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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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!

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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.

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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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1942 W Sienna Bouquet Place Phoenix, AZ 85085

$779,990

3 Beds

2 Baths

2,189 SqFt

Status Active

MLS # 6731863

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Introducing the Barletta, a sophisticated single-story home on a north-south facing corner lot, ready by Sept/Oct. It features an open floor plan with 3 bedrooms, 2 baths, a den, and a flex room. The Owner's Suite has a glass walk-in shower, and the Chef's kitchen includes a gas cooktop, linen-painted cabinets, and quartz countertops. A center slider opens to a covered patio for indoor-outdoor living. Upgraded tile, carpet, a full electrical package, and a landscaped front yard enhance this exceptional home.

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3785 W Silverdale Road Queen Creek, AZ 85144

$779,900

4 Beds

3 Baths

2,837 SqFt

Status Active

MLS # 6581821

Property Type Single Family Residence

Price Type --

About to break ground soon, single level 4 bedroom (or can be 3 + den), 3 bath, 4-car garage, stainless, granite throughout, covered patio, front courtyard, tile roof.... Buyer to select flooring, paint, granite, cabinets, etc. Estimated completion 9-10 months from ground-breaking. Drive by only at this time. Photos are of a completed version of this home.

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5533 E Superstition Boulevard Apache Junction, AZ 85119

$779,900

3 Beds

2 Baths

2,242 SqFt

Status Active Under Contract

MLS # 6751306

Property Type Single Family Residence

Price Type --

Welcome to Your Dream home! This meticulously maintained custom-built 3-bed, 2-bath home, with an office that can easily be a 4th bedroom, offers stunning Superstition Mountain views. Located on 1.25 acres, this home is designed for entertaining. Inside, enjoy large tile floors throughout and many custom features. The enclosed patio boasts a sparkling pool, built-in BBQ, sitting bar, and TV cabinet on the covered patio. Perfect for gatherings! The 3-car garage provides ample space for vehicles, and a seperate 1 car garage for storage, or a workshop. This unique property offers the ideal blend of luxury and tranquility. Hurry and check it out! This home won't last.

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4422 N 75th Street Unit 6013 Scottsdale, AZ 85251

$779,900

1 Bed

1.5 Baths

1,114 SqFt

Status Active

MLS # 6751249

Property Type Apartment

Price Type --

ABSOLUTELY GORGEOUS 6th floor 1 bedroom plus Den with built in custom murphy bed to use as second bedroom 1.5 bath unit with A+ NE MOUNTAIN VIEWS. BEST AND LARGEST MASTER BEDROOM IN BUILDING, ALL GLASS WITH SEPARATE EXIT TO BALCONY, motorized shades throughout, top end washer dryer included. Relax in style in Old Towns most modern highrise. Unit has beautiful wood floors throughout, Poggenpohl European style cabinets with Island, quartz countertops, Bosch appliances and much more. The amenities at Envy are 2nd to none boasting a 4000 sq ft fitness facility with all top of the line equipment, a pool/pool lounge area that rivals any Vegas Resort and the exclusive Black Label Lounge to top it off along with 24/7 concierge/security with underground secured parking. Live the high life

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75 W Willetta Street Phoenix, AZ 85003

New

$779,900

4 Beds

3 Baths

3,507 SqFt

Status Active

MLS # 6761506

Property Type Single Family Residence

Price Type --

Welcome to 75 W Willetta St, a stunning two-story home in the heart of Phoenix's historic district. This spacious property features 4 bedrooms and 3 bathrooms, offering ample space for comfortable living. The open-concept living area includes a cozy tile fireplace for relaxing evenings. The modern kitchen boasts beautiful marble countertops and stainless steel appliances. Recent upgrades include new sewer lines, all-new electrical, new framing, and a brand-new HVAC system. The home has been completely renovated, situated on the biggest lot on the block. Enjoy the convenience of a 2-car garage, 2-car carport, and additional parking space. Ideally located near local dining, shopping, and cultural landmarks, this home is a must-see!

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5208 W Trotter Trail Phoenix, AZ 85083

$779,900

6 Beds

4 Baths

4,070 SqFt

Status Active

MLS # 6758952

Property Type Single Family Residence

Price Type --

This impressive two-story home offers six spacious bedrooms and four modern bathrooms, making it perfect for larger families or those who love to entertain. The gourmet kitchen features a generous island, stainless steel appliances—including a dishwasher, microwave, cooktop, and double ovens—and a convenient pantry, all seamlessly flowing into the inviting family living area. Fresh interior paint enhances the home's bright and airy feel, while new carpet in the bedrooms and luxury vinyl plank flooring in the main living areas add both comfort and style. The primary bedroom is located upstairs alongside four additional bedrooms, with one bedroom conveniently situated on the main floor. Outside, a beautiful pool awaits, creating an ideal oasis for relaxation and fun.

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5014 E Sleepy Ranch Road Cave Creek, AZ 85331

$779,900

3 Beds

2 Baths

2,428 SqFt

Status Active

MLS # 6702767

Property Type Single Family Residence

Price Type --

This beautiful home is in the gated subdivision of Colina Del Notre. The property features: N/S exposure, 2,428 sqft,1 lvl, 3 beds, bonus room, 2 baths, split floor plan, 10' ceilings, and plantation shutters. Spacious kitchen w/raised cabinets, induction cooktops, double center islands, breakfast bar, and all SS appliances. Large living room w/gas fireplace and a great view of the resort style backyard. Master suite w/dual sinks, walk-in closet, upgraded bathroom, separate tub & shower. Oversize 2 car garage provides plenty of space for a work bench, and climate controlled. The backyard features a large coverd patio, new built-in BBQ, spectacular water feature, fireplace, area w/synthetic grass, RV gate, and additional storage shed. New HVAC 2012 & 2018. New roof 2021 w/10 yr warranty

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1216 S Abilene Court Gilbert, AZ 85233

New

$779,500

5 Beds

3 Baths

2,659 SqFt

Status Active

MLS # 6760747

Property Type Single Family Residence

Price Type --

Welcome to your new home, residing in a large Cul-de-Sac lot 13,421 sqft! 4 bed 3 bath, split floor plan, 2649 sqft with a fully remodeled pool room which could be used as a mother-in-law suite. Pool room fully remodeled with bathroom, vanity, tile flooring, shower, paint, and mini split. Additional Updates include paint, baseboards, all new carpet, water softener, garbage disposal and dishwasher. Other features include pebbletech pool, putting green, fruit trees, RV gate and 3 car garage. You will enjoy the spacious open floor plan with a great backyard for entertaining. Great location only 10-minute drive to Downtown Chandler and Downtown Gilbert.

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3081 W Ironwood Circle Chandler, AZ 85226

$779,500

4 Beds

3 Baths

2,768 SqFt

Status Active

MLS # 6751529

Property Type Single Family Residence

Price Type --

You've found it! This beautiful 2-story home in the Valencia Community is turn-key and waiting for your family to move in. The home features a vaulted ceilings, freshly painted interior, all new carpet on the 2nd floor, high end stainless steel appliances and so much more. The large gourmet kitchen with granite counters features ample cabinet space and a large garden window overlooking the backyard pool and patio. The entire main floor includes beautiful ceramic plank tile throughout, and the grand staircase is a focal feature of the great room and entrance. The main level includes one bedroom (or den), with three bedrooms and a very large bonus room upstairs. Newer custom ceiling fans and lighting throughout. The resort style back yard features a large garden, large grassy play area, plenty of additional concrete parking with an RV gate, and a sparkling diving swimming pool. This home is near the Price Rd. high-tech corridor, close to great shopping, restaurants, Chandler Mall and freeways. Bring your family to see this beautiful home!

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