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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8219 E Sells Drive Scottsdale, AZ 85251

$849,000
3 Beds
2 Baths
2,213 SqFt
Status Active
MLS # 6744515
Property Type Single Family Residence
Price Type --
Experience the perfect blend of modern luxury and homey comfort in this beautifully remodeled residence, free from HOA restrictions. This home has been thoroughly updated, featuring new plumbing, electrical systems, roof, and an upgraded sewer line. Inside, you'll find 3 spacious bedrooms and 2 stylish bathrooms. The oversized master suite includes a generous walk-in closet, a luxurious soaking tub, and a separate shower. The heart of the home is the stunning kitchen, featuring a large island, stainless steel appliances, pristine quartz countertops, and sleek shaker cabinets. The family room is enhanced by a cozy gas fireplace, adding warmth and charm. Additional highlights include an epoxy-finished garage floor for easy maintenance and durability. Ideally situated within walking distance of Old Town, Chaparral Park, and a variety of shopping destinations. Enjoy modern elegance in a prime location with this exceptional property.

3713 E Kimball Road Gilbert, AZ 85297

$849,000
5 Beds
3 Baths
3,892 SqFt
Status Active
MLS # 6759973
Property Type Single Family Residence
Price Type --
Gorgeous updated 5 bedroom home with PRIVATE tropical backyard oasis. Pebble tec pool with rock waterfall and putting green, covered gazebo included. Gourmet kitchen with large center island and breakfast bar. Custom stone media center and shelving in family room with gas fireplace. Surround sound in family room and loft area. Granite countertops throughout, updated light fixtures. Master bathroom remodeled with large walk-in shower, newer carpet throughout home. Oversized 3 car garage with separate storage or workbench area. South facing backyard. Great neighborhood on quite street. Walking distance to the Gilbert Regional Park.

2382 W Binner Drive Chandler, AZ 85224

$849,000
7 Beds
4 Baths
3,822 SqFt
Status Active Under Contract
MLS # 6724204
Property Type Single Family Residence
Price Type --
Nestled in a quiet neighborhood just a mile from the 101 and 202, this magnificent Chandler home offers the perfect blend of privacy and convenience. Adjacent to a serene wash with only one neighbor to the side, it provides an idyllic setting for daily dog walks through the wash to the expansive green belt that runs through the neighborhood. This spacious residence spans just under 4,000 square feet, featuring seven bedrooms—two on the main level and five upstairs. Ideal for generational living, a home office, an artist's studio, or a dedicated playroom to keep kids' toys out of the main living areas, this home has space for everyone and everything. The kitchen is a culinary dream, recently updated with a custom wood gourmet hood fan that serves as the room's focal point. It features an island with waterfall countertops, stainless steel appliances, a six burner gas range, a deep basin sink, and a stand-alone built-in ice maker. On the main level, two spacious bedrooms each have double door closets, one with direct access to an en-suite full bathroom. The large laundry room with ample storage is also conveniently located on this level. Upstairs, five bedrooms await. Two bedrooms share a Jack-and-Jill bathroom, while the other two share a recently updated full bathroom with double sinks. One of the bedrooms provides private access to the balcony, overlooking the newly updated resort-like back yard. The master bedroom features a private entrance, an oversized master closet, and a luxurious en-suite bathroom with double sinks and a large garden tub. Throughout the home, updated light fixtures add a modern touch. The back yard has been completely transformed, featuring artificial grass, a new diving pool with new pool equipment, and an extended covered patioperfect for outdoor entertaining. Additional updates include a new AC unit installed in 2019 and a freshly repainted exterior as of June 2024. Located near a plaza with essential amenities, including Cheddar's Scratch Kitchen, Coffee Bean, and Massage Envy, this location is unbeatable.

4414 S Ferric -- Mesa, AZ 85212

$849,000
4 Beds
3.5 Baths
2,881 SqFt
Status Active
MLS # 6757904
Property Type Single Family Residence
Price Type --
Welcome to your dream home that has it all! This immaculate turn key, like-new bright home boasts 4 bedrooms plus a den and a loft, 3.5 baths, beautiful designer chef's kitchen, built-in speakers, 360 degree views of mountain ranges, 10yr no cost transferrable builder warranty, tankless water heater, EV-ready outlet, and a resort like backyard with a heated pool, putting green, and sport court. This home's other standout features are a luxurious super shower with a rain shower head in the Primary bathroom, 8-foot doors, a downstairs guest suite, and 10-foot ceilings throughout. The highly coveted neighborhood of Eastmark has over 70 parks, pools, a game room, and miles of walking and biking paths with a low HOA. The home is close to Inspirian Peak Park, coffee shops, restaurants and more

312 E Windsor Avenue Unit 1 Phoenix, AZ 85004

$849,000
3 Beds
3 Baths
2,400 SqFt
Status Active
MLS # 6672428
Property Type Townhouse
Price Type --
Our eyes are made to see forms in light: light and shade reveal these forms. Rising like the sun over Midtown Phoenix is Soleil. Inspired by Original Modernism; built for connoisseurs of live, work, play. There's a renaissance going on in PHX and you can be close to it all. Uber or light rail yourself to 3 rd Street Promenade and into secluded hidey holes! And when you need to unwind? You're 15 minutes away from exciting, desert hiking trails. It's here you'll witness sun-setting colors pour and splash themselves all over the Sonoran Desert.

26158 N 96th Drive Peoria, AZ 85383

$849,000
4 Beds
3 Baths
2,354 SqFt
Status Active
MLS # 6725121
Property Type Single Family Residence
Price Type --
One of only 72 homes in this stunning gated community. Enjoy your NEW, beautiful home in Querencia! This single-level home with 4 bedrooms and 2.5 bathrooms boasts an entertainment-ready backyard. Featuring a great room and split floor plan, an expanded garage, and a cul-de-sac corner lot location, this home truly has it all. Don't miss the opportunity to make this your dream residence! Walk to Great Hearts and BASIS Peoria super close.

4245 E Desert Forest Trail Cave Creek, AZ 85331

$849,000
5 Beds
3 Baths
3,031 SqFt
Status Active
MLS # 6725322
Property Type Single Family Residence
Price Type --
Welcome to the highly sought-after Dove Valley Ranch community! This stunning two-story residence boasts 5 spacious bedrooms, offering ample space for your family and guests. The primary bedroom, located on the upper level, features two walk-in closets and a private balcony patio with a picturesque view of the backyard and pool. Step inside to find newly painted interiors in neutral colors, complemented by elegant hardwood floors that create a warm and inviting atmosphere. The upper level includes a cozy living area, ideal for family gatherings or a quiet retreat, and an office nook off one of the bedrooms, perfect for remote work or study. The outdoor space, featuring a covered patio, a large backyard with a refreshing pool, and a golf putting turf for your enjoyment. The yard backs up to a serene nature trail, providing a peaceful and scenic backdrop. Additional highlights include a spacious three-car garage, ensuring plenty of storage and parking. This beautiful home in Dove Valley Ranch offers the perfect blend of luxury, comfort, and convenience. Don't miss the opportunity to make it yours!

8747 W Daley Lane Peoria, AZ 85383

$849,000
3 Beds
3 Baths
1,850 SqFt
Status Active Under Contract
MLS # 6737247
Property Type Single Family Residence
Price Type --
Incredible opportunity to purchase a 3 bedroom, 3 bath remodeled horse property in North Peoria on 1.166 acres. Interior of home includes a fully remodeled kitchen with Quartz countertops, brand new cabinets with soft close drawers and stainless-steel appliances. Two master suites with all bathrooms recently remodeled. This home includes an arena, stables, shade structure, garage, diving pool, workshop and tons of space for additional buildings, RV, parking or expansion. All new double pane DeBella windows throughout home and brand-new AC unit! New exterior paint in the past two years. Home is on county island with NO HOA. Amazing Property! Ideal location that is close to 101, 303 and shopping in all directions.

2704 W Languid Lane Phoenix, AZ 85086

$849,000
4 Beds
3 Baths
2,979 SqFt
Status Active
MLS # 6747242
Property Type Single Family Residence
Price Type --
Quintessential Arizona living awaits in this stunning semi-custom home with **breathtaking mountain and desert views!** Nestled on one of Tramonto's premier view streets, this spacious residence offers a private courtyard perfect for your morning coffee. Inside, high ceilings and tile floors create an airy ambiance, while upgraded bathrooms and custom paint add elegance. The kitchen is complete with SS appliances, pantry and stone countertops. Spacious family room with fireplace and built in shelving. The backyard is a desert paradise with travertine, a cozy fireplace, and an elevated mountain view area, ideal for taking in Arizona's iconic sunsets over the Valley of the Sun. This home is truly a gem that combines luxury and natural beauty.

5531 W Irma Lane Glendale, AZ 85308

$849,000
4 Beds
3 Baths
2,658 SqFt
Status Active Under Contract
MLS # 6743000
Property Type Single Family Residence
Price Type --
Prestigious Arrowhead Lakes waterfront home. Backyard pool oasis over looking the lake and stunning mountain views. This home features New roof(2024), 2 New air conditioners, New water heater and renovated dock. This home is well cared for. Grand entry with travertine tile design. Gorgeous wooden floors in all the right places. Large Master bedroom features a balcony to enjoy. The master bathroom has his and her closets and vanities. Plantation shutters throughout. Granite in kitchen and bathrooms. Designer touch throughout. Home is spacious with 4 bedrooms plus a loft/bonus room and 3 full bathrooms. There's a bedroom and full bathroom on first floor. A boat and canoe come with home ready for enjoyment! Extra long driveway. What a prime area with shops, hiking and much more nearby.

29317 N Horton Creek Trail Rio Verde, AZ 85263

$849,000
2 Beds
2 Baths
1,542 SqFt
Status Active
MLS # 6751491
Property Type Townhouse
Price Type --
Welcome to your dream retreat in the heart of the exclusive gated golf course community of Trilogy at Verde River! This stunning single-story home boasts a private split 2 bedrooms, 2 bathrooms floor plan which includes a versatile office space with built-in cabinets at your disposal. Perfectly positioned on a premium golf course lot, this home offers 180 degree exquisite mountain and golf course views day or night with an expansive covered patio perfectly positioned to take it all in while relaxing by the gas firepit. Step inside to discover a thoughtfully designed layout that blends comfort and elegance. Bathed in ample natural light and offering sleek tile flooring throughout, the spacious living areas flow seamlessly connecting the living and dining areas, truly making this kitchen... Welcome to your dream retreat in the heart of the exclusive gated golf course community of Trilogy at Verde River! This stunning single-story home boasts a private split 2 bedrooms, 2 bathrooms floor plan which includes a versatile office space with built-in cabinets at your disposal. Perfectly positioned on a premium golf course lot, this home offers 180 degree exquisite mountain and golf course views day or night with an expansive covered patio perfectly positioned to take it all in while relaxing by the gas firepit. Step inside to discover a thoughtfully designed layout that blends comfort and elegance. Bathed in ample natural light and offering sleek tile flooring throughout, the spacious living areas flow seamlessly connecting the living and dining areas, truly making this kitchen the heart of the home! The kitchen is the epitome of modern style meets functionality featuring quartz countertops and a large island, perfect for meal prep, casual dining, and entertaining guests. Complete with soft-close shaker cabinets adorned with designer finishes providing both style and convenience offering a perfect blend of form and function for everyday living and hosting. The primary suite is the perfect sanctuary offering breathtaking views as well as luxurious amenities including a spa-like primary bath featuring a large shower, double sinks and walk-in closet! Even your car will get pampered in the two car garage featuring epoxy flooring! Outside, immerse yourself in the vibrant community life, where you'll find endless opportunities for recreation and leisure. Enjoy the resort-style amenities where you can enjoy the clubhouse and its many community events, relax poolside with eats and treats at the poolside restaurant, Eddy's Poolside, stay fit in the lap pool or relax in the outdoor whirlpool. After you work on perfecting your serve on the tennis or pickleball courts or engage in a friendly competition of bocce ball or cornhole you can enjoy a savory dinner at communities exclusive restaurant Needle Rock Kitchen and Tap. Need some down time and pampering, relax at the amazing Alvea Spa where the menu of services will not disappoint! This community also offers a Social Club with enriching social experiences and exclusive access to a culinary studio, art studio, fitness center, and member-only social areas. With a packed calendar of events, there's always something exciting to enjoy. Experience the perfect blend of luxury, leisure, and lifestyle in this exceptional home. Don't miss your chance to live in this coveted community, where every day feels like a vacation!

1113 N Scenic Drive Payson, AZ 85541

$849,000
3 Beds
2.5 Baths
2,638 SqFt
Status Active
MLS # 6707457
Property Type Single Family Residence
Price Type --
Welcome to a haven of luxury and nature in the prestigious, privately gated Chaparral Pines Golf Community. This custom home offers unparalleled living with picturesque mountain views right off the expansive front deck, where you can unwind and watch the sunset paint the sky each evening. The home features floor-to-ceiling windows that perfectly frame the stunning mountain vistas, ensuring you never miss a moment of the breathtaking scenery. Your backyard is a true natural paradise, backing directly onto the Tonto National Forest. Here, you'll enjoy direct access to forest trails and the opportunity to observe diverse wildlife in their natural habitat. The main level is expertly designed for both entertaining and everyday living. It features the primary bedroom and a convenient half bath, creating an ideal layout for effortless living. The spacious front deck is perfect for hosting gatherings or simply soaking in the stunning vistas. The home's split-plan layout ensures privacy and comfort with a separate downstairs area that includes a welcoming family room, two additional bedrooms, and a full bath. Guests or family members will appreciate their own private walk-out covered patio, offering a peaceful retreat amidst nature. Chaparral Pines is more than a community; it's a lifestyle. Indulge in an array of exclusive amenities, including a championship golf course, a luxurious clubhouse, a fitness center, a sparkling swimming pool, dog park and much more. As a resident, you'll also have access to the world-class amenities at The Rim Club, providing even more options for recreation and relaxation. Whether you're golfing in the cool summer months, engaging in winter activities, or simply enjoying the year-round beauty of this exquisite location, your new home at Chaparral Pines offers the ultimate in luxury and leisure.

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