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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2520 E Flower Street Phoenix, AZ 85016

$749,900

4 Beds

2 Baths

1,770 SqFt

Status Active

MLS # 6743230

Property Type Single Family Residence

Price Type --

Home has been COMPLETELY remodeled and a peaceful backyard for entertaining!! Floors, stainless steel appliances, plumbing, electric. Plus, New main line sewer 2019, New HVAC Duct system & insulation installed by Pearl Certified Contractor 2019, New flat roof (over Master Bdrm) 2021, New maintenance free Xeriscape landscape 2022. Enjoy this beautiful move-in-ready home, nestled in Arizona's oldest neighborhood association, Historic Phoenix Homestead with no fees, restrictions or obligations! Phoenix Homestead puts on several free park events a year including live music, comedy and the most well known evening event in December, The Luminaria, where streets close for an evening of walking with friends and family to enjoy the neighborhood lights, including ''Candy Cane Lane'' aka Pinchot St! This home is also walking distance to award winning restaurants and James Beard chefs at places like Glai Baan, The Larder and the Delta (formerly Brinkley's) and Mixela, as well as within a half mile of great neighborhood cocktail bars and live music venues! Plenty of amenities including shopping at The Biltmore & Scottsdale Fashion Malls. Downtown Scottsdale and Downtown Phoenix entertainment and sporting events! Quick access to all central highways! It's perfect! (See document tab for improvement details)

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2942 N 48th Place Phoenix, AZ 85018

$749,900

3 Beds

3.5 Baths

2,335 SqFt

Status Active

MLS # 6736446

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Phoenix! Nestled in the prestigious Artisan Commons gated community, this stunning residence boasts 3 spacious bedrooms and 3.5 luxurious bathrooms. The charming stone elevation and meticulously maintained front yard provide incredible curb appeal. Step inside to discover a versatile flex room, a stylish loft, and an inviting open floor plan adorned with luxury vinyl plank flooring and 4'' baseboards. The gourmet kitchen is a chef's delight, featuring a KitchenAid gas range, stainless steel appliances, concrete slab counters, a walk-in pantry, and elegant two-tone cabinets with nickel hardware. Enjoy cozy evenings in the living room illuminated by energy-efficient LED lights and bask in the natural light from the energy-efficient polyvinyl windows with 2 blinds. Retreat to the primary suite, complete with a vaulted ceiling, shutters, a Juliet balcony, and a spa-like bathroom with cherry cabinets, copper vessel sinks, and wall-mounted faucets. The low-maintenance backyard is perfect for entertaining, with dual gates, a gas stub for BBQ, and a delightful lemon tree. Additional amenities include an upstairs laundry with upper cabinets and washer/dryer, a guest bathroom with a trough sink and walk-in shower, and a unique upstairs apartment with private access. This gem also offers a community pool, sport court, and a two-car garage. Embrace luxury living in this ideally situated home!

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1403 E Elysian Pass Queen Creek, AZ 85140

$749,900

2 Beds

3 Baths

2,431 SqFt

Status Active

MLS # 6676255

Property Type Single Family Residence

Price Type --

Discover elegance in the exclusive Encanterra Golf & Resort Community with this move-in ready gem. Boasting dual master suites, a bespoke den, and a half bath, this abode is the epitome of luxury. The kitchen, a chef's delight, features stainless steel appliances, dual ovens, and a warming drawer, centered around an expansive granite island with ambient under-cabinet lighting. The pièce de résistance is the opulent $80,000 master closet, poised to be the talk of the town. A spacious smart space doubles as a laundry room, complemented by a central vacuum, water softener, and RO system. Pre-wired for 7.1 surround sound, the home is an audiophile's dream. Outside, an inviting built-in BBQ and fireplace await under a covered patio, perfect for grand soirees or intimate gatherings. The extended, insulated garage completes this unparalleled sanctuary. A must-visit property that redefines sophistication.

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1520 N San Gabriel Avenue Sierra Vista, AZ 85635

$749,900

5 Beds

4 Baths

4,084 SqFt

Status Active

MLS # 6736098

Property Type Single Family Residence

Price Type --

Spacious custom-built home with 6 bedrooms, 4 bathrooms, oversized 3 car garage with a private pool, sauna, outdoor kitchen and producing fruit trees sitting on a private lot. Built using ''RASTRA'' Insulating Concrete Form blocks provide for excellent insulation, noise suppression, and strength upwards of 700 times stronger than wood framing. On one side are 3 bedrooms, 2 bathrooms, a great room open into the kitchen and dining area/breakfast bar, and laundry room. The center has the formal dining room and the entrance leading into living room. The remaining first floor contains a bedroom/office and the primary suite with a large bath, walk-in closet, and sauna. The second floor above the 3 car garage functions as exercise room, home school or bedroom. You'll love the pebble-tec pool!

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8308 E Holly Street Scottsdale, AZ 85257

$749,900

4 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6730275

Property Type Single Family Residence

Price Type --

All New Remodel with designer touches, New Kitchen, Quartz counters, New LG appliances, including (2) Refrigerator's, Front load Washer/Dryer, Large pantry, New bathrooms, New windows, New Roof, New Landscape (front & back), New R.V. gate, New interior/exterior doors, lots of attention to detail, built in the 1960's, architectural features focus on the highly sought after mid-century modern design, with original breeze block entry, clean lines, large windows, open floor plan easy access to Scottsdale bike path, schools, freeways, large park, Scottsdale shopping, nightlife, and spring training, owner/agent

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21425 E Sunset Drive Queen Creek, AZ 85142

$749,900

4 Beds

3 Baths

3,626 SqFt

Status Active

MLS # 6707909

Property Type Single Family Residence

Price Type --

This home sits on a desirable interior lot with a park across the street which ends in a cul-de-sac! You will love entertaining family & friends in this amazing kitchen with an oversized granite island, pendant lighting, stainless appliances w/ chefs hood over the gas range, butler's pantry w/ large dual entry panty, large eat in kitchen area with views out to the backyard and inviting family room. Formal living area and an oversized room are currently used for entertaining and a secondary family room to enjoy a movie or game! You will love the spacious master bedroom and bathroom with a large walk-in closet, dual sinks with vanity area, separate shower & soaking tub and a door that leads out to the backyard! Spacious secondary bedrooms and baths! Whole house water filtration system! Low maintenance landscaping designed professionally front and back with Pavers with a fire pit and BBQ area for family fun! You can enjoy sitting on your oversized front porch talking to a neighbor or waiting for guests! The community offers children's playground, volleyball and a basketball court! The home is close to great shopping, dining and entertainment! You will love the lifestyle and community this home has to offer.

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1188 W Laredo Avenue Gilbert, AZ 85233

$749,900

5 Beds

3 Baths

3,089 SqFt

Status Active

MLS # 6689943

Property Type Single Family Residence

Price Type --

Great corner lot gem in highly-sought lake community of the beautiful Artemina subdivision in Gilbert! Only 2 mi to downtown Gilbert and 4 mi to downtown Chandler, waking distance to the community Island lake. House features 5 BRs, 3 baths, 3 car garage with high ceilings, formal living & dining rooms, family room with cozy fireplace, a loft area great for entertainment, and plantation shutters in all the right places. The amazing kitchen offers ample cabinetry with crown molding, granite back splash & countertops, elegant pendant lighting, and a lovely island with breakfast bar. The stunning backyard offers great retreat with of a covered patio, personal putting green, and gravel landscaping with lots of trees and plants. Home close to highways, shopping and dinning, a must see

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7343 E Marlette Avenue Scottsdale, AZ 85250

$749,900

3 Beds

2.5 Baths

2,876 SqFt

Status Active

MLS # 6726021

Property Type Single Family Residence

Price Type --

Lean into a cool, late mid-century vibe with high ceilings in the main living room and a fabulous sunken bathtub. PLUS a retro wet bar to delight your guests! The kitchen is equipped with painted cabinetry, quartz counters & backsplash, SS appliances, and a peninsula w/a breakfast bar. Huge primary bedroom. Big closets and an extra half bath that most Briarwood homes don't have. Sunny, south backyard with covered patio, fire pit, and a refreshing pool/spa combo, this home is ready for move in or renovation!

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16044 S 28th Street Phoenix, AZ 85048

$749,900

4 Beds

2 Baths

2,294 SqFt

Status Active

MLS # 6722984

Property Type Single Family Residence

Price Type --

Beautiful WELL MAINTAINED single story home in the very popular Ahwatukee Foothills, Mountain Park Ranch. The home sits on a large corner lot with nothing but spectacular views from every corner. Upon entering this home, you are greeted with gorgeous tile flooring and soothing paint palettes. No window treatments needed as this home has plantation shutters throughout. Lots and lots of granite countertop and maple cabinets in the kitchen. Perfect for entertaining. Finally, step out back and enjoy the private canyon retreat including pool, built in grill, large covered patio and meditation area. This house has many unique extras that will impress! AC REPLACED 2018, ROOF REPLACED 2008 STILL UNDER WARRANTY, WATER HEATER 2015. PRICED BELOW MARKET VALUE. SEE RPR REPORT.

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13309 W Baker Drive Peoria, AZ 85383

$749,900

3 Beds

3 Baths

2,329 SqFt

Status Active

MLS # 6716812

Property Type Single Family Residence

Price Type --

Welcome to Trilogy at Vistancia! This is Peoria's premier 55+ community where you will enjoy so many amenities which include pickleball, tennis, golf, gyms, 2 Clubhouses & a guarded gate for added peace of mind. This hard to find 3 bed/3 bath home PLUS den is absolutely stunning! With warm colors & beautiful upgrades you will love stepping inside your next home! Wood-plank tile flooring, recessed lighting, & a spacious great room designed for entertaining give this an open & stunning feel. The kitchen boasts white cabinets, SS appliances with wall ovens, gas stovetop ,granite counters, & a large island w/ breakfast bar. Relax outdoors under the covered patio or the paver patio, complete with a built-in BBQ and even space for a pool! Pride of ownership shines through!

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4459 E Voltaire Avenue Phoenix, AZ 85032

$749,900

4 Beds

2 Baths

2,034 SqFt

Status Active

MLS # 6739068

Property Type Single Family Residence

Price Type --

Welcome to the home that has it all, except an HOA! Come and see this beautiful home that boasts extra parking, RV gate, gated pool, entertaining grassy yard, extended covered patio and large storage shed. Whether you need a home office, a playroom for the kids, or 5th bedroom, the 304 sq ft. bonus room provides the flexibility to cater to your lifestyle needs. Only 1 mile from Costco and the newly constructed reimagine PV, where they will have luxury style living & dining, Whole Foods, Lifetime Fitness and much more. Come say yes to this address!

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270 Oak Creek Boulevard Sedona, AZ 86336

$749,900

3 Beds

2 Baths

1,570 SqFt

Status Active

MLS # 6751532

Property Type Single Family Residence

Price Type --

LOVELY WEST SEDONA HOME. NO HOA!!! RED ROCK VIEWS. LETS START WITH YOUR OWN PRIVATE BACKYARD OASIS...GRASS, MATURE LANDSCAPING, PEACH TREES, COVERED PATIO, THE KIND OF SPACE THAT WE ALL WANT TO COME HOME TO. INSIDE IS AN OPEN FLOOR PLAN WITH GAS FIREPLACE, LOTS OF NATURAL LIGHT AND TILE FLOORS IN ALL THE RIGHT PLACES. REFRIGERATOR, WASHER AND DRYER ALL INCLUDED. OVERSIZED 2 CAR GARAGE WITH OUTSIDE EXIT. NEW CARPET IN ALL 3 BEDROOMS. PERFECT FOR A 2ND HOME OR RENTAL - STR ALLOWED!

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