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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17292 W Echo Lane Waddell, AZ 85355

$799,900

3 Beds

2 Baths

2,135 SqFt

Status Active

MLS # 6727822

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This home checks all the boxes, Single level, Open floor plan, Split floor plan, North/South exposure, backs to common area with Mountain views & RV GARAGE. The expansive 16' glass slider at the back of the great room allows lots of natural light to enjoy the views. A 50-foot RV garage, complete with a 50 AMP plug-in, water access, dumps on both sides, plenty of garage cabinets & epoxy floors. The kitchen is equipped with stainless steel appliances, a 4-burner gas cooktop, wall oven, built in Microwave, large waterfall Granite island with seating, timeless Travertine backsplash and huge walk in pantry. The Primary bathroom includes split vanities, a walk-in shower, a walk in storage/linen closet off of the toilet room, an amazing custom closet that includes plenty of hanging, drawer & cabinet space for organizing. Step outside to enjoy the large covered patio, built-in BBQ area with bar seating, pavers, and low-maintenance artificial turf. Just a few of the upgrades include ceiling fans in each room, custom security screen front door, automatic lighting in backyard, Surround sound in Great room and back patio, TV on back patio, utility sink in garage. You are just minutes from major Freeways, a new Safeway and the all new shopping area at Prasada.

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17259 E Woolsey Way Rio Verde, AZ 85263

$799,900

2 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6706758

Property Type Single Family Residence

Price Type --

Please see video attached! This beautiful lock and leave, one level, 2b 2b + den property with gorgeous views spoils you with the Luxury Lifestyle you deserve! Situated in the prestigious golf community of Trilogy Verde River in the Sonoran desert, this turn key home is north/south facing and bonus--it backs to green space! The spacious primary bedroom has an abundance of natural light and a huge walk in closet. The chef's kitchen is fully equipped with a gas stove and stainless appliances, and of course, an oversized island for additional prepping space or extra seating for guests. If a 3rd bedroom is desired, the den has a closet of it's own, making it an easy conversion to a bedroom. The generously sized professionally landscaped backyard and covered patio areas are the perfect spot to relax while reading your favorite book with your morning coffee, or enjoying sunsets with a glass of wine. Added bonus: you own view of Four Peaks! The exterior of this property has recently repainted, and the two car garage DOES have space for a golf cart. At TVR, you'll be able to indulge in resort amenities, while being in close proximity to activities outdoor enthusiasts are known for visiting Arizona for; kayaking, hiking, golf, bird watching, stargazing, ATV riding, biking. Just bring your suitcase, beach towels, and golf clubs!

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196 W Janice Place Munds Park, AZ 86017

$799,900

4 Beds

3 Baths

2,049 SqFt

Status Active

MLS # 6741492

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat in Munds Park! This stunning two-story home offers unparalleled access to the national forest and popular hiking and UTV trails, nestled on a serene cul-de-sac street in one of the area's most desirable neighborhoods. This spacious 4-bedroom, 3-bathroom residence includes a versatile bonus room, ideal for a home office or playroom. The heart of the home features a recently updated, gourmet kitchen complete with a commercial-grade Wolf stove, a brand new refrigerator, and a charming new walk-in pantry with a barn door. Enjoy year-round comfort with a newer A/C unit and stay cozy by the two gas fireplaces. (CONTINUED) The property boasts fresh newer flooring throughout and a large Trex deck that overlooks the forestperfect for entertaining or simply relaxing in nature. Additional highlights include a convenient garage, an outdoor gas fire pit, and a picnic table for alfresco dining. The expansive lot provides added privacy, and there are no HOA fees to worry about. Located just a mile from the renowned Pinewood Country Club and close to the lake, hiking and biking trails, local park, restaurants, and a convenient store, this home is an ideal choice for a year-round residence or seasonal getaway. Only 17 miles south of Flagstaff and a two-hour drive from Phoenix, it offers a perfect escape from the heat. Come experience the charm of this beautiful home and make it your own!

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10037 E Toledo Avenue Mesa, AZ 85212

$799,900

5 Beds

3.5 Baths

3,042 SqFt

Status Active

MLS # 6744586

Property Type Single Family Residence

Price Type --

Experience luxury living in this 5-bed, 3.5-bath Toll Brothers home in the sought-after Cadence neighborhood of Eastmark. This move-in-ready home features a downstairs office, an upstairs loft, and a gourmet kitchen with quartz counters, an oversized island, and premium appliances. The tile flooring throughout adds a touch of elegance, while the fully finished backyard is perfect for entertaining. Enjoy top-tier amenities, including pools, gyms, and recreation areas in this vibrant community. Don't miss your chance to own this exceptional home!

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42017 N Crooked Stick Road Anthem, AZ 85086

$799,900

4 Beds

4 Baths

2,730 SqFt

Status Active

MLS # 6748303

Property Type Single Family Residence

Price Type --

Welcome to Anthem Country Club living! This home is north/south oriented on the 9th fairway of the Persimmon Golf Course and features a main house (2 bdrs & den), Casita (1 bdr, 1/2 bath), and Cabana (1 bdr, full bath). Venetian plaster paint featured throughout home and floor to ceiling stacked stone wall in FR and Den. You will find beautiful granite slab counters, a Subzero built in fridge, Bosch dishwasher, and GE gas range in the kitchen. So many wonderful gatherings will happen outside underneath the covered patio while grilling on the gas built-in BBQ and enjoying the wood burning fireplace. Full roof replacement 2024 (warranty), new R/O system 2024 (warranty), 2 AC's replaced in 2019 (warranty), and exterior paint 2024.

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11175 N 109th Place Scottsdale, AZ 85259

$799,900

3 Beds

2.5 Baths

1,993 SqFt

Status Active

MLS # 6734060

Property Type Townhouse

Price Type --

A PRIVATE HEATED POOL, JACUZZI and OUTDOOR KITCHEN a one-of-a-kind townhome in this highly sought after neighborhood. Relax in the private courtyard surrounded by mature flowering trees and shrubbery, a meandering pressed concrete walkway and soothing water feature. This 1993 sq. ft., 3-bedroom, 2.5-bathroom, 2 car garage townhome has had many renovated features. See Feature Sheet. The kitchen has abundant painted cabinetry, enhanced by subway tile surrounds, granite tops, new SS appliances, double basin SS sink and RO drinking system. Step outside through the French doors into the resort-like backyard. Spend many of your days and evenings relaxing in the pool or just lounge in the covered area or enjoy access to a community heated pool and spa, tennis courts, and scenic walking paths Just minutes from HonorHealth Scottsdale and Mayo Clinic. Quick access to Loop 101, and you're just minutes from Sky Harbor International Airport, Scottsdale Airport, Ancala Golf Club, and stunning hiking trails along the McDowell Mountains.

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2296 Roadrunner Road Sedona, AZ 86336

$799,900

3 Beds

2 Baths

1,654 SqFt

Status Active

MLS # 6730196

Property Type Single Family Residence

Price Type --

Short-Term Rental Friendly: Maximize your investment with no HOA restrictions. Energy Efficient: Owned solar panels mean significantly reduced utility costs (owner APS bill less than $20 / month). Corner lot: No neighbors to one side and next to quiet cul de sac. Outdoor Oasis: Savor red rock views from your beautifully landscaped backyard, complete with patio pavers and debris-resistant gutter screens. Spacious Third Bedroom: Perfect for an artist's studio, in-law suite, or home office, featuring skylights and extra insulation. Modern Kitchen: Enjoy sleek quartz countertops and an updated design. Charming & Unique: A custom front screen door with a hammered copper panel welcomes you into a warm, inviting space with Saltillo tile flooring, a cozy fireplace, and a versatile woodstove. This enchanting home blends style, comfort, and unmatched location.

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8817 S 18th Way Phoenix, AZ 85042

$799,900

4 Beds

4 Baths

3,903 SqFt

Status Active

MLS # 6712076

Property Type Single Family Residence

Price Type --

Prepare to fall in love with this stunning 4-bed, 4-bath home in Mountainside Estates! Starting with a 3-car garage and stone accents. Fabulous interior features a den/office, formal dining room, and a welcoming living room paired with media niches and a gas fireplace. High-vaulted ceilings add to the airy feel, complemented by tile flooring, ceiling fans, and lovely archways. Open-concept kitchen boasts recessed & pendant lighting, a pantry, SS appliances, granite counters, tile backsplash, cabinets with crown moulding, a prep island with a breakfast bar, and a breakfast nook ideal for quick meals. A cozy loft with balcony access is perfect for a reading nook! The main retreat provides plush carpet, double-door entry, an ensuite with dual sinks, soaking tub, and a mirrored door closet. PLUS! 2nd primary bedroom has a walk-in closet and a bathroom. Enjoy amazing mountain views from the relaxing balcony. The backyard includes a covered patio and plenty of space for get-togethers. All bedrooms include their own private bathroom and walk-in closet. Don't let this gem slip by!

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6318 N 13th Street Phoenix, AZ 85014

$799,900

4 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6750979

Property Type Single Family Residence

Price Type --

Wow! Location, Location, Location! Come and see this North Central recently remodeled beauty! This single level, 4 bedroom with pool sits on a 1/4 acre lot. Featuring a spacious front porch, upgraded tile throughout, gorgeous remodeled kitchen with stainless steel appliances, granite counters, island with breakfast bar and pantry. Master bedroom includes a sitting area, walk-in shower, multiple closets and private door to resort backyard. Backyard has sparkling pool, oversized patio, outdoor fireplace, built in BBQ, large lawn area with gates on each side of the home. Madison school district is the best! Close to Biltmore Fashion park, Uptown Farmer's Market, Piestewa Peak, Luci's Marketplace, Melrose District and Downtown Phoenix. Tesla car charger in garage. This home is a 10!

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2455 E Tonto Place Chandler, AZ 85249

$799,900

4 Beds

3 Baths

2,894 SqFt

Status Active

MLS # 6753857

Property Type Single Family Residence

Price Type --

Discover Serenity & Style at Your New Sanctuary Welcome to your elegantly appointed home, where comfort meets privacy with plush new carpet, a fresh roof, & an updated AC system. Nestled in a tranquil neighborhood, this residence ensures ultimate privacy with bedrooms smartly positioned on opposite sides of the house. The owner's suite & an additional bedroom with a private bathroom offers serene retreats. The kitchen, equipped with an electric flat cooktop and double ovens, simplifies entertaining while maintaining a classic charm. Spacious living areas provide ideal settings for relaxation and hosting gatherings. Enjoy quiet evenings on the secluded back patio, a perfect complement to this home's peaceful setting. Come start your new chapter.

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38334 N 20th Street Phoenix, AZ 85086

$799,900

4 Beds

3 Baths

2,466 SqFt

Status Active

MLS # 6730191

Property Type Single Family Residence

Price Type --

Gorgeous Home in Desert Hills Experience luxury living in this stunning Desert Hills home featuring PAID IN FULL SOLAR and NO HOA. This spacious property boasts an extended 3-car garage (over 1,000 sq ft) with additional storage room and exterior door. The private upstairs bonus room, currently a game room, can easily become a second master bedroom, fourth bedroom, or casita, as it is pre-plumbed for added convenience. The gourmet kitchen is a chef's dream with knotty alder cabinets, an appliance garage, granite countertops, stainless steel appliances, and ample storage space. The master suite offers dual walk-in closets, a zero-grade walk-in shower, and a separate soaking tub for ultimate relaxation.Flexibility is key with a dining area that can be used as a den, fifth bedroom. Additional highlights include a new upstairs AC unit, upgraded flooring, shutters, LED lighting, and tech upgrades. With extra closets for storage and modern amenities throughout, this home is a perfect blend of style and functionality.

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19674 E Strawberry Drive Queen Creek, AZ 85142

$799,900

5 Beds

4.5 Baths

4,058 SqFt

Status Active Under Contract

MLS # 6725728

Property Type Single Family Residence

Price Type --

Home now priced well below appraised value from June 2024. Great location, minutes to Mansel Carter Oasis Park, Los Colinas Golf Club, Phx Gateway Airport, shopping, dining, and more. Stunning 4 bedroom home with attached casita! Welcome to your dream home! This spacious property features a beautiful 4 bedroom, 3.5 bathroom main house with a bonus attached 1 bedroom, 1 bathroom, living room, full kitchen, and 1-car garage casita - perfect for guests, craft workshop, rental opportunity, whatever you can imagine!The main home boasts ample living space, modern amenities and design, and a comfortable atmosphere for you and your loved ones. Located in the desirable, gated community of Cielo Noche, this home offers the best of both worlds - privacy & convenience.

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