built-in shelves. The bathroom suite features double sinks, granite counter-tops, a deep soaking tub, and a walk-in shower. The additional bedrooms provide comfortable living space for family or guests. The outside is Prepare to be dazzled! This meticulously home sits on a 1/4 acre lot, offering a private oasis perfect for indoor and outdoor living. High ceilings and a spacious living and dining area, adorned with wood floors. The gourmet kitchen features granite counter-tops, a back-splash, breakfast bar, a gas cook-top, and ample cabinetry. Open floor plan flows into the family room. Relax by the fireplace, a perfect focal point for cozy gatherings. The master bedroom provides a sanctuary for relaxation. Private access to the backyard oasis and a luxurious walk-in closet boasting custom built-in shelves. The bathroom suite features double sinks, granite counter-tops, a deep soaking tub, and a walk-in shower. The additional bedrooms provide comfortable living space for family or guests. The outside is a private paradise with a sparkling pool with cascading water features. Custom pavers create a stylish patio area, and meticulously maintained shrubs ensure complete privacy. Expansive play area with synthetic turf - perfect for all-weather enjoyment. This exceptional property offers the ultimate blend of luxury, functionality, and outdoor living - all in a highly desirable location. Don't miss this opportunity to create lasting memories in your dream home!

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