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.

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7818 E Northland Drive Scottsdale, AZ 85251

$799,999
3 Beds
3 Baths
2,400 SqFt
Status Active
MLS # 6746948
Property Type Townhouse
Price Type --
Welcome to your dream turn-key home, perfectly situated for both convenience and relaxation in the Historic District of Villa Monterey! This stunning property offers views of the Iconic Camelback Mountain, and with arts and culture at your fingertips, this neighborhood attracts older clientele with youthful spirits. Nestled near Fashion Square and Old Town Scottsdale, a vibrant mix of restaurants, nightlife, and shopping awaits. Step outside to discover a huge, quiet, and private oasis perfect for entertaining, gardening, or simply unwinding in your own secluded space. Inside, the home boasts beautiful upgrades throughout, including a new roof, full exterior paint, new dual pane windows throughout, and elegant French doors. Please see document tab for a full list of upgrades.

10701 E Simone Avenue Mesa, AZ 85212

$799,999
4 Beds
3.5 Baths
2,800 SqFt
Status Active
MLS # 6739888
Property Type Single Family Residence
Price Type --
Situated on a prime corner lot, this home boasts gorgeous curb appeal with an upgraded elevation complete with driveway pavers. Step inside and prepare to be captivated by the seamless blend of style and functionality, its a layout families dream of. Even the office can turn into another bedroom with a couple hundred dollars and 2 hours work. The main living area is adorned with tile flooring, modern paint, and an abundance of natural light. The culinary experience is elevated further with a massive pantry situated conveniently across from the drop zone, ensuring effortless organization and efficiency. Outside is an entertainers dream ready to bring friends and family together during the hot months and a place to relax during Arizona's cool months. Too many features to list, come see it!

16105 N 183rd Drive Surprise, AZ 85388

$799,999
4 Beds
3.5 Baths
3,419 SqFt
Status Active
MLS # 6662982
Property Type Single Family Residence
Price Type --
Discover the perfect blend of comfort and convenience in this meticulously maintained home, nestled in the highly desirable gated community of Surprise Farms. This residence stands out with its unique combination of a spacious 2-car garage plus an impressive 40 ft RV garage, featuring a wall of attached cabinetry and epoxy flooring for unparalleled storage solutions. Boasting a true split floor plan, the home offers dual primary suites on opposite sides, ensuring privacy and comfort, while two additional guest bedrooms provide ample space for family and guests. The heart of the home, the kitchen, is a chef's delight with a custom backsplash, stunning 48-inch cabinets adorned with crown molding, sleek new hardware, and a large island—perfect for gatherings. The kitchen now features double ovens, with the new oven installed in 2022, offering a gas connection option, adding to its functionality and appeal. The great room, accented with a custom reclaimed wood feature wall and newly installed canned lights, creates a warm and inviting atmosphere. Energy efficiency is prioritized with shade screens on every window, a brand-new water heater, and new toilets throughout the home. Outdoor living is elevated with a built-in BBQ, fire pit, artificial grass, and travertine pavers in the backyard, complemented by a covered patio for year-round enjoyment. Practical features include a large walk-in pantry, laundry plus office space, and a main primary suite with custom tile in the shower and fully customized cabinetry in the closet. 35 ft concrete pad behind the gate can fit 2 cars. Located in one of the city's most sought-after master-planned communities, close to shopping, dining, elementary & high school within a mile radius and with children's playgrounds, this home offers both luxury and convenience. Don't miss the chance to make it yours!

15423 N 54th Street Scottsdale, AZ 85254

$799,999 - 4Br/4Ba -  for Sale in Covey, Scottsdale
Open House
$799,999
4 Beds
3.5 Baths
2,240 SqFt
Status Active Under Contract
MLS # 6757834
Property Type Single Family Residence
Price Type --
Step into this inviting home located in Scottsdale's sought-after ''magic 85254'' zip code! Featuring two generously sized primary suites, each with its own private en-suite bathroom and walk-in closet, this home ensures comfort and privacy for everyone. The open floor plan effortlessly connects the kitchen, dining, and living spaces, making it ideal for hosting friends and family. The kitchen is a true highlight with granite countertops, shaker-style cabinets, a spacious walk-in pantry, a Sub-Zero freezer for additional storage, and a filtration system for clean, fresh water. Fresh interior and exterior paint, along with freshly painted cabinets and new carpet, gives the entire property a bright, move-in-ready feel. In addition, all big ticket items including the roof, HVAC, and water heater, are newer, ensuring peace of mind for years to come. Sitting on a large lot with a double RV gate and no HOA restrictions, this home is ideal for storing outdoor toys or creating extra storage. The low-maintenance backyard is a blank canvas, ready for your personal touch. Located in a fantastic school district and just minutes from the eagerly anticipated Paradise Valley Mall redevelopment and Scottsdale Quarter, this high-growth area offers easy access to premier shopping, dining, entertainment, and convenient connections to the 51 and 101 freeways. Schedule your showing today!

10207 E Elmwood Drive Sun Lakes, AZ 85248

$799,999 - 4Br/3Ba -  for Sale in Sun Lakes Unit 45, Sun Lakes
Open House
$799,999
4 Beds
3 Baths
3,435 SqFt
Status Active
MLS # 6739599
Property Type Single Family Residence
Price Type --
EXQUISITE home located on HOLE #7 of the Sonoran, w/GOLF COURSE & WATER VIEWS! Tasteful landscape w/mixtures of desert & turf, WATER FEATURES & fiber optic lighting. Lovely MARBELLA floorplan w/ a RARE FULL GUEST BATHROOM & guest bdrm downstairs + FULL 3 CAR garage, loaded w/UPGRADES, high end built-ins, PLANTATION SHUTTERS, VAULTED ceilings & cozy GAS fireplace. Kitchen has tons of cabinets w/PULL-OUTS, granite surfaces, WINE FRIDGE, LG peninsula & eat-in area for ENTERTAINING large groups. Massive OWNER'S RETREAT is also DOWNSTAIRS w/sep exit to more VIEWS! Primary ensuite has sep tub & shower, dual sinks, private toilet rm + NEW ROOF (2023) & NEWER HVAC making this home MOVE-IN READY! Located in the exclusive, GATED COMMUNITY of Oakwood w/tons of AMENITIES. See UPDATES LIST in docs tab Culinary enthusiasts will be drawn to the delightful kitchen, which boasts an abundance of wood cabinets, a chic tile backsplash, gleaming granite counters, stainless steel appliances with wall ovens, and a large center island with a breakfast bar. The sprawling main suite is a private retreat featuring a sitting area, direct backyard access, and a private bathroom equipped with dual sinks, a soaking tub, and a spacious walk-in closet. Additional amenities include a den with built-in cabinets accessed through double doors and a garage outfitted with attached cabinets. The backyard is an oasis designed for relaxation and entertainment, featuring a covered patio, built-in BBQ, an outdoor fireplace, a sitting area under an attached Ramada, and breathtaking views of the sunset over the greenbelt. Residents of this community enjoy access to a pool, spa, fitness center, and more. This exceptional home offers a blend of comfort and scenic beauty, promising an unparalleled living experience. Don't miss out on this gem!

814 E Windsor Avenue Phoenix, AZ 85006

$799,995
3 Beds
2 Baths
2,528 SqFt
Status Active
MLS # 6734966
Property Type Single Family Residence
Price Type --
1942 Historic Home nestled in the exclusive Country Club Park community of the Coronado Historic District. The curb appeal is jaw-dropping, and stepping inside transports you back to the 1940s with tall ceilings, rounded arches, and Saltillo tiles. The stunning kitchen boasts brand new modern appliances, seamlessly blending the old with the new. 3 large bedrooms and an office/den that can be converted into a 4th bedroom. The backyard is your private oasis with artificial turf and a sparkling diving pool / hot tub. The rare 3-car garage offers tons of space or potential as an Airbnb, casita, or guest house. Perfect for families seeking space and the vibrant downtown Phoenix lifestyle. Minutes from PHX Airport. Easy access to US51, I-10, and I-17 freeways. This home is truly special! This RARE 1942 historic home, nestled in the exclusive Country Club Park within the highly sought-after Coronado Historic District, is a true gem. Part of a private enclave of just 154 homes, this residence seamlessly blends timeless charm with modern comforts. From the moment you arrive, the curb appeal will captivate you. The exterior exudes the elegance of the 1940s, and as you step inside, you'll be transported back in time. Tall ceilings, rounded arches, and saltillo tiles create an ambiance that is both nostalgic and inviting. The stunning kitchen, equipped with modern appliances, ensures you enjoy the best of both worlds, combining vintage charm with contemporary convenience. The home offers three generous sized bedrooms, each providing ample space and comfort. Additionally, there is an office/den that can easily be converted into a fourth bedroom, offering flexibility to suit your needs. The living spaces are designed to accommodate a modern lifestyle while preserving the character of the era. Step outside to your own private oasis. The backyard features artificial turf, a sparkling diving pool, and a hot tub - creating a perfect retreat for relaxation and entertainment. The three-car garage is a unique feature that provides excellent income potential as an Airbnb or additional space for a casita or guest house. Located in the highly sought after Coronado History District, this home offers the convenience of being close to the Phoenix Art Museum, Downtown Phoenix, and the Arizona Center. You'll also appreciate the quick and easy access to US51, I-10, and I-17 freeways, making commuting a breeze. Phoenix Sky Harbor Airport is just minutes away, adding to the convenience. This home is perfect for families seeking space and the vibrant lifestyle of downtown Phoenix. Don't miss out on this special opportunity - come see for yourself why this home is so unique!

15440 W Buckhorn Trail Surprise, AZ 85387

$799,990
4 Beds
3 Baths
2,600 SqFt
Status Active
MLS # 6710469
Property Type Single Family Residence
Price Type --
NEW BUILD COMPLETED - NOW READY FOR MOVE IN! With Builder Incentives, a qualified Buyer can purchase, with a interest rate. Builder HOME WARRANTY included!! Built on over 1 ACRE, NO HOA CORNER LOT! 3 or 4 Bed, 3 Bath (Den or 4th opts avail) Large open Great Room, Spacious 10' high interior ceilings! Home has upgraded Quartz kitchen countertops, Plank Flooring, Stainless Steel Appliances, Custom 42'' upper cabinets, large kitchen Island & BIG walk-in Pantry. Separate Owners Tub & Large Shower in the Owners private ensuite. HUGE Primary Bedroom sq footage. 4 car garage, yes all included! The over one Acre Backyard has Block Walls, see photos. Near Shopping, Freeways & Excellent schools. This is the last available Lot at Pinnacle Vista Ranches, don't miss out! BRING ALL OFFERS

10214 W Oberlin Way Peoria, AZ 85383

$799,990
4 Beds
2.5 Baths
2,602 SqFt
Status Active
MLS # 6751053
Property Type Single Family Residence
Price Type --
This stunning 4-bedroom, 2.5-bath home in the Northlands community offers million-dollar views and luxurious features. The Bradshaw model showcases a spacious layout with a 15-foot custom glass slider, wood-like tile floors, and a striking stone feature wall. The gourmet kitchen includes upgraded cabinets, granite countertops, double ovens, a gas range, and a large island. The primary retreat boasts an en-suite bathroom, walk-in closet, and super shower. Additional highlights include a heated pool, raised spa, gas fire pit, custom pergola, grass play area, and a 4-car garage. Upgrades include plantation shutters, a water softener, and advanced pool equipment. Enjoy breathtaking views, hiking trails, and biking paths right at your doorstep.

17429 E Starflower Court Queen Creek, AZ 85142

$799,990
4 Beds
3 Baths
2,100 SqFt
Status Active
MLS # 6738768
Property Type Single Family Residence
Price Type --
Welcome to your NextHome! As you pull into the home, you will see a beautiful pueblo style home surrounded by citrus trees with the magnificent backdrop of the San Tan Mountains. You will be greeted by the scenic view everytime you drive home. The home offers three bedrooms and two baths in the main home. You will walk into a grand family room. There is a beautiful kitchen with wood cabinets and a formal dining area. The master bedroom offers plenty of space with a separate tub and tile shower. Another great feature of this home is the detached casita with its own separate entrance. The casita boasts 400 sq ft with one bedroom, one bath, and a kitchenette. It is ideal for either giving family some personal space or renting it out. This property is on one acre of San Tan citrus land. There is a private pool in the backyard with the privacy of a block fence. Enjoy a pool party with a BBQ while you enjoy the San Tan Mountains and see the spectacular Arizona sunsets. The land is on a flood irrigation system. It currently boasts 45 beautiful fruit trees. You can make a farm/ranch out of the land. With no neighbors to the south, the trees make it a quiet and private piece of land. This is a great opportunity to own some fruitful land. Come see and walk the land for yourself to see the beauty of it. This property offers a lot of what you're looking for! Come and see for yourself.

1915 N Bernard Circle Mesa, AZ 85207

$799,990
3 Beds
3 Baths
2,375 SqFt
Status Active
MLS # 6727027
Property Type Single Family Residence
Price Type --
*PRICED WELL BELOW COMPS* Welcome to Canyon Preserve at the award-winning Mountain Bridge Community! This cul de sac lot sits next to Tonto National Park and features beautiful mountain views. Step inside to a cozy living room perfect for hosting guests. This custom-designed great room was extended to provide a more spacious feel and a wall of glass was added to showcase the backyard and Tanto National Park views. The stunning kitchen offers white cabinets, granite counters, SS appliances, and a breakfast bar on the center island. The primary bedroom features a lavish ensuite with dual sinks, a makeup area, and a walk-in closet. The office boasts a custom-designed built-in desk. Enjoy mountain views from this carefully chosen lot. Walk to the world-class pool and association amenities.

15243 N 11th Street Phoenix, AZ 85022

$799,990
4 Beds
3 Baths
2,448 SqFt
Status Active
MLS # 6732717
Property Type Single Family Residence
Price Type --
Beautiful retreat near the preserve that offers miles of hiking trails to delight! Expansive backyard with two patios, large turf play area, outdoor kitchen, multiple seating areas all nestled under the trees with gorgeous mountain views. Outdoor lighting in the trees make for delightful evenings under the stars. Inside the home are four bedrooms, living room, family room, formal dining room, in addition to an eat in kitchen. This home has a great flow for entertaining with french doors to both patios. All kitchen appliances are GE Profile (2022),Vinyl welded double glazed windows (2023), Roof replaced (2021) New HVAC in 2018. Electrical sub-panel added in 2022.And the list goes on!

15717 W Linksview Drive Surprise, AZ 85374

$799,950
3 Beds
3 Baths
2,779 SqFt
Status Active
MLS # 6701833
Property Type Single Family Residence
Price Type --
A trifecta 3bed/3bath/3 car garage on the 13th T-Box of Granite Falls South * A Handsome Mesquite Model at 2779sf * This is a split bedroom floor plan affording comfort & privacy to the owners and their guests * Granite Countertops in Kitchen w/Island * Featuring recent updating of 2-HVAC systems * Water Softener * Water Heater * SS Refrigerator French Door w/water & ice dispenser * New Carpeting & there is also attractive neutral tile * Irrigation * other important features are Gas Cook Top * Plantation Shutters throughout * Gas Fireplace in Media Wall * SE facing backyard * All Furniture & BBQ convey with the home * The only thing missing is YOU!

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