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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12833 W Marlette Avenue Litchfield Park, AZ 85340

$799,000

4 Beds

3 Baths

2,851 SqFt

Status Active

MLS # 6737417

Property Type Single Family Residence

Price Type --

Discover unparalleled value in the coveted Bethany Estates of Litchfield Park with this exquisite 4-bedroom, 3-bath property, set on a spacious 3/4 acre lot. It's the perfect setting for your dream landscape design. With OWNED solar, say goodbye to high electric bills! Inside, elegance meets functionality with beautiful tile flooring that flows into a gourmet kitchen, boasting stainless steel appliances for your culinary creations. Located just 10min away from the up & coming Glendale's Entertainment & Shopping District. This outstanding residence combines the chance to live in a sought-after neighborhood, save on electricity with owned solar, plus the opportunity to personalize your outdoor living space, making it a wise and luxurious investment.

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6856 N 12th Way Phoenix, AZ 85014

$799,000

4 Beds

2 Baths

3,016 SqFt

Status Active

MLS # 6728947

Property Type Single Family Residence

Price Type --

Incredible 3015 sq ft home in Midtown! All 4 Bedrms are spacious! MstBdRm is very large w/french doors leading out to private patio, extremely Lrg walk-in closet w/built-ins, MstBth has double sinks, Granite & Tiled Shower w/Jetspa tub. Open Great Rm concept that will dazzle the senses! Raised Hearth Gas FP, Oversized Tile thru-out the Home! (Carpet in BedRms only). Very Lrg Kitchen w/tons of cabinets, pot drawers, Lrg island w/wine rack & storage. Granite counters w/undermount KOHLER double sink. SS appliances! LRG walk-in Pantry and LRG laundry Rm w/built-in KOHLER utility sink & Granite counters. White Plantation shutters in BedRms, Ceiling fans, 2 New A/C units 2022, New Roof 2021, Wide plank baseboards thru-out, ''Click on MORE''... Solar Light tube skylite in Living Rm. Split Floor Plan, Recess Lighting thru out, and Tons of Storage closets thru-out! Entire home has been updated with Dual Pane windows! Guest BthRm was just renovated to add stunning Italian Tile & New BthTub. Back yard is Park Like with Mature Landscaping & winding sidewalks, Large Wood Burning Stone Fireplace, Exterior lighting, Ceiling fan added to covered back patio, two storage sheds! Double RV Gate lead to additional tandem parking. Garage has one full wall of built-in Cabinets & Epoxy flooring. New HotWater Heater added 2024! House is nestled in close to LUCI's at the Orchard, Sprouts, Biltmore shopping, tons o dining choices and quick access to Az-51. Highly rated Maddison School district is a Plus!

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5682 W Orchid Lane Chandler, AZ 85226

$799,000

5 Beds

2.5 Baths

3,160 SqFt

Status Active Under Contract

MLS # 6703263

Property Type Single Family Residence

Price Type --

Brand New TRANE AC upstairs! Beautiful family home MASTER SUITE is DOWNSTAIRS, huge master bath with 2 walk-in closets. Plantation Shutters throughout. Wet bar in dining room with wine fridge! Beautiful update kitchen open to family room with gas fire place. Wood engineered floors! Upstairs 4 bedrooms, one is large enough to be a fabulous game room! Great backyard with diving pool & patio. Dual pane windows!

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4555 E Tierra Buena Lane Phoenix, AZ 85032

$799,000

5 Beds

3 Baths

2,927 SqFt

Status Active

MLS # 6712629

Property Type Single Family Residence

Price Type --

SELLER CREDIT towards rate buy down or concessions with accepted offer prior to JUNE 18. 5bed/3bath Family Home with New Roof installed 2023. New pool equipment and acid wash in 2024. Inside you'll find multiple living areas with a large formal dining offering ample space for your family. Nice large laundry offering additional storage space. Private primary retreat overlooking backyard with tons of natural light. Large eat in kitchen with Granite counters, island and knotty alder cabinets becomes a great hangout space overlooking the massive main living area. Out back enjoy a nice real grass play areas and a sparkling pool and spa for the kids. Highly desirable Phoenix neighborhood. Close to everything in both Scottsdale and North Phoenix. Leaseback option also available.

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4650 W Carla Vista Drive Chandler, AZ 85226

$799,000

4 Beds

2 Baths

2,536 SqFt

Status Active

MLS # 6742041

Property Type Single Family Residence

Price Type --

Reduced $35,000! Priced WAY under 7.11.24 Appraisal. $83,396 in Upgrades-see Docs. New engineered floors 8.3.24 (2017 tile in KT, FRM & Bathrooms). Resort-like backyard 2023 w/ new pebble tech coating on pool w/ water features. Backyard grassy yard completely surrounded by greenery, Homes rarely on market - close to INTEL. Desert Park 2 minutes to lake, sports, & railroad park. Walk to Carrillo Park w/ its Hummingbird Sanctuary. HOA only $44/mo. Hi Vaulted 15 ft entry. Formal Dining Rm for 10. 2023 GAS stove high vaulted KT w. 2023 stainless steel appliances. Huge sunny Fam Rm w/ gas fireplace overlooking pool & greenery. Hi vaults in spacious MBR. Remodeled MBR Bath $15k w/ jacuzzi tub. Prized 3 car garage w/extra long stall. HVACs replaced 2021 (#1) & 2014 (#2).

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6618 W Red Fox Road Phoenix, AZ 85083

$799,000

5 Beds

3.5 Baths

3,611 SqFt

Status Active

MLS # 6752780

Property Type Single Family Residence

Price Type --

Don't miss your opportunity to own in the highly sought after Preserve at Boulder Mountain. This large 5 bed 3 bath home is located in a quiet neighborhood with picturesque views along with lovely curb appeal. The spacious living areas are excellent for entertaining guests, and the separate living quarters are well appointed, meaning guest never have to leave! Perfect for multi-generational living or the growing teenagers that want their own space. Your stunning kitchen features a gas cooktop, dual wall ovens, granite counters, tile backsplash, 42 inch custom wood cabinetry, & a large island with breakfast bar supplying an open layout that connects to the great room, perfect for gathering. For those who love to entertain, the butler's pantry & walk-in pantry provide ample storage and and counter top space that connects to the formal dining room and lively great room. Throughout the home you'll find quality finishes such as wood-like vinyl plank flooring, plush carpet in the bedrooms, recessed energy efficient LED lighting with one touch dimmer switches, and dual pane windows adorned by plantation shutters, allowing you to control the natural light streaming in and mountain views. The home boasts plenty of natural light, adding to its warm and welcoming atmosphere. With the new roof being installed in 2023 and a whole home water filtration system recently installed, this property has been meticulously cared for and is move-in ready, just waiting for you to make it your own. The primary bedroom is located on the main floor and features a luxurious upgraded bathroom with separate tub and shower, a dual vanity, private toilet room, and a large walk-in closet! Head to the backyard which provides a firepit & covered patio making it the perfect private area to relax and enjoy the outdoors while taking in the Arizona sunsets. The nextgen's private balcony with mountain views provides a serene escape. Don't miss the spacious three car extended garage with overhead storage, ensuring for a well kept garage. This mountain community is nestled into the desert landscape, but close to everything you need. Provides quick access to hiking trails at East wing, the Preserve, shopping, dining, and entertainment. Close to Paloma Community Park, the 303, and Lake Pleasant.

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14809 S 25th Way Phoenix, AZ 85048

$799,000

4 Beds

3 Baths

3,235 SqFt

Status Active

MLS # 6705961

Property Type Single Family Residence

Price Type --

SIMPLY GORGEOUS spacious 3,235 sq.ft. 4 Bed/3 Bath home (1 Bedroom & Bath downstairs) with HUGE Office/Gym/Bonus Room (also downstairs) with luxury backyard Pool Oasis! Stunning marble-style Italian porcelain Tile & Wood floors. Entertainer's Living & Dining Rooms with large windows bringing in natural light when you open the Shutters! Extensive Kitchen granite Counters & Breakfast Bar Island give plenty of room for the gourmet cook! 2-Way wood-burning Fireplace between Breakfast Room & Family Room. Large Laundry Room with sink, counters, cabinets, Washer & Dryer stay! Movie Star sized Primary Suite Closet with center Island! Primary Bath boasts rich cabinets, granite counters PLUS 2nd Walk-in Closet. TONS OF STORAGE! NEW ROOF (2019). Both AC units replaced (2017 & 2024). Newer windows, updated lighting fans & fixtures. Classy roller shades & Plantation Shutters. Refinished Expresso Kitchen cabs, stainless hardware, BRAND NEW Range & GE Fridge. Garage Solar-Lite tubes. Resort-style Backyard has spacious wrap-around Pool w/mosaic tile surface showcasing dolphin & octopus art, high-end Pool Gate. Synth Grass in front & back! Tomato & Herb Garden, Tangelo, Mandarin, Pomegranate & Orange Trees. All MOUNTAIN PARK RANCH amenities. Neighborhood access to mountain hiking trails. Kyrene Schools nearby. Close to freeway access, shops, dining, airport, downtown!

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2726 N Hannon Ranch Lane Bisbee, AZ 85603

$799,000

5 Beds

4.5 Baths

3,554 SqFt

Status Active

MLS # 6665334

Property Type Single Family Residence

Price Type --

Perched on an elevated, 4.4 acre lot in the Mule Mountains, just minutes from Bisbee, this stunning, custom 5 bed/ 4.5 Bath, 3,554 sq ft. home offers quality craftsmanship & magnificent panoramic mountain views. Beautifully remodeled with new: Anderson windows, roof, deck, doors, flooring throughout, stucco, kitchen, appliances, master bath w/ dual shower, mini-splits, & paint inside & out. Landscaped yard w/ stone patio overlooking the canyon, sunrises, sunsets and stargazing. Step inside to discover an inviting & spacious interior filled w/ an abundance of natural light & majestic mountain views from nearly every window. Open floor plan, expansive and flowing between the kitchen and the great room, 2 en-suite main bdrms, a bonus room, & built out basement all make for wonderful living.

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4380 N Preserve Drive Pine, AZ 85544

$799,000

3 Beds

3 Baths

1,485 SqFt

Status Active

MLS # 6681925

Property Type Single Family Residence

Price Type --

Home with lot next door! Seller is offering 1% of sales price to be used at COE to ''buy down'' the buyers loan interest rate with full price offer. Fully remodeled modern A-frame on a quiet, half acre corner lot in the highly sought after Portal IV community. The spacious wrap-around deck boasts panoramic mountain views, and endless opportunities for al fresco dining and hot tub soaks underneath the twinkling night's sky. The gated community offers seclusion and peace of mind. The sellers purchased the parcel next door and are offering it as part of the sale to protect your views as you desire! Smart appliances and features are noted throughout the home. Sellers are offering the home fully furnished with high-end furniture. Taxidermy does NOT convey.

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44621 N 10th Street New River, AZ 85087

$799,000

4 Beds

3 Baths

2,521 SqFt

Status Active

MLS # 6703043

Property Type Single Family Residence

Price Type --

A spectacular custom home with privacy, luxury details, no HOA, shade trees and gorgeous views. Open and spacious floorplan with walls of glass, soaring ceilings, gourmet kitchen with granite and stainless appliances. The primary bedroom has a seating area, master bath with jetted tub and large walk-in closet. There is also an ensuite guest bedroom with separate entrance. Two other bedrooms are well appointed with a large guest bathroom. The home is perfect for entertaining, loads of patio space with pavers and lush landscaping, and several mature citrus trees. There is a rooftop deck for enjoying the amazing sunsets. The property is walled for privacy, with plenty of space. Close to the Tonto Nat'l Forest. This is a one-of-a-kind home that has been impeccably maintained.

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2777 W Queen Creek Road Unit 14 Chandler, AZ 85248

$799,000

3 Beds

2.5 Baths

2,100 SqFt

Status Active

MLS # 6703268

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of luxury living! Nestled within a gated community, this stunning residence offers the epitome of convenience and comfort. As you enter, you're greeted by top-of-the-line porcelain grey tile flooring that extends throughout the home. The open floor plan creates an inviting atmosphere, perfect for entertaining guests. The spacious kitchen is a chef's delight, featuring a quartz island and countertops, soft-closed kitchen cabinets, and an eat-in area with breathtaking views of the tranquil lake. After a long day, retreat to large master-suite, master bath adorned with marble tile flooring, walk-in shower. Other bedrooms, large walk-in closets for ample storage and electric privacy shades for added comfort. Outside, the amenities continue to impress. Take a leisurely stroll around the neighborhood, enjoying the manicured landscaping and friendly atmosphere. For those who enjoy fishing, a little patio-side angling awaits right outside your back porch. And if you're in the mood for adventure, launch your boat or paddleboard for a serene evening on the water. When it comes to dining and errands, you're spoiled for choice. Within walking distance or a short drive, you'll find an array of restaurants offering delectable cuisine. Need to run errands? Everything you need is conveniently located nearby, from grocery stores to boutiques, making everyday tasks a breeze. With its unbeatable location, luxurious amenities, and modern design, this home truly is a stunner. Don't miss your chance to experience upscale living in this practically brand-new build. Welcome home!

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38923 N 57th Place Cave Creek, AZ 85331

$799,000

3 Beds

2 Baths

2,418 SqFt

Status Active

MLS # 6710993

Property Type Single Family Residence

Price Type --

Absolutely stunning home located in the gated, desirable and beautiful Rancho Manana golf community. Walking distance to shopping, restaurants, music and more! There are many unique features throughout the home, including vaulted ceilings with wood beams, natural flagstone flooring, and a cozy gas fireplace in the family room. Kitchen has granite counter tops, and S/S appliances. The master suite is spacious with two large closets. You will love the outdoor living space that provides plenty of room to enjoy peace and solitude of the outdoors, while offering optimal space to entertain and enjoy the mountain views and incredible sunsets in this timeless territorial home.

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