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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305 E Vera Lane Tempe, AZ 85284

$825,000

5 Beds

3 Baths

3,013 SqFt

Status Active Under Contract

MLS # 6749971

Property Type Single Family Residence

Price Type --

Corner Lot Home in Warner Ranch Estates ! 5-bedroom, 3-bathroom home nestled within the sought-after Warner Ranch Estates community. Enjoy the spaciousness of a 3-car garage, a sparkling pool, and an inviting fireplace in the family room. The bright and open kitchen is perfect for entertaining, and the downstairs bedroom and bathroom offer convenient guest accommodations. Upstairs, you'll find the remaining bedrooms, providing ample space for everyone. The vaulted ceilings add a touch of grandeur to the living spaces, while the corner lot location offers privacy and plenty of outdoor space. Don't miss this opportunity to make this your forever home!

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15919 E Brodiea Drive Fountain Hills, AZ 85268

Open House

$825,000

3 Beds

2 Baths

2,087 SqFt

Status Active

MLS # 6746813

Property Type Single Family Residence

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Elevated desert living soothes the soul. Views of the Superstitions, Red Mountain, Four Peaks and Fountain. The resort-style backyard is a perfect private sanctuary with heated pool & spa, covered patio with elevated views looking down the arroyo. Open floor plan has vaulted ceiling, fireplace, walls of glass doors to the beautiful backyard and a grand open dining space. Bright, large kitchen offers eat-in dining, stainless appliances, spacious pantry - perfect for entertaining! Two suited bedrooms - primary features huge picture window spa like updated walk-in shower. French doors open to den allow for various uses. Two-car garage with cabinetry, epoxy floor and water softener! In the Neighborhood Property Owners Association. No HOA Fee.

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1852 N 39th Street Phoenix, AZ 85008

Open House

$825,000

2 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6731808

Property Type Single Family Residence

Price Type --

One of a Kind Amazing Property. Over half Acre property 23,871 irrigated lot. RV Gate with RV Parking, Gated 2 Car Garage. Wonderful Heated Pool built in 2018 with rock waterfall. Outdoor Kitchen with gas, griddle, fridge, green egg, sink. umbrella and solar lights. 17X10 Barn 14' in Height with electric and water plus an additional storage shed. Extended Patio-Pergola. Interior Remodeled with plank tile flooring, granite island kitchen, soft close cabinetry and stainless appliances, whole house water filtration system with reverse osmosis. Master bath recent remodel with walkin shower walkin closet and vanities and barn door. Open Kitchen Great room floorplan, fish tank included with sale. Brand New Fence on back of property. SPECIAL FINANCING AVAILABLE 1% RATE REDUCTION AND 10K 4 CC Lot could be split in the back or built on.

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5222 E Cordia Lane Cave Creek, AZ 85331

Open House

$825,000

3 Beds

2.5 Baths

2,236 SqFt

Status Active

MLS # 6746954

Property Type Single Family Residence

Price Type --

So much hidden value has been added to this 3BR + Den home in the sought-after, gated Diamond Tree Estates! Set on a spacious 1/4-acre lot, functionality and relaxed living meet. Enjoy the benefits of a new AC system and hot water heater (2023), along with fresh carpet and paint (2024). The split floor plan maximizes privacy and features an open kitchen with granite counters, stainless steel appliances, and a double oven plus extra tall 42'' cabinetry. The inviting yard features a large & relaxing pool, expansive paver patio, surround sound, and a putting green. Recent upgrades include plantation shutters (2023), modern mister system and vibrant smart stringed sights. An RV gate adds extra convenience and functionality to the oversized lot which has a newer drip system. Grand main suite has a sitting area, a pristine full ensuite with dual sinks, and a separate tub/shower. The entertainer's backyard invites you to relax and have fun! It offers a covered patio, Travertine tile flooring, a putting green for golf enthusiasts, and a refreshing pool. Hurry! Your paradise awaits!

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7706 W Desert Spoon Drive Peoria, AZ 85383

$824,990

4 Beds

3 Baths

2,604 SqFt

Status Active

MLS # 6755243

Property Type Single Family Residence

Price Type --

Special Financing Available!!!!!!!!!!! This single-story Next Gen® home offers a separate suite with its own garage, entrance and living space. The main home includes an open area among the dining room, Great Room and kitchen, overlooking a covered patio. All three bedrooms, including the owner's suite, surround the space. An expansive garage with RV parking is great for additional storage. Photos are renderings of a model home, not the actual home.

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22936 E Nightingale Road Queen Creek, AZ 85142

$824,990

6 Beds

4.5 Baths

4,791 SqFt

Status Active

MLS # 6678882

Property Type Single Family Residence

Price Type --

Welcome to Ashton Woods newest community in Queen Creek - Madera Sultana - which features outstanding community amenities heated pool* Bocce* pickle ball courts* grill areas*play areas*open greenbelts throughout* and convenient access to the 24 freeway and shopping. Experience the ''wow'' factor when first walking into this Yellowwood floorplan with a huge main living and kitchen any chef or entertainer would love. The gourmet kitchen includes a 36'' stainless steel gas cooktop, wall oven, beautiful white shaker cabinets* island & baths silver gray cabinetry* quartz countertops . The primary bedroom is downstairs w/sep tub shower in primary bath*Other features include Guest suite and 4th bedroom on main level*, 8' interior doors, 4 1/4'' baseboards*large windows in the grteatroom area.

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41314 N Bent Creek Way Anthem, AZ 85086

$824,950

4 Beds

3 Baths

2,793 SqFt

Status Active Under Contract

MLS # 6731537

Property Type Single Family Residence

Price Type --

Welcome to 41314 N Bent Creek Way, an exquisite ''Tacoma'' model home, showcasing a harmonious blend of luxury and sophistication. This residence boasts masterpiece cherry cabinets, gleaming granite countertops in both the kitchen and master bath, and top-of-the-line stainless steel appliances with a gas cooktop. Step onto the gorgeous travertine and hardwood flooring, adorned with plantation shutters and complemented by a custom-built media and wine cabinet. Enjoy the warmth of the gas fireplace, immerse yourself in surround sound, and appreciate the security of a comprehensive system. Recessed lighting highlights the elegance of each room, while the R/O system, recirculating hot water, and soft water ensure your comfort. CLICK MORE The well-appointed laundry room features a sink, ample cabinets,, and Corian countertops. Outside, the aggregate driveway leads to a serene oasis with a firepit, built-in island with a table, and mature landscaping, all set against the backdrop of breathtaking mountain views. This home is a true masterpiece in Anthem Country Club, designed for those who seek the finest in life.

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2317 W Horsetail Trail Phoenix, AZ 85085

$824,950

4 Beds

3 Baths

2,831 SqFt

Status Active

MLS # 6735543

Property Type Single Family Residence

Price Type --

A rare find! This beautiful single-level home is move-in ready for you! Come inside to discover tons of newly renovated upgrades. Plantation shutters, wood-look tile flooring, chic light fixtures. You'll LOVE the living room, formal dining room, and the family room complemented by a fireplace. Gorgeous kitchen is a chef's dream, equipped with 5-burner stovetop, buffet with ample cupboard space, a prep island with a breakfast bar, butler's service area, pantry, glass tile backsplash, a breakfast nook, and stainless-steel appliances which includes a wall oven. Enjoy the amenities with access to 2 separate community pools, clubhouse, tennis courts, volleyball court and dog park. Tandem Garage with epoxy floor. Water filtration and separate water softener system. Beautifully landscaped. Let's not forget about the den/office with a private bathroom. The relaxing backyard offers 2 different covered patios, pavers, and a built-in BBQ. Act now!

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1374 S Hazel Street Gilbert, AZ 85296

$824,900

5 Beds

2.5 Baths

3,518 SqFt

Status Active

MLS # 6749795

Property Type Single Family Residence

Price Type --

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4229 E Acoma Drive Phoenix, AZ 85032

$824,900

4 Beds

2 Baths

2,353 SqFt

Status Active

MLS # 6753543

Property Type Single Family Residence

Price Type --

Beautiful and move-in ready, this lovely home is just waiting for it's new owners. Let the pictures tell the story. This home is practically new in every way! Numerous updates and upgrades added in the last four years include: new appliances, granite counters, LVP flooring throughout, new A/C combo unit, new electrical panel, and a Spa worthy primary bathroom just finished in August! Smart features include the thermostat, doorbell and garage door opener. There is a level 2 EV charger outlet in the garage. The complete list is under Documents tab. This is a block constructed home with extra blown-in insulation. The expansive back yard offers extened patio/pavers, grassy play area, a pool with a water feature, solar heat and removable fence. North Central location convenient to everything.

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2741 E Bridgeport Parkway Gilbert, AZ 85295

$824,900

8 Beds

6 Baths

3,983 SqFt

Status Active

MLS # 6725062

Property Type Single Family Residence

Price Type --

Discover your dream home with 4 raised garden beds and fruit trees. This unique semi-custom home has plenty of room to entertain, featuring 8 bedrooms, 6 bathrooms (4 with double sinks), solid core doors, and upgraded kitchen and baths. Enjoy modern amenities like a whole house water softener, Reverse Osmosis system, and Central Vacuum. With 10-foot ceilings downstairs, 9-foot upstairs, spacious mud room and laundry room, and close proximity to shopping, dining, and freeways, this home offers both luxury and convenience. Don't miss a chance to experience a haven where every detail enhances comfort and elegance.

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28414 N 101st Place Scottsdale, AZ 85262

Open House

$824,900

2 Beds

2.5 Baths

2,562 SqFt

Status Active

MLS # 6740136

Property Type Townhouse

Price Type --

Luxury Listing: Exquisite Townhouse in Troon North, Scottsdale, AZ Step into a world of unparalleled luxury with this masterfully remodeled (2021) and professionally designed 2 beds, 2.5 bath townhouse nestled in the prestigious Troon North, Scottsdale, AZ. This smart home, seamlessly integrated with ALEXA voice control, spans 2,562 sq ft and boasts cutting-edge features including a Tesla Solar System and a pristine 2-car garage equipped with a charging station and sleek epoxy floors. The whole-house Lutron smart lighting system, complemented by a new roof and solar tube sky lighting (2022), illuminates every corner with elegance. Indulge your culinary passions in the gourmet chef's kitchen, adorned with top-of-the-line Thermador appliances, custom cabinetry, and luxurious & leathered granite countertops that has a particular rustic charm & more traditional granite countertop centered around a massive island. The primary suite is your personal sanctuary, featuring a spa-like en-suite bathroom and an expansive closet with custom built-ins and a closet island that redefines organization and style. The renovated second bedroom and bathroom offer versatility, perfect for hosting guests or setting up a sophisticated home office. Situated just a short stroll from the world renowned Troon North Golf Club and mere minutes from Scottsdale's premier shopping, dining, and entertainment, this townhouse is a haven of sophistication and convenience. Embrace a lifestyle of opulence and modern convenience in this exquisite Troon North retreat. See the documents tab for a list of key luxury features.

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