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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3080 E Onyx Avenue Phoenix, AZ 85028

$750,000

4 Beds

2 Baths

2,144 SqFt

Status Active

MLS # 6732083

Property Type Single Family Residence

Price Type --

ENJOY MOUNTAIN VIEWS & HIKING STEPS AWAY-SPACIOUS, UPGRADED HOME W/ LARGE LOT, FRUIT TREES, DESERT FRONT, GRASS IN BACK-TWO dining areas-one is used for office SPACE right now, family room has wood burning fireplace, LIVING ROOM HAS LARGE PICTURE WINDOW for those Mountain VIEWS- Master has his/hers closets, SITTING AREA & Master en suite bath W/ tons of CABINETS & a most unique floating island double vanity-New windows, paint interior/exterior, appliances, Ceiling fans and LIGHTING-NO CARPET-Extra parking next to driveway-Electric car ready-Close to Freeway, coffee shops, restaurants, shopping-Garage HAS extra storage closet-Shed in backyard too-NO HOA-Seller financing offered-SELLER WILL BEAT YOUR PRE-QUAL RATE! Home also for rent

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8619 E El Charro Lane Scottsdale, AZ 85250

$750,000

3 Beds

2 Baths

1,522 SqFt

Status Active

MLS # 6640705

Property Type Single Family Residence

Price Type --

NO HOA, heated gas pool, selling FULLY FURNISHED; this 3 bed, 2 bath residence now on the market is just for you! Discover an elegant living area and formal dining room featuring wood-look flooring, plantation shutters, modern light fixtures, a cozy fireplace, and crisp palette throughout. The gorgeous kitchen, just off the cozy family room, boasts ample white canbinetry, quartz counters, mosaic tile backsplash, stainless steel appliances, and a lovely breakfast bar. Also including a charming backyard with a covered patio, grassy area, and a gas heated pool, this home is truly a dream come true! Don't miss out! This is currently an active Short term rental, with two years rental history averaging 65k/year.

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15802 N 71st Street Unit 210 Scottsdale, AZ 85254

$750,000

2 Beds

2.5 Baths

1,432 SqFt

Status Active

MLS # 6684574

Property Type Apartment

Price Type --

Located in the prestigious Landmark Community of Scottsdale, this contemporary remodeled 2-bed, 2.5-bath condo offers a luxurious and convenient lifestyle. With its spacious 1432 square feet of open living space, high-quality finishes, generous-sized bedrooms with walk-in closets, and ensuite spa-like bathrooms this unit perfectly balances space and style. Steps away is Kierland Commons and Scottsdale Quarter, which offers world-class dining, shopping, and entertainment. Landmark offers a 24-hour guard gated entrance, resort-style heated pool, and spa, fitness center with locker rooms, steam room, business center, and on-site concierge.Immerse yourself with resort-style living in the heart of Kierland. This fabulous getaway is ideal as a primary resident or as a perfect lock and leave.

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1169 Buckskin Court Show Low, AZ 85901

$750,000

3 Beds

3 Baths

2,778 SqFt

Status Active

MLS # 6743700

Property Type Single Family Residence

Price Type --

Breathtaking VIEWS!! Watch the peaceful sunrise or the magnificent monsoon storms roll in while relaxing on your expansive back deck, or comfortably inside on your sofa through your wall of windows. This gorgeous home does not disappoint, being meticulously maintained, & has all the bells & whistles the most discerning folks are looking for, including: Light, open split bedroom floor plan; tongue & groove ceilings; maple cabinets; granite countertops; black stainless steel appliances; solid oak, luxury vinyl, and tile flooring; wood stove for cozy comfort on those chilly nights; a huge laundry room; tons of cabinet space; 2 car garage; & a fully finished basement, complete with bar/kitchenette, bathroom and copious amounts of storage; all of this on .63 acre of a park like yard!

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6715 N 15th Avenue Phoenix, AZ 85015

$750,000

4 Beds

2 Baths

2,501 SqFt

Status Active

MLS # 6731388

Property Type Single Family Residence

Price Type --

Welcome to this well-kept/like-new home! SOLAR is PAID OFF! This spacious residence boasts an oversized 3-car garage w/high entry doors & extended depth, complete with cabinets for all your storage needs. 4 spacious bedrooms and 2 baths, freshly painted with exterior roller shades throughout. The open split floor plan features tile and bamboo flooring, cozy family room with gas fireplace. Enjoy formal meals in the large dining space. The kitchen is a chef's dream, equipped with an upgraded gas stove, walk-in pantry, granite countertops, and a kitchen island. A spacious backyard offers a tranquil space for relaxation, complete with an above-ground spa and a charming pergola, custom built w/2x6 construction! A must see! Quality!

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16018 N 17th Way Phoenix, AZ 85022

$750,000

4 Beds

2.5 Baths

3,061 SqFt

Status Active

MLS # 6739357

Property Type Single Family Residence

Price Type --

Situated in a prime location with breathtaking views of Lookout Mountain, this expansive home boasts over 3,000 sq ft of living space with no HOA restrictions.The oversized primary suite is a true retreat, featuring plenty of flexible space and the ability to convert into two bedrooms. The home also offers a beautiful formal dining room for hosting family gatherings and entertaining guests. Hardwood floors flow throughout the main living areas, giving the home a warm and inviting feel. The large kitchen is a chef's delight, featuring ample prep and storage space and a central island, while the cozy living room includes a charming wood-burning fireplace. Step outside to your private backyard oasis, complete with a 60' x 90' covered patio, pool and high privacy walls making it the perfect outdoor space to entertain. Energy-efficient and cost-saving solar panels were installed on 11-2-23, reducing utility costs by over $1,200 in the first year.

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42405 N Acadia Way Anthem, AZ 85086

$750,000

4 Beds

2.5 Baths

3,521 SqFt

Status Active

MLS # 6749711

Property Type Single Family Residence

Price Type --

Check out this Anthem gem which boasts updates/upgrades and a HUGE lot. The expansive living room is perfectly designed, seamlessly flowing into a formal dining area for gourmet meals. The great room is pre-wired for surround sound with built-in fireplace & entertainment center, enhancing your audio experience. Culinary excellence awaits in the kitchen, featuring white cabinetry, stainless steel appliances, a stylish tile backsplash, ample counters, a walk-in pantry & a large center island with a breakfast bar. Upstairs, a versatile loft awaits transformation into your private media center. Full back patio has remote control shades for sun protection & privacy. Easy access to an EV charger for maximum convenience. Retreat to the main bedroom, where a sleek ensuite boasts dual vanities, a soaking tub, and a walk-in closet. Additional amenities include a dedicated den and exercise room. The vast backyard offers a covered patio, a shed, artificial turf, and ample space for a pool, perfect for enjoying majestic sunset and mountain views. This Anthem treasure is an invitation to luxury and comfort. Experience it for yourself!

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1800 E Derringer Way Chandler, AZ 85286

$750,000

6 Beds

3 Baths

3,239 SqFt

Status Active

MLS # 6735268

Property Type Single Family Residence

Price Type --

*SELLER IS VERY MOTIVATED* THIS HOME HAS IT ALL, PLUS THE LOCATION! This home will check all your boxes! 6 bedrooms (2 of which being downstairs!), 3 full bathrooms, tall ceilings in all rooms, POOL along with plenty of yard still for entertaining and playing, RV gate, 3 car garage, and even a secret book case door that leads to an under stairs storage area! This is a must see!! BOTH AC units replaced in 2020! ******Orange room & Blue room have been painted white!!*******

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7037 S Trophy Lane Gilbert, AZ 85298

$750,000

3 Beds

2 Baths

2,740 SqFt

Status Active

MLS # 6738885

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in the heart of a prestigious country club community. This beautiful residence offers 3 spacious bedrooms plus a versatile bonus room, perfect for a home office, playroom, or guest retreat. Step inside to discover a thoughtfully designed open floor plan, featuring contemporary finishes and an abundance of natural light. The kitchen is a chef's delight, boasting sleek countertops, stainless steel appliances, and ample cabinetry. Relax and unwind in the luxurious master suite, complete with a stylish en-suite bath and sitting room. In the backyard, enjoy your own private paradise. Dive into the sparkling pool and entertain with the built in BBQ and gas firepit. With solar panels installed, you'll benefit from energy efficiency and reduced utility bills.

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21417 N 142nd Drive Sun City West, AZ 85375

$750,000

3 Beds

2.5 Baths

2,600 SqFt

Status Active

MLS # 6733140

Property Type Single Family Residence

Price Type --

Step into luxury with this meticulously maintained home on the golf course, featuring an inviting open-concept floor plan that is bathed in natural light. Boasting 3 bedrooms and 2.5 bathrooms, this exquisite abode includes a chef's kitchen with stainless steel appliances, a gas stove, and a peninsula that seamlessly flows into the breakfast nook and living room. The primary suite offers a spacious walk-in closet and a lavish full bathroom, while two additional bedrooms share a well-appointed jack-n-jill bath. The home also features an expansive laundry room with custom built-ins, a generously sized 2.5-car garage, and a dual patio providing both covered and uncovered space. Renovated in 2018 with $185,000 in enhancements, this home showcases grand rooms, cathedral ceilings, pristine white oak hardwood floors, updated bathrooms, a dream kitchen, California Closets, and so much more!

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14191 W Artemisa Avenue Surprise, AZ 85387

$750,000

5 Beds

3.5 Baths

3,462 SqFt

Status Active

MLS # 6724429

Property Type Single Family Residence

Price Type --

*VA Assumable loan at 5.125%*Ask Me! Gorgeous 5-bedroom residence located in Rancho Mercado. You'll be impressed by an enchanting open layout offering a designer palette, tile flooring, recessed lighting, & plantation shutters. The remarkable kitchen boasts stainless steel appliances, a plethora of white cabinets adorned with crown molding, granite counters, a walk-in pantry, a chic backsplash, & an island w/a breakfast bar for casual dining. The generously sized loft ready to become anything you'd like! Perfect layout with soft carpet in rooms and wood look tile t-out, dual master suites, the downstairs primary bedroom boasts a ensuite w/dual vanities, & a walk-in closet. Enjoy gatherings in the backyard oasis, including a pergola-style covered patio & a refreshing swimming pool & spa!

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8755 E Plaza Avenue Scottsdale, AZ 85250

$750,000

4 Beds

2 Baths

1,905 SqFt

Status Active

MLS # 6741743

Property Type Single Family Residence

Price Type --

Located in the highly sought-after Park Scottsdale subdivision in the prime 85250 area, this home is a true find. The spacious kitchen and family area provide the perfect setting for entertaining. With four well-sized bedrooms and two bathrooms, there's plenty of closet and storage space throughout. The large pool, updated in 2022, is crystal clear and ready for your enjoyment. Plus, there's no HOA, convenient access to highways, and you're just minutes from Sky Harbor Airport and Old Town. And let's not forget—the Scottsdale School District is highly rated. Come see your future home today!

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