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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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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28110 N 18th Lane Phoenix, AZ 85085

$815,000

3 Beds

2.5 Baths

2,550 SqFt

Status Active

MLS # 6759507

Property Type Single Family Residence

Price Type --

Stunning home in Fireside that is surrounded by mountains! This is a former model that is perfect for multi-generational living. Split floor plan...one side is a beautiful primary bedroom with very large bathroom and the other side of the home has another primary size bedroom with living/seating area. There is a full bath and additionalbedroom that can be closed by a door that separates this side of the home. The gourmet kitchen has a gas stove, pull outs, so many cabinets & a very large breakfast bar. The great room is large and perfect for entertaining all your guests. This home also has a very large office with beautiful glass French doors. Enjoy the backyard space that is perfect for those backyard BBQ's. This home is steps away from hiking trails and all the community amenities!

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44829 N 3rd Street New River, AZ 85087

$815,000

5 Beds

2.5 Baths

2,741 SqFt

Status Active

MLS # 6748129

Property Type Single Family Residence

Price Type --

Welcome Home to this exceptional home in New River, AZ. Built in 2021, this residence offers a well-considered blend of modern comfort and impressive mountain views. With 2,742 sqft of living space, it features 5 bedrooms and 2.5 bathrooms, providing ample room for both relaxation and family gatherings. Situated on over an acre of usable land, the property includes a fully paid-off solar system that enhances energy efficiency and helps reduce utility expenses. Custom plantation shutters throughout the home offer an elegant touch while providing privacy. The property is fully fenced and features a double RV gate, making it ideal for RV owners or those who value extra outdoor space. A robust mechanical water filtration system, along with a water softener and reverse osmosis in the kitchen, ensures clean and pure water. Inside, you'll appreciate the easy-close cabinets, 10-foot ceilings, and durable 2x6 framing that contribute to a high standard of comfort and quality. The oversized 3 car garage offers plenty of space for vehicles and storage needs. Additionally, this property has a shared well with three other vacant lots and a septic system. NO HOA. Features/upgrades: *Fully paid-off solar system (9.860 KW) *Wood Plantation Shutters throughout the home *Heavy duty water filtration system (non chemical, all mechanical so less maintenance cost) followed by a water softener with reverse osmosis in the kitchen *Fully fenced in Lot *10ft Ceiling *Oversized 3 car garage

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6192 S Claiborne Avenue Gilbert, AZ 85298

$815,000

4 Beds

2.5 Baths

4,224 SqFt

Status Active

MLS # 6750792

Property Type Single Family Residence

Price Type --

This meticulously maintained home in the coveted Shamrock Estates community offers the perfect blend of space, comfort, and style. Oversized rooms throughout with ample storage - ideal for growing families or those who love to entertain. Expansive open-concept living area. Dedicated home office - perfect for remote work. Formal dining room for special occasions. Gourmet kitchen with granite countertops, prep island, matching appliances, oversized walk-in pantry, HiTop breakfast bar and eat in area. Head upstairs to the spacious primary suite with oversized walk-in closet, large bathroom featuring dual vanities, soaking tub and separate shower. Three additional generously sized bedrooms with ample closet space and large 2nd bathroom. Spacious 3 car garage.

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2520 E Linda Vista Drive Flagstaff, AZ 86004

$815,000

4 Beds

3 Baths

2,141 SqFt

Status Active

MLS # 6745915

Property Type Single Family Residence

Price Type --

This move-in ready home on a sizable lot in Flagstaff features 4 bedrooms, 3 baths, a flex room/5th bedroom, and a den/study. Upgraded in 2021, it offers a stone-accented fireplace, a kitchen with new cabinets and brand new smart refrigerator, and a master bath with a cast iron tub and dual sink vanity. The landscaped yard includes a covered porch and paver patio. Updates include double-paned windows, Italian tile flooring, solid wood doors, new bathroom vanities, plumbing fixtures, lighting, Hunter ceiling fans, a gas tankless water heater, and a water softener. Located near Bushmaster Park and local trails, this home in Swiss Manor is a must-see.

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4530 N Golf Drive Buckeye, AZ 85396

$815,000

4 Beds

2.5 Baths

3,039 SqFt

Status Active

MLS # 6563723

Property Type Single Family Residence

Price Type --

Welcome Home! This 4 bedroom/2.5 bathroom home is just a quick walk or golf cart ride to the Main Street restaurants, golf club, or community center. The pool, outdoor bar and grill, along with two grass filled side yards, is any entertainer's dream! With newly updated paint, kitchen appliances, light fixtures and window treatments, this home is move in ready! Check out this paradise soon!

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1597 E Carob Drive Chandler, AZ 85286

$815,000

4 Beds

3 Baths

3,364 SqFt

Status Active

MLS # 6725256

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Chandler, AZ! This completely remodeled luxury home offers unparalleled elegance and modern comforts that will captivate even the most discerning homebuyer. Key Features: Completely Updated: Every inch of this property has been thoughtfully renovated to offer a fresh, contemporary living experience. Natural Light and High Ceilings: Enjoy soaring ceilings that allow natural light to flood the living spaces, creating a bright and airy atmosphere. Custom Window Coverings: Elegant custom window coverings and plantation shutters add a touch of sophistication to every room. Real Hardwood Floors with office and game room as well. First floor master with French doors

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7141 E Rancho Vista Drive Unit 4004 Scottsdale, AZ 85251

$815,000

2 Beds

2 Baths

1,424 SqFt

Status Active

MLS # 6632314

Property Type Apartment

Price Type --

This luxury 2 bedroom, 2 bathroom condo offers a lavish and comfortable living experience. Located in a desirable area, this condo provides a sophisticated and stylish space for residents to enjoy. As you enter the condo, you are greeted by an open-concept living area that combines the living room, dining area, and kitchen. The living room is spacious and elegantly designed, featuring large windows that fill the space with natural light and offer panoramic views. The kitchen is a chef's dream, equipped with new quartzsite countertops, and ample storage space. It is designed to be both functional and visually appealing, making it a pleasure to prepare meals and entertain guests. The adjacent dining area is ideal for enjoying meals with family and friends, with plenty of space for a dining table and chairs. The condo features two luxurious bedrooms, each with its own ensuite bathroom. The bedrooms are spacious and offer a tranquil retreat for relaxation. Large windows allow natural light to fill the rooms, creating a bright and inviting atmosphere. The ensuite bathrooms are beautifully designed with modern fixtures. 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, & so much more

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2320 E Shangri La Road Phoenix, AZ 85028

$815,000

4 Beds

2 Baths

2,294 SqFt

Status Active

MLS # 6726316

Property Type Single Family Residence

Price Type --

Prized Location! Introducing a fully updated, move-in ready home featuring neutral, modern tones and a spacious layout. This property boasts a brand-new kitchen, updated flooring, and includes a diving pool and heated spa (propane). Contemporary fixtures throughout add to the home's appeal. This residence offers ample square footage, including a living room, dining room, family room, and a generously sized master bedroom. The completely renovated kitchen features new cabinets, quartz countertops, and all-new stainless steel appliances. Quiet Neighborhood, next to Phoenix Mountain Preserve, Trail 100. Close to the 51, Dreamy Draw, Piestewa Peak, and all the good food and entertainment and shopping. Huge Lot with ample parking and NO HOA!

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8170 E Del Caverna Drive Scottsdale, AZ 85258

$815,000

3 Beds

2 Baths

1,938 SqFt

Status Active Under Contract

MLS # 6723785

Property Type Single Family Residence

Price Type --

All furnishings are available! This remodeled, move-in-ready home offers 3 bedrooms, 2 bathrooms, and a 2-car garage with a spacious, open, and bright split floor plan facing the greenbelt. Key features include custom kitchen cabinets with quartz countertops, a kitchen island with breakfast bar, and a master bedroom with a large closet, double vanity sinks, a walk-in shower, and a custom linen closet. Additional features are plantation shutters, recessed lighting, solar tubes for abundant natural light, ceiling fans, and stainless steel appliances. The large, recently updated backyard patio is perfect for entertaining and relaxation. All-tile flooring provides a clean, cohesive feel. The garage features storage cabinets and an epoxy floor. Nestled near a cul-de-sac in the private, quiet center of the Heritage Village III community, you can stroll along tree-lined paved walking paths to wonderful amenities including pickleball and tennis courts, a basketball court, and two pools/spas. You can easily walk or bike from your new home to nearby shops and restaurants. Everything is convenient from this central McCormick Ranch location. Don't miss the opportunity to make this beautiful patio home yours!

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10155 E Toledo Avenue Mesa, AZ 85212

$815,000

6 Beds

4.5 Baths

3,161 SqFt

Status Active

MLS # 6737050

Property Type Single Family Residence

Price Type --

Discover Unparalleled Luxury and Community Living! Step into this stunning Toll Brothers masterpiece in the coveted Cadence community. Boasting 6 bedrooms, 4.5 bathrooms, and a versatile loft, this home is designed for both elegance and functionality. With a two-car and one-car garage, modern upgrades like stylish lighting fixtures and a custom stair rail elevate the living experience. The gourmet kitchen is an entertainer's dream, featuring a spacious island with seating, a Wolf gas stove and microwave, and touches of luxury like a modern gold faucet, elegant backsplash, and butler's pantry. The main-level primary suite is a private retreat with an expansive wall-to-wall glass shower and chic barn door. The guest suite and large under-stair storage add even more convenience. SEE MORE Beyond your doorstep, indulge in top-tier community amenities. Take a dip in the play pool with twisting slides, swim laps in the dedicated pool, or work out at the MOTO Fitness Center, complete with a Spin Room and Movement Studio offering yoga, Zumba, and more. Host gatherings at the FLOURISH Community Center, or have some fun at GAME ON, where pinball and foosball await. The community also features six parks, a fenced dog park, and courts for basketball, volleyball, tennis, and bocce. Plus, enjoy the home's Bluetooth surround sound system, upgraded flooring, and easy access to highways 24, Loop 202, and US 60with new restaurants and shopping just minutes away. You're also a quick drive from PHX-Mesa Gateway and Phoenix Sky Harbor Airports.

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9028 N 107th Place Scottsdale, AZ 85258

$815,000

3 Beds

2 Baths

2,093 SqFt

Status Active

MLS # 6685119

Property Type Single Family Residence

Price Type --

A beautiful canvas to make your own! 3 Bedrooms and 2 full bathrooms, each bathroom has duel vanity sinks. There is a separate walk-in laundry room. Massive vaulted ceilings, desert oasis out back with a glistening royal blue pool, backyard has lots of potential to add to (mini golf, turf etc) is currently xeriscaped. Seller to offer a one year home warranty to home buyer. UPDATE* Brand new AC unit has been installed 8/23

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