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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5880 S Joslyn Lane Gilbert, AZ 85298

$835,000

5 Beds

3.5 Baths

4,115 SqFt

Status Active

MLS # 6721447

Property Type Single Family Residence

Price Type --

Welcome to your new oasis in Gilbert's highly sought-after neighborhood! This immaculate 5-bedroom, 3.5-bathroom home is perfectly situated on a spacious lot, offering both privacy and convenience. As you enter, you are greeted by a bright and airy floor plan highlighted by soaring ceilings and large windows that bathe the interior in natural light. The gourmet kitchen is a chef's dream, featuring granite countertops, stainless steel appliances, ample cabinet space, and a generous island - ideal for preparing meals and entertaining guests. The luxurious master suite provides a serene retreat with a spa-like ensuite bathroom complete with dual vanities, a soaking tub, and a separate shower. Four additional bedrooms offer versatility for guests, children, or home offi space, all complemented by well-appointed bathrooms. Step outside to your own private backyard paradise, where you'll find a covered patio, perfect for al fresco dining or simply relaxing while enjoying the Arizona sunsets. The expansive yard is professionally landscaped and offers plenty of space for outdoor activities and gatherings. With a bonus casita with private entrance which can be versatile for guests or as an office space. Located in a prime Gilbert location, this home is just minutes away from top-rated schools, shopping, dining, parks, and recreational facilities. With easy access to major highways, commuting to Phoenix and beyond is a breeze.

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26521 N 115th Street Scottsdale, AZ 85255

$835,000

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6694284

Property Type Single Family Residence

Price Type --

Private lot with boulder and mountain views on a quiet street in the Troon Area of Scottsdale. The home features two bedrooms, two baths, great room, kitchen and breakfast dining, office, laundry and a two car garage with built-in storage cabinets. The private backyard has a pebbletec pool and covered patio with no homes behind to block your views. Desert Views is a small quiet community with access to hiking and biking trails and very little traffic. The home is extremely well maintained and lightly lived in which provides the new owner to move in and enjoy the Arizona lifestyle.

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7157 E Rancho Vista Drive Unit 2010 Scottsdale, AZ 85251

$835,000

2 Beds

2 Baths

1,346 SqFt

Status Active

MLS # 6661401

Property Type Apartment

Price Type --

*SELLER FINANCING AVAILABLE IN THE LOW 5'S * This luxury, completely remodeled 2 bedroom condo with modern finishes is a stunning residence that exudes sophistication and style. Every detail of this condo has been meticulously designed to create a luxurious living experience. Large windows allow for an abundance of natural light to flood the room, creating a bright and airy atmosphere. The kitchen is a chef's dream and the countertops are made of exquisite quartz, providing both durability and a sleek aesthetic. The dining area is situated adjacent to the kitchen and is perfect for hosting intimate dinner parties or enjoying meals with family and friends. A modern chandelier hangs above the dining table, casting a warm and inviting glow. The master bedroom is a luxurious retreat, featuring a spacious layout and plush carpeting. It offers a serene atmosphere, allowing you to relax and unwind after a long day. The en-suite bathroom is a sanctuary of relaxation, featuring a spa-like shower with rainfall showerheads, a sleek vanity with modern fixtures, and beautiful porcelain tiles. The second bedroom is equally impressive, with its own spacious layout and ample closet space. It can serve as a guest room, home office, or a comfortable space for family members. Additional features of this remodeled condo include in-unit laundry facilities, central air conditioning, and ample storage throughout the space. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, and so much more!

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21956 N 59th Lane Glendale, AZ 85310

$835,000

5 Beds

3 Baths

3,066 SqFt

Status Active

MLS # 6749945

Property Type Single Family Residence

Price Type --

Amazing views surround this Arrowhead ranch Golf Course home on the signature 5th hole of legends. Mountain, Golf and Water views from every window. Home has 1 full bedroom and bathroom downstairs. Gourmet kitchen, granite countertops, granite in all the bathrooms. Generously sized bedrooms. Extended covered patio, pebbled-tec play pool, close to shops, dining and Westgate Sports and Entertainment center.

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31314 N 1st Place Phoenix, AZ 85085

$835,000

4 Beds

3.5 Baths

3,191 SqFt

Status Active

MLS # 6700102

Property Type Single Family Residence

Price Type --

Seller will consider buying down the buyer's rate or give concessions with an accepted offer and a successful close. Step into this two story desert beauty located within the rolling mountains of the Sonoran Desert. Spanning 3191 sq/ft of dramatic lofty ceilings, open floor plan & an abundance of natural sunlight. Highlights include a centralized kitchen with GE cafe stainless steel appliances, timeless quartz countertops, a butler station, walk in pantry % water softener filtration system. Notable spiral staircase leads to a spacious loft, upstairs laundry & bedrooms that overlook sunsets & mountain views. Multiple bonus rooms include an intimate built in office, opportunity for a drop zone off the garage, an additional bedroom downstairs which could be used as a second office, media room, play or craft room. An impressive backyard renovation includes an extended covered patio with pergola, built in BBQ & kitchen, mature & lush landscape with fruit trees & an expansive turf play area. Brimming with family appeal, this award winning Taylor Morrison gated community is the perfect balance of location & Arizona lifestyle.

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35338 N 27th Drive Phoenix, AZ 85086

$834,900

4 Beds

3.5 Baths

4,177 SqFt

Status Active

MLS # 6752963

Property Type Single Family Residence

Price Type --

Stunning and meticulously maintained, this 4-bedroom home (plus 2 bonus rooms) boasts 3.5 bathrooms and spans two stories in the picturesque Tramonto community. The versatile floor plan includes one bedroom and a bonus room on the main level. The primary suite is generously sized with a private bathroom featuring dual vanities, a jetted tub, separate shower, private toilet, and a spacious walk-in closet. Tramonto is a sought-after master-planned community offering an array of amenities such as walking paths, parks, swimming pools (including a kiddie pool), playgrounds, tennis courts, basketball and volleyball courts and more. Conveniently located in north Phoenix near the I-17 and Carefree Highway, residents enjoy easy access to shopping and dining options.

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949 E Holland Park Drive Gilbert, AZ 85297

$834,900

4 Beds

3.5 Baths

3,338 SqFt

Status Active

MLS # 6747395

Property Type Single Family Residence

Price Type --

PRICED BELOW APPRAISAL! The perfect 2 story home is now available in the desired Kensington Estates! This home features an ideal kitchen with staggered dark wood shaker style cabinets, high-end stainless steel appliances, custom pendant lighting over the Quartz counter-top island, walk-in pantry with separate butler's area for additional storage, wide plank tile flooring throughout, 2 custom slider doors for inside/outside entertaining, one secondary bedroom with ensuite bathroom downstairs, upstairs has a cozy loft for kids/bonus area, primary bedroom is spacious with a sitting area, primary bathroom has dual sinks, separate walk-in shower and soaking garden tub, HUGE walk-in closet with custom shelving & more. The back yard has a covered patio with travertine and synthetic grass area

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6827 E Orion Drive Scottsdale, AZ 85257

$834,900

3 Beds

2.5 Baths

2,005 SqFt

Status Active

MLS # 6697708

Property Type Single Family Residence

Price Type --

TAKE ADVANTAGE OF SPECIAL LIMITED TIME 2% BUYER INCENTIVE TO BUY DOWN THE INTEREST RATE OR PAY THE BUYER'S CLOSING COSTS. COME FALL IN LOVE WITH THIS BEAUTIFUL HOME WITH GREAT PRIDE OF OWNERSHIP. DRAMATIC CONCERTO FLOOR PLAN WITH 3 BEDROOMS AND 2 1/2 BATHS. DOWNSTAIRS YOU'LL ENJOY AN AWESOME KITCHEN, DINING ROOM AND LIVING ROOM, POWDER ROOM PLUS A COVERED PATIO AND EASY CARE YARD. THERE ARE 3 BEDROOMS AND 2 BATHS UPSTAIRS PLUS A LOFT AND LAUNDRY ROOM. WALK OUT ON THE OVERSIZED BALCONY OFF THE PRIMARY BEDROOM. THE 2 CAR GARAGE IS WIRED FOR A CHARGING STATION FOR YOUR ELECTRIC CAR. SKYE IS A HIGHLY DESIRABLE NEIGHBORHOOD CLOSE TO ASU SKY SONG AND A VIBRANT ARRAY OF COMMUNITY AMENITIES. IT'S A STRATEGIC LOCATION. EASY TO GET TO ALMOST ANYWHERE IN THE VALLEY. GREAT VALUE.

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3631 S Greythorne Way Chandler, AZ 85248

$834,888

3 Beds

2 Baths

2,763 SqFt

Status Active

MLS # 6651616

Property Type Single Family Residence

Price Type --

Don't Miss It! Needs some updates home will be priced accordingly!! Bring Your Offer !! 🙂 Feel the Beauty and Serenity as You Enter This Community! Beautiful gated community surrounded by lakes and Ocotillo Gold Golf Course. This 3 bedroom plus den/office executive home features a split single- story floorplan. Spacious primary suite with jetted garden tub, bidet, snail shower and dual closet. Family room includes gas fireplace open to island kitchen and nook. Kitchen Includes stainless steel profile microwave, convection oven, Dacor gas cooktop, 3 car garage, Apache Stone front elevation, private backyard with built-In BBQ.. Updates Include added ceiling insulation, re-roofed 2 years ago, ,exterior paint 3 years ago. Home has been meticulously maintained. Don't miss this one!!!

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6067 S 174th Place Gilbert, AZ 85298

$833,000

4 Beds

2 Baths

1,985 SqFt

Status Active Under Contract

MLS # 6733768

Property Type Single Family Residence

Price Type --

Home is now vacant. Absolutely beautiful property on over 1 acre! NO HOA! Plenty of room for all of your toys. There is a 3 car garage, with a long driveway to boot! Roof is less than 10 years old! Bathrooms were recently remodeled. The backyard has a jacuzzi that stays. There is a gazebo installed as well. The kitchen and bath countertops have been upgraded. There are shutters throughout, and a rolling shade on the sliding door. New windows were recently upgraded. Bring your RV, bring your horses.......there are so many possibilities! Irrigated lot , get out here and dream up ways for you to enjoy this gorgeous property!!

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13536 W Phacelia Lane Peoria, AZ 85383

$832,181

5 Beds

3.5 Baths

3,548 SqFt

Status Active

MLS # 6740314

Property Type Single Family Residence

Price Type --

The 3,548 sq. ft. Olive floorplan offers the ultimate in living space and organizational excellence. A unique teen room offers extra living, hobby or socializing space in addition to the huge, combined Great Room, dining area and elegant kitchen. A large walk-in pantry, stop-and-drop and central laundry room help keep everything tidy. The owner's suite boasts two walk-in closets, while bedrooms 2 through 5 all have their own walk-in closet. A covered patio offers even more space for socializing, outdoor dining or simply enjoying the fresh air. The community offers a unique mountainside location with close proximity to great shopping, dining and entertainment options. Enjoy top-rated Peoria schools and great access to Loop 303 freeway with easy connections to I-17 and 1-10.

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4913 S Moccasin Trail Gilbert, AZ 85298

$832,000

5 Beds

3.5 Baths

3,871 SqFt

Status Active

MLS # 6690938

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Gilbert's prestigious Bridges community! This stunning property boasts 5 bedrooms and 3.5 bathrooms, providing ample space for comfortable living. The heart of the home features a large kitchen equipped with stainless appliances & a spacious island, perfect for entertaining guests or enjoying family meals together. With three distinct living spaces, including a cozy family room, an elegant formal living area, and a versatile loft upstairs, there's plenty of room for everyone to unwind & relax. Step outside to your own private oasis, complete with a sparkling pool, ideal for relaxing on sunny Arizona days. Built by Ashton Woods, this home combines quality craftsmanship with luxurious amenities. Don't miss out on the opportunity to make this your forever home

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