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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1830 E La Salle Road Phoenix, AZ 85086

$779,000

4 Beds

3.5 Baths

2,584 SqFt

Status Active

MLS # 6757624

Property Type Single Family Residence

Price Type --

Nestled in the stunning Arizona desert, this gorgeous single-level 4-bedroom, 3.5-bathroom, 2584 sq ft home offers a rare blend of charm and modern convenience on a sprawling 1.67-acre lot. Boasting a 4-car garage and a 1,277 sq. ft. Quonset hut, the solar panels are owned outright and offer energy efficiency and long-term savings. This property has everything you need for comfort and space. Step inside and be greeted by warm Saltillo tile and coated concrete floors. The smooth concrete kitchen counters add a sleek, modern touch, while the split floor plan offers functionality and privacy. The welcoming foyer leads into a formal dining room and a cozy living room with a gas fireplace—perfect for entertaining or relaxing. The primary suite is a serene retreat, complete with a private exit to the covered patio and backyard, a spacious walk-in shower, a separate tub, and generous closet space. The split floor plan places two secondary bedrooms on the opposite side of the home, each with its own bathroom for added convenience. A well-equipped laundry room with a utility sink adds practicality. Outside, enjoy the expansive paver-covered patio, an ideal space for entertaining guests or simply soaking in the beauty of the desert surroundings. With ample room for all your toys, this property is perfect for those seeking space and freedom. Located just minutes from hiking and riding trails, this home offers the perfect balance of peaceful desert living with easy access to outdoor adventures. Come and experience the warmth and charm of this unique home!

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15221 N Clubgate Drive Unit 2130 Scottsdale, AZ 85254

$778,900

3 Beds

2 Baths

1,849 SqFt

Status Active

MLS # 6753139

Property Type Apartment

Price Type --

A REMODELED STUNNER 3-bed unit next to Kierland Commons, the Scottsdale Quarter, & the Westin Resort & Spa! This home has featured extensive kitchen updates opening up the area, upgrading cabinetry, adding newer stainless appliances, stone countertops, & a R.O. water system! The main living area features sleek wood-like tile, a remote-start fireplace, & a dining nook! The guest rooms are well-sized with an upgraded guest bathroom & matching stone counters! The primary suite is spacious, with his & hers custom closets, including the primary bath having matching stone counters, dual sinks, & an updated tub + shower! The home has 2 NEW AC units (3/2022), new shutters throughout, a new tankless water heater, new water softener, new smart washer + dryer, & an epoxied garage! Come see ASAP!

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1855 W Patton Street Saint David, AZ 85630

$778,500

4 Beds

3 Baths

3,294 SqFt

Status Active

MLS # 6694403

Property Type Single Family Residence

Price Type --

HORSE LOVERS DREAM PROPERTY on 7.5 Acres! Horse facilities include 40' X 18' Hay barn, arena &round pen are lighted, equipment storage, multiple paddocks, stalls, round pen, wash rack, tack room & a bunk house with stacker washer, dryer &1/2 bath. 3 RV hookups, 2 wells. Irrigated pastures with individual valves on Rainbirds. Charming pond is home to ducks & is often visited by migrating birds. Solar system & propane tank are owned & will transfer with sale. Gorgeous home w/4 bdrms, 3 baths, 2 fireplaces, lots of custom cabinets & gourmet kitchen. Primary bedroom suite includes gas log fireplace, patio door to front full length (12' X 79') covered porch w/Kiva fireplace, luxurious master bath w/double sinks, jetted tub and spacious step in shower. Kitchen w/2 sinks, appliance garage, wine Refrig, Granite counters, reverse osmosis at sink and custom cabinets. Formal dining room w/custom cabinets and sink. Living room features a pellet insert fireplace & more custom cabinetry. Second bedroom was previous master bedroom w/private bathroom. Third & fourth bedroom share full bath in hall. Half bath in the back patio. Master suite is on it's own heat pump, water heater & septic system. Huge pantry room off kitchen & a trophy room between that & the workshop/double garage. COME VISIT, YOU AND YOUR CRITTERS WILL FALL IN LOVE!!

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18209 E Paria Canyon Drive Rio Verde, AZ 85263

$778,444

2 Beds

2 Baths

1,945 SqFt

Status Active

MLS # 6759499

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in Trilogy at Verde River an amenity-rich guarded gate community! The Nice floorplan offers 2 bedrooms, 2 bathrooms, an open den, and beautiful upgrades throughout. Enjoy the upgraded 4' extension in garage, corner sliding door at great room, and the huge laundry room with a desk and upper and lower cabinetry. The kitchen has stunning Oxide Polished Quartz Countertops, tile backsplash, and high end stainless steel appliances. The primary suite has an upgraded bay window and a lavish ensuite and walk-in closet.. Do not miss out! 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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14015 N Hampstead Drive Fountain Hills, AZ 85268

$778,000

3 Beds

2 Baths

2,122 SqFt

Status Active

MLS # 6760210

Property Type Single Family Residence

Price Type --

Welcome to your ideal home! This single-story gem boasts 3 beds, 2 baths, & a spacious 2-car garage, spanning 2122sqft of comfortable living space. As you step inside, you're greeted by the charm of beamed ceilings and a focal fireplace, creating a cozy ambiance. The home features energy-efficient windows and sliders installed in 2022, along with a new HVAC system for optimal comfort year-round. Enjoy the convenience of a circular driveway & the beauty of pavers & turf in the backyard, perfect for low-maintenance yet stylish outdoor living. Large pool was remodeled with new pebble tech, new equipment & extended cool decking. Massive space for RV with hookups and RV gate. Also included is the attached lot for a combined .60 acre of comfortable living space or room to expand with no HOA!

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19009 W Lawrence Road Waddell, AZ 85355

$776,725

3 Beds

2.5 Baths

2,780 SqFt

Status Active

MLS # 6717681

Property Type Single Family Residence

Price Type --

our guests will be impressed as they enter your formal foyer and see the 11' ceilings in the Family Room of this very open floor plan. With 2773 sq ft, this home has the perfect amount of space in all the right places. The Owner's Suite has an impressive Walk-In Shower with custom tile. The Gourmet Kitchen is a Cook's Delight, with walk in pantry, gas cooktop, upgraded cabinets, countertops. Upgraded flooring throughout. Enjoy the versatility of having both a study and retreat. All 3 bedrooms include walk-in closets. Enjoy even more storage with this highly sought after 4 car garage! Too many additional upgrades to name make this home a ''Must See''! 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY

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18627 W Cathedral Rock Drive Goodyear, AZ 85338

$776,500

3 Beds

2.5 Baths

2,763 SqFt

Status Active

MLS # 6743269

Property Type Single Family Residence

Price Type --

Big Corner Homesite in Cul De Sac! Discover this stunning luxury single-story home, to be built within appx 5-6 months, in an exclusive all single-story community. This unique 60' wide residence features 3 bedrooms, 2.5 bathrooms, a versatile study or media room, pet shower, and a spacious 3-car tandem garage with a pavered driveway. The elegant, chef-inspired kitchen boasts a gas cooktop, wall oven/microwave, quartz countertops, 42'' upper cabinets, and opens to a spacious great room with a 20' multi-slide door, perfect for seamless indoor-outdoor living. The primary suite offers a zero-step entry shower, a huge walk-in closet with direct access to the laundry room. Spray foam insulation in the attic and exterior walls, plus a tankless water heater. Choose your finishes! Pics of model.

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1283 E Saragosa Street Chandler, AZ 85225

$775,999

5 Beds

3 Baths

3,662 SqFt

Status Active

MLS # 6714405

Property Type Single Family Residence

Price Type --

Stunning upgraded Home with 5 bedroom plus large flex room. Beautiful entry, large formal living and dining with tile, stone and plantation shutters. Kitchen has Cherry cabinets , stone flooring and corian counters. Large family room w/ gas fireplace. Guest bedrooms, full bath downstairs. Amazing master suite on second floor. Private pool in spacious backyard. Beautiful Park Across the street.

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19147 N 270th Avenue Buckeye, AZ 85396

Open House

$775,900

3 Beds

2.5 Baths

2,800 SqFt

Status Active

MLS # 6757649

Property Type Single Family Residence

Price Type --

Come check out this SPECTACULAR NEARLY NEW Voyage Model home loaded with upgrades and STILL UNDER PULTE'S ONE YEAR HOME WARRANTY COVERAGE! It all begins with amazing street appeal. But the real treat is out back with an Arizona Rainfall heated Pool & Firepit surrounded by Travertine & Artificial Grass in all the right places, fenced and with Mountain Views. Inside you will find LVP flooring throughout, matching Granite Countertops in Kitchen & Bathrooms, Cape Cod Maple Cabinets throughout the home, Ceiling Fans throughout the home & back Patio, Tray Ceilings in the Foyer, Den & Owner's Suite along with a Tiled Walk-in Shower. Custom Barn Doors in the Owner's Suite and Guest Wing Entry & high end Kitchen appliances. And for a bonus, how about an air-conditioned Garage. This home has it all

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10922 N 153rd Lane Surprise, AZ 85379

$775,500

5 Beds

3.5 Baths

4,177 SqFt

Status Active

MLS # 6744647

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This spacious 4,177 square foot residence boasts 5 bedrooms and 3.5 bathrooms, offering plenty of space for family and guests. The first floor features a guest or in-law suite complete with a full bathroom and a generous walk-in closet, providing comfort and privacy for visitors. Each bedroom comes with its own walk-in closet, and the master suite is a true retreat with two full-size walk-in closets and a full-size balcony, perfect for morning coffee or sunset views. The luxurious master bath is enhanced by a double-sided fireplace facing a large freestanding soaker tub, creating a serene and cozy atmosphere. The heart of the home is the chef's dream kitchen, equipped with three ovens, including gas and electric convection, a flat griddle top, and six burners. Entertain with ease around the expansive kitchen island that seats eight, and enjoy the convenience of a beverage fridge that holds up to 20 bottles of wine and over 50 cans of soda. While the house has been updated, there are still opportunities for you to add your personal touch. (Fixer Upper) The home backs up to a tranquil greenbelt, providing a serene and picturesque backdrop. Located in a gated community, this home is just 3 miles from the new Prasada shopping center and Costco, with easy access to the 303 and Northern Parkway, connecting you to the 101 and I-10. Practical updates include new AC units, a new roof, garage openers, a hot water tank, and a pool filter, all installed in April 2021 with warranties that transfer to the new owner. With a full-price offer, the home comes with fully paid and owned 59 solar panels. This home is priced to sell and is waiting for you to make it your own. Don't miss the opportunity to live in luxury and comfort in this exceptional property!

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29869 Feather Mountain 27 Ac -- Paulden, AZ 86334

$775,000

3 Beds

2 Baths

1,754 SqFt

Status Active

MLS # 6749465

Property Type Single Family Residence

Price Type --

Welcome to your own slice of paradise! Breathtaking views from this amazing home nestled on 26+ acres of pristine land yards from the Prescott National Forest. Open and split floorplan, this home features 3 bed and 2 full baths. The living room boasts a gorgeous wood burning fireplace and vaulted ceilings. Bright and neutral kitchen with large island, ample cabinet space, and solid surface countertops. Retreat to the primary suite complete with a spacious bath, sitting area, and massive closet. Additional bedrooms offer comfort and privacy for family and guests. 3 car attached (31'x23') garage AND 4 car attached RV garage (19'.6''x45'.10'') with 16' ceiling. RV garage includes 1/2 bath and workshop area. Enjoy the endless views from the hot tub located on the deck. Strong 12+gpm well/.

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316 W Elk Song Trail Payson, AZ 85541

$775,000

3 Beds

2.5 Baths

1,740 SqFt

Status Active

MLS # 6632758

Property Type Single Family Residence

Price Type --

Unique community on Haigler Creek. Has approx 140 ft creek frontage . creek runs year round and is stocked by G&F in summer. Backs to forest svc land. 3 story log siding home. Extra room on 1st level is not included in sq ft. Garage has extra storage plus Storage shed. Ramp to house for easy access. Covered deck on 3 sides of house. Balcony off one upstairs bd.. Master bd on main level. Pantry and laundry room off kitchen. antler chandelier included

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