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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4444 E Sharon Drive Phoenix, AZ 85032

$749,000

4 Beds

3 Baths

1,989 SqFt

Status Active

MLS # 6750516

Property Type Single Family Residence

Price Type --

Every detail of this 5 Star energy efficient 4 bed 3-bathroom home has been thoughtfully designed to provide an exceptional living experience. Enjoy ultimate comfort and privacy with a split floorplan with two spacious primary BR & 2 BA. Beautifully appointed kitchen with backsplash and a pot filler, great for entertaining. Freshly painted interiors and brand-new carpeting throughout and dimmer switches added to create a modern and inviting atmosphere. The backyard is a private paradise with no rear neighbors. Complete with a sparkling propane heated pool, inviting firepit, and BBQ with convenient propane hookup. The property includes two RV gates accommodating your recreational vehicles and toys. The west side of the house features an RV plug-in and dump station for added convenience.

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4430 N 22nd Street Unit 19 Phoenix, AZ 85016

$749,000

3 Beds

2.5 Baths

2,433 SqFt

Status Active

MLS # 6755037

Property Type Townhouse

Price Type --

Step into your perfect home in one of the city's most coveted neighborhoods. This sophisticated 3-bedroom plus den, 2.5-bathroom residence offers an expansive, open-concept layout that exudes both style and functionality. Enjoy the luxury of 11-foot ceilings and an abundance of natural light that creates a bright and airy atmosphere throughout. Each oversized bedroom features spacious walk-in closets, while the master suite is a true retreat with its elegant fireplace and spa-like bathroom, complete with a large walk-in shower and tub. Located just moments from the high-end shops and dining at Biltmore Fashion Park, this home combines modern luxury with unbeatable convenience. Embrace a lifestyle of elegance and ease in this stunning, upscale community.

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41010 N Lytham Way Anthem, AZ 85086

$749,000

3 Beds

2.5 Baths

2,544 SqFt

Status Active

MLS # 6756650

Property Type Single Family Residence

Price Type --

Spectacular property with open concept design in Award-Winning Anthem Country Club. Gorgeous remodeled kitchen with satin-honed granite counters, maple cabinetry, GE Profile stainless appliances (2020), under cabinet lighting + pendants over the large center island and breakfast bar. Ample primary bedroom with barn door to the elaborate bath with large walk in shower with stone-topped bench, executive-height dual vanities, leathered Granite, plank flooring + Custom Walk in Closet. Large Private office with French doors & wood plank flooring. Best yet, the oversized yard is a quiet retreat with both covered and open seating, fire pit, ambient fountain, professional desert landscaping, extensive lighting, turf and pavers + built in BBQ, HVAC 2020 and a Spotless 3 Car Garage Anthem Golf & Country Club: Discover 36 holes of championship golf, two full-service practice ranges, premier dining and more at Anthem Golf and Country Club, in Arizona's high Sonoran desert foothills. Only a short drive away from Phoenix and Scottsdale, Anthem Country Club provides tennis, pickleball and bocce ball courts, a family pool, fitness center and spa.

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610 E Kristi Lane Flagstaff, AZ 86005

$749,000

3 Beds

2.5 Baths

1,734 SqFt

Status Active

MLS # 6756697

Property Type Single Family Residence

Price Type --

Quintessential Flagstaff Home in sought after Bennett Estates! Nestled in the pines, this MOVE-IN ready, SINGLE LEVEL 3BR, 2.5 Bath home is a gem. Located on a quiet cul-de-sac enjoy the outdoors on the inviting front deck or shaded open paver patio. Inside, spend your time enjoying the beautifully remodeled kitchen that boasts hickory cabinets and new appliances, a welcoming fireplace in the living room, and a spacious primary bedroom with wood floors, vaulted ceilings, and its own cozy fireplace. For the hobbyist, the insulated and heated 1-bay garage with 220V hookup is a perfect WORKSHOP. Don't miss this opportunity to own a wonderful home in Bennett Estates!

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1801 E Montebello Avenue Phoenix, AZ 85016

$749,000

3 Beds

2 Baths

1,662 SqFt

Status Active Under Contract

MLS # 6756329

Property Type Single Family Residence

Price Type --

On occasion, a property comes to market that possesses so many adorable features one has a sense of wonder at every turn. Located in the highly desirable north Biltmore corridor, this stunning brick enclave impresses even the most particular buyer. A chef's kitchen, exposed brick walls, wood floors that tell a story, interest walls and a massive free-standing tub are just some of the amazing touches inside. Then utilize the massive glass pivot door to discover a backyard oasis featuring an outdoor kitchen, gardens, grassy areas and an inviting pool which set the stage for intimate gatherings and unforgettable moments. Indoor/outdoor living is a staple in this home, including the incredible outside shower and garden on the east side of the property. The timeless touches abound and need to be seen to be believed.

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29408 N 244th Drive Wittmann, AZ 85361

$749,000

5 Beds

2 Baths

3,100 SqFt

Status Active

MLS # 6686766

Property Type Single Family Residence

Price Type --

Wittmann, AZ - Spacious 3,100 square feet 5 bedroom and 2 bathroom floor plan on a one acre, corner lot located in the rear of the subdivision. Large lot can accommodate a guest house, RV garage addition, or a swimming pool, with option for horse privileges. 3 car garage. Beautiful mountain views to the North and South of the property. Tiffany-style chandelier in foyer. Archways with wood vega poles. Formal dining room. Flexible den that can be for use as an office. 3 skylights create a bright great room with natural sunlight. Kitchen dining area. Maytag stainless steel appliances. Large pantry. Custom master bathroom with a freestanding shower / freestanding bath tub and a walk-in closet. Laundry room with custom cabinetry storage and a built-in wine cooler. High ceilings. No HOA. Other upgrades include tile walkways and bathrooms, kitchen cabinet crown moldings, granite countertops, recessed lighting, wood-look floors in den and dining room, large baseboards, premium grade bathroom fixtures, plenty of outdoor lighting. New Fry's Marketplace retail center in the area.

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2402 W Cj Drive Flagstaff, AZ 86001

$749,000

3 Beds

2.5 Baths

2,128 SqFt

Status Active

MLS # 6748951

Property Type Single Family Residence

Price Type --

Impeccable, spacious home has a beautiful open floor plan & shows like a model. That gorgeous furniture? It's all included! 9-ft ceilings; huge windows; large, great room & dining area; the private courtyard & the lemonade worthy front porch make it perfect for entertaining. Loaded w upgrades including wood-look Tile & Vinyl floors, stainless appliances, granite counters & maple cabinets. Walk-in closets in every bedroom. Primary has 2 closets & oversized walk-in tiled shower. Ample storage w closet under the stairs. Air Conditioning of course! Don't forget the car charger in the garage. Only a 1 minute walk to the park. Truly a turnkey home!

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42711 N 6th Avenue New River, AZ 85087

$749,000

4 Beds

3 Baths

1,952 SqFt

Status Active

MLS # 6732164

Property Type Single Family Residence

Price Type --

Discover this newly built home surrounded by spectacular mountain views. Spacious 1.18 acre with No HOA, allowing horses and toys. Large RV gates are located on both sides of the home, maximizing usable space all enclosed by a newly installed block wall. Step inside to discover an open layout with vaulted ceilings, modern light fixtures & more. This spacious home offers 3-bedroom, 2.5 bath, plus an office, enough privacy for the whole family. This 3-car tandem garage with new epoxy floor offers 220v plug for electric vehicles, R.V etc. 2x6 framing, TRANE HVAC system, A.O Smith heat pump water heater for optimal efficiency. Whole house water filtration system, water softener and R.O system. Don't miss out, this lot won't disappoint!

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4414 E Campbell Avenue Phoenix, AZ 85018

$749,000

3 Beds

2 Baths

1,408 SqFt

Status Active

MLS # 6741123

Property Type Single Family Residence

Price Type --

ARCADIA'' recently remodeled home in a prime location off the canal and has back yard views of Camelback Mountain This property is located just 6 city blocks from the prestigious 44th/Camelback corridor.

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550 S Emerson Street Chandler, AZ 85225

$749,000

3 Beds

2.5 Baths

2,561 SqFt

Status Active

MLS # 6743033

Property Type Single Family Residence

Price Type --

Beautiful upgraded home in highly sought neighborhood of Campo Verde. Open Concept with new large 4 panel slider that slides both ways open to yard. Gourmet kitchen with granite counters, island, stainless appliances, new pendants, backsplash and led lighting. Master bath has dual vanities, new led mirrors, upgraded tile walk-in shower, large garden tub with new tile surround. Large master closet is upgraded. Secondary bedrooms with jack and Jill bath. Upgraded bath with walk-in shower. Large den. New flooring and recessed lighting. Large yard with heated pool and spa. 3 car tandem garage with epoxy floors. Great Chandler location close to the 202 freeway, downtown Chandler, many shops and restaurants

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4371 E Turnberry Court Gilbert, AZ 85298

$749,000

4 Beds

3.5 Baths

3,000 SqFt

Status Active

MLS # 6757792

Property Type Single Family Residence

Price Type --

Resort living in sought after Seville Golf and Country Club in Gilbert Az. Picasso Model with extended living room and Next Gen mother-in suite with kitchen, living room, bedroom and bath which has separate entrance and lock off door. Backyard Oasis with Private heated pool & spa, new pool pump 2020 & Heater 2019 Pebble tec resurfacing done 2022, Built in BBQ and outdoor gas fireplace & outdoor frig. Wonderful open layout! from kitchen to extra large extended family room, kitchen nook opens to back patio. Formal Dining room off kitchen. Open office area below stairs. Great Vacation or primary home.

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25809 N Abajo Drive Rio Verde, AZ 85263

$749,000

3 Beds

2.5 Baths

2,973 SqFt

Status Active

MLS # 6713490

Property Type Single Family Residence

Price Type --

JUST FINISHED FRESH INTERIOR MAKEOVER!! A MUST SEE!! Large single level home in Rio Verde Country Club, 2973 S.F. Located on large unique, well manicured lot. 3 bedrooms, 2.5 baths, office, living and family rooms, kitchen with breakfast area. Formal dining rm w/butlers pantry and wine area. 11 ft ceiling in living room with gas fireplace. Very workable kitchen with breakfast nook and family room. Newer stainless steel appliances, oversiized walk in closets, large rear patio for entertaining,, mature landscaping. 2 car garage with additional golf cart garage.

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