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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3229 E Mountain View Road Phoenix, AZ 85028

Open House

$819,000

3 Beds

2 Baths

1,986 SqFt

Status Active

MLS # 6745011

Property Type Single Family Residence

Price Type --

Seize the rare opportunity to own a home in the highly sought-after Sierra Bonita neighborhood, situated in the scenic foothills of the Phoenix Mountain Preserve. This stunning residence features an open & spacious floor plan, ideal for both relaxing & entertaining. The interior has been professionally renovated to enhance both space & efficiency. A wall separating the front room from the living room was removed, creating a more open layout. HVAC soffits were rerouted & removed, adding a foot of space to the hallway & all bedroom entryways while improving system efficiency. The HVAC system was also fully refreshed with new ductwork & foam insulation. Additional updates include engineered hardwood flooring, recessed lighting, a foam roof & much more! The kitchen offers beautiful granite countertops, stainless steel appliances, a stone backsplash, all enhanced by natural light from dual skylights & large windows that overlook the picturesque backyard. Step outside into your private retreat, where the backyard promises to impress. Enjoy a gorgeous pool with an upgraded system, featuring a Pentair pump, vacuum, & filter. The outdoor space also boasts a new built-in grill, perfect for entertaining, as well as a putting green with a sand trap, a pre-wired surround sound system, & an elevated patio with a pergola-covered seating area. Gather around the large gas fire pit for cozy evenings under the stars. Nature & outdoor enthusiasts will appreciate being just minutes away from a variety of multi-use trails, perfect for exploring the stunning landscape of the Phoenix Mountain Preserve. Conveniently located with easy access to the 51 freeway, ensuring quick commutes. Best of all, this home comes with the added benefit of NO HOA!

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4220 N 32nd Street Unit 31 Phoenix, AZ 85018

$818,000

4 Beds

4 Baths

1,923 SqFt

Status Active

MLS # 6729055

Property Type Townhouse

Price Type --

Introducing the epitome of modern living in the heart of Arcadia - welcome home to the Arcadian Phoenix. Nestled in the coveted 85018 area code, these modern townhomes redefine living with their spacious floor plans and an array of amenities. Step inside to discover a haven of elegance, boasting 10-foot ceilings on the main living floor and large windows that flood the space with natural light. The gourmet kitchen seamlessly merges with the inviting family room, creating the perfect setting for both everyday living and entertaining. Revel in the exquisite finishes, featuring stunning cabinetry, sleek quartz countertops, and timeless stainless steel appliances. Experience true architectural brilliance with the inclusion of a charming Juliet balcony and private rooftop deck

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41704 N Rolling Green Way Anthem, AZ 85086

$818,000

3 Beds

3.5 Baths

2,730 SqFt

Status Active

MLS # 6744371

Property Type Single Family Residence

Price Type --

Welcome to Anthem Country Club and this fabulous home! No shortage of entertaining space here with a private front courtyard, heated pool and spa, outdoor fireplace and built in BBQ and pergola! And that is just for the outdoor entertaining! Inside find plenty of space with a formal living area, formal dining or belly up to the breakfast bar! Enjoy the cozy fireplace in the family room! The home has 2 bedrooms, a den/office, 2.5 baths and a casita off of the front courtyard with a full bath! Primary bath has exit directly out to the pool and spa for your convenience. The guest bedroom has a full bath right outside the door and is a nice size. The back and side yards are amazing and beautifully landscaped with synthetic turf and lots of desert plants along with the wonderful pool and spa! Covered patio space is great for outdoor dining and then there is the built in bbq and fireplace too! Who could ask for more! Solar lease in place leaves you with little to no monthly electric bills with APS. And, the home has been well maintained including having updated the roof, the AC, flooring, and more! New refrigerator and microwave in 2024. You can move right in and be worry free. Welcome to Anthem Country Club where you feel like you are on vacation every day! Two beautiful club houses with pools, tennis, work out facilities, bocce ball, pickle ball, and tons of events to keep you busy throughout the year. If you are a golfer - wow! Enjoy two 18 hole championship golf courses designed by the late Greg Nash. And outside the gates of Anthem Country Club you will find many other activities including MORE pickle ball courts, sand volleyball, water park, tennis, skate park, Adventureland playground for the kiddos, catch and release fishing ponds, and even a little train that chugs along the tracks for something different to do. WELCOME HOME!!

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19814 N Shadow Mountain Drive Surprise, AZ 85374

$818,000

2 Beds

2.5 Baths

2,529 SqFt

Status Active

MLS # 6722995

Property Type Single Family Residence

Price Type --

IMMACULATE HOME W/VIEWS of 14th GREEN & 15th TEE of Desert Springs + MTN & SUNSET VIEWS! Gorgeous 12 x 24'' tile. Kitchen w/custom cabinets & pull-out drawers, granite, & handmade porcelain backsplash. Spa-like Mbath has stunning tiled roll-in shower w/curved wall, rain showerhead + 5 sprayer heads, custom raised cabinets, Onyx vessel sinks, granite, custom mirrors & lights, & raised toilet w/bidet. 2nd bath also upgrd w/granite, enlarged tiled roll-in shower, copper sink, ceiling fan, & raised toilet w/bidet. Den w/built-in cabinets w/storage. Powder rm w/suspended vanity, + mother-of-pearl sink & lite. Laundry w/dbl sink, cabinets, closet & counter. 3-car extd garage w/epoxy, cabinets/rack & wkbnch. Extd patio w/BBQ kitchen & epoxy. NEW NEUTRAL PAINT! $2000 credit for flooring.

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40626 N Laurel Valley Way Anthem, AZ 85086

$817,900

4 Beds

2.5 Baths

3,263 SqFt

Status Active

MLS # 6754510

Property Type Single Family Residence

Price Type --

4-Bedroom Home with Oversized Lot and Pet-Friendly Features! Welcome to this spacious 4-bedroom, 2.5-bathroom home nestled on an oversized lot in a highly sought-after neighborhood. Perfect for families and pet lovers, this property offers ample space, modern amenities, and unique pet-friendly features. A versatile den that can be used as a home office, playroom, or extra living space. A large, open-concept kitchen with plenty of counter space, stainless steel appliances, and a spacious island. A fully equipped laundry room with a standing shower that can double as a convenient dog wash station, making pet care easier than ever. The oversized lot provides plenty of space for outdoor activities. The gated side yard is perfect for pets, offering a secure space to roam.

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6963 E Grandview Street Mesa, AZ 85207

$817,876

6 Beds

3 Baths

3,372 SqFt

Status Active

MLS # 6693180

Property Type Single Family Residence

Price Type --

CUSTOM BASEMENT HOME IN AMAZING LOCATION! This spectacular home is just under 3400 SqFt nestled in the scenic enclave of North Mesa. Fully FINISHED BASEMENT, is an elusive feature that promises unparalleled versatility and space for your needs. Encompassing 6 bedrooms -3 upstairs & 3 downstairs, one is being utilized as office and has built ins and desks, 3 full baths, epitomizes luxurious comfort & functionality. Packed w/ upgrades that truly enhance its appeal and make it a standout choice. New Public Safety Building nearly a stones throw away & multitude of amenities for everyday living & convenience!

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1 Easy Street Unit 11 Carefree, AZ 85377

$817,000

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6653234

Property Type Townhouse

Price Type --

PRICE IMPROVMENT per market data! Come see the SHOW HOME to experience the unparelled craftsmanship, upscale features, and breathtaking mountain views! Under Construction, estimated delivery Q4 2024.

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1 Easy Street Unit 6 Carefree, AZ 85377

$817,000

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6696830

Property Type Townhouse

Price Type --

This exquisite townhome is nestled in the heart of downtown Carefree, Arizona. This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suites. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce

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1 Easy Street Unit 7 Carefree, AZ 85377

$817,000

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6696831

Property Type Townhouse

Price Type --

Nestled in the heart of downtown Carefree, this luxury townhouse is the epitome of luxury and convenience, where every amenity is just steps from your door in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suites.. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce ball court, restuarants, grocery store, spas, galleries, live music venues, hiking trails, wine bars, and more! Come see how sweet life can be at The View Carefree!

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3106 N 70th Street Unit 2004 Scottsdale, AZ 85251

$816,000

2 Beds

2.5 Baths

1,835 SqFt

Status Active

MLS # 6700367

Property Type Townhouse

Price Type --

***Seller offering assistance towards rate buy-down or closing costs*** Discover modern luxury living in this stunning EnergyStar-certified construction! This two-story end unit townhome features a sought-after skydeck with breathtaking views of Camelback, Papago, and Four Peaks Mountains. Entertain effortlessly in the expansive great room with vaulted ceilings, two-story window wall with electric shades, and a Chef's Kitchen equipped with Bosch stainless steel appliances. Relax in the bright primary suite with an oversized spa bath and spacious walk-in closet. Enjoy the convenience of a ground-level guest bedroom, full bath, den/office, two-car garage, and private yard. Located within walking distance to Old Town's attractions and with easy access to major highways.

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21127 W Minnezona Avenue Buckeye, AZ 85396

$815,000

3 Beds

2 Baths

2,519 SqFt

Status Active

MLS # 6748737

Property Type Single Family Residence

Price Type --

Welcome to the exclusive Gated Community of Verrado Highlands! This home showcases pride of ownership and is move-in ready, fully furnished with all essentials. The open-concept living, dining, and kitchen areas create a spacious atmosphere. The living room offers ample space for large furniture and views of the backyard. The gourmet kitchen is equipped with 42'' cabinets, additional upper cabinets, soft-close and rollout drawers, quartz countertops, a custom herringbone backsplash, a premium stainless steel appliance package with a gas cooktop, and a walk-in pantry. The expansive master bedroom features floor-to-ceiling windows, a walk-in closet, and a stunning master bath with a floor-to-ceiling tiled shower, dual vanities with quartz countertops, and a standalone soaking tub. Two additional bedrooms share a secondary bath, while the office/den boasts dual glass French doors for added privacy. The home also includes extra cabinetry for storage. Step into the backyard, an entertainer's paradise that backs a natural desert landscape! It offers multiple seating areas, an extended covered patio, raised platform, fire pit, pergola with a built-in barbecue and fridge, water fountain, commercial-grade misters, artificial turf, and pavers. The garage features epoxy flooring and built-in cabinets. Additional highlights include complete home water filtration sytem, custom Hunter Douglas window coverings, surround sound throughout and backyard pre-wired, 10' and 12' ceilings, 8' doors, tankless water heater, and so much more. Verrado is a vibrant community lifestyle with a focus on outdoor activities and social engagement. You will not be disappointed.

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14562 W Georgia Avenue Litchfield Park, AZ 85340

$815,000

4 Beds

3.5 Baths

3,022 SqFt

Status Active

MLS # 6748823

Property Type Single Family Residence

Price Type --

Your dream home is finally here! Start living in this gorgeous residence in Palm Valley! A 3-car garage with a paver driveway, RV gate, and gated courtyard are just the beginning. Enter to discover a spacious open floor plan that promotes a modern feel. Pre-wired surround sound, tile flooring, high ceilings, stylish light fixtures, and upscale ceiling fans add to the overall decor. Don't miss the formal dining room and the bonus room that can be used as a media room! Spotless kitchen is a chef's delight, equipped with abundant cabinets with crown moulding, recessed & pendant lighting, granite counters, a prep island with a breakfast bar, top-of-the-line stainless steel appliances, and a walk-in pantry. Large main retreat boasts plush carpet, outdoor access, and a stunning ensuite bath. Two vanities, make-up desk, soaking tub, shower with a drying area, and a walk-in closet with an organizer complete the picture. One Jack & Jill bathroom! Enjoy mountain views from the serene backyard, showcasing a roof deck, covered patio, pavers, fire pit, and built-in bench. This turn-key gem awaits you!

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