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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16652 N 51st Street Scottsdale, AZ 85254

Open House

$1,100,000

5 Beds

3.5 Baths

3,573 SqFt

Status Active

MLS # 6760148

Property Type Single Family Residence

Price Type --

This amAZing 5 bedroom home in PALOS VERDES RANCH features primary bedroom down & 4 other bedrooms up. Tile T/O 1st floor & carpet on 2nd level. Enter home to foyer then Formal Living & Dining. Family room features Gas fireplace & Kitchen boasts white cabinetry, granite counters, & matching LG brushed stainless kitchen appliances including fridge ALL LESS THAN 5 YEARS OLD! Sept 2024 Exterior house & stuccoed back fence were painted. Completed in last 2 years: ROOF, CARPET, SUN SCREENS, ROLL UP SUN SHADES, PRIMARY BATH FIXTURES & SHOWER, TOTAL HOUSE WATER SOFTNER SYSTEM (NuvoH2O), PAINTED KITCHEN CABINETS, PRIMARY BATHROOM VANITY, & BRUSHED STAINLESS PULLS. Nest Thermostats T/O, BLINK Front door, driveway, backyard sidewalk & patio cameras w/Solar Charging. Front entry ceiling light is auto motion & front garage coach lights are photo sensor. Security system is owned and comes with CO detectors - monitored by AAA Home Security. 3 car garage with landing for extra storage and built-in cabinets. Both garage doors can be opened remotely and one garage door opener is new 9/2024. Built-in BBQ & back patio is the full width of the house and tiled. Ceiling fans on back patio & TV hookup. Interior back fence is stuccoed freshly painted to match new house paint (9/2024). Landscape lights in backyard & accent lights on patio. Desert landscaping front & back so low maintenance & watering. Pebble tec pool play pool with electric heater - in floor cleaning system & remote pool light (inside). 2 AC units - one replaced 7 years ago. Gas Heat. Wired for surround sound in family room. Speakers in ceiling of living room, master, garage & patio. These can be connected to a 2 nd audio feed. Volume control in each room. There are outlet photo sensor night lights in non-bedroom hallways for after dark.

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1987 S 141st Place Gilbert, AZ 85295

$1,099,999

4 Beds

3 Baths

2,590 SqFt

Status Active

MLS # 6746393

Property Type Single Family Residence

Price Type --

Welcome to a unique and rare opportunity to own an acre horse property in the heart of Gilbert. Situated at the end of the neighborhood on a desirable corner lot, this expansive property offers endless potential for those looking to create their dream ranch or equestrian estate. The lot features ample space for horse facilities, gardens, or any outdoor pursuits you envision. The existing home, though in need of work, provides a solid foundation for renovation and customization to suit your tastes. With a little TLC, this house can be transformed into a charming country retreat. Opportunities like this are hard to come by in Gilbert. Don't miss your chance to own a piece of prime real estate with the potential to become a stunning horse property. Whether you're an equestrian enthusiast or someone looking for space and tranquility, this property is a true gem. Contact us today to schedule a viewing and explore the possibilities that await at 1987 S 141st Pl!

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7112 W Redfield Road Peoria, AZ 85381

$1,099,999

5 Beds

3 Baths

3,561 SqFt

Status Active

MLS # 6762897

Property Type Single Family Residence

Price Type --

Over $163K Upgrades since 2023 summer! New windows entire home (45K), New solar ($21K), New remodeled workshop with New AC ($17k), New artificial turf ($12K), New pool heater ($9K) - and more! This meticulously maintained 5-bedroom, split-level home sits on a 0.54-acre lot within the highly sought Peoria School District. A beautiful kitchen featuring All Brand New appliances and luxurious tile floors. The primary suite boasts a private patio with stunning views of the heated pool, waterfall, gazebo, and a sports court. Upstairs are two additional bedrooms and a full bathroom; the lower level offers a spacious family room, two more bedrooms, and a full bath. The property includes a 3-car garage, gated RV and boat parking & extra RV space. This home truly has it all!

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17565 E Blaze Lane Rio Verde, AZ 85263

$1,099,999

2 Beds

2.5 Baths

2,441 SqFt

Status Active

MLS # 6685314

Property Type Single Family Residence

Price Type --

Welcome to this stunning fully furnished Cordoba Model home with luxurious features and ample space for comfortable living. This captivating residence offers 2 bedrooms plus a den, providing flexibility for various living arrangements. With 2.5 bathrooms spread across 2,441 square feet of meticulously designed space, every corner of this home exudes elegance and functionality. Step inside to discover a split floor plan that ensures privacy and convenience. The heart of the home is the expansive kitchen, boasting GE Monogram Gas Gourmet Appliances, perfect for culinary enthusiasts. Entertain effortlessly in the Great Room, where an impressive 20-foot slider door floods the space with natural light and seamlessly connects indoor and outdoor living. Indulge in the luxury of a dedicated wine space equipped equipped with two wine fridges. Upgraded flooring throughout adds to the home's sophisticated charm, while the laundry room offers convenience with 30 upper cabinets, lower cabinets, and built-in desks. Situated on an oversized premium lot spanning 12,782 square feet, this home features a fenced yard for added privacy and security. Enjoy outdoor gatherings on the covered patio with brick pavers, complemented by a large fire pit for cozy evenings under the stars. The 2-bay oversized garage, complete with an AC unit, provides ample space for storage and parking. Custom landscaping surrounds the property, including a large putting green, perfect for outdoor recreation and relaxation. Experience luxury living at its finest in this meticulously crafted home, where every detail has been thoughtfully designed for your comfort and enjoyment. Make this your dream home come true!

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1966 E Calle De Arcos -- Tempe, AZ 85284

$1,099,950

4 Beds

3 Baths

2,968 SqFt

Status Active

MLS # 6733495

Property Type Single Family Residence

Price Type --

New Lower Price! Discounted $100k! Prime Location 4 Bedrooms - 1 downstairs for office. 3 full bathrooms. 3 car garage. Large grass backyard lot ¼ acre. Large covered patio with ceiling fans plus shaded pergola. Private pool with spa. Mature fruit trees. Lots of space for creative landscaping. Lots of shade. Vaulted ceilings. New flooring and carpet throughout. New paint inside and outside. 3- year old new AC units and air handlers. 2-year old premium solar power system for reduced electric. Large master bedroom suite. Large master bath with large tiled shower and travertine floor. Large walk-in closet. Large kitchen with island and breakfast dining area overlooking backyard. Formal dining room and attached living room, great for entertaining. Stained glass windows.

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W Adobe Dam Road Queen Creek, AZ 85144

$1,099,900

4 Beds

3 Baths

3,081 SqFt

Status Active

MLS # 6336046

Property Type Single Family Residence

Price Type --

TO BE BUILT! New 4 bedroom 3 bath on 3.3 acre horse property NO HOA lot! Standard features include 4-car garage, granite throughout, stainless, covered patio(s), tile roof, and more! Plenty of time for Buyer selections of cabinets, flooring, paint, etc... estimated completion 9-10 months from ground-breaking. Drive by only.

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7175 E Camelback Road Unit 107 Scottsdale, AZ 85251

$1,099,900

2 Beds

2.5 Baths

1,243 SqFt

Status Active

MLS # 6751818

Property Type Apartment

Price Type --

Nestled in the heart of Scottsdale's lively community, this exquisite ground-floor condo at the Scottsdale Waterfront Residences offers a rare find. With 2 bedrooms, 2.5 baths, and stunning views of the tranquil canal and lush park, this residence combines luxury with comfort. The bright, open living space is enhanced by elegant Lutron lighting and crown molding. The gourmet kitchen is a chef's dream, featuring high-end appliances and top-notch finishes. Included are two dedicated garage parking spaces and a spacious storage room. Residents enjoy exceptional amenities, including 24-hour security, a rooftop pool, a stylish resident club room, a wine cellar, a premier fitness center, and valet parking. All this is just moments away from world-class dining, upscale shopping, and more!

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10324 E Pershing Avenue Scottsdale, AZ 85260

$1,099,900

4 Beds

2.5 Baths

2,662 SqFt

Status Active

MLS # 6744609

Property Type Single Family Residence

Price Type --

Welcome to this beautifully renovated 2-story home in Mountainview Ranch, offering the perfect blend of modern amenities and timeless charm. With 4 spacious bedrooms, 2.5 baths, a stylish loft/office/den and a generous 3-car garage, this home is designed for both style and function. Step inside to find a stunningly renovated interior, where vaulted ceilings and a cozy fireplace create a warm and inviting atmosphere. The updated kitchen is a chef's delight, featuring ample storage, a large island, and an eat-in area, perfect for both casual meals and entertaining. The formal dining and living rooms provide elegant spaces for gatherings, while the primary bath offers a luxurious retreat with a separate tub and walk-in shower. Outdoors, your private oasis awaits. The meticulously landscaped backyard boasts a covered patio, perfect for alfresco dining, and a refreshing pool and spa, ideal for relaxation. You'll enjoy great proximity to shopping, dining, top-rated schools, and the TPC golf course. This home is not just a place to live, it's a lifestyle. Don't miss the chance to make it yours!

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7280 W Electra Lane Peoria, AZ 85383

$1,099,900

4 Beds

3.5 Baths

4,361 SqFt

Status Active

MLS # 6746612

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom + loft + office + game room, 3.5 baths, 4,361 square foot home with a 4 car garage, oversized lot located in the highly sought after Northern Peoria gated community of Talas! Gourmet kitchen features a large island with granite countertops, gas cooking, stainless steel appliances, butler's pantry with direct access to formal dining room, large family room opens to massive backyard, sport court, fire pit and concrete pad ready for your gazebo or pergola, large master suite includes, dual vanities, separate tub & shower, water closet, custom shelves in massive walk-in closet, with access to a large backyard facing balcony. Ample space in the 3 secondary bedrooms, upstairs game room/media room with access to the frontyard facing balcony, large laundry room with sink and cabinets, 220 outlet in the garage, plantation shutters, AC condensing units replaced in 2019, north/south exposure lot located on the end of the cul de sac, large side yard for all of your toys and storage, close to the 101 freeway, shopping, entertainment, Peoria Sports Complex, see this home today!

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5120 N 87th Street Scottsdale, AZ 85250

$1,099,900

4 Beds

3 Baths

2,446 SqFt

Status Active

MLS # 6759884

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home in South Scottsdale. Move right in to this turn key home with an oversized 1/3 arce lot. The backyard features a sparkling heated pool, putting green and volleyball court along with an attached studio with mini split that would be a great office, studio or gym space. Inside you'll find 4 generously sized bedrooms with a beautifully designed kitchen and living space plus a bonus space that was converted from 1/2 the garage thats currently used as a 5th bedroom. Lots this size in the area don't come on the market often!

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84 E Joseph Way Gilbert, AZ 85295

$1,099,900

6 Beds

4 Baths

4,008 SqFt

Status Active

MLS # 6732689

Property Type Single Family Residence

Price Type --

THIS IS AN INCREDIBLE OPPORTUNITY!! This 6-bed/3.75-bath, spanning 4,006 square feet, on close to a .25 acre lot. Whether you see yourself enjoying $150,000 upgrades on the inside or enjoying the resort style backyard with a pool that features a water slide, hot tub and multiple waterfalls, this house is turn key for both a new occupant and/or an investor. RV Gate, 3 Car Tandem Garage, Too many upgrades to list. You have to see it.

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9026 W Villa Lindo Drive Peoria, AZ 85383

$1,099,900

6 Beds

3 Baths

3,669 SqFt

Status Active

MLS # 6595438

Property Type Single Family Residence

Price Type --

Acre lot paradise! North Peoria, 85383! No HOA! RV gate! RV parking! Mountain views! Private pool! Remodeled inside and out! Notice the new stucco and paint as you drive up to the house. Pull into the four-car Porte Cochere in the U-shape driveway, with space for plenty of other parking if needed. Notice all the custom wood work as you enter in through the French door main entrance. The kitchen has been fully updated with new cabinets, white marble quartz counters, stainless steel appliances, a stainless steel vent hood with a matching Farmhouse sink. As you walk to the house, you'll notice several areas with natural light from the skylights built into the ceilings and Wood-like tile making cleaning simple. The main living room has been remodeled with custom A-frame vaulted wood ceilings. The home is equipped with new HVAC, and dual pane windows, making the home very efficient. As you step into the backyard, you'll notice large open spaces with modern landscaping updates, great for entertaining! There are three pergolas, three covered patios, and a covered RV area that has been used for large events. There is a hot tub by the primary bathroom exit and an inviting pool, great for the hot summer months.

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