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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2607 E Daniel Drive Gilbert, AZ 85298

$800,000

5 Beds

3.5 Baths

3,541 SqFt

Status Active

MLS # 6760193

Property Type Single Family Residence

Price Type --

Nestled in the prestigious lake neighborhood of Adora Trails, this luxurious home offers the perfect blend of elegance & modern convenience. The grand foyer welcomes you into a spacious, open-concept floor plan featuring a dedicated den & a gourmet kitchen w/ quartz countertops, double oven/range & a large island. The expansive living room opens to the backyard through sleek sliding doors, revealing a stunning outdoor oasis. Enjoy the sparkling swimming pool, complete w/ a fountain wall, perfect for relaxing or entertaining guests. The meticulously landscaped backyard offers serene views of the San Tan Mountains w/ the home's 3-car tandem garage providing ample parking & storage. The master suite provides direct access to the backyard, complete w/ two walk-in closets & a spa-like en-suite bathroom. Adora Trails offers an unparalleled lifestyle w/ 12 miles of scenic walking trails, a catch-&-release fishing lake, multiple playgrounds & lush greenbelts. The community's large center features a kitchen, outdoor basketball court, lounge areas, fitness center & a refreshing pool for year-round enjoyment. This home embodies luxury living in one of Gilbert's most sought-after communitiesan exceptional retreat both inside & out.

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250 E Voltaire Avenue Phoenix, AZ 85022

$800,000

3 Beds

2 Baths

2,357 SqFt

Status Active

MLS # 6742349

Property Type Single Family Residence

Price Type --

Welcome to your own slice of the Southwest! Nestled in the heart of the highly sought-after Moon Valley community, this eclectic home invites you to experience the vibrant spirit of Mexico. Bathed in natural light, every corner of this cherished residence exudes warmth and charm. Cozy spaces create a welcoming atmosphere, perfect for relaxing or entertaining. Step outside to your private desert oasis—a backyard retreat where you can unwind and enjoy the tranquility of the landscape. A unique oversized garage offers ample space for your vehicles, hobbies, or extra storage. This is more than a home; it's a lifestyle waiting for you.

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3500 E Penedes Drive Gilbert, AZ 85298

$800,000

4 Beds

4.5 Baths

2,921 SqFt

Status Active

MLS # 6745094

Property Type Single Family Residence

Price Type --

This energy-efficient home in Gilbert is the one for you! Sweet curb appeal, stone accented façade, 3-car garage, and ample courtyard with welcoming gate. Come inside to find a hallway leading to the great room with surround sound speakers, wood-look tile flooring, recessed lighting, and perfectly flowing living areas. The wide-open kitchen has an island with a breakfast bar, a walk-in pantry, a mosaic backsplash, SS appliances, granite counters, and crown moulding in the cabinets. The main bedroom offers private backyard access and a lavish bathroom with a separate tub/shower, walk-in closet, and dual sinks. In the backyard, relax under the covered patio, jetted spa, or refreshing pool. A must-see home!

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17963 E Silver Sage Lane Rio Verde, AZ 85263

$800,000

2 Beds

2 Baths

1,948 SqFt

Status Active

MLS # 6745100

Property Type Single Family Residence

Price Type --

Highly coveted Trilogy at Verde River Country Club, a SHEA Home Community! Elegant and comfortable open floor plan sold fully furnished! The gourmet kitchen offers massive Granite Island, bar seating, and stainless GE appliances. The sunny dining space easily seats 10. The beautiful backyard is accessed through a large patio with two sets of glass sliding doors and retractable screens, allowing seamless outdoor enjoyment. Additional office space offers numerous options and large laundry features extra storage! Featuring two large bedroom suites, the primary suite offers W/I shower and well-organized closet. Come be a part of the VERDE RIVER GOLF & SOCIAL CLUB! Furniture package does not include art, accessories or household goods.

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17404 N 70th Lane Glendale, AZ 85308

$800,000

4 Beds

2.5 Baths

2,611 SqFt

Status Active

MLS # 6760065

Property Type Single Family Residence

Price Type --

Introducing a magnificent single-story residence in the highly sought-after Coventry Estates! Excellent curb appeal with a desert front yard, striking stone detailing, an RV gate, and an extended driveway. You'll love hosting and entertaining in the formal living and dining rooms. The home exudes elegance with its high ceilings, plantation shutters, neutral paint, tile flooring, and plush carpeting in all the right places. Continue onto the bright family room that seamlessly flows into the kitchen. Prepare gourmet meals in the impeccable kitchen, fully equipped with granite counters & backsplash, wood shaker cabinetry, a pantry, a breakfast nook, and an island with a breakfast bar. Grand main suite has plush carpeting, a sitting area, a full ensuite, a walk-in closet, and outdoor access. Parking will never be an issue with the spacious 7-car garage and RV parking! The vast backyard invites you to unwind and have fun with a covered patio, a seating area, and a refreshing pool. This gem will not disappoint!

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50006 N 22nd Avenue New River, AZ 85087

$800,000

3 Beds

3 Baths

2,631 SqFt

Status Active Under Contract

MLS # 6725347

Property Type Single Family Residence

Price Type --

It's a New River kind of life! Private front courtyard & EPIC views in all directions. This home has character & a great location! Living room boasts luxury tongue & grove ceiling with wood beams & stacked stone fireplace to highlight the room. Your gourmet kitchen offers beautiful Alder cabinets, granite counter tops, roomy kitchen island, eat-in kitchen, stainless steel appliances including a double oven & Sub-Zero refrigerator. 3 bedrooms, Den/office & 3 full bathrooms. The primary suite is roomy & has dual sinks, separate walk-in shower, jetted tub & private exit to the expansive back patio. This home has so many great features: Interior Alder doors, stone flooring, soaring ceilings, recessed lighting. Out back is the perfect space to entertain with an extended, covered patio and refreshing pool framed by more gorgeous mountain views.. Fully fenced with RV....gate. Extended 3 car garage. This is where the road ends, no traffic. Close but not too close to I17, TSMC (the new chip plant), grocery, retail, banking, restaurants & more. Also, just steps out your door is thousands of acres of the Tonto National Forrest & State Land Trust for biking, hiking & exploring.

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2568 W Post Oak Drive Prescott, AZ 86305

$800,000

4 Beds

2.5 Baths

2,438 SqFt

Status Active

MLS # 6726845

Property Type Single Family Residence

Price Type --

Nestled amidst towering trees, this expansive estate offers sweeping views of Granite Mountain & the Prescott National Forest. Set on 2 acres, the residence boasts 4 bedrooms, including a second bedroom with an ensuite. A striking stone fireplace anchors the living area, complemented by a breakfast bar in the gourmet kitchen. The spacious Primary Suite features bay windows w/ a cozy window seat, dual sinks, a large soaker tub, a separate shower, & a walk-in closet. An Arizona room offers a seamless indoor-outdoor experience. Additional highlights include a large laundry room, a bonus partial basement with outside access, a 3-car garage with a workbench area, rolling sunscreens, & ceiling fans throughout. This property epitomizes serene living in a picturesque Prescott setting.

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29027 N 94th Place Scottsdale, AZ 85262

$800,000

3 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6746422

Property Type Single Family Residence

Price Type --

There is nothing in the world like Scottsdale, golf course living. This beautiful home is perfectly tucked into Pinnacle Ridge at Troon North. The backyard is nestled near the tee box of hole number 5, providing the sights and sounds synonymous with a tranquil, private desert golf course environment. As you arrive at the curb you will notice the pride of ownership highlighted by the lush desert landscaping and courtyard where you'll spend time talking with friends and waving at neighbors. Through the front door, you're welcomed by an abundance of natural light, high vaulted ceilings, large open kitchen, and split floor plan offers 3 bedrooms and 2 bathrooms. As you exit the door to that backyard, the feeling of the cool, blue pool creates a reprieve from the hot summer day, or for enjoying the day with family as the birds chirp and the flowers blossom around you. A large laundry room and 3 car garage, and perfect location make this home check every box. Tour soon, this won't last long.

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2415 E Cochise Road Phoenix, AZ 85028

$800,000

4 Beds

2 Baths

2,284 SqFt

Status Active

MLS # 6719966

Property Type Single Family Residence

Price Type --

Welcome to this beautifully maintained & updated 4-bedroom, 2-bathroom home nestled in a serene neighborhood near the base of the Phoenix Mountain Preserve. This cherished home, built in 1970 and impeccably cared for by the original owners for 54 years, exudes a timeless charm and showcases meticulous upkeep. Key Features: Prime Location: Situated just south of Shea Boulevard and steps away from Trail 101, one of the area's most popular hiking trails, this home offers unparalleled access to outdoor adventure and stunning mountain views. Modern Upgrades: dual-pane windows throughout. Both bathrooms and the kitchen have been tastefully remodeled, featuring modern fixtures and finishes. Solar energy and natural gas keep expenses low. All the 70's dated issues have been improved - no sunken rooms, no popcorn ceilings, electricity is in all the ceilings plus pocket lights were added, all aluminum single pane windows were replaced with quality dual pane energy efficient windows. Interior Excellence: The home boasts a fantastic layout with a blend of new tile flooring and carpet in the right places. Curb Appeal: Nestled in a quiet, mature and beautifully maintained neighborhood with no HOA, this property features great curb appeal and a large .25-acre lot, perfect for gardening, entertaining, or simply enjoying the beautiful Arizona weather. Don't miss your chance to own this gem at the heart of one of Phoenix's most desirable neighborhoods.

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826 E Marblewood Way Phoenix, AZ 85048

$800,000

4 Beds

3 Baths

2,668 SqFt

Status Active

MLS # 6715458

Property Type Single Family Residence

Price Type --

Discover the perfect blend of style and comfort! This stunning home features a modern desert exterior, 4 spacious bedrooms, 3 baths, and a 2-car garage less than 4 years old with over $100k in upgrades. Enjoy culinary creations in the gourmet kitchen equipped with gas cooktop, wall oven/microwave combo, silver gray shaker cabinets, a pewter island, and marble-look quartz counters with a white subway tile backsplash. The first floor boasts wood plank style tile, adding warmth and elegance. Each bathroom is meticulously designed with custom tile, and the master bath features a Carrera style shower surround. Additional luxuries include extended covered patio, 8' interior doors, pure white paint, and 5'' contemporary baseboards. Extra insulation added to attic. Garage is insulated, features epoxy floors & extra cabinets. Located near top-rated schools and close to shopping at Foothills Center, plus the serene Desert Foothills Park.

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2366 W Naranja Avenue Mesa, AZ 85202

$800,000

5 Beds

3.5 Baths

3,171 SqFt

Status Active

MLS # 6753631

Property Type Single Family Residence

Price Type --

This recently fully remodeled home with a full Mother-In-Law Suite has plenty of space, style and functionality! The separate Mother-In-Law Suite has its own full kitchen, living area, large bedroom, bathroom, walk in closet, separate entrance, and is accessible from the main house if desired. Think of all the possibilities! Sitting on a 1/4 acre corner lot within the highly rated Dobson Ranch Community, this home has many upgrades include new luxury cabinetry, quartz counter tops, fire clay farm sink, stainless steel appliances, new wood look plank flooring, new roof, new AC unit on En-Suite, updated landscaping, sparkling pebble tech pool, gazebo, basketball court, large covered patio, and much more. Located near 101 freeway, tons of restaurants, shopping, and nearby Tempe! Please Visit the Dobson Ranch Community Website to see a full description of all the amenities and benefits the Dobson Ranch Community has to offer! There are recreation centers, swimming, pools, pickle ball courts, lakes, and much more!

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20520 E Mockingbird Drive Queen Creek, AZ 85142

$800,000

3 Beds

3 Baths

2,881 SqFt

Status Active

MLS # 6671896

Property Type Single Family Residence

Price Type --

Elegant 3 bedroom w/office, 3 bathroom single story with an amazing sparkling pool, tall 10 foot ceilings and open floor plan with so much light! Beautiful gourmet kitchen with granite counters and gas cooktop is ideal for displaying cooking events. The kitchen flows into the central family room with an added dining area overlooking the backyard oasis. Tile in the walkways and durable laminate in the kitchen and bathrooms. Sonos speaker system in the family room and in the perfectly placed bonus room where you can easily fit a solid pool table or anything you want. Gorgeous backyard oasis with sparkling lounging pool, spa, artificial grass, and horseshoe pits. Pavered patio and walkways around the pool connect to the pergola-covered BBQ/kitchenette area with misters and electric sunscreen to keep the party extra cool. Block wall has been raised an extra 2 feet for more privacy and protection. Front yard has a private courtyard for patio furniture, winter fire pits, and more. You could have 3 different activities happening at the same time - this home is perfect for entertaining! There is an oversized laundry room that has extra cabinets and sink. 3-car tandem garage with plenty of storage racks and shelves, rain gutters for the monsoon seasons, holiday lighting and outlets placed around the outer roofline, 2 side yard sheds, and a 50 amp plugin next to the garage for the RV. The Queen Creek Station community maintains a large pool, basketball court, walkways, streetscapes, and parks. Costco, Walmart, and many popular restaurants, are within a 5 minute drive. Seven minutes to the 202 freeway can take you anywhere in the valley quickly.

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