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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22812 N Arrellaga Drive Sun City West, AZ 85375

$725,000

3 Beds

3 Baths

1,837 SqFt

Status Active Under Contract

MLS # 6757918

Property Type Single Family Residence

Price Type --

Introducing a luxurious GOLF San Ysidro Model home (1837 sq ft) with a detached Casita (247 sq ft), now available FOR SALE. Perfectly designed for both intimate gatherings and grand entertaining, it features an open floor plan that gracefully unites the Great Room, Dining Room, and Kitchen. Casita perfect for Guests and/or space for a private gym/craft or office. Nestled within the prestigious Gated Corte Bella Country Club, the home offers MAGNIFICENT GOLF VIEWS overlooking the 5th Green, framed by breathtaking Sunset and Mountain Views. The lush gated courtyard leads to a retreat-like backyard complete with a built-in BBQ and a firepit conversation area, ideal for serene evenings and vibrant social events. True luxury continues with numerous updates and upgrades: A newer A/C and Furnace (2019), Hot Water Tank (2020), and an Air Purifier System (2022). The Primary Suite Bathroom and Casita Showers were meticulously remodeled in 2017, featuring elegant tile and fixtures. The heart of the homethe kitchenhas been updated with a new Refrigerator, Stove, Microwave, Dishwasher, and a Laundry Room equipped with a new Washer and Dryer in 2021. Additional enhancements include Back View Window Replacements with Low-E Glass, Electric Patio Shades, updated Irrigation System, and Epoxy Flooring and Cabinets in the Extended Garage. This property is a perfect blend of luxury, style, and functionality, making it an ideal choice for those seeking the finest in golf course living.

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10080 E Mountainview Lake Drive Unit 204 Scottsdale, AZ 85258

$725,000

2 Beds

2 Baths

1,081 SqFt

Status Active

MLS # 6743674

Property Type Apartment

Price Type --

Beautiful views of Lake Serena & Mcdowell Mountains from balcony, bedroom & living room. Gated community with heated pools, spa, workout/rec room & access to the park that has many sports courts, ramadas, greenbelt & community center. Scottsdale Ranch best location in Scottsdale; minutes from Talking Stick Entertainment District, restaurants, Downtown Scottsdale, easy access to Fountain Hills and so much more! No one above. One car garage.

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4483 N Kirkwood Avenue Prescott Valley, AZ 86314

$725,000

4 Beds

2.5 Baths

2,754 SqFt

Status Active

MLS # 6739413

Property Type Single Family Residence

Price Type --

BEAUTIFUL, MOVE-IN READY HOME located in the popular Granville neighborhood. This 2,754 square foot, single-level home features 4 bedrooms, 2.5 bathrooms, and an office. The house includes all the desired upgrades such as granite counters, 42-inch upper cabinets, tall 10-foot doors, and wood and tile floors throughout (except in bedrooms). Additionally, it boasts a brand-new stainless steel double oven and professionally designed landscaping with flagstone and a stunning waterfall in the backyard. The property also offers a deep, insulated 3-car garage. Walking or biking distance to one of 3 clubhouses with amenities and activities for all ages.

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64 W Via De Palmas -- San Tan Valley, AZ 85140

$725,000

3 Beds

2 Baths

2,078 SqFt

Status Active

MLS # 6759036

Property Type Single Family Residence

Price Type --

1.39 irrigated acres in the heart of San Tan Valley!! The property offers an inviting front porch & a circular drive & two custom metal gates to access the backyard. The home's entry is bright and open to the den, living room, & eat-in kitchen with bay window. It is PERFECT for entertaining with all of its open space and direct access to the covered back patio. Split master bedroom offers a large walk in closet, dual sinks, a shower, tub & access to the backyard. There's also two additional bedrooms & an oversized laundry room. Garage has air conditioner for storing stuff or working on projects. Recently remodeled 45'x25' custom pool with built in spa. Play Basketball or Volleyball while you soak up the sun. Gather your horses and/or your toys, there is more than enough room!!

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4448 E Walnut Road Gilbert, AZ 85298

$725,000

2 Beds

2 Baths

2,231 SqFt

Status Active

MLS # 6747098

Property Type Single Family Residence

Price Type --

Live the lifestyle of Trilogy at Power Ranch, award winning gated 55+ planned community that offers golf, tennis, pickleball courts, golf, 2 pools, fitness facility, restaurants, movie theater and un limited amount of activities. Enjoy this HUGE 2 bedroom plus den, 2 bath, large laundry room of the kitchen. There are double sinks in master bath and separate shower & tub, walk in closet, there is a separate exit also from the master bedroom onto a large patio. Extra large guest bedroom, water softener and spacious kitchen with island and lots of storage. This is a 3 car garage with storage cabinets. There is an exterior trash container that is enclosed. The landscaping has been done by a professional. Its a much SEE!

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19030 E Eaglenest Drive Rio Verde, AZ 85263

$725,000

2 Beds

2.5 Baths

2,507 SqFt

Status Active Under Contract

MLS # 6751467

Property Type Townhouse

Price Type --

One of the largest, corner unit townhomes in this fantastic gated community. This updated (see list in doc tab) open & bright, single level home with mountain views has charm & style. Move in ready with an oversized garage, custom overhead storage and cabinets to hold all your special items. Perfect for your main residence or a 2nd home w/ low maintenance and great livability. HOA takes care of outside painting and landscape. Ready to have some fun? Enjoy the private clubhouse & restaurant with community pool, fitness room, bocci ball courts, 18 hole putting course, and new dog park & pickle ball courts (completion expected Fall 2024) Direct hiking access to McDowell Regional Park. 2 championship golf courses available w/ golf membership. Professional photos coming soon

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1009 W Marshall Avenue Phoenix, AZ 85013

$725,000

3 Beds

3 Baths

2,252 SqFt

Status Active Under Contract

MLS # 6753261

Property Type Single Family Residence

Price Type --

Nestled in the heart of Central Phoenix, this charming red brick home seamlessly blends timeless style with modern updates. Featuring 3 bedrooms, 3 bathrooms, and a versatile den/office/bonus room, the space has been thoughtfully upgraded to offer both comfort and functionality. Highlights include a cozy wood-burning fireplace, fresh neutral paint, new bedroom carpets, and an open kitchen with a quartz island, perfect for entertaining. The expansive living room, extra-large laundry room, and OWNED SOLAR add to the home's appeal. Enjoy the serene outdoor space with mature shade trees, a grassy front and back yard, and a convenient location just minutes from freeways, downtown, light rail, hospitals, and shopping. This home truly offers the best of Central Phoenix living!

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5169 N 207th Drive Buckeye, AZ 85396

$725,000

2 Beds

3 Baths

2,454 SqFt

Status Active

MLS # 6747130

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the serene gated community of Mountainside in Victory, for 55+, where every detail has been thoughtfully curated to blend luxury with comfort. This exquisite home offers breathtaking mountain views and boasts 2 spacious bedrooms and 3 elegantly designed bathrooms. The main level features a primary bedroom with a spacious bath and a custom walk-in closet. Downstairs also includes a den, meticulously finished with custom built-in cabinets, providing ample storage and an elegant touch. You have another bedroom and full bathroom to complete the downstairs. The heart of the home is the upgraded kitchen, a chef's delight w/ granite countertops, stylish tile backsplash, a custom pantry and extended island that invites both culinary creativity and casual gathering. The open-concept layout seamlessly connects the kitchen to the living and dining areas, making it ideal for entertaining. Upstairs, you'll find a versatile loft area that opens to a generous balconyperfect for taking in the stunning vistas or relaxing with a good book. The loft is complemented by a full bathroom, making it an excellent space for guests or a private retreat. Opening your extended sliders downstairs to the backyard you will find a private oasis featuring travertine decking, a built-in fire pit, and a motorized shade creating an inviting space for outdoor enjoyment and cozy evenings under the stars. Home upgrades include custom motorized shades in every room, providing ultimate privacy. This SMART home also includes a two-car epoxy garage, reverse osmosis, and a water softener. This exceptional property marries custom finishes with practical design, ensuring a sophisticated yet comfortable living experience.

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12687 W Caraveo Place Peoria, AZ 85383

$725,000

4 Beds

3.5 Baths

2,990 SqFt

Status Active

MLS # 6754653

Property Type Single Family Residence

Price Type --

Discover the epitome of comfort & style in this stunning 2-story home w/ gorgeous mountain views nestled w/in the coveted Vistancia community. The main level boasts an expansive open layout, perfect for entertaining or relaxing w/ family. The modern kitchen is a chef's dream, featuring a large island, 5-burner gas cooktop, hood & sleek staggered cabinets. The adjacent living room offers a cozy retreat for movie nights or simply unwinding. Open concept den is great for working from home. A versatile bonus room w/ a barn door provides flexibility for a playroom or additional bedroom. The upper level offers a spacious loft ideal for a game room or living area. 3 generously sized guest bedrooms share 2 full bathrooms, including a convenient Jack-and-Jill bathroom. The owner's suite is a true sanctuary, complete w/ dual sinks, a luxurious walk-in shower & a spacious walk-in closet. Step outside to your private backyard oasis, featuring a refreshing 2-year-old pool, artificial turf for easy maintenance & a covered patio perfect for outdoor dining & relaxation. 3-car garage includes a tandem space, EV outlet & convenient backyard access. The community of Vistancia is a master-planned development that includes beautiful homes, parks & hiking trails, award winning community centers & golf courses, commercial & retail shops, along with incredible rolling hills & desert landscape all around! The future 320-acre 5 North at Vistancia commercial core is coming soon. Vistancia has ranked as the #1 Master Planned Community in AZ for 10 years in a row (2014-2023)! Resort-style living at its best. Come & see why!

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18925 S 211th Way Queen Creek, AZ 85142

$725,000

3 Beds

2.5 Baths

2,654 SqFt

Status Active

MLS # 6753009

Property Type Single Family Residence

Price Type --

Welcome to your new home in Queen Creek's prestigious Gateway Quarter neighborhood! This stunning single level residence has been meticulously maintained and shows just like a model home. A rare find on the ONLY oversized lot in the community! Stunning curb appeal with an upgraded Hill Country elevation, stacked stone accents, paver driveway, three-car split garage, and an inviting front porch. Step inside to discover an open floor plan adorned with high-end finishes and upgrades throughout. The gourmet kitchen is a chef's delight, featuring quartz countertops, tile backsplash, custom cabinetry, stainless gas appliances, and a spacious island perfect for entertaining. The inviting living area, with its elegant design and abundance of natural light provides a seamless transition to the expansive backyard. Retreat to the luxurious owner's suite, complete with a spa-like bathroom featuring dual vanities, a soaking tub, separate shower with rain showerhead, and a roomy walk-in closet. The additional bedrooms and den are split from the primary suite and generously sized, offering comfort and privacy for family and guests. The outdoor space includes an extended covered patio, pavers, artificial turf, attached storage room, dog run, and ample room for a pool, garden, or whatever your heart desires. Other features include 10' ceilings, 8' doors, wood look tile throughout with carpet in the bedrooms, built-in surround sound, gorgeous lighting & ceiling fans, and a huge laundry room with built-in cabinetry and sink. Situated in the sought-after Gateway Quarter neighborhood, this home offers close proximity to top-rated schools, shopping, dining, and entertainment options. Don't miss the opportunity to own this exquisite property!

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40676 N Cape Wrath Drive San Tan Valley, AZ 85140

$725,000

5 Beds

3 Baths

2,762 SqFt

Status Active

MLS # 6750280

Property Type Single Family Residence

Price Type --

This 2,761 sqft home in the desirable Castigate community offers 5 bedrooms, 3 baths, a 3-car garage, w/ side RV gate & sits on a spacious 12,095 sqft. lot w/ ultimate privacy w/ no neighbors behind. The kitchen features granite countertops & stunning sunrise & sunset views. The backyard is perfect for entertaining, w/ a fenced-in pool and extended covered patio. Additional upgrades include owned solar, an EV-ready with 2 RV plugs, a house water filtration system w/ UV lamp & so much more! This home is also located within close proximity to the LG plant.

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3010 E Shady Spring Trail Phoenix, AZ 85024

$725,000

3 Beds

2.5 Baths

2,439 SqFt

Status Active

MLS # 6753812

Property Type Single Family Residence

Price Type --

Sellers are offering $5,000 to spend on Buyers' choice! This house is as impressive on the inside as it is on the outside! Beautiful custom wood shutters. Updated, but timeless wood laminate and tile flooring in all areas but the bedrooms. Upgraded light fixtures inside & out. All newer SS kitchen appliances, granite countertops, and island w/breakfast bar, newer disposal & faucet. Spacious master with ensuite with dual vanity, and a walk-in closet. Space and functionality abound in this home. The loft brings options for additional bedrooms, office, or home gym. The backyard is tranquil facing a natural desert view.

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