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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10933 E Elmwood Street Mesa, AZ 85207

$750,000

3 Beds

2 Baths

2,946 SqFt

Status Active Under Contract

MLS # 6678233

Property Type Single Family Residence

Price Type --

Wonderful 3 bedroom, 2 bathroom ranch style home located on 1.379 acres in sought after northeast Mesa location! Features include vaulted ceilings, fireplace in living room, custom built-ins throughout, skylights, 4-car garage, extended covered patio and fenced pool where you can enjoy amazing mountain views. Conveniently located near the 202 freeway, as well as various recreational spots including area lakes, the Salt River Recreation area, and Usery Mountain Regional Park. Additionally, a section of the garage has been transformed into a finished, heated and cooled space, perfect for a home business or indulging in your favorite pastime. This property has ample space for your toys, RVs & vehicles and invites you to experience the epitome of Arizona living!

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6761 W Sonnet Drive Glendale, AZ 85308

$750,000

4 Beds

3 Baths

3,053 SqFt

Status Active

MLS # 6739241

Property Type Single Family Residence

Price Type --

WOW! Come see this beautiful home before it's too late. Open and Spacious kitchen with quartz counter tops, beautiful white cabinets with newer hardware, large kitchen island, large family room with cozy fireplace. All bedrooms including loft are very spacious. Plenty of space to entertain in your elegant formal living & dining room. Spacious master bedroom with addtional seating area, walk in closet, separate shower and tub. Newer roof 2021. Backyard offers plenty of area for entertaining, enjoy swimming in your pool that was just resurfaced July 2024. 3 car garage. Fridge, washer and dryer included. Close to shopping, and so much more. All furniture is for sale, on a separate bill of sale.

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4524 N Sundown Lane Pine, AZ 85544

$750,000

3 Beds

3 Baths

1,819 SqFt

Status Active

MLS # 6709979

Property Type Single Family Residence

Price Type --

Welcome to your dream cabin in Portal IV of Pine, AZ! Available FULLY furnished and TURNKEY! This home is ready for you immediately! Built in 2023, this 3-bed, 3-bath gem with a loft overlooks Strawberry Mountain and is a haven of tranquility & craftsmanship. Step inside to a bright & airy space with vaulted ceilings and floor-to-ceiling windows that let in tons of natural light. The loft upstairs offers a private sanctuary with its own full bathroom. Storage won't be an issue here - there's plenty of room, including a mechanical storage space and a rare, fully finished two-car garage. Enjoy breathtaking mountain views from your wrap-around deck on the south & west sides of the home. Surrounded by tall, whispering pines, this cabin is the epitome of luxury meeting nature. Additional use can be as a valuable vacation rental, as the HOA has no minimum days to rent!

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18228 W Montecito Avenue Goodyear, AZ 85395

$750,000

4 Beds

4 Baths

3,687 SqFt

Status Active

MLS # 6719938

Property Type Single Family Residence

Price Type --

Discover luxury and comfort in this exceptional home, perfectly situated in a serene neighborhood with stunning mountain views and privacy. This thoughtfully designed property offers an array of premium features and modern conveniences, making it an ideal choice for discerning homeowners. Key features include: breathtaking mountain views from the back of the house, providing a picturesque and tranquil setting. Ultimate Privacy with Single-story homes on either side and no houses behind ensure maximum privacy, Convenient RV gate located at the side of the house. Nice Layout with Jack and Jill bathroom. Wonderful Garage Innovations with Side garage door openers with battery backup for added security and convenience. Gourmet kitchen featuring new Bosch dishwasher, granite counter tops, seating island and large walk in pantry. Main floor den with French doors that could be used as a bedroom - Plus the full 4 piece main floor bathroom beside den/bedroom which makes this perfect for generational living. New lifetime warranty for the hot water tank. New aluminum shed for extra storage. Built in natural gas BBQ, Fire pit and a natural gas hook up to the house. Amazing outdoor entertainment - Saltwater pool with water feature and in floor cleaners, pergola and rear patio roof extension with an outdoor ceiling fan and pre wired speakers. Pad and 220 hook up for a hot tub and the pool is ready for a heat pump hook up. OWNED 8.8 kWh solar system and whole house surge protector. Rachio yard irrigation system for efficient lawn care you can control by your phone. Owned home security system with sensors on all windows and doors and garage door. Wemo wall switch for front porch lights and Nest thermostats upstairs and downstairs. Both garage doors are insulated with reflective foil inside for added temperature control. This is a rare floor plan with only two homes in the neighborhood featuring this layout. This home is a perfect blend of luxury, functionality, and modern technology, offering a comfortable and secure living environment. Don't miss the chance to own this rare gem in a sought-after location!

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38913 N 21st Avenue Phoenix, AZ 85086

$750,000

4 Beds

2 Baths

1,711 SqFt

Status Active

MLS # 6720420

Property Type Single Family Residence

Price Type --

Beautiful Desert Hills home, Inside, you'll find a cozy haven featuring 4 bedrooms and 2 bathrooms, providing ample space for both relaxation and rejuvenation. With two separate entrances to the property, you'll enjoy seamless access and the flexibility to accommodate your RVs, trailers, horses, and more. Located on a private 1.193 acre lot with gorgeous territorial and mountain views! It has horse corrals with electricity and water and is completely fenced off. The property features completely fenced acreage with wide gates for easy access.

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5035 E Robin Lane Phoenix, AZ 85054

$750,000

3 Beds

2 Baths

2,121 SqFt

Status Active Under Contract

MLS # 6728153

Property Type Single Family Residence

Price Type --

Stunning 3Bedroom 2 Bathroom in Desert Ridge gated community. Spacious split floor plan with 9ft ceilings. Formal dinning and eat in kitchen. Granite counter tops with stainless steel appliances and lots of cabinet spaces in kitchen. Large master suite with classy walk-in closet. Stone fireplace in family room. Laundry room with extra counter space. Covered patio. View fencing in backyard. Very private with no homes directly behind you. Walking distance to the Marriott. Great location!

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22847 E Sonoqui Boulevard Queen Creek, AZ 85142

$750,000

4 Beds

3 Baths

3,203 SqFt

Status Active

MLS # 6705656

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Queen Creek! This stunning 4-bedroom, 3-bathroom luxury residence offers the perfect blend of modern elegance and comfort. The home features an expansive open floor plan, ideal for both entertaining and everyday living. The gourmet kitchen is a chef's delight, boasting an oversized quartz countertop, high-end stainless steel appliances, and an abundance of cabinet space. You'll love the seamless flow from the kitchen to the living and dining areas, creating a bright and airy atmosphere.Retreat to the spacious primary suite, complete with a luxurious en-suite bathroom and ample closet space. Each additional bedroom is generously sized with plenty of storage throughout the home. (expand to see more) Step outside to your private oasis, featuring a sparkling pool, perfect for Arizona summers. With meticulously landscaped grounds and a covered patio, this outdoor space is ideal for relaxation and hosting gatherings. Located in a highly desirable Queen Creek neighborhood, close to shopping, dining, and schools, this home offers a perfect balance of luxury and convenience. Take this opportunity to own your piece of paradise! Full List of upgrades available.

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2976 E Country Shadows Street Gilbert, AZ 85298

$750,000

5 Beds

3 Baths

3,064 SqFt

Status Active

MLS # 6745500

Property Type Single Family Residence

Price Type --

This gorgeous home has been made even more beautiful with carefully crafted updates. Repositioned kitchen island with new quartz counter tops, upgraded backsplashes, refinished cabinets and a sleek stainless steel vent hood. This floor plan includes a bedroom and full bathroom downstairs and two separate garages (a 1 and a 2) with direct interior access. New woodplank tile flooring on first floor. Upgraded taller baseboards. Huge formal living and dining overlooks the pool from a wall of windows. Upstairs has four bedrooms and an office nook. Primary bedroom is oversized for even the largest furnishings. Two walk in closets and a remodeled en suite bathroom. Backyard has a resurfaced pool with new deck, built in BBQ, firepit and turf. List of updates available. This is a beauty! Must see!

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1969 W Josiah Trail San Tan Valley, AZ 85144

$750,000

4 Beds

2 Baths

2,328 SqFt

Status Active Under Contract

MLS # 6738410

Property Type Single Family Residence

Price Type --

Assumable VA Loan with a 2.5% interest rate! Welcome to your dream home! Built in 2021, this spacious and contemporary 4-bedroom, 2-bathroom home offers the perfect blend of modern luxury and serene country living. The home is within 10 minutes of grocery stores, shopping, dining, and hiking trails. Situated on over an acre this home has $50,000 worth of landscaping already finished. Key features of the home include four spacious bedrooms, two modern bathrooms, a large insulated garage with a 2.5-ton AC unit, a chicken coop, and a private hot tub for relaxing evenings under the stars. The home boasts an open-concept living area, a gourmet kitchen with plenty of cabinet space, and a luxurious primary suite with a spa-like ensuite bathroom.

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7700 E Gainey Ranch Road Unit 253 Scottsdale, AZ 85258

$750,000

2 Beds

2 Baths

1,845 SqFt

Status Active Under Contract

MLS # 6692327

Property Type Townhouse

Price Type --

Welcome to Sunset Cove in Gainey Ranch! Nestled within the prestigious gated community of Gainey Ranch, this luxurious 2BR/2Ba townhome offers a lifestyle of elegance and tranquility. Prepare to be enchanted by its spectacular views, where every sunrise and sunset paints the sky in hues of gold and lavender. Key features of this turnkey retreat include its split floor plan design and the skylights that infuse natural light, creating an inviting and uplifting ambiance. The remote-controlled sunshades provide effortless adjustments on all windows for the perfect balance of light and privacy. The kitchen, with its patio, is the perfect space to cook all your meals with a built-in microwave, oven, and kitchen island. The pull-out cabinets accompany the plethora of storage in the kitchen. The master suite has a separate bedroom exit, a cozy sitting room, and convenient access to the den/office. Retreat to the living room with the wood-burning fireplace, which exudes warmth and charm after having dinner in the adjacent formal dining area, sets the stage for elegant dinners and celebrations. Or, hang out on the patio with beautiful golf course views. Gainey Ranch provides access to a vibrant community that hosts book clubs, live lectures, and musical events. Engage with neighbors who share your zest for life and enjoy the security and prestige of living in this sought-after enclave, where privacy and sophistication blend seamlessly. This townhome isn't just a property; it's an invitation to a life well-lived. Experience the magic of Sunset Cove!

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2571 N Acacia Way Buckeye, AZ 85396

$750,000

4 Beds

2.5 Baths

2,999 SqFt

Status Active

MLS # 6655000

Property Type Single Family Residence

Price Type --

Hot on the market! Welcome home to this stunning Verrado beauty with all the amenities! At 3000 sq ft there is room for all your hobbies, family & guests. Gorgeous courtyard w/ gated entry, durable wood laminate flooring throughout. 4 bedrooms, 2.5 bath, 3 car garage & fenced play pool w/spa! Abundant light throughout. As you enter take note of the pocket sliding doors to either your office or exercise room, the gorgeous dining room & two bedrooms at the front of the home. Take in the spacious living room, open kitchen & dining area. Sliding glass doors to your dream backyard. Owners suite, additional bedroom, laundry & garage access on the north end. Owners suite complete with private backyard access, gorgeous ensuite & large walk in closet. Welcome Home!

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26917 N 55th Lane Phoenix, AZ 85083

Open House

New

$750,000

4 Beds

2.5 Baths

3,153 SqFt

Status Active

MLS # 6752056

Property Type Single Family Residence

Price Type --

Experience living in this stunning 4 bed/2.5 bath home in Stetson Valley! Boasting a spacious layout with formal living/dining & a MASSIVE loft upstairs-this home is perfect for entertaining. The primary suite features two walk-in closets for added convenience. Chef's dream kitchen includes a gas stovetop, double oven, granite countertops, and pull-out drawers. Upgrades include a tankless water heater and artificial grass. Enjoy privacy & tranquility with no neighbors behind or beside on a Cul-De-Sac lot.Each bedroom features walk-in closets, making this home a must-see for those seeking a well-equipped living space. Take advantage of the pool and numerous hiking/biking/walking trails in the community. 2 dog parks & soccer fields nearby! This home is ready for its forever family!

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