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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22911 E Thornton Road Queen Creek, AZ 85142

$775,000

5 Beds

3.5 Baths

3,407 SqFt

Status Active

MLS # 6702079

Property Type Single Family Residence

Price Type --

Ask for SELLER CONCESSIONS to buy down your rate! Welcome to your dream home nestled in the heart of Barney Farms, where luxury meets adventure! This stunning property boasts a prime location within Barney Farms community, offering residents exclusive access to a 22-acre deep water lake for unparalleled kayaking and canoeing experiences. But there's more-Barney Farms is a paradise for outdoor enthusiasts, with amenities like volleyball courts, pickleball, zip lining, and scenic walking trails right at your doorstep. In addition there is the ultimate aquatic retreat at the community's expansive 12,000 square foot aquatic center. Dive into one of the multiple community pools, relax under one of the 17 ramadas, or explore the various parks scattered throughout the neighborhood. Inside this magnificent home, you'll find 5 spacious bedrooms and 3.5 bathrooms, perfect for accommodating family and guests. The attached 4-car garage provides ample space for all your vehicles and toys. Step into the gourmet kitchen, where stylish design meets functionality. Admire the sleek range hood, gas appliances, and farmhouse sink, complemented by crisp white cabinets and an open floorplan ideal for entertaining. Outside, the landscape is a true oasis, complete with lush foliage, elegant pavers, and low-maintenance synthetic grass - the perfect setting for outdoor gatherings or simply enjoying the Arizona sunshine.

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2946 W Thorn Tree Drive Phoenix, AZ 85085

$775,000

4 Beds

3.5 Baths

3,247 SqFt

Status Active Under Contract

MLS # 6703295

Property Type Single Family Residence

Price Type --

Welcome home to the highly sought-after Stoneledge at North Canyon gated community! This Tahoe Model offers 4 bedrooms and 3.5 bathrooms, boasting a range of designer upgrades. The gourmet kitchen features a large granite center island, staggered cabinets, and a breakfast nook that seamlessly opens to the great room. Double sliding doors lead to your private backyard oasis with a sparkling pool. Upstairs, the expansive Master Suite includes a sitting room, a generously sized walk-in closet, and an upgraded master bath with dual sinks, a soaking tub, and a separate shower. Each of the other 3 bedrooms also boasts walk-in closets. This home is designed for energy efficiency and modern convenience, featuring a tankless water heater, Smart switches, motion lights, and an alarm and an alarm system. Stoneledge at North Canyon is a fantastic community with parks and walking paths, offering a blend of luxury and comfort for its residents.

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8637 E San Miguel Avenue Scottsdale, AZ 85250

$775,000

4 Beds

3 Baths

2,149 SqFt

Status Active

MLS # 6706932

Property Type Single Family Residence

Price Type --

PRICE REDUCTION! This beautifully designed single family home was renovated 2 years ago with soaring vaulted ceilings and exposed wood beams & duct work. As you enter the home you are greeted with the soaring ceilings and jaw-dropping 14ft island. The custom wood wall cladding guides you to either floor. Bathrooms perfectly combine modern touches & natural elements to create stunning, warm and comfortable spaces. The upstairs guest bedroom has detached bathroom with custom finishes and a unique laundry chute. Master bedroom is oversized with a separate toilet room, walk-in closet, walk-in shower, soaking tub. Lower level has laundry room, bonus room & projector TV, built-in desk & the 3rd bedroom & 3rd unique bath. Seller will put up wall for 4th bedroom downstairs - if buyer desires.

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1129 E La Mirada Drive Phoenix, AZ 85042

$775,000

5 Beds

4 Baths

2,973 SqFt

Status Active

MLS # 6708369

Property Type Single Family Residence

Price Type --

This stunning 5-bedroom, 4-bathroom home at the base of South Mountain offers breathtaking views and luxurious upgrades throughout. Enjoy gorgeous mountain views from the living room, master suite, and backyard. The home features high-end finishes, including granite countertops, stainless steel appliances, and custom cabinetry. The spacious open-concept floor plan is flooded with natural light, creating a warm and inviting atmosphere. The master suite boasts a walk-in closet and a luxurious ensuite bathroom. Easy-to-maintain landscaping ensures you can enjoy your outdoor space with minimal upkeep. Conveniently located close to shopping, dining, and entertainment, this home also includes a two-car garage, energy-efficient windows, and plenty of space for entertaining!

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13293 E Remington Road Prescott Valley, AZ 86315

$775,000

4 Beds

2 Baths

2,571 SqFt

Status Active

MLS # 6708593

Property Type Single Family Residence

Price Type --

Welcome to your new home at 13293 E Remington Rd, nestled in Mingus West, a vibrant and growing community of Prescott Valley, AZ. This exquisite single-level house offers a spacious layout covering 2,571 SF, encompassing four well-appointed bedrooms, two bathrooms, a 4-car garage plus an RV garage. As you enter, you are greeted by a vast great room that seamlessly transitions into a delightful game room—ideal spaces for entertaining and relaxing with family and friends. The kitchen, designed with functionality in mind, overlooks these areas ensuring that you're never too far from the action. This property doesn't just cater to your indoor needs but extends its comfort to the outdoors. Experience the joy of outside living with features like raised garden beds ready for your green thumb, various fruit trees that promise seasonal delights, and a serene pond that invites tranquility into your backyard. The extensive covered patios provide a comfortable space to enjoy the outdoors any time of the day. Car enthusiasts or those needing significant storage will be thrilled with the 4-car garage and additional RV garage, providing ample space for vehicles, tools, and toys. Situated in a friendly neighborhood, this home strikes a perfect balance between personal and social, indoor, and outdoor, practicality and luxury.

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2372 W Binner Drive Chandler, AZ 85224

$775,000

4 Beds

2.5 Baths

3,321 SqFt

Status Active

MLS # 6709961

Property Type Single Family Residence

Price Type --

Welcome to luxurious and convenient living in Chandler! This exceptional 4-bed home presents a unique opportunity to embrace a tranquil suburban lifestyle all while being within walking distance to some of the best restaurants and shopping at Chandler Fashion Square Mall. Minutes from Intel, PayPal, and businesses in the Price Corridor, this home is situated in a highly sought-after neighborhood, in a top-rated school district, and exudes charm and sophistication at every turn. The spacious and thoughtfully designed floor plan boasts a formal front living and dining area, a kitchen that opens to the family room, office/den and half bath downstairs. Travel up the wide staircase and you will find a loft with 3 large bedrooms and the large master retreat. Outdoor area includes covered patio

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1757 W Sunland Avenue Phoenix, AZ 85041

$775,000

12 Beds

6 Baths

3,604 SqFt

Status Active

MLS # 6714342

Property Type Single Family Residence

Price Type --

**Motivated Seller** AMAZING OPPORTUNITY!! This incredible 12 bedroom, 6 bath home with two center bonus bedrooms is perfect for your family or business venture. Clean and well-planned layout, completely remodeled and ready for the right buyer. High quality finishes, beautiful kitchen with lots of extra storage, and attention to detail with all of the custom millwork, doors, fixtures, and tiling throughout.

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1453 E Vesper Trail Queen Creek, AZ 85140

$775,000

2 Beds

2.5 Baths

2,173 SqFt

Status Active

MLS # 6717023

Property Type Single Family Residence

Price Type --

Enjoy the Encanterra Lifestyle & Living in this Popular Genova Model Masterpiece, METICULOUSLY maintained, situated on a N/S Exposure ''HARD TO FIND'' PREMIUM Corner Lot w/a LARGE lush landscaped common side area & a backyard that backs to a LARGE landscaped area offers a TREMENDOUS amount of PRIVACY! EMBELLISHED with upgrades & designer custom details (prior owner was a designer from Canada) this GORGEOUS home will be sure to check off all the boxes. Floorplan features 2 bedrooms, 2.5 baths + Den, Formal Dining Rm. w/2 sets of rolling walls of glass and coffered ceilings leading out to your very own resort style & VERY PRIVATE backyard. Added features & upgrades incl; covered patio, travertine pavers, putting green, gas fireplace, built in BBQ and a SPECTACULAR pool & spa, several outdoor areas for entertaining, truly AZ indoor/outdoor living at its finest. Chefs Kitchen w/LARGE center island, granite counters, 42'' staggered cabinets, dual ovens, wine chiller & stainless appliances. Additional features incl; real wood & travertine tiled floors, Built-in vac system, custom built-in cabinetry in Den, tiled showers, golf garage and so much more! Recent Upgrades/Updates completed; Wall to wall custom desk in Den, Guest Bathroom, Auto Outside Lighting, Front Door, Pool Pump, Storage Racks in Garage, Ext. Painting, Solar Replaced, Overflow Alarm on AC Drain Pan, Water Fliter & AC regularly inspected, New HIGH-Quality Carpet in both Bedrooms. Truly a MUST SEE!

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8634 E Monterosa Avenue Scottsdale, AZ 85251

$775,000

3 Beds

2 Baths

1,936 SqFt

Status Active

MLS # 6717698

Property Type Townhouse

Price Type --

Located in the Sands East Townhouse community, this home was recently renovated and has been has impeccably maintained. Open living, dining, and kitchen floorplan with new flooring, quartz countertops, eat-in bar top, stainless steel appliances, and custom white cabinets. Primary suite features large window and remodeled bathroom with dual sink vanity and oversized shower. Backyard includes covered patio and expanded tile patio with multiple areas to dine, lounge, and entertain. Desert front and back landscaping with new plants, lighting, and drip irrigation. Additional features include new interior paint, 2 guest bedrooms, and NEST thermostat. Home is located just minutes from Scottsdale's top resorts, shopping, golf, and restaurants.

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40312 N Chase Oaks Way Anthem, AZ 85086

$775,000

4 Beds

2.5 Baths

2,666 SqFt

Status Active

MLS # 6718045

Property Type Single Family Residence

Price Type --

Welcome to Anthem Parkside, where elegance meets comfort in this stunning abode. Step through the custom iron gate into a charming courtyard, complete with a tranquil water feature, setting the tone for serenity. Inside, discover a seamless blend of modernity and warmth with vinyl wood-look flooring and an updated kitchen boasting a generous island, Carrara marble countertops, and a herringbone marble tile backsplash & stainless steel appliances. The split floorplan ensures privacy. Owner's retreat featuring a luxurious spa super shower. 4Th bedroom doubles as a versatile office space. Outside, indulge in the private oasis of the backyard, featuring a sparkling pool, built-in BBQ, inviting firepit, and lush turf, perfect for relaxing in style. Welcome home to refined living at its finest.

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7332 E Glencove Street Mesa, AZ 85207

$775,000

4 Beds

2.5 Baths

2,406 SqFt

Status Active

MLS # 6718637

Property Type Single Family Residence

Price Type --

This stunning NEW CONSTRUCTION 4-bedroom, 2.5-bath oasis spans over 2406 sq. ft. of luxurious living space on a generous 9,853 sq. ft. lot. Enjoy unparalleled comfort with features like 2x6 construction, insulated interior walls, vaulted ceilings, exposed architectural beams, and a cozy large format black tile fireplace. The gourmet kitchen boasts an oversized waterfall leather finish granite island, 42'' cabinets, and premium appliances. Enjoy a dedicated den/office and unwind in the serene primary suite with separate nook, a spacious walk-in closet and freestanding soaker tub. Entertain effortlessly in the beautifully landscaped backyard with a shaded BBQ deck and paver patio. This home is a perfect blend of elegance and functionality. Welcome home!

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3000 E Misty Mountain Loop Prescott, AZ 86303

$775,000

3 Beds

2 Baths

2,044 SqFt

Status Active

MLS # 6718714

Property Type Single Family Residence

Price Type --

Hidden treasure in the tall Ponderosa Pines just south of Prescott on 2 acres with 3 bed 2 baths and a 3 car garage. So many upgrades to make it a year round home or a great get away that is fully functional for the entire family. Metal roof over this beautiful 2044 sqft home and a 5 year warranty along with over $200,000 in upgrades so that it can be a year round home. Full list is attached however to name just a few updates include Anderson windows, Prestige security doors, plank board flooring, porcelain tile in the kitchen, stainless steel appliances, front yard fencing, with 3 gates, AC, and a whole house backup generator. Landscaping was updated to allow proper drainage so nothing puddles and you have easy access to your property. Seller was considering building a workshop and started a PAD and driveway ( see pictures). Garage itself will fit 2 cars, UTV and still have room to move. Additional storage sheds on property for items less needed. Well was recently serviced and produces 15 gpm, more information in documents along with a survey, septic pump and functional certification for transfer of ownership. Hot Tub will not convey. Pictures do not give this property justice and should be seen in person.

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