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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37333 N 16th Street Phoenix, AZ 85086

$949,999

3 Beds

2 Baths

2,279 SqFt

Status Active

MLS # 6730863

Property Type Single Family Residence

Price Type --

Nestled in the heart of Phoenix, off Carefree and 16th St, this charming 3-bedroom, 2-bathroom horse property offers the perfect blend of modern comfort and equestrian living. Set on over an acre of land, this home boasts breathtaking mountain views, providing a serene backdrop for daily life. The property is well-equipped for horse enthusiasts, featuring a spacious horse arena, a coral, a barn, and multiple stalls. Inside, you'll find a bright and welcoming interior, complete with a dedicated office space, ideal for remote work or a personal retreat. The home is move-in ready with new air conditioning units ensuring comfort year-round. Step outside to your private oasis, where a sparkling pool invites you to cool off and relax under the Arizona sun. This unique property is a rare find, offering ample space, stunning views, and all the amenities needed for both a modern lifestyle and a passion for horses. Property Features: * Horse Arena: 137x82 feet, perfect for roping, jumping, dressage, pleasure riding, and more! * 2 Stalls: 12x12 feet each (measurements don't include turnout) * Custom Barn: 33.5x24.5 feet, with fans, misters, attached tack room, and feed room. * Mare Motels: Two custom-built, large mare motels with ample shade * Round Pen: 40-foot diameter, with hay rack * Wash Stall: Large area for convenient horse grooming * Fly Spray System: 50-gallon barrel for automatic fly spray throughout the barn * Trail Riding: Direct access to state land and mountains, with Cave Creek Regional Park within walking distance Residential Features: * Lap Swimming Pool: 40x12 feet, with brand new cool deck, pool cleaner, and recent servicing * Home Upgrades: * Fresh interior and exterior paint * Two brand new air conditioners * New shower enclosure * New hardware throughout * New dishwasher * Garage: 3-car garage for ample storage * Fireplace: Cozy up in the comfort of your own home This format highlights the property's equestrian features and residential upgrades, making it easy for potential buyers to see the value in this unique property.

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17642 E Hunt Highway Queen Creek, AZ 85142

$949,999

4 Beds

4 Baths

3,130 SqFt

Status Active

MLS # 6733145

Property Type Single Family Residence

Price Type --

THIS IS THE ONE!!! Do you want land & a custom home? An unbelievable property sitting on almost 1.5 acres w/ irrigation, horse privileges, & NO HOA! Inside you'll find a wood-burning fireplace, 4 beds (3 w/ en-suite bathrooms). Main bedroom has fully renovated bathroom & shower. Soaring vaulted ceilings throughout & beautiful luxury flooring. This exceptional custom home bordering Gilbert includes multiple patios & incredible mountain views! Extensively remodeled & cared for through the years. Living room has pull down screen, projector & surround sound. Exterior painted 2021. New hot water heater in 2021. Trane A/C new in 2018. Tons of amazing fruit growing on your property: grapes, pomegranates, velvet mesquites, citrus, & more!! Plenty of room for your DREAM pool! Don't Miss This!

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19746 W Montecito Avenue Litchfield Park, AZ 85340

$949,999

6 Beds

4.5 Baths

3,371 SqFt

Status Active

MLS # 6744299

Property Type Single Family Residence

Price Type --

Semi-custom home w/soaring ceilings, secret bookcase storage and exquisite box beam ceilings. The chef's kitchen features cabinets to the ceiling, walk in pantry and butlers pantry. Dual main-level bedrooms each w/private baths, , part of a 6-bed, 4.5-bath luxury living plan. The backyard oasis includes a Sparkling Pebble Tec Pool with Heat Pump for heating or cooling - year around enjoyment for everyday FUN!!Pool House Kitchen, pool, extended patios, owned solar panels, and misters. Verrado's front porch communities offer a lifestyle of the wealthy...with 31+ miles of trails, 90 parks, championship golf, community pools, fitness centers, pickleball, basketball courts, dining, shopping, groups, clubs, community events and more. 1% Concessions for buyer closing cost w/preferred lender

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21035 N 60th Terrace Phoenix, AZ 85054

$949,990

3 Beds

2 Baths

1,990 SqFt

Status Active

MLS # 6731993

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. Move into this stunning single-story home featuring three bedrooms and a den with double doors situated on a corner lot. This home boasts luxury vinyl plank flooring throughout along with a chef's kitchen which includes 42'' upper cabinets, quartz countertops, and a café area. The owner's suite offers a beautifully framed low-threshold walk-in shower, while the secondary bathroom features raised cabinets and dual sinks. The laundry room is equipped with upper cabinets, a sink, and a convenient countertop.

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17815 N 51st Way Scottsdale, AZ 85254

$949,990

4 Beds

3 Baths

2,429 SqFt

Status Active

MLS # 6756860

Property Type Single Family Residence

Price Type --

This 4 Bedroom 3 full Bath Scottsdale Home is located in the highly desirable Triple Crown neighborhood. Minutes away from Desert Ridge Marketplace, Kierland Commons/Scottsdale Quarter and the newly reimagine PV Mall area. Not to mention the ''Magic Zip Code 85254'' Scottsdale address, Phoenix taxes/ utilities and Paradise Valley School District. Home Features: Formal Living room and Dining area, Eat in kitchen that opens to a cozy family room. Remodeled & expanded Kitchen in 2021 has white cabinets with nickel hardware, Quartz countertops with a breakfast bar, LG built in Microwave and range/ oven, Whirlpool stainless steel regrigerator & ASKO dishwasher. Walk in Pantry. Home also has Faux hardwood floor tile throughout 1st floor. Downstairs, you'll also find the 4th bedroom which can be use as a quest room, bonus or exercise room or a den, a full bath and laundry room with LG Washer & Dryer. Upstairs you have a spacious Master bedroom with a walk on balcony where you can enjoy mountain views and the greenbelt area that's across the street, Master bathroom also has a Walk in Shower and separate Freestanding bathtub, Dual sinks and large walk in closet. Good sized Bedrooms #2 and #3 have big closets and a full hall bath. New carpet installed 9/10/24, Carpeted area only on second floor. Remodeled Bathrooms in 2021 all with TOTO toilets. Home's exterior newly painted (2024). Epoxy floor in 3 Car garage and tankless water heater. Close to parks, Greenbelts & Copper Canyon Elementary School..

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29318 N 163rd Drive Surprise, AZ 85387

$949,990

4 Beds

3 Baths

4,182 SqFt

Status Active

MLS # 6663007

Property Type Single Family Residence

Price Type --

Back on the market! Buyer Failed to perform! CUSTOM 4,100+ SqFt 2023 Home nestled on an expansive ACRE in a highly coveted non-HOA subdivision with Horse Rights! The heart of the Home features Quartz and Soft-close cabinets seamlessly merging style and functionality with 2 large living rooms. Discover serenity in the spacious bedrooms, each meticulously designed for comfort. With not one, but space for TWO DENS, this home offers versatility for your unique lifestyle - whether it's a home office, a cozy reading nook, or a 5th bedroom. The grandeur of CUSTOM IRON DOORS welcomes you, setting the tone for the unparalleled elegance that unfolds within. Neutral finishes adorn every corner providing a timeless canvas for your personal touch. This residence is not just a home; it's a testament to fine living. Rarely does an opportunity like this present itself. Don't miss your chance to own a masterpiece where luxury meets tranquility and quick start your equity in Surprise!

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1645 N 103rd Street Mesa, AZ 85207

$949,990

4 Beds

2 Baths

2,331 SqFt

Status Active Under Contract

MLS # 6739885

Property Type Single Family Residence

Price Type --

LOCATION! LOCATION! LOCATION! Welcome Home to this beautiful 4-Bedroom Home on nearly an Acre, NO HOA, on a county island known as ''The Hidden Gem'' steps away from hiking and biking trails. City lights, mountain views and open space, galore! Discover your perfect retreat with this inviting 4-bedroom, 2-bath home. The open floor plan and vaulted ceilings create a bright, airy space that's perfect for relaxed living and entertaining. Situated on almost an acre of land, this property offers the freedom to make it your own. The 4-car insulated, extended garage with RV/EV plug, and 22' RV gate provide ample space for all your toys and vehicles, while the large yard is ideal for outdoor activities and projects. Literally, steps away from Usery Mountain Regional Park. For those interested in keeping horses or other animals, the expansive grounds offer plenty of room to roam and set up your own barn or pasture. Whether you're looking to garden, build a workshop, or simply enjoy the open space, this property is your perfect homestead. Impressive interior includes: Karastan Chateau Leon Warm Cognac Oak Laminate, Wood, 9.45 x 80.71 plank with sleek 6 baseboards throughout. The kitchen is a chef's dream, with abundant cabinetry, a generous island, breakfast bar, dining nook, stunning new quartzite countertops, fresh backsplash, induction stove, SMART appliances, and a farmhouse sink. New custom fireplace with floor to ceiling tile and granite hearth. Wood shutters throughout add style and elegance. Features: 4 Bedrooms, 2 Bathrooms Open Floor Plan Vaulted Ceilings Nearly 1 Acre of Land No HOA 4-Car Extended, Insulated Garage RV / EV plug 22' RV Gate 2 x 6 Construction Large travertine covered patio and sitting areas Spa Room for Horses and More This home is move-in ready and a must see!

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M16 L2 Los Langostinos -- Outside Arizona, AZ 00000

$949,900

3 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6697855

Property Type Single Family Residence

Price Type --

A beachfront gem that will make your heart happy for years to come. Located on desirable Playa Encanto Beach, this home has a beach like no other with the distinction of having no rocks and complete access for miles. Completely refurbished. This beachfront home has been upgraded with all new appliances, US grade electric, plumbing, gas lines, instant hot water, & 16,000-litre water tank. Custom artwork in the courtyard is very inviting and colorful. Great place to BBQ with family or friends. This home has 3 BR, 2 BR & views from every corner of the house. The south facing master bedroom faces the beach so you can wake up to spectacular sunrises or fall asleep to colorful sunsets every evening. The 4 car garage will satisfy, a perfect man cave awaits. This home is move in ready.

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6732 E Palm Lane Scottsdale, AZ 85257

$949,900

3 Beds

2.5 Baths

1,886 SqFt

Status Active

MLS # 6724728

Property Type Single Family Residence

Price Type --

Stunning remodeled home from top to bottom with full Permits and Licensed Contractor. Beautiful attention to detail by the Professional Designer. You will notice the difference in this home the second you walk into it. Home was just completed with the following updates: New open floor plan, all new windows and doors, new roof, new a/c, new ducts, new flooring, new kitchen, new appliances, new plaster pool and tile, new landscaping and so much more! This home is exquisite and will work for a family, a long term rental or Airbnb.

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7741 N 16th Lane Phoenix, AZ 85021

New

$949,900

3 Beds

2.5 Baths

2,475 SqFt

Status Active

MLS # 6762453

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the perfect LOCATION! This North Central Phoenix charmer has so much to offer! You will fall in love with this neighborhood as soon as you turn onto the street. This ranch style home has been completely remodeled and is like no other, from the moment you walk in you fall in love with every little detail. This 3-bedroom, 2.5 bathroom open floor plan is filled with lots of natural light. The kitchen has all new cabinets, stainless steel appliances, farmhouse sink, quartz counter tops, two kitchen islands which is perfect for those amazing family gatherings. There is also an office/gym that is at the other end of the home which can be used as a guest room if need. Newer Trane AC unit and best of all NO HOA! The customized home sits on a HUGE 1/3 acre lot which includes mature trees, a private sparkling diving pool, two fireplaces, large covered patio, RV gate/parking, storage shed and much more!

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19118 N 94th Street Scottsdale, AZ 85255

$949,900

4 Beds

3 Baths

2,944 SqFt

Status Active

MLS # 6729419

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the desirable Foothills at Ironwood community in Scottsdale! This stunning 2-story residence offers 4 spacious bedrooms, 3 luxurious baths, and boasts a generous 2,944 square feet of living space. Step inside to be greeted by vaulted ceilings and elegant wood-look tile floors that flow seamlessly throughout the main living areas. The gourmet kitchen is a chef's delight, featuring white cabinets, stainless steel appliances, and beautiful granite countertops. The kitchen opens to a cozy family room, perfect for entertaining. The primary suite is a true retreat, offering an ensuite bath with a dual sink vanity, a separate glass-enclosed shower, and plenty of storage space. Each additional bedroom is generously sized and filled with natural light. Outside... you'll find an inviting outdoor fireplace, perfect for enjoying cool Arizona evenings. The 3-car garage provides ample space for vehicles and storage. Located centrally in the Foothills at Ironwood, this home is just minutes away from top-notch shopping, dining, and golf courses. Don't miss the chance to own this exquisite Scottsdale property!

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1713 W Las Palmaritas Drive Phoenix, AZ 85021

New

$949,900

3 Beds

2 Baths

1,794 SqFt

Status Active

MLS # 6763474

Property Type Single Family Residence

Price Type --

First time ever on the market!! 28,567 sq ft lot!! This is a great property. House could use some updating, but if you are looking for a large lot with a huge garage in back with a lift, an unfinished studio apt, and a large woodshop, this is it!! There is access to the back lot through the alley. This is a gated alley subdivision, so double security to get into the back. Nice dead end street. There is walking access to Royal Palm Park through the neighborhood. House features 3 bedrooms and 1.75 baths. 1 car garage and carport at the front of the house. Irrigated lot. There is another room off of the garage that could be a 4th bedroom or hobby room. 2 covered patios, diving pool that was resurfaced not long ago. Wonderful neighborhood with a neighborhood garden and lots of events!!

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