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.

Whats 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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231 W Portland Street Phoenix, AZ 85003

$699,900
2 Beds
4 Baths
1,834 SqFt
Status Active
MLS # 6747734
Property Type Townhouse
Price Type --
UNICORN ALERT! They say the key to excellent real estate is location, location, location...well..welcome home my friend! This townhome is in one of the BEST urban locations of downtown Phx! Next to Portland Park, the Japanese Gardens, Hance Park, Burton Library, the light rail, not to mention dog parks, restaurants, coffee shops, dry cleaners and more, literally steps from your front door! THIS is what people envision when they say they want a ''walkable neighborhood''! Inside is a delight: 2 large bedrooms, both en suite, plus den/office on the ground floor with 1/2 bath. The 2nd floor boasts a fantastic kitchen, formal dining, views of the park, 1/2 bath and a large living room all with balconies. 2 car garage, low and stable HOA, this one is rare, come scoop it up! It is a 10+ Home!

3544 E Topeka Drive Phoenix, AZ 85050

$699,900
4 Beds
2 Baths
2,160 SqFt
Status Active
MLS # 6754046
Property Type Single Family Residence
Price Type --
Welcome to this beautifully renovated 4-bedroom, 2-bathroom home, as you step inside, you'll be greeted by stunning wood-look tile flooring throughout, complemented by fresh interior paint. The kitchen is complete w/ brand-new custom shaker cabinetry, gleaming quartz countertops, a stylish tiled backsplash, & stainless steel appliances. Each of the four bedrooms features plush new carpeting. The primary suite is a true sanctuary w/ a spacious walk-in closet & a ensuite bathroom w/ a beautiful custom walk-in shower & separate soaking tub. The fully screened-in covered patio is perfect for dining or simply unwinding while overlooking the stunning pebble tech pool. Additional features include a generous 3-car garage, providing ample storage & parking space.

17625 S Mustang Road Munds Park/pinew, AZ 86017

$699,900
3 Beds
2 Baths
2,142 SqFt
Status Active
MLS # 6728480
Property Type Single Family Residence
Price Type --
Beautiful 3-bedroom chalet nestled in the pines of Munds Park! This home sits on a lot on top of the sought after ''Animal Hill'' area! Enjoy the treetop views all around and even a peek a boo view of the lake on the loft deck. Newer carpet, new hot water heater, granite countertops, tongue and groove vaulted ceilings, central A/C, large wraparound deck (just painted and resealed 4-25) for entertaining and enjoying the cool Munds Park weather, updated lighting, large loft with private deck, stainless appliances, breakfast bar, open floor plan with many windows, floor to ceiling wood burning fireplace, garage and also a golf cart garage, RARE! Large Den/Office/Laundry/Mudroom on lower level, make it what you want! This spacious, clean, well-taken care of home comes

6132 N 416th Avenue Tonopah, AZ 85354

$699,900
3 Beds
2 Baths
1,800 SqFt
Status Active
MLS # 6622812
Property Type Single Family Residence
Price Type --
Introducing a stunning remodeled home for sale! This exquisite property boasts 3 bedrooms, 2 bathrooms, and wood-like tile flooring that flows gracefully throughout. The living room and bedrooms are adorned with plush carpet, providing a cozy and inviting atmosphere. Crown molding adds a touch of elegance and sophistication to almost every room. Situated on a sprawling 2-acre horse property, this residence offers a perfect blend of luxury and nature. The kitchen is a chef's dream, featuring elegant Corian counters and a spacious center island for culinary delights. With vaulted ceilings and solar panels, this home effortlessly combines style and sustainability. Additionally, a generous 40x60 workshop awaits your creative endeavors. Don't miss the opportunity to own this remarkable gem.

9533 E Solina Avenue Mesa, AZ 85212

$699,900
3 Beds
2.5 Baths
2,703 SqFt
Status Active
MLS # 6698544
Property Type Single Family Residence
Price Type --
INCREDIBLE 3 bed, 3 bath, PLUS teen AND flex room in this remarkable like-new residence nestled in the Eastmark Community! They say location, location, and you are in heart of it all! Incredible community with high-end amenities, easy access to multiple freeways, and shopping! The stunning chef's kitchen is a cook's delight offering a wall oven, white cabinetry adorned with crown molding, quartz counters, SS appliances, chic mosaic backsplash, walk-in pantry, butler's pantry, & an island complete with a breakfast bar. The main suite boasts soft carpet, a private bathroom with dual vanities & walk-in closet with pass-through. Let your creativity flow in the charming backyard, providing plenty of potential to become your own private oasis! Don't wait for new, see it today!

7161 E Rancho Vista Drive Unit 2003 Scottsdale, AZ 85251

$699,900
2 Beds
2 Baths
1,307 SqFt
Status Active
MLS # 6709302
Property Type Apartment
Price Type --
Located in the sought-after Camelview community this condo placed in an excellent location within the complex. Overlooking the pool and spa the patio offers shade with just the right amount of sun light. Walking distance to world-class dining like Toca Madera, Ocean 44 and the new Caesars resort plus all the high-end shopping. This unit features clean lines an open floor plan with stainless-steel kitchen appliances, granite countertops and floor-to-ceiling windows in every room. The outdoor patio is accessible through the primary suite, providing a tranquil and quiet serenity. Italian marble countertops in both bathrooms with the primary bath showcasing a glass-enclosed shower with granite tiling. Unit comes with a 220 outlet for an EV Charger at the parking spot.

3305 W Desert Vista Trail Phoenix, AZ 85083

$699,900
6 Beds
3.5 Baths
4,110 SqFt
Status Active Under Contract
MLS # 6707055
Property Type Single Family Residence
Price Type --
HUGE $80K PRICE REDUCTION! SELLERS ARE MOTIVATED. This beautiful property has TWO primary suites, one downstairs and one upstairs. This property offers a total of 6 spacious bedrooms with large walk-in closets, plus an office with built in bookshelves. This property offers 3.5 bathrooms. The home has a gourmet kitchen offering granite counters, double ovens, 2 pantries and large island. Both primary suites have access to the backyard, the first-floor primary has separate exit to full-length covered patio, the upstairs primary has access to the large balcony. The upstairs has a large loft with dry bar (can be converted to wet bar). The property also offers Nest Thermostats, Hue lights, Wood Blinds throughout, Gladiator Shelving in garage, patio misters and TWO RV gates. Washer/Dryer new in 2019. New microwave in 2024.

7200 E Ridgeview Place Unit 8 Carefree, AZ 85377

$699,900
3 Beds
3.5 Baths
2,679 SqFt
Status Active
MLS # 6643277
Property Type Townhouse
Price Type --
Location is everything & this location is the very best & walkable to downtown Carefree! From this quaint 10 townhouse village, Clarendon Estates is near fine dining, shops & all services & align the streets along with special events. This unit offers 3 bedrooms, 3.5 bathrooms, w/primary on main living level, 2 car garage w/ direct entry into the home & 2 additional bedrooms w/ baths on the upper level. A heated pool & spa top off the grounds. Living spaces are generous for relaxation & entertaining. All of this behind gates. Walk to town & enjoy all that Carefree has to offer. It's just steps away!

35571 N Tonto Road San Tan Valley, AZ 85144

$699,900
5 Beds
3.5 Baths
3,204 SqFt
Status Active
MLS # 6666033
Property Type Single Family Residence
Price Type --
Beautifully Landscaped Master Planned Community by Fulton Homes. Located within minutes of major shopping, restaurants, and freeways. Promenade is at the base of the San Tan Mountains. There are Six Parks throughout the community, one of which is an Aquatic Center with a 7,400 square foot pool. Full basketball and sand volley ball courts. Bocce ball court, pickle ball court, and corn hole are available. Ramada's, Tot Lots, BBQ's, an entry waterfall, and acres of landscaped and grass areas make Promenade your Oasis in the Desert. We look forward to meeting you soon.

18035 W Paseo Way Goodyear, AZ 85338

$699,900
5 Beds
3 Baths
3,062 SqFt
Status Active
MLS # 6701238
Property Type Single Family Residence
Price Type --
Nestled within the prestigious Estrella Mountain Ranch, this captivating 2-story residence exudes timeless elegance and offers an abundance of luxury living space. Boasting 5 bedrooms, 3 bathrooms, and a split 3-car garage, this home epitomizes comfort and sophistication. Situated on a prime cul-de-sac lot, the home's exterior is adorned with a meticulously maintained front courtyard, setting the stage for the serene tranquility that awaits within. Step through the grand entrance and be greeted by a wealth of living space, meticulously designed to accommodate every need and desire. The heart of the home beckons with a stunning gas fireplace adorned with stone surround, and majestic mountain views creating a cozy ambiance in the formal dining area and eat-in kitchen. CLICK MORE! A convenient bedroom on the lower level, complete with a full bathroom and private courtyard exit, offers versatile accommodation options, perfect for guests or as an in-law suite. Ascending the staircase reveals four expansive bedrooms, each offering breathtaking views of the surrounding landscape. The expansive master suite features a luxurious-sized retreat area, providing a peaceful sanctuary for relaxation and rejuvenation. Two of the bedrooms boast walk-in closets, ensuring ample storage space for every member of the household. The gourmet kitchen is a chef's delight, appointed with Maytag stainless steel appliances, a kitchen island, granite countertops, a breakfast nook, and a spacious pantry. Newly painted exteriors complement the sleek bamboo flooring that graces every room, accented by 5-inch baseboards and plantation shutters for a touch of refined elegance. The home offers a built-in sound speaker system for outdoor and indoor enjoyment located in the Living room, Master, and 2nd living room/ Home Theater room. No detail has been overlooked in this meticulously maintained home, with upgrades including a new water system, a state-of-the-art saltwater pool system, and upgraded storage cabinets in both garage bays. Outside, the resort-style backyard beckons with a private pool and built-in BBQ, providing the perfect setting for outdoor entertaining against a backdrop of unobstructed mountain views. While the home offers an unparalleled retreat from the outside world, the amenities of the Estrella Mountain community beckon just beyond your doorstep. With two additional community pools, workout facilities, walking paths, and breathtaking views of the Sierra Estrella mountains, every day presents a new opportunity for adventure and relaxation. Don't miss your chance to call this exceptional residence home and experience the unparalleled lifestyle that awaits in Estrella Mountain Ranch. Prepare to embark on a journey of luxury living unlike any other.

3993 W Talc Drive San Tan Valley, AZ 85144

$699,900
4 Beds
3.5 Baths
2,880 SqFt
Status Active
MLS # 6745758
Property Type Single Family Residence
Price Type --
MOVE-IN READY, better than a new build or spec home. This 4 bed, 3.5 bath with 4 car garage dream home is waiting for you! Custom features include tile plank flooring throughout, kitchen with backsplash, custom cabinets with pull-out drawers, quartzite countertops, gas chef range and beverage fridge. Master suite with walk-in closet, master bathroom features a large walk-in shower with custom tile surround, free-standing tub, vessel sinks with his and her vanities and faucets. All upgrades done by an interior designer. Large bedrooms and one w/private bath, walk-in closet. Bedrooms are split from the master with a large bonus room. Sliding wall of glass from great room that leads out to the extended patio. Private backyard with no two stories behind you.

8781 S Coyote Song Lane Hereford, AZ 85615

$699,900
6 Beds
4 Baths
3,237 SqFt
Status Active Under Contract
MLS # 6665617
Property Type Single Family Residence
Price Type --
THIS IS IT! Absolutely incredible property on over 18 acres of beautiful land with stunning views all around. The main house has apx. 2,367 square feet and features a gourmet kitchen, a split bedroom floor plan and 4 bedrooms w/ 3 full baths. Luxury and large primary suite has a beautiful bathroom with dual sinks, garden tub, walk in closet, and separate shower. Formal dining room + a large eating area or additional living space off the great room. Separate den/office in the front of house. Detached 2 bed/1 ba guest house has a nice kitchen and spacious living room. Attached 2 car garage is apx. 521 sq. ft & detached 3 car garage is over 1,100 sq ft! The backyard has a block fence and features covered patio, inground pool and spa. This is a one of a kind, spectacular property!

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