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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7603 N Via Del Elemental -- Scottsdale, AZ 85258

$800,000

3 Beds

2 Baths

1,720 SqFt

Status Active

MLS # 6756372

Property Type Single Family Residence

Price Type --

Super charming home in the heart of McCormick Ranch, updated 3 bedroom, 2 bath, concrete and tile flooring and all new appliances. Brand New HVAC has just been ordered and will be installed soon. Featuring a grassy backyard with a covered patio, vegetable garden and mature orange tree. Surrounded by multiple parks and walking paths just a short walk to public tennis courts, Starbucks, Luci's, LA Fitness, and a variety of other local hotspots.

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8644 E Bonnie Rose Avenue Scottsdale, AZ 85250

$800,000

4 Beds

2 Baths

1,620 SqFt

Status Active

MLS # 6747076

Property Type Single Family Residence

Price Type --

This amazing 4 bed 2 bath home waits for you in Scottsdale and has NO HOA! Enjoy an open layout letting in plenty of natural light. Tile and luxury vinyl flooring, recessed lights, chrome fixtures, and modern lighting all add to the home's updated feel. The kitchen has an island with deep sink, waterfall edge quartz countertops, and newer appliances. The primary bedroom is a cozy getaway with two separate closets and bathroom with a walk-in shower. The guest bathroom also sees quartz counters and a full bath. The backyard features pavers, an RV gate, and automatic sprinkler system. This home was remodeled in 2022 including the floor, kitchen, baths, and plenty of extra features. Conveniently near Scottsdale Fashion Square, Old Town, Chaparral Park, and tons of shopping and dining!

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4821 S Avitus Lane Mesa, AZ 85212

$800,000

4 Beds

3.5 Baths

3,711 SqFt

Status Active

MLS # 6752585

Property Type Single Family Residence

Price Type --

Discover your dream home on a premium corner lot in Eastmark, close to parks, schools, and community amenities! This spacious 4-bedroom, 3.5-bath gem offers 3,711 sq ft of flexible living space. The first floor features a home office, a bright dining room with views of the landscaped yard, and a gourmet kitchen with quartz countertops, double ovens, a ceiling-high backsplash, and a roomy pantry. The primary bedroom is also on the main floor, offering privacy with an en suite bath and a walk-in closet that connects directly to the laundry room. Cozy movie nights await in the living room with surround sound. Extras include a custom wrought iron front door and energy-saving shutters.

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4955 E Windrose Drive Scottsdale, AZ 85254

$800,000

3 Beds

2 Baths

1,738 SqFt

Status Active

MLS # 6744244

Property Type Single Family Residence

Price Type --

Absolutely wonderful Scottsdale home freshly remodeled is ready for you! This 3 bed 2 bath home just had a well deserved interior update with all new tile flooring throughout, MAJOR lighting upgrades, both bathrooms totally replaced. The kitchen has all new stainless steel appliances, refinished cabinetry, and a fresh tile backsplash. You'll love the large living room with vaulted ceilings and a massive picture window overlooking the pool! HVAC, Roof, and Windows (high end dual pane) all replaced within the last 5 years! Both front and back yards are low-maintenance desert landscaping with a small section of grass in the back. Located in a perfect spot near shopping, dining, and freeway access in Scottsdale in a NO HOA neighborhood! See the list of total upgrades/updates!

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7264 S Quinn Avenue Gilbert, AZ 85298

$800,000

5 Beds

3.5 Baths

3,535 SqFt

Status Active

MLS # 6756187

Property Type Single Family Residence

Price Type --

Welcome to this beautifully designed 2-story home in the highly sought-after Adora Trails community. This spacious residence boasts over 3,500 sq. ft. of living space, offering a perfect blend of luxury, comfort, and functionality. From the moment you step inside, you'll be greeted by gorgeous wood floors, a neutral color palette, and tasteful design touches that create a warm and inviting atmosphere. Featuring 5 bedrooms, 3.5 baths, a den with custom built-ins, and a large loft, this home provides plenty of space for family and guests. The gourmet kitchen is a chef's dream, equipped with granite countertops, stainless steel appliances, and ample storage. The open-concept layout flows seamlessly into the living and dining areas, perfect for entertaining. Step outside into your personal oasis on an oversized lot, complete with a sparkling pool and spa and a large patio, perfect for Arizona's sunny days. The backyard offers endless possibilities for outdoor fun and relaxation. Other highlights include a luxurious primary suite with a spa-like bathroom, upgraded finishes throughout, and a prime location within Adora Trails, known for its community amenities, including a community pool, parks, trails, and a clubhouse with gym. Don't miss this rare opportunity to own a move-in-ready, elegantly appointed home in one of Gilbert's premier neighborhoods!

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2731 E Mead Court Gilbert, AZ 85298

$800,000

5 Beds

2.5 Baths

3,433 SqFt

Status Active

MLS # 6759088

Property Type Single Family Residence

Price Type --

Welcome to your own private oasis! This five bedroom, two and a half bathroom home in the heart of South Gilbert in Shamrock Estates is stunning from top to bottom! Boasting tile floors, a grand staircase with multiple seating areas, granite countertops, a gas range, stainless steel appliances, ample kitchen storage, a beautiful formal dining area and plenty of space for entertaining family and friends. The oversized primary bedroom suite is complete with a double vanity, separate tiled shower and tub, and a huge walk-in closet. Enjoy the loft and spacious bedrooms upstairs, or relax out on the balcony and enjoy the cooler weather to come. The backyard is a piece of paradise with it's crystal blue salt water pool and spa, built-in BBQ, multiple seating areas and tropical landscape. Minutes from multiple parks, shopping, restaurants, entertainment and the Gilbert Regional Park, this house has everything you need.

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100 N Pleasant View Cornville, AZ 86325

$800,000

3 Beds

2 Baths

2,759 SqFt

Status Active

MLS # 6637479

Property Type Single Family Residence

Price Type --

Home on the Oak Creek! This home is on a private 1.88 acres of beach front on the Oak Creek! Sprawling ranch home w/ all the space needed. Combined living room & dining Room arrangement or switch it out with the family room that has a brick gas fireplace.Large Chef's kitchen w/ high end appliances including Viking Gas Stove,Bosch DW,Subzero Refrigerator, granite counter tops & a butcher block area by the walk-in pantry butler door. 3 bedroom,2 full baths plus a powder room. Master Bd has private patio, huge walk-in closet, separate jetted tub, walk in shower and sinks. The laundry room is equipped with Maytag washer/dryer water, a water basin and next to the craft room w/ endless storage and an attached 2 car garage. Tile Roof, front/back porch patios, fenced w/ well house and shed

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1022 W Las Palmaritas Drive Phoenix, AZ 85021

$800,000

3 Beds

2 Baths

1,783 SqFt

Status Active

MLS # 6751735

Property Type Single Family Residence

Price Type --

Welcome to your North Central Phoenix oasis! Situated on a third of an acre on one of the most desirable streets in the Royal Palm neighborhood, this beautifully maintained home offers the next owner an incredibly livable floor plan or an opportunity to make adjustments to make the home whatever you would like. The large, lush, irrigated corner lot offers north/south orientation and mature foliage. Steps away from Royal Palm Park and nestled in the heart of the neighborhood, this home is close to schools (including Sunnyslope High School), shopping, and dining. Don't miss your chance to make the classic North Central ranch home yours!

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14043 N 57th Way Scottsdale, AZ 85254

$800,000

7 Beds

3 Baths

3,444 SqFt

Status Active Under Contract

MLS # 6741664

Property Type Single Family Residence

Price Type --

Discover the perfect blend of space and style in this incredible 7-bedroom, 3-bathroom home, ideally situated in Scottsdale's highly sought-after 85254 zip code. With over 3,000 sq ft of living space, this home offers ample room for multi-generational living. The kitchen and dining room were beautifully remodeled in 2022, featuring quartz countertops and stainless steel appliances that convey with the home. The spacious master suite, along with multiple bedrooms, is conveniently located on the bottom floor. Enjoy the expansive backyard, perfect for entertaining or relaxing, with an RV gate and large lot providing endless possibilities. This property also includes a 2-car garage, making it an incredible opportunity at a price that won't last. Plus, with no HOA, you have the freedom to make this home truly your own. Don't miss out on this amazing deal in one of Scottsdale's most desirable areas.

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10408 E Raintree Drive Scottsdale, AZ 85255

$800,000

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6727482

Property Type Single Family Residence

Price Type --

Lovely, inviting 3 bedroom home nestled on a private lot backing a lush wash with mountain views. Many upgrades including beautiful shutters, upgraded tile flooring, a great kitchen with lots of white cabinets and drawers, great storage, center island with Butcher Block top, beautiful Granite countertops and a breakfast bar for additional seating. All Stainless Steel kitchen appliances, including Refrigerator that conveys. Ceiling fans throughout, and spacious bedrooms all on the same side of the home. Spacious Primary bedroom includes Arcadia door for access to the inviting backyard, walk-in closet and Granite topped vanity in the bathroom. Great sought after McDowell Mountain Ranch community that offers walking paths, community pools, community center, tennis courts and more. Excellent schools, close to parks, shopping, restaurants, much more.

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17535 N 50th Way Scottsdale, AZ 85254

$800,000

4 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6738647

Property Type Single Family Residence

Price Type --

Home is only 3 years old! The perfect location! Gated community with playground and community pool. Bright, and airy open concept floorplan. Inviting kitchen effortlessly flowing into the living area. Quartz counters, espresso cabinetry. Tile flooring all throughout the home. NO carpet! Large sliders leading out to the backyard. Primary suite includes a huge walk-in closet, dual sink vanity, and a luxurious walk-in shower. 3 meticulously spaced out guest bedrooms, separated from the primary suite.

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15439 E Jojoba Lane Fountain Hills, AZ 85268

$800,000

3 Beds

2 Baths

2,089 SqFt

Status Active

MLS # 6754020

Property Type Single Family Residence

Price Type --

Beautiful home in Sunridge Canyon has stunning views and is move-in ready. Open floor plan includes great room with cozy fireplace that offers views of the pool and canyon. Large kitchen includes a gas cooktop, wall ovens and large island with breakfast bar. Master suite has private access to the patio, views galore and an ensuite bathroom with dual vanity, soaking tub, walk-in shower and large closet. Garage includes epoxy floors and extra storage. The backyard oasis is a dream with a large covered patio that opens to a refreshing pool with water feature and a view fence.

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