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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2501 E Campbell Avenue Phoenix, AZ 85016

$765,000

4 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6712418

Property Type Single Family Residence

Price Type --

Location! Location! Location! this amazingly renovated Split floor 4b 2b with Camelback Mountain Views is in the most sought after Biltmore area, minutes walk to Biltmore Fashion Park, shopping, restaurants, coffee shops, freeways, hospitals, downtown. Renovated with high end materials, pergo flooring, marble, counters, and lights. New plumbing Main line, New sewer lines, New ac Ducting, New electric RV gate, Too many to list. Huge potential corner lot with tons of backyard space to build a casita! Priced Low for quick sale. A very unique Gem, BE the first to claim this art piece, must see for yourself, won't last, send offers NOW!

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10605 E Kilarea Avenue Mesa, AZ 85209

$765,000

4 Beds

3 Baths

2,880 SqFt

Status Active

MLS # 6755013

Property Type Single Family Residence

Price Type --

Split 4 bedrooms and 3 full baths, accompanied by a versatile teen area that may effortlessly transform into a 5th bedroom. Spanning almost 2900 sqft, this home features a refreshing pool and a spacious private backyard with a patio, offering unobstructed views without rear neighbors. The 3-car garage comes with additional storage drop-down ceiling rack shelves. The gourmet kitchen has new appliances, refinished cabinets, and a sizable island, while a walk-in pantry adds to its modern allure. The Main Bedroom suite includes an opulent tub and shower, complemented by a generous walk-in closet. A tranquil oasis awaits in the backyard, where a large patio and sparkling pool create an ideal space for relaxation and entertainment.

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9240 N 101st Place Scottsdale, AZ 85258

$765,000

3 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6729628

Property Type Single Family Residence

Price Type --

This charming home is located in the desirable Casa del Cielo subdivision in the heart of Scottsdale Ranch. This detached residence is filled with natural light featuring high ceilings, new wood-look tile throughout, new patio pavers, new bath and kitchen fixtures, new kitchen cabinets, appliances and granite and a brand new A/C unit. This home is one of the few with this unique floor plan and is situated on one of the largest lots in the subdivision where you can enjoy the private backyard. The spacious living room boasts a fireplace and a wet bar, perfect for entertaining. The wonderful community offers walking trails, a community pool and spa, a community center, and Scottsdale Ranch Park with tennis, racquetball, and basketball courts, among other amenities.

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2717 W Haley Drive Anthem, AZ 85086

$765,000

3 Beds

2.5 Baths

2,944 SqFt

Status Active Under Contract

MLS # 6734587

Property Type Single Family Residence

Price Type --

Welcome! Step through the front door and feel the embrace of HOME! Three generously sized bedrooms and the library/bar await your return home. The family room boasts plenty of space plus a gas fireplace. The kitchen makes cooking enjoyable with the remodeled cabinets with pull out shelves and the walk in pantry. Never misplace a utensil again. The formal living and dining areas can be kept for fancy affairs or used to play pool and other games! Your private yard features a heated pool and spa as well as space to play and an elevated patio. This is the perfect entertaining space and many parties have been hosted here! And we have not even talked about the 3 car garage yet; storage for all of the holidays that you celebrate! There are no neighbors behind you and the corner location makes an easy in and out of the neighborhood. It is an easy walk to school as well and you are close to wonderful Anthem amenities!

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21165 E Thornton Road Queen Creek, AZ 85142

$765,000

4 Beds

3 Baths

3,073 SqFt

Status Active

MLS # 6723497

Property Type Single Family Residence

Price Type --

WOW!!! $5,000 in seller concessions! This beautiful one year old, single-story Taylor Morrison Home is over 3,000 SF w/ 4 bedrooms, den, 3 baths, and a 3-car tandem garage. Great location on a huge lot! The open gathering room and casual dining flow seamlessly into the kitchen with granite, upgraded cabinets, large island and walk-in pantry. Enjoy entertaining in the formal dining room or outside on the covered travertine patio. A bedroom and full bath off the foyer is perfect for overnight guests. The spacious owner's suite overlooks the backyard and features a spa-inspired bath and large walk-in closet. The oversized sliding glass door takes you to the large backyard with no neighbors behind, grass yard, paver walk, garden boxes, RV gate and more. This is one you don't want to miss.

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1347 E Palo Verde Street Gilbert, AZ 85296

$765,000

5 Beds

3 Baths

3,530 SqFt

Status Active Under Contract

MLS # 6737215

Property Type Single Family Residence

Price Type --

Welcome to your dream home located in the heart of Gilbert, AZ! This stunning single-family residence offers a perfect blend of comfort, style, and convenience. Nestled in a peaceful neighborhood, this home boasts a spacious and well-maintained exterior with lush landscaping that adds to its curb appeal. As you step inside, you'll be greeted by a bright and airy open floor plan that seamlessly connects the living, dining, and kitchen areas. The kitchen is a chef's delight. The living area is designed for relaxation and entertainment, with windows that let in plenty of natural light and provide a great view of the backyard. This home offers 5 generous bedrooms and 2.5 bathrooms, including a luxurious master suite with a walk-in closet and an en-suite bathroom equipped with dual vanities, a soaking tub, and a separate shower. Each bedroom is spacious, providing plenty of room for family and guests. Moving to the crown jewel, the backyard is an unbelievable oasis with a custom pool and covered patio area ideal for outdoor dining and gatherings. The area offers a serene space for relaxation or play. It would be difficult to find another outdoor space like it in Gilbert!

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208 W Portland Street Unit 257 Phoenix, AZ 85003

$765,000

2 Beds

2 Baths

1,659 SqFt

Status Active

MLS # 6716506

Property Type Apartment

Price Type --

Experience the best of downtown living at Portland Place, one of the premier buildings in the area. Nestled between two parks, this rare corner unit features travertine floors throughout and NE views overlooking the Japanese Friendship Garden and Margaret T. Hance Park. The spacious, light-filled layout includes a split 2-bedroom floor plan, open island kitchen, & large living room. The wrap-around balcony offers ample room for outdoor relaxation. Amenities at Portland Place include a rooftop pool, gym, beautiful lobby, and underground parking. Located within walking distance to restaurants, coffee shops, one of the best Jazz Clubs in America, a Farmers Market, Roosevelt Row Art district, & the light rail. Portland Place offers unparalleled convenience and urban living at its finest.

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1717 E Morten Avenue Unit 39 Phoenix, AZ 85020

$765,000

3 Beds

3.5 Baths

2,102 SqFt

Status Active Under Contract

MLS # 6712687

Property Type Townhouse

Price Type --

Discover the epitome of luxury living in the exclusive Pointe 16 community. This 3-bed, 3.5-bath luxury condo boasts an unrivaled premium lot with elevated positioning, ensuring panoramic views of the majestic mountains & sparkling city lights. Experience the pinnacle of outdoor relaxation on your private rooftop patio, complete with gas connections for a fire pit and gas grill (also available on 1st floor patio), perfect for entertaining under the starlit desert skies. The meticulous attention to detail is evident throughout the property, w/ custom-built storage solutions gracing every corner. This home is a symphony of modern convenience and elegant design, featuring auto blinds & full-wall piano doors on the second floor to your front patio. The staircase showcases a unique touch of history with 1800s reclaimed barn wood from Pennsylvania adorning the stair-end walls. The chef-inspired kitchen is a culinary masterpiece, featuring a walk-in pantry with convenient pull-out shelves and a luxurious coffee bar that will awaken your senses each morning. The owners suite offers a sanctuary of comfort w/ custom barn door that enter the en suite & a custom-designed closet and providing ample space for your wardrobe and accessories. The Pointe 16 community is a tranquil oasis w/ resort-style amenities, including a pool, inviting fire pit, & soothing spa. With only 61 units in this exclusive community, you'll relish the peace and serenity of living amidst breathtaking mountain views. Elevate your lifestyle and savor every moment in this luxurious Pointe 16 condo, where rooftop relaxation, exquisite design, and a sense of community await you. Experience the perfect blend of sophistication and serenity - this is the desert paradise you've been searching for. See documents tab for upgrades list

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39618 N Belfair Way Anthem, AZ 85086

Open House

$765,000

5 Beds

3 Baths

3,274 SqFt

Status Active

MLS # 6752683

Property Type Single Family Residence

Price Type --

From the moment you step through the entry, you'll be greeted by an expansive open layout & impressive soaring ceilings. This home exudes meticulous care & style, with flawless diagonal tile flooring, paint, plantation shutters, lighting, & fans setting a refined tone throughout. The kitchen is a highlight, with ample workspace, a huge walk-in pantry, & SS appliances, including a sleek induction stove. It opens seamlessly into the family room, making it perfect for both everyday living & entertaining. Private downstairs bedroom & bathroom offer flexibility as a home office or guest suite. All bathrooms have been refreshed & the laundry room is equipped with quartz counters, a sink, & additional cabinetry. Epoxy flooring in garage. RO and soft water system. Outside, the backyard is a true retreat, complete with a charming ramada, paver accents, ambient lighting, and low-maintenance artificial turf. The pool, updated with PebbleTec, and the travertine-surrounded spa make it the perfect spot for relaxation and fun. And, location-wise, you're in luck! This home is conveniently close to Diamond Canyon School, Liberty Bell Park, and Anthem's fantastic dog park, plus more!

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3519 E Piccadilly Road Phoenix, AZ 85018

Open House

$765,000

4 Beds

2.5 Baths

1,909 SqFt

Status Active

MLS # 6716471

Property Type Single Family Residence

Price Type --

Welcome Home to Piccadilly Reimagined! This Arcadia Lite charmer is just what you've been looking for! As you pull up to your new abode you'll be greeted by a lush yard and welcoming front porch. Step inside and you'll be wow'd by the bright, open floor plan perfect for entertaining and everyday living alike! This home has been thoughtfully updated and features a large primary suite, three additional bedrooms, a full hall bathroom and convenient powder room off of the living room. Outside you'll find your oasis in the desert! The large patio, built-in BBQ, fire pit, a perfectly-sized grass area and raised flower beds make this house the perfect home! This property has it all and is located just minutes from the best dining, shopping, and hiking Phoenix has to offer!

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7147 E Rancho Vista Drive Unit 3007 Scottsdale, AZ 85251

Open House

$765,000

2 Beds

2 Baths

1,252 SqFt

Status Active

MLS # 6731296

Property Type Apartment

Price Type --

Unbeatable Location, Luxury Amenities - Motivated Seller! Step into modern living with this stunning 2-bed/2-bath condo featuring an open-concept design and courtyard views. Every detail exudes elegance, from high-end upgrades to the spacious primary suite with a huge walk-in closet and flexible space for dining, a home office, or a cozy den. Nestled within the lush, botanical beauty of Optima, enjoy resort-style amenities: two outdoor pools, an indoor lap pool with spas, steam saunas, indoor basketball and racquetball courts, a putting green, pickle ball court, a cutting-edge fitness center, full-time concierge, and an on-site restaurant. Located just steps from renowned restaurants, luxury shopping, and outdoor adventures, this rare opportunity won't last. All of this is within walking distance to numerous acclaimed restaurants, luxury shopping destinations, and various outdoor activities.

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11215 N 39th Street Phoenix, AZ 85028

$764,900

5 Beds

2 Baths

2,098 SqFt

Status Active Under Contract

MLS # 6743749

Property Type Single Family Residence

Price Type --

You will love living in this newly remodeled 5 bed/2 bath single story home nestled in a quiet cul-de-sac with no HOA! The remodeled kitchen features sleek quartz counter tops, white shaker cabinets, SS appliances, recessed lighting, a stylish tile backsplash, as well as a central island with a breakfast bar. The kitchen opens to a dining area, as well as an inviting living room with a fireplace. Outside you will enjoy the oversized lot with an extended patio, pool, orange trees, shed, as well as extra covered parking behind the RV gate! Off the patio, there is also a bonus room complete with a mini split for climate control perfect for an office, play room or entertaining. All the work has been done for you to make this house your beautiful new home!

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