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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3258 W Via Dona Road Phoenix, AZ 85083

$838,000

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6713785

Property Type Single Family Residence

Price Type --

BRAND NEW HOME!! ONE OF THE BEST VIEW LOTS IN THE DEVELOPMENT! Here is your chance to buy a move in ready home with NO WAIT TIME. This is the beautiful Trillium Model situated on an amazing lot with awesome views! This 4 bedroom/3 bathroom plus NEXT GEN Suite, is one of the best Lennar floorplans they have. Everything is BRAND NEW, with backyard landscaping coming soon. Easy access to the entire valley and close to the new TSM Semiconductor Facility. Gated Community. Builder warranty transfers to new owner. Come take a look at this wonderful home before it is gone! (Photos are of builders model. Home is unfurnished and more photos will be added)

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2284 N 161st Avenue Goodyear, AZ 85395

$837,999

4 Beds

3.5 Baths

3,634 SqFt

Status Active

MLS # 6715410

Property Type Single Family Residence

Price Type --

Introducing a beautiful 4-bed, 3.5-bath property in the coveted Community of Palm Valley! This beauty flaunts a well-maintained front yard with trees, green turf, a 3-car garage, an RV gate, and a gated courtyard. Fall in love with the exquisite interior, highlighting a welcoming foyer that leads to the spacious living areas that are excellent for hosting and entertaining guests. The home exudes elegance with its tray ceilings, plantation shutters, accented walls, recessed & chic light fixtures, and wood-plank tile flooring. The heart of this home is the immaculate eat-in kitchen, equipped with an electric cooktop, a farmhouse sink, and double wall ovens. Plenty of white cabinetry with crown molding, a walk-in pantry, gleaming granite counters, a captivating tile backsplash, and a sizable island with a breakfast bar elevate the space. Discover a generous den with attached shelves and a bonus room with a double-door entry! Grand main suite is a sanctuary, featuring a sitting area, a full ensuite with dual vanities, and a large walk-in closet. Secondary bedrooms enjoy a Jack & Jill bathroom, plush carpeting, and walk-in closets. Escape to the backyard paradise that invites you to unwind and have fun! A covered patio, pavers, palm trees, a verdant lawn, RV parking, and a crystal blue pool complete the picture. Experience the grandeur that awaits in every corner of this remarkable residence!

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3250 N 150th Drive Goodyear, AZ 85395

$837,000

3 Beds

3 Baths

2,213 SqFt

Status Active

MLS # 6735769

Property Type Single Family Residence

Price Type --

This incredible golf course home is a true gem, with over $275k in upgrades that make it a slice of paradise. Skip the expense and time of building new and move right into this beautifully upgraded custom home on one of the most picturesque golf course lots in the West Valley. The home features a 400 sq ft guest wing with an attached bathroom, perfect for guests or a mother-in-law suite. The remodeled kitchen boasts quartz counters, custom cabinets, and top-of-the-line appliances. Additional improvements include Anderson windows and a patio door (June 2024), a new roof and A/C (2022), a remodeled main suite bathroom, Toto toilets (2023), new closet systems throughout, and LVP floors. Enjoy a whole-house filtration system, columns removed from the patio for optimal golf course views a built-in BBQ, and a 220 outlet. The attention to detail and high-end finishes make this home truly exceptional. Don't miss your chance to own this move-in ready masterpiece! Move in and start living the life you've always dreamed.

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14779 N 103rd Street Scottsdale, AZ 85255

$836,500

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6718759

Property Type Single Family Residence

Price Type --

This home sits on a beautiful lot with greenbelt on 3 sides and spectacular mountains views! Totally remodeled - Spacious kitchen with brand new waterfall countertops and appliances, remodeled master bathroom and flooring throughout the house! Beautiful back yard with a built in fire pit and stone oven! Many custom touches throughout! Move in ready, magnificent views in a quiet neighborhood. This is the only 1 story home that's for sale in this area. Includes community swimming pools, pickleball courts, hiking trails, kid's playgrounds, basketball courts, golf course and more. Shows great! Must see this unique 1 story home!

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20802 N Grayhawk Drive Unit 1185 Scottsdale, AZ 85255

$836,000

4 Beds

3.5 Baths

2,484 SqFt

Status Active Under Contract

MLS # 6713093

Property Type Townhouse

Price Type --

Experience luxury living in the heart of Scottsdale! Welcome to this prestigious property in the highly sought-after Grayhawk Avian Townhomes. A private driveway and one of the largest units in the complex, this residence boasts over 2,400 square feet with 4 bedrooms and 3.5 bathrooms. The light-filled, open floor plan features vaulted ceilings and split master bedrooms on the main floor. The freshly painted interior includes a custom bar in the dining room. This chef's dream kitchen is equipped with multiple ovens, a gas stove and hood, additional custom cabinetry, and sparkling countertops. Throughout the home, you'll find elegant plantation shutters and two fully upgraded bathrooms. The extended patio offers serene views of the desert landscape... Along with the 2nd hole of the Raptor Grayhawk Course. Additional storage and cabinetry are thoughtfully integrated throughout the home, including the garage. A 24 hour Guard Gate for your privacy and protection. Walking distance to many shops and high end restaurants. Do not miss your chance to live in this dream home!

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3843 N 50th Street Phoenix, AZ 85018

$835,900

3 Beds

2 Baths

2,126 SqFt

Status Active Under Contract

MLS # 6750290

Property Type Single Family Residence

Price Type --

Welcome to Lower Arcadia! This property is perfect for an owner occupant or an investment. Move in with the floor plan the way it is, or start your remodeling. The home is clean and cute with plenty of space. As you enter, enjoy the living room, breakfast room, and a large great room view. Start cooking meals in the renovated kitchen with granite countertops, and newer cabinetry. There is also an optional space that can be used as an office, an additional bedroom, or a den. Discover storage spaces to meet your needs. The backyard is an irrigation lot and offers a peek-a-boo view of Camelback Mountain. Buyer to verify all information important to Buyer. Property sold AS-IS.

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1323 E Eleana Lane Gilbert, AZ 85298

$835,618

4 Beds

3 Baths

2,412 SqFt

Status Active

MLS # 6717587

Property Type Single Family Residence

Price Type --

Charming new Spanish-style home in one of Chandler's sought after Waterston Central communities, Jacamar. Boasting 4 bedrooms, 3 bathrooms, and an attached 3-car garage, this property is loaded with designer selections and highlights. Stainless appliances in the kitchen with a gas cooktop, double ovens, and a microwave as well as Quartz countertops. Other features include Diamond collection Maple White cabinets, wood look plank tile 8'' x 40'' flooring, a 12' center pull sliding doors in the dining room that open to a covered back patio, an extended Primary Suite, a laundry room with a sink and base cabinets, and pavers on the driveway and front porch. Homeowners enjoy gated access, biking and walking paths, a playground, and a community pool and spa.

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14039 E Burnside Trail Scottsdale, AZ 85262

$835,000

4 Beds

3 Baths

2,738 SqFt

Status Active

MLS # 6724081

Property Type Single Family Residence

Price Type --

JUST COMPLETED New Construction contemporary desert home on 1.7 ACRES with direct backyard views of Granite Mountain & 4 Peaks!! This new build with NO HOA includes a gorgeous custom iron front door, a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, Modern Shower and Beautiful Double Vanities, an oversized four car garage, exceptional energy efficiency with spray foam insulated walls & ceilings, upgrading A/C system, Premium Stucco, & last but not least an upgraded full 12' patio to watch the sunset on Granite Mountain from.

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15800 W Alvarado Drive Goodyear, AZ 85395

$835,000

3 Beds

3.5 Baths

3,530 SqFt

Status Active

MLS # 6747112

Property Type Single Family Residence

Price Type --

Welcome to this stunning, large single-level home in the highly sought-after gated community of Portales. This home features a freshly painted exterior, 2 new HVAC units with Envio Air Scrubber, a captivating stone front elevation, and a welcoming foyer. The brick-paved courtyard leads you to a grand entry with high ceilings and a spacious open floor plan. The gorgeous kitchen is a chef's delight, featuring a piano island breakfast bar, granite counters, and Samsung Stainless Black Appliances including a gas cooktop, a wall-mount oven and microwave, and dishwasher. This kitchen has the added bonus of a wine closet. Each generous-sized bedroom has its own full bath, providing privacy and convenience. The home also includes a den, a family room, a formal living room, formal dining room, and a theater room with a wet bar. All with Shawn Vynal Tile Flooring. The media room could easily serve as a 4th bedroom. The master suite is a true retreat, with a split floorplan, double door entry, a sitting area, and an en-suite bath that boasts split double vanities an inset tub, a curved glass block walk-in shower, and his & hers walk-in closets.The backyard is a serene oasis featuring a covered patio, a play sandpit, and a sparkling pool. The community also offers a playground, making it an ideal home for relaxation and entertainment. Don't miss out on this incredible opportunity to own a beautiful home in Portales!

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10538 E Sheffield Drive Mesa, AZ 85212

$835,000

6 Beds

3.5 Baths

4,002 SqFt

Status Active

MLS # 6754952

Property Type Single Family Residence

Price Type --

Possible Assumable Loan with a 3.875%**PRICED BELOW COMPS** SELLER CONCESSIONS!! Back on market due to buyer could not preform. Why wait for a new build when you can get a home with over 150k in upgrades from a beautifully designed backyard to upgrades fixtures and a lot of Wall Designs to clearly make this home give off the WOW factor! Imagine living in a home that offers the best of both worlds - the convenience of single-level living with the added bonus of a second floor! This exceptional home features 5 bedrooms, 3.5 baths, and a 3-car garage. The First level has the Primary Suite and 3 additional bedrooms and 2.5 bathrooms. The second story offers a loft, two bedrooms, and a bath, that's perfect for accommodating guests or creating a private retreat

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1481 S Carriage Lane Chandler, AZ 85286

$835,000

4 Beds

3 Baths

2,755 SqFt

Status Active

MLS # 6760420

Property Type Single Family Residence

Price Type --

Welcome to 1481 S Carriage Ln a stunning single-story home spanning 2,755 sqft, featuring 4 bedrooms plus a den, 3 bathrooms, and a 3-car garage, all nestled within a secure gated community. This beautifully designed residence boasts 10-foot ceilings throughout and a thoughtfully crafted split-bedroom floor plan that ensures both privacy and comfort. The gourmet kitchen is the heart of the home, overlooking a spacious family room and a bright breakfast area. It features elegant quartz countertops, a matching backsplash, a large island, stainless steel appliances, upgraded cabinets, a gas cooktop, and a walk-in pantry perfect for both everyday meals and entertaining. The master bedroom is a private retreat with a luxurious full bath, complete with a separate tub and shower, double sinks, and a generous walk-in closet. Bedrooms 2 and 3 are connected by a Jack and Jill bathroom, while Bedroom 4 is conveniently located near the third full bathroom. The versatile den opens to both the living room and formal dining area, offering the perfect space for a home office or additional entertainment area. Step outside to a relaxing backyard oasis, featuring low-maintenance synthetic turf, a cozy fireplace, and a built-in BBQ perfect for hosting friends and family.Electric Vehicle ready complete with a level 2 vehicle cahrging station. Located in a prime area with quick access to A+ rated schools, shopping malls, major employers, and freeways, this home offers the perfect blend of luxury, convenience, and lifestyle. Don't miss this golden opportunity!

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13839 N Crown Point Sun City, AZ 85351

$835,000

2 Beds

2 Baths

2,755 SqFt

Status Active

MLS # 6714837

Property Type Single Family Residence

Price Type --

Stunning dawn lake property for sale at 13839 N Crown Point Ct. in Sun City, AZ. This Southwest Territorial style home offers wonderful views of the almost 38-acre Dawn Lake. Beautiful 2 bedroom and 2 bath home with a spacious 2800 square feet of living space, all on a 13,000 Ft. lot That offers plenty of space for outdoor activities and relaxation with almost 150 feet on lake frontage. Inside the home features custom stained glass accent windows that add a touch of elegance and charm. The kitchen boasts high end appliances and is adorned with Northern Arizona juniper countertops, adding a unique, natural element to the space. Located on a quiet cul-de-sac lot and with a north-south facing orientation, this home provides a peaceful and private setting.

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