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.

Whats 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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12738 W Colter Street Litchfield Park, AZ 85340

$780,000
4 Beds
3 Baths
3,265 SqFt
Status Active
MLS # 6742507
Property Type Single Family Residence
Price Type --
Beautifully Remodeled 4-bed, 3-bath home in Colter Common**This stunning property features New Tile and Carpet, a Gourmet Kitchen with Granite Countertops, Stainless Steel Appliances, Large Island with Enough Seating for 4, and a Large Walk-In Pantry**The Master Suite boasts a Walk-in Shower, Soaking Tub, Double Sinks, and a Spacious Walk-in Closet**Generously Sized Secondary Bedrooms**Enjoy Modern Lighting, 10-foot ceilings, a cozy Fireplace in the Family Room**Large Covered Patio Open to Low-Maintenance Backyard with a 4-Hole Putting Green**Additional Highlights include a 3-Car Tandem Garage, RV gate with Allowed RV Parking, and Unique Stone Exterior**Located near Top Rated Schools, Wigwam Resort & Golf Club, and Prime Shopping and Superb Dining**This home Offers Luxury and Convenience*

3835 E Dogwood Place Chandler, AZ 85286

$780,000
4 Beds
3 Baths
2,793 SqFt
Status Active
MLS # 6749571
Property Type Single Family Residence
Price Type --
Welcome to this stunning home located at Layton Lakes Community. Nestled on a prime corner lot in a quiet cul-de-sac, this home offers serene lake views & luxurious living. Featuring an open floor plan, this residence boasts 4 bedrooms, 3 baths & a flexible room perfect for an office or workspace. The gourmet kitchen is a chef's dream, complete w/ stainless steel appliances, quartz countertops, white cabinetry & a spacious walk-in pantry. The master suite is a sanctuary w/ its own extra built-in counter space, a walk-in closet & a luxurious walk-in shower featuring dual rain showers. Throughout the home, you'll find stylish black sunscreens, wood blinds & an abundance of natural light. Step outside to a private oasis w/ a view fence overlooking the lake, a sparkling pool w/ baja steps, travertine deck, pavers, & a lush turf backyard w/ citrus trees. The 3-car tandem garage features epoxy floors, providing ample space for vehicles & storage. Additional features include an owned water softener & Blink outdoor security system. The Layton Lakes community offers an array of amenities, including a splash pad, parks & walking trails, making it the perfect place for family fun & relaxation. Conveniently located near shopping, dining, & entertainment & w/ easy access to major highways, this home provides the ideal blend of luxury, comfort & convenience.

208 W Portland Street Unit 659 Phoenix, AZ 85003

$780,000
2 Beds
2.5 Baths
1,431 SqFt
Status Active
MLS # 6757466
Property Type Apartment
Price Type --
Luxurious Portland Place condo with stunning views now available! Located in the heart of Phoenix on coveted Portland Park! This special unit is located on the TOP FLOOR overlooking the Japanese Friendship Garden & includes TWO UNDERGROUND PARKING SPACES. Open floor plan features 2 bed, 2.5 bath w/high ceilings, panoramic windows, brick fireplace, powder bath & laundry room. The luxurious kitchen offers wood cabinetry, granite counters, wall oven, new SS fridge and a huge island/breakfast bar. Each bedroom in this double ensuite plan has a luxurious private bath and custom walk-in closet. Amenities include include ROOFTOP POOL, BBQ grills, comfy seating areas & workout room! Walk your dog to Hance Park, hang out at Burton Barr library, or stroll over to Roosevelt Row and enjoy your life!

2630 Dillon Boulevard Chino Valley, AZ 86323

$780,000
3 Beds
2.5 Baths
2,150 SqFt
Status Active Under Contract
MLS # 6677060
Property Type Single Family Residence
Price Type --
3 bedroom, 2.5 bath beautiful home in Chino Valley. Only 20 minutes from Prescott. This model named The Orchard, has a livable split family floor plan and is 2150 SF. There is a 3 car, side entry garage plus a big RV garage with a service door, insuated garage doors, electric openers, added windows, plus a RV 240 volt 50 amp circuit outlet. The lot is 1.006 acres and the rear yard is fenced. The kitchen has upgraded 42'' cabinets and crown moldings plus solid surface counter tops. There are added cabinets in the inside laundry room. Kitchen has upgraded gas appliances. Tankless gas hot water heater and a fire sprinkler system. Floor plan and features in Docs tab. Lots more to see!

1326 Rockwood Drive Prescott, AZ 86305

$780,000
2 Beds
2 Baths
1,654 SqFt
Status Active
MLS # 6759713
Property Type Single Family Residence
Price Type --
Discover your dream home in Prescott! This move in ready, brand-new contemporary ranch offers a lock-and-leave lifestyle in a 55+ community. Ideal as a primary home or as a second home or retirement retreat. Featuring upgraded Cafe Series appliances, quartz countertops, and a large kitchen island, this home is both functional and luxurious. The master suite includes a huge walk-in shower, and you'll enjoy gorgeous views of Granite Mountain from your fully landscaped yard. ENERGY STAR-certified and with a HERS index score of -50, this home is designed for energy efficiency. Come to Prescott and work on your golf game at one of the 6 area golf courses. 220v is installed in the garage for car charging convenience. Escape the summer heat of Phoenix in style!

29606 N 21st Drive Phoenix, AZ 85085

$780,000
5 Beds
3 Baths
2,970 SqFt
Status Active
MLS # 6733621
Property Type Single Family Residence
Price Type --
Welcome to this stunning 2,970 sq ft home in the sought-after Dynamite Mountain Ranch, located in the foothills of Dynamite Mountain! Boasting 5 spacious bedrooms, 3 full bathrooms, and exquisite Venetian plaster throughout, this home offers both luxury and comfort. Enjoy the elegance of wood plantation shutters and the durability of tile and wood laminate flooring. Relax in your private hot tub under your pergola. Conveniently located near T.S.M.C., Norterra shopping center, and scenic mountain trails, this home perfectly blends serene living with urban convenience. Don't miss out on this exceptional property!

4699 N 152nd Drive Goodyear, AZ 85395

$780,000
5 Beds
3.5 Baths
4,310 SqFt
Status Active Under Contract
MLS # 6722343
Property Type Single Family Residence
Price Type --
Welcome to your own personal retreat with plenty of room to entertain! This fully remodeled space conveniently located in Palm Valley features an open floor plan with high vaulted ceilings, 3 large living spaces, 2 separate eating areas, an enclosed office, 5 bedrooms, 3.5 baths, and your own resort style backyard. With all of this home has to offer, you'll have room for everyone. Entertain your family and friends in your amazing kitchen complete with a large island, granite countertops, stainless appliances, and gas range. The adjoining family room is wired for home theatre surround, perfect for dinner and a movie! Furniture is available for sale. Please inquire separately. Your guests will be blown away with your amazing backyard complete with a Pebble Tech pool and spa, with water features including a slide, waterfall, LED pool lights and grotto. Outdoor fans and misters, an extended patio, firepit, outdoor speakers and outdoor island with built-in charcoal grill make this a backyard paradise. After a long day in the sun, retreat to your dream primary suite. Featuring a large sitting area and built in storage, the bedroom is your own private apartment to get away. Entering the bathroom, you will be welcomed with 3 separate vanities, soaking tub, and large walk-in shower. The suite is finished off with a massive walk-in closest, large enough to be its own bedroom! Other features include an oversized 3 car garage with epoxy floors and post tension slabs as well as additional overhead garage storage. RO system and Kinetico Water Softener, installed in 2021. Two Trane AC/furnace units installed in 2022. Sellers are including all major appliances as well as secondary refrigerator. Updates in 2024 includes new flooring throughout, new refrigerator, fresh paint, refinished cabinets, a butler's pantry, new pool heater, and new landscape rock. Not to mention the added benefits of going green with solar power. Situated two doors down from a park close to a cul de sac and easy access to Camelback Road. Only 10 minutes from 1-10 and less time to the 303 makes this a commuters paradise. Convenient to groceries, coffee, restaurants, sought after school district, multiple spring training facilities, Cardinals Stadium, Westgate Center, and golf galore.

22045 N 51st Street Phoenix, AZ 85054

$780,000
3 Beds
2 Baths
1,735 SqFt
Status Active Under Contract
MLS # 6748774
Property Type Single Family Residence
Price Type --
Welcome to your dream home, nestled within a charming gated enclave surrounded by the world-class JW Marriott Resort & Spa. This exceptional property sits on an elevated golf course lot, offering unparalleled privacy and breathtaking views.The interior of this home is equally impressive, featuring a great room and dining area with expansive windows that flood the space with natural light. The spacious foyer provides a warm welcome, while the extra-large master bedroom is thoughtfully designed with a split layout for added privacy from the other two bedrooms. Both bathrooms were beautifully updated in 2024.. The open breakfast bar seamlessly connects the kitchen and great room, making it perfect for casual dining and entertaining.

346 E Phelps Street Gilbert, AZ 85295

$780,000
5 Beds
3 Baths
3,479 SqFt
Status Active Under Contract
MLS # 6680398
Property Type Single Family Residence
Price Type --
Spacious 5 bed/3 bath POOL home in Gilbert with a Den AND a loft. Plenty of room for everyone. Enter into soaring ceilings in the foyer with formal dining and Den on either sides of the entry. Continue on to enjoy a very large kitchen, eating area, and family room with new carpet lit up with large windows across the entire back of the house, so you can see the yard/pool . The expansive kitchen has ample cabinets and new hardware added and tons counter space, but there is also a butler's pantry area for extra storage. There is 1 bedroom and full bath on the first level. Upstairs you can retreat to the large loft area and the huge primary bedroom and en suite with new floors. Secondary bedrooms are good-sized with large closets and hall bath has new flooring.

20664 W Marshall Avenue Buckeye, AZ 85396

$780,000
2 Beds
2 Baths
2,236 SqFt
Status Active
MLS # 6716343
Property Type Single Family Residence
Price Type --
Nestled in the heart of Victory at Verrado, this luxurious 55+ community residence offers an unparalleled retirement living experience. Imagine driving into your beautifully landscaped oasis, greeted by a stunning facade with stone accents and a spacious 2-car garage. As you step inside, the expansive open floor plan captivates you with its vaulted ceilings adorned with exposed beams and elegant wood-look flooring that flows seamlessly throughout. The neutral palette creates a soothing ambiance, perfect for relaxation. Your gourmet kitchen awaits, featuring ample cabinetry, sleek quartz countertops, and a pantry for all your culinary needs. The subway tile backsplash adds a touch of modern elegance, while the stainless steel appliances and recessed & pendant lighting highlight the sophisticated design. The centerpiece is the island, complete with a breakfast bar, ideal for casual dining or entertaining guests. After a day of enjoying the vibrant community, retreat to your primary bedroom, a sanctuary with a walk-in closet and a lavish ensuite boasting dual sinks. The luxury continues outdoors with a wonderful backyard, where a covered patio invites alfresco dining and relaxation. The artificial turf ensures a pristine look year-round, while the sparkling pool beckons for a refreshing dip. This fantastic 2-bed, 2-bath home in Victory at Verrado is more than a residence; it's a lifestyle tailored for luxury and comfort in a thriving 55+ community. Welcome home!

17206 W Middlebury Street Surprise, AZ 85388

$779,995
3 Beds
3.5 Baths
2,219 SqFt
Status Active
MLS # 6646975
Property Type Single Family Residence
Price Type --
This incredible Davidson model, nestled in the heart of Sterling Grove Golf and Country Club is just waiting for your personal touch. A brand new home, with an atrium built in the middle that is perfect for your indoor/outdoor living. Three Bedrooms, three full baths and an incredible kitchen with island. There is plenty of counter and cabinet space for all of the chef's needs while cooking on the commercial style Kitchen Aid range. A short walk, or golf cart ride, brings you to the renowned Sterling Grove clubhouse. Here, all residents can enjoy three spectacular pools, two restaurants, workout facilities, an 18 hole putting course, as well as a full service spa. Be moved in before the holidays, and join us at Sterling Grove.

4937 S Deer Trail Trail Prescott, AZ 86303

$779,990
4 Beds
5 Baths
3,543 SqFt
Status Active
MLS # 6717722
Property Type Single Family Residence
Price Type --
SHORT TERM RENTAL OPPORTUNITY! Escape to serene Prescott living in this cozy retreat with radiant heated floors, multiple fireplaces, and a luxurious Jacuzzi tub in the main bathroom next to the living room. The primary suite boasts a fireplace, custom closet, and spa-like bathroom. The home features ample living space, an elevator for easy access (recently serviced), and two-car garage with epoxy flooring. Additionally, there's an extra large one car carport for parking convenience. With five bathrooms, three full baths and two half baths, everyone's needs are accommodated. The private gated entry, with remote control ensures security and exclusivity. Seamlessly blending timeless charm with modern upgrades, this retreat promises an inviting haven in Prescott's picturesque landscape

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