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.

Whats 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.

Click Here to See What Your Home is Worth

10150 W Spur Drive Peoria, AZ 85383

$815,000
3 Beds
2.5 Baths
2,996 SqFt
Status Active
MLS # 6689001
Property Type Single Family Residence
Price Type --
Nestled in the heart of Peoria, AZ, this exquisite single-story home boasts 3 spacious bedrooms, office & den with 2.5 well-appointed bathrooms including a massive primary suite with huge custom designed walk-in closet. The home's open floor plan invites you in with an abundance of natural light, illuminating the high-quality finishes and attention to detail. The gourmet kitchen, complete with top-of-the-line appliances, is a chef's dream, seamlessly flowing into a cozy living area, perfect for entertaining or quiet nights in. The primary suite is a private retreat, featuring a luxurious en-suite bathroom that promises relaxation. The true gem of this property, however, is the resort-style pool. This outdoor oasis a sparkling pool that beckons on hot Arizona days. The surrounding patio offers ample space for lounging, dining, and entertaining, all while enjoying the beautiful Arizona weather. This home is more than just a place to live, it's a lifestyle. With its combination of comfort, style, and luxury, this 3-bedroom with option for as many as 5 bedrooms home in Peoria, AZ, is truly a dream come true.

18681 E Apricot Lane Queen Creek, AZ 85142

$815,000
4 Beds
3 Baths
3,706 SqFt
Status Active
MLS # 6747326
Property Type Single Family Residence
Price Type --
MOVE IN READY!! Fresh paint inside & out with updated kitchen! Your new backyard is in an entertainer's paradise with a large pool with waterfall and fountain, patio, and plenty of green space to accommodate family, friends and pets!! With lot sizes in new homes getting smaller and smaller, you're gonna love this home that sits on just over 12,000 ft.²! And If you have cars or toys you need to park, look no further! This home features a three car garage, extended driveway, RV gate, and the ability to park an RV or trailer behind the gate with permission from the HOA! Located just a short walking distance to the Queen Creek wash trail system connecting you directly to Desert Mountain and Mansel Carter Oasis Parks, the Sonoqui wash trail, downtown Queen Creek and more!! Welcome Home

1960 W Desert Forest Trail Phoenix, AZ 85085

$814,990
5 Beds
4.5 Baths
3,018 SqFt
Status Active
MLS # 6708641
Property Type Single Family Residence
Price Type --
Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Move-in ready, the Prato two-story home features a first-floor owner's suite, a chef's kitchen with a gas cooktop and quartz countertops and upgraded tile and carpet throughout. The gathering room's center slider opens to outdoor entertaining. An upstairs bathroom creates an additional suite, and the home includes a whole-house electrical package. The front yard is fully landscaped with desert plants, completing this elegant home.

905 Malva Court Prescott, AZ 86305

$814,900
3 Beds
3 Baths
2,385 SqFt
Status Active Under Contract
MLS # 6747263
Property Type Single Family Residence
Price Type --
Stunning home in Prescott's sought-after Pinon Oaks neighborhood. Nestled on an elevated homesite at the end of a cul-de-sac, this single level home boasts exceptional curb appeal & commanding street presence. The mature landscaping in both the front and rear yards, with a fully fenced backyard, creates a serene and private retreat. As you step into the tiled foyer, complete with an elegant tile inlay, you'll find the formal dining room to your left, featuring stacked ceilings that add a touch of sophistication. To your right, an office with double-door entry offers the perfect space for work or study. The living area is warm and inviting, with beautiful wood laminate flooring, a gleaming granite tile hearth surrounding the gas fireplace and built-in niches that add character to the space A wall of windows and double French doors flood the living room with natural light, creating a bright and airy atmosphere. The kitchen is a chef's delight, with varying height Knotty Alder cabinets adorned with crown molding, granite counters, and stainless-steel appliances, including a 5-burner gas range with a convection oven. The breakfast bar and adjoining breakfast room offer versatile dining options, making this space perfect for both casual meals and entertaining. The split bedroom plan provides the primary suite with a private retreat, complete with dedicated access to the rear deck. The ensuite bathroom features a large double vanity, a spacious walk-in closet, a separate garden tub, and a walk-in shower, offering a spa-like experience. The guest bedrooms are generously sized, each with ceiling fans and stunning views. They share a well-appointed guest bathroom with a full tub/shower combo. Additionally, there is a convenient powder bathroom for guests. The laundry room is equipped with a deep utility sink and upper cabinetry for added storage. And let's not forget the spacious 3-car garage, providing ample room for your cars, toys, or extra storage. The expansive engineered wood deck runs the length of the back of the home, providing a perfect vantage point to enjoy the tremendous views, including Granite Mountain and Mingus Mountain, as well as the surrounding vistas. Stairs lead down to a flat, usable backyard adorned with deciduous trees and shrubs, all maintained by a drip irrigation system. The large paver party patio in the backyard offers endless possibilities for outdoor entertaining. Don't overlook the lower-level bonus room, heated and cooled with an electric mini-split system, which makes an ideal gym, studio, or hobby roomthis space is not included in the published square footage, offering even more flexibility for your needs. This home is ready for you to make it your own, combining elegance, functionality, and breathtaking views in a premier Prescott location.

6021 N 81st Place Scottsdale, AZ 85250

$814,900
3 Beds
2.5 Baths
2,332 SqFt
Status Active
MLS # 6681141
Property Type Single Family Residence
Price Type --
Excellent Scottsdale location & No HOA! Step into open floorplan, where the kitchen takes center stage with its entertainment-ready design featuring plentiful cabinets, SS appliances, spacious Island, sleek Silestone countertops, & enduring plank tile flooring. Beyond the kitchen lies ample space for family gatherings, complemented by additional formal dining & living areas, vaulted ceilings, a cozy fireplace, & French doors leading to a secluded atrium, perfect for enjoying tranquil mornings. The large first-floor master suite offers a retreat-like experience with its walk-in closet, walk-in shower, double sink vanity,& direct access to back patio. Upstairs, spacious secondary bedrooms & full bathroom & lots of closet space. Resort Style Backyard! Read Add'tl Remarks Outside, the professionally designed backyard invites relaxation with its inviting patio, artificial grass, Lemon fruit tree, evoking a resort-like atmosphere ideal for outdoor entertaining. A large laundry room provides ample storage space with cabinets and countertops, adding to the home's convenience. Beautiful White Window Shutters. Brand New Carpent installed 2023. New downstairs A/C installed 2022. New Kitchen Stainless Steel Cook Top Range with Duel Oven and New Dishwasher as of 2021. New Exterior Paint 2022. Home is Conveniently located within walking distance to Scottsdale schools, Chaparral Park and dog park with lakes, and a variety of shopping and dining options, this home offers easy access to the area's finest amenities. Nearby attractions such as Golf Club, Casinos, Museums, and the Salt River Ball Park provide endless opportunities for leisure and recreation. With its great location and proximity to ASU, SCC, and more, plus major thoroughfare, including the 101, this home epitomizes effortless Scottsdale living at its finest.

20179 W San Juan Avenue Litchfield Park, AZ 85340

$814,285
4 Beds
3 Baths
3,147 SqFt
Status Active
MLS # 6572417
Property Type Single Family Residence
Price Type --
Open-concept, 3,147 square foot home with the perfect amount of space to in all the right places and is located on a N/S 9,143 square foot homesite with an 8' double gate. 4 bedrooms + study + retreat. 3 car tandem garage provides much desired storage space. The extended covered patio gives you extra room for outdoor entertainment and backyard is large enough for a pool. Gourmet kitchen with gas cooktop, upgraded cabinets and countertops with custom backsplash, upgraded flooring through out are just some of the custom choices that make this home a must see!

12014 S 181st Drive Goodyear, AZ 85338

$814,000
3 Beds
2.5 Baths
2,563 SqFt
Status Active
MLS # 6708029
Property Type Single Family Residence
Price Type --
WINNER OF BEST HOME ON ESTRELLA MTN RANCH TOUR !! Whether you are searching for a year round place to call home or a part-time retreat, this 2,563 sq ft David Weekley home in The Reserve of Golf Canyon will check the boxes on your wish list. This lovingly cared for property in better than new condition has more to offer with comfort and relaxation in mind. Located in the highly sought-after Estrella Mountain Ranch Resort Community. Living here offers access to: Golf Club of Estrella, a Nicklaus Design golf course and Troon managed facility 2 lakes and yacht club with use of kayaks, paddle boats and sailboats 65+ miles of hiking and biking trails 2 luxurious clubs complete with resort-style pools, kiddie splash pad, restaurants, 2 elite fitness centers and community rooms Sports courts including pickle ball, basketball & volleyball. BBQ pavilions and community parks with playgrounds, picnic areas and dog parks 2 Elementary Schools and 1 High School Easy access to I-10, the 101, 202 & 303 offers a convenient drive to State Farm Stadium, home of the Arizona Cardinals, Phoenix Raceway, downtown Phoenix, Scottsdale, shopping & more All this, surrounded by stunning mountain views. From the well-constructed 2x6 frame with many energy efficient features to the thoughtfully designed layout of the Splendor model to the over $90K in upgrades, you will love coming home at the end of the day! Start your day by enjoying coffee or tea in your sunny courtyard while you look out over the Estrella mountains. This spacious pavered outdoor living area surrounded by beautiful Arizona landscaping will energize you for the day ahead. And whenever you feel like you need to just clear your mind, step into your beautifully landscaped backyard complete with a fully pavered huge patio tucked under a full length of the house overhang to shelter you. This property on a wash with a view fence offers solitude as you take in the mountains to the north and south. Enjoy the beautifully designed cactus bed, the centerpiece of this yard, as well as pygmy palms, an ocotillo, a pomegranate bush, a Chasteberry tree, a Meyers lemon tree and a stately Mesquite tree which offers respite from the hot sun under its full umbrella. Take in all that nature has to offer, watching every native creature beautifully cohabitating with each other. Once inside, this gently lived in 3 BR 2.5 Bath home will not disappoint. As you step through the Therma Tru fiberglass front door, an open concept layout invites gatherings of all sizes with a beautifully designed kitchen waiting for your creations. GE Profile electric convection wall oven & microwave, 36 5-burner gas cooktop and Dry Convection dishwasher and stainless steel double sinks make your culinary creations enjoyable! Upgrades in this space with a Gourmet Kitchen Island include granite countertops, a Bosch 36 counter depth French door refrigerator, Oakcraft soft close cabinets, glass subway tile kitchen backsplash, Kichler ceiling fan and 20 offset tile flooring. This space also invites the outside in with ThermaTrue French doors overlooking the courtyard and both 12ft and 16ft sliders overlooking the landscaped and fully irrigated backyard. The Owner's Retreat (17' x 14) is bright and sunny with Hunter Douglas Silhouette sheer shades offering everything from privacy to full sun. The Master Bath with dual vanities and upgraded quartz countertops, soaking tub, roll-in shower and water closet offers comfort, privacy and loads of storage. The Walk-In Closet offers space for all your belongings. In addition, a generous sized linen closet stores all your linens and much more. The split floor plan allows family members or guests privacy, a generous footprint, Norman Shutters on all windows, a Jack and Jill bath with cultured marble sinks and upgraded backsplash, large linen closet and walk-in closets. The Study/Flexspace (12'8 x 12') and Utility Room complete with brand new washer, dryer, sink, loads of cabinet storage and a window both conveniently located right off the kitchen and garage entry round out the floor plan. Plenty of room for cars and storage in your tandem 3-car garage. Whole house upgrades include Kichler ceiling fans in all rooms, upgraded cabinetry throughout, custom flooring, front & back yards landscaped. Whole house custom designed water filtration system and water softener. Remote control sunshades (2) and lighted fans (2) offer protection and comfort from the AZ sun. A diamond in this 20,000 acre resort-style master planned community, put this house at the top of your list to view today!

12305 N Petra (lot 242) Circle Prescott, AZ 86305

$812,500
2 Beds
3 Baths
2,081 SqFt
Status Active
MLS # 6657532
Property Type Single Family Residence
Price Type --
TAKE ADVANTAGE OF BUILDER INCENTIVES! $20,000 BUILDER OPTIONS CREDIT or 1 YEAR INTEREST RATE BUY DOWN TO 5.99%. New home/lot in Whispering Canyon, mtn views & gorgeous skies await you with this .80ac lot. This ''right-sized'' model offers great room open concept design with highly upgraded kitchen cabinets, granite counters, walk in pantry, & s/s appliances standard. 17'' x 17'' tile flooring & carpet in the main living areas & 10' coffered ceilings add architectural interest. Split floor plan w/2 bedrooms & an office, den, or optional 3rd bedroom. Primary en suite has bathroom featuring dual sinks, walk in shower, & walk in closet. Front landscaping, paver patios and driveway are included. Select builder options & design finishes. Est completion time is 12 months. VISIT OUR MODEL HOM

19248 N 78th Lane Glendale, AZ 85308

$810,000 - 5Br/3Ba -  for Sale in Continental At Arrowhead Ranch, Glendale
New
$810,000
5 Beds
3 Baths
3,075 SqFt
Status Active
MLS # 6759885
Property Type Single Family Residence
Price Type --
Gorgeous curb appeal! Featuring 3,075 sq ft, 5 beds, 3 baths, 2 levels, 3 car garage, and fireplace. The upgraded chef's kitchen showcases quartzite stone countertops, under counter beverage refrigerator, wolf gas range, stainless steel appliances, upgraded lighting, soft close drawers & cabinets. Whole house water filtration system to every faucet & water softener. Formal dining and separate guest seating area, master balcony, upgraded flooring throughout. Artificial turf in front and back yards, 7 mature fruit producing trees (orange, lemon, lime, kumquats, and pomegranate), rose bushes, 2 producing grape vines, private herb & vegetable garden. The backyard bistro lighting, covered patio, sparkling gated pool, hot tub, wood burning fireplace, and up lighting create the perfect ambience to entertain guests.

5027 W El Cortez Trail Phoenix, AZ 85083

$810,000
5 Beds
3 Baths
3,713 SqFt
Status Active
MLS # 6751263
Property Type Single Family Residence
Price Type --
This Is It! Excellent Location On This Beautiful Home In Stetson Valley! Great Curb Appeal, Step Inside To Circular Foyer w/Soaring Ceilings, Formal Living w/Gas Fireplace, Dining/Family Room, 5 Bedroom/3 Full Bath (2 Downstairs), Plus Loft Area. Main Bedroom Has A Huge Additional Room w/Double French Doors, Perfect For Office, Gym, Etc, 2 Walk In Closets & Huge Tiled Walkin Shower. Kitchen Has Granite, Kitchen Island, Gas Cooktop, Gas Fireplace, Plantation Shutters, Energy Efficient Dual Pane Windows, Ceiling Fans Throughout & 3 Car Garage. The Backyard Is A Beautiful Oasis w/Heated Play Pool, Covered Patio, Gas Fireplace, Dog Run w/Artificial Turf, Built In BBQ Area, Mountain Views & Spectacular Desert Sunsets, The Premium Lot Is Very Private w/Open Greenbelt Areas On The Side & Back!!! Completing the downstairs, you have one bedroom and a versatile den/5th bedroom with a double-door entry. Other bedrooms, along with a cozy loft, await upstairs! The oversized main bedroom is a true retreat featuring a sitting room and an ensuite with dual sinks, a large tiled shower, & two walk-in closets. If entertaining is on your mind, the RESORT-STYLE backyard awaits you! With a paver-covered patio, firepit, view fence, artificial turf, and a sparkling pool, this space promises year-round enjoyment. The serene vistas provide a picturesque backdrop to your everyday living. What a RARE gem!

7137 E Rancho Vista Drive Unit 2007 Scottsdale, AZ 85251

$810,000
2 Beds
2 Baths
1,242 SqFt
Status Active
MLS # 6756857
Property Type Apartment
Price Type --
Live in the heart of Scottsdale in this luxurious 2-bed, 2-bath condo at Optima Camelview. The open, split floor plan boasts elegant hardwood floors, granite countertops, updated cabinets, and a gourmet kitchen featuring stainless steel appliances and a gas stove. Step onto your expansive private patio with direct stair access to the resort-style pool and spa. Enjoy world-class amenities, including two outdoor pools, an indoor lap pool, spas, steam saunas, basketball and racquetball courts, a pickle ball court, state of the art fitness center, concierge services, and a yummy on-site restaurant. All just steps from premier shopping and dining!

15229 S 18th Drive Phoenix, AZ 85045

$810,000
4 Beds
2.5 Baths
3,124 SqFt
Status Active
MLS # 6753074
Property Type Single Family Residence
Price Type --
This meticulously maintained 24-year-old home in the Phoenix Foothills is a gem waiting to be discovered. The owner has lovingly cared for this property since it was originally built, with updates and upgrades to ensure it remains in pristine condition. From the new roof with a transferable warranty to the freshly painted exterior and cinder block walls, this home exudes quality and attention to detail. Inside, you'll find maple cabinets in the kitchen and bathrooms, dual Whirlpool ovens, and a custom-built entertainment center. The spacious layout is perfect for entertaining, with a large kitchen island, JBL surround sound speakers in the family room, and a curved staircase leading to the second floor. The backyard is a paradise, with a Pebble Tec pool, in-floor cleaning system, and play pool for water volleyball. Located near the Bursera Trailhead hiking trail in Club West, this home offers the perfect blend of indoor and outdoor living. The low-maintenance landscaping, artificial grass turf, and controlled watering schedule make it easy to enjoy the stunning views and peaceful surroundings. Don't miss out on this opportunity to own a truly special home in a prime location. This home truly has it all - from the practical features like the radiant barrier in the attic that helps lower energy costs, to the luxurious upgrades like the JBL house and patio speakers with volume control in each room. The attention to detail is evident throughout, with a laundry room plumbed for a sink, a front and side iron security door with locking cylinders, and a natural gas stub in the back patio for easy barbecuing. The seller's love for this home shines through in every aspect, from the immaculate carpet to the inviting loft upstairs. The east-facing patio provides shade throughout the day, making it the perfect spot for outdoor dining or relaxation. And with a 5K incentive payable upon closing to the person who brings a buyer, there's even more reason to come see this stunning property in person. Don't miss your chance to experience the beauty and comfort of this home for yourself. It's a rare find in an exceptional location, offering the perfect blend of elegance, functionality, and convenience. Come see why this home is truly a special place to call your own.

Leave a Reply

Your email address will not be published.