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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20240 N 263rd Drive Buckeye, AZ 85396

New

$795,000

2 Beds

2.5 Baths

2,527 SqFt

Status Active Under Contract

MLS # 6759915

Property Type Single Family Residence

Price Type --

Discover the highly sought-after Parada floor plan, designed for luxury & convenience in the heart of Sun City Festival. This beautiful home features an en-suite 2nd bedroom, perfect for guests & family, & a dedicated den/office offering the flexibility to work from home. The open-concept kitchen boasts granite countertops, elegant stacked cabinets & a wet bar ideal for entertaining. A cozy breakfast nook provides a peaceful spot to start your day. Step outside to your private oasis with a pool & spa where you can relax & enjoy the serene views of the golf course lot. A 3-car garage with built-in cabinets, ensures plenty of space for vehicles & belongings. This home is also equipped with owned solar, offering energy efficiency & savings. With its golf course lot, stunning views, & luxurious upgrades, this home is an exceptional opportunity to enjoy both comfort and style.

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6443 N 17th Place Phoenix, AZ 85016

$795,000

3 Beds

2.5 Baths

2,070 SqFt

Status Active

MLS # 6750816

Property Type Single Family Residence

Price Type --

This stunning 3 bedroom (plus Den/Office), 2.5 bathroom home is situated in the very desirable Madison Square sub-division & the Madison School District, centrally located in North Central Phoenix. This home is highly upgraded and features a gourmet kitchen with quartz countertops, stainless appliances, shaker gray cabinetry, gas range, and a large in-sink island. Additional features include 6x36 plank tile flooring, designer 4'' baseboards, newly installed berber carpet, upgraded ceiling fans & hardware, an upstairs flex/loft space & a tankless gas water heater. The 2-car garage offers plenty of storage. The backyard includes synthetic grass and a travertine tile patio. Located close to Phoenix's finest restaurants, shopping & the Phoenix Mountain Preserve.

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15021 N 7th Drive Phoenix, AZ 85023

$795,000

3 Beds

2 Baths

2,400 SqFt

Status Active

MLS # 6697763

Property Type Single Family Residence

Price Type --

Gorgeous remodel! Welcome to your dream oasis in the desireable Moon Valley area, where breathtaking mountain views frame this stunning property. This home is the epitome of luxury and convenience, being completely remodeled with no expense spared. Step inside to discover a feast for the eyes—new flooring, freshly painted interiors and exteriors, a brand-new roof, and a state-of-the-art air conditioning system ensure comfort and style year-round. The owner's meticulous attention to detail shines through every corner, from the carefully chosen fixtures to the impeccable finishes throughout. Outside, the landscaping and irrigation have been expertly redone, creating a lush environment that enhances the property's allure. The pool, resurfaced with premium pebble tech, beckons you to relax and unwind in style. A standout feature of this home is the fully enclosed bonus room at the back, complete with its own new air conditioner, offering versatile space for work, play, or relaxation. For those with multiple drivers or a penchant for convenience, the three-car garage with separate doors for each vehicle is a game-changer, ensuring ease of access and organization. Plus, the garage includes a convenient workspace with a shop sink, perfect for DIY projects or hobbies. Don't miss the opportunity to experience this exquisite remodel firsthand. Come and see it today and make this stunning property your own.

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3401 E Paradise Lane Phoenix, AZ 85032

$795,000

3 Beds

2 Baths

1,889 SqFt

Status Active

MLS # 6745441

Property Type Single Family Residence

Price Type --

Check out this rare desert gem! Located on a corner lot big enough for a pool and mini-golf course, this 3-bed, 2-bath ''farmhouse'' style property was home-sweet-home to one of the neighborhood's developers. Well-designed common areas offer ample space for maximum comfort and include an open kitchen, large laundry room / pantry, dining area, living room with generous built-in storage and wall-to-wall window seating, bonus room (currently used as a music studio), and an office / den than can be converted back into a 4th bedroom (has a closet). Laminate and tile floors throughout, granite and quartz countertops in kitchen and master bath. Roof and AC less than 5 years old, 2-car garage with workspace, detached barn, RV gate, rear carport, front and rear patios, and best of all: no HOA Ideal location with quick, easy access to 51 and 101 freeways, on the same block and street as the famed Boojum Tree venue, walking distance to Paradise Valley High School, Paradise Valley Community College, Fry's, and shopping, 5-minutes to Desert Ridge.

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6584 E Shooting Star Way Scottsdale, AZ 85266

$795,000

3 Beds

2 Baths

1,673 SqFt

Status Active

MLS # 6753844

Property Type Single Family Residence

Price Type --

Embrace the charm of this 3 bedroom 2 bath beauty. Enjoy Arizona and all that Terravita Golf and Country Club Community has to offer. High ceilings, travertine flooring, spacious and bright great room, enhanced by a gas fireplace and open to the dining and kitchen. Well-appointed and expanded kitchen boasts abundant custom cabinetry, recessed & pendant lighting, stainless steel appliances, granite counters, and tile backsplash. You'll love the main retreat showcasing wood-look floors and complemented by the ensuite walk in closet, dual vanities and a separate shower and tub. 2nd bedroom can function as a den or office and is a passthrough to the 3rd bedroom addition. Relaxing backyard covered patio. Garage has plenty custom built storage. Energy saving home with an owned solar system.

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2736 W Florimond Road Phoenix, AZ 85086

$795,000

7 Beds

5.5 Baths

4,581 SqFt

Status Active

MLS # 6754492

Property Type Single Family Residence

Price Type --

Space abounds in this North Phoenix beauty. Seven bedrooms, five and half baths offer space for even the largest of families. Eat in kitchen overlooks family room and dining room, excellent space to unwind and enjoy life in the suburbs. Two lofts one of which comes with a pool table and has Juliet balcony overlooking front. Formal living and dining room, massive primary suite with private balcony, downstairs has a guest bedroom with on suite bathroom perfect for a live in situation with easy access and privacy. Backyard has private pool along with covered patio.

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44020 N 44th Lane Anthem, AZ 85087

$795,000

4 Beds

2.5 Baths

3,883 SqFt

Status Active

MLS # 6752582

Property Type Single Family Residence

Price Type --

Welcome to this exquisite fully custom home offering stunning, unobstructed mountain views and a backyard that's perfect for entertaining, complete with a sparkling pool and built-in BBQ. Situated in a desirable neighborhood, the property is loaded with many upgrades and recent renovations, delivering modern comfort and luxury at every turn. Inside, you'll find stylish plantation shutters, a huge loft, and beautiful cupboards. The master suite, located on the main floor, features a private exit to a covered deck, a tiled tub & shower, a large walk-in closet, and a double vanity. The 2nd floor includes three bedrooms, a loft, a game room, and a theater room, making it ideal for relaxation and entertainment. The oversized three-car garage is spacious with built in storage and epoxy floor.

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4430 E Des Moines Street Mesa, AZ 85205

$795,000

5 Beds

3 Baths

4,014 SqFt

Status Active

MLS # 6715090

Property Type Single Family Residence

Price Type --

This charming residence is nestled in Mesa's Valencia Groves community and offers five spacious bedrooms and three full bathrooms. Positioned on a secluded corner lot with a North/South exposure, this home enjoys privacy and ample natural light. The kitchen features a fantastic layout, ideal for entertaining, and seamlessly opens to the family room. Additional amenities include a convenient downstairs laundry room with a laundry chute. Outside, the backyard is a tranquil oasis, boasting a generous patio, a sparkling pool, and a delightful garden area. Don't miss the chance to make this your new home!

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21747 E Russet Road Queen Creek, AZ 85142

$795,000

4 Beds

3 Baths

2,614 SqFt

Status Active

MLS # 6741348

Property Type Single Family Residence

Price Type --

Charming Home in Queen Creek, AZ Welcome to 21747 E Russet Rd, a stunning residence nestled in the heart of Queen Creek, AZ. This beautifully maintained and recently updated home offers a perfect blend of comfort, style, and modern living, making it an ideal choice for people seeking both convenience and tranquility. Home features vaulted ceilings, 8 ft interior doors, new interior and exterior paint, flooring, baseboards, hardware, RO water system, and so much more! Spacious Living Areas: Boasting 4 bedrooms and 3 bathrooms, and on office/den. This home provides ample space for living and entertaining guests. The open-concept floor plan seamlessly connects the living room, dining area, and kitchen, creating a warm and inviting atmosphere. Modern Kitchen

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306 N Virginia Street Prescott, AZ 86301

$795,000

5 Beds

3 Baths

2,247 SqFt

Status Active

MLS # 6567356

Property Type Single Family Residence

Price Type --

Property features 2 homes!!! Charming updated single level home in the Iconic historic area of Prescott and Walking distance to Whiskey Row. Main residence has 3 bedrooms 2 full bathrooms, spacious kitchen plus a sitting room/ den. A lovely front porch and gated and fenced front yard with 3 parking spaces The guest home features two bedrooms, a kitchen and a full bathroom. Current garage was converted to a large home office but would work great as an additional living space, man cave or easily could convert to a studio apartment. The possibilities are endless and this could be a two unit income producing short term rental.

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1813 E Jasmine Circle Mesa, AZ 85203

$795,000

4 Beds

3.5 Baths

3,117 SqFt

Status Active Under Contract

MLS # 6720376

Property Type Single Family Residence

Price Type --

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13905 N Spotted Eagle Drive Prescott, AZ 86305

$795,000

3 Beds

3 Baths

2,853 SqFt

Status Active Under Contract

MLS # 6733865

Property Type Single Family Residence

Price Type --

EXTREME PRICE REDUCTION. Live the good life on Spotted Eagle Dr and soar in a clear blue sky. This one level executive home is situated on 2+ acres with panoramic views and horse privileges but no HOA hassles. The bright and airy feel of the home is achieved by cathedral ceilings and the stunning views from the windows bringing the outside, indoors. The newer roof (2018) and exterior paint (2022) will last for many years to come. The expansive master suite has a gas fireplace and access to the open deck, as well as a 2 station sink arrangement, jetted garden tub and walk-in shower. The junior suite is large with a private full bath and a huge walk-in closet. Entertaining guests--the kitchen has a large and functional island and granite countertops that leads to the large living room. Live the good life on Spotted Eagle Dr and soar in a clear blue sky. This one level executive home is situated on 2+ acres with panoramic views and horse privileges but no HOA hassles. The bright and airy feel of the home is achieved by cathedral ceilings and the stunning views from the windows bringing the outside, indoors. The newer roof (2018) and exterior paint (2022) will last for many years to come. The expansive master suite has a gas fireplace and access to the open deck, as well as a 2 station sink arrangement, jetted garden tub and walk-in shower. The junior suite is large with a private full bath and a huge walk-in closet. The home is set up for entertaining guests; the kitchen has a large and functional island and granite countertops that leads to the large living room, opening on to the exterior deck. Need some reflection time? Read a good book in the library/study nook. This custom home is move in ready and waiting for you.

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