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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2127 E Ridge Drive Pinetop, AZ 85935

$989,000

4 Beds

3 Baths

2,992 SqFt

Status Active

MLS # 6694028

Property Type Single Family Residence

Price Type --

BEAUTIFUL 3 bed + office 2 ba home w/ detached guest chalet on nearly 1 acre, nestled in serene GATED Pine Ridge in Pinetop! The living room is a cozy retreat w/ stone fireplace & high wood plank ceilings, creating a warm inviting atmosphere. Kitchen features rich cherry cabinets, SS appliances & granite counters, complemented by a scenic window view. Spacious master w/ private deck to enjoy your morning coffee. Expansive deck to enjoy the lush landscaped surroundings w/ soothing water feature. Guest home separated by pedestrian bridge adds extra space & privacy, ideal for hosting friends & family. NEW HVAC, re-stained exterior, fresh interior paint, oak flooring t/o Perfect escape in the cool pines, close to golf courses, hiking & just 30 min to Sunrise Ski Resort SOLD FURNISHED

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7028 N 12th Way Phoenix, AZ 85020

$989,000

5 Beds

3 Baths

2,226 SqFt

Status Active

MLS # 6695691

Property Type Single Family Residence

Price Type --

Seller credits available! Time to own a GORGEOUS cul-de-sac home in the heart of Uptown Phoenix, loaded with stylish furnishings that can be yours in the sale! This stunning home boasts a rare split floor plan with dual master bedrooms with ensuite bathrooms, private entrances and a brand new AC. The backyard is your personal oasis with an expansive covered patio and a sparkling pool. The home's storage room can possibly be converted into another bedroom, extend the mother in-law suite, or modified to a 3rd car garage. Currently utilized as an Airbnb that's been heavily booked throughout 2024. Ideal for entertaining, multigenerational living, an investment property, or families wanting their children placed in the prestigious Madison School District or Xavier/Brophy Preparatory schools. This home has it ALL!

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20011 W Hilton Avenue Buckeye, AZ 85326

$989,000

3 Beds

2.5 Baths

1,585 SqFt

Status Active

MLS # 6710736

Property Type Single Family Residence

Price Type --

HORSE PROPERTY IN BUCKEYE!!! RARE local, close to 5 acre irrigated lot, with two sectioned off pastures with gate access. Close proximity to I-10 and new Great Hearts school. Slump block home recently painted inside and out. Newer a/c with solar lease. Newer windows and flooring. Separate fenced backyard for the home with large covered patio. One covered corral, covered area that use to be additional corrals. A storage shed/tack room conveniently located next to pasture. 2 Covered RV parking spots with electrical hookups. Covered parking.

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13118 N Founders Park Boulevard Surprise, AZ 85379

$989,000

4 Beds

4 Baths

4,500 SqFt

Status Active

MLS # 6717741

Property Type Single Family Residence

Price Type --

Introducing a true Marley Park heritage gem: This exquisite Craftsman-style home, constructed in 2004 by custom home builder Newman Jolly was the first property built in this remarkable community and originally served as the Welcome Center. The fully custom design exemplifies thoughtful craftsmanship and elegant living. Brand new HVAC system installed 8-30-24. The expansive wrap-around porch provides ample space for entertaining, while inside, custom woodwork and soaring ceilings enhance the home's unique character. The large gathering room features a gas fireplace, and the spacious great room is ideal for formal dining or a game room. The living room, with three sets of French doors, opens to the side and rear patios. The gourmet kitchen boasts granite counters, custom cabinetry, gorgeous backsplash and an upcoming gourmet stainless steel appliance package, along with a walk-in pantry complete with a coffee bar. The first level also includes an office/den, laundry room, powder room, and utility room. An elegant staircase leads to the second level, where you'll find three large bedrooms, all with walk-in closets, and two full baths. The primary suite, located at the rear of the home, features a gas fireplace and a luxurious bathroom with split vanities, a soaking tub, a walk-in shower, and a massive closet. Entire interior home lighting is operated by 51 LED lights named Hubspace, that change colors, hues, brightness etc.. The large backyard offers lush green grass, and adjacent vacant lots are available for purchase. This home exemplifies refined living in the heart of Marley Park.

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9070 N Whitney Way Prescott Valley, AZ 86315

$989,000

4 Beds

2 Baths

2,350 SqFt

Status Active

MLS # 6718443

Property Type Single Family Residence

Price Type --

Auto and off-road enthusiasts, you won't believe the possibilities riding out from your backyard gate onto state land! Beautiful property ''Sunset Acres''in Legend Hills. Fully fenced 2 acres backing up to state land on two sides of the property. Detached 2300 sf RV garage/shop with indoor pickleball/racquetball court, bar/lounge, 1/2 bath and a large overhead storage area with elevator access. Horse barn with fenced corral, tack room with water and power. House has beautiful open kitchen/dining room with walk in pantry that will delight any chef. After dinner sit by your backyard fire pit and soak in the amazing views and the million dollar sunsets.

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18496 E Raven Drive Queen Creek, AZ 85142

$989,000

5 Beds

4 Baths

4,258 SqFt

Status Active

MLS # 6733079

Property Type Single Family Residence

Price Type --

**BASEMENT HOME**Pool with Water Feature, Spa, Outdoor Fireplace**RV Gate**Remodeled Kitchen with Walk-in Pantry, Island, Gas Range, New Appliances**New Interior Paint**Located in beautiful Cortina neighborhood of Queen Creek, this luxurious home will exceed every expectation. Entry overlooks living and dining room with view of patio & pool beyond. The gourmet kitchen features gas range, double ovens, quartz counters, classic backsplash & customized pantry. Gather casually in the family room with easy access to the patio for alfresco dining. Main level master suite features walk-in closet, jetted tub, shower, his & hers sinks. Den, two bedrooms & baths are also on main level. Custom closet organizers throughout. Basement has bonus room with wet bar, two bedrooms, bath, & storage closet. Basement has 9' ceilings for entertaining paradise. Situated on a beautifully landscaped corner lot, there's a new RV gate, spacious side yards, expansive patios & a fire pit. Cool off in the sparkling pool or relax in the spa while listening to the soothing water feature. This well-loved home has been maintained in every detail by it's only owner. It's the place to create enduring memories!

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12737 W Maya Way Peoria, AZ 85383

$989,000

3 Beds

2.5 Baths

2,940 SqFt

Status Active

MLS # 6734309

Property Type Single Family Residence

Price Type --

HIGHLY UPDATED DESIGNER home with the most STUNNING PRIVATE BACKYARD RESORT of your dreams! SOUTH-FACING backyard has amenities galore: heated pool, spillover spa, firepit with seating, huge extended patio w/elevated BBQ island. All secluded and surrounded with lush greenery - a true entertainer's delight and your own private sanctuary! Indoors is highly updated! NEW 2019 TILE FLOORS THROUGHOUT-gray wood-look plank tile, with white marble-look tile in baths. Stunning UPDATED KITCHEN including QUARTZ countertops, painted staggered cabinets, newer appliances & custom hand-blown glass pendant lights. In great room: fireplace with stacked stone added 2019 & custom cabinetry painted 2019. All baths have many updates 2019-23. Other outstanding features: WASH on one side of home, 12kW OWNED SOLAR, TWO NEW 2020 5-ton Trane heating & A/C units, 3 garage spaces, soaring 12-ft ceilings, crown molding, NEW 2022 barn door with etched glass panels in primary suite between bedroom & bath, all NEW 2020 ceiling fans w/lights, custom office space-updated 2021, guest bedrooms with Jack & Jill bathroom, exterior trash enclosure, den with double doors to the large private front courtyard. So many updated & custom features. This spectacular home and backyard oasis is a MUST SEE! This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.

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10522 E Morning Star Drive Scottsdale, AZ 85255

$989,000

3 Beds

2 Baths

1,963 SqFt

Status Active

MLS # 6737507

Property Type Single Family Residence

Price Type --

AZ Resort Style living at It's BEST! Just bring your toothbrush/clothes! Being sold w/furnishings, dishes, kitchenware & linens! This lovely home is a 3 bedroom/den, 2 bath. Remodeled. Elegant neutral palette thru out. Chef's Kitchen w/quartz countertop ,island /breakfast bar & stainless steel appliances. Kitchen open to family room. Entertainers delight! Large primary bedroom w/ walk-in closet & spa like ensuite w/ dual sinks, custom tile shower & garden tub. Den can easily be converted to 4th bedroom. Whole house H2O system. Relax in your private backyard oasis. Salt Water Pool w/newer equipment. New HVAC system in 5/2023. Backs to Wash/Amazing Sunsets & desert views! Near Community Park: Pool, Spa, Tennis, Pickleball, Splash pad, golf & more! This is it! WOW!

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323 W Quartz Rock Road Phoenix, AZ 85085

$989,000

4 Beds

2.5 Baths

3,073 SqFt

Status Active

MLS # 6738918

Property Type Single Family Residence

Price Type --

Beautiful custom home situated on 1.25 acres with horse privileges and no HOA! The open floorplan is centered around the great room and gourmet kitchen with knotty alder cabinets, stainless steel appliances, gas cooktop & granite counters. The spacious primary suite offers double walk-in closets, plus an updated bathroom with jetted tub. There are 3 additional bedrooms plus an office/gym/craft room located between the garage bays. Oversized 3-car garage plus covered RV parking. Backyard has a covered patio, dog run, tortoise enclosure and plenty of room for a pool! Producing well is shared with one neighbor. Roof was recoated in 2022 and under warranty until March 2027. Located near Norterra for shopping & dining. Enjoy neighborhood access to miles of hiking, biking and horseback trails!

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1261 E Cambridge Avenue Phoenix, AZ 85006

$989,000

4 Beds

3 Baths

2,618 SqFt

Status Active

MLS # 6743054

Property Type Single Family Residence

Price Type --

Stunning 4-bedroom residence located in Phoenix is a dream come true! Fall in love w/an exquisite interior adorned with sleek tile flooring, a fresh soothing palette, dazzling light fixtures, a unique-style wine cellar, & plenty of natural light. Enjoy spending chilly evenings at home by the cozy fireplace in the family room! The gorgeous kitchen showcases granite counters, built-in appliances, a pantry, a stylish tile backsplash, modern white cabinets, & a large center island equipped w/a breakfast bar. The main retreat offers private outdoor access, a lavish ensuite w/dual vessel sinks, a delightful soaking tub, & a walk-in closet. Host fun gatherings in the fabulous backyard, featuring an open patio w/manicured landscape, built-in BBQ, & a charming firepit! This gem won't disappoint!

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6718 N 15th Street Phoenix, AZ 85014

$989,000

3 Beds

2 Baths

3,169 SqFt

Status Active

MLS # 6743181

Property Type Single Family Residence

Price Type --

If you're looking for a home that truly has it all, this Central Phoenix gem is the one for you! Boasting 3 bedrooms and 2 bathrooms, plus several flex spaces to use however you desire!! Just off the laundry is a flex space and there is another large space off the bonus room, both can be anything you desire! The interior has recently been updated with new appliances, flooring, cabinets, bathrooms, lighting, paint. The expansive rear yard has gated RV parking, a hot tub, sauna & cold plunge & it even has room for a pool! The final bonus of this amazing property is the guest house which has been set up nicely for a short-term rental and features a full kitchen, bathroom and laundry.

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22708 E Maya Road Queen Creek, AZ 85142

$989,000

3 Beds

2.5 Baths

2,706 SqFt

Status Active

MLS # 6746067

Property Type Single Family Residence

Price Type --

This one of a kind gem is the closest to a custom new build you will find! Over $300K in upgrades! The owner spared no expense in customizing every space of this incredible home! Luxury custom design professionals were hired immediately following the new build close to create the owners dream home. From 36'' inch wide doors throughout, zero entry easy access from the garage, to floor plan customizations. No space was left unturned. The gourmet style kitchen boasts of extended island, walk-in pantry, and large glass sliding patio doors to always have a view out to the backyard oasis. The pool with extended baja step, 3 water fountains, 2 gas fire pots and a large firepit, are all perfect extensions to the outdoor ramada including full kitchen features, perfecting indoor/outdoor living. Solar pool covers convey. Every inch has been carefully planned and landscaped. The garage includes a mini-split, insulation, polyaspartic floors, custom storage cabinets, tankless hot water heater & RO system, 220V EV outlet, full solar panels with back-up battery are paid in full and electric bill has been less than $200/month! This incredible home is one you must come see for yourself!

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