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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1356 E Loveland Lane San Tan Valley, AZ 85140

$1,200,000

4 Beds

3.5 Baths

3,258 SqFt

Status Active

MLS # 6775455

Property Type Single Family Residence

Price Type --

NO HOA, OVER ONE ACRE, Custom Home, POOL, RV GATE, GREAT ROOM, Kitchen has granite, LARGE Island w/ seating, Updated Cabinets (primer & paint 2023), NEWER Refrigerator, Trash/Recycle in Cabinet, Multiple Large Drawers (for Pots & Pans), Tall Cabinets have Pull-Out Rotating Racks for TONS OF STORAGE, POT FILLER, Sink has Drop Down for Sponges, etc., R/O, GAS Stove, Beautiful Oven Hood, NEWER Dishwasher, Closet near Kitchen was Updated to hold MORE PANTRY items, 10 & 12 foot ceilings, Recessed Lighting & Ceiling Fans Throughout, Guest Bedroom with Separate Exterior Entrance with Full Bath, Walk-in Closet and KITCHENETTE (sink hookup only-no water yet), Soft Water ''OXY'' System (no detergent needed for washing machine), SPACIOUS Laundry Room with Custom Cabinetry & Sink...click ''more'' INCLUDES area to air dry clothes, SOLAR PANELS (with battery backup, auto kick in if power goes out), 3 Car Extended & Over-Height Garage, 3 (4x8) Hanging Racks, Workbench, Outside Wood Burning Fireplace, LARGE COVERED RAMADA, Built-in Grill, Bistro Lights, STORAGE SHED, NEW LARGE TREES Planted, BRAND NEW Watering System in Backyard (w/ 4 timers), Exterior Painted (2022), HUGE Driveway (can park 8-10 vehicles), Electronic Garage Key Pad, time to DREAM BIG and build a guest house, Shop, RV garage and/or Horse stalls!

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8502 W Cavalier Drive Glendale, AZ 85305

$1,200,000

4 Beds

2 Baths

2,600 SqFt

Status Active

MLS # 6727787

Property Type Single Family Residence

Price Type --

Country living at its finest & located in the heart of Glendale! RV GARAGE&SHOP This home offers you 4 bedrooms + office,2 bathrooms, formal living area, huge laundry room, spacious family room with fireplace, upgraded kitchen w/island & dual ovens, tiled floors, & huge pantry. Outside you can enjoy the glassed in AZ room, hard to find diving pool & gazebo. The detached RV garage is 80x24 approx. , can fit 6 cars, roll down doors & has its own bathroom. Perfect for your toys, workshop or a future guest house. Neatr HEROES PARK, dead end street, slump block construction, mature shade trees, & extra covered area *shed in back All this & close to shopping, restaurants, schools, parks, Cardinals Stadium & Westgate entertainment district. A must see home!

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4755 S Pura Vida Way Gold Canyon, AZ 85118

$1,200,000

3 Beds

5 Baths

2,881 SqFt

Status Active

MLS # 6743975

Property Type Single Family Residence

Price Type --

Awe-inspiring residence nestled on a private cul-de-sac with stunning mountain views from every angle! Fall in love with the marvelous desert landscaping and ample courtyard for enjoying your morning coffee. The perfectly designed layout has formal dining, a semi-open den w/a built-in bookcase, and a bright living room w/a wood-burning fireplace. Cook like a chef in the eat-in kitchen showcasing an island w/breakfast bar, granite counters, SS appliances, a walk-in pantry, tile backsplash, and wood cabinets w/crown moulding. Retreat to the main bedroom to find a separate backyard access, a walk-in closet, and a spa-like ensuite. A jetted tub, two vanities, and a floor-to-ceiling tiled shower complete the main bathroom! The home also offers a dry bar for a wine area, a half bathroom w/vessel sink, and an attached casita. The casita includes a kitchenette, a spacious living area, a bedroom, and a lavish bathroom. Host fun gatherings in the paved backyard featuring a covered patio, a refreshing pool and spa combo, an outdoor shower, a charming balcony, and exquisite mountain views. See it, love it, live it!

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42086 N Coyote Road San Tan Valley, AZ 85140

$1,200,000

4 Beds

2 Baths

1,943 SqFt

Status Active

MLS # 6746957

Property Type Single Family Residence

Price Type --

Experience the charm of country living with this beautiful 1943 sqft, 4 bedroom, 2 bathroom home, set on over 4.5 irrigated acres! The custom kitchen has upgraded cabinetry, stunning quartz countertops, and stainless steel appliances with a generous sized island that is open to the family room featuring a cozy wood-burning stove. A spacious laundry room, separated by a stylish barn door is right off the kitchen and 2 car garage. Outside you will find a large front and back porch that overlook the beautiful green pasture. The property is perfect for horse enthusiasts with its 6 covered horse stalls and a stamped out arena space. There are also several citrus trees throughout the property including 4 apricot, 2 white peach, 2 yellow peach, 1 lime, and 12 lemon and orange trees. This unique home offers the best in country living while being less than 20 minutes to all of the shopping and restaurants you could need!

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4912 S Centric Way Mesa, AZ 85212

$1,200,000

5 Beds

4.5 Baths

4,380 SqFt

Status Active

MLS # 6773530

Property Type Single Family Residence

Price Type --

Welcome to Centric Way, where style, comfort, and community come together to create the perfect home! Nestled in the highly sought-after Eastmark community, this gorgeous home places you right next to Sanger Ave., renowned for its lively holiday displays and festive neighborhood events. Plus, you're only a short walk away from Lumiere Garden, the community park where outdoor fun and relaxation await. Eastmark itself is alive with vibrant activities, including amazing amenities, regular events, and the popular First Friday Concerts. Step inside to discover a freshly painted interior in a warm Accessible Beige, complemented by brand-new luxury vinyl flooring. The main level hosts the inviting Owner's Suite, which features beautiful views of your private backyard oasis. Enjoy the custom-built barn door that adds a touch of character, along with a spacious Owner's Bath featuring an oversized soaking tub, dual vanities, a step-in shower, and a generous walk-in closet. Relax in the tranquil space featuring a herringbone travertine patio, mature trees, and a spacious fenced, heated diving poola true retreat! For the culinary enthusiast, the chef's kitchen is a dream come true, complete with a large kitchen island, butler's pantry, under-cabinet lighting, a gas range, and double ovens. The family room features a built-in library and entertainment center, making it the ideal space for gathering and relaxing. Hosting friends and family is effortless with a guest suite on the main level, offering privacy and comfort. The second level is designed for fun and functionality. The loft is a playground of possibilities with monkey bars, a rock climbing wall, and multiple anchors for sensory swings or a hammockperfect for an aspiring aerial artist. A massive storage closet keeps games, books, and toys organized and accessible. The upper floor also includes a bedroom with an en-suite bath, plus two additional bedrooms connected by a shared bathroom. This home is equipped with Sonos smart speakers and a subwoofer, providing the flexibility to stream multiple soundtracks in different rooms, all managed by multiple users on various devices. Outside, the property features Level 5 LED permanent lighting that wraps the entire home, offering endless color and pattern options for every holiday or to show your support for your favorite sports teams. Rounding out this incredible home is a four-car garage with a soft water loop, wood plantation shutters, and all the touches that make this house not just a residence, but a destination.

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4336 N Colt Road Apache Junction, AZ 85119

$1,200,000

3 Beds

3 Baths

2,310 SqFt

Status Active

MLS # 6756760

Property Type Single Family Residence

Price Type --

Nestled on 1.25 acres of picturesque desert land this property is a hidden gem. Over 2300 sq.ft. consisting of 3 bedrooms, 3 baths and spacious office. The main attraction begins when you step outside...the oversize patio and pergola lead to an amazing outdoor living space. Complete with fireplace, dining and cooking area. The expansive 1700 sq.ft. air conditioned garage/workshop is a dream come true for the car enthusiast. Separate office, mezzanine and lift makes this the perfect man cave. The spacious kitchen is a chefs delight, featuring generous counter space and all appliances. The master suite is your personal retreat with private exit that opens to the outdoors...a perfect spot to escape, unwind, and enjoy the tranquility of your surroundings. The detached she shed is ideal for artist/crafter studio. This special property offers a blend of peacefulness and practicality. Don't miss previewing this exceptional home.

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7498 E Timberlane Court Scottsdale, AZ 85258

$1,200,000

3 Beds

2.5 Baths

2,575 SqFt

Status Active

MLS # 6750561

Property Type Single Family Residence

Price Type --

You'll LOVE this gorgeous 3 bed +DEN, 2.5 bath two-story home in the desirable Eastwood Community! Nestled on a quiet cul-de-sac, this beauty displays a 2-car garage, mature landscape w/shade trees, & a front patio w/Saltillo floors. Home exudes elegance with stylish light fixtures, abundant natural light, a neutral palette, and tasteful flooring - stone tile & Berber carpet in all the right places. The welcoming living room, with a fireplace & dramatic vaulted ceilings, perfectly flows onto the cozy dining area. Open-concept family room, featuring a wet bar w/wine cooler & sliding doors merging the inside/outside activities. The impressive kitchen boasts SS appliances, granite counters, subway tile backsplash, recessed lighting, white cabinetry, and a breakfast area w/bay window All bedrooms are upstairs! Large main bedroom has French doors that open to the attached balcony and an ensuite with dual sinks & two walk-in closets - one is spacious. An added perk is the bonus room, ideal for an office, TV area, or playroom. If entertaining is on your mind, the impressive back & side yards await you! With covered patios, a greenhouse, multiple seating areas, and a sparkling pool, this space promises year-round enjoyment. What's not to like? This gem won't disappoint!

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11044 N 36th Street Phoenix, AZ 85028

$1,200,000

4 Beds

2 Baths

2,169 SqFt

Status Active

MLS # 6756829

Property Type Single Family Residence

Price Type --

Rare half acre lot in Phoenix! Amazing renovations recently done on this charming 4 bed/2 bath house on enormous lot! Press coffee, the newly renovated Paradise Valley Mall area, all the shops/dining at Tatum & Shea are only minutes away, and direct 51 freeway access is a 2 minute drive from your house. House opens up directly to large living, dining, and kitchen space, perfect for entertaining. Large backyard with mature landscape and plenty of room for entertaining or putting in a new pool. There is a separate office space in the in backyard as well as a large separate garage space with 952 sq/ft that could be turned into an income property, mother in law suite or workshop with separate entrance and private backyard space. Incredibly unique property in the heart of the city.

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5455 E Lincoln Drive Unit 2019 Paradise Valley, AZ 85253

$1,200,000

-- Bed

1 Bath

1,005 SqFt

Status Active

MLS # 6757668

Property Type Apartment

Price Type --

Beautiful Views, Great location - perfect lock and leave property! Mountain Shadows Resort Condominiums invites you to experience an exclusive lifestyle. Situated below Camelback Mountain as a breathtaking backdrop, the community features 41 condominiums and lofts that seamlessly blend comfort and luxury. Enjoy a serene Paradise Valley setting and full privileges at Mountain Shadows resort. Pricing includes furnishings, fixtures and equipment. All furnished units are eligible to participate in the rental program for the Resort!

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3348 E Eva Street Phoenix, AZ 85028

$1,200,000

4 Beds

2 Baths

2,597 SqFt

Status Active

MLS # 6767179

Property Type Single Family Residence

Price Type --

This lovely contemporary ranch style home facing the Preserve on quiet Eva St is just steps from Trail 100. NO HOA. The landscaped backyard features a spacious covered patio including covered decking over inground pool for comfortable outdoor living and entertaining. Enter through custom steel doors to travertine floors, formal living room with mountain views, dining room with abundant built-in cabinetry, kitchen with granite countertops opening to the family room; en-suite master bedroom with 2 walk-in closets with skylight; jetted tub, walk-in shower with 2 showerheads; double sinks; privacy half wall for commode; 3 additional bedrooms; one currentlyt an office with built-in cabinetry and desks; laundry room with abundant cabinetry; bar sink; solar panels (owned) keep costs low; built-in garage cabinets; electric garage door opener; soft water (owned); drink water filtering system; glass top electric range with double ovens; 2 water heaters (master bedroom has a separate water heater); circular drive-way with pavers; solar panels (owned); well maintained home with multiple upgrades. Wonderful neighborhood with easy access to services; Hwy 51; the Phoenix Mountain Preserve; 32nd St and Shea and not far from Tatum shopping areas.

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5850 E Le Marche Avenue Scottsdale, AZ 85254

$1,200,000

4 Beds

2.5 Baths

2,421 SqFt

Status Active

MLS # 6760120

Property Type Single Family Residence

Price Type --

Experience the perfect blend of masterful design and contemporary luxury in this stunning Spanish-style home, ideally situated in the much sought-after Scottsdale community of Spanish Wells. The meticulously landscaped exterior pays homage to the beauty of the Southwest while being lush and green. Step inside to find an inviting, light-filled space adorned with calming neutral tones, allowing for personal expression and style. The kitchen offers an expansive quartz center island that serves as a striking centerpiece, surrounded by ample cabinetry, sleek quartz surfaces, and stainless-steel appliances. The true highlight of this home is the outdoor oasis, a breathtaking lush landscape complete with a sparkling blue pool and multiple patio areas, perfect for enjoying the Arizona sunshine! Adjacent to the kitchen is a charming breakfast nook that boasts a generous bay window with an inviting view of the lush landscaping, multiple patios and sparkling pool. The family room, anchored by a beautiful fireplace and yet more great views of the resort style backyard and pool invites relaxation and tranquility. Each of the spacious bedrooms offers comfort and versatility for any family

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21864 E Sunset Drive Queen Creek, AZ 85142

$1,200,000

5 Beds

4.5 Baths

3,203 SqFt

Status Active

MLS # 6760441

Property Type Single Family Residence

Price Type --

Welcome to 21864 E Sunset Dr, a stunning home in the heart of Queen Creek! This beautifully maintained property boasts 5 bedrooms, 4 1/2 baths, separate den, spacious living areas, and a kitchen perfect for entertaining. Enjoy3 the Arizona sunsets from your private backyard oasis, complete with covered patio, natural gas outdoor bbq and a beautiful pool. Located in a quiet, friendly neighborhood, this home offers easy access to parks, shopping, dining, and top-rated schools. Don't miss the opportunity to make this house your home.

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