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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2845 W Sunbeam Lane Queen Creek, AZ 85142

$987,500

5 Beds

4 Baths

3,122 SqFt

Status Active Under Contract

MLS # 6728695

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION and ready for move in, Check out this beautiful New 5 bedroom 4 full bathroom custom home on AN 1.25 ACRE lot with NO HOA! Spacious great room plan with gourmet kitchen, White Cabinets, induction cooktop, subway tile, stainless steel appliances, custom quartz counters, and walk-in pantry. Master suite has it all!! Private porch access, dual vanities, separate tub and shower. Large South Facing patio with amazing views. Huge walk-in closet. Front office /den with double doors. Front Bedroom / In Law Suite with private entrance and private bath. Builder paying $15,000 towards closing costs for using preferred lender. Oversized 3 car garage. Front yard desert landscaping with Block Fenced Back Yard on Paved Rd. NO HOA!

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2761 W Sunbeam Lane Queen Creek, AZ 85142

$987,500

5 Beds

4 Baths

3,122 SqFt

Status Active

MLS # 6728702

Property Type Single Family Residence

Price Type --

Just completed! 5 BED 4 BATH 3 CAR GARAGE an 1.25 ACRE LOT with paved road access and NO HOA! Spacious great room plan with gourmet kitchen, White Cabinets, wall oven/microwave combo, Induction cooktop, Stainless Vent hood, custom quartz counters and full fridge and freezer. Master suite has it all!! Private porch access, dual vanities, separate tub and shower. Large South Facing patio for shade all day. Huge walk-in closet. Four bedrooms / 4 full baths with amazing views. Over sized bedrooms with can lights and ceiling fans in every room. Large laundry room with counters and cabinets and space for freezer. Oversized 3 car garage. Front Yard Desert Landscaping included along with Block Fence Back Yard on Paved Rd. Builder paying $15,000 towards closing costs when using preferred lender

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4215 E Desert Vista Trail Cave Creek, AZ 85331

Open House

$986,599

3 Beds

2.5 Baths

2,642 SqFt

Status Active

MLS # 6614108

Property Type Single Family Residence

Price Type --

Homesite 22-Sidewinder-As you approach, you'll be greeted by a charming private entry courtyard that sets the tone for this exceptional home. Step inside and be captivated by the expansive great room featuring soaring vaulted ceilings. For the culinary enthusiast, the oversized kitchen island beckons. It's not just functional; it's a focal point for gatherings and meals. The inclusion of double ovens will delight any chef. The home is equipped with the following options already 16' center slider doors at great room, free standing tub in primary bathroom, garage service door, exterior stone, laundry room sink, and bbq gas preplumb. Included are the upgraded electrical, low voltage, and all finishes. Enjoy upgraded flooring, quartz countertops, stainless steel appliances and more!

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22503 E Saddle Court Queen Creek, AZ 85142

$985,853

4 Beds

2.5 Baths

3,269 SqFt

Status Active

MLS # 6740335

Property Type Single Family Residence

Price Type --

This is your opportunity to own this iconic, fully furnished model! Completely turnkey and fully furnished, this farmhouse home comes with your own pool, a massive 40'-wide covered patio for those fun Arizona summers and mature landscaping, truly an entertainer's dream! This model is filled with designer touches and features gorgeous luxury plank flooring in most areas, including the stairs. Downstairs you will find an open den, a chef's kitchen with double ovens and a 36'' Gas cooktop, a large great room, and a powder room with ample storage, along with a 12' sliding glass door to your dream patio. Upstairs is a loft with custom built in cabinets, 3 beautifully styled guest bedrooms, a full guest bathroom, and a laundry room which connects to the large primary closet. February 2025 COE.

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9248 S Lakeshore Drive Tempe, AZ 85284

New

$985,425

4 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6763067

Property Type Single Family Residence

Price Type --

Located in a prime south Tempe location, this updated 2,506 SqFt single story home boasts 4 beds, 2.5 baths, and a modern farmhouse style that makes you feel at home. Wood and tile flooring - no carpet anywhere. White kitchen with quartz counters, SS appliances and breakfast bar w/ seating. Good sized secondary bedrooms and a large primary suite that features a walk-in closet, large shower, and separate tub. Out back enjoy a large covered patio, sparkling pool w/ ramada, and two natural grass areas! Remodeled down to the studs in 2019: kitchen, bathrooms, flooring, windows/doors, electrical, paint, and ductwork. Subsequent smaller updates since including resurfacing the pool and pool deck, replacing the metal gates, and redoing the wall stucco. Home is ready for you to move in!

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5102 E Presidio Road Scottsdale, AZ 85254

$985,000

4 Beds

2 Baths

2,017 SqFt

Status Active

MLS # 6680084

Property Type Single Family Residence

Price Type --

Private lighted Pickleball Court, Stadium Seating. Down-to-the studs renovation in 2018! NEW wiring, HVAC, plumbing, drywall, stucco, windows, doors. Modernized, split floor plan w/ luxurious master suite, Alder barn door, 3 sets of French doors, no stairs or carpet, Chef's kitchen, ,Gray quartzite, spectacular granite. Glass 'backsplash, under-cabinet LED's, hidden outlets. Double ovens, ,cooktop,pot filler, warming drawer, wine frig, ,Bosch D/W. Wood like Tile Wall, tall baseboards. Baldwin levers,2-panel doors. Wood-look tile, Extended Driveway to park 6 cars. Leased solar system. Large patio plus gazebo, BBQ & mini frig. Over 1/3 acre. Plans available (including structural engineering) for addition of new master suite, 5th bedroom and expanding to a 4 car garage

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7120 E Kierland Boulevard Unit 720 Scottsdale, AZ 85254

$985,000

2 Beds

2 Baths

1,091 SqFt

Status Active

MLS # 6695174

Property Type Apartment

Price Type --

There is no wasted space in this stunning almost 1,100 square foot Kierland home. Situated in the perfect location in the building, you are close to everything. Artfully designed and well maintained, this 2 bedroom 2 bath unit fills all the boxes. The two parking spaces are directly adjacent to the elevator for ease and convenience. Enjoy the world class amenities that the Optima has to offer. Workout facility, squash, basketball, golf simulator and the famous rooftop pool and entertaining areas. Walk to the Kierland Commons and the Scottsdale Quarters dining and shopping opportunities in minutes. This is the perfect spot in Scottsdale..

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12918 W San Juan Avenue Litchfield Park, AZ 85340

$985,000

4 Beds

3 Baths

2,919 SqFt

Status Active

MLS # 6745440

Property Type Single Family Residence

Price Type --

SELLER IS OFFERING A $10,000.00 BUYER CONCESSION WITH THE RIGHT OFFER!! Entertainers Dream Home! Resort style back yard oasis with a sparkling pool, gas fireplace, built in BBQ, firepit, walking trail, putting green, large covered patio, lush landscaping, and fruit trees. Step inside to an open floor plan perfect for gatherings with family and friends, 10+ ft ceilings throughout, and a warm and inviting color palette. Stunning kitchen with a large island, granite countertops, gas stove, and SS appliances. Cozy up to the ambiance of the gas fireplace in the family room at the end of a long day and watch the beautiful Arizona sunsets. Plantation shutters throughout the home and a separate entrance off the guest bedroom. 3 car garage with built in cabinets and an RV gate/parking. This home has it all and sits on .8 acres! Exterior painted 2023, solar panels installed 2022, NEW AC UNITS 2021, and small garage door replaced 2024. Surround sound inside and on back patio!

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3917 E Boot Track Trail Gilbert, AZ 85296

$985,000

5 Beds

4 Baths

3,477 SqFt

Status Active

MLS # 6747659

Property Type Single Family Residence

Price Type --

Built in 2021 N/S Facing, Light & bright open floor plan with 5 BR, plus loft, 4 bath home in the highly desirable Morrison Ranch master plan community in Gilbert, seller pay off SOLAR, see the savings for electric bill statement on the documents. upgraded gourmet kitchen with large center island, huge pantry, upgraded appliances, gas cooktop, double ovens and built in microwave. Upstairs loft for your family entertains or office, Extended length Three car tandem garage has added EV charge outlet, home is only a block from community tennis, pickleball, basketball courts, children's play areas and enjoy community events. Convenient to San Tan Mall and Downtown Gilbert for shopping, dining and entertainment. easy access for Loop 202 & US 60.

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9023 W Monte Lindo Street Peoria, AZ 85383

$985,000

4 Beds

2.5 Baths

1,805 SqFt

Status Active

MLS # 6747788

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous property! Prepare to be amazed by this unique masterpiece in Sunrise! Lovely curb appeal is enhanced by a 3-car garage, large RV gate, and mature trees that provide refreshing shade. Entertain guests in the inviting living room adorned with plantation shutters and wood-look tile flooring in all the right places. Fabulous eat-in kitchen displays recessed lighting, built-in appliances, granite counters, and plenty of cabinetry with crown moulding. Spacious main retreat boasts French doors to the back patio, an ensuite with dual sinks, a glass block in the shower, and a walk-in closet. In the massive backyard highlights a covered patio, play area, gazebo, beehive fireplace, storage shed/workshop, and a HUGE 2300sqft detached garage with 1/2 bath & 2 evap coolers

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14399 E Explorer Lane Prescott Valley, AZ 86315

$985,000

4 Beds

3 Baths

2,438 SqFt

Status Active

MLS # 6747814

Property Type Single Family Residence

Price Type --

Welcome to this casually comfortable, move-in-ready property located in the sought-after Legend Hills subdivision of Prescott Valley, AZ. Nestled on 2.74 acres of completely fenced and cross-fenced land, covered with native shrubs, grasses, wildflowers and pines, this horse property offers both privacy and functionality. The spacious 2,480 square foot home boasts soaring ceilings and impressive 8-foot doors that enhance the open feel of the living spaces. Large windows in the living room provide stunning views of Hickory Mountain. The 20 X 32, 2 stall barn, is equipped with electricity, water, an enclosed 8 X 12 feed/tack room, and plenty of room for trailer parking. Recent upgrades include a Kinetico water system, a state-of-the-art induction stove, and an electronic air filtration system ensures the home is efficient and comfortable. The custom-made mantle over the stone fireplace is inlaid with copper and turquoise. A recently added half bath and numerous other enhancements make this home truly special. The property also features a large fully paid solar system, which greatly minimizes the cost of energy. Sellers say they do not have any electricity bills, they essentially break even every year. There is ample RV parking on a large gravel pad, accessible from either the driveway or the secondary front gate, giving it a pull-through option. There is convenient access to water and a 30/50-amp electric outlet. This exceptional property, with nearby access to BLM and State land, blends comfort, practicality, and natural beauty, making it the perfect retreat for horse lovers, nature enthusiasts, or anyone seeking a serene lifestyle in Prescott Valley.

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11007 E Vecino Street Chandler, AZ 85248

$985,000

4 Beds

4 Baths

3,633 SqFt

Status Active

MLS # 6749070

Property Type Single Family Residence

Price Type --

Welcome to your new home!! ''CLOSE IN'' HORSE PROPERTY LIVING!! Become the proud owner of this energy-efficient home offering well-kept landscaped outdoor areas, RV hookup and parking and much more! This home offers incredible space with it's split four bedrooms ( which includes two master suites ) along with multiple bathrooms. The back yard is an outdoor delight from the large covered/south facing patio to the inviting & refreshing play swimming pool, built-in barbecue, plus an in-ground firepit! In addition, your new property has plenty of room for your horses and of course a chicken coop for your chicks. The interior of the home has been impeccably maintained & shows well in every detail. There are two distinct living areas each with it's own fireplace. The kitchen is a gourmet's delight and of course has stainless steel appliances, double ovens, lots of pull out shelving, plenty of counter space, tons of spacious room plus a butcher block center island prep station. Lots of storage including a walk-in closet / pantry. There are three and 3/4 bathrooms with the master bath featuring a garden tub with jets and a snail shower! You'll not run out of hot water as there are two water heaters! There are also multiple a/c units and a newer roof! COOL!! This property is a must see!!

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