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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3691 S Barberry Place Chandler, AZ 85248

$807,000

4 Beds

2 Baths

2,280 SqFt

Status Active

MLS # 6672641

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome home to this charming property In Ocotillo! A rare find, premium WATERFRONT lot! The natural color palette throughout this home creates a warm and inviting atmosphere. The kitchen features a center island and a nice backsplash. Other rooms offer flexible living space to meet your needs. The primary bathroom boasts double sinks and good under sink storage. Step outside to the fenced in backyard where you'll find a private in ground pool and a covered sitting area, perfect for relaxing or entertaining. Enjoy the fresh interior paint that adds a clean and modern touch. Don't miss out on this fantastic opportunity to make this house your new home!

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2458 E Preston Street Mesa, AZ 85213

$805,861

4 Beds

3 Baths

2,462 SqFt

Status Active

MLS # 6751502

Property Type Single Family Residence

Price Type --

No houses out front of you while your home is looking onto the nursey with lush green all around! This Spanish mission is at drywall right now and showing final price after all the upgrades/Options. Beautiful entrance with private courtyard walking up to your 8ft iron front door! Featuring nice upgrades with the wall of glass from your great room to your oversized north facing backyard. Gourmet kitchen with GE stainless steel appliance, pot filler and kitchen backsplash. Stunning finish colors. Designed with top notch options this is one to see! Don't forget the Wood look flooring throughout! ( Photos are of model)

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4910 W Mountain Hollow Loop Show Low, AZ 85901

$805,000

5 Beds

3 Baths

2,757 SqFt

Status Active

MLS # 6743878

Property Type Single Family Residence

Price Type --

Introducing your dream home! Nestled in a serene and welcoming neighborhood, this brand new build boasts five spacious bedrooms and 3 luxurious baths. Designed with modern living in mind, this home offers ample space for both relaxation and entertainment, making it perfect for growing families or those who love to host guests. One of the standout features of this stunning property is the primary room located conveniently on the ground floor. This provides easy access and a retreatesque atmosphere for the homeowners, ensuring privacy and comfort. The ensuite bathroom in the primary room is equipped with high-end fixtures and finishes, creating a spa-like experience right in your own home. Step outside to discover the beautifully landscaped yard, which offers a peaceful.. outdoor activities or simple relaxation. The meticulously designed garden area is perfect for those who enjoy nature and outdoor living. Whether you're hosting a summer barbecue or enjoying a quiet morning coffee, this landscaped paradise will be your sanctuary. Don't miss the opportunity to make this impeccable, move-in-ready home yours!

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13819 N 30th Street Phoenix, AZ 85032

$805,000

5 Beds

2.5 Baths

3,050 SqFt

Status Active

MLS # 6741284

Property Type Single Family Residence

Price Type --

Beautiful single-family home featured in Sonoran Hills in Phoenix, AZ. As you enter the double doors of this spacious home, the expansive foyer and elegant curved staircase invite you in for more. Incorporating a subtle balance of sophisticated styling with a modern design, this home features 5 bedrooms and 2.5 baths in a 3,050 sq. ft. open-flow floor plan. The upgraded eat-in kitchen boasts granite countertops, a center island, raised panel cabinetry, desk area, and pantry, all in a layout ideal for large families or for those who like to cook and entertain. Additional features include vaulted ceilings, surround sound, a formal dining room, downstairs formal and informal living areas with fireplaces, upstairs loft area, a balcony offering captivating views of the McDowell Mountains, and a dedicated master retreat featuring spacious sleeping quarters, walk-in closet, and ensuite bathroom with garden tub, large shower, and dual sinks. Lastly, the home features a 3-car garage, low maintenance landscaping, and a private backyard retreat with covered patio space, Pebble Tec style pool, and no neighbors from behind for added privacyperfect for entertaining guests and family. Located within minutes of top-rated schools, hiking, shopping, restaurants, major highways, and the world-renowned Mayo Clinic, this is the house that's waiting for you.

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1827 E South Fork Drive Phoenix, AZ 85048

$805,000

4 Beds

3 Baths

2,894 SqFt

Status Active Under Contract

MLS # 6682810

Property Type Single Family Residence

Price Type --

Welcome to your desert oasis in the beautiful subdivision of Cabrillo Canyon. This exceptional single-level home features a NEW ROOF with warranty and offers the perfect blend of luxury & comfort. Boasting a generous 13,857 sqft lot. Step inside to discover a gourmet kitchen, with granite countertops & ss appliances. The heart of the home is the expansive open family room, where you can unwind by the cozy fireplace or entertain guests with ease. Adjacent to the family room, a stylish wet bar with granite countertops. Retreat to the split primary suite, your private sanctuary featuring raised sinks, granite vanity, upgraded shower enclosure, and a spacious walk-in closet. Step outside to discover your own private resort style backyard, complete with sparkling pool, lush turf, an inviting gazebo, and a built-in stainless steel grill, creating the ultimate outdoor living experience. Whether you're hosting weekend barbecues or simply unwinding after a long day, this outdoor space is sure to be a favorite gathering spot.

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27874 E Mount Ord Drive Fort Mcdowell, AZ 85264

$805,000

3 Beds

2 Baths

2,400 SqFt

Status Active

MLS # 6698023

Property Type Single Family Residence

Price Type --

This 3 bedroom 2 bath, with loft, custom home sits on a large lot, 2.31 acre horse property in the very desirable, gated, Whitney Ranch Estates. The home has unbelievable charm and detail throughout with an open floor plan. The great-room has an amazing 22ft ceiling with a large fireplace that spans floor to ceiling (wood or gas). Large master suite with his and her closets, double sinks and walk in shower. There is a loft upstairs that has the ability to be converted to two additional bedrooms and bathroom. The designer open kitchen features white cabinets, granite countertops and high-end Bosch appliances. Outside, a perfect, covered wrap-around porch (2,120 sq.ft) to take advantage of the beautiful 360-degree mountain views. $50K Solar System installed March2022

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12075 N San Clemente Street Surprise, AZ 85388

$805,000

3 Beds

2.5 Baths

2,072 SqFt

Status Active

MLS # 6725541

Property Type Single Family Residence

Price Type --

3 Bedroom 2.5 Bath in Sterling Grove, a gated golf community with lots of ammenities. This nearly-new home, with a saltwater pool and water features, has over $112K in Builder upgrades & $145K in post-closing improvements, this home is truly one-of-a-kind. The open concept kitchen, living, and dining area , with Quartzite countertops, subway tile backsplash, elegant light fixtures, window treatments, and a beamed ceiling entry. The owner's suite has an oversized walk-in shower and a Oversized walkin closet with a WALK THRU to the laundry room(this added 71 SQ Ft to the home that the other homes with the same layout DO NOT have). Please note when walking the home. The professionally landscaped front and back yards with citrus trees, synthetic grass, an outdoor TV and extended tiled patio. The home also has Navy blue hexagon tile flooring in two bathrooms, and Nouveau Flora Deco wall tile plus a beautiful chandelier in the half bath. Enjoy the surround sound system, a top-of-the-line security system, and a water treatment system. . The popular Potomac floor plan is a must see.

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2873 E Birchwood Place Chandler, AZ 85249

$805,000

5 Beds

3.5 Baths

4,015 SqFt

Status Active

MLS # 6723653

Property Type Single Family Residence

Price Type --

Welcome home to this stunning 2-story home in Riggs Ranch Meadows. On almost a 1/4 acre, enjoy this private backyard with mountain and water views, a lap/diving pool, and a covered patio. This large back yard borders a unique pond that is lined with large trees and cottonwoods. Custom 18'' tile flooring, new carpet throughout, granite countertops, and travertine backsplash. Kitchen presents custom cabinets with crown molding and rollout shelves. Enjoy two large master bedrooms, one upstairs and one downstairs. All bedrooms have walk-in closets and ceiling fans. 4' extension to a large 3-car garage, workbench, and endless storage. Don't miss out on this great opportunity!!!!

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839 E Country Gables Drive Phoenix, AZ 85022

$803,000

4 Beds

3 Baths

2,242 SqFt

Status Active

MLS # 6753784

Property Type Single Family Residence

Price Type --

Welcome to Hidden Hills! This single story, 4 bedroom, 3 bathroom home sits on a third of an acre on a corner lot with a pool, hot tub, and additional attached living quarters and RV pad. Need an investment property that has long standing history generating multiple short term rental streams? Or maybe your situation calls for having a true next gen/separate apartment/casita/guest house with it's own bathroom, kitchen, family room, bedroom, hot water heater and AC unit? How about the need for true allowable RV parking (NO HOA!) with electric hookups? If any of these scenarios match what you're looking for, than this home is for you! All of the major big ticket items have already been recently updated, such as a kitchen remodel, tile flooring, windows, roof, HVAC units, water heaters, newly installed solar panels, and more! This home offers a split, open floorplan with the primary suite on one side of home with exterior access via primary bath, and guest bedroom (with direct access to guest bath directly from room) and additional bedroom and apartment located on other side of home. Apartment has it's own pathway/sidewalk from street and separate exterior door for direct access, along with an entry door from inside of home as well. The exterior of the home has an newly built extended RV/additional parking driveway with RV gate and it's own electrical hookups, above ground hot tub, sparkling pool with rock waterfall feature, and covered back patio that spans the entire length of the home! Take advantage of the location as well, where there are tons of hiking (home is nestled under Lookout Mountain), golf courses, shopping and dining, and is only a short drive to the 101, 51, and 17 freeways. This home is so versatile with so many options for whatever your situation may be! Come take a look before it's too late!

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29527 W Polk Street Buckeye, AZ 85396

$800,000

5 Beds

4.5 Baths

3,311 SqFt

Status Active

MLS # 6656723

Property Type Single Family Residence

Price Type --

Your dream home awaits you in Buckeye! This brand-new property boasts a 3-car garage and an attractive curb appeal that invites you to discover more. The sophisticated interior boasts breathtaking attention to detail, porcelain tile flooring, chic light fixtures, high ceilings, and a formal dining room. The expansive open floor plan with sliding glass doors to the back patio is designed for relaxation or entertaining. The modern kitchen is a delight, equipped with plenty of cabinetry, stainless steel appliances, a walk-in pantry, sleek quartz counters, tile backsplash, and a waterfall island with a breakfast bar ideal for quick morning coffee. The grand owner's retreat stands out! Direct outdoor access, a pristine ensuite with a sit-down shower, and a walk-in closet complete the picture. Highlights include a fully equipped casita perfect for your guests. Finally, the massive backyard has a covered patio and pavers. What's not to like? This beauty is ready for you to move in and enjoy!

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13060 N Palomino Road Maricopa, AZ 85139

New

$800,000

4 Beds

3 Baths

2,001 SqFt

Status Active

MLS # 6761974

Property Type Single Family Residence

Price Type --

Privacy and Tranquility on Palomino!! This Captivating Mountain Side ''Arizona Beach House'' is carved into an elevated 3.366 acre lot creating MILES of spectacular sunrises and awe inspiring unobstructed VIEWS!! Your own Mountain surrounds this Private Oasis perched above the Valley. The Custom Contemporary ''Restoration Hardware Flair'' 2001 Sq. Ft. 4 Bedroom, 3 Bath Home was built in 2021. Massive Gourmet Kitchen Island with butcher block style counters, integrated pop up electrical hub, with commercial style gas stove and hood! Farm Style Sink Perfect for entertaining friends and family! Crisp Blue cabinets galore roll outs and more!! The Kitchen is thoughtfully designed with a disappearing WALL of glass to extend AZ outdoor serene living, whether a dip in the ''One of a Kind'' Uni Pool signed by the Artist or watching the Hummingbirds, wildlife or the captivating views! The entire home has easy care stained concrete floors and soaring beams with industrial designed ceilings. The Primary suite with separate patio has respite Spa inspired retreat, soaking tub, open concept shower with dual rain shower heads, dual sinks and ample floor to ceiling closet with organizers. Split floorplan from secondary bedrooms with 1 En-suite Bath and both secondary baths offer low step upgraded showers, rain glass frameless style enclosures. EVERY bedroom with individual Mini Split HVAC units and private patio exits! Great Room Living has dual Mini Splits allowing for finger tip control cooling or heating. When the owner is ready to retire at the end of the day, ALL the windows and disappearing WALL of glass (with retractable screen) are on remote controlled NEW electronic shades allowing for complete privacy. Additional NEW features include the artificial turf, WALL of rocks for more privacy while sitting by the firepit or just enjoying the peace and quiet and the additional landscaping, and privacy screening. Whether Arizona Beach House is your future Primary residence, a second home to escape the cold winters up North/back East, Investment Airbnb, or subdivide and build- there are numerous opportunities for this special property!.

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1553 E Kennedy Avenue Coolidge, AZ 85128

$800,000

5 Beds

4 Baths

3,461 SqFt

Status Active

MLS # 6739416

Property Type Single Family Residence

Price Type --

This exceptional property sits on just over 1 acre, providing ample space for animals and recreational vehicles. Located in a gated community of custom homes, it offers tranquility away from busy roads. Features include wood plank tile floors, an open-concept great room, a gourmet kitchen with an oversized island, quartz countertops, crown molding, custom hardware and lighting, plantation shutters, reverse osmosis, and soft water systems. The home also has a bedroom with a large en-suite bathroom and a separate entrance, perfect for multi-generational living or Airbnb. Additional highlights include an oversized 3-car garage, full fencing with custom pipe rail and gates, and protection from high-density housing. Enjoy the growing Coolidge and Florence areas with new restaurants, shop

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