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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15305 W White Wood Drive Sun City West, AZ 85375

$725,000

2 Beds

2.5 Baths

2,656 SqFt

Status Active

MLS # 6755032

Property Type Single Family Residence

Price Type --

Spectacular curb appeal-pristine Avondale model overlooking 10th hole of the Trail Ridge Golf Course-soaring ceilings & split floorplan-2 bed/2.5 bath plus den. Half bath w pedestal sink, 2nd bedroom suite w private bathroom. Enter through the nicely tiled front courtyard to the large living and dining room areas and spacious den/office room w bamboo flooring, desk & cabinets w shelves. Open & spacious kitchen w stylish white cabinets, Corian countertops, island w storage. Bar seating & kitchen eating area-opens to great room w cozy gas fireplace. Oversized primary ensuite w spacious bathroom-granite countertops & updated tiled-walk-in shower & tub, huge walk-in closet. Bathrooms-travertine stone flooring. Laundry rm, sink & 3 car garage. Rear custom patio cover & pony wall. Roof 2020.

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13036 N 20th Street Phoenix, AZ 85022

$725,000

4 Beds

2.5 Baths

2,665 SqFt

Status Active

MLS # 6755217

Property Type Single Family Residence

Price Type --

Introducing a stunning brand-new home with breathtaking mountain and city light views! This spacious home features an open layout, perfect for entertaining and family gathering. The kitchen is equipped with high-end appliances and modern finishes, while sliding glass doors lead to a back patio, seamlessly blending indoor and outdoor living. Luxurious wood flooring runs throughout. Every detail, from the spacious bedrooms to the beautifully designed bathrooms, ensures comfort and style. Just 5 minutes from the freeway, this home offers easy access to the rest of the city. Top-ranked BASIS Phoenix is nearby. Outdoor enthusiasts will love the proximity to scenic hiking trails and golf resorts. The home is offering both convenience and adventure!

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821 E Cavalier Drive Phoenix, AZ 85014

$725,000

3 Beds

3 Baths

1,886 SqFt

Status Active Under Contract

MLS # 6756347

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home in the highly sought-after Madison School District, located in the heart of uptown Phoenix! This move-in-ready property features 3 spacious bedrooms (two of which are primary suites), 3 baths, two living areas, and a versatile office/den. The open-concept layout showcases elegant porcelain wood-tile floors, fresh paint, two-panel doors, and recessed lighting throughout. The kitchen is a true showstopper, designed for entertaining with a stunning 9-foot waterfall-edge island with breakfast bar seating, pristine white quartz countertops, a farmhouse sink, a large pantry, and a built-in under-counter microwave. Perfectly situated near top-rated schools, shopping, dining, entertainment, Sky Harbor Airport, and major freeways, this Central Phoenix gem offers the best of city living. Don't miss your chance to call this exquisite home yours!

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9292 E Dreyfus Place Scottsdale, AZ 85260

$725,000

3 Beds

2 Baths

1,720 SqFt

Status Active

MLS # 6745860

Property Type Single Family Residence

Price Type --

This stunning 3-bedroom single-level home in Scottsdale is a true gem, offering the perfect blend of comfort and convenience. With vaulted ceilings and elegant plantation shutters throughout, the open and airy design creates a welcoming atmosphere. The wood flooring adds a touch of sophistication, while the corner lot position provides added privacy and a lovely view of the community park. The open kitchen seamlessly flows into the family room, making it ideal for both everyday living and entertaining guests. Enjoy a lifestyle of ease with everything you need just moments away: movie theaters, diverse dining options, grocery stores, Scottsdale Shea Hospital, the McDowell Mountain Preserve, and an array of shopping opportunities.

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4657 N Juniper Lane Pine, AZ 85544

$725,000

3 Beds

4 Baths

1,824 SqFt

Status Active

MLS # 6691637

Property Type Single Family Residence

Price Type --

Welcome home to this beautiful custom built 3-bedroom, 4-bathroom retreat boasting breathtaking panoramic views of the serene mountains and picturesque town. Nestled in a tranquil neighborhood, this inviting home offers the perfect blend of comfort and sophistication. Upon entering, you'll be greeted by an open and airy great room concept, ideal for entertaining guests or enjoying cozy nights in with loved ones. The spacious living area seamlessly flows into the dining space and kitchen, creating a warm and inviting atmosphere. The large kitchen features sleek stainless-steel appliances, complemented by a convenient walk-in pantry, ensuring ample storage space for all your culinary needs. Located on the main floor, the master suite offers a peaceful sanctuary with stunning CLICK MORE views, providing the perfect retreat at the end of a long day. Two additional generously sized bedrooms provide plenty of space for family members or guests. For added convenience, this home boasts a one car garage, providing secure parking and storage options. For those seeking additional privacy the downstairs can be used as guest quarters with its own entrance and covered patio or it can offer endless possibilities. Step outside to the expansive patio area and soak in the awe-inspiring vistas of the surrounding mountains and the charming town of Pine. Whether you're enjoying your morning coffee or hosting a barbecue with friends, this outdoor oasis is sure to take your breath away. Over the past few years there has been a tremendous number of upgrades. The entire deck has been rebuilt, New AC and Heat Pump, LP Siding, Stonework on the lower patio wall and chimney, Meshtech Security doors, New dual pane windows throughout, New Roof, New French Drain and Landscaping, Remodeled bathroom in the basement plus laminate flooring and lighting. Other upgrades throughout the years consist of new flooring throughout the home, upgraded kitchen countertops, driveway pavers, moss rock walls, lower deck added and exterior stairway. With over $200,000 worth of upgrades already completed, this home is in move-in condition. All it needs is you! The furniture is negotiable outside of escrow.

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1809 E Kasti Trail Sierra Vista, AZ 85650

$725,000

4 Beds

3 Baths

3,757 SqFt

Status Active

MLS # 6742051

Property Type Single Family Residence

Price Type --

THIS IS IT! Authentic Mud Adobe home featuring over 26,000 mud bricks made onsite! Highly insulated with 16' walls. Custom features such as exposed beams, vigas, saguaro ribs, all ceramic tile & stainless steel appliances. Beautiful hickory cabinets, solid wood doors & Pella windows. Upstairs you'll find your primary suite w/ separate den/office. Downstairs features a huge game/family room w/fireplace & separate den leading out to the patio . Huge kitchen w/ breakfast nook featuring custom table & chairs w/seating for 10. Built in large center buffet. Front & rear covered porches. Outside bathroom for INGROUND POOL area & built in tile counter w/BBQ, fridge & sink. Attached 2 car garage, detached 2+ car garage. Wonderful home for entertaining or large gatherings. HOME STARTS HERE!

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23035 W Sierra Ridge Way Wittmann, AZ 85361

$725,000

5 Beds

4 Baths

3,155 SqFt

Status Active

MLS # 6743733

Property Type Single Family Residence

Price Type --

Huge custom home in quiet subdivision on one a large 1+ acre lot with an open space behind it. The yard includes two RV gates, RV parking, pool, spa, built-in BBQ, and multiple extended patios with low maintenance artificial turf. Great for entertaining! The home includes two master suites, an open greatroom with built-in Entertainment Center, kitchen and dining area. The spacious kitchen includes granite countertops and double ovens. All appliances included! Enjoy the open space, country air and rural lifestyle in this spacious home with all of the amenities!

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9780 W Cashman Drive Peoria, AZ 85383

$725,000

4 Beds

3 Baths

2,372 SqFt

Status Active

MLS # 6748413

Property Type Single Family Residence

Price Type --

A message from the sellers: ''Dear buyers; We've had the joy of buying and selling several homes over the years, but this one holds a special place in our hearts. From the family-friendly layout to the fantastic neighborhood and the convenience of schools just a short walk away, it's been everything we could have hoped for. What we love most is ending the day watching the sunset paint the sky in vibrant colors. The view is absolutely breathtaking and there's something so calming about it. We have put in just over 190K in upgrades to make this home a haven we have designed for relaxation and quality family time. While we're excited for our next adventure, we take comfort in knowing someone else will will get to enjoy the oasis we've created here. '' ~ T & R get to enjoy the oasis we've created here. '' ~ T & R

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39601 N Graham Way Phoenix, AZ 85086

New

$725,000

6 Beds

3 Baths

2,968 SqFt

Status Active

MLS # 6759806

Property Type Single Family Residence

Price Type --

Another Amazing Anthem Parkside Home now on market! Beautiful Victory floorplan with updates throughout, including wood look ceramic tile flooring, kitchen & living updates, and extensive backyard oasis upgrades, including built in grills, pergola, & turf surrounding the pool & spa centerpiece. Spacious interior accompanied with soaring ceilings & split floorplan of downstairs owners' suite plus additional bedroom or den/office with remainder of bedrooms upstairs. Award winning master-planned community of Anthem Parkside with tremendous amenities, including 60-acre community park, pickleball & tennis courts, athletic facilities, lap pool & water park with slides. Come & see in person!

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42491 W Bravo Drive Maricopa, AZ 85138

$725,000

5 Beds

3 Baths

3,622 SqFt

Status Active

MLS # 6724989

Property Type Single Family Residence

Price Type --

Welcome to your dream home. This exquisite 5-bedroom, 3-bathroom property offers the perfect blend of luxury, comfort, and entertainment. Elegant luxury vinyl plank flooring and plantation shutters add to the home's refined aesthetic. Spacious kitchen with granite countertops is perfect for meal prep or casual dining. A huge primary bedroom featuring two walk-in closets and private balcony with a view that does not disappoint. The property boasts an entertainers delight with a heated/cooled pool, spa, and a 4-hole putting green, making it the perfect place to host gatherings. Enjoy serene views of the 18th fairway right from your backyard. An EV plug-in station ensures your electric vehicle is ready to go. Don't miss the opportunity to own this extraordinary home in Rancho El Dorado

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5118 E Anderson Drive Scottsdale, AZ 85254

$725,000

3 Beds

2.5 Baths

1,832 SqFt

Status Active

MLS # 6754627

Property Type Single Family Residence

Price Type --

This fabulous home is now available in the highly coveted zip code of 85254. Centrally located in the new community of Arabella w/3 beds, 2.5 baths & a 2 car Garage w/electric car outlet.. Discover an inviting great room that seamlessly connects the main living areas. Home has a neutral scheme from the flooring to the window treatments, this home is sure to match anyone's decor. The gourmet kitchen boasts high-end SS appliances, granite counters, tile backsplash, dark wood cabinetry, & a breakfast bar. Main bedroom has an ensuite w/dual sinks, a walk-in closet, & laundry room access. Other bedrooms shared a Jack & Jill bathroom. Relax under the back-covered patio! Both the front & backyard have been meticulously landscaped, offering a haven of tranquility. This newer home is a MUST-SEE!!!

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2614 W Estes Way Phoenix, AZ 85041

New

$725,000

4 Beds

3.5 Baths

3,297 SqFt

Status Active

MLS # 6760208

Property Type Single Family Residence

Price Type --

Welcome home to Citrus Mountain Estates! This stunning 4-bed, 3.5-bath home sits on a spacious 10,497 SF lot, featuring a 3-car garage, RV gate, + resort style living. The downstairs includes a generous in-law suite w/ private bathroom + living area. The chef's kitchen is perfect for entertaining, boasting new appliances, custom walnut cabinets, + eat-in area. Enjoy an oversized living room + a massive bonus room, ideal for a family room, home office. With 2 laundry rooms—1 downstairs + 1 in the primary suite—convenience is key. Upstairs, a spacious loft awaits. The primary bedroom features a private patio + luxurious en-suite w/ a walk-in closet, dual vanities, + soaking tub. Step outside to your private oasis w/ heated sparkling pebble tec pool + spa, built-in BBQ, + new turf/lighting.

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