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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1372 E Lovebird Court Gilbert, AZ 85297

$1,250,000

5 Beds

3 Baths

4,000 SqFt

Status Active

MLS # 6749965

Property Type Single Family Residence

Price Type --

Welcome to this beautifully maintained home, lovingly cared for by its original owners. This exceptional property is situated on a quiet cut-de-sac, that provides ample parking. There is an adjacent walking path, green space and a volleyball court. The home has been thoughtfully updated throughout, ensuring a modern aesthetic and timeless appeal. You'll feel the attention to detail that makes this house a home. There are spacious living areas that include a bonus room, perfect for a teen hangout, home gym or guest space. The highlight of the property is the resort-style backyard, that includes a diving pool, hot tub, outdoor kitchen and fire pit. It's an ideal spot for relaxation and entertaining. There are many options for additional storage, including overhead garage racks, cabinets and an outdoor shed. The property is conveniently located near shopping, restaurants and the San Tan freeway. Don't miss the opportunity to make this property your own! All tv's convey.

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7415 E Beryl Avenue Scottsdale, AZ 85258

$1,250,000

4 Beds

2.5 Baths

2,794 SqFt

Status Active

MLS # 6733758

Property Type Single Family Residence

Price Type --

Gorgeous, fully furnished home in Mountain View Phase 2! Spacious 4-bedroom 2.5 bath floor plan with the option to utilize the 4th bedroom as a den/office/guest bedroom. Enjoy the beautifully appointed kitchen, large living and family rooms, and split master bedroom with backyard access. Relax in your own backyard oasis with the recently renovated private pool! 2-car garage with plenty of space for work shop and storage. This is your opportunity to own an incredible original owner home!

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3837 N 43rd Street Phoenix, AZ 85018

$1,250,000

3 Beds

2 Baths

2,010 SqFt

Status Active

MLS # 6739682

Property Type Single Family Residence

Price Type --

This spectacular fully remodeled property (2024) in Arcadia Lite has upscale finishes, an insulated 4-car garage, new HVAC units, versatile outdoor spaces, an oversized lot, and a highly desirable floor-plan. Step inside this organic-modern home filled with natural earth tones and fresh modern elements. The light and airy interior with timeless materials is perfect for entertaining, coupled with a relaxing front AND backyard patio. The custom-designed kitchen features high-end appliances and fixtures, under cabinet lighting, lots of storage, and a unique wine storage space off the dining area. The gorgeous laundry/pantry room has ample storage, a sink, and quartz countertops. The spectacular primary bathroom has all the right design traits for maximum relaxation and restoration. Out in the spacious backyard you'll find a secluded greenery space including a Hong Kong orchid and citrus, a custom built outdoor kitchen, and a blank slate backyard ready for your touch. A big highlight of the property is the detached 900sf garage that could be converted into a casita or ADU. This is truly a one of a kind property with features you won't find in similar priced homes. PAID OFF solar!

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657 Linger Lane Williams, AZ 86046

$1,250,000

8 Beds

4 Baths

3,444 SqFt

Status Active

MLS # 6641232

Property Type Single Family Residence

Price Type --

Discover a unique investment opportunity with this Grand Canyon Getaway featuring dual houses. Nestled right off Highway 180, this former general store has been meticulously remodeled to offer two distinct houses, each accommodating various guest preferences, whether it's a family retreat, couples escape, or a group adventure. The property seamlessly blends historic charm with modern comfort, providing a delightful stay for your guests. Its prime location ensures high demand from Grand Canyon explorers year-round, and with an 8% cap rate, this investment opportunity guarantees consistent income, thanks to its unique appeal and sought-after location. Experience the perfect fusion of history and comfort as the property's past as a general store adds a touch of nostalgia to the guest experience, complemented by modern amenities and tasteful decor. Don't miss this exceptional investment opportunity to capitalize on the allure of the Grand Canyon.

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1540 E Sharon Drive Phoenix, AZ 85022

$1,250,000

4 Beds

3.5 Baths

3,900 SqFt

Status Active

MLS # 6657328

Property Type Single Family Residence

Price Type --

Make yourself at home in Moon Valley's privately gated Views at Mountainside enclave! Enter this custom home through the enchanted courtyard with the peaceful sounds of the water feature as you enjoy the view from the front patio. When you open the door to this home, you will see and feel a bright and inviting atmosphere complete with elegant soaring ceilings, travertine flooring, dedicated formal dining and two spacious living rooms. The eat-in kitchen provides granite countertops, ample custom cabinetry, double ovens, and a cozy breakfast nook. Utilize the wet bar as you host effortlessly with two large back covered patios, a built in BBQ and a sparkling swimming pool wrapped with captivating views of the surrounding Lookout and Phoenix Mountain Preserve. The expansive primary suite has the perfect space for reading, working out or simply enjoying the mountain views. The primary bathroom has a large soaking tub, dual vanities and a large walk-in closet. Enjoy the perks of an extended 3-car garage with additional storage. This home has only had one owner and offers easy access to a wide variety of world renowned golf courses, hiking + biking trails, restaurants, Paradise Valley Mall and Mayo Clinic. This gem truly has it all!

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26254 S Sossaman Road Queen Creek, AZ 85142

$1,250,000

4 Beds

3.5 Baths

4,058 SqFt

Status Active

MLS # 6733706

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This incredible home sits on a sprawling 1.77-acre lot with flood irrigation and no HOA. Enjoy the convenience of electric gates with backup batteries, a 400 amp electric service, and fully irrigated land with two water meters. The 25 owned solar panels, ground set 7k system, ensure energy efficiency. Spanning 4,058 sqft, this home features all solid knotty Alder doors, engineered wood floors, and travertine tile. Fresh paint and repainted baseboards enhance its appeal. The house has no gas and is pre-wired for surround sound as well! The kitchen is a masterpiece of design and functionality, boasting newer appliances (2022), wood cabinetry, granite counters, a unique backsplash, a large island with a 2-tier breakfast bar, and a walk-in pantry. The main bedroom is a retreat, featuring a wall niche with a fireplace, a tray ceiling, a dry bar, and a spa-like ensuite with dual vanities, a soaking tub, two walk-in closets, and a huge snail shower with two shower heads. Upstairs, a private guest quarter offers a kitchen, living area, bedroom, and full bathroom. The upstairs serves as a second guest quarters / in-law suite with its own private kitchen, living room, bedroom, and bathroom! The backyard is an oasis, with a covered patio, pergola with LED dimmable lights and electric fans, a saltwater pool with floor cleaners, green grass, and scenic mountain views. Vehicle enthusiasts will appreciate the ample car and RV garage space (3,750 sqft) with three 20ft wide by 14ft high doors, a car lift, and an air compressor that conveys, all set on poured commercial concrete. With no HOA, you can bring your horses, goats, chickens, and other animals, and still have room to keep vehicles and trailers covered in the garage. Located minutes away from Horseshoe Park & Equestrian Centre, this property offers the perfect blend of luxury, comfort, and convenience. Don't miss this unique opportunity to own a piece of paradise in Queen Creek!

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3662 E Sunnydale Drive Queen Creek, AZ 85142

$1,250,000

5 Beds

4 Baths

3,216 SqFt

Status Active

MLS # 6744707

Property Type Single Family Residence

Price Type --

Stunning Custom Home with Amazing Mountain Views on a Huge Custom Lot with No HOA. This Split & Open Floorplan with High Ceilings features 5 Bedrooms, and 4 Bathrooms. Beautiful Wood and Travertine Flooring T/O. The Kitchen has an Oversized Granite Island and a separate breakfast bar, Custom Cabinets, Large Walk-In Pantry , Built-in Refrigerator, Beverage Refrigerator , and Tons of Counter and Cabinet Space, Open to your family room. Formal Living and Formal Dining Area have Coffered Ceilings. Oversized Inside Laundry with Sink also a Second Laundry in Garage. Enjoy your large Primary with Coffered Ceilings, Private Exit at the Backyard. Beautiful en-suite featuring a large vanity with 2 sinks, and a separate shower and tub with a walk-in closet. Custom window coverings T/O. Casita with separate entrance features bedroom 5 and bathroom 4. Oversized 3 Car Side entry Garage with Epoxy Floors, Whole House Filtration system. Long Paver Driveway and Paver Circular Driveway. Oversized Rv Gate for Ample Parking. The Back Yard Oasis has a Large Salt Water Pool, Rock Waterfall/Slide/Grato. Extended Covered Patio With Ceiling Fans. Covered Built In BBQ, outdoor kitchen, TV and sound system, Lighting, Sink and Beverage Refrigerator, Primo BBQ Grill, Custom Concrete Countertops. Sand Vollyball Court, Large Grass Area and is Surrounded by Many Citrus Trees and Spectacular Mountain Views. Queen Creek address with Gilbert services and Chandler Schools. Come see all this home has to offer.

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5714 E Claire Drive Scottsdale, AZ 85254

$1,250,000

6 Beds

3 Baths

4,016 SqFt

Status Active Under Contract

MLS # 6745828

Property Type Single Family Residence

Price Type --

The best value in all of 85254. This home has been tastefully finished throughout w/ all of the comforts & details you could need. The kitchen features high end designer appliances, Sub Zero, Wolf, Bosch & more. The primary suite boats soaring ceilings, jetted soaking tub, dual vanity, walk-in shower & closet. There are two bar areas, upstairs & down, which are ideal for entertaining. The backyard highlights a pool, putting green, built-in BBQ, fire pit, two covered patios & lush/mature landscaping. The basement presents a great opportunity to comfortably house a large family. The oversized two car garage has both space for a workshop, storage & is equipped w/ a Tesla car charger. The home has an H2O filtration system, no carpet & no HOA! Close to the 101, Kierland, The Quarter & PV Mall!

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13733 E Laurel Lane Scottsdale, AZ 85259

$1,250,000

3 Beds

3 Baths

2,860 SqFt

Status Active

MLS # 6739846

Property Type Single Family Residence

Price Type --

Discover an incredible opportunity within the exclusive, guard-gated community of Scottsdale Mountain. This elegant single-level home is spread over 2,860 square feet with three bedrooms plus a den, three full bathrooms, and a three-car garage. Situated on a premium south facing corner lot, it backs onto natural desert, providing panoramic mountain views and spectacular city lights. Notable upgrades include granite counter tops, travertine flooring, custom window shades and more. Residents of Scottsdale Mountain can enjoy amenities such as pickleball, tennis, a heated spa, and easy access to the numerous hiking trails within the McDowell Mountain Preserve. Conveniently located near the Mayo Clinic, top-rated Scottsdale schools, and premier golf courses, this home offers the perfect blend of luxury, comfort, and accessibility.

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5426 E Sandra Terrace Scottsdale, AZ 85254

$1,250,000

4 Beds

2.5 Baths

2,328 SqFt

Status Active Under Contract

MLS # 6711664

Property Type Single Family Residence

Price Type --

ASSUMABLE VA LOAN 4.5%! (To be verified by buyer & lender) FULLY REMODELED designer home in Scottsdale MAGIC zip code! Fantastic home w/ NO HOA--property is currently used as cash flowing STR. Tons of possibilities for homeowners & investors alike! $30k like new pool equipment(pool heater, pump, automation) Pebble tec, pool decking. Newer HVAC + water heater. $40k worth of OWNED solar panels! High ceilings & desirable open floor plan featuring an impressive 5x10 kitchen island w/ quartz countertops & stainless steel appliances. Enjoy your backyard year round: HEATED pool, built-in BBQ, jacuzzi, low maintenance turf, & more.

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4415 E Osborn Road Phoenix, AZ 85018

$1,250,000

4 Beds

3 Baths

2,694 SqFt

Status Active Under Contract

MLS # 6629227

Property Type Single Family Residence

Price Type --

Calling All Nature Lovers. Here is an exceptional choice for your new home, in one of the best areas of Phoenix. Arcadia Lite! With a .6 Acre Lot! Totally Private, surrounded by a FOREST. Ready to move in or you can remodel and see your property value soar! The walk-ability score is unreal, close to an excellent restaurant, Honor Health doctors office and Super Circle K and Tavan Elementary and Arcadia High Schools ,all within a few blocks. Super quiet patios, front and back, for coffee in the mornings and laying out by your pool in the afternoons. Lots of Major Updating has been done, including a Resurfaced Pool, 3 AC's, Complete Exterior Re-stuccoing, and Wood Flooring. There are high ceilings with Clear Story Windows, and a guest quart with two entrances, perfect for a mother-in-law set up. There's also a huge workshop/storage room that could be converted into a guest house, maybe even a rental, separate from the main house, so many possibilities. Don't miss this rare opportunity.

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9649 E Solina Avenue Mesa, AZ 85212

$1,250,000

4 Beds

3 Baths

3,308 SqFt

Status Active

MLS # 6731586

Property Type Single Family Residence

Price Type --

Your fully furnished dream home is here! This exquisite former model home has a 3-car garage, a paver driveway, and a meticulously maintained yard with artificial turf. Discover an inviting designer rooms with high ceilings, a soothing palette, recessed lighting, attractive wood-look flooring, and sliding doors to the backyard for indoor-outdoor living. The delightful kitchen is equipped with quartz counters, Thermador appliances with a wine fridge, abundant white cabinetry, chic pendant light fixtures, a stylish tile backsplash, a large walk-through pantry with cabinets, island with a breakfast bar for casual dining. You'll also find a den, ideal for an office. Primary bedroom retreat, offering a lavish ensuite with dual sinks, a soaking tub, a raindrop shower, and a walk-in closet. The enchanting backyard is a true oasis, featuring a covered patio, a built-in BBQ for weekend gatherings, and a cozy firepit. This gem will sell fast!

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