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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665 Crosscreek Drive Prescott, AZ 86303

$795,000

3 Beds

5 Baths

3,354 SqFt

Status Active

MLS # 6729721

Property Type Townhouse

Price Type --

If you've been considering purchasing a contemporary townhome with a Solar System in the gated Hassayampa neighborhood of Aspen Creek Meadows, but were waiting for one with STUNNING golf course views, now's your chance! This spacious 3354 sq.ft. 3-story home features a very flexible floor plan. Prefer to reside on the main level? The primary ensuite bedroom, laundry room, kitchen, dining area, and living area await you there! Frequently entertain guests? Two ensuite guest rooms can be found on the upper level - the perfect setup for togetherness, yet privacy. The lower level offers flexibility, depending on your needs and lifestyle - large enough to be an office, family room, craft room, gym, or whatever your heart desires! A two-car garage with cabinets provides abundant storage options. Brand new interior paint from top to bottom and a newly installed Trex walkway and wrought iron railing to the front door add to the home's appeal. Ready to breathe in the clean mountain air and admire those magnificent golf course and mountain views? Cozy outdoor living areas on each level allow you to do so with ease. Optional social and/or golf memberships available at the Capital Canyon Club, located right around the corner! Perfect for a primary home, or a lock and leave vacation home - welcome to Prescott!

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12625 N Saguaro Boulevard Unit 204 Fountain Hills, AZ 85268

Open House

$795,000

2 Beds

2.5 Baths

1,830 SqFt

Status Active

MLS # 6756682

Property Type Apartment

Price Type --

You've Found The Home of Your Dreams! This luxury condo loft has a magnificent view of the world famous Fountain Hills Fountain & breathtaking mountain views! The gourmet kitchen has gorgeous staggered cabinetry, stainless steel appliances & gas cooktop. Bright spacious living room has 12ft ceilings and a double fireplace to the balcony. Solid wood doors, Brazilian hardwood floors. You will Love the two large primary suits, custom closets, beautifully adorned bath has a large shower & jetted tub. Three balconies. Property features stunning secure, iron entry with visual intercom, elevator, fitness room, gated, 2 car secure underground parking, private storage. A perfect lock-n-leave property situated in an Exclusive 11 unit complex. Near to shopping and entertainment.

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7710 E Gainey Ranch Road Unit 148 Scottsdale, AZ 85258

Open House

$795,000

2 Beds

2.5 Baths

1,200 SqFt

Status Active

MLS # 6751561

Property Type Townhouse

Price Type --

Experience the exclusive Gainey Ranch lifestyle in this fully renovated town home. The open & stylish redesigned kitchen features direct garage entry, soft close white shaker cabinets, polished chrome hardware, ample storage drawers & high end appliances including a built-in oven/air fryer/microwave & a glass cook top. This home offers two master bedrooms w/ en-suite baths & walk-in closets, a spacious flex room + a convenient powder room for guests. Enjoy the elegance of LVP light oak flooring throughout complimented by smart three panel glass doors. The new Lennox A/C unit, new Rheem water heater & Anderson patio doors & picture windows ensure both comfort & efficiency. The homes sought after location is a short walk to all the Estate Club amenities. This is a must see, turn key gem! The recently built six million dollar Estate Club offers Pickleball and Tennis, a state-of-the-art fitness center, heated 25 meter lap pool and spa, party rooms and a social calendar for year round fun. With 24 hour security, you can lock-and-leave or enjoy the Gainey Ranch lifestyle with total peace of mind year round.

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880 W Cherrywood Drive Chandler, AZ 85248

Open House

$795,000

4 Beds

2 Baths

2,666 SqFt

Status Active

MLS # 6755876

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautifully renovated home! This property features a cozy fireplace, fresh interior paint in a neutral color scheme and new flooring. The kitchen is a chef's delight with stone counter tops, walk-in pantry, kitchen island, accent backsplash, and all-new stainless steel appliances. The primary bedroom includes a spacious walk-in closet, an en-suite bathroom with custom tile shower and double sinks, and a separate tub and shower. Enjoy outdoor living with a covered patio, a private in-ground pool, and a fenced-in backyard. This home is a true gem!

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40617 N 3rd Avenue Phoenix, AZ 85086

Open House

$795,000

4 Beds

3 Baths

2,935 SqFt

Status Active

MLS # 6730298

Property Type Single Family Residence

Price Type --

*JUST VOTED 'BEST VALUE' ON DESERT HILLS/NEW RIVER HOME TOUR!* Bring your horses, cars, boat and toys! This spacious custom home on one acre is well built, boasts amazing views and has been beautifully maintained. High ceilings throughout create space and light, while the beehive wood fireplace is warm and inviting. Granite counters throughout, with travertine and wood floors. Each bedroom has a private exit door and walk in closet, and the bathrooms with stone snail showers are private and easy to maintain. With a chef size kitchen, oversize island and huge patio space off the great room, you can create a fabulous entertaining home to enjoy with friends and family. The massive 4-6 stall garage is perfect for your home-based business or your cars, bikes and toys. Welcome home!

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6333 W Dublin Lane Chandler, AZ 85226

$794,900

4 Beds

2.5 Baths

2,850 SqFt

Status Active Under Contract

MLS # 6754480

Property Type Single Family Residence

Price Type --

Coveted Ritz plan featuring 4 bedrooms with 2.5 baths upgrades galore, Polished walnut travertine flooring throughout, upgraded carpet in bedrooms and hand scraped hardwood flooring in formal living room. Custom Upgrades through, designer wet bar and gas fireplace. Master bedroom features custom Classy Closet built-ins, dual shower heads, and separate exit to patio. Secondary bathroom features full shower, dual sinks and tile throughout. Custom stained wood shutters, 5 1/4'' baseboards, upgraded ceiling fans and over 40 ceiling can lights throughout. Garage features built-in cabinets and epoxied garage floors. Soft water system, R/O System, and stainless steel appliances all stay. N/S Exposure. 4th Bedroom used as office with Murphy Bed, No Closet. Additional Split A/C Unit. New Roof 2023

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4151 E Mercer Lane Phoenix, AZ 85028

$794,900

3 Beds

3 Baths

2,342 SqFt

Status Active

MLS # 6706656

Property Type Single Family Residence

Price Type --

Don't miss seeing this beautiful 2342 square foot home in sought after North Shea Estates! Soaring ceilings, light & bright interior, custom stone work, upgraded lighting and ceiling fans, wood floors, plantation shutters, gas fireplace and much more to see! Private, cul-de-sac lot with no neighbor to the east and across from green grass common area. Just minutes from I-51, PV Mall area and close to Loop 101, Desert Ridge, golf, dining, schools, etc.! 3 bedrooms, 3 bathrooms and a large bonus room (one bedroom and full bath downstairs - perfect for guests), eat-in kitchen opens to patio and boasts stainless steel appliances, granite countertops, recessed lighting & pantry! Beautiful backyard offers covered patio, sparkling pool, mature lighted landscaping & double gate!

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2025 W Steed Ridge Phoenix, AZ 85085

$794,000

4 Beds

3 Baths

2,689 SqFt

Status Active

MLS # 6741674

Property Type Single Family Residence

Price Type --

Welcome to your stunning new home in the prestigious Fireside at Norterra community, where panoramic views of the Sonoran Preserve set the scene for luxurious living. Step inside to discover a spacious family room that seamlessly connects to an expansive kitchen and dining area, designed for the ultimate entertainment experience. The kitchen is a chef's dream, featuring a gas cook top, stainless steel appliances, granite countertops, and a large island with ample storage. This home offers a desirable split floorplan, with a primary bedroom that includes an en-suite bath for a private retreat, and three additional bedrooms that can serve as guest rooms, a home office, or additional storage. lOutdoor living is equally impressive with a secluded patio featuring a built-in BBQ, artificial turf, and a view fence overlooking the preserve, perfect for relaxation or entertaining. Additional luxuries include a newer HVAC system, a hot water tank, custom crown molding, and a built-in speaker system. Residents of Fireside at Norterra enjoy access to a community center with a gym, rock climbing wall, pools, tennis courts, and a playground, plus proximity to hiking and biking trails, restaurants, shopping, Lake Pleasant, and major freeways. This home not only offers beautiful interiors and a vibrant community but also positions you perfectly for enjoying everything North Phoenix has to offer.

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6529 W Via Montoya Drive Glendale, AZ 85310

$794,000

5 Beds

3 Baths

2,717 SqFt

Status Active

MLS # 6731699

Property Type Single Family Residence

Price Type --

Rare remodeled SINGLE-STORY 5 BEDROOM in premier Arrowhead community, with Mountain views from your front door! Fully remodeled kitchen with quartz countertops on double islands, white shaker cabinets, tile backsplash, built-in cooktop, and stainless appliances. Open floor plan with 3 full bathrooms, a large master suite, and an additional converted fifth bedroom. Travertine & porcelain tile throughout; no carpet! New interior paint 2022. Extremely private outdoor space with refinished PebbleTec pool (2022) & 3-hole putting green! Low-maintenance landscape. Desirable community within walking distance to Sprouts, Cold Beers & Cheeseburgers, & other shopping + dining. Proximity to hiking trails, two 18-hole golf courses, & Arrowhead Country Club. Close access to 101 freeway.

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20755 W San Miguel Avenue Buckeye, AZ 85396

$793,936

3 Beds

3 Baths

2,477 SqFt

Status Active

MLS # 6714010

Property Type Single Family Residence

Price Type --

MLS# 6714010 Ready Now! The Arabian is a charming single-story home located in Victory at Verrado, a 55+ community. It features a quaint courtyard leading to the entry. The study is privately situated at the front of the home, alongside a secondary bedroom. The owner's suite is tucked away at the back for added privacy and relaxation. This home also includes a guest suite with an ensuite bath, perfect for visiting family. The owner's bath offers dual sinks, a large shower with a seat, and an enormous walk-in closet. The laundry room is conveniently located off the owner's entry, adjacent to the 2-car garage. Structural options include: paver front porch, garage service door, 12' x 8' multi sliding glass door at gathering room, 2' garage extension, guest suite in lieu of bed 2 and bath 3, and study in lieu of storage.

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27231 N 73rd Lane Peoria, AZ 85383

Open House

$793,840

5 Beds

4 Baths

3,176 SqFt

Status Active

MLS # 6748516

Property Type Single Family Residence

Price Type --

No back neighbor, scenic views! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Miraval II' floorplan features 5 full bedrooms plus a game room and library, 4 bathrooms, 4 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Home is under construction, estimated completion October *Photos of model home*

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5888 S Boulder Street Gilbert, AZ 85298

$792,020

4 Beds

3 Baths

2,795 SqFt

Status Active

MLS # 6747288

Property Type Single Family Residence

Price Type --

This beautiful new 2-story home features a gourmet kitchen with 30-inch gas cooktop, backsplash, upgraded extended kitchen island, pendent prewire above island, Della Terra Quartz in kitchen, upgraded cabinetry, 8 ft. slider in dining room, speaker pre-wire in great room, Spa bath with freestanding tub, double sinks at bathroom 2, upgraded bath light fixtures, soft water loop and so much more. The community has delightful amenities including a pool, spa, walking and biking paths, and more!

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