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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2745 N 217th Avenue Buckeye, AZ 85396

$799,900
4 Beds
3.5 Baths
2,639 SqFt
Status Active
MLS # 6755214
Property Type Single Family Residence
Price Type --
Ready NOW!! Brand New Never Lived In! Discover The Juniper Floor Plan: a stunning single-story home designed for luxury and comfort. This expansive 2,639 square-foot residence features 4 bedrooms, 3.5 bathrooms, and a 2-car garage, along with versatile flex rooms to fit your needs. Exceptional Features: 12 FT Multi-Slide Door in Great Room: Effortlessly blend indoor and outdoor living, ideal for entertaining guests or enjoying serene mountain views. Spectacular Mountain Views: Enjoy breathtaking vistas from your home, with direct access to the scenic backdrop of the mountains. Desirable Corner Homesite: Positioned on a prime corner lot, offering enhanced privacy and ample outdoor space. Entertainment-Ready Layout: Designed with an open, spacious floor plan perfect for hosting

1501 N Miller Road Unit 1010 Scottsdale, AZ 85257

$799,900
3 Beds
2.5 Baths
2,080 SqFt
Status Active
MLS # 6753447
Property Type Townhouse
Price Type --
COMPLETED NEW HOMES NOW FROM $799900. The Magic of Vistas of Scottsdale. A boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale - Location is Everything. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

2009 Bella Vista Loop Williams, AZ 86046

$799,900
4 Beds
2.5 Baths
2,251 SqFt
Status Active
MLS # 6669041
Property Type Single Family Residence
Price Type --
New luxury homes on 5-12 Acres. SELLER OFFERING TO BUY DOWN INTEREST RATES. Bring your rustic side to this modern ranch-style, 4 bedroom retreat set on Coconino acreage. The ''Canyon View'' base model features a spacious 2251 sq ft floorplan with split bedrooms divided by the kitchen/living area. The open living room & kitchen has a large waterfall island, tile backsplash & a walk-in pantry. Features also include dual paned windows, an extended length 3-car garage & large covered back patio. Red Lake Mountain Ranch is a gated paradise placed between Williams and the Grand Canyon National Park. Subdivision covers 320AC, 54 unique home sites 5 - 12 acres, each with distinctive terrain and panoramic views. 5000 Gallon Cistern. Owner/Agent Listing. Legal Desc. to be confirmed by title.

1501 N Miller Road Unit 1011 Scottsdale, AZ 85257

$799,900
3 Beds
2.5 Baths
2,080 SqFt
Status Active
MLS # 6732406
Property Type Townhouse
Price Type --
COMPLETED NEW HOMES NOW FROM $799900. The Magic of Vistas of Scottsdale. A boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale - Location is Everything. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

11301 N Northfield Street Surprise, AZ 85388

$799,900
2 Beds
2 Baths
2,503 SqFt
Status Active
MLS # 6741005
Property Type Single Family Residence
Price Type --
Welcome home to the prestigious Wayland floor plan in the Providence collection of Sterling Grove. View fence golf course lot! Exclusive design and location. Step inside to real wood flooring throughout. Stone island and beautiful wood cabinetry. Simple and elegant backsplash, gourmet kitchen with wall oven, oversized farmhouse sink, KitchenAid appliances. Pride of ownership is shown in every upgraded detail. Plantation shutters throughout. Eco-friendly milieu. Oversized living space with a den. Both the primary and the second bedroom have their own bathrooms. The primary shower is expansive glass with dual sinks, and a private toilet room. The primary closet is oversized and organized with drawers and more. The main living area features two oversized sliders that create a glass wall with light pouring into the home and showcasing the grassy golf course views. Step outside to the view! The yard is an oasis with turf and natural landscaping in order to savor the sweet life of all that Sterling Grove offers. A short walk to the club house with fitness center, spa, restaurant, tennis courts, pickleball courts, and more. Mountain views surround this premier community in Surprise. The sunsets are unmatched. Gated community with guards, close to the 303, the newly developed Prasada restaurants, shopping, theatre, and more. This is living at its finest. A true GEM in the heart of Surprise, AZ.

4984 N Yorkshire Loop Prescott Valley, AZ 86314

$799,900
2 Beds
2 Baths
2,253 SqFt
Status Active
MLS # 6734536
Property Type Single Family Residence
Price Type --
Welcome to this 606 Mandalay floor plan home in the highly sought-after Jasper Community. This stunning, energy-efficient single-level home offers better-than-new quality and captures casual elegance from the moment you step inside. The spacious great room features high-volume vaulted and wood-beamed ceilings, custom built-in cabinetry, and a horizontal gas fireplace, perfect for cozy evenings. The gourmet kitchen is a chef's dream with quartz countertops, dual-tone cabinets, double ovens, peek-a-boo windows, a 5-burner gas stove, and a spacious walk-in pantry. Clerestory windows flood the space with natural light, enhancing the inviting atmosphere. The master suite is a true retreat, leading to a luxurious bath with a soaking tub, rain-glass walk-in shower, and a dual sink quartz vanity. The sizable walk-in closet, the only carpeted space in the home. Additional features include a versatile den with custom built-in cabinetry and access to the front courtyard patio, second bedroom with clerestory windows for privacy and a laundry room with storage. The 3-car tandem garage offers ample storage with built-in cabinetry. Outside, the living space extends to a covered back paver patio, raised flower beds, artificial grass, and block wall fencing, creating a perfect space for outdoor enjoyment. As a resident of the Jasper Community, you'll have access to the J Club clubhouse, featuring a pool, restaurant, and club facilities, making it one of the most spectacular community centers in the Prescott area. Don't miss the opportunity to view this exceptional home and experience the best in luxury living.

27821 N Gidiyup Trail Phoenix, AZ 85085

$799,900
5 Beds
4 Baths
3,061 SqFt
Status Active
MLS # 6754662
Property Type Single Family Residence
Price Type --
Welcome to your new home in the beautiful Dynamite Mountain Ranch Community! This two-story gem is located on a desired corner lot. Desert landscaping, sweet curb appeal, and a two-car garage greet you upon arrival. Discover a spacious floor plan with abundant natural light and cozy living spaces for entertaining. The kitchen is fully equipped for all your cooking needs. In the highly upgraded backyard, you'll find a covered patio, a sparkling blue pool with a raised seating area, a custom made pickle ball court and more amenities for fun gatherings. This home has been truly cared for. With amazing mountain views and no neighbors behind or to south, you will want to see this home in person!

15802 N 71st Street Unit 604 Scottsdale, AZ 85254

$799,900
2 Beds
2 Baths
1,466 SqFt
Status Active
MLS # 6749936
Property Type Apartment
Price Type --
The Landmark features Resort style living at its finest with excellent amenities & an unbeatable location. Walk to some of Arizona's best dining & shopping options at Kierland & Scottsdale Quarter from this fantastic. Featuring an open great room floor plan, granite countertops, wood flooring and new carpet. This two bedroom two bath split plan unit is turnkey ready. Community features include 24-hour guard gated entrance, concierge, porter, luxurious clubhouse, conference room, heated pool & spa, BBQ area, pizza oven, two fitness centers with steam room & locker rooms. With its spacious 1446 square feet of open living space, high-quality finishes, generous-sized bedrooms with walk-in closets, and ensuite spa-like bathrooms this unit perfectly balances space and style.

16839 E Widgeon Court Fountain Hills, AZ 85268

$799,900
2 Beds
2 Baths
1,726 SqFt
Status Active
MLS # 6736053
Property Type Single Family Residence
Price Type --
Floor to ceiling update! 99% of home remodeled. 2 bedroom, 2 bath Patio Home walking distance to Fountain Park. 4 doors down from community pool. Upgraded kitchen with New Quartz countertops, white shaker cabinets and tile backsplash. New insulation, windows and doors throughout. AZ room on the back can be used for a 3rd bedroom or ? 2 car garage with extra storage . Vaulted ceilings and fire place in main living area. Custom upgrades everywhere. LOCATION,LOCATION, LOCATION! Better see this one before it is gone!

15828 N 10th Place Phoenix, AZ 85022

$799,900
3 Beds
3 Baths
2,191 SqFt
Status Active
MLS # 6760380
Property Type Single Family Residence
Price Type --
You will LOVE this recently updated home nestled on a prime corner lot with views of Lookout Mountain! Move-in ready with a brand new roof & fresh paint. Enter and be greeted by tons of natural light flowing through the high efficiency triple pane windows under soaring high vaulted ceilings. The open family room is centered around a fireplace and flows right into the spotless kitchen with SS appliances, quartz counters, tile backsplash and shaker cabinetry. Main bedroom is downstairs, with backyard access and an ensuite with dual sinks, separate tub/shower, & a custom walk-in closet. Versatile loft & other bedrooms await upstairs. Enjoy the spacious backyard w/ a well manicured lawn, trees, outdoor play set and a paver-covered patio. All of this PLUS an owned solar system! Don't miss out!

4142 E Zion Place Chandler, AZ 85249

$799,900 - 3Br/3Ba -  for Sale in Pastorino, Chandler
New
$799,900
3 Beds
2.5 Baths
2,425 SqFt
Status Active
MLS # 6757318
Property Type Single Family Residence
Price Type --
Your DREAM home is here! This gorgeous home includes 3bed/2.5baths with an office. Its charm starts with a manicured landscape & a paver driveway. Home exudes elegance with designer paint, modern light fixtures, tons of natural light, and neutral & wood-look tile flooring t/out. You'll love the large living room with multi-sliding doors to the back! The gourmet kitchen boasts granite counters, ample white cabinetry, a walk-in pantry, a huge island, and SS appliances w/cooktop gas & wall ovens. Main bedroom has outdoor access and an ensuite that offers dual sinks & a walk-in closet w/laundry access. Discover the spacious backyard oasis on an Oversized Lot with a covered patio, built-in BBQ under the Pergola, & a sparkling pool for year-round enjoyment.

2520 Nw Nw Passage Happy Jack, AZ 86024

$799,900
4 Beds
3 Baths
2,298 SqFt
Status Active
MLS # 6735230
Property Type Single Family Residence
Price Type --
Welcome to your DREAM MOUNTAIN retreat THAT BACKS NATL FOREST. This single-family home boasts 3 bedrooms and 2.5 bathrooms in the main home and 1 bedroom/ 1 bath and an unfinished loft in the 2nd home (approximately 1200 square feet), offering plenty of space for your family to unwind and create lasting memories. As you step inside, you'll immediately notice the vaulted ceilings and the warm, inviting atmosphere that flows throughout the residence.The property features a private well, ensuring a reliable and cost-efficient water supply. Cozy up on those cold winter nights next to the charming brick fireplace in the living room. With multiple dining areas, you'll have plenty of space to entertain and host gatherings with loved ones. Step outside onto the great front deck, perfect for enjoy Welcome to your dream mountain retreat in Happy Jack, Arizona! enjoying a morning cup of coffee or hosting summer barbecues. The fenced-in dog run provides a safe space for your furry friends and children to roam and play freely. Plus, the property backs up to the national forest, offering breathtaking views and endless opportunities for outdoor adventures, walk out your backdoor and you are there. RV enthusiasts will appreciate the large drive, providing ample space to park multiple vehicles , invite family or friends up with their RVs and explore the surrounding areas. Property is located in a NON-HOA community so horses, toys and RVs are welcome. The open kitchen is every chef's dream, it has a gas stove as well as an old fashion stove to bring back the nostalgia of great gramma's kitchen, complete with custom cabinets and plenty of counter space for preparing meals. You'll find a mini-master bedroom upstairs with a half bath and balcony, offering privacy and convenience for guests or family members. As well as a second oversized bedroom with 1/2 bath and a bonus a small office area or playroom for the kids to sit and relax with a book or movie. The spacious master bedroom is located on the main floor, providing easy access and comfort. Additionally, the garage has been converted into a second home, boasting 1 bedroom and 1 bathroom and an unfinished loft which could be another bedroom or office, making it perfect for extended family or potential rental income. This property is equipped with a backup generator, ensuring peace of mind during power outages. The mature trees surrounding the home provide shade and privacy, creating a serene and tranquil atmosphere. The downstairs guest bath was remodeled featuring an upgraded sauna shower with lights and music, adding a touch of luxury and relaxation to your daily routine. Located on a quiet street, you'll enjoy the peace and tranquility that Happy Jack has to offer. Immerse yourself in the beauty of nature, with hiking trails and outdoor activities just steps away from your front door. Don't miss out on the opportunity to make this mountain retreat your forever home.

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