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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13326 W Blue Bonnet Drive Sun City West, AZ 85375

Open House

$799,000

3 Beds

3 Baths

3,263 SqFt

Status Active

MLS # 6722052

Property Type Single Family Residence

Price Type --

A luxurious single-family home on a prime lot overlooking Briarwood Country Club golf course. This gem features 2 main bedrooms with ensuites, vaulted ceilings, and panoramic golf course and mountain views. The expansive 1000+ sq ft main suite boasts a kitchenette, walk-in closet, dual shower heads, dual sinks, and vanity. Enjoy the stunning pool with multiple light designs and an electric retractable cover. Recent updates include can lights, plantation shutters, and high-end tile floors. The updated kitchen offers granite counters and stainless steel appliances. The spacious back patio with travertine tile includes covered and open areas, perfect for entertaining. The extra-wide garage has space for a golf cart. Located in the desirable 55+ active adult community of Sun City West.

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15078 W Highland Avenue Goodyear, AZ 85395

Open House

$799,000

4 Beds

3.5 Baths

4,200 SqFt

Status Active

MLS # 6731039

Property Type Single Family Residence

Price Type --

Just wow! Prepare to be enchanted by this stunning, energy-efficient home in Goodyear! The façade exudes charm with a 3-car tandem garage, RV gate with paved basketball, timeless stone accents, green grass, & a private courtyard. Be impressed by the great room that beckons with exposed beams on the high ceiling. Tile & wood flooring, plantation shutters in some windows, stone-accented walls, fire sprinklers, & an open den/office are worth mentioning. Large family room is adorned with surround sound speakers & media niche, setting the tone for countless memories. This refined gourmet kitchen showcases recessed lighting, travertine backsplash, a butler's service area, plenty of cabinets & cupboards with crown moulding, a center island, granite counters, a breakfast bar, a walk-in pantry stainless steel appliances such as cooktop gas, wall ovens, & wine cooler, & a lovely bay window in the dining area. The cozy loft boasts balcony access & built-in desk/cabinets. Owner's retreat is complete with a stone fireplace, a sitting room, & a lavish ensuite. The main bathroom is comprised of two vanities, a make-up desk, a soaking tub, a tiled shower, & a barn door leading to the walk-in closet. Finally, the dreamy backyard includes a covered patio, a fire pit area with a cement bench, a gazebo, multiple pergolas, a built-in BBQ, & a shimmering pool. This gem has it all! Hurry!

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1510 E Red Range Way Phoenix, AZ 85085

Open House

$799,000

5 Beds

3.5 Baths

3,185 SqFt

Status Active

MLS # 6686319

Property Type Single Family Residence

Price Type --

Arizona living at its finest! NEW and has never been lived in, this fabulous 5 bed, 3.5 bath residence is now on the market! Resting up against the Sonoran Preserve with no neighbors and NO HOA with these gorgeous Arizona Mountain View's can now be yours. A beautiful facade, 3 car garage, and tons of landscaping potential! Plenty of room to bring your horses and/or livestock. Discover a large open floor plan w/elegant wood-look flooring, recessed lighting, and neutral palette throughout. The kitchen is equipped w/everything the aspiring chef needs, ample cabinetry, a pantry, quartz counters, stainless steel appliances, and an island complete w/a breakfast bar. Dual masters complete two primary suites, one downstairs and one on the upper level! Each one features soft carpeting, a walk-in closet, and a private baths w/dual sinks and amazing views. Laundry upstairs AND downstairs. You'll also find a spacious loft where you can spend a relaxing Sunday evening, as well as a den perfect for an office. Enjoy breathtaking mountain views everywhere you look! Very unique property with over 2 acres this is truly a must see! What are you waiting for? Act now!

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10503 E Fanfol Lane Scottsdale, AZ 85258

Open House

$799,000

3 Beds

2 Baths

1,934 SqFt

Status Active

MLS # 6732815

Property Type Single Family Residence

Price Type --

A new, more attractive listing price on this fantastic property. As an added bonus, the seller is offering up to $10,000 for closing costs or a rate buy-down, making this home even more affordable. Beautifully renovated 3 bed/2 bath home in Suntree East community of Scottsdale Ranch offers luxury living with an ideal location. Golfers will love the proximity to some of Scottsdale's top golf courses. Minutes away from premier destinations like Kierland Commons, Scottsdale Quarter, and Fashion Square. Step into the heart of the home with large over-sized porcelain tile throughout, a beautifully updated and bright kitchen with plenty of storage. Fully renovated master bath with soaking tub. Energy efficient solar panels & an EV Charging station. Monthly electric bills are usually zero.

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3642 E Roland Street Mesa, AZ 85215

$798,927

5 Beds

4.5 Baths

3,100 SqFt

Status Active

MLS # 6717258

Property Type Single Family Residence

Price Type --

Super popular brick accented Farmhouse elevation. This home is under construction with a late summer est. completion date. Seller finance contributions available! Brand new gated community. Great infill location with desirable schools, freeway access during the weekdays and a great gateway location for the weekends to head to the Salt River watershed lakes, mountains or a local hike! Fully finished price with complete upgrade package Nice appointments;; 8' IRON front door, KitchenAid Appliances, white Shaker style cabinets with tall uppers with LED lights underneath and a recycle center. 3 car tandem garage features a side ext door and dedicated 220v and 110v outlets for tools or EV charging. 8' interior doors with bronze hardware and fixtures. Taxes est. Pics are of a model home

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13126 W Rancho Drive Litchfield Park, AZ 85340

$798,900

4 Beds

3.5 Baths

3,897 SqFt

Status Active

MLS # 6709963

Property Type Single Family Residence

Price Type --

Located in the prestigious gated area of Barrington within the desirable Dreaming Summit community, this ranch style home is a true gem. Boasting 3897 sq ft of living space, this property features 4 bedrooms, 3.5 bathrooms, and a large sparkling pool on a spacious .34 acre lot. The home's exterior is just as impressive as its interior, with a 3 car garage featuring epoxy floors, an extended pergola patio, built-in BBQ, outdoor fireplace, and a child proof gate around the pool for added safety. The backyard oasis also includes a relaxing spa and mature citrus trees. Inside, the home has been lovingly updated with a modern kitchen and new shutters throughout. Recent upgrades include a new roof underlayment in 2022 and an additional 10 inches of blown-in attic insulation added in 2022,

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1315 E Eleana Lane Gilbert, AZ 85298

$798,833

3 Beds

2.5 Baths

2,407 SqFt

Status Active

MLS # 6705323

Property Type Single Family Residence

Price Type --

Ideally located in the new Waterston Central Community, Jacamar, this single-story Farmhouse style home boasts 3 bedrooms, 2.5 baths, an attached 3 car garage, access to endless amenities, and designer features throughout. The Kitchen features stainless appliances with a gas cooktop and combo microwave/oven and Quartz countertops. 6'' x 36'' wood look plank tile flooring throughout and carpet at the bedrooms. Diamond Collection maple white cabinets. Other highlights include a 12' center pull sliding doors in the Dining Room, a Box Bay at the Primary Suite, a Laundry Room with a sink and base cabinets, a covered patio, and pavers on the driveway and front porch. Community amenities include a playground, walking and biking paths, a community pool, and more!

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28864 N 32nd Glen Phoenix, AZ 85083

$798,800

4 Beds

3 Baths

2,375 SqFt

Status Active

MLS # 6681519

Property Type Single Family Residence

Price Type --

BRAND NEW HOME!! ONE OF THE BEST VIEW LOTS IN THE DEVELOPMENT! Here is your chance to buy a move in ready home with NO WAIT TIME. This is the beautiful Aspen Model situated on an amazing lot with awesome views! This 4 bedroom/3 bathroom home is one of the best Lennar floorplans they have. Everything is BRAND NEW including the backyard landscaping. Easy access to the entire valley and close to the new TSM Semiconductor Facility. Gated Community. Builder warranty transfers to new owner. Come take a look at this wonderful home before it is gone!

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12707 N 95th Place Scottsdale, AZ 85260

$798,500

4 Beds

2.5 Baths

2,106 SqFt

Status Active

MLS # 6714148

Property Type Single Family Residence

Price Type --

Charming and meticulously maintained home, offering 4 bedrooms and 2.5 bathrooms within its spacious 2,106 square feet. Nestled on a 6,037 square foot lot with direct access to the Scottsdale Trail system. Bike, walk, jog all the way to Tempe! This former model features wood floors throughout, enhancing its elegant appeal. The kitchen is a chef's dream, boasting custom roll out cabinetry,NEW state of the art Samsung fridge and dishwasher (8/2024) slab granite. new hardware and fans, and several newer Anderson windows.The kitchen area seamlessly flows into the open family room, complete with a natural fireplace and surround sound. The home is equipped with a shutter package, several remote blinds and custom Classy Closet organizers. ...CONTINUE READING The expanded covered patio area is perfect for outdoor entertaining, featuring mature landscape and built-in BBQ, all backing to a natural private area. The primary retreat includes luxurious bath with double granite-mounted sinks, a separate tub, and an updated shower. Additional amenities include a 2-car garage with a workbench area, loads of storage with custom cabinets and large pull down attic access. Enjoy all the community amenities with none of the hassle or expense! You have direct access to tennis courts, a heated pool, and a spa, with the HOA maintaining most of the front landscaping. The home also offers a first level office or bedroom option, a covered patio, vaulted ceilings, and an owned water softener. Enjoy the charming front courtyard area making this home a perfect blend of comfort and luxury. With easy access to the 101, a plethora of shopping and dining and excelling Scottsdale schools, this home has it all! Come take a look! Many upgrades just completed in August, 2024!

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1215 E Cambridge Avenue Phoenix, AZ 85006

Open House

$798,500

4 Beds

3 Baths

2,415 SqFt

Status Active

MLS # 6730909

Property Type Single Family Residence

Price Type --

Discover luxury in this beautifully remodeled 4-bedroom, 3-bathroom home. The open floor plan welcomes you with a blend of opulence and functionality. The kitchen boasts new stainless steel appliances, quartz countertops and walk-in pantry flowing seamlessly into an open dining and living space. The master offers a private retreat with a walk-in closet and ensuite bathroom evoking spa-like ambiance. Cambridge has an additional ensuite bathroom located off the west-wing bedroom. Both the ensuite and guest bathrooms share the same elevated finishes of the master. Upgrades include a new roof, electrical wiring/panel, laundry room, garage, outdoors pavers, ... and more! Cambridge represents the pinnacle of modern living with its blend of luxury, functionality, and comfort.

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23702 S Desert Sands Drive Sun Lakes, AZ 85248

$798,000

4 Beds

3 Baths

3,373 SqFt

Status Active

MLS # 6758691

Property Type Single Family Residence

Price Type --

This Sun Lakes home is ready for new owners! Located in the highly sought-after gated community of Oakwood you will love the lifestyle this home has to offer! This stunning home has a bright, spacious floor plan with over $30k in upgrades! The downstairs primary bedroom features 2 walk-in closets, a curbless shower, and a separate jacuzzi tub. On the main level you also have a bedroom, full bathroom, and laundry room. Enjoy cooking and entertaining in your open kitchen/living area, with huge island and built-in appliances with custom cabinetry. The backyard is perfect for year round enjoyment with a large covered patio, water feature, fire pit, and private hot tub. Golf enthusiasts will love the proximity to the golf course, club house and all the amazing amenities

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3108 W Ravina Lane Anthem, AZ 85086

$798,000

2 Beds

2.5 Baths

2,542 SqFt

Status Active

MLS # 6752133

Property Type Single Family Residence

Price Type --

Nestled on a premium large lot adorned with lush landscaping, this meticulously maintained home offers a serene oasis with birds and butterflies. Enjoy an eco-friendly lifestyle with a state-of-the-art solar panel system—no electric bills and APS credits since 2018! The property boasts numerous upgrades, including a new 16 SEER HVAC system, a 2018 roof, and a fresh exterior paint job in 2024. Step into the gourmet kitchen featuring high-grade granite counters, a new Bosch dishwasher, a new gas stovetop, and swipe-under counter LED lighting. The primary bedroom suite offers a custom-designed closet and an upgraded bathroom with a luxurious walk-in shower. The extended 3-car garage has many features, complete with epoxy-coated flooring, ceiling insulation, temperature-controlled air circulation, storage racks and cabinets, and an EV charging outlet. The home also features a whole-house water treatment and softener system, and high-speed fiber optic 5G digital internet ensures you stay connected. Situated in the award-winning Anthem Country Club, this home comes with access to an array of top-notch amenities, including two golf courses, two clubhouses, two pools, two fitness centers, and two restaurants. Additionally, residents enjoy full access to the extensive amenities of the Anthem master community, offering an unparalleled lifestyle.

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