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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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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7869 E Horseshoe Lane Scottsdale, AZ 85250

New

$835,000

2 Beds

2 Baths

1,579 SqFt

Status Active

MLS # 6762686

Property Type Single Family Residence

Price Type --

Best of Scottsdale Golf Villas! LUXURY Lifestyle in Heart of Scottsdale. Mountain & Golf Course Views. World class dining, shopping, resorts, art, bike path. Open floor plan. Mediterranean style 2/2w/Formal Dining/Office finished with fine attention to details. Granite, Fine Italian Tile, Stainless Appliances, Solid Pine 6 Panel Doors, Travertine Shower, Hardwood Plantation Shutters, Molding, Lighting, etc. Located in a LUSHLY landscaped Golf side community w/pool, spa & tennis and minimal landscape maintenance; LOW HOA includes front yard landscape care. Agent related to seller.

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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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9016 S 16th Way Phoenix, AZ 85042

$835,000

4 Beds

3.5 Baths

2,866 SqFt

Status Active

MLS # 6704055

Property Type Single Family Residence

Price Type --

NO HOA, built in 2021 w/ stunning mountain & city views. 4 bed/3.5 bath, 2,850 sqft home on a large lot w/ highly upgraded, modern finishes. Crafted with impeccable attention to detail, this home features a striking custom entry door that opens to a vast, open floor plan designed to maximize both space and comfort. Upon entry, you are greeted by the tall vaulted ceilings, giving the main living area a grand feel. This home is light & bright w/ ample natural light. The kitchen is a chef's dream w/ an abundance of custom white cabinets, granite countertops, back splash, long center island, pantry & modern pendant lights... Entertain guests in the spacious living area, complete with a wet bar. The living room is anchored by a cozy stone fireplace, creating a warm and inviting ambiance. Downstairs, a full bathroom boasts a modern, light-filled design, featuring sleek fixtures. The large primary retreat is located on the main floor w/ a gorgeous ensuite featuring a modern tile floor & shower, upgraded modern fixtures, double sinks, storage shelves, and a large standing tub perfect for relaxation after a long week. Upstairs, 3 spacious bedrooms offer flexible living spaces that can be tailored to your lifestyle needs such as a home office, gym, craft room, children's rooms, or guest room. The front and back yards are beautifully landscaped. A newly installed block wall fence in the backyard ensures privacy. Located off a cul-de-sac, the home offers spectacular views of the mountains and the cityscape, providing a breathtaking backdrop for both everyday live and gatherings. This home includes 2-car garage & owned water softener system. This home is equipped w/ foam insulation throughout, providing added energy efficiency and comfort. Conveniently located near popular hiking trails, restaurants, and more!

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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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4619 E Sierra Sunset Trail Cave Creek, AZ 85331

$835,000

3 Beds

2 Baths

2,096 SqFt

Status Active

MLS # 6752655

Property Type Single Family Residence

Price Type --

Welcome Home!!! This gorgeous 3 bedroom 2 bath home at the desirable gated community of Ashler Hills Ranch in Cave Creek is in a fantastic location. Close to restaurants, shopping, schools, parks, multiple golf courses & a short drive to enjoy Bartlett Lake or Lake Pleasant. You'll love the open concept floor plan of this home. Your kitchen offers black appliances (S/S fridge), granite counter tops with full height granite backsplashes, a walk in pantry & a large island/breakfast bar for extra prep & storage. Your spacious master suite offers a plethora of natural light from your bay windows, a walk in closet, dual vanity, a walk in shower & soaking tub to relax in. This gated community home also offers upgraded ceiling fans & lighting, vaulted ceilings, diamond laid tile flooring, along with a 3 car garage with a water softener & cabinets for extra storage & organization. Your backyard oasis was designed for entertaining. It includes a covered patio, extended travertine patio flooring, mature landscaping, a view fence, as well as a travertine gas fire pit & a sparkling heated pebble tech pool & spa to enjoy all year round. This gem in the desert is a Great Buy & a Must See!!!

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21097 E Sparrow Drive Queen Creek, AZ 85142

$835,000

3 Beds

2.5 Baths

2,516 SqFt

Status Active

MLS # 6755103

Property Type Single Family Residence

Price Type --

Discover an enchanting 3-bedroom + 2 den home looking for its new homeowners! This beauty displays a 3-car garage, paver driveway, timeless stone accents and is an ADT smart home. The perfectly flowing open floor plan will impress you with wood-look tile flooring, bountiful natural light, pre-wired surround sound and a whole house water softener system. Well-appointed kitchen is a chef's dream, fully equipped with a pantry, quartz counters, recessed & pendant lighting, abundant white cabinets with crown moulding, a prep island with a breakfast bar, mosaic tile backsplash, and top-of-the-line SS appliances such as double wall oven & electric cooktop. Romantic main retreat boasts plush carpet, a sunny bayed window sitting area, an ensuite with dual sinks, and a walk-in closet. Adding to the haven's functionality are the sizable den/office and a bonus room. Tranquility awaits in the spacious backyard, which provides a covered patio, artificial turf, and a sparkling pool, promising hours of fun & relief from the summer heat. Don't let this great opportunity pass you by!

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6806 E Orion Drive Scottsdale, AZ 85257

$835,000

3 Beds

2.5 Baths

2,005 SqFt

Status Active

MLS # 6755597

Property Type Single Family Residence

Price Type --

A rare find! Located in the gated Community of Skye on Mcdowell, this highly desirable 3-bedroom haven boasts modern features throughout. Inside, the spacious open floor plan showcases wood-look tile flooring & surround sound. Natural light fills the space through wide sliding glass doors, blending the interior w/the outdoor living. Chef's kitchen is a delight, fully equipped w/recessed & pendant lighting, a pantry, plenty of white cabinets, stainless steel appliances, quartz counters, a waterfall island w/a breakfast bar, & a subway tile backsplash. Continue upstairs to find the cozy loft ideal for a reading nook. The main retreat highlights plush carpet, private balcony, & an ensuite w/dual sinks. Enjoy relaxing evenings on the balcony or unwind under the covered patio in the backyard. Don't miss to take a quick dip in the Community pool. What's not to like? Make it yours before it's gone!

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22812 E Excelsior Avenue Queen Creek, AZ 85142

$835,000

3 Beds

2.5 Baths

2,771 SqFt

Status Active

MLS # 6715449

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! BRING ALL OFFERS! Fantastic opportunity in highly desirable Harvest of Queen Creek. This stunning home features 3 spacious bedrooms, 2.5 bathrooms plus an office with quality 2x6 construction. Situated on a premium, large corner lot. Open floorplan with a generous owner's retreat with a luxurious tiled shower and large walk-in closet with custom shelving. You will fall in love with this upgraded chef kitchen that boasts an oversized island, a gas cooktop, and beautiful satin marble quartz countertops. Huge backyard with covered patio and built in ramada and grill is perfect for entertaining! Within walking distance to the community center with two pools, splash-pad, playground, and a lake.

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7780 E Phantom Way Scottsdale, AZ 85255

$835,000

3 Beds

2 Baths

1,814 SqFt

Status Active Under Contract

MLS # 6710153

Property Type Single Family Residence

Price Type --

GORGEOUS single level home in Grayhawk! This is desert living at its best with incredible attention to detail. Offering over 1,800 sq. ft., this spacious home has 3 beds/2 baths and is move in ready. This is the perfect 2nd home with the ease of lock & leave or a great primary home. The open kitchen features stainless steel appliances, granite counter tops, reverse osmosis system and open directly to the resort style backyard that takes backyard entertaining to a whole new level & was truly designed so that one could enjoy Arizona's beautiful weather year round with easy maintenance. Ideal North/South facing lot. Amazing location with every convenience at your fingertips. Walking distance to schools, restaurants, groceries, salons, banks, health care facilities, hospital, and much more!

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4905 W Magellan Drive New River, AZ 85087

$835,000

4 Beds

2.5 Baths

3,337 SqFt

Status Active

MLS # 6684902

Property Type Single Family Residence

Price Type --

Beautiful Home in Arroyo Grande Subdivision with 4 Bedroom, 2.5 Bath + Office/Den, 3 car garage in North Phoenix. Home has 3337 s/f split bedroom floor plan, computer/study area by secondary bedrooms. Kitchen has contemporary white cabinets, double ovens, large island, and granite counter tops. Home sits on a corner 14,000+ s/f lot with RV Gate that allows RV and Boat parking with RV hook up and located in a cul-de-sac. Backyard backs to the desert with view fencing, a dog run, concrete pad for basketball court, large grassy area and RV parking for your toys.

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5145 E Pinchot Avenue Phoenix, AZ 85018

$835,000

4 Beds

3 Baths

1,962 SqFt

Status Active

MLS # 6696424

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Phoenix with stunning Camelback Mountain views! This exquisite residence boasts custom features at every turn, from the elegant marble and travertine entry to the luxurious Thomasville Cherry cabinets in the gourmet kitchen. Picture yourself relaxing by the custom gas fireplace or enjoying the serene Koi pond in your private backyard oasis with a built-in grill and patio bar, perfect for entertaining guests. With two master bedrooms, including a lavish travertine bathroom, and dual-pane windows throughout, this home offers both comfort and style. Don't miss the chance to make this your own retreat near Arcadia, Biltmore, Scottsdale, and downtown Phoenix!

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