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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28327 N 164th Street Scottsdale, AZ 85262

$735,000

4 Beds

2 Baths

2,311 SqFt

Status Active

MLS # 6752370

Property Type Single Family Residence

Price Type --

Experience luxury living with breathtaking mountain views in this upgraded 4-bedroom, 2-bath home. From the moment you arrive, the refined stone accents, meticulous desert landscaping, and spacious 4-car garage set the stage for what's inside. The open living area features soaring ceilings, a stone fireplace, and expansive windows that frame stunning mountain views. The gourmet kitchen is a chef's delight with granite countertops, stainless steel appliances, double wall oven, and rich espresso cabinetry. The main suite offers plush carpeting, dual sinks, a walk-in closet, and direct backyard access. Outside, relax on the covered patio, enjoy the fire pit, or unwind in the hot tub! With space for toys or horses, this home blends modern luxury with the natural beauty of Arizona.

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5016 W Yoosooni Drive New River, AZ 85087

$735,000

4 Beds

3.5 Baths

2,915 SqFt

Status Active

MLS # 6731298

Property Type Single Family Residence

Price Type --

SOLAR-OWNED, PLUS CASITA! Nestled in the beautiful Arroyo Grande community, this Majesty floor plan is a dream home! The kitchen features all new appliances (purchased in 2023), cherry wood cabinets, granite countertops and an extra-large island. A cozy family room and separate dining room are located off the kitchen with oversized windows overlooking the meticulously landscaped backyard. The primary bedroom is spacious with a luxurious bathroom which includes double vanity sinks, a separate tub and shower, and a huge walk-in closet. Extra finishes include crown moldings, plantation shutters, and epoxy garage floor. An attached casita offers a private, comfortable space for family or guests. The air conditioning units, water heater, and insulation were installed less than two years ago.

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19080 E Oriole Way Queen Creek, AZ 85142

$735,000

6 Beds

4.5 Baths

4,083 SqFt

Status Active

MLS # 6692444

Property Type Single Family Residence

Price Type --

Nestled within the serene Cortina neighborhood of Queen Creek, discover this captivating residence. Boasting a convenient RV gate and proximity to esteemed schools, parks, dining options, and more, this home offers a lifestyle of ease and accessibility. Step inside to find a thoughtfully designed floor plan featuring a first-floor junior suite, a second-level loft, and an executive office, all bathed in natural light. Ascend to the upper level to retreat to the spacious primary suite, complete with a private balcony overlooking scenic views. With an expansive 4-car garage, this home effortlessly caters to your needs. Outside,the backyard beckons with its grass landscape and covered patio, perfect for outdoor relaxation and recreation.

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23960 N 73rd Place Scottsdale, AZ 85255

$735,000

3 Beds

2.5 Baths

2,346 SqFt

Status Active

MLS # 6743568

Property Type Single Family Residence

Price Type --

Welcome to the beautiful north Scottsdale gated community of Los Portones. This 3 bd + den/office, 2.5 bath home is ready for you with a lovely heated private pool with 2 yr old pool filter, all new concrete tile roof this year, full exterior paint 8/2/24, main bedroom downstairs, and open, airy living spaces. The backyard boasts 5 citrus trees and lots of covered patio space. Home is offered furnished as well! Community pool and spa are just a block away.

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18333 E Sunnydale Drive Queen Creek, AZ 85142

$735,000

3 Beds

2 Baths

1,502 SqFt

Status Active

MLS # 6750351

Property Type Single Family Residence

Price Type --

Charming and updated, this 3-bedroom, 2-bath home sits on a spacious .93-acre lot, offering plenty of room for expansion or customization. Over the past years, the home has seen significant upgrades, ensuring that the new owners can move in without needing to tackle any immediate projects. The property includes a 2-car garage, a fully covered patio, and a large open area perfect for your future plans. The home is also equipped with flood irrigation, a concrete fire pit, a small 4x6 shed, and a 12' gate providing access to the rear yard. Key updates include new windows (2019), exterior paint (2024), master bath renovation (2020), new flooring (2020), an HVAC system (2017), and a water heater (2018). No HOA, Irrigation, and Horse Property.

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6911 E Russell Street Mesa, AZ 85207

$735,000

4 Beds

3 Baths

2,206 SqFt

Status Active

MLS # 6756635

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 2.75-bath home, nestled in the desirable Las Sendas community of Mesa, Arizona. Built in 2019, this modern gem offers 2,206 square feet of beautifully designed living space. The home features a gorgeous custom kitchen, perfect for culinary enthusiasts and entertaining guests. Enjoy the privacy and security of a gated community while benefiting from the serene surroundings and exceptional amenities that Las Sendas has to offer. This property combines contemporary elegance with a welcoming atmosphere, making it an ideal choice for those seeking a comfortable and stylish living experience.

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6925 E Paradise Lane Scottsdale, AZ 85254

New

$735,000

3 Beds

2 Baths

1,716 SqFt

Status Active

MLS # 6760370

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous single level home featuring 3 bedrooms and 2 bathrooms in the heart of Scottsdale. This home offers a open layout and is withing walking distance to Scottsdale Kierland. The primary bedroom is oversized with a walk in closet and exterior access to the amazing backyard featuring a gorgeous pool. The backyard features several areas for entertaining with a covered patio and large grass area. This neighborhood offers the convenience of shopping, nearby golf, restaurants and easy access to the 101.

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6937 E Palm Lane Scottsdale, AZ 85257

New

$735,000

3 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6759218

Property Type Single Family Residence

Price Type --

Great South Scottsdale Location! Minutes to Old Town Scottsdale, Papago Park,the Desert Botanical Garden and close to all freeways. Charming remodeled home with a large open kitchen with granite countertops and lots of cabinets! Newer tile ,windows, Interior/Exterior paint, plumbing and lighting fixtures. Large Pantry and laundry room. Remodeled primary bathroom has double vanity and a spacious shower with a Rain-head. Large Grassy backyard ,great for entertaining! Washer, Dryer and refrigerator included. The two car garage completes this wonderful home!

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18256 N 75th Avenue Glendale, AZ 85308

$735,000

3 Beds

3 Baths

2,896 SqFt

Status Active

MLS # 6738094

Property Type Single Family Residence

Price Type --

Discover this inviting home on a nearly half-acre lot in the coveted Hidden Manor neighborhood! With plenty of space for creative updates, this property is a blank canvas ready for your personal touch. Enjoy the expansive pool and exclusive shared access to a tennis court, perfect for active lifestyles and community fun. Hidden Manor offers a welcoming atmosphere and a strong community spirit. Don't miss this opportunity! Additional photos available!

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4045 E Sierra Madre Avenue Gilbert, AZ 85296

$735,000

4 Beds

3 Baths

2,398 SqFt

Status Active

MLS # 6746497

Property Type Single Family Residence

Price Type --

Beautify Single-story home in Morrison Ranch neighborhood, featuring 4 bedrooms and 3 bathrooms with a flex room for Den/Study/Kid play function area. Convenient location close to gilbert school network and San Tan Village Commercial area, make the grocery shopping and dining as close as it could be. Open concept kitchen is fully equipped with custom white color cabinet, granite counters, center island with breakfast bar, stainless steel appliances. A neutral color tiles flow throughout the living area add modern and appealing design. All 4 bedrooms are spacious, with the master suite offers plush carpeting, a ceiling fan, a spacious walk-in closet, a dual sink vanity. The beautiful backyard showcases an extended covered patio adorned with desert landscaping, providing ample spa

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17931 W Narramore Road Goodyear, AZ 85338

$735,000

3 Beds

2.5 Baths

3,174 SqFt

Status Active Under Contract

MLS # 6676475

Property Type Single Family Residence

Price Type --

BRAND NEW A/C COMPRESSORS 4/28 - Beautiful semi-custom TW Lewis Home located in the private gated Fairways community in Estrella. Enter the home through the private courtyard with fireplace, a great space for entertaining and quiet nights under the stars. As you walk through the door you will notice the 10-foot ceilings and open floor plan. The family room includes a gas fireplace and large windows letting in light and offering views to the sparkling pool. The expansive kitchen includes plenty of cabinets, a walk-in pantry, butler's space, and upgraded granite counters. The bedrooms are oversized and include walk in closets. The primary bedroom has a door leading to the backyard patio and double closets for plenty of storage. You will find a soaking tub and tiled walk-in shower in the primary bathroom. The dining room at front could be used as a den. The home has plenty of storage including a large laundry room and 3 car garage. The pool was built in 2016 by Presidential pools and includes a Baja deck and bubblers. Extra touches include Polar Shades at the back patio and a wine closet located off of the dining room which overlooks the courtyard. The Polar Shades create a private outdoor area while keeping you cool in the summer and warm in the winter. Enjoy the Estrella lifestyle with lakes, walking paths, award winning golf course, hiking trails, workout and community centers and more. Whether living year-round or part time you will feel like you are on vacation in this beautiful home.

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11223 N 40th Street Phoenix, AZ 85028

$735,000

3 Beds

3 Baths

1,988 SqFt

Status Active

MLS # 6743157

Property Type Single Family Residence

Price Type --

Don't miss your chance to see this stunning, fully renovated 3-bedroom, 3-bathroom home with an office, a sparkling pool, and an exceptional outdoor entertainment area, all located near the highly sought-after Paradise Valley Mall. Cooking enthusiasts will fall in love with the chef's dream kitchen, complete with an induction cooktop and a full outdoor kitchen featuring a wood-fired pizza oven, two gas burners, and a propane grill. Imagine hosting poolside gatherings and inviting friends and neighbors to experience your outdoor oasis. Two expansive panoramic doors open fully, effortlessly blending indoor and outdoor living spaces to create a warm and inviting atmosphere. During the winter, relax in the cozy living room by the crackling fire that fills the room with a warm glow.

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