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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3024 S Bell Place Chandler, AZ 85286

$799,900
5 Beds
3.5 Baths
3,815 SqFt
Status Active
MLS # 6756585
Property Type Single Family Residence
Price Type --
BASEMENT HOME in prime Chandler Location. The perfect blend of space, style, and serenity, this 5-bedroom, 3.5-bathroom Chandler home has it all! Picture enjoying movie nights in the cozy basement or sharing meals in the beautifully updated kitchen. Step outside to your private oasis—mature trees, a large covered patio, and a tranquil sitting area next to a charming water fountain create the ideal setting for relaxation and outdoor fun. Large primary en suite includes walk in shower, dual sinks, and large walk in closet. Open concept living sees a large great room area filled with natural light - large windows in the living room showcase the lush backyard and the windows in the dining room offer a serene setting while dining. A large granite covered island anchors the kitchen and 42'' Upper cabinets add to the practicality and beauty of the kitchen. The hallway leads you to a built in desk area perfect for homework area or a home office. Further down you find large secondary bedrooms, a full bathroom, and a large laundry room. Head down to the basement and you will find updated flooring, a great wet bar area and a large open space perfect for hosting the big game, or playing pool! 2 more bedrooms and a full bathroom with dual sinks finish out the basement.

1326 N Central Avenue Unit 405 Phoenix, AZ 85004

$799,900
2 Beds
2 Baths
1,655 SqFt
Status Active
MLS # 6684670
Property Type Apartment
Price Type --
Experience the epitome of luxury loft living in the heart of vibrant downtown Phoenix. This exceptional fourth and fifth-floor residence offers a unique blend of style and sophistication. Step inside to discover a spacious 2-bedroom, 2-bath unit situated on the northeast corner of the building, providing breathtaking panoramic views of uptown, Piestewa Peak, the Phoenix Mountain Preserve, Camelback Mountain, and beyond. Both bedrooms are lofted above the living space, featuring extra-tall ceilings and glass railings that ensure the sweeping views remain unobstructed, even from the comfort of your bed. Wake up to the awe-inspiring sight of the city skyline or drift to sleep under the stars, all from the privacy of your own urban sanctuary. As if that wasn't enough, ascend to the 6th- As if that wasn't enough, ascend to the 6th-floor rooftop deck, where 360-degree views of downtown and uptown await. Perfect for entertaining or simply relaxing, this exclusive retreat offers a picturesque backdrop for every occasion. Indulge your culinary desires in the chef's kitchen, complete with a gas cooktop and oven, ample countertop space, and a convenient walk-in pantry. Whether you're whipping up a gourmet meal or simply enjoying your morning coffee, this kitchen is sure to inspire your inner chef. Don't miss your chance to elevate your lifestyle with this unparalleled urban oasis. Live, entertain, and unwind in style, surrounded by the best that downtown Phoenix has to offer. Welcome home to luxury loft living at its finest.

6302 N 85th Street Scottsdale, AZ 85250

$799,900
4 Beds
2 Baths
1,637 SqFt
Status Active
MLS # 6753885
Property Type Single Family Residence
Price Type --
Remodel completed Sept 2024! Charming Scottsdale ranch with 4 bedrooms, 2 bathrooms and a beautiful blue sparkling pool, located in a great neighborhood with no HOA! This home features; New kitchen, new Frigidaire Gallery appliances, Gas range, new cabinets & countertops, new lighting, New windows with lifetime warranty, new bathrooms, new vanities, neutral tile in main areas, new wood like flooring in bedrooms, huge sliding glass door to large covered patio overlooking pool. Quality work and all new with warranties. This home has so much character and charm! The backyard has ample room for entertaining with a large covered patio, low maintenance landscaping and pool. This lovely home is located in the heart of Scottsdale close to fabulous restaurants, shopping, and entertainment.

3370 Windy Lane Heber, AZ 85928

$799,900
3 Beds
3 Baths
2,634 SqFt
Status Active
MLS # 6346324
Property Type Single Family Residence
Price Type --
UNDER CONSTRUCTION. Fantastic views of the town of Heber below. This spectacular 1.6 acre lot is situated at the highest elevation of Heber in beautiful Summer Place North, a gated community of exquisite homes on paved roads. Full length covered view decks look out over canyon and forest. Fireplaces, soaring ceilings, downstairs Master suite, stainless appliances, granite, and more! Estimated completion summer/fall 2024. Escape the heat! Perfect 70 degree weather in the summer! Still time to pick out granite, cabinets, flooring etc! No appt needed to show!

2763 E Laurel Street Mesa, AZ 85213

$799,900
4 Beds
3.5 Baths
2,739 SqFt
Status Active
MLS # 6717875
Property Type Single Family Residence
Price Type --
This beautiful home in Mesa is one of kind and a true hidden gem! A custom-built corner-lot home that offers a nearly 10,000 sq ft lot, a 3-car garage, NO HOA and modern architecture at its finest. The home features 4 bedrooms, multiple bonus rooms, 3.5 baths, and dual master suites on the ground level. The updated interior showcases polished concrete floors, a luxurious double master shower and a big, open central kitchen that provides seamless flow for entertaining and backyard access. Lastly, step outside to your private oasis - a covered back patio that leads to the manicured backyard that has citrus trees, turf, pavers, a covered gazebo and a heated pool thats perfect for year-round enjoyment.

18083 E Silver Sage Lane Rio Verde, AZ 85263

$799,900
2 Beds
2 Baths
1,948 SqFt
Status Active
MLS # 6739044
Property Type Single Family Residence
Price Type --
Priced to Sell! LUXURIOUS HOME IN EXCLUSIVE GOLF COURSE COMMUNITY OF TRILOGY VERDE RIVER ~ Designed for entertaining, custom finishes throughout, spectacular backyard. Kitchen equipped with upgraded cabinets, large island, beautiful granite, custom backsplash, oversized pantry; Luxurious primary suite w/ plantation shutters, lavish bathroom, beautiful shower & backsplash, walk-in closet; Great room has custom 3D stacked stone accent wall, multi-sliding door to enjoy the beautiful patio and backyard; Large dining room. Separate office with built in bookcase. Spacious guest room; Fantastic smart space/laundry, new quartz counters, built-in desk, storage. Private backyard, 48'' Heston BBQ, fire pit seats 8-10 guests, uplighting; Both garages have built-in cabinets & epoxy floors. Plus, an electric charger, plantation shutters throughout, canned lighting, 9 ceilings, 8' doors, generous storage and tile floors, RO Sys, new interior and exterior paint. Enjoy the Arizona Lifestyle with golf, pools, pickle ball, tennis, bocce ball, wine club, gym, spa, restaurant, pool bar, clubs, concerts, hiking, rafting, off-road adventures. Experience Trilogy at Verde River, a stunning resort style community nestled against the beautiful Tonto National Forest. The amenities at Verde River are spectacular. The Community boasts an 18-hole Championship Golf Course with a picturesque driving range, putting green, and separate chipping/pitching practice areas. One visit and you will understand why the PGA Southwest Section selected Verde River Golf & Social Club to host the AZ Senior Open and AZ Match Play Championships in 2020, 2021 and 2022. The active lifestyle amenities continue with pickle ball and tennis courts, with Clubs designed for social or competitive play. Adjacent to the sport courts for your convenience are bocce ball courts and an open grass area for social gatherings. The Community Clubhouse is all encompassing including a critically acclaimed restaurant, Needle Rock Kitchen and Tap, with a hugely popular wine and beverage program, Helen's Kitchen, a chef's inspired kitchen designed for cooking classes, and The Market Place, a favorite of member's for grabbing a morning coffee or picking up a forgotten grocery item. Love the Arts? Spend time at the Art Loft, where classes are offered in a variety of disciplines. The Clubhouse has an Events Center, designed to manage the needs on any member event. Attached to the Community Clubhouse is Alvea Spa, complete with Spa and Salon services, and Afterburn Fitness, a state-of-the-art workout facility that offers a variety of group fitness classes. Following your workout, enjoy convenient locker room facilities, and steam rooms. Just steps away from the Clubhouse in the Resort Pool, Lap Pool, and Sauna, all of which are heated. Enjoy the view, with food and beverages at Eddy's Poolside. Have a dog? Experience a dog-friendly community with a 7.5-acre dog park, with canopy shading coming soon for those warm AZ days. Trilogy at Verde River's location provides residents with the tranquility of the Tonto National Forest and the convenience of a short drive to the heart of North Scottsdale. Get the best of both worlds and see why you could be calling the Community, Home!

2977 E County Down Drive Chandler, AZ 85249

$799,900 - 5Br/3Ba -  for Sale in Sun River Parcel A, Chandler
Open House
$799,900
5 Beds
3 Baths
3,610 SqFt
Status Active
MLS # 6754496
Property Type Single Family Residence
Price Type --
Beautifully Upgraded Sun River Home with Great Mountain Views! 3,610 Sq Ft w/5 Bedrms/3 Baths TRI-LEVEL plus HUGE Bonus Room w/Built-in Wet Bar & Custom Cabinets! 3 Bedrms & Bonus Room on Upper Level, Formal Dining & Kitchen on Middle Level, 2 Bedrms, Living & Family Rooms on Lower Level. Features Vaulted & 9'+ Ceilings, Tile, Carpet, & High-End Laminate Flooring, Gourmet Kitchen has Granite Countertops, 42'' Cabinets, Center Island, Desk, New Built-in Microwave & Access to 3rd Patio. Spacious Master Bedrm has Sliding Glass Doors to Upper Patio. Master Bathroom has Double Sinks, Large Walk-in Closet & Jacuzzi Tub. Family Room has Gas Fireplace & exit to Covered Patio by the Pool. Amazing Backyard Professionally Landscaped, Resurfaced Pebble-Tec Pool & Extended Kool Decking & Waterfall, BBQ Island Shell & Mature Landscaping, 10' RV Gate, 3-Car Garage w/New Overhead Storage, Water Softener & much more... Schools, Shopping, Restaurants & Entertainment nearby!

26715 N 19th Drive Phoenix, AZ 85085

$799,900 - 4Br/3Ba -  for Sale in Valley Vista Parcel B, Phoenix
Open House
New
$799,900
4 Beds
3 Baths
3,265 SqFt
Status Active
MLS # 6755777
Property Type Single Family Residence
Price Type --
Welcome to this stunning 4-bedroom, 3-bath, single-story home nestled in the highly sought-after 85085 area. From the moment you step inside, you'll be captivated by its spacious design, featuring a split floorplan, a cozy den, and both formal living and dining rooms. The heart of the home is the expansive great room, complete with granite counters, a gas range, and custom cherry wood cabinets. Enjoy the luxury of custom wood shutters and ceiling fans throughout. Step outside to your private backyard oasis, perfect for entertaining or relaxing year-round. Take a dip in the heated Pebble Tech pool with a soothing waterfall feature, unwind in the spa, or gather around the outdoor fireplace. Fire up the built-in gas BBQ under the entertainment-sized covered patio, surrounded by lush, custom landscaping in both the front and back yards. Located just minutes from the vibrant shops at Norterra, Happy Valley Towne Center, and Sonoran Desert Village, this home offers the perfect blend of comfort, convenience, and luxury.

14407 N 75th Drive Peoria, AZ 85381

$799,900 - 3Br/3Ba -  for Sale in Bella Pasa, Peoria
Open House
$799,900
3 Beds
3 Baths
2,151 SqFt
Status Active
MLS # 6507357
Property Type Single Family Residence
Price Type --
** QUICK MOVE-IN HOME*** 3.99% FIRST YEAR RATE / 5.99% FIXED* On a 11,334 sq/ft lot, with a 2,151 sq ft on a single level. A 3-car tandem garage PLUS, a retreat/guest quarters with a kitchenette in the sitting room, full bath, walk in closet and bedroom making a total of 3 bedrooms and 3 full bathrooms! Extended patio, multi-sliding glass doors to the backyard, gourmet kitchen with LG appliances including wall ovens, custom low voltage and electrical packages. Designer touches include Calacatta Devine quartz countertops in the kitchen and laundry room, with white AND caviar 42'' shaker cabinets throughout the home. Custom front yard landscape package with paver driveway. 3.99% first year rate (restrictions apply) on a 2-1 Buy Down

22511 E Saddle Court Queen Creek, AZ 85142

$799,822
4 Beds
3 Baths
2,395 SqFt
Status Active
MLS # 6740251
Property Type Single Family Residence
Price Type --
Just bring your toothbrush! This beloved model comes fully furnished, including wall décor, designer touches, built ins and it's and ready for its owner! This single level home of our most popular plan features a desert modern exterior style, four bedrooms, three full bathrooms and a flex room with built in custom cabinets. The kitchen features stylish slab cabinets in a natural stain, a gorgeous natural Quartzite waterfall island that overlooks the spacious dining and great room area, a large and bright primary suite with faux ceiling beams, with access to your large, covered patio. The primary bathroom includes a double vanity and a frameless shower with custom surrounds, alongside a soaking tub. February 2025 COE.

327 W Calle De Caballos Street Tempe, AZ 85284

$799,800
5 Beds
2.5 Baths
2,846 SqFt
Status Active
MLS # 6754415
Property Type Single Family Residence
Price Type --
Welcome to your new home! 10K SELLER CONCESSIONS FOR BUYERS CLOSING COSTS & RATES, total remodeled in south Tempe area, close to schools, shopping areas, and many jobs' locations and freeways. House comes with 18'' extra tall ceilings included Primary bedroom, Kitchen with beautiful Island, Stainless steel appliances & Granite counter tops. Master bedroom is located on the first floor, there is also a second bedroom located on the first floor as well. This is your dream home. Come to see it!

7396 E Crimson Sky Trail Scottsdale, AZ 85266

$799,800
2 Beds
2 Baths
2,128 SqFt
Status Active Under Contract
MLS # 6744886
Property Type Townhouse
Price Type --
Charming and well-maintained Winfield end-unit with 2 beds, 2 baths plus a den. This light-filled home features abundant windows and an open kitchen with a gas cooktop, double ovens, microwave, spacious countertops, and breakfast bar. The kitchen flows seamlessly into the bright Great room. The spacious Primary suite boasts a sliding door to an expansive patio with a built-in BBQ. New HVAC 2023! Enjoy low-maintenance living with HOA coverage for roof repair/replacement (2018), exterior paint (2023), and front yard upkeep. Perfect as a lock-and-leave or full-time residence, with an easy walk to tennis, pickleball, pool, and clubhouse.

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