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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9863 W Keyser Drive Peoria, AZ 85383

$979,900

5 Beds

3.5 Baths

4,464 SqFt

Status Active

MLS # 6743720

Property Type Single Family Residence

Price Type --

Gorgeous North Peoria Home with Views for miles. 5 bed/3.5 bath home is situated on close to a 1/3 acre lot, 4 car garage with side boat or RV parking, epoxy floor garage with built-in cabinets. Guest bedroom is downstairs with an in- suite bath. Gourmet kitchen with breakfast nook, formal dining room, living room and bar in the family room makes this home perfect for entertaining guests. This backyard features a spectacular swim up bar pool (see video), sunken gazebo, fire pit, and seating area for friends. Close to 303 freeway, shopping, dining, located in award winning Deer Valley School District.

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16191 N 99th Way Scottsdale, AZ 85260

$979,900

3 Beds

2 Baths

2,311 SqFt

Status Active

MLS # 6744721

Property Type Single Family Residence

Price Type --

Nested in the exclusive gated community of Horseman's park in the McDowell Mountain ranch area, is beautiful partially remodeled home with formal living room, dining room, and a specious eat in kitchen. Granite Counter tops and new appliances, the family room is spacious with a gas fireplace. The home has a good size bedrooms and remodeled bathrooms, Freshley painted with new carpet, The back yard has a big pool great for entertaining. Minutes away for the best shopping, golf courses and hiking trails the Scottsdale has to offer!!!

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7420 E Via Estrella Avenue Scottsdale, AZ 85258

$979,900

3 Beds

2 Baths

1,706 SqFt

Status Active

MLS # 6752388

Property Type Single Family Residence

Price Type --

Welcome to this exquisite corner lot home in Casa Buena 2, surrounded by mature shade trees. This property features a convenient 2-car garage and an RV gate. Step inside to discover vaulted ceilings and wood flooring in key areas, creating a warm, inviting atmosphere. The sizable living room, complete with a wood burning fireplace, is perfect for entertaining. Serve gourmet meals in the formal dining area and prepare your favorite dishes in the delightful kitchen, equipped with stainless steel appliances, granite counters, custom cabinets, and a breakfast bar. The main suite offers direct backyard access and a private bathroom with dual sinks, ensuring a peaceful retreat. All bedrooms boast walk-in closets for ample storage...Close to park, pickleball, shopping, restaurants and 101 The charming backyard is an oasis with an attached Ramada, built-in BBQ, patio, a shed, a refreshing pool, and a private putting green. What's not to like? Don't miss out on this gem!

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2207 W Hidden Treasure Way Phoenix, AZ 85086

$979,700

5 Beds

3.5 Baths

3,792 SqFt

Status Active

MLS # 6682369

Property Type Single Family Residence

Price Type --

MUST SEE! Amazing home in Parkside. Over 3750 sq ft. that sits on 1/3 of an acre lot with 5 oversized bedrooms, 3.5 baths (split floor-plan) and an office with built in desk and cabinets. Guest room en suite has its own full bath (perfect for MIL). Kitchen has granite countertops, S/S appliances. raised panel maple cabinets, & a HUGE kitchen island w/ breakfast bar. Brazilian Cherrywood floors throughout. Primary bath has a custom walk-in shower with Rain Water showerhead. Plantation shutters throughout. Beautiful backyard with a Sports Court with basketball, putting green with new artificial turf. and a pebble tec pool with built in water feature. And to top it all off, owned solar! Huge savings on your electricity bill! New paint and carpet too Walking distance to A+++ K-8 school, Diamond Canyon!

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1184 E Gleneagle Drive Chandler, AZ 85249

$979,601

5 Beds

3 Baths

2,824 SqFt

Status Active

MLS # 6748505

Property Type Single Family Residence

Price Type --

A brand new Home in the City of Chandler!!! Earnhardt Ranch, a new gated Master Planned Community of 100 Homes. Dramatic tree lined Entry, with stone walls, oversized entry monuments, rustic gatehouse, and ranch style gates, opening up to a 3.2 acre Park. Large Homesites, and Extensively landscaped open space, will pay tribute to the properties history as a 40 acre working Earnhardt Family Ranch and retreat right here within the City limits. Estim Dec 2024 Completion! Current Easy access to the San Tan Freeway, I-10, and Hwy 87, located amidst top rated Chandler Schools, shopping, large employers and dining! (*Photos shown are of a Model Home of this floorplan, built offsite). Taxes are estimate Price includes Preferred Lender Incentives

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23005 N 87th Street Scottsdale, AZ 85255

$979,500

2 Beds

2 Baths

2,112 SqFt

Status Active

MLS # 6758926

Property Type Townhouse

Price Type --

Welcome to beautiful La Vida in North Scottsdale. Spacious and bright, this 2100 sq ft end unit townhome has 2 bedrooms/2 baths. Single level with no interior steps. Vaulted ceilings, open & inviting kitchen and spacious bedrooms/baths. Huge laundry room & abundant storage. Beautiful maple hardwood floors throughout. Contemporary bathrooms showcase custom tile and modern finishes. The covered patio and relaxing backyard is larger than most in the community. 2 car garage with ample storage and direct access into the home. Minutes to North Scottsdale dining, hiking, golf and shopping. Enjoy the community pool, tennis court and pickle ball! Central to the community is a grassy park with tall trees and room to roam. La Vida - a hidden gem community. Must be experienced to appreciate.

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17329 W Gretna Street Surprise, AZ 85388

$979,000

4 Beds

3.5 Baths

2,749 SqFt

Status Active

MLS # 6759428

Property Type Single Family Residence

Price Type --

Motivated sellers! Extra large lot. Bonus: casita/primary downstairs. Extra deep garage. Furnished and with golf cart available. Quiet street. Come check out this nicely appointed Penrose model home with an added BONUS room upstairs and an expanded covered patio in the backyard. The upgraded 16 ft slider makes the outdoor living easy! The well-equipped kitchen comes complete with upgraded KitchenAid appliances, upgraded cabinets, gorgeous hard surface counters and a spacious waterfall island large enough to entertain all your family & friends. The great room and casual dining are open to the kitchen. The luxurious primary bedroom boasts a nice sized walk-in closet and beautifully appointed bathroom. All bedrooms are nicely sized.

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683 S Beartrax Trail Young, AZ 85554

$979,000

3 Beds

3 Baths

5,671 SqFt

Status Active

MLS # 6713347

Property Type Single Family Residence

Price Type --

Want a place in the Woods. This is the place! The 11+ acres is full of trees. Home is a custom design and build by owners. Front covered deck large enough to sit and enjoy. Great room has floor to ceiling windows that gives wonderful views. Wood stove fireplace insert heats majority of home. Central heat, and air. Kitchen has butcher block breakfast island. Gas stove, double oven. Dining area. Library/den has gas stub out for heater. Master bedroom has double glass closet. Walk in closet. Gas fireplace, Full master bath. Has a private covered deck. Guest bedroom, has access to hall bath. Laundry room with storage cabinets. Attached double car garage. 2000 sq/ft detached garage/shop can hold 4 vehicles. guest room with bath. Also a laundry area. Much more!

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36236 N 11th Avenue Phoenix, AZ 85086

$979,000

5 Beds

2.5 Baths

2,700 SqFt

Status Active

MLS # 6754001

Property Type Single Family Residence

Price Type --

Step into this highly upgraded home that boasts a comfortable southwestern lifestyle. nestled on 1.1 acres just west of Cave Creek, this house offers the ultimate Sonoran desert lifestyle. With 5 bedrooms, (one is used as a closet), the home effortlessly handles your every need. You'll love the kitchen which showcases custom-made knotty alder cabinets and of course, granite counters. Sleek black appliances provide the perfect accent. Every detail has been addressed, from the custom laundry room cabinets to the owner bedroom featuring a distinctive barn door and a custom vanity. The property features six custom gates, offering not just security but also a touch of architectural flair. Next, step into the backyard, where the house truly comes to life. The square footage is combined. A sprawling oasis awaits, complete with a pool surrounded by a fenced area for both safety and privacy. The back patio offers a recently updated roof, and provides the perfect setting for entertaining or simply unwinding in style. But that's not all - discover THIS hidden gem. An 825 square foot guest quarters with a bathroom in the back garage, offering versatility and additional space for your guests. Plus, you'll have room for all your toys in the 1,392sf over height garage with room for all your tools. There's also covered parking on Concrete slab for your RV. This home is a true sanctuary where you can live, work, and entertain with ease, privacy, security and comfort. This Home has newer Roof, Stucco, exterior paint, new seal,new stucco and new windows in 2020. The Back Garage recently painted and sealed. The front garage is newly painted interior and the floor has brand new epoxy. New carpet in the guest quarters, new paint on back garage inside and out. The backyard has an interior fence e for animals and pool safety. The pool has new water has been acid washed and had the tile cleaned. The pool has a new cleaner and new pump. The square footage is 1875 for the main home and 825SF for the guest quarters they are combined. The guest quarters also has a toilet and shower.

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4055 N Recker Road Unit 71 Mesa, AZ 85215

$979,000

4 Beds

2.5 Baths

3,509 SqFt

Status Active

MLS # 6756405

Property Type Single Family Residence

Price Type --

Four bedroom with office, plus loft in custom home located in the prestigious Red Mountain Ranch gated community of Country Club Estates. Property sits on a quiet cul-de-sac with a downstairs master suite. Granite countertops throughout. A resort like salt water pool/spa with multiple water features centers the expansive desert scape back yard. A large three car garage with built in cabinets plus a 8x12 storage unit inside the RV gate. Walking distance to new Charter School, American Leadership Academy at the corner of Recker and Thomas. A perfect home for a growing family. Many furnishings are available to purchase on separate bill of sale.

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730 E Hayward Avenue Phoenix, AZ 85020

$975,999

3 Beds

3 Baths

2,706 SqFt

Status Active Under Contract

MLS # 6725609

Property Type Single Family Residence

Price Type --

Ranch-style nestled w/new roof & circular driveway w/endless upgrades and mountain view! Elevated living w/rich wood flooring, custom built-in bookshelves, crown molding, gas fireplace w/glass & custom wine fridge. The open, spacious kitchen has loads of recently-painted custom cabinets, a Wolf stove, Sub Zero fridge & a warming drawer. Master suite has a newly updated bath w/soaking tub, walk-in closet & backyard access. New ac, new carpet in all bedrooms and a remodeled guest bath. Escape to your own backyard oasis adorned w/fruit trees & outdoor lighting. Pool w/water feature refinished w/pebble tech, new pool equipment & pantara system, controls heat and lighting. Custom built storage & 2 carports, alley access. Luxury, comfort, and functionality in every detail.

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1884 S Middlemarch Road Pearce, AZ 85625

$975,000

4 Beds

3 Baths

2,882 SqFt

Status Active

MLS # 6611109

Property Type Single Family Residence

Price Type --

Enjoy the expansive and beautiful Sonoran Desert from this exceptional 41.09 acre hacienda set against the Coronado National Forests' Dragon Mountains. Warm up your horse in the arena or one of the round pens, and access Federal and State for miles of riding right from your own property. You will appreciate your 6-stall horse barn with its spacious tack room, automatic waterers, adjoining paddocks, the tractor/hay shed, and refreshing ponds. Experience the open, airy feel and timeless magic of your 2,282 square foot Southwestern Territorial Style 4-bedroom, 2.5 bathroom home with its saltillo tile flooring, rustic vigas, latilla ceilings, covered patios, artistically landscaped courtyards, and tremendous views of the surroundings, the mountains, and the valley below. It's all here! Stepping down into the cozy living room which centrally features the wood-burning fireplace with its rustic mantle and custom seating, you are immediately captivated by how the many windows in this 3-sided room with its high ceilings seem to bring in the beauty of your endless views landscaped and yard, which can be accessed by stepping right out the door. From the living room, the dining area and kitchen are just a few steps away. The kitchen features a Brazilian slate island/countertops, and stainless-steel appliances, including a Dacor cooktop with a hood fan, double ovens, a warming drawer, and a Bosch dishwasher. The kitchen joins a sitting area with its wood-burning stove and the pantry with ample storage and a food preparation counter. From the pantry, one can step out to the back patio or enter the office, which joins a separate living space that can be used as the 4th bedroom, with its own ½ bath and access to the backyard and attached garage, perfect for extended family living, a guest, or your entertainment room. At the opposite end of the house, you will find your primary bedroom with plenty of windows to bring in the beautiful outdoors, a full bathroom, and a walk-in closet. A laundry room, a full bathroom, and two additional bedrooms are off the hallway leading to the primary bedroom. All bedrooms, the laundry room, and the hall bathroom have exterior doors, facilitating easy access to the doors leading to exterior covered patios and courtyard areas. The two fireplaces, mini splits in the primary bedroom and living room, and electric baseboard heaters can ensure you stay comfortable. A mobile home was, at one time, sited just east of the Hay/Equipment Storage building but has been removed. The site has electric, water, septic, and propane hookups for a possible caretaker/quest housing or RV.

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