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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4145 E Morrow Drive Phoenix, AZ 85050

$849,000

4 Beds

2.5 Baths

2,675 SqFt

Status Active

MLS # 6725974

Property Type Single Family Residence

Price Type --

This updated home, situated on a cul-de-sac, features 4 genuine bedrooms, a den, and a large additional flexible space upstairs! The roof was redone in 2022, and the AC units were replaced in 2021. Both the interior and exterior were repainted in 2022. The large pie-shaped lot showcases a stunning backyard complete with a concrete sport court, a gated diving pool with a slide, a ramada, and a grassy area, all bordered by single-story homes, offering mountain views and North/South exposure. The home is zoned for the highly-rated Paradise Valley High School. Plus, there's no HOA—this is an opportunity you won't want to miss!

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1209 N Earhart Parkway Payson, AZ 85541

$849,000

3 Beds

3 Baths

2,128 SqFt

Status Active

MLS # 6743861

Property Type Single Family Residence

Price Type --

Stunning home in the Mazatzal Mountain Airpark that backs The National Forest! This 3 bedroom, 3 bathroom home features 2,125 sq. ft., a split floor plan, a 3 car garage and great views of the Mazatzal Mountains. The living room has vaulted ceilings, wood floors, and a gas fireplace with beautiful floor to ceiling stonework. The kitchen has granite counter tops, a breakfast bar, island, stainless steel appliances and a pantry. The spacious master suite features a walk-in closet, double sinks, and a large walk-in shower. Off the garage is the first workshop with a bathroom and a large storage room. The second workshop is in the backyard and has a garage door for easy access while working on projects. You'll love the beautifully landscaped backyard with a water feature and a huge, covered patio with piped propane, perfect for barbequing and enjoying nature with the National Forest right at your backyard.

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14838 N 90th Place Scottsdale, AZ 85260

$849,000

4 Beds

2 Baths

2,300 SqFt

Status Active

MLS # 6725834

Property Type Single Family Residence

Price Type --

Seller offering $10,000 towards rate buy-down. This beautifully updated residence offers a blend of modern amenities and timeless charm. The heart of the home boasts upgraded Italian cabinets, elegant quartz countertops, and a spacious island. The built-in wine fridge adds a touch of luxury. The adjacent dining includes a completely updated two way fireplace. Enjoy upgraded ceramic tile flooring throughout the house, providing durability and a cohesive look. Both the primary and guest bathrooms have been tastefully updated. Dual Vigo sinks in both bathrooms add convenience, and the guest bathroom features an updated tub/shower. A private entrance from the primary bedroom provides breathtaking mountain views. The recently installed double-layer underlayment roof ensures peace of mind and

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10450 N 25th Place Phoenix, AZ 85028

$849,000

4 Beds

4 Baths

2,500 SqFt

Status Active

MLS # 6733640

Property Type Single Family Residence

Price Type --

COMPLETELY REMODELED CUL DE SAC HOME ON 1/4 ACRE LOT FEATURING ** 2 MASTER BEDROOMS**. NEW PLUMBING SEWER AND SUPPLY LINES, NEW ELECTRICAL, NEW ROOF, NEW HEAT PUMP, NEW INTERIOR AND EXTERIOR DOORS, WOOD PORCELAIN TILE PLANK FLOORING, ZERO CURB WALK IN SHOWERS, 36'' GAS COOKTOP KITCHEN AID STAINLESS STEEL APPLIANCES WALKING DISTANCE TO SCHOOLS, HIKING AND BIKE TRAILS.

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1671 Constable Street Prescott, AZ 86301

$849,000

3 Beds

2.5 Baths

2,445 SqFt

Status Active

MLS # 6726852

Property Type Single Family Residence

Price Type --

Gorgeous Prescott Lakes home on premium view lot. Minutes from downtown, shopping, golf trails. This bright and airy 2445 sf home with 3 bedrooms and 2.5 bathrooms is located next to common area. Custom upgrades, including: stone accented fireplace, decorator/media niches, porcelain tile, laminate flooring, Kohler fixtures, granite counters, maple cabinets, recessed lights. Contemporary Great Room plan is entertainer's dream w/ surround sound, a kitchen island, formal & informal dining, butler pantry and pantry. Split floor plan with a unique flex space between guest bedrooms. Covered patio w/ surround and w/gas stub for BBQ. Tesla Solar System & Tesla Charging Station in the spacious 3 car garage and tankless water heater. Fitness Center, tennis,pools & more! Fitness Center Membership Dues are required $152.14 monthly, in addition to Qtrly HOA fees. The buyer is required to pay a one time fee pay .005% of the agreed upon sales price to the Club at Prescott Lakes.

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5528 N 131st Drive Litchfield Park, AZ 85340

$849,000

5 Beds

3.5 Baths

3,918 SqFt

Status Active

MLS # 6719044

Property Type Single Family Residence

Price Type --

Stunning home in the gated Dreaming Summit! Situated on an over 1/2-acre lot, this RARE find promises an unparalleled living experience. Displaying a 3-car garage, RV gate, and a great curb appeal highlighted by stone accent details & manicured landscape. The grand entry leads to a sunken living room & a formal dining room, both adorned with high ceilings! Continue onto the inviting family room, offering a fireplace for chilly nights. The gourmet kitchen boasts granite counters, ample wood cabinetry, island w/breakfast bar, and high-end SS appliances w/cooktop gas & double ovens. Natural light filled the interior, complemented by designer paint, elegant light fixtures, tasteful flooring - porcelain tile & plush carpet in all the right places. One bedroom downstairs, with its own bathroom. Head upstairs to find the double-door, oversized main bedroom! This true retreat features a two-way fireplace that connects to the ensuite with dual entries, two vanities, a jetted tub, a separate shower, & two walk-in closets. Another highlight of this room is the cozy sitting area, providing sliding doors that open to the expansive balcony. Need space for entertaining and gatherings? You have a HUGE, RESORT-STYLE backyard waiting for you! With a full-length covered patio, lush lawns, firepit, BBQ area, well-laid pavers, mini basketball court, raised planter beds, and a sparkling PebbleTec pool, this setup guarantees year-round enjoyment. Explore it! Love it! Live it!

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1719 W Aloe Vera Drive Phoenix, AZ 85085

$849,000

4 Beds

2.5 Baths

2,702 SqFt

Status Active Under Contract

MLS # 6706873

Property Type Single Family Residence

Price Type --

WE NEED AN OFFER! This METICULOUSLY MAINTAINED home, with TONS of UPGRADES (see upgrade list on file), nestled in the DESIRED, GATED Sonoran Foothills, is the perfect blend of comfort, ENERGY EFFICIENCY & convenience! It boasts a SPLIT FLOOR PLAN, chef's kitchen & PRIVATE firepit & BBQ. The light, bright great room has 10' ceilings, 20x20 tile, a front flex room & opens to the beautiful kitchen featuring a Breakfast bar island, large pantry & GAS stove. The spacious Primary suite w/ a MASSIVE walk-in closet & vanities provides ample storage & personal space. LEASED SOLAR to minimize energy costs. Situated on a serene cul-de-sac street & next to a park, it's close to hiking trails, shopping & the I-17 freeway. Amenities: clubhouse, tennis, pool, volleyball, basketball, dog park, & tot lot.

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16238 S 4th Street Phoenix, AZ 85048

$849,000

4 Beds

2.5 Baths

2,712 SqFt

Status Active

MLS # 6738150

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This spacious single-family residence boasts 4 bedrooms and 2.5 bathrooms is waiting for you! Soaring 12' ceilings throughout give the home a feel of openness that provides a sense of luxury and comfort. The thoughtfully designed floor plan includes a split primary suite, offering privacy and tranquility away from the other bedrooms. The primary suite features ample space, and a spa-like bathroom, creating a perfect retreat. Step outside to discover a gorgeous backyard set against a stunning mountain backdrop. Whether you're hosting gatherings, enjoying a quiet morning coffee, or simply soaking in the serene views, this outdoor space is sure to become your favorite spot. Don't miss the opportunity to make this beautiful house your home.

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8323 E Wilshire Drive Scottsdale, AZ 85257

$849,000

4 Beds

3 Baths

2,481 SqFt

Status Active

MLS # 6721325

Property Type Single Family Residence

Price Type --

Amazing opportunity to score a 4 BR / 3 Bath + SEPARATE OFFICE + bonus room + 2 car garage. Expanded & extremely well maintained homes like this are special. Move right in or put your mark on this mindfully expanded home w/ tons of space for flexible living. Upgrades include NEW 4th BR, 3rd Bath & BONUS room, electrical rewire (2002), NEW interior paint, NEW refrigerator & dishwasher, NEW plantation shutters, fully paid SOLAR lease & NEW low maintenance desert landscaping front & back w/ TURF, pavers, drip irrigation & lighting. OFFICE w/ private entrance is tucked away from the living spaces. Laundry room has tons of built in storage. Dedicated RV parking. Neighborhood sales support prices up to $1,250,000. Walkable neighborhood close to parks, restaurants, shopping, golf & the 101.

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4918 S Forest Avenue Gilbert, AZ 85298

$849,000

4 Beds

3.5 Baths

3,670 SqFt

Status Active Under Contract

MLS # 6720413

Property Type Single Family Residence

Price Type --

Indulge in luxury living w/ this 2014 build, energy-efficient home, available for immediate move-in! Enjoy the perfect blend of space & coziness, ideal for both entertaining & relaxing. The open great room & eat-in kitchen, featuring a breakfast bar island w/ granite counters, stainless appliances w/ new stove/oven, are perfect for gatherings. Host holiday dinners in the formal dining room & unwind in the spacious game room. Retreat to the master suite w/ dual vanities, a large soaking tub, & a large walk-in closet. Split 3 car garage offers versatile storage options, while the resort-style backyard boasts a private pool, paver patio & low maintenance yard w/ artificial grass. This rare model has an extended second loft space for family fun. All carpet was just replaced w/ plush padding.

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15303 E Rio Verde Drive Scottsdale, AZ 85262

$849,000

5 Beds

3.5 Baths

4,604 SqFt

Status Active

MLS # 6681236

Property Type Single Family Residence

Price Type --

Move in ready rare ranch style home WITH a full basement! The full acre of land has no HOA and includes a separate 1000 sqft workshop with its own electrical panel, and plenty of room for a pool and horse stables! This 4600sq/ft, 5 bed, 3.5 Bath home is a true gem located on a paved road. The main level has new paint and carpet, a remodeled kitchen, great room with vaulted ceilings. Primary suite has spa tub, walk in shower, walk in closet, washer and dryer in master closet. The 3 car garage features built in shelving and basement access. The basement offers a 5th bedroom, large great room with kitchenette, full bath and plenty of space for a den/playroom with built in shelving. This home is hooked up to 2 shared wells that put out over 100gm, and 400 amp electrical service

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1928 E Greentree Drive Tempe, AZ 85284

Open House

New

$849,000

4 Beds

2.5 Baths

2,544 SqFt

Status Active

MLS # 6759779

Property Type Single Family Residence

Price Type --

The Alta Mira Beauty you have been waiting for. This lovely single-level home with 2544 square footage in South Tempe features four bedrooms, 2.5 baths, and a fabulous location. (Warner and McClintock just off the 101) The charming courtyard welcomes you as you enter with a beautiful iron door. The house has been updated, including a new roof and AC in 2020, a kitchen with 42-inch upper cabinets, granite and Corian counters, and fireplaces in the family room and the primary bedroom. It truly has everything you've been looking for! Solar panels that are paid for and built-in office furniture and Murphy bed. The primary bath has been updated with a large soaking tub and a separate shower. There are two closets with California closet built-ins. Updated Diving pool - Baja deck & built-in BBQ

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