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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14052 N El Pueblo Boulevard Fountain Hills, AZ 85268

$789,900

4 Beds

3 Baths

2,410 SqFt

Status Active

MLS # 6656902

Property Type Single Family Residence

Price Type --

This single-story 4 bedroom, 3 bath home with 2,410 square feet of generous living space is sure to impress! The well-equipped, eat-in kitchen will delight any chef with the abundant countertops, cabinetry and stainless steel appliances. The master bedroom provides a private sanctuary with ensuite bath and walk-in closet. The additional bedrooms ensures there is plenty of space for work, play and rest for everyone. Relax under the covered patio in the backyard or in the private front courtyard. Centrally located, this home with no stairs benefits from a short commute to schools, stores and restaurants.

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22772 E Poco Calle -- Queen Creek, AZ 85142

$789,900

6 Beds

4.5 Baths

3,153 SqFt

Status Active

MLS # 6729369

Property Type Single Family Residence

Price Type --

This Toll Brothers Savannah model checks all the boxes with its smart home features, security cameras, alarm system, and surround sound in all the right places. Not to mention the space available with 6 bedrooms, 4.5 baths, large great room, and roomy loft. And the best part is the indoor/outdoor living with the full retractable glass door that leads you to the spectacular pool surround by timeless travertine and a cozy fire pit to enjoy your nights together. Come see this amazing home today!

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519 E El Camino Drive Phoenix, AZ 85020

$789,900

3 Beds

2 Baths

1,964 SqFt

Status Active

MLS # 6754369

Property Type Single Family Residence

Price Type --

Fully upgraded gorgeous home with lots of amenities to enjoy and fully owned solar system. New flooring, countertops, new baseboard, new fixtures, new showers and tub and vanity, new stucco, fresh paint inside and out, and a lot more to discover. 3 bed 2 bath with one car garage and den. Huge covered patio and pool with green areas for kids to play. All furniture can be sold separately.

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3896 Twisted Trail Prescott, AZ 86301

$789,900

3 Beds

3 Baths

2,750 SqFt

Status Active

MLS # 6720861

Property Type Single Family Residence

Price Type --

Discover the essence of Southwest charm in this Santa Fe style home nestled in the Yavapai Hills subdivision. Revel in breathtaking views from the spacious Trex deck offering an ideal setting to enjoy Arizona's stunning sunsets. The views are the star of the show with expansive windows bathing the home in natural light. The courtyard entry welcomes you into a spacious interior with mission style cabinets and Southwest tile accents. A studio space with adjoining bathroom, offers flexibility for creative pursuits or additional living needs. This timelessly designed home offers a perfect blend of Santa Fe charm and contemporary living. Whether you seek tranquility or love to entertain, this home offers a unique opportunity to experience the essence of Southwest living at its finest.

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4376 E Anderson Drive Phoenix, AZ 85032

$789,900

3 Beds

2.5 Baths

2,231 SqFt

Status Active

MLS # 6733830

Property Type Single Family Residence

Price Type --

APPRAISED JUNE 24 FOR $800,000.00 Nearly fully remodeled 3 bed/2 ½ bath + loft single family home. Desert Ridge community 5 minutes from Kierland, The Scottsdale Quarter. Soaring ceilings with formal living and dining furthering you into the open kitchen, informal dining and family room. Kitchen includes white shaker cabinets, granite countertops, SS appliances and walk-in pantry. Your new backyard oasis is truly resort style living with pebble tech pool, custom landscaping, covered patio with misters. Upstairs boasts a spacious loft, three bedrooms and newly remodeled master bathroom. Upgrades include: -Ceiling fans -Base boards -Chandeliers -Dual water softener osmosis system. -New white Italian tile throughout. -Plantation shutters -Exterior Gas line -Security Sys

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7081 W Knox Road Chandler, AZ 85226

$789,700

4 Beds

3.5 Baths

2,722 SqFt

Status Active

MLS # 6734632

Property Type Single Family Residence

Price Type --

Discover modern luxury in this newly built, move-in ready home within Chandler's premier gated community. This 4-bedroom, 3.5-bathroom residence blends contemporary design with upscale living. The open floor plan features two retractable wall-size doors for seamless indoor-outdoor flow. Abundant natural light enhances the spacious feel. Enjoy the spa-inspired primary bathroom with a 3-piece shower system. The home includes integrated surround sound throughout the interior and exterior areas, low maintenance yard with a patio misting system, built-in BBQ, jacuzzi and several aftermarket upgrades. Community amenities feature resort-style pools, fire pits, fitness center, BBQ areas, basketball court, dog park, etc. Trails connect with Tempe's Highline canal trail. Close to shopping/dinning. Conveniently located near shopping centers and Phoenix Sky Harbor airport. Experience luxury, comfort, and security in one of Chandler's most desirable neighborhoods. Don't miss this opportunity to own a turnkey luxury home.

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18221 E Paria Canyon Drive Rio Verde, AZ 85263

$789,012

2 Beds

2 Baths

1,761 SqFt

Status Active

MLS # 6721834

Property Type Single Family Residence

Price Type --

Come take a look at this brand-new stunning home in Trilogy at Verde River. The Acacia layout boasts 2 bedrooms, a den, and a spacious great room. The kitchen features beautiful Alder Shaker Cabinets, Calacatta Jubilee Quartz Countertops, and high-end stainless steel appliances. The great room offers a 15' Multi-slide door and upgraded tile flooring. The primary suite has a luxurious ensuite with dual sink vanity, framed mirrors, a tiled shower, and a walk-in closet. Additional features include a 4' garage extension, a patio with pavers, and an upgraded bay window in the primary room. The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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40408 N 2nd Drive Phoenix, AZ 85086

$789,000

3 Beds

2 Baths

2,291 SqFt

Status Active

MLS # 6698453

Property Type Single Family Residence

Price Type --

**NEW HOME * COMPLETE AND MOVE IN READY !!.. SELLER WILL PAY 1% TOWARDS BUYERS CLOSING COSTS....High quality Saddle Mountain home. 1.252 acre lot with paved access and great views. No floodplain. Open spacious 3BR+ den/2BA greatroom floorplan. 42''X8'' plank style tile flooring plus carpet in all the right places. 10' ceilings throughout. Kitchen features white shaker cabinets with 42'' uppers and full overlay doors. Level 3 granite. GE appliances with refrigerator included. Nice size master bedroom with roomy walk in closet. Master bath has free standing upgraded tub, double sinks, and a spacious walk in shower. Beautiful tile surrounds in both baths with deco at 5'. Super energy efficient home including 2x6 walls with 5 1/2'' of foam in the walls and ceilings. Milgard vinyl Low E dual pane windows. Concrete has 18 thick footings, 3' grid pattern #3 rebar in floors, 30x20 apron for driveway, entry porch and back patio tie into driveway. 5 ton 15 SEER AC unit. Other features include: Upgraded 2 coat sand stucco finish. 80/20 Sante Fe finish 3/4 bullnose on the interior. 10 year warranty on the white elastomeric foam roof. 42 upper cabinets in the laundry room. Kitchen cabinets also have self close drawers and dovetailed drawer boxes. Phone and cable jacks to all rooms. (Cable wires have all been run and the house is ready for dish installation).Two tone interior paint. 8' knotty alder 2 panel plank entrance door. Garage soft water hose bib and extra hose bibs. Upgraded Clopay sandwich style panel garage doors and a Liftmaster belt driven opener with wifi. Soft water loop. Pre-plumbed for a hot water recirculation system. Doublewide stainless wash basin with shelf underneath. 2291 sqft livable. Entry is 215 sqft. Garage is 1163 sqft. Back covered patio is 513 sqft. Total under roof is 4182 sqft. Back covered patio is 47' long by 11' deep. Orientation allows the patio to be shaded after mid morning. Also part of the purchase includes a 25% share and ownership of a nice barn found on the parent 5 acre parcel for 4 lots total. This is an 8 stall barn and each owner will have two stalls. (See drone pics for photos) Builder has 43 years of experience and has managed, designed, and built 10,000+ homes. This home has quality you won't find from other builders. This includes extra concrete in the footers, extra rebar In the floor/slab, extra blocking in the framing for better insulation. You will not find better quality. 2 year structural / 1 year workmanship warranty. Bring the horses or toys! Or maybe you just want space from your neighbor. Beautiful views from this property.

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1048 W Ridge Road Apache Junction, AZ 85120

$789,000

3 Beds

2.5 Baths

2,376 SqFt

Status Active

MLS # 6726579

Property Type Single Family Residence

Price Type --

3 bedrooms, 2.5 baths, enclosed study, 12-foot ceilings in Family room leading to expansive covered patio space with 12-foot ceilings, 12-foot sgd in family room ( this is stunning). Stacked 54 'cabs in kitchen with stainless steel appliances including chimney hood, with tile splash to top of hood. Owners retreat with expansive windows overlooking the back yard, double vanity, super shower with upgraded tile work and rain can. Plank style wood looking tile throughout with carpet in bedrooms. All bathrooms have upgraded tile work in bathtub and super shower. All BR's have upgraded quartz tops except powder bath. 3-car garage. Backyard space - large for pool = over 35 feet. Full utility room cabs with sink.

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873 W Aster Drive Chandler, AZ 85248

$789,000

5 Beds

3 Baths

3,076 SqFt

Status Active

MLS # 6753487

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated and immaculately maintained 5-bedroom, 3-bath home in the sought-after master-planned community of Ocotillo! This home boasts an ideal spacious, open and bright floor plan with a convenient bedroom and full bathroom located downstairs. The roof was newly replaced in 2024, and the exterior of the home was freshly painted in 2023. The kitchen is perfect for entertaining, featuring granite counters, refinished cabinets, a large island with a breakfast bar, walk-in panty, double ovens, newer sliding glass door to the patio, 2024 microwave, a 5-stage RO filter for the kitchen sink and 2021 GE French door refrigerator. In 2024, much of the interior was repainted, newer nickel door and hinge hardware were installed throughout, and ceiling fans with lights and remotes were added to all bedrooms. The primary bedroom is generously sized with a huge walk-in closet. All bathrooms upstairs were updated in 2022. The home also includes a 2022 gas water heater and a 2-stage kinetic whole house filter and softener. Step outside to the backyard oasis, complete with a custom outdoor kitchen featuring a gas built-in BBQ, sink and side burner, a sparkling pebble tech pool with newer variable speed pool pump, a grassy area, pavers, a garden and ample space for entertaining. Living in Ocotillo offers access to beautiful lakes, walking and bike riding paths, children's play areas, low HOA fees, pickleball, tennis, basketball courts and the stunning Ocotillo Golf Club! With highly rated Chandler schools and a prime location near freeways, shopping, restaurants and more, this home truly offers it all!

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4590 Fletcher Court Wickenburg, AZ 85390

$789,000

2 Beds

2.5 Baths

2,109 SqFt

Status Active

MLS # 6738238

Property Type Single Family Residence

Price Type --

You have to see this Home! This highly desirable Brasada model located in the Premier Golf Community of Wickenburg Ranch is packed with impressive upgrades & designer features. This luxurious home is an entertainers dream. Positioned high on a cul-de-sac lot with breathtaking views. You will enjoy the Mountain View's from every room of this home! Easy care landscape leaves you time to do all the fun activities that WR has to offer. Beautiful gourmet kitchen with a butler's pantry is just the beginning. It all starts with a grand entry leading you to the great room with a glass wall of doors that opens to the outdoor living space. The outdoor area features electric shades that will enclose this area completely. Remote controlled window treatments continue throughout the home. The additional living space includes a Den, an office space off of the kitchen, huge laundry area with additional storage, a custom built primary closet & stunning spa-like bath. The garage offers built in storage & is climate controlled with a mini split A/C. You will also enjoy the whole house water filtration system, upgraded appliances, incredible granite countertops and designer lighting throughout out this gorgeous home.

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6632 W Saguaro Park Lane Glendale, AZ 85310

$789,000

5 Beds

3 Baths

3,207 SqFt

Status Active

MLS # 6752443

Property Type Single Family Residence

Price Type --

Beautifully updated 5-bedroom, 3-bathroom home with a fully-paid $41K Solar system (14.58 kW) installed in 2023 and breathtaking Mountain views from most windows in this peaceful North Peoria-Glendale neighborhood. The open-concept great room and family room are perfect for gatherings of all sizes. The modern kitchen features stainless steel appliances, new vent hood, and a stylish backsplash. Upstairs Loft provides extra living space. The spacious primary bedroom suite includes a luxurious retreat with a sitting area, walk-in closet, tiled shower, and dual sinks. The large bedrooms will be perfect for your entire family. Tandem garage has been converted into a versatile studio with a kitchen, ideal for a guest suite or home office. Downstairs half-bathroom converted to include a shower. Experience Arizona's outdoor living in your lush green backyard oasis, complete with a covered patio, custom-designed natural gas fire pit, and dual vegetable garden planters. The front yard features mature landscaping with extended paver walkways and driveway creating an immaculate curb appeal. Conveniently located near Lifetime Fitness, CCV, hiking trails, and several top-rated Shopping and Dining options. Minutes from, easy access to the 101 and I-17 highways. This home is move-in ready with Brand New carpet and fresh paint inside and out. - A true gem.

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