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.

Whats 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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6734 N 9th Drive Phoenix, AZ 85013

$935,483
3 Beds
2.5 Baths
2,045 SqFt
Status Active
MLS # 6707142
Property Type Single Family Residence
Price Type --
Welcome home to Ocotillo Lane! Step into this contemporary, single-level new home with thoughtfully designed exterior architecture. Once inside you will be impressed by the vaulted ceilings and 16-foot sliding glass door in the great room, creating a perfect space for entertaining. The centerpiece is the gourmet kitchen, equipped with gas appliances, including a luxurious 42'' built-in refrig, quartz countertops, upgraded stacked cabinetry for extra storage and tiled backsplash to compete this modern look. Luxury extends into every corner of this home, from the LVP wood and tiled floors to the tiled showers in all bathrooms. Spray foam insulation and a tankless gas water heater contribute to an impressive HERS score of only 43. Visit this beautiful home today! *Pics are of Model home*

2889 W Sunbeam Lane Queen Creek, AZ 85142

$935,000
4 Beds
4 Baths
2,890 SqFt
Status Active
MLS # 6728706
Property Type Single Family Residence
Price Type --
New Construction 4 BED 4 BATH 4 CAR GARAGE with in Law Suite on an 1.25 ACRE LOT with NO HOA! Spacious great room plan with gourmet kitchen, White Cabinets, wall oven/microwave combo, Induction cooktop, Stainless Vent hood, custom quartz counters. 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 of the mountains. Over sized bedrooms with can lights and ceiling fans in every room. Large laundry room with counters and cabinets and access to primary closet. Oversized 4 car garage. Lot has block fence surrounding back yard and landscaping in front yard on paved road. Builder paying $15,000 towards closing costs for using preferred lender.

2791 W Sunbeam Lane Queen Creek, AZ 85142

$935,000
4 Beds
4 Baths
2,890 SqFt
Status Active
MLS # 6728710
Property Type Single Family Residence
Price Type --
New Construction 4 BED 4 BATH 4 CAR GARAGE with in Law Suite on an 1.25 ACRE LOT with NO HOA! Spacious great room plan with gourmet kitchen, White Cabinets, wall oven/microwave combo, Induction cooktop, Stainless Vent hood, custom quartz counters. 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 of the mountains. Over sized bedrooms with can lights and ceiling fans in every room. Large laundry room with counters and cabinets and access to primary closet. Oversized 4 car garage. Front Yard Landscaping Included with Block Fence Back Yard on Paved Rd. Builder Paying $15,000 towards closing costs for using preferred lender!

2000 E Yellowbell Lane Payson, AZ 85541

$935,000
3 Beds
4 Baths
3,111 SqFt
Status Active
MLS # 6753606
Property Type Single Family Residence
Price Type --
Nestled at the end of a tranquil cul-de-sac in the prestigious private golf country club of Chaparral Pines, this beautiful home is surrounded by lush trees, offering both privacy and serenity. With its thoughtful design, spacious layout, and luxurious finishes, this home is a perfect retreat for those seeking an elevated lifestyle. The spacious great room features high vaulted ceilings, large glass windows that flood the space with natural light, and a stunning stone-accented fireplace, creating a warm and inviting ambiance. The huge kitchen is a chef's dream, with granite countertops, a walk-in pantry, beverage cooler, a gas cooktop, and ample space for meal preparation and entertaining. MORE The primary bedroom is a luxurious retreat, complete with a stone fireplace, a spacious bathroom with a jetted tub, a large shower with stone surrounds, and direct access to the back deck for seamless indoor-outdoor living. Two additional bedrooms are located upstairs along with a cozy loft that overlooks the family room, offering extra living space for relaxation or work. The expansive four-car garage includes a convenient half-bath, providing plenty of room for vehicles, storage, or a workshop.

8556 E Sage Drive Scottsdale, AZ 85250

$935,000
4 Beds
3 Baths
2,378 SqFt
Status Active
MLS # 6757061
Property Type Single Family Residence
Price Type --
Complete remodel down to the studs in 2023, all done with permits and licensed contractors. This tastefully done home is 2378 SQ FT with 4 beds/3 baths. Downstairs you have an open concept kitchen w/ quartz Island & peninsula. Large living area w/ electric fireplace. One of the master bedrooms is downstairs w/ a beautiful master bath, walk in shower with tub inside. 3 bedrooms on the second floor and 2 baths. Out back there is a fire pit with ample seating and artificial turf for low maintenance. Plenty of room should you want a pool. Home is located in prime location, minutes from Old Town Scottsdale, Talking Stick Resort, Parks, and Green Belt.

1905 E Ayden Court Payson, AZ 85541

$935,000
4 Beds
3 Baths
3,000 SqFt
Status Active
MLS # 6751402
Property Type Single Family Residence
Price Type --
WELCOME HOME!! Nestled in a quiet cul-de-sac lot, this immaculate home has been meticulously maintained and offers a relaxed lifestyle with stunning views. The great room flows effortlessly into the kitchen and features a stone gas fireplace and wonderful natural light. The kitchen is a chef's dream with upgraded stainless appliances, alder cabinets, granite counters and large island. The spacious master suite is a retreat with sitting area, walk-in closet and an amazing bath. Enjoy breathtaking sunsets and rim views from the 1,300sq.ft. wrap around Trex deck. Whether entertaining large groups or a quiet evening, this outdoor living area enhances this amazing home. The finished basement (approx 960sq.ft.) with private entrance is ideal for extended family or guests.

5726 E Woodridge Drive Scottsdale, AZ 85254

$935,000
5 Beds
2 Baths
2,375 SqFt
Status Active
MLS # 6725548
Property Type Single Family Residence
Price Type --
Welcome to this stunning remodeled 5 bed/2 bath home on a cul-de-sac lot with no HOA featuring vaulted ceilings & sparkling pool! Nestled in a serene neighborhood, The home features an array of impressive updates including newer roof, HVACs, dual pane windows, elegant shaker cabinets, quartz counters, stainless appliances & designer finishes! Very rare, extra deep 3.5 garage w/ overhead door to backyard from third car bay & 220V outlet plus RV Gate on the other side! Yard features low maintenance landscaping & backyard has turf play areas. Most sought after floorplan that has large master suite split from the other bedrooms for privacy. Homes like this rarely come to the market so don't miss this one! Just minutes to world class shopping & restaurants at Kierland Commons & Quarter.

25051 N 140th Drive Surprise, AZ 85387

$935,000
5 Beds
4.5 Baths
4,576 SqFt
Status Active
MLS # 6731060
Property Type Single Family Residence
Price Type --
Welcome to this luxurious 5-bedroom, 4.5-bathroom home in the exclusive Catalonia Collection of Rancho Mercado, in northwest Surprise. Spanning 4,576 sqft, this stunning residence offers breathtaking city and mountain views. Back a wash ensures no rear neighbors maintaining your views. Enjoy the private pool and fully landscaped yard with natural grass. The spacious interior includes a gourmet kitchen, elegant living areas, and a master suite with a spa-like bathroom and huge walk in closet. With a 3-car tandem garage, this home combines luxury, privacy, and functionality in an unbeatable location. Don't miss this unique opportunity!

9790 W Maya Way Peoria, AZ 85383

$935,000
5 Beds
3.5 Baths
4,464 SqFt
Status Active
MLS # 6740148
Property Type Single Family Residence
Price Type --
INCREDIBLE OPPORTUNITY! Nestled in the exclusive gated comm. of Pleasant Valley. This beauty has it all. Solar Energy system owned by seller still under 30 yr. warranty. With Summer in full bloom you have time to enjoy the sparkling pebble tec pool on a HUGE LOT!! I mustn't forget to mention most all of the 12,180 sq.ft. lot is artificial turf. 10 ft. RV. gate & Parking. This home features an inviting floor plan w/high ceilings, plantation shutters, large gourmet kitchen w/up graded cabinetry, granite counters, dbl. ovens & gas cook-top, formal dining room, eat-in kitchen & family room over looks the beautiful backyard Oasis. There's a downstairs full en-suite bdrm. Up stairs offers a split master w/2 generous closets, luxurious soaking tub & dbl. sinks w/separate shower, Enormous bonus rm/loft, 3 more generous size bedrooms and another full bath. Home has also been energy audited. Your guaranteed to maximize on your energy savings. If a good education is what you want for your children, then this is the area you want to be in. The school district and private schools are top notch in this new growing area. Don't miss out!!!

16225 N 56th Place Scottsdale, AZ 85254

$935,000
5 Beds
3 Baths
2,946 SqFt
Status Active
MLS # 6693453
Property Type Single Family Residence
Price Type --
Welcome to 16225 N 56th Pl, a two-story gem nestled in the magic zip code of 85254, Scottsdale, AZ. This 5-bedroom, 3-bath corner lot home is a perfect blend of comfort and convenience. The spacious 3-car garage and RV parking cater to all your vehicle needs. Dive into relaxation in your own private pool or enjoy a short stroll to a 40-acre park, complete with a children's playground and dog-friendly spaces. High-end shopping at Kierland Commons and Scottsdale Quarter is just minutes away, offering a plethora of retail and dining options. Located in the highly sought-after Paradise Valley School District, this home is also conveniently close to Mayo Hospital and ASU Medical. Experience Scottsdale living at its finest. NO HOA! Come say Yes to this Address!

516 E Buffalo Street Gilbert, AZ 85295

$935,000
3 Beds
2.5 Baths
2,522 SqFt
Status Active
MLS # 6748544
Property Type Single Family Residence
Price Type --
Location, Location, Location! This charming single story ranch home is perched on an acre of irrigated horse property located in the highly sought-after Sun Terra Acres in Gilbert with no HOA; Step inside to a comfortable floor plan with spacious kitchen, separate living and family rooms. Home boasts three bedrooms and two beautifully updated bathrooms, there's plenty of room for cozy family gatherings or land for large group entertaining, new roof 2024. New exterior Paint 2024, New PEX Water Pipes 2023. Conveniently close to the 202 freeway, shopping mall and so much more! Just down the street is everything needed to fully enjoy life including great schools and church options, the San Tan Mall & Harkins Theatre, San Tan Village shopping (Costco, Sam's Club, Starbucks, Wal-Mart, Win-Co & tons more), Gilbert Mercy Hospital, a Gilbert fire station, Discovery Park and San Tan. This is a unique opportunity to own a charming home on acreage that is also surrounded by a neighborhood that exudes pride of ownership. Riding lawnmower and wood splitter convey with accepted offer.

3742 S Coach House Drive Gilbert, AZ 85297

$935,000 - 7Br/3Ba -  for Sale in Power Ranch Neighborhood 7 Phase 2, Gilbert
Open House
$935,000
7 Beds
3 Baths
3,450 SqFt
Status Active
MLS # 6727128
Property Type Single Family Residence
Price Type --
*******RARE******BASEMENT HOME IN Power Ranch****** SELLER WILL PAY OFF SOLAR LOAN WITH THE RIGHT OFFER******* ****7 bedrooms- Huge 3450 Sq Ft. Over $170K in new upgrades, including custom plank tile flooring, both upstairs baths completely remodeled, complete new Kitchen with all new SS GE Profile Appliances, BRAND NEW, not painted white Cabinets with pull out shelves, Quartz Counters, Double ovens, new SS Sink and Faucet with disposal. They have even added in a Built in Nugget Ice maker. Huge Rv Gate with ample concrete parking behind and ln front of the gate. Private 8' deep heated Pebble Tec Pool with a waterfall slide, and hot tub. New Water Heater, and 2 new Ac units in 2020. SELLER WILL PAY OFF SOLAR LOAN WITH THE RIGHT OFFER..... In 2018 seller added a whole home Solar system, it has a loan balance that will need to be taken over or a new loan taken out from the buyer. Payments are $354 for the life of the loan. Balance owed is around $37K. All the TVs and mounts do not convey with the sale.

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