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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8125 E Sheridan Street Scottsdale, AZ 85257

Open House

$839,000

3 Beds

2 Baths

2,033 SqFt

Status Active

MLS # 6760508

Property Type Single Family Residence

Price Type --

Nestled on a peaceful interior lot, this beautifully remodeled home offers modern elegance with timeless appeal. Step inside to experience a thoughtfully designed floor plan, where natural light fills every corner, creating a warm and inviting ambiance. At the heart of the home is the stylishly upgraded kitchen, featuring stainless steel appliances, brand-new cabinetry, and luxurious finishes. The spacious primary suite serves as a private retreat with a spa-like ensuite bath and generous closet space. Additional bedrooms provide flexibility for guests, while the bonus room offers endless possibilities as an office, studio, or whatever suits your lifestyle. Outside, the private backyard beckons you to unwind in the serene outdoor space, with real grass and sparkling pool. Updated plumbing, new water heater, newer windows, new landscaping (under warranty), new fixtures throughout the home and more. Located in a sought-after neighborhood near Old Town Scottsdale, this remodeled home offers the perfect combination of peace and convenience. From all popular venues, to high end shopping, close to freeways, parks, hiking and A+ rated schools.

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41910 N Emerald Lake Drive Anthem, AZ 85086

Open House

New

$839,000

3 Beds

2.5 Baths

2,661 SqFt

Status Active

MLS # 6756133

Property Type Single Family Residence

Price Type --

Set along the 4th hole of the prestigious Persimmons course in Anthem Golf & Country Club, this exquisite residence combines elegance with modern comfort. A refined paved courtyard entry welcomes you into a bright and inviting living space, where extended windows provide uninterrupted views of the lush golf course. The gourmet kitchen has been thoughtfully updated with top-of-the-line appliances, ample cabinetry, and an expansive island, all designed to inspire culinary creativity. The adjoining great room, with its striking stacked stone fireplace, offers the perfect setting for both relaxation and entertaining. The master suite is a true retreat, boasting ample room for luxurious furnishings, a spacious walk-in closet, and an updated en-suite bath. Two additional guest bedrooms are connected by a Jack and Jill bathroom, and the oversized office/den provides an exceptional space for work or leisure. Outdoors, the private backyard oasis features elegant pavers, a built-in BBQ with an eating bar, a fire pit, and a spacious covered patioall with serene views of the course. Recent updates include a new roof, two A/C units, and a mini split to cool the garage. Anthem Country Club offers the pinnacle of luxury living with two clubhouses, dual 18-hole golf courses, resort-style pools, fitness centers, and premier tennis and pickleball facilities.

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17962 W Elm Street Goodyear, AZ 85395

$838,900

4 Beds

3 Baths

3,239 SqFt

Status Active

MLS # 6680136

Property Type Single Family Residence

Price Type --

''Welcome to Your Dream Home: Unique one-of-a-kind Meritage Austin Floor Plan with Exceptional Features!'' From the moment you arrive, you'll be greeted by an inviting private front courtyard, setting the tone for what awaits inside. Boasting 4 bedrooms, Den/ Flex space, 3 bathrooms, this home offers ample space and privacy for your family. The private backyard is a haven of relaxation, complete with a sparkling pool and a 8 ft RV gate with RV parking - perfect for all your outdoor adventures. Experience seamless indoor-outdoor entertainment with a 16 ft multi-slider, blending your living spaces effortlessly. Prepare to be wowed by the stunning chef-inspired gourmet kitchen, featuring white double stacked upper and lower cabinets, oversized quartz countertops with blue lower cabinets, and top-of-the-line appliances. The large primary bedroom offers a tiled walk-in spa shower and a spacious walk-in closet with direct entry into the laundry room. The split floor plan ensures privacy, with three secondary bedrooms located along the west wing of the house. Bedrooms 3 and 4 share a Jack-n-Jill bathroom and Bedroom 2 has a hallway bathroom equipped with a tiled walk-in shower. Unique features abound in this home, including a custom-built bar area off the great room, custom cabinets with a sink in the laundry room, and a custom entertainment built-in with an electric fireplace - designed to hold a 100-inch TV! But that's not all - this exceptional home also boasts a 24k mini-split unit in the garage, epoxy flooring, Bluetooth surround sound speakers, and an additional 100-watt sub-panel. The state-of-the-art pool includes top of the line Pentair equipment and a Pentair electric heater all backed by a factory limited lifetime warranty. And the cherry on top? This amazing home comes with 40 solar panels, a 15.8 kW system producing over 24,000 kW per year, ensuring energy efficiency and savings for years to come. Don't miss the opportunity to make this truly extraordinary home yours.

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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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