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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2744 E Brookwood Court Phoenix, AZ 85048

$775,000

5 Beds

2.5 Baths

3,004 SqFt

Status Active Under Contract

MLS # 6741030

Property Type Single Family Residence

Price Type --

Discover this light-filled 5-bedroom, 2.5-bath family home, perfectly designed for modern living with its open floor plan and neutral color palette. The spacious downstairs master suite offers a relaxing retreat with double sinks, a large walk-in closet, and a separate tub and shower. The upgraded kitchen is a chef's dream, featuring stainless steel appliances, granite countertops, staggered cabinets, a pantry, and a cozy dining nook. Upstairs, you'll find spacious secondary bedrooms and a versatile bonus/game room. Step outside to your private backyard oasis, complete with an upgraded pool, brand new pool equipment, low-maintenance synthetic turf, and a patio ideal for entertaining. **2 new HVAC units installed in 2024**

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22216 E Pecan Lane Queen Creek, AZ 85142

$775,000

3 Beds

3 Baths

2,482 SqFt

Status Active

MLS # 6749916

Property Type Single Family Residence

Price Type --

A rare find! This energy-efficient single-story home offers a heated pool and a spacious kitchen with a large island, quartz counters, and upscale ceiling fans, perfect for entertaining. The open floor plan features 10' ceilings, wood-look tile, wide sliding glass doors to the back patio, and seamless indoor-outdoor living with solar screens. The split floor design includes an office (easy conversion to 4th bedroom), private secondary master suite, while the main owner's retreat boasts dual sinks and a walk-in closet. Surrounded by other single-story homes for a private retreat, plus a 3-car garage, RV gate, and outdoor natural gas stove and grill. This stunning property is a must-see! Serene backyard is made for entertaining! A covered patio, attached pergolas, built-in BBQ, storage shed, and a refreshing pool complete the picture. Hurry & make this one-of-a-kind home yours now!

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730 E Mckinley Street Phoenix, AZ 85006

$775,000

3 Beds

2.5 Baths

1,411 SqFt

Status Active

MLS # 6730749

Property Type Single Family Residence

Price Type --

LET'S GO !!! ALL THE CHARM AND CHARACTER WITH MANY MODERN UPGRADES NOW AT A GREAT PRICE . HUGE RENTAL POTENTIAL TOO. HIGH CEILINGS, OPEN CONCEPT KITCHEN, SEPARATE MASTER SUITE, 2 ADDITIONAL BEDROOMS WITH SHARED BATHROOM AND A TV ROOM WITH HALF BATH PLUS STACKED WASHER/DRYER. WRAP AROUND BACK PATIO DECK AND FRONT PORCH PLUS CARPORT AND MATURE LANDSCAPE.

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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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4803 E Williams Drive Phoenix, AZ 85054

$775,000

3 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6753749

Property Type Single Family Residence

Price Type --

Step into a world of modern elegance and comfort with this meticulously remodeled gem in the heart of Desert Ridge. Nestled on a sprawling corner lot, this home offers both luxury and convenience, making it an ideal choice for those who value style and accessibility. As you enter, you'll be greeted by an inviting Great Room with a thoughtfully designed split floor plan. The space seamlessly integrates living, dining, and entertaining areas, featuring stunning travertine floors that extend throughout the home. The light and bright kitchen is a chef's dream, with an oversized breakfast bar, pristine white cabinetry with self-closing drawers, and gleaming granite countertops. Stainless Steel appliances, including a gas cooktop, add a touch of sophistication to your culinary experience. This home includes three spacious bedrooms plus an office that easily converts into a fourth bedroom to suit your needs. Each room is enhanced with upgraded LED lighting and ceiling fans, ensuring comfort in every corner. The bathrooms are adorned with custom tile surrounds, offering a touch of luxury that complements the sleek, under-mount sinks. The private backyard is your personal retreat, designed for relaxation and enjoyment. Step through the sliding doors from the Owner's Suite to discover expertly landscaped surroundings. Take a dip in the saltwater, heated pool, or unwind in the spa. Golf enthusiasts will appreciate the well-manicured putting green, perfect for honing your skills right at home. Convenience is key with direct access to Desert Ridge Marketplace, offering an array of dining, shopping, and entertainment options just moments away. For golf lovers, the renowned Wildfire Golf Course is within easy reach, allowing you to indulge in your favorite sport whenever you desire. This home is more than just a residence; it's a lifestyle. Embrace the perfect blend of luxury and practicality in this fully remodeled masterpiece.

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1508 N Alta Mesa Drive Unit 120 Mesa, AZ 85205

$775,000

3 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6698793

Property Type Townhouse

Price Type --

Priced thousands below current appraisal! LOCK AND LEAVE!!! Luxury living located in the highly desirable ''Clubhouse Village at Alta Mesa''! A home where you are steps away from the fabulous private golf course, splashing around in the pool or dining with friends at the clubhouse! Once inside you will be greeted with soaring ceilings, custom crown molding, plantation blinds throughout, gourmet kitchen with granite countertops, custom cabinets throughout, and a inviting patio area with built-in BBQ for relaxing and entertaining! In the garage you will find additional parking for your golf cart and climate controlled attic access! Too many amenities to list! Located close to restaurants, shopping, freeways and more! Call today!!!

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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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8323 E Sells Drive Scottsdale, AZ 85251

$775,000

4 Beds

2 Baths

1,696 SqFt

Status Active

MLS # 6722592

Property Type Single Family Residence

Price Type --

Literally nothing better than a BRAND NEW, ICE COLD AC AND a BRAND NEW ROOF in AZ! The time is NOW for this perfect furnished rental home in Old Town Scottsdale with a solid booking history, all the cash flow! REDUCED for a quick sale! This 4 bedroom, 2 bath home with just under 1700 square feet, a POOL, HOT TUB, 2 car garage and all the perfect additions to add to your portfolio OR make your Primary residence. Sellers have lovingly cared for this home and it's ready for its new owners. Minutes away from everything Scottsdale has to offer. Scottsdale Fashion Square, all the best Fine Dining Scottsdale has to offer. , Art, Theater, Spring Training, and the best of the Original Old Town Western shops. NEW HVAC and DUCT WORK COMING THIS WEEK!

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8707 E Valley Vista Drive Scottsdale, AZ 85250

$775,000

3 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6749028

Property Type Single Family Residence

Price Type --

Discover your dream home in this stunning, contemporary residence, nestled on a quiet cul-de-sac. This prime location is unbeatable, just moments away from the vibrant heart of Old Town Scottsdale, with its excellent restaurants, charming shops and amenities. Newly remodeled to perfection, this home boasts a chef's kitchen, an expansive open living area, and spa-like bathrooms, all designed with exceptional attention to detail. Step outside to your private oasis, featuring a bocce ball court, above ground spa, and a covered seating area perfect for outdoor entertaining. Make this exceptional property yours and experience the finest in luxury living! Furniture available for purchase.

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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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3114 S Ashley Drive Chandler, AZ 85286

$775,000

5 Beds

3 Baths

3,676 SqFt

Status Active

MLS # 6721926

Property Type Single Family Residence

Price Type --

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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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