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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22203 N Tournament Drive Sun City West, AZ 85375

$725,000

2 Beds

2.5 Baths

2,564 SqFt

Status Active Under Contract

MLS # 6745539

Property Type Single Family Residence

Price Type --

Enjoy the spectacular views from your expansive windows of an unrestrictive view of the 9th hole of the Deer Valley Golf course and the white tank mountains. Spectacular views, no houses in sight. Several updates throughout the years such as new windows flooring, bathrooms, kitchen and paint. Enjoy a $22.00 per month APS bill in the summer with outright owned solar panels. Enjoy the spacious bedrooms and office/den with built in bookshelves, drawers, shelving for books of this beautiful home. This home will not disappoint. Just a short ½ mile distance from the Palm Ridge Recreation center and on the Deer Valley golf course the location. Strong sense of community, excellent amenities, and convenient access to everything residents might need.

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3834 N 42nd Place Phoenix, AZ 85018

$725,000

3 Beds

2 Baths

1,440 SqFt

Status Active

MLS # 6742424

Property Type Single Family Residence

Price Type --

Charming home in Arcadia Lite just waiting for the right owner to transform this gem into their dream home. Walk into a spacious great room with a split 3 bed/2 bath floor plan with plenty of windows to bring in the natural Arizona sunshine. Move in and remodel or utilize the great lot and rebuild! Don't miss out on your opportunity to purchase in one of the most desired zip codes in Phoenix.

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4805 N Woodmere Fairway -- Unit 2007 Scottsdale, AZ 85251

$725,000

2 Beds

2 Baths

1,378 SqFt

Status Active

MLS # 6753847

Property Type Apartment

Price Type --

Centered in the middle of Old Town Scottsdale and surrounded by the best restaurants, high end shopping + boutiques, 5 star luxury resorts, Camelback Mountain, hiking, & the buzzing nightlife, is The Sage Luxury Condominiums. For those desiring the low maintenance lifestyle, with everything at your fingertips, this is the one! With 2 bedrooms and 2 bathrooms, the 1,378 sq ft condo, features French oak floors, open concept kitchen-dining-living, cozy gas fireplace, sunset/camelback mountain views, split floorplan, custom cabinetry throughout, granite + marble countertops, plantation shutters, the list goes on. The community amenities can't be beat: with the elevator entry, no interior steps, gated underground parking with EV charging stations, heated pool & spa, fire pits, grill area, cabanas, clubhouse/rec room with 2 gyms, and a private wine cellar with tasting room AND this condo comes with it's own private wine locker. The Scottsdale Lifestyle is calling, pick up!

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19334 W Pasadena Avenue Litchfield Park, AZ 85340

$725,000

5 Beds

3.5 Baths

3,072 SqFt

Status Active

MLS # 6726453

Property Type Single Family Residence

Price Type --

GORGEOUS, SPACIOUS HOME ON PREMIUM, CORNER LOT! STARTING W/ THE WONDERFUL CURB APPEAL & INVITING COUTRYARD ENTRANCE, THIS HIGHLY UPGRADED HOME IS SURE TO IMPRESS YOU! FABULOUS KITCHEN W/ WOLF OVEN & MICROWAVE, GAS COOKTOP, BUILT-IN S/S REFRIG., TILED COUNTERTOPS/BACKSPLASH & LOTS OF CABINETS IS COMPLETE W/ BREAKFAST BAR, ISLAND, PANTRY, & BREAKFAST ROOM. POPULAR GREAT RM CONCEPT W/ SEP. DINING AREA. TERRIFIC SPLIT-BR FLOOR PLAN, WITH 3 OTHER BEDROOMS & CHARMING GUEST SUITE TO BOOT! EXPANSIVE MAIN SUITE HAS COZY FIREPLACE & SEP. EXIT. INSIDE LAUNDRY. POWDER ROOM. THIS 5 BR/3.5 BATH W/ 3 CAR GARAGE (TANDEM) IS LIKE A MODEL W/ PLANTATION SHUTTERS, & DESIGNER TOUCHES T/O! BEAUTIFUL TILE & LAMINATE FLOORING. BACKYARD PARADISE INCLUDES COV. & OPEN PATIOS W/ PAVERS, WATERFALL, & FIREPIT!

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20939 E Mayberry Road Queen Creek, AZ 85142

$725,000

5 Beds

4 Baths

3,158 SqFt

Status Active

MLS # 6758721

Property Type Single Family Residence

Price Type --

Why by new?! This meticulous home has Stunning upgrades & a finished backyard. Kitchen boasts quartz counters, gourmet cafe' appliances, large island, upgraded cabinets(including pull out shelves,hardware & soft close), huge walk in pantry plus butler's pantry. Gorgeous shutters, upgraded light fixtures & fans, ADDED CUSTOM BUILT INS throughout, wood look tile, & surround sound. You will love the shiplap, wall molding accents that really add to the charm! STORAGE+! Great room floorpan. Primary Bdrm & 1 secondary Bdrm on main level. Walk in closets in all bedrooms.En suite secondary Bdrm. 3 car garage w/ tons of custom built in cabinets. Spectacular location!! Within walking distance to all the favorite shopping, eateries & entertainment! Highly Rated Schools! So Many Extras in this home!

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48031 N 7th Avenue New River, AZ 85087

$725,000

3 Beds

2.5 Baths

2,321 SqFt

Status Active

MLS # 6744689

Property Type Single Family Residence

Price Type --

Sante Fe Style Home with Mountain and Desert Views in New River, Arizona. This thoughtfully designed 3-bedroom plus office residence offers an inviting open floor plan. Nestled on a 1.25-acre lot, this property has views of the surrounding mountains and desert. As you step inside, you'll be greeted by natural light that highlights the living areas. The recently installed new shutters throughout the house allow you to control the amount of sunlight. The kitchen flows effortlessly into the dining room and family room. Outside, the 1.254 acre lot presents endless possibilities, including the potential to create your own horse property. The property is complemented by a 4-car garage.

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5653 S Crowley -- Mesa, AZ 85212

$725,000

2 Beds

2.5 Baths

2,470 SqFt

Status Active

MLS # 6732727

Property Type Single Family Residence

Price Type --

Welcome to this wonderful home nestled in the Encore at Eastmark, an Active Adult Community. This community boasts top-tier amenities including pickle ball courts, a fitness center, swimming pools, walking paths and more. This immaculate single-level home features an open floor plan with neutral tones with wood and tile flooring. The entry opens to a dedicated office and formal living room, while a private-entry guest suite adds convenience for hosting. Primary suite has a large walk-in shower, expansive closet and double sinks with quartz counter tops. The heart of the home is the eat-in kitchen, complete with a large center island, gas cooktop, breakfast bar, and stainless steel appliances, along with a walk-in pantry and a butler's pantry that doubles as an additional office or hobby room. Enjoy the covered patio, an outdoor pergola, built-in BBQ, and an outdoor fireplace with family and friends. Located within walking distance to all community amenities, this home offers a luxurious, comfortable lifestyle in one of Mesa's most sought-after communities.

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15079 W Desert Vista Trail Surprise, AZ 85387

New

$725,000

4 Beds

2 Baths

2,194 SqFt

Status Active

MLS # 6760921

Property Type Single Family Residence

Price Type --

This is home is close to Perfection !!! Horse property , no HOA in this growing area of Surprise. Corner cul-de-sac lot , w/ 3 car garage. Backyard has block fencing and 2 RV gates , bring your toys and horses!!! Water softener in garage and added 50 amp breaker to box. Kitchen features custom hood -fan, tiled backsplash , and 2 pantry cabinets , breakfast bar has granite , deep sink, built-microwave. most light fixtures/indoor-outdoor and ceiling fans were replaced. Ideal home for entertaining guest . Master bath posses luxury free-stand soaking tub , Maser bedroom has large walk-in-closet Builder warranty available , and all appliances will convey.

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20515 W Rosewood Lane Buckeye, AZ 85396

$725,000

3 Beds

2.5 Baths

2,105 SqFt

Status Active

MLS # 6739456

Property Type Single Family Residence

Price Type --

Discover this charming residence in Victory at Verrado! Excellent curb appeal, complete with a 3-car garage, a meticulously maintained front yard, and attractive pavers. Inside, the great room welcomes you with high ceilings, a neutral palette, classic white shutters, and contemporary wood-look tile flooring. The kitchen features quartz counters, abundant wood cabinetry, stylish pendant and recessed lighting, stainless steel appliances, a pantry, and a large island with a breakfast bar for casual dining. Retreat to the main bedroom, offering soft carpeting, an ensuite with dual sinks, beautiful standing glass shower, and a walk-in closet. Venture outside to the spacious backyard, which includes a covered patio, built-in BBQ, and a cozy firepit. Make this gem yours today!

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2118 E Enrose Circle Mesa, AZ 85213

$725,000

4 Beds

3 Baths

3,035 SqFt

Status Active Under Contract

MLS # 6741017

Property Type Single Family Residence

Price Type --

Welcome to this beautifully maintained 4-bedroom, 3-bathroom home located in the heart of Mesa. Nestled on a quiet cul-de-sac, this spacious property offers the perfect blend of comfort and convenience. The open floor plan features a bright and airy living area, complemented by a well-appointed kitchen with ample cabinet space and a breakfast nook. The primary suite boasts a large walk-in closet and an ensuite bathroom with dual vanities. The additional bedrooms are generously sized, offering flexibility for a home office or guest room. Step outside to the private backyard, ideal for entertaining with its covered patio and lush landscaping. Conveniently located near shopping, dining, and top-rated schools, this home is a must-see!

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25555 N Windy Walk Drive Unit 54 Scottsdale, AZ 85255

$725,000

3 Beds

2.5 Baths

2,140 SqFt

Status Active

MLS # 6743317

Property Type Townhouse

Price Type --

Elegance and seclusion in Skye Top at Troon's most desirable TH community. Renovated in latest style. Two story wall of windows w/ soaring ceilings in the great room. Charming entertaining patio & balcony off the primary bedroom, White cabinetry, granite counters, Community lagoon pool & spa w/ boulder waterfall & clubhouse w/ FP. Located in N. Scottsdale near golf, fine dining, & shopping. **** HOA fees include cable & internet.

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10173 E Conieson Road Scottsdale, AZ 85260

$725,000

3 Beds

2 Baths

1,879 SqFt

Status Active

MLS # 6754210

Property Type Single Family Residence

Price Type --

You'll LOVE this beautiful home in Scottsdale Stonebrook! Providing 3 beds, 2 baths, desert landscape, & a 2-car garage w/cabinets. Home exudes elegance with vaulted ceilings, tons of natural light, two-tone paint, plantation shutters, archways, and tile & wood floors in all the right places. The large living/dining room features surround sound & sliding doors to the back! The impressive kitchen boasts SS appliances, solid-surface counters, ample wood cabinets, a pass-through window, & a breakfast nook. Double-door main bedroom is a true retreat, offering a sitting room w/outdoor access! Its ensuite has dual sinks, separate tub/shower, & a walk-in closet. Beyond the interiors, the backyard holds its own charm! Enjoy the covered patio, fireplace, built-in BBQ, & a sparkling pool. Just WOW!

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