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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5610 N 184th Drive Litchfield Park, AZ 85340

$947,000

4 Beds

3 Baths

3,795 SqFt

Status Active

MLS # 6758578

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 3-bathroom home with a den, situated on a spacious lot that feels even larger than its 0.6 acres. Perfect for those who love to entertain and need space for adventure, this home comes equipped with an oversized RV gate, paver driveway, and a 30 amp hookup on the side of the house—making it easy to park and hook up your RV or boat. The outdoor space is a true entertainer's dream, featuring a refreshing pool surrounded by 1,700 SF of travertine decking. The expansive 700 SF covered patio offers plenty of room for gatherings year-round. You'll also find a natural gas fire pit and a built-in BBQ—ideal for hosting family and friends in style. Inside, the open layout and additional den provide flexible living spaces for work, play, or relaxation. Security is a priority, with owned security cameras for added peace of mind. The home sits in a prime location with no neighbors across the street, giving you a sense of openness and privacy, along with a park just across the way. The area also features no street lights, enhancing the tranquil ambiance and making it a perfect retreat under the Arizona night sky. This home is the ideal blend of space, privacy, and convenienceready to accommodate both indoor and outdoor entertaining, as well as your RV or boat for your next adventure.

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226 W Lazy K Ranch Road New River, AZ 85087

$947,000

5 Beds

5.5 Baths

4,564 SqFt

Status Active

MLS # 6731710

Property Type Single Family Residence

Price Type --

Lifestyle Is Included with this In-town/Out-of-Town NO HOA, 1 Acre Family Home. Exit just 4 miles North of the Anthem Outlet Mall. Escape to the Breathtaking Panoramic views from the Wrap Around Porch. 5 Beds, 5.5 Baths provides privacy for everyone. Working at home w/AirFiber Broadband High-Speed Star-link available. Interior Upgrades: Granite Kitchen, w/Island, SS Appliances, Double Copper Sink, Pantry, Breakfast Bar, Built-in Breakfast Nook. Master Bedroom Suite features Walk-out Private View Deck, Fireplace, Sitting/Gym Room, Walk-in Closet, Jetted Soaker Tub, Double Shower, Dual Vanities. 50 Amp RV Hookup, Well Water filled Fenced Play Swimming Pool w/Baja Deck. Access to Tonto & State Trust land for Hiking/Biking Trails just out of your backyard. Location, Location, Location.

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1 Easy Street Unit 3 Carefree, AZ 85377

$946,175

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6639859

Property Type Townhouse

Price Type --

Enjoy having your own Private ELAVATOR, in this exquisite townhome nestled in the heart of downtown Carefree, Arizona. This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, opulent primary suites, and your own private elevator that adds a touch of modern comfort and accessibility. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce Ball Court. Within steps of your door, Fine Restuarants, World Class Art Galleries, Live Music Venues showcasing talented Artists, and Boutiques featuring high end fashion. You'll also find conveniences like living within a upscale village, with a Grocery Store, Post Office, Banks, Hardware Store, Gas Station, Spa's, Wine Bar, and much more, all within moments from your doorstep. Relax and unwind on the large covered patios or indulge in the views from your private viewing deck. With its ideal location just blocks away from Carefree's sister city Cave Creek and a short seven minute drive to North Scottsdale, you'll have endless opportunities for entertainment and exploration. It's no wonder that Carefree is considered one of Arizona's premier places to live. Experience it firsthand at The View Carefree as you live the life of your dreams right here in this extraordinary community! Come see for yourself how sweet life can be at The View Carefree! Please note: Price Sheet and Floor Plans for All Available Units can be found under the Documents Tab.

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29323 N 155th Avenue Surprise, AZ 85387

$945,000

4 Beds

3.5 Baths

3,198 SqFt

Status Active

MLS # 6735781

Property Type Single Family Residence

Price Type --

This stunning 1-acre property has everything you have ever dreamed of! Offering a 3-car garage, RV gate & parking, and a welcoming front porch. Generous sized open layout showcases wood-look tile flooring, pre-wired surround sound, media niche, and wide sliding glass doors that open to the back patio. Gorgeous kitchen is a chef's delight, equipped with stainless steel appliances such as a double wall oven & range hood, quartz counters, recessed & pendant lighting, a walk-in pantry, mosaic tile backsplash, ample white cabinets with crown molding, and a prep island with a breakfast bar. Owner's retreat boasts an elegant ensuite with dual sinks, make-up desk, garden tub, designer tile shower, and a walk-in closet. PLUS! One Jack & Jill bathroom! Oversized backyard won't disappoint. A covered patio, fire pit, paver seating area, built-in BBQ area, and a separate workshop/storage shed complete the picture. Separate Concrete pad for Pickleball, RV, or guest house. This gem is perfect for you!

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2295 Bison Ranch Trail Overgaard, AZ 85933

$945,000

3 Beds

3 Baths

2,064 SqFt

Status Active

MLS # 6732606

Property Type Single Family Residence

Price Type --

One-of-a-kind nearly 2 acre fenced horse prop in Bison Ranch that features a 2064sq ft 2 story rustic cabin home, matching 729sq ft garage that has been converted to the ultimate entertainment room, an 1150sq ft wraparound deck & a breathtaking 1350sq ft Castlebrook Barn w/2 stalls, wash station, woodworking shop, equipment & hay storage room & a gorgeous office/tack room-all backing the national forest. Home features 2 primary bedroom suites & a guest room. Vaulted ceilings finished with gorgeous t&g wood, as well as lodgepole stair rails. The 2nd fl loft & upstairs primary bedroom share access to a covered balcony with endless uninterrupted views of the forest & the frequent visits from the majestic Heber wild horses. This dream vacation retreat is fully furnished & turn key ready.

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9779 E Gold Dust Avenue Scottsdale, AZ 85258

$945,000

3 Beds

2 Baths

2,354 SqFt

Status Active Under Contract

MLS # 6760046

Property Type Single Family Residence

Price Type --

Welcome to this well maintained 3 bedroom, 2 bathroom home situated on a prime corner lot in the highly sought after Scottsdale Ranch community. With two spacious living areas, this home provides plenty of room for relaxation and entertaining. This home is conveniently located just minutes from premier shopping, dining, the Honor Health medical complex, and offers quick access to the 101 freeway for easy commutes. Located in the sought-after Scottsdale Unified School District, this home is ideal for families. Don't miss the chance to live in one of Scottsdale's most desirable neighborhoods.

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310 N Grapevine Drive Payson, AZ 85541

$945,000

3 Beds

2.5 Baths

2,502 SqFt

Status Active

MLS # 6735078

Property Type Single Family Residence

Price Type --

Enchanting A-Frame Home in Payson's Premier Gated Community. Nestled in the highly desired gated community of Chaparral Pines, this stunning A-frame home offers a luxurious living space. The owners suite is located on the main floor, featuring a lavish en-suite bathroom with breathtaking views of the surrounding Ponderosa Pines. Step into the inviting living room, where a gas fireplace creates a warm and cozy ambiance. The expansive A-frame dual-pane windows flood the space with natural light and provide endless, picturesque views. Venture down to the finished basement, a versatile space perfect for entertaining. Here, you'll discover a wet bar, a spacious family/game room, two additional bedrooms, and a full bath. Outdoor living is at its finest on the charming patio, where you can relax and enjoy Payson's beautiful weather. As a member of Chaparral Pines Golf Club, you'll have access to world-class amenities, including a championship golf course, clubhouse, fitness center, and more. This enchanting A-frame home offers the perfect blend of luxury, comfort, and natural beauty. Don't miss the opportunity to make it yours!

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40010 N Candlewyck Lane Phoenix, AZ 85086

New

$945,000

4 Beds

3.5 Baths

2,984 SqFt

Status Active

MLS # 6762002

Property Type Single Family Residence

Price Type --

Premium Golf Course Lot on the 12th hole of the Ironwood Golf Course in the guard gated community of Anthem Country Club w/ Magnificent Sunsets & Mountain Views. Large picture windows in the kitchen/living areas, primary suite & guest quarters all showcase the spectacular views. The split floor plan features a spacious primary bedroom & bath w/ fabulous walk-in closet & plenty of natural light. The private ensuite guest quarters has a full bath & the other 2 bedrooms connect with a Jack-n-Jill. It's perfect for all of your company. A formal living room at the front of the house can become a game room, office or media space. The kitchen features an island, 5 top gas burner, SS appliances, tons of storage, counters & opens to the living area w/ access to back patio. Formal dining for your holiday gatherings. From the inside to the outside, it flows perfectly for the busy family or gourmet entertainer. HOA includes Country Club privileges & Community Center. You will love living in this community!!

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2453 E Ebony Drive Chandler, AZ 85286

$945,000

6 Beds

3.5 Baths

3,987 SqFt

Status Active

MLS # 6715409

Property Type Single Family Residence

Price Type --

IMMACULATE 6 Bedroom, 3.5 Baths with Den/Office AND Loft! This expansive floorplan has been well cared for and features a 1st-floor master suite with its own laundry & huge closet. All secondary bedrooms are on the upper level in addition to the loft/flex space and second laundry room. Stainless appliances in the kitchen with gas range, 42'' upper cabinets, granite countertops, walk-in pantry, new reverse osmosis system (2022) and dine in kitchen. The lower level features tile and wood floors, 10'+ ceilings, sunscreens, new hot water heater and heated pool with waterfall feature, epoxy floors in the garage, 3 garage bays, new exterior sprinkler system, double gate and so much more! This home has been exceptionally well cared for. Close to dining, shopping, recreation & more

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9107 W Fossil Creek Road Strawberry, AZ 85544

$945,000

4 Beds

3 Baths

2,248 SqFt

Status Active

MLS # 6755640

Property Type Single Family Residence

Price Type --

This 6.61 acre mini ranch is a fantastic opportunity for those looking to embrace a real lifestyle with modern conveniences. The property features two houses, making it ideal for multi-generational living or as a rental income opportunity. The main house has 2 bdrm, 2 ba, complete with an oversized garage for ample storage. The guest house, recently remodeled, also includes 2 bdrm and 1 bath and a workshop (comes furnished). Both residences boast newer metal roofs and updated heating and cooling systems, ensuring comfort and efficiency. The expansive land is perfect for equestrian activities, chickens and goats, providing a versatile space for various farming and ranching pursuits. Zoned TR, the property presents numerous possibilities for future development or enhancements. The proprty has a well in working order--property is also hooked up to PSWID. Whether you are dreaming of a future development or enhancements. The property has a well in working order--property is also hooked up to PSWID. Whether you are dreaming of a private retreat or a functional working ranch, this property is a rare find with great potential. Several out buildings. Property is completely fenced and cross fenced.

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441 N Meadow Way Payson, AZ 85541

$945,000

5 Beds

3 Baths

3,540 SqFt

Status Active

MLS # 6672599

Property Type Single Family Residence

Price Type --

Full log cabin with 5 bedrooms, 3 baths on 0.37 acre lot in Tonto Creek Estates. Short distance to year round Tonto Creek. Upstairs - Large bedroom office combo with walk out Balcony with Rim views, 2 additional bedrooms & one bathroom. Main level, large living room with rock fireplace , kitchen-dining combo, and master bedroom. Walk out basement with large bedroom with 4 bunk beds, bathroom, family room with wet bar & refrigerator, laundry and large walk-in pantry. HOA is in the process of updating their CC&R's to eliminate short term rentals.

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4053 E Glencove Street Mesa, AZ 85205

$945,000

4 Beds

3 Baths

3,512 SqFt

Status Active

MLS # 6730921

Property Type Single Family Residence

Price Type --

Is this your next home? Yes... yes it is! When you think of home... it's this beautiful recently remodeled masterpiece of a home! Gathering in the great room, around the kitchen island or in the spacious yard with friends, family and neighbors will be a sure-fire way to make memories that will last a lifetime. This house will make you the cool kids on the block and the envy of all your friends. Picture yourself re-enacting your favorite episode of Chef's table in the kitchen or scary movie night in the main living area or slipping into a bath in your extra roomy primary bathroom. INTERESTED BUT NEED A GARAGE? THE SELLER'S ARE WILLING TO EXPLORE CONVERTING THE GARAGE BACK AS PART OF THE SALE!

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