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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21123 E Mayberry Road Queen Creek, AZ 85142

$845,000

4 Beds

3 Baths

3,073 SqFt

Status Active

MLS # 6757341

Property Type Single Family Residence

Price Type --

Come check out this beautiful 4 bedroom, 3 bathroom home! Enjoy a luxurious primary suite and amazing kitchen that is perfect for hosting and entertaining! The backyard is perfectly designed with a pool that includes a built-in table and chairs for in-pool entertainment. Backyard also includes low maintenance landscaping with artificial grass. There is a 3 car tandem garage that offers great storage! Located in a beautiful and newly built community near tons of shopping, dining and fun!

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22280 E Maya Road Queen Creek, AZ 85142

$845,000

4 Beds

3.5 Baths

3,022 SqFt

Status Active

MLS # 6711072

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! Large Charleston Estates Home. 4bed/3.5 bath + office Mother-in-law suite, split floor plan, pool with UV filtration system uses less chemicals, split 3-car garage, w/main pre-wired for EV charger, 3rd w/Tesla Wall charger. Living room w/recessed lighting & 12ft ceilings! Gourmet kitchen upgraded cabinetry w/receptacles under, upgraded granite counters, buffet counter, higher-tier countertop, 3 stage reverse osmosis water filtration system, large island w/Turkish lights over the breakfast bar, unique 3D design backsplash, walk-in pantry, SS appliances w/cooktop gas & double ovens. Spacious main bedroom w/ensuite, separate tub/shower, two vanities, & 2 walk-in closets. Front & back yard sconces are LED RGB lamps w/blue tooth connectivity. For tech lovers, the main bedroom also includes USB-C and ethernet, with additional connections in the office, third bedroom, & living rooms. PLUS! The property is pre-wired for audio, ceiling fan, & alarm system. All interior lights are Halo Home bulbs which can be controlled/dimmed via app. Beyond the interiors, the exterior lights are controlled via Spectrum app. The backyard holds its own charm! It boasts a 10,000-gallon pool with a UV-sterilized filtration system that uses fewer chemicals, as well as LED RGB lights & two fountains - both controlled by a wireless remote. Pre piped for gas next to waterfall. Surrounded by travertine and Astroturf, the space is elegant & private, with a 12-foot Ficus Indian Laurel (northwest corner) and a magnolia tree (northeast corner). Both the front & back yards have irrigation systems and LED RGB lamps w/blue tooth connectivity. The entire house is protected with a surge protector! The property's North/South exposure is also ideal for future solar panels. What's not to like? Act now!

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14002 N 60th Street Scottsdale, AZ 85254

$845,000

4 Beds

2 Baths

2,348 SqFt

Status Active

MLS # 6693452

Property Type Single Family Residence

Price Type --

Welcome to this updated home with a spacious floor plan in a premium location in North Scottsdale! Close proximity to fine dining, shopping and the best local attractions. Large great room with high ceilings offers living flexibility and tons of natural light. The kitchen is equipped with brand new appliances and a sliding glass door that leads out to your covered patio and large backyard with swimming pool and grass yard. A two car garage and covered car port offer room for multiple vehicles and/or a workshop area. Don't miss this great opportunity to make this home your own!

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1991 W Coconino Drive Chandler, AZ 85248

$845,000

4 Beds

3 Baths

3,037 SqFt

Status Active

MLS # 6726893

Property Type Single Family Residence

Price Type --

Amazing opportunity to own a home nestled within the prestigious Watermark at Ocotillo Community. This spacious 4 bed 3 bath home is one of Camelot's most desirable models! Step into the heart of luxury through the stunning kitchen, with exquisite cabinetry, stainless steel appliances, & lavish granite countertops that define culinary sophistication. Upgraded flooring showcases a seamless blend of plush carpeting, tile, and modern luxury vinyl plank. Fall in love with the resort-style backyard featuring a pebble tec pool & spa, an oasis for relaxation & entertainment. Enjoy the gas fire pit in the Fall & Winter! Prime location near major freeways, great schools, and large employers. Enjoy everything the Ocotillo lifestyle offers!

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6832 W Country Gables Drive Peoria, AZ 85381

$845,000

6 Beds

3 Baths

3,235 SqFt

Status Active

MLS # 6747805

Property Type Single Family Residence

Price Type --

Beatuifully renovated large home in sought after neighborhood. Irrigated Lot, close to Arrowhead mall and Peoria sports complex and all the amenities those have to offer. Acre+ lot, priced to Sell fast. Hurry this one won't last.

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8920 N 83rd Street Scottsdale, AZ 85258

$845,000

2 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6751952

Property Type Single Family Residence

Price Type --

Located at the end of a cl-de-sac in the highly desirable El Paseo community in the heart of McCormick Ranch. One of very few free standing homes in this community. (No shared walls). Remodeled with travertine floors, granite countertops, pebble-tec pool with heated spa, new appliances, dual pane windows with shutters. Beautiful mountain views and an easy walk to Scottsdale's famous greenbelt walking/riding path and so much more!

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23501 S 213th Court Queen Creek, AZ 85142

$845,000

3 Beds

2.5 Baths

2,727 SqFt

Status Active

MLS # 6723828

Property Type Single Family Residence

Price Type --

This stunning Queen Creek residence boasts a single-level w/ 10 ft ceilings, split floor plan 3 bedrooms, a versatile flex/bonus space, 3 bathrooms, complemented by 3CG. Luxury enhancements abound, from slate tile to high-end fixtures. The chef-quality kitchen, complete w a 9ft center island & gas appliances, seamlessly connects to spacious living area w electric shades. The ensuite primary bedroom offers backyard access and a premium bathroom w/ dual vanities, a separate tub, & walk-in shower. The backyard is a resort-style oasis, featuring a 24K gallon heated freshwater diving pool, gazebo, sunken jacuzzi, outdoor BBQ, & custom exterior gates. The split 3-car garage includes built-in storage. Enjoy the exclusivity of this super-premium, private lot situated at the end of a cul-de-sac!

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3100 E Misty Mountain Loop Prescott, AZ 86303

$845,000

3 Beds

2 Baths

2,360 SqFt

Status Active

MLS # 6622044

Property Type Single Family Residence

Price Type --

This comfortable, 2360 Sf, 3 bed, 2 bath, cabin is on 5 flat acres, with a detached garage with a workshop. Plenty of flat, open area outside. The large home is cozy and warm. The finishes, and interior design decisions, all work together with the surrounding forest to make you feel like you're a million miles away, while you're only 22 minutes from Costco. There's a formal dining room, but there's also an eat in kitchen nook. The outside deck is perfect for having breakfast after watching the sunrise. The views from the deck are for miles. There's so much flat area outside that a wedding was once performed here. The garage has high ceilings, and is 773 SF, big enough for for all your toys and more. Make your family memories here! Search for the address on You Tube for the video.

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7800 S Big Bug Mesa Road Prescott, AZ 86303

$845,000

4 Beds

3 Baths

3,635 SqFt

Status Active

MLS # 6722671

Property Type Single Family Residence

Price Type --

Enjoy the cool mountain breeze while sitting on the deck of this large 3,635SF, 4 bed, 3 bath home. Upgraded and elegant. Views for miles. Located in the forest, on 2 acres in the Upper Big Bug area, on Big Bug Mesa Road, with a keypad locked gate. Appraised at $1,075,000. Top floor has the primary bedroom, bath, sitting room, & private office. Main floor has kitchen, large dining area, guest bed & bath, & laundry room, with a large living room and a fireplace. Lower floor is 2 more bedrooms, a game room, bathroom, & more storage. Plenty of room for guests. Plenty of storage. A garage for toys, and a work shed for tools. Perfect for a weekend retreat. Feels like you're a million miles away, but only 23 minutes to Costco. Watch the video. Search YouTube for the address

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5355 E Wallace Avenue Scottsdale, AZ 85254

$845,000

4 Beds

2 Baths

2,164 SqFt

Status Active

MLS # 6718927

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! Welcome to your dream home in the highly sought-after 85254 zip code! This beautifully maintained residence boasts timeless charm and modern comfort. Step inside to find a cozy fireplace, newer appliances, granite counters with large seating island in the kitchen, and vaulted ceilings with exposed beams in the master bedroom and separate living room that creates an inviting atmosphere. The garage is temperature controlled for year-round convenience. Outside, discover a backyard oasis perfect for entertaining with a heated pool, elegant pavers, and low-maintenance synthetic turf. Plus, enjoy the freedom of no HOA! This home offers the perfect blend of luxury and convenience in an unbeatable location.

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220 Seco Way Sedona, AZ 86336

Open House

$845,000

2 Beds

2 Baths

2,526 SqFt

Status Active

MLS # 6740146

Property Type Townhouse

Price Type --

Wow what a stunner! This West Sedona townhome is the perfect lock and leave to suit your active Sedona lifestyle. Home is comprised of the most spacious floorplan in the subdivision, with direct Red Rock Views to flood through the large windows in the Great Room for everyday living enjoyment. The kitchen has gorgeous granite counters, beautiful backsplash complimented by undermount lighting, and vaulted ceilings with exposed beams. There is ample natural light throughout with clerestory windows and skylights, plus a large flex room that could be a bedroom, den, office, or grandkids room. With mature Peach trees in your front yard, and an Apple tree and Grapevines in your private back patio, you have an established home waiting for you to have it all in sweet, safe, quiet little Sedona. Arroyo Seco subdivision is close to several local Trailheads for your hiking pleasure: Thunder Mountain is just one of a few, less than a half mile away. Your neighborhood coffee shop, pizza parlor, smoothie bar, library, and hair stylist are all less than a half mile away too. The HOA is famous for maintaining the beautiful pool, hot tub and manicured grounds, incredible Red Rock Views throughout the subdivision, with friendly neighbors-not to mention the fantastic coverage that the HOA offers for your monthly dues! A spacious two car tandem garage plus an additional laundry room inside the home, a large Primary walk-in closet, and an office round out your future home. No stairs or steps inside the home make for easy single level living. You CAN be in the middle of it all, while still magically having peace and quiet in our sweet little Sedona. Furniture package available. Owners are licensed Agent and Broker.

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17829 E Cindercone Road Rio Verde, AZ 85263

$844,999

3 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6695609

Property Type Single Family Residence

Price Type --

Welcome Home to Trilogy at Verde River. This community is like a cruise ship that doesn't leave port. There are so many social activities associated with The Trilogy Lifestyle! This Acacia Model Floor Plan is Located on the North Side of Trilogy at Verde River Nestled Beside an NAOS Area Protecting the Views Directly Behind the Home. This Open Kitchen to Great Room Concept is Best Known for Bringing the Outdoor Living Inside with the Large Sliding Glass Doors. Covered Patio, Fire Pit, and Easy-to-Maintain Backyard Complete Make this a Perfect Lock & Leave Option. Trilogy at Verde River Boast a Large Clubhouse with both Bar & Dining Options. The Resort Style Pool & Spa are Accompanied by Eddie's Poolside Bar & Grill. Alvea Spa has All Your Health & Rejuvenation Needs. Come Experience TVR!

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