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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2755 E Palmer Street Gilbert, AZ 85298

$849,900
4 Beds
4 Baths
4,553 SqFt
Status Active
MLS # 6739334
Property Type Single Family Residence
Price Type --
You will fall in love with this beautiful 4,553sf home in the highly sought after Shamrock Estates! Features 4 large upstairs bedrooms, 3.5ba. Loft, Game Room, and home office space with its own PRIVATE staircase. The main level has large living area plus formal dining with an open design, Great for both everyday living or entertaining. Gourmet kitchen showcases Granite Countertops matching appliances, Walk-in Pantry is a Chef's dream with a convenient hi top breakfast bar. Community has three parks, and a Biking/Walking Path to enjoy the beautiful Arizona sunsets. Chandler Traditional Academy-Freedom was ranked 10 out of 10 on great schools.org.

2320 N 191st Avenue Buckeye, AZ 85396

$849,900
3 Beds
3 Baths
2,067 SqFt
Status Active Under Contract
MLS # 6746698
Property Type Single Family Residence
Price Type --
SELLER IS MOTIVATED, BRING ALL OFFERS. SELLER WILL PAY BUYERS CONCESSIONS IF THE OFFER IS RIGHT. Welcome to your2 ACRE+ Ranch-Style Dream Home. Tucked away on a quite paved street, this charming block home is a perfect blend of country and modern living. Bring your horses to your country home that is also close to the city. Lets start with the heart of the home, the kitchen, it was recently remodeled with brand new custom cabinets, soft close drawers and cupboards, new upgraded stainless steel appliances, lighting, and beautiful Quartz countertops. The Primary Bathroom has been completely remodeled as well, it includes new tile flooring, a big walk in tiled shower, new vanity, and lighting. The Primary Bedroom is split away from the other 2 bedrooms for your privacy NO HOA!!!!!! This is on a rare county island. The large front covered porch with it's unique wooden ceiling, is truly beautiful and inviting as you enter your homes front door. Just inside the home, to the left, is your conveniently located office or craft room. The seller has removed all of the carpet in the home with tasteful laminate flooring and tile throughout. The large laundry room leading to one of the 2 car garages, has ample storage space to hide your stuff away and also extra space for a refrigerator or freezer. This home includes a paid off solar system that provides its owners with lower utility bills, forever and ever. The covered back porch, sprawls across the whole back side of the home, and includes the same upgraded wooden ceiling as the front patio. The back yard includes quality turf, a huge built in BBQ, and a sprawling island, which leads down a path to your private fenced pool. If you are handy and or like to tinker around, the extra 2 + car garage workshop is the place you will spend countless hours in, which includes a 1/2 bath for your convenience. The home has a 6' block wall enclosing the whole back area of the property. Both sides of the block wall have an RV gate to store your toys, 4 wheeler, or campers securely. The left side of the home, behind the RV Gate, has a built in sewer clean out for your camper, talk about convenience. It has 3 horse stalls, a tack room, an extra large storage shed, for more storage. The beautiful views from the front and the back of the home are serene. Newer AC units, water softner, reverse osmosis, and water heater to ease your costly expectations of repairs, or upgrading. This home has too many options to list here, so you need to check it out before it is gone. Seller will also sell, the lot attached directly to the South of the home, if the offer is right. This does include lot 502-66-001j, has all utilities already to it, and is 48,010 sq ft. If you combine both lots it is a total of 95,218 sq ft. of land.

11451 E Christmas Cholla Drive Scottsdale, AZ 85255

$849,900
2 Beds
2 Baths
1,508 SqFt
Status Active Under Contract
MLS # 6742306
Property Type Single Family Residence
Price Type --
Finally!! One of the best lots in the Troon area in an amazing, quiet, private cul-de-sac lot. Backing and siding to boulder outcropping with South backyard, perfect for the winter visitors/2nd home. Its like having a 5 acre lot that you don't have to maintain. This phenomenal pocket surrounded by multi million $ luxury homes is ready for your special touches. Seller lightly used as a winter residence and just moved out. Carpet just replaced last month and roof replaced 2019. Oversized eat-in island kitchen with breakfast bar overlooking the great room floor plan looking out to the refreshing boulder waterfall pool. Master bedroom is also on the back of the house looking out to pool. Separate oversized laundry room with room for a small office or storage. priced for quick sale WOW!!

2325 N 160th Avenue Goodyear, AZ 85395

$849,900 - 4Br/4Ba -  for Sale in Palm Valley Phase 8 North Parcel, Goodyear
Open House
$849,900
4 Beds
3.5 Baths
3,634 SqFt
Status Active
MLS # 6756042
Property Type Single Family Residence
Price Type --
PRISTINE 4 BEDROOM 3.5 BATH WITH POOL IN SOUGHT-AFTER GATED COMMUNITY OF PALM VALLEY! PREMIUM LOT BACKING TO GREENBELT! 3 CAR GARAGE! TENS OF THOUSANDS IN UPGRADES! This beautiful home boasts 10' ceilings throughout, open concept Kitchen/Great Room, Guest Suite, Game or Flex Room, Den, Formal Dining, 20'' tile floors, stone niche with gas fireplace, granite countertops, upgraded cabinets with crown molding, double ovens, gas cooktop, R/O system, pull-out shelves, split Primary Bedroom with walk-in shower and garden tub, 8' doors throughout, custom shades, and the list goes on. Relax and entertain in your private back yard with pool, pergola, built-in BBQ, covered patio, and landscape lighting. RV gate with paver pad included. Excellent location near shopping, restaurants, and the I-10.

14429 N 75th Drive Peoria, AZ 85381

$849,900 - 4Br/3Ba -  for Sale in Bella Pasa, Peoria
Open House
$849,900
4 Beds
3 Baths
2,650 SqFt
Status Active
MLS # 6512351
Property Type Single Family Residence
Price Type --
** QUICK MOVE-IN HOME*** 3.99% FIRST YEAR RATE / 5.99% FIXED* Beautiful Modern Cottage on an 8,352 sq/ft lot, with approximately 2650 sq/ft on a single level, with 10' ceilings and 8' doors. A spacious 3 car tandem garage with upgraded electrical package including car charger outlet that should serve all your garage needs! The beautiful home includes designer decorator selections with white and charcoal 42'' shaker cabinets, popular Calacatta quartz countertops and waterfall edges in the kitchen and island, LG appliances including wall ovens in the gourmet kitchen. Extended atrium slider doors in the great room leading into the backyard. Beautiful custom designed backyard and front yard landscaping with paver driveway.3.99% first year rate (restrictions apply) on a 2-1 Buydown

7167 E Rancho Vista Drive Unit 3003 Scottsdale, AZ 85251

$849,800 - 2Br/2Ba -  for Sale in Optima Camelview Village Condominium Amd, Scottsdale
Open House
$849,800
2 Beds
2 Baths
1,155 SqFt
Status Active
MLS # 6700295
Property Type Apartment
Price Type --
This beautifully remodeled 2 bed/2 bath condo, located in the heart of Scottsdale, offers a luxurious open layout adorned with marble floors and elegant gold accents throughout. The chef's kitchen stands out with its state-of-the-art stainless steel appliances, sleek marble countertops, and a uniquely designed dining area right in the kitchen, making it perfect for entertaining. This space opens seamlessly into a spacious living area, complete with a charming fireplace and direct access to a stunning patio that boasts views of the community pool. The expansive master suite is a true sanctuary, featuring dual closets with built-ins, leading into an opulent en-suite bathroom equipped with dual vanities and a multi-head shower system, creating a spa-like atmosphere that you'll never want to leave.

9558 W Gambit Trail Peoria, AZ 85383

$849,750
5 Beds
3.5 Baths
4,566 SqFt
Status Active
MLS # 6727638
Property Type Single Family Residence
Price Type --
Don't miss your chance to make this serene neighborhood of Pleasant Valley home! This stunning five-bedroom, three-and-a-half-bath residence features a spacious four-car garage and an RV gate, offering ample space for everyone. The formal dining and living areas, complete with a cozy fireplace and wet bar, make entertaining a breeze. The roomy kitchen, adorned with granite counters and extra storage, transforms meal prep into a delightful experience. Unwind in your spa-like tub with a charming fireplace, creating a perfect retreat for relaxing evenings. The expansive loft area is versatile, ideal for a hobby space, home office, workout room, or family theater. The large covered patio is perfect for enjoying summer days and nights, while the generous backyard, complete with a pool, custom fireplace, and fire pit, is ideal for creating cherished memories. This prime location offers easy freeway access and is close to shopping, restaurants, Lake Pleasant and Paloma Community Park. Paloma Community Park is home to a catch and release lake, water park and various sport courts that will provide something for everyone. Seize this opportunity to live in Pleasant Valley! One AC unit replaced in April 2024.

41007 N Harbour Town Way Anthem, AZ 85086

$849,500
3 Beds
3.5 Baths
2,632 SqFt
Status Active
MLS # 6709744
Property Type Single Family Residence
Price Type --
Luxurious Living in Anthem Country Club! Welcome to your new sanctuary nestled within the private gates of Anthem Country Club. This exquisite home, set on a coveted east-facing golf course lot within close proximity to the main gate, offers a perfect blend of elegance and comfort. Wake up to the gentle morning sunshine and enjoy the serene golf action at the tee box of Hole #5 on the Ironwood course, all from the comfort of your shaded, covered patio. Step inside to discover a space designed for both entertaining and relaxation. The home boasts stunning hardwood floors, a gourmet kitchen with granite countertops, crown molding, and plantation shutters. The luxurious master suite and open-concept living areas create an inviting atmosphere. A stand out feature is the spacious casita, perfect for guests who will delight in the soothing sounds of the large water fountain in the private courtyard. The main house includes two bedrooms, an office, and a versatile bonus room with French doors, currently used as a music room. There's ample space for hosting family and friends. Outside, your backyard oasis awaits. Watch golfers tee off, take in the breathtaking views, and cool off in the sparkling pool while enjoying the soothing sounds of the pool waterfall. The east-facing orientation ensures your outdoor space remains comfortably shaded throughout the day, perfect for enjoying the patio fireplace in the evening. Living in Anthem Country Club offers an unparalleled lifestyle. The secure gated community features two championship golf courses, two stunning clubhouses with restaurants and bars, multiple pools, spas, fitness facilities, tennis and pickleball courts, bocce ball, and a vibrant calendar of events. This is more than a home; it's a haven of luxury and leisure. Embrace the best of Anthem Country Club living - a truly amazing experience awaits.

22917 E Silver Creek Lane Queen Creek, AZ 85142

$849,500 - 5Br/5Ba -  for Sale in Church Farm Parcel C2, Queen Creek
Open House
$849,500
5 Beds
4.5 Baths
4,854 SqFt
Status Active
MLS # 6752708
Property Type Single Family Residence
Price Type --
Stunning 5 Bed/4.5 Bath with a Huge LOFT, COMMUNITY POOL, 4 Car Garage and ATTACHED in-law suite complete with it's own bathroom & living space in Meridian. Gorgeous gourmet kitchen with double ovens, SS, granite, butler & large walk-in pantry. Open floor plan with wood plank tile floors. Large living room off the kitchen as well as formal living room & dining room. Oversized owner's suite with walk-in closet. Ensuite bath has dual vanities, private toilet, & soaking tub. Relax in this beautiful backyard with large covered patio, pergola, great privacy and lush grass. Plenty of room to add a pool or enjoy the community pool, gardens, miles of biking paths, outdoor movie ramada, splash pad and more. Grade school IN your neighborhood. Minutes from all of Queen Creek

8344 E Minnezona Avenue Scottsdale, AZ 85251

$849,000
4 Beds
2 Baths
1,800 SqFt
Status Active
MLS # 6720388
Property Type Single Family Residence
Price Type --
Don't miss this beautiful, fully remodeled home on a quiet corner lot in South Scottsdale! With a bright & open floor plan, this home offers new interior finishes, upgraded S/S appliances, quartz countertops, stucco exterior, garage, and double pane windows. Large backyard with a hot tub, fire pit, and putting green. Across the street from Chestnutt Park, and within 10 minutes of the Scottsdale Greenbelt, Fashion Square Mall, and Old Town shops & restaurants. This turnkey home is the perfect investment property or family home.

16002 E El Lago Boulevard Fountain Hills, AZ 85268

$849,000
4 Beds
3 Baths
2,383 SqFt
Status Active
MLS # 6704288
Property Type Single Family Residence
Price Type --
If views are what you are looking for, then you don't want to miss this private home in Fountain Hills! With 2383 square feet of generous living space, the thoughtful floor plan of this home encompasses 4 spacious bedrooms and 3 baths, of which 1 bedroom and bath is in the attached casita. Enter the front door through a quaint front courtyard and be welcomed with a lovely living room with vaulted ceilings that fills the space with light and air. Appreciate a dining room that flows into the kitchen that will delight any chef, showcasing granite countertops and lots of stunning cabinetry. Relax on the private, extended patio with a marvelous fireplace and delight in panoramic mountain views that include views of Four Peaks. The primary suite affords a private sanctuary with walk-in... of Four Peaks. The primary suite affords a private sanctuary with walk-in closet, ensuite bath, shower and dual sink vanity. An abundance of bedrooms affords lots of room for work, play and rest for everyone! An RV gate with parking and a 2-car garage make this one you don't want to miss. Don't miss your opportunity to make this gem your own!

8243 S 40th Street Phoenix, AZ 85042

$849,000
3 Beds
2 Baths
2,435 SqFt
Status Active Under Contract
MLS # 6755368
Property Type Single Family Residence
Price Type --
Gorgeous, fully remodeled 3-bedroom, 2-bathroom home with a bonus room, located in a peaceful neighborhood near South Mountain Preserve. This 2,435 sq ft home on a spacious 0.46-acre lot has been completely updated inside and out with high-end finishes. It features brand new wood-look ceramic tile flooring in a herringbone pattern, fresh paint, and all-new lighting throughout. The stunning kitchen boasts floor-to-ceiling cabinets, quartz countertops, stainless steel appliances, a large 9'x4' island, and a 36'' farmhouse sink, perfect for entertaining. Both bathrooms are fully remodeled, with the primary bath offering a walk-in pebble shower, and the guest bath featuring a soaking tub and granite countertops. The home also has a new roof, Bosch A/C unit, new flooring, drywall, water heater .. and water filtration system. Outside, enjoy a fully fenced backyard with built-in planters, a playground, and beautiful mountain views. The property includes a 792 sq ft garage workshop, 600 sq ft carport, and gated RV enclosure. With easy access to major freeways, Sky Harbor Airport, and downtown Phoenix, this home offers modern upgrades, space, and tranquility in a prime location.

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