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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8620 E Northland Drive Scottsdale, AZ 85251

$690,000

3 Beds

2 Baths

1,290 SqFt

Status Active

MLS # 6739219

Property Type Single Family Residence

Price Type --

Experience the charm of this delightful 3-bedroom, 2-bath home situated in the historic district of Scottsdale. This inviting residence boasts elegant tile flooring throughout, modern stainless steel appliances, and stylishly updated countertops. Spacious backyard with RV gate, and covered back patio! Ideally located near the 101 freeway, downtown Scottsdale, and a variety of shopping and dining options, this home combines historic character with contemporary convenience.

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639 W Port Royale Lane Phoenix, AZ 85023

$690,000

4 Beds

2.5 Baths

2,823 SqFt

Status Active

MLS # 6754356

Property Type Single Family Residence

Price Type --

SPACIOUS TRI-LEVEL home located in MOON Valley area, SUNSET NORTH, CUL DE SAC LOT, featuring 4 bedroom 2.5 baths, spacious living room with soaring VOLUME CEILINGS, breath taking stone fireplace, wet bar, spacious loft/family room area, with terrace, wood & ceramic flooring in living areas, nice spacious kitchen with GARNITE COUNTER TOPS, wet bar, home backs to common area, COMMUNITY POOL,, Convenient to major shopping restaurants, schools, and down town stadiums, theaters.

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7228 E Buena Terra Way Scottsdale, AZ 85250

$690,000

2 Beds

2 Baths

1,620 SqFt

Status Active

MLS # 6756177

Property Type Townhouse

Price Type --

Discover the charm of this newly UPDATED, single-level townhome featuring spacious rooms & a 2 car garage, perfect for a second home retreat or year-round living. Step into a modern oasis with BRAND-NEW kitchen cabinets, counters, fixtures, lighting, a NEW AC unit, new carpeting throughout & more. The family room is a cozy haven with its wood-burning fireplace & vaulted ceiling, creating an inviting & open atmosphere. Spend your evenings unwinding on the private covered patio w/beautiful outdoor lighting to add to the ambiance. This GATED community features nice amenities: heated pool, spa, & tennis court. Centrally located near UPSCALE shopping, FINE dining, & SCENIC outdoor recreation paths, find your dream lifestyle here! Can be purchased FURNISHED w/ separate bill of sale.

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10013 E Trent Avenue Mesa, AZ 85212

$690,000

5 Beds

3 Baths

2,550 SqFt

Status Active

MLS # 6735673

Property Type Single Family Residence

Price Type --

Welcome home to Trent Ave in the highly sought-after Cadence at Gateway community! Boasting all the upgrades of an almost brand new home, this open floor plan concept invites any and all who might enjoy its beauty. Featuring a light and bright kitchen, marble countertops throughout with state of the art stainless steel appliances, a low maintenance backyard, 5 bedrooms, a loft, additional game/living room and sliding glass door, there is plenty of room for all to come and enjoy. Some additions to the home include a gazebo in the backyard to provide some additional space for grilling and relaxing. But wait, there's more! Don't forget that you are not only buying the home, you are also buying the community lifestyle! This resort style community has a it all! Featuring a community pool, tennis court, basketball court, bike path, playground, community center, gym, and a dog park, not to mention close to the freeways, shopping, Legacy Sports Complex, and Mesa airport! Don't miss out on this dream come true of a home!

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2939 E Ludlow Drive Phoenix, AZ 85032

$690,000

4 Beds

2.5 Baths

2,320 SqFt

Status Active

MLS # 6754479

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION!! This beautiful home is perfectly positioned within walking distance of the scenic preserve and Shadow Mountain and offers both convenience and nature at your doorstep. Step inside to discover sleek tile flooring on the main level and in every bathroom. Each of the four generously sized bedrooms boasts vaulted ceilings and ceiling fans, offering comfort and style. Plantation shutters throughout add charm and functionality. The inviting family room, complete with a cozy fireplace, flows seamlessly into the open kitchen, making it perfect for gatherings. French doors lead you to a serene backyard oasis, where a variety of fruit trees await, offering both shade and sweetness to your outdoor space. Located within minutes of top-rated schools, hiking, shopping, restaurants, major highways, and the world-renowned Mayo Clinic, this is the house that's waiting for you.

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8227 E Heatherbrae Avenue Scottsdale, AZ 85251

$690,000

3 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6738972

Property Type Single Family Residence

Price Type --

Charming home in Scottsdale with NO HOA! This updated 3 bedroom, 2 bath home offers tile flooring throughout, no carpet! The kitchen features stainless steel appliances and ample cabinet and counter space and room for seating. The main bedroom has an ensuite bathroom with a tiled walk in shower. Spacious backyard with a covered patio, great for entertaining! Great location, close to nearby parks, shopping, golf, freeways, and old town Scottsdale!

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21362 S 213th Place Queen Creek, AZ 85142

$690,000

4 Beds

3.5 Baths

2,921 SqFt

Status Active

MLS # 6753111

Property Type Single Family Residence

Price Type --

YOUR QUEEN CREEK GETAWAY AWAITS! This is more than a home—it's your new happy place, perfectly situated in the heart of Queen Creek, just minutes from the QC Village Center and QC Marketplace. This home is all about style and convenience. Inside, the towering ceilings create an airy, welcoming vibe. It's a perfect place for entertainers, or anyone who loves a little extra space. The chef's kitchen is the stuff of culinary dreams, featuring chic white cabinets, granite countertops, a gas cooktop, and dual islands that make cooking and entertaining a breeze. And let's not forget the backyard—at over a quarter a quarter acre, it's big enough for a pool, a playground, a garden, and whatever else your heart desires. This home is ready for you. Are you ready for it?

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28990 N White Feather Lane Scottsdale, AZ 85262

$690,000

2 Beds

2.5 Baths

2,008 SqFt

Status Active

MLS # 6748424

Property Type Townhouse

Price Type --

This is sure to please everyone looking for a home with views. To the South you have views of Pinnacle Peak along with Mountain Views to the North. The community of Stonedge at Troon North uniquely satisfies both Full and Seasonal Homeowners. Located in North Scottsdale you will appreciate the charm that the High Sonoran Desert has to offer. Well suited for those wanting to have the ability to enjoy a swim or spa year round without the need to maintain them. The community pool facility is just to the right as you enter through the gated entrance. This particular unit is just over 2,000 sq ft and has 2 Master Suites to choose from along with a separate powder room. The home is very light and bright with tall ceilings. There is a gourmet kitchen with space at the counter for dining as well as a dining area. The Great Room has a gas fireplace and large windows which look out over the patio. The home is tastefully decorated and nicely finished. The new homeowner will enjoy a home that is easy to care for and one they will enjoy for many years to come.

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4531 E Aspen Way Gilbert, AZ 85234

$690,000

4 Beds

3 Baths

3,746 SqFt

Status Active

MLS # 6669518

Property Type Single Family Residence

Price Type --

Welcome to this spacious 5-bed, 3-bath home w/ 1 bedroom & full bath downstairs! This house features HUGE bedrooms, extra closets & storage, oversized 3-car garage, large laundry room with utility sink & storage cabinets, new stove top, stainless steel appliances, walk-in pantry, tile & ceiling fans throughout. Cozy up on cooler evenings by 1 of the 3 gas fireplaces. The backyard features a sparkling pool, built-in BBQ, fireplace, extended covered patio & dog run. The primary bedroom is a true retreat, with 2 walk-in closets, fireplace & a bathroom with a separate soaking tub, walk-in shower, & double sinks. Enjoy the luxury of space & organization with tons of storage options throughout the home. The remaining bedrooms are generously sized with huge closets.

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19743 W Exeter Boulevard Litchfield Park, AZ 85340

$690,000

4 Beds

2.5 Baths

2,982 SqFt

Status Active

MLS # 6722040

Property Type Single Family Residence

Price Type --

Looking for a new home? This fantastic 4 bed, 2.5 bath residence now on the market is for you! Charming curb appeal, a low-care landscape, and a 3 car tandem garage are just the beginning. Discover a spacious dining & living areas w/elegant wood-look flooring, recessed lighting, and neutral palette throughout. The fabulous kitchen is equipped w/everything you'll need for home cooking, ample cabinetry, a pantry, quartz counters, SS appliances, and an island complete w/a breakfast bar. Upstairs you'll find a sizeable loft perfect for an entertainment area. End your busy day in the primary bedroom, boasting soft carpet, a walk-in closet, and an ensuite w/dual sinks. Finally, the expansive backyard w/its covered patio is a blank ready to become your own private oasis! Don't miss out!

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5412 W Red Bird Road Phoenix, AZ 85083

$690,000

4 Beds

3 Baths

3,422 SqFt

Status Active

MLS # 6719630

Property Type Single Family Residence

Price Type --

Spacious and move-in ready home in sought-after Stetson Valley with 4 bedrooms, a 2.5 car garage, a beautiful backyard with a pool, separate den/office downstairs, and a huge 19'x20' bonus room. This home is loaded with features & upgraded finishes throughout including tile and wood flooring, plantation shutters, raised panel cabinets, wired surround sound in family room, epoxy floors and water softener in garage, and a huge side yard! Kitchen features 42''upper cabinets, granite countertops, stainless steel appliances, gas range, walk-in pantry, and a peninsula with breakfast bar seating. Upstairs is massive with 4 large bedrooms, loft, & 19'x20' bonus room ideal for a theatre room, home gym, teen/play room, man cave, office, and more. The primary bedroom is spacious and features an ensuite bathroom with dual sinks and make up vanity, walk-in closet, walk-in shower and soaking tub. The amazing backyard features a pebble-tec play pool with baja shelf for lounging, a large covered patio with paver extension, a built-in BBQ, mature landscaping, and two large side yards thanks to the pie shaped lot. Stetson Valley is a picturesque community with sprawling green spaces, and miles of walking trails dotted with parks, playgrounds, and splash pads throughout. Close proximity to 2 mountain preserves, Deem Hills recreation area with hiking trails, pickleball, tennis, and basketball courts; and minutes from shopping, dining and entertainment at Norterra Marketplace and Lake Pleasant Shopping Center.

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2504 S Betty Street Gilbert, AZ 85295

$690,000

5 Beds

4 Baths

2,402 SqFt

Status Active

MLS # 6741043

Property Type Single Family Residence

Price Type --

Fantastic opportunity! Discover this charming residence, adorned with elegant stone accents and a meticulously maintained front yard. You're welcomed by a great room with high ceilings, a soothing palette, blinds for privacy, wood-look flooring, and a cozy fireplace. The kitchen features quartz counters, grey shaker cabinets with crown moulding, a subway tile backsplash, pendant/recessed lighting, SS appliances, a pantry, and an island with a breakfast bar. The loft offers a versatile space for an office or entertainment room. Retreat to the main bedroom, complete with plush carpeting, balcony access for refreshing outdoor moments, an ensuite with dual sinks, and a walk-in closet. The backyard boasts a covered patio, stylish pavers, and a putting green for golf enthusiasts. Casita/ Solar!

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