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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10556 S 297th Avenue Palo Verde, AZ 85343

$599,000
4 Beds
3.5 Baths
2,312 SqFt
Status Active
MLS # 6666831
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning semi-custom residence spans over 2,300 sqft and is nestled on a generous 1-acre lot, free from HOA restrictions. Inside, you'll find a beautifully designed split floor plan featuring 4 spacious bedrooms and 3.5 baths. Each room offers direct bathroom access with premium showers, ensuring comfort and convenience for everyone. The gourmet kitchen is a chef's delight, equipped with SS appliances and elegant finishes. Step outside to enjoy the charm and privacy provided by the farm-style fencing. We warmly invite all buyers and buyer's agents to tour this remarkable property. Experience unmatched elegance and comfort!

26733 N 235th Lane Wittmann, AZ 85361

$599,000
4 Beds
3 Baths
2,450 SqFt
Status Active
MLS # 6705856
Property Type Single Family Residence
Price Type --
Investor Opportunity to finish out this beautiful custom spec home situated on a full acre lot [no HOA] featured in Wittmann, AZ. This home incorporates a subtle balance of contemporary finishes with a modern design while featuring 3bedrooms, +Den/4th bedroom, 3 full bath(s), 2,450 sq ft open concept floor plan, upon entry from the gorgeous 9 by 6 ft iron/glass pivot front entry door your greeted w/ 14 ft soaring ceilings, a gourmet kitchen equipped w/ quartz countertops, large [eat-in] island, shaker panel cabinetry, ss appliances, 36'' cooktop, and pantry. Also, this home features tile wood-plank flooring, modern plumbing/lighting fixtures [fans], dual pane [low-e] windows, two brand new 14 seer Trane HVAC units, dedicated dining space.. split floor plan, and a master retreat featuring a spacious sleeping quarters, separate tub & shower, dual sinks, water closet, and a large walk-in Closet. Lastly, the home features a massive 30 ft deep, 40 ft wide 1,200 sqft 5-car garage [easily fits lifted vehicles & trailers w/ 10ft ceilings], soft water loop, and the entire home features 5/8 drywall and insulated interior walls. This home affords new buyers the opportunity to choose countertops, outdoor pavers for driveway, and accent wall work for the interior space.

710 E Elk Run Circle Payson, AZ 85541

$599,000
3 Beds
2 Baths
1,723 SqFt
Status Active
MLS # 6710672
Property Type Single Family Residence
Price Type --
Perfect weekend getaway! This tastefully updated single-level cottage-style home is located in the prestigious Chaparral Pines Golf Club Community. The home features an open floor plan with 3 bedrooms and 2 bathrooms. Recently, the home received a new roof, Heat Pump, water heater, paint, flooring, laundry center, front deck refresh, and many fixtures. The 2-car garage offers ample space with built-ins. The large front deck off the living area has been recently redone, providing a perfect gathering spot for family and friends, while the back patio is ideal for a dog run. Don't miss this opportunity, act quickly!

5424 N Saint Andrews Drive Lakeside, AZ 85929

$599,000 - 3Br/2Ba -  for Sale in Mountain Gate Homes 3rd Amd, Lakeside
New
$599,000
3 Beds
2 Baths
1,868 SqFt
Status Active
MLS # 6760941
Property Type Townhouse
Price Type --
Imagine a home where luxury meets the tranquility of nature, located in the prestigious gated community of Mountain Gate, this custom-built residence boasts a split floorplan with three cozy bedrooms and two full baths, ensuring privacy and comfort for all. The heart of the home, a grand great room, is crowned with soaring 15ft tongue-and-groove ceilings, creating an atmosphere of rustic elegance. Attention to detail is evident throughout, with upgrades like custom soft-close Knotty Alder cabinets and hand-scraped Acacia wood floors adding a touch of sophistication. The entryway greets you with a floor-to-ceiling stone niche, leading to a stunning stone gas fireplace with a remote, perfect for those chilly evenings. READ MORE Modern conveniences are not overlooked, with a gas tankless water heater, dual-pane windows, and a Trane gas furnace with A/C ensuring year-round comfort. The kitchen, a chef's delight, features sleek granite countertops and S/S appliances, including a dual-fuel slide-in range with a gas cooktop for culinary adventures. The primary suite is a sanctuary of its own, with an oversized walk-in closet, dual vanity with elegant stone counters, a soaker tub, and a custom tile shower. Guests will find comfort in the spacious bedrooms, and the guest bath offers a dual vanity with stone counters and a separate tub-shower area. Step outside to the large, covered deck and find yourself enveloped in the serene embrace of tall pines, where the worries of the world fade away. This home is not just a living space; it's a retreat, a place where every detail contributes to a lifestyle of comfort and elegance. The attached oversized two-car garage offers ample space for vehicles and storage. Don't miss this beautiful private property. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

2647 N Miller Road Unit 19 Scottsdale, AZ 85257

$599,000
3 Beds
2 Baths
1,542 SqFt
Status Active Under Contract
MLS # 6749556
Property Type Single Family Residence
Price Type --
This turn key townhome sits on a golf course lot in a prime south Scottsdale location with almost no turnover. Fantastic great room features soaring 12ft ceiling w/split floor plan along with 2 full bedrooms + office and has been updated w/large neutral tile floors, plush carpet in bedrooms, brand new roof & HVAC, fresh paint, plantation shutters, stacked stone fireplace, ceiling fans, ss kitchen appliances, light cabinets w/satin hardware, & quartz counters. Add to that an inside laundry, full 2 car garage, nice sized rear patio, and all overlooking the Coronado Golf Course. Excellent location that is close to the 101, shopping, dining, and Old Town & walkable to schools this unit is clean and ready for your new buyer.

3231 W Frankfurt Drive Chandler, AZ 85226

$599,000
5 Beds
3 Baths
2,372 SqFt
Status Active
MLS # 6749133
Property Type Single Family Residence
Price Type --
Welcome to your dream home at 3231 W Frankfurt Drive, nestled in the heart of Chandler! This beautifully maintained 5-bedroom, 3-bathroom basement home offers the perfect blend of comfort, style, and convenience. The spacious living area features vaulted ceilings and neutral tones, making it easy to personalize. The gourmet kitchen boasts modern appliances, ample counter space, and a cozy breakfast nook. The primary suite is, complete with a walk-in closet and an en-suite bathroom featuring dual sinks, a soaking tub, and a separate shower. The additional bedrooms and basement provide additional space for family or guests. You can relax outside under your own private patio. Located near several amenities, this is where you want to be! Don't miss out!

3401 W Hansen -- Show Low, AZ 85901

$599,000
4 Beds
3 Baths
3,245 SqFt
Status Active
MLS # 6742754
Property Type Single Family Residence
Price Type --
Amazing opportunity in Show Low Country Club Estates* Home features 3245sf, 4 bedrooms, 3 bath + large bonus room* Primary bedrooms located on the 1st floor* Chefs kitchen with custom cabinets, stainless appliances and updated counter tops* Kitchen opens to the family room* Beautiful deck overlooking the private backyard* 2 door garage has been expanded wider and almost double deep* RV gate with RV parking on slab* Close to the golf course. This is an amazing home and even better value. Come and check it out!!!

886 S Avenida Escuela -- Sierra Vista, AZ 85635

$599,000
4 Beds
4 Baths
3,060 SqFt
Status Active
MLS # 6745314
Property Type Single Family Residence
Price Type --
Fully remodeled 4 BR 4 BA and 2 car garage. Home is on a large .88 acre lot with landscaping & pecan trees. Large fully covered front porch with beautiful metal door imported from Mexico has serious curb appeal. The back yard is fully enclosed with block walls & large covered patio. interior of the home features new custom tile floors, modern light and plumbing fixtures, fully remodeled kitchen & bathrooms. The windows are new and dual paned. The living room has a see through wood burning fireplace connecting to the dining area. The kitchen has new cabinets with granite countertops, new dishwasher & stove. The master bedroom is good size with two closets and large corner shower. Each bedroom has it's own private bathroom. .

8575 W Maya Drive Peoria, AZ 85383

$599,000
4 Beds
2 Baths
2,052 SqFt
Status Active
MLS # 6754697
Property Type Single Family Residence
Price Type --
This stunning, move-in ready home is located in the desirable West Wing Mountain community. As you enter the home, you are greeted by a spacious living/dining room. The kitchen and main living space flow into the resort style backyard with artificial turf and a modern swimming pool, complete with a large Baja shelf, full cleaning system, and color laminar water features. With 4 bedrooms and 2 luxurious bathrooms, this home is a MUST SEE! Mountain views and a quiet neighborhood top off this gorgeous home. Very close to K-8 school and multiple community parks.

13827 N 41st Place Phoenix, AZ 85032

$599,000
6 Beds
3 Baths
2,235 SqFt
Status Active
MLS # 6759305
Property Type Single Family Residence
Price Type --
Rare 6 bedroom home in sought after North Phoenix neighborhood. Close to Desert Ridge, High Street and new Paradise Valley Mall Development. Large covered patio and cozy gazebo for entertaining. Freshly painted exterior and low maintenance desert landscaping. All furniture included.

4410 Noble Drive Wickenburg, AZ 85390

$599,000
2 Beds
2 Baths
1,588 SqFt
Status Active
MLS # 6757474
Property Type Single Family Residence
Price Type --
This beautifully designed home within the renowned Wickenburg Ranch community offers two bedrooms, two bathrooms, and an open floor plan that seamlessly connects the living spaces for a modern, airy feel. The living area flows effortlessly into a well-appointed kitchen, complete with ample cabinetry, sleek countertops, and a layout that's perfect for both casual meals and entertaining. The large sliding glass windows not only flood the home with natural light but also provide easy access to the outdoor living spaces, creating a perfect blend of indoor-outdoor living. Outside, this home truly shines. A beautifully landscaped yard frames a stunning pool, creating a serene oasis ideal for relaxation or entertaining. The covered patio, accessed through the large sliding glass doors, extends the living space outdoors, providing the perfect spot to enjoy a morning coffee or evening sunset. The charming covered front porch adds a welcoming touch, perfect for soaking in the tranquility of the desert surroundings. This home offers an unparalleled living experience, capturing the essence of refined desert living in one of Arizona's most sought-after communities.

3055 N Red Mountain Unit 107 Mesa, AZ 85207

$599,000
3 Beds
2 Baths
1,571 SqFt
Status Active
MLS # 6759377
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis in Las Sendas! This single-story home features 3 spacious bedrooms, 2 bathrooms, and a pool, all set against the beautiful desert landscape. Step inside to discover an inviting interior with soaring vaulted ceilings and elegant plantation shutters. The light-filled living room showcases an oversized sliding door that seamlessly connects to the outdoors, complemented by a cozy built-in electric fireplace—perfect for those cooler evenings. The eat-in kitchen offers crisp white cabinets, granite countertops, stainless steel appliances, and a convenient pantry. Retreat to the primary bedroom, where you'll find backyard access, stylish luxury vinyl plank flooring, a generous walk-in closet, and a private ensuite featuring dual sinks and (MORE) granite counters. Outside, you will find a private, low-maintenance backyard paradise with an extended patio and pergola, beautiful pavers, artificial turf, and a new sparkling pool, perffect for soaking up the sun and entertaining. As part of the Las Sendas Community, you'll have access to an array of fantastic amenities, including a heated pool and spa, splash pad, pickleball and tennis courts, hiking trails, playgrounds, a clubhouse, fitness center, and golf. You will love this home!

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