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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22025 W Bajada Drive Wittmann, AZ 85361

$765,000

4 Beds

2 Baths

2,157 SqFt

Status Active Under Contract

MLS # 6741959

Property Type Single Family Residence

Price Type --

Welcome to your slice of the American Southwest in Wittmann! This stunning 4-bedroom, 2-bathroom home on 2 acres is where rustic charm meets modern convenience. With beautiful tile flooring throughout and soaring 10-foot ceilings, the space feels open and inviting from the moment you step inside. The heart of the home is the kitchen, featuring rich knotty alder cabinets that add warmth and elegance. The primary suite is your personal retreat, complete with an en suite bathroom that offers both a separate shower and bath for those well-deserved moments of relaxation. Plus, with a private exit to the patio, you can step right out to enjoy your morning coffee or a quiet evening under the stars. Outside, the amenities are just as impressive. A well-insulated 30x40 detached garage... equipped with 120V and 240V outlets, remote electric openers, and an external keypad, is perfect for storing all your toys - from ATVs to boats. And when the Arizona sun gets too hot, dive into your in-ground, 6-foot heated pool for a refreshing escape. But that's not all - this property comes with an additional 4.4 acres of flat, usable land, perfect for creating your very own equestrian paradise. Bring your horses, build the barn of your dreams, or simply enjoy the wide-open space. This is more than just a home; it's a lifestyle waiting for you to embrace. Don't miss this rare opportunity to own a piece of Wittmann that has it all! Sale includes parcels 503-34-330C, 503-34-330D and 503-34-331

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15273 S 31st Street Phoenix, AZ 85048

$765,000

4 Beds

2.5 Baths

2,849 SqFt

Status Active

MLS # 6718481

Property Type Single Family Residence

Price Type --

Tucked in the S. Mountain Foothills, this spotless single-story Mountain Park Ranch home is filled w/light, w/updated kitchen & baths, private pool. New designer Iron front door. Kitchen has all the upscale touches: rich wood, granite, & stainless appliances. The split floorplan places the huge primary suite at the end of a private hall, away from other bedrooms & baths, w/direct access to covered patio. Primary bath has freestanding soaking tub & large glass-encl. shower. There are formal & informal living spaces & a dining room. Yard is low maintenance w/artificial turf. Located w/in walking distance of top-rated Desert Vista HS & just a mile from the 32nd St. Loop 202 interchange. The $33 monthly HOA fee incl. the amenities of MPR: 3 pools/spas, tennis, volleyball, & pickleball courts.

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1008 E Phoenix Street Payson, AZ 85541

$765,000

3 Beds

3 Baths

2,522 SqFt

Status Active

MLS # 6726144

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous property that offers the perfect blend of comfort and charm. This home is sure to delight, featuring 3 bedrooms and 3 bathrooms, an open floor plan and fireplace in the living area. The kitchen boasts sleek countertops and ample cabinet space, making it ideal for both everyday living and entertaining. Step outside to the beautifully landscaped yard, a tranquil oasis with mature trees, lush greenery, and a covered patio. Don't miss the opportunity to make this stunning home yours!

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9357 E Celtic Drive Scottsdale, AZ 85260

$765,000

3 Beds

2 Baths

1,830 SqFt

Status Active Under Contract

MLS # 6754563

Property Type Single Family Residence

Price Type --

BEST Lot in the community backing an open green space! This gorgeous 3 bed, 2 bath is nestled in the sought-after community of Encantada. Step through the front door & you will be greeted by soaring ceilings, skylights, fireplace & views out to the backyard. Tile flooring with carpet in all the right places. The kitchen boasts Stainless Steel appliances, upgraded cabinets with granite counters, & a huge island that opens to the dining area. Enjoy the fireplace in the living room. Large primary bedroom, bath has been upgraded with a walk in shower, closets & private toilet. The backyard oasis has a sparkling pool, extended length patio that backs an open green space for optimal privacy. 3-car garage & new washer/dryer! Great schools nearby, shopping & dining.

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14850 E Grandview Drive Unit 239 Fountain Hills, AZ 85268

$765,000

2 Beds

2 Baths

2,059 SqFt

Status Active

MLS # 6751313

Property Type Apartment

Price Type --

See sunrises, sunsets and city lights from the balconies of this spacious Villa. Located on one of the highest points in Fountain Hills, this two bedroom two bath Villa can be your seasonal getaway home or your full-time residence. Be a part of The Villas at Copperwynd, a luxury condominium community that redefines the desert lifestyle. This Villa features nine foot ceilings with spacious hallways. Granite tile countertops, walk in pantry, gas cook top, under cabinet lighting and hardwood cabinets are just some of the special features in the kitchen. Master bath includes 36'' high vanity with high windows that provide natural light. Both bedrooms have balconies that provide remarkable views of the Sonoran desert. Furnishings available on a separate bill of sale (some personal items and art work will be retained by seller). Next door is the Adero Scottsdale Resort and Club offering a health club, spa, tennis and swimming pools. Inquire at the club for membership information. Shopping only minutes away. Five public golf courses are nearby. Hiking at the Adero Trailhead. Only about 30 minutes from Phoenix Sky Harbor Airport. Note that HomeGuard Warranty Protection is in place.

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4514 E Mazatzal Drive Cave Creek, AZ 85331

$765,000

4 Beds

2 Baths

2,186 SqFt

Status Active

MLS # 6726742

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 4-bedroom, 2-bathroom, 3-car garage Cave Creek oasis. This meticulously maintained home offers an unparalleled living experience in an amazing neighborhood. With 4 generously sized bedrooms, there's plenty of space for everyone. The primary suite features a bathroom with a luxurious walk-in tiled shower, dual sink vanity and a walk in closet. The bedroom itself has plenty of space for a sitting area. This provides you a private retreat to start and end your day the perfect way. Enjoy cooking in the well thought out kitchen that includes a generous sized island boasting granite counters and slide out drawers for additional storage. The updated appliances make meal prep a breeze. A nice sized pantry rounds out this amazing kitchen. The open floor plan seamlessly connects the kitchen to the living and eating areas. Just in the other room is the formal dining and/or a game room and living room. Outdoor Living: Moving outdoors, step outside to your private backyard oasis. Take a dip in the sparkling pool with a Baja Shelf and/or enjoy time cooking in your outdoor kitchen area. It is perfect for hosting summer barbecues and gatherings. Ample Garage Space: The 3-car garage provides plenty of space for vehicles and storage, catering to all your needs. Prime Location: Nestled in an amazing neighborhood, this home offers easy access to local amenities, schools, parks, and more. Quiet streets and within walking distance to a great park, convenience abounds. Don't miss out on this incredible opportunity to own a piece of paradise in Cave Creek. Visit soon and experience the charm and comfort this home offers.

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16884 W Soft Wind Drive Surprise, AZ 85387

$765,000

5 Beds

3 Baths

3,048 SqFt

Status Active

MLS # 6759422

Property Type Single Family Residence

Price Type --

Welcome to your dream pool home in the prestigious Asante community of Surprise, Arizona! This stunning property boasts five bedrooms, three bathrooms, and over 3000 square feet of luxurious living space. Step into your beautifully landscaped backyard oasis, complete with a sparkling pool to enjoy on hot Arizona days. The home also features a three-car garage, granite countertops, and a layout perfect for modern family living. With endless possibilities for entertainment and relaxation, this residence offers a blend of elegance and comfort that is sure to impress. Come and see beautiful home today. Paradise found!

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25843 W Northern Lights Way Buckeye, AZ 85326

$765,000

4 Beds

3.5 Baths

2,900 SqFt

Status Active

MLS # 6698394

Property Type Single Family Residence

Price Type --

MOUNTAIN VIEWS! Fall in love with this gorgeous, irrigated 1.36-acre property situated in a uniquely quaint neighborhood! This energy-efficient home boasts 4 beds, 3.5 baths, a 3-car garage, and an RV gate. Inside, the harmonious open floor plan offers sliding glass doors to the back patio. Natural light filled the spaces, complemented by soft palette and porcelain tile flooring. Large dining room has a lovely bay window. Spotless kitchen displays recessed/pendant lighting, a walk-in pantry, granite counters, ample staggered cabinets with crown moulding, SS appliances, and an island with a breakfast bar. Owner's retreat provides plush carpet, outdoor access, an ensuite with dual sinks, and a walk-in closet. Grassy backyard includes a covered patio and a storage shed. Don't miss out!

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10433 S 27th Avenue Laveen, AZ 85339

$765,000

4 Beds

3 Baths

2,772 SqFt

Status Active

MLS # 6714700

Property Type Single Family Residence

Price Type --

PRICE REDUCTION! Seller is MOTIVATED! Nestled in the foothills of South Mountain, come see this custom home built on 1+ acres of natural desert! With a front and back patio, a balcony and a deck that overlooks Phoenix, this home will surely captivate your heart! This BEAUTIFUL home features 4 bedrooms, 3 bathrooms, a living room & a family room with a fireplace. The kitchen includes matching Whirlpool black stainless steel appliances and granite countertops. In the primary, you'll find a bathroom with double sinks, a separate shower & jetted tub and a walk-in closet. There are ceiling fans in all rooms, including the living room, family room and dining area. No HOA. Your future home awaits!

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6239 E Janice Way Scottsdale, AZ 85254

$765,000

3 Beds

2 Baths

2,053 SqFt

Status Active

MLS # 6748721

Property Type Single Family Residence

Price Type --

This residence in Greenbrier East offers a unique blend of comfort and style. The eat-in kitchen is a chef's delight, featuring stainless steel appliances, Silestone countertops, Oak glass door cabinets, an undermount sink, and a spacious walk-in pantry. Adjacent to the kitchen, the large dining room boasts a cozy brick fireplace, creating a warm and inviting atmosphere. The great room is perfect for both relaxation and entertaining, with French doors leading to the backyard, vaulted ceilings, and neutral tile flooring. The master suite is a true retreat with plush carpeting, dual closets, and a luxurious bathroom complete with dual sinks, a vanity, a custom shower with a built-in seat, a glass block window, and ceiling heat lamps. Step outside to the expansive backyard where you'll find a covered patio with outdoor speakers, lush synthetic green grass, mature plants, and a storage shed. Additional features include block fencing with RV gate/parking, a two-car garage with epoxy floors, and plantation shutters throughout. Located in a highly sought-after Scottsdale neighborhood, this home is just minutes away from top-notch shopping, dining, and entertainment options. Don't miss out on the opportunity to make this fantastic property your new home!

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10864 E Reginald Avenue Mesa, AZ 85212

$765,000

4 Beds

4.5 Baths

3,967 SqFt

Status Active

MLS # 6748375

Property Type Single Family Residence

Price Type --

This meticulously maintained home truly has it all! With just under 4,000 square feet of living space, it features 4 bedrooms, 4.5 baths, & a 3-car garage. The spacious kitchen boasts granite countertops & seamlessly flows into the formal living & dining rooms, perfect for entertaining. The master suite includes a versatile retreat, ideal for an office or nursery. The main level offers a bedroom with an ensuite, & upstairs, one of the bedrooms also has its own ensuite. The expansive upstairs bonus/game room is perfect for a teen retreat or additional entertainment space. A den/office on the first level provides even more living options. Step outside to a beautifully landscaped backyard, complete w/ a pool (added in 2010), fire pit, and built-in BBQ—perfect for outdoor gatherings.

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3131 E Bloomfield Parkway Gilbert, AZ 85296

$765,000

4 Beds

3 Baths

2,262 SqFt

Status Active Under Contract

MLS # 6735909

Property Type Single Family Residence

Price Type --

Welcome to Warner Groves at Morrison Ranch! This popular floorplan offers 3br + office/flex space + large loft. Either space can easily be converted to 2 full size additional bedrooms, bringing the total to 5br. Upgraded throughout with wood flooring, gorgeous custom feature wall in living room w/ fireplace and mantel. Open living concept with huge kitchen island, quartz countertops and stainless appliances. Upgraded fixtures throughout. 80% of the square footage is down stairs which includes the primary/master bedroom. Upstairs you'll find one bedroom, one full bath and a large loft. Forever green turf and upgraded pavers in the backyard, virtually zero maintenance. Epoxy coated large 3-Car tandem garage. Must see in person to appreciate.

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