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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8520 E Indianola Avenue Scottsdale, AZ 85251

$752,500

4 Beds

3 Baths

1,995 SqFt

Status Active

MLS # 6717359

Property Type Single Family Residence

Price Type --

This move-in ready masterpiece has a little something extra up it's sleeve...Looking for a space to use as a VRBO, in-law suite, office, studio, second master, kid's play room? This home has it! What will you use it for? Completely redesigned with high end style & no wasted space this home features: soft close door/drawer cabinets in kitchen & all baths, quartz counter tops, contemporary lighting, fans, & fixtures t/o, beautiful hand scraped laminate floors with 12x24 modern tile in baths, laundry & hall, under cabinet lighting in kitchen, baths & living room, neutral paint, custom accent wall in large master bedroom, big master walk-in closet, 3 gorgeous bathrooms each with it's own unique look, original vintage block fireplace. Energy efficient LED lighting t/o. Large pool-size yard with pavers and pergola, low water-use & low maintenance landscaping. It doesn't end there; HVAC, electrical, plumbing, windows & doors, & exterior stucco updated in 2017. Be confident in this fully permitted home.

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3750 E Rochelle Circle Mesa, AZ 85215

$751,850

5 Beds

4.5 Baths

3,100 SqFt

Status Active

MLS # 6726754

Property Type Single Family Residence

Price Type --

Searching for a HUGE YARD a long stately brick paver driveway AND a new build home? Look no further! Awesome location in North Mesa's grove area. Small gated infill community being built by respected local builder Blandford Homes! This price is the base price, plus the lot premium, it also includes a nice standard feature package plus a design studio credit to make personalized selections at the Design Studio. Final price will be determined after options and upgrades are selected at the Design Studio. Purchase price includes: an iron front door, 2x6 exterior framing, dual pane vinyl Low E windows, covered front porch and rear patio, choice of both interior doors and fixture and hardware colors. Deepest location in a cul-de-sac. Pictures are of an upgraded model home. Taxes estimated.

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17762 W Colter Street Litchfield Park, AZ 85340

$751,089

6 Beds

4 Baths

3,850 SqFt

Status Active

MLS # 6752221

Property Type Single Family Residence

Price Type --

MLS#6752221 Ready Now! The Hampton is a 2-story floor plan with 3,850sq. ft., featuring 6 bedrooms, 4 bathrooms, a 3-car split garage, game room, primary suite retreat, study, dining area, and a courtyard. Welcome to your dream home, this floor plan is designed for luxury. The spacious owner's suite has its own foyer leading to a primary bath with split vanities and a large walk-in closet. The primary suite retreat enhances your private haven. All bedrooms are upstairs, ensuring privacy from the active first level. This floor plan could be perfect for your next move. Structural options include: Guest suite downstairs, garage service door, bedroom 5 upstairs.

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377 E Windsor Avenue Unit 19 Phoenix, AZ 85004

$750,575

3 Beds

2.5 Baths

1,967 SqFt

Status Active

MLS # 6694671

Property Type Townhouse

Price Type --

Park7 on Windsor QUICK MOVE-IN HOME. LUXURY URBAN LIVING with no compromises including your own private sky lounge. Ideally located in Midtown Phoenix, close to all the action. Bespoke floorplans designed specifically for Park7 developed to create an exciting lifestyle on all levels with maximized privacy. Exceptional quality construction + design with solid CMU commons walls and 10ft ceilings throughout. Designer curated interior finish Packages with standard 24'' x 48'' large format tile floors, Bosch appliances, standard waterfall kitchen islands and floating vanities, tankless hot water, EV prepared garages and more! Relax under the night sky in your own private Sky Lounge - hot tub ready with fire pit and outdoor kitchen options.

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5703 S Dante -- Mesa, AZ 85212

$750,440

5 Beds

4 Baths

3,314 SqFt

Status Active

MLS # 6706166

Property Type Single Family Residence

Price Type --

MLS#6706166 August Completion! The Revere at La Mira Expedition Collection welcomes you with a stunning courtyard, leading to an inspiring spiral staircase and a grand foyer. The spacious and elegant formal dining room, an entertainer's dream, connects seamlessly to the butler's pantry and the expansive kitchen. The gourmet kitchen, featuring an island and an adjoining breakfast room, overlooks the inviting gathering room. Additionally, there is a guest bedroom with a full bath on the main floor. Upstairs, you'll find a game room, three secondary bedrooms, two full baths, a laundry room, and the private owner's suite. The owner's bath boasts dual vanities Structural options include a gourmet kitchen, extended patio, loft, and an added 5th bedroom, paver front porch and garage service door.

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556 County Road 1122 -- Greer, AZ 85927

$750,000

3 Beds

2.5 Baths

1,950 SqFt

Status Active Under Contract

MLS # 6746051

Property Type Single Family Residence

Price Type --

An amazing investment opportunity! AirBNB friendly! Nestled in the picturesque landscapes of Greer, Arizona, this stunning 3 bedroom, 2.5 bathroom cabin built in 2022 offers the perfect blend of modern amenities and rustic charm. This newly constructed cabin features an open concept living area with vaulted ceilings, large windows that fill the space with natural light, and a cozy fireplace perfect for chilly mountain evenings. The gourmet kitchen is equipped with stainless steel appliances, granite countertops, and a spacious island ideal for entertaining. Step out onto the expansive deck to enjoy breathtaking views of the surrounding forest! Located just minutes away from Sunrise Ski Resort, lakes, rivers and hiking/off roading trails!

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W Pima Road Maricopa, AZ 85139

New

$750,000

4 Beds

3 Baths

2,842 SqFt

Status Active

MLS # 6760429

Property Type Single Family Residence

Price Type --

TO BE BUILT! Discover the endless possibilities with this custom-built, multi-generational home, where mountains and saguaro cacti create a breathtaking backdrop. Perfectly designed for extended family living, this property offers both privacy and shared spaces, all within a setting that's truly one-of-a-kind. This unique opportunity allows you to put your personal touch on the final finishes, making this dream home truly your own. The home boasts 10-foot ceilings throughout, enhancing the spacious and airy feel of the interior. A 15-foot collapsible patio door seamlessly connects the indoors with the outdoors, allowing for an effortless flow between the living area and your private outdoor oasis. PHOTOS OF PREVIOUSLY BUILT MODEL. Built with 2x6 construction and spray foam insulation, this home is as energy-efficient as it is sturdy, providing comfort and peace of mind. A walkable attic offers additional storage space and ease of access. Outside you will find wide-open spaces, ideal for outdoor activities, gardening, or simply soaking in the desert's natural beauty. The panoramic mountain views and towering saguaros offer a sense of tranquility and connection with nature that's hard to find elsewhere. Best part is, there's no HOA! Please note, buyers will need to secure a construction loan to complete the purchase.

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48336 N 27 Avenue New River, AZ 85087

$750,000

4 Beds

2.5 Baths

2,126 SqFt

Status Active

MLS # 6751295

Property Type Single Family Residence

Price Type --

Beautiful 3 BD. plus Den, 2.5 BR. home with 2 car garage. Large open kitchen/great room with 10 foot ceiling. Premium cabinets, granite counter tops, huge kitchen island, stainless steel appliances, pantry, large master suite with a walk-in shower, dual vanities, access to the laundry room. Additional upgrades include, tile plank flooring, 8 foot doors, upgraded hardware/lighting, large laundry room, energy efficient 14 Seer HVAC, dual pane low-E windows and R-38 cathedral attic insulation. Upgrades made by the current owner: fence and side gates around backyard, landscape rock in front of the back yard, installing pavers, turf, security gate, epoxy in garage, solar panels, back splash in kitchen, cabinets and tool storage in the garage, storage shelves in laundry. No HOA.

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19049 E Poco Rio Drive Rio Verde, AZ 85263

$750,000

3 Beds

2.5 Baths

2,288 SqFt

Status Active

MLS # 6742854

Property Type Single Family Residence

Price Type --

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16510 N 92nd Street Unit 1008 Scottsdale, AZ 85260

$750,000

2 Beds

2.5 Baths

2,073 SqFt

Status Active

MLS # 6657427

Property Type Apartment

Price Type --

Incredible new townhome with a rooftop deck in the premiere SOHO Scottsdale community!Ideal office location and live upstairs. SOHO personifies the vibrant lifestyle of today's professional or entrepreneur with dual zoned homes for a true work/live lifestyle and is a collaboration between renowned architect Bing Hu and Catclar Investments. Over 2000 Sqft gorgeous living space with upscale finishes standard! 2 master bedrooms plus a large home office give you plenty of room! Home is green w/ smart home capabilities, a retractable sliding door on first level & attch'd 2 car garage. All Kohler water sense fixtures. Giga blast internet Prime location near upscale shopping, dining & entertainment options including Kierland Commons, Scottsdale Quarter, TCP and McDowell Mt. Par

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28275 N 168th Avenue Surprise, AZ 85387

$750,000

4 Beds

2 Baths

2,280 SqFt

Status Active

MLS # 6662260

Property Type Manufactured Home

Price Type --

Welcome to your ideal equestrian/winter retreat nestled on nearly 5 acres of pristine land. The heart of this home is the expansive kitchen, perfect for whipping up delicious meals for family & friends,Adjacent to the kitchen is a separate dining room, providing a cozy space for gatherings, fully furnished accommodating up to 10 people, the bedrooms offer a range of sleeping arrangements, including a queen bed in BR #1, 2 twin beds in BR #2, another queen bed in BR #3, and a full bed plus 2 twin beds in BR #4. horse enthusiasts, this property is a dream come true with facilities for up to 20 horses, including 12 pens with automatic waterers The horse pens are designed for flexibility, with various sizes available, including 5 covered pens measuring 12x40, 2 covered pens measuring 20x40

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18544 E Caledonia Drive Queen Creek, AZ 85142

$750,000

5 Beds

3.5 Baths

3,745 SqFt

Status Active

MLS # 6744281

Property Type Single Family Residence

Price Type --

Your DREAM home is here in Sossaman Estates! This gorgeous 5-bed, 3.5-bath residence will surely impress you. Great curb appeal highlighted by a split 3-car garage, front porch, and a manicured landscape w/lush lawn & shade trees. Home exudes elegance with formal dining, living, & family rooms! Tall ceilings add to the airy feel, enhanced by tons of natural light. The impressive kitchen has granite counters, a huge island, butler's pantry, a walk-in pantry, and staggered cabinetry. Separate breakfast room is a plus! Upstairs, you'll find a large loft that provides versatility. Double-door main bedroom boasts an ensuite with a separate tub/shower, two vanities, & a walk-in closet. Outback, you have natural grass & a covered patio to relax or enjoy BBQ.

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