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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14713 W Black Gold Court Sun City West, AZ 85375

$724,900

3 Beds

2.5 Baths

2,642 SqFt

Status Active

MLS # 6737041

Property Type Single Family Residence

Price Type --

Discover luxury living in the heart of Sun City West at the exclusive Fitzpatrick Ranch, the only small community development within Sun City West, which is not by Del Webb, features superior 2x6 construction. This spacious 2,687 sq ft home boasts 3 bedrooms plus office, high-end appointments and custom touches throughout, providing an unparalleled living experience. As you step inside, you will be greeted by 9ft ceilings and 8ft doors, enhancing the open and airy feel of this elegant home. The expansive great room, complete with a gas fireplace, invites relaxation and comfort. The home features plantation shutters in the great room, dining room, and office. Other rooms have wooden blinds and new luxury laminate flooring in all bedrooms, CLICK MORE complemented by porcelain tile in the main living areas. The gourmet kitchen is a chef's dream, featuring a large island with a prep sink, granite countertops, a 6 burner gas cooktop, a wall convection oven, a built-in microwave/convection, stainless steel appliances, an RO system, and a hot water system. The kitchen is adorned with cherry cabinets, including pull-outs in all bottom shelving, soft closing and upper cabinets with glass-encased doors. A spacious dining area completes this well-appointed space. The split floor plan offers a private Master suite with access to the back patio, a luxurious bath with a jetted tub, a large walk-in shower, a large closet with ample storage, double sinks, private toilet room with a bidet. Guest bedrooms share a Jack and Jill bath, with a separate shower and toilet rooms, with one bedroom offering direct access to the backyard. Easily turn the office into a fourth bedroom. Additional features include a split garage with a single garage on one side and a double garage on the other. The double garage is equipped with built-in attached cabinets for added storage, an upgraded electric panel, and a soft water system. This is an all Kohler home. A large laundry room adds convenience to daily chores and additional space for additional pantry storage. The private backyard sanctuary with a covered patio is perfect for outdoor entertaining or peaceful relaxation. The woman residents of this tight community experience monthly lunches & Pour at 4, and enjoy potlucks and block parties. Enjoy all the amenities Sun City West has to offer. Experience the perfect blend of luxury, comfort, and community in this exceptional Sun City West home.

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16630 N 50th Way Scottsdale, AZ 85254

$724,900

4 Beds

2 Baths

1,717 SqFt

Status Active

MLS # 6732850

Property Type Single Family Residence

Price Type --

Spectacular 4 bedroom, 2 bathroom home in the gated community of Encantobella. As you enter, you will notice the open concept layout and hardwood flooring that guides you through your journey into the home. Find joy cooking in the stylish eat-in kitchen, featuring stainless steel appliances, granite countertops, a pantry, and a breakfast bar. Relax in the privacy of the primary bedroom, featuring a sizable closet and an suite bathroom with a dual sink vanity, a soaking tub, and a separate shower. Unwind in the beautiful Scottsdale weather on the covered flagstone patio overlooking the expansive backyard with an outdoor grilling island. Enjoy your own private hot tub in the yard. This home is minutes from restaurants, shopping centers, and community amenities, including a park and pool

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4722 W Silva Drive New River, AZ 85087

$724,900

3 Beds

2 Baths

2,128 SqFt

Status Active

MLS # 6753676

Property Type Single Family Residence

Price Type --

RV AND BOATS ALLOWED ON PROPERTY! 30 MINUTES TO LAKE PLEASANT WITH BOAT IN THE WATER. This updated 3 bedroom 2 bath home with a 3 car garage and RV parking (80 ft concrete)! Located 20 minutes from Lake Pleasant! Kitchen features grey cabinets, granite counters, farmhouse sink, stainless steel appliances, subway tile backsplash, pantry and breakfast bar. Dinning area provides extra storage with built in serving cabinets and access to the back patio. Main bedroom has private entry to backyard. MUST SEE backyard in which you will want to entertain guests all year with ramada, heated pool (plus solar), spa, built in BBQ, sports court, mist sprinklers and putting green. Newer carpet & paint, epoxy garage floors, 220 amps outdoor RV charger, 220 amps electric car charger installed in garage.

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10401 W Patrick Lane Peoria, AZ 85383

$724,900

4 Beds

2 Baths

2,472 SqFt

Status Active Under Contract

MLS # 6731378

Property Type Single Family Residence

Price Type --

Sellers ready to downsize are proud to show their 4 bedroom, 2 bathroom and 3-car garage home. Enjoy the private backyard of this corner lot that sits next to a wash. Cool off in the pool while listening to the tranquil splashing from the water feature. The backyard includes a built-in BBQ with a pergola overhead and a gorgeous stone patio. Inside, the kitchen's large granite island and walk-in pantry will be a handy benefit for hosting family and friends. You will appreciate the wood floors in the spare bedrooms as well as the fixtures and tiles chosen in the updated bathrooms. Close to parks, shopping, restaurants and just a short drive to Lake Pleasant, this home is waiting for you.

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1275 Pebble Springs Prescott, AZ 86301

$724,900

3 Beds

3 Baths

2,213 SqFt

Status Active

MLS # 6759048

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-level home located in the gated Creekside neighborhood of Prescott Lakes. Boasting exceptional curb appeal, the property features a paver driveway and beautifully landscaped front yard, complementing the stucco exterior with elegant stacked stone accents. As you enter, you'll be greeted by rich, dark engineered wood floors that flow throughout the main living areas, setting the tone for the inviting open floor plan. The great room exudes comfort and sophistication, seamlessly connecting the living room, dining area, and kitchen, while offering a versatile bonus space. At the heart of the great room is a cozy gas fireplace with a rock surround and wood mantel, flanked by a wall of windows that fill the space with natural light. The kitchen is a chef's dream, equipped with stainless steel appliances, including a 4-burner gas range, granite countertops, glass tile backsplash, and a walk-in pantry. The large kitchen island, with a breakfast bar and undermount sink, serves as a central gathering spot, perfect for casual meals or entertaining. The dining area, open to both the kitchen and great room, provides a seamless flow for hosting guests. The den offers additional flexibility, easily transformed into a breakfast nook, library, or office, with sliding glass doors that allow you to customize the space to your preferences. Escape to the luxurious primary bedroom suite, where you'll find granite counters with double sinks, a dressing table, a walk-in closet, and a spa-like glass-enclosed walk-in shower. Two additional bedroomsone carpeted and one with wood flooringshare a Jack and Jill bathroom with granite countertops, dual sinks, and a walk-in tub/shower combination. Additional features include a convenient powder room and laundry room, both located off the foyer. The spacious 3-car tandem garage provides ample storage, workshop space, or room for an extra vehicle. Outdoors, the expansive covered paver patio, open side patio, and fully landscaped backyard offer plenty of space to relax and enjoy the crisp mountain air of Prescott.

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4027 E Cholla Street Phoenix, AZ 85028

$724,900

4 Beds

2 Baths

1,930 SqFt

Status Active

MLS # 6754927

Property Type Single Family Residence

Price Type --

Looking for a 4 bedroom, 2 bath home that you can move into without updating, then this is it! Seller has maintained the property beautifully and done the right updates. This home is ideal for both entertainers and those who like to stay-at-home. Plenty of areas for social gatherings but quiet enough for evenings at home. This single level home, with no interior stairs has open sight lines from the front door out to the sparking pool. All main living areas have beautifully tiled floors and the bedrooms have engineered hardwood. The oversized, corner lot has ample space with areas for dining, socializing, hanging by the pool and more! Highly sought after neighborhood near the newly reimagined PV Mall area.

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18280 W Sells Drive Goodyear, AZ 85395

$724,900

4 Beds

2.5 Baths

3,050 SqFt

Status Active

MLS # 6739291

Property Type Single Family Residence

Price Type --

Check out this fantastic 4 bed, 2.5 bath residence now on the market! A manicured landscape, 2 car garage, paver driveway, and an RV garage + RV gate & parking are just the beginning! Discover an open floor plan w/wood-look tile flooring and warm palette throughout. The chef's kitchen is comprised of wood cabinetry w/crown moulding, a walk-in pantry, granite counters, tile backsplash, SS appliances, pendant & recessed lighting, and an island w/a breakfast bar. The primary bedroom boasts a walk-in closet, and a full bath w/dual sinks for added comfort. You'll also find a cozy den and a large bonus room ideal for an entertainment center! Finally, the expansive backyard includes a covered patio, extended seating area w/a built-in BBQ, and a refreshing hot tub! Don't miss out!

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9780 W Vista Bonito Drive Casa Grande, AZ 85194

$724,900

5 Beds

3.5 Baths

2,991 SqFt

Status Active

MLS # 6608564

Property Type Single Family Residence

Price Type --

This beautiful custom home sits on over 2 acres nestled in the highly desired neighborhood of Las Montanas. Key highlights include: high-end tile throughout, 5 bedrooms, 3.5 bathrooms, large granite kitchen island, pendant lighting and knotty alder doors. The possibilities are endless on this huge lot with mountain views from every corner.

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42817 N 45th Lane New River, AZ 85087

$724,900

5 Beds

3.5 Baths

3,968 SqFt

Status Active

MLS # 6716417

Property Type Single Family Residence

Price Type --

Welcome to this stunning two-story home nestled in the picturesque Anthem West Community, boasting breathtaking mountain views. Step inside to discover newly installed carpeting throughout, complementing the sleek granite counters and spacious kitchen island, perfect for culinary endeavors. Downstairs, a luxurious primary bedroom awaits, complete with a sprawling en-suite bathroom, while a convenient den offers versatile living space. Upstairs, a cozy loft area leads to four additional bedrooms, ensuring ample accommodation for family and guests. Outside, a sparkling pool awaits, embraced by a chic travertine surround, creating an oasis for relaxation and entertainment in the Arizona sunshine.

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9219 W Bent Tree Drive Peoria, AZ 85383

Open House

$724,900

4 Beds

2 Baths

2,219 SqFt

Status Active

MLS # 6748387

Property Type Single Family Residence

Price Type --

This exceptional pool home, meticulously remodeled to near-new condition, is a must-see. The owners spared no expense, and it shows in every detail. The list of upgrades are endless with OWNED Solar panels and a Private pool. Stunning kitchen with granite countertops, pull-out drawers, and a spacious island with ample storage. Tile flooring that mimics the look of wood throughout (no carpet!). Both bathrooms have been completely updated with high-end finishes. Tankless water heater, and a newer roof underlayment, NEW top of the line AC unit, plus window shutters, too!! The garage comes with a 4-foot extension and an EV charger outlet. Step outside to a private pool area with pavers, a gas stub for BBQs, and a beautifully landscaped yard featuring citrus trees, pomegranate, peach trees, and a garden area already set up for the gifted gardeners! Can't forget the surround sounds inside and outside. The list goes on!

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705 W Carob Place Chandler, AZ 85248

Open House

$724,900

5 Beds

3.5 Baths

2,992 SqFt

Status Active

MLS # 6740758

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the prestigious Fox Crossing lake community! This stunning 5-bedroom, 3.5-bath residence offers an open floor plan perfect for modern living. Primary bedroom and bath has a giant walk-in closet and is located on the first floor. The large upstairs loft would be perfect for a teen area or relaxation space. Jack-n-Jill bathrooms in the secondary bedrooms offer maximum versatility. The spacious eat-in kitchen flows seamlessly into a large living room, ideal for entertaining. The resort-style backyard is a true oasis, featuring a sparkling pool, lush grass area, and ample space for outdoor activities. With a 3-car garage, you'll have plenty of room for vehicles and storage. Enjoy the convenience of being within walking distance to a beautiful greenbelt and park. This home combines luxury, comfort, and an unbeatable location. Don't miss out

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8030 W State Avenue Glendale, AZ 85303

$724,500

4 Beds

3 Baths

2,652 SqFt

Status Active

MLS # 6669817

Property Type Single Family Residence

Price Type --

Welcome to this stunning home located behind the gates of Orangewood Ranch! Boasting 4 bedrooms, 3 bathrooms, a casita with a private entrance, an open den/office, a 3-car garage, and curb appeal this home will not disappoint! The casita entrance is off the front patio and is complete with a bedroom, bathroom, kitchenette, and laundry area! As you enter the home you will love the open layout showcasing wood-look tile floors and a spotless great room with an extended-length sliding glass door that seamlessly blends indoor and outdoor living! The gourmet kitchen offers Quartz countertops, stylish backsplash, stainless steel appliances including a gas cooktop, 2 wall ovens, and designer pendant lights over the kitchen island breakfast bar. The primary suite is complete with tile floors, and a luxurious ensuite bathroom featuring a soaking tub, a separate tiled shower, a dual sink vanity, and a walk-in closet! Bedrooms 2 and 3 are move-in ready! The backyard is immaculate with a covered patio overlooking the spa and gazebo. The grass is artificial for easy maintenance! Plus the side yard is huge and has an RV gate! The lot is over 9,000 SQFT! This well-maintained home is not only luxurious, it has no wasted space with this multigenerational layout! Additional features include a huge laundry room/walk-in pantry with cabinets and a sink, a water softener, and lemon and lime trees! Do not miss out on this immaculate home!

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