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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1428 E Rose Lane Phoenix, AZ 85014

$874,900

3 Beds

2.5 Baths

2,176 SqFt

Status Active

MLS # 6757982

Property Type Single Family Residence

Price Type --

Mid-Century Modern Haver Homes in Central Phoenix are iconic and this Ralph Haver home has been given a new life! Highlighted by the exposed ceilings, beams, block construction and duct work. At 2,176sf, there are 2 Ensuite Bedrooms, a small room between the bedrooms used as a closet for the primary bedroom/office with a NEW 3rd Bedroom that has been framed in in the Bonus Room. A remodeled kitchen with tile backsplash, entertaining island, pro-style vent and gas range. HUGE bonus room that can serve as a 3rd bedroom, home office, game room, theater or all those things at once, with an adjacent half bath and exterior access. Resort style backyard with extended covered patio, gas fire pit, diving pool, paver walkways and Piestewa Peak views. Low maintenance landscape and artificial turf.

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8022 E Via Del Valle -- Scottsdale, AZ 85258

$874,900

2 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6687409

Property Type Townhouse

Price Type --

Fantastic 2 Bedroom, 2 Bath, 2000 sq ft townhome in Santa Fe subdivision in McCormick Ranch. Large open great room (with no step downs), wet bar and fireplace. Remodeled master bath with shower and jacuzzi tub. Private back yard, covered patio and 2 car garage. Located close to the club house with heated community pool and spa.

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1432 Sierra Vista Drive Prescott, AZ 86303

$874,900

3 Beds

2 Baths

3,256 SqFt

Status Active

MLS # 6759744

Property Type Single Family Residence

Price Type --

This stunning home, boasting long, sweeping views and located less than three miles from Historic Prescott's downtown square, has undergone well-thought out updates throughout. Perched at the top of a serene street, the property offers a level driveway and a porte-cochère, setting a welcoming tone with its modern design fused with classic Spanish influences. Upon entering, you're greeted by a breathtaking wall of windows in the great room that frame the tall pines of the Prescott National Forest, allowing natural light to pour in and enhancing the home's seamless connection to its surroundings. The entry level features elegant wood floors, highlighted by a striking floor-to-ceiling stone, two-way wood-burning fireplace that serves both the great room and the adjacent cozy family space. The kitchen is a chef's dream, showcasing beautiful granite countertops, an inset ceiling, abundant cabinetry, and a center island equipped with a gas cooktop. Multiple dining options abound, whether you prefer the breakfast bar at the island, the informal breakfast nook, or a formal dining experience in front of the great room's fireplace. The adjacent Arizona room serves as a versatile space, perfect for entertaining with its wet bar and walls of windows, further enhancing the indoor-outdoor flow. The main level also includes a well-appointed powder room. Downstairs, is the family room with the shared 2-way fireplace. The master suite has been meticulously updated with plush Berber carpet, its own private fireplace, and direct access to the deck where a hot tub awaitsideal for soaking in the panoramic vistas. The master bathroom offers a luxurious retreat with a walk-in, floor-to-ceiling tiled shower, soaking tub, and a spacious walk-in closet. Two additional guest bedrooms share a tastefully remodeled bathroom, with each room offering deck access, allowing guests to unwind in the serene outdoor atmosphere. A den off the third bedroom adds even more flexibility to this inviting home. Outside, the property is a peaceful, park-like haven, complete with a pergola-covered sitting area, a low-maintenance artificial grass patch, and an expansive garden area. The mix of modern updates and old-world charm blend perfectly to create an inviting, private escape, surrounded by nature yet conveniently close to the heart of Prescott where you can immerse yourself in the beauty of the four-season climate while enjoying the best of both indoor and outdoor living.

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694 S Mountain View Road Apache Junction, AZ 85119

$874,900

4 Beds

2 Baths

1,945 SqFt

Status Active

MLS # 6751574

Property Type Single Family Residence

Price Type --

This home is the complete package-4 bedrooms, 2 bathrooms, 8+ car garage, a pool, horse property on an acre, with amazing views of the Superstition Mountains...WOW!!! Pride of ownership shows throughout this property. It has been well taken care of. Lots of parking for all the toys between the attached 2+ car garage & the detached 6 car garage out back. RV pad with 30 amp service. This fully fenced, flat usable lot still has space out back for more parking. Plenty of room to add a barn & corral if you want. The pool is so inviting & is perfect for cooling off in. While you rest & watch the gorgeous sunsets on the long covered patio you can listen to the relaxing sound of the pool waterfall. The front porch is perfect for enjoying the majestic Mountain Views.

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663 W Honeysuckle Drive Chandler, AZ 85248

$874,900

4 Beds

2.5 Baths

3,128 SqFt

Status Active

MLS # 6754718

Property Type Single Family Residence

Price Type --

This fully remodeled home is a must-see! Discover your dream home in the heart of Ocotillo Lakes. This beautifully updated residence offers a perfect blend of style and comfort. The open floor plan features fresh paint, custom tile flooring, and neutral quartz countertops throughout. Enjoy the luxury of contemporary tiled showers, a spacious loft, and a stunning backyard with a pool. The 3-car garage provides ample storage. Don't miss this opportunity to own a truly exceptional home!

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29228 N 48th Street Cave Creek, AZ 85331

$874,900

5 Beds

4 Baths

3,391 SqFt

Status Active

MLS # 6748930

Property Type Single Family Residence

Price Type --

Experience luxury & comfort in this 5 bed, 4 bath beautifully renovated property!This property is perfect for a high-end short-term rental or a forever home for a growing family. No STR HOA restrictions. Soaring 18-ft ceilings are the first sight upon entering the home. Home is newly renovated with high end & custom finishes. Upstairs boasts 4 spacious bedrooms, including a master w/ ensuite bath fitted with freestanding tub & oversized shower glass doors. Downstairs hosts a den & the 2nd master bedroom w/ ensuite bath. Kitchen offers upgraded cabinets & abundant storage, huge island, stainless steel appliances & a large walk-in pantry. Spacious living room, great room & dining room. 2 car garage with room for add'l storage. Backyard has covered patio, putt-putt & outdoor lighting system.

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2253 W Enfield Way Chandler, AZ 85286

$874,900

5 Beds

2.5 Baths

4,009 SqFt

Status Active

MLS # 6648281

Property Type Single Family Residence

Price Type --

Beautiful home in sought after Pecos Ranch Estates. Extensive remodel just completed including roof, new paint in/out, new carpet, new stainless steel appliances, new quartz counter tops, new plumbing fixtures and a lot more. See complete list in Docs Tab. Great location with easy access to 101/202 freeways, Chandler Fashion Mall and Price Road Corridor. Oversized elbow lot nicely landscaped front and back, pebble tec pool with waterfall. Side entry 3 car garage. Almost full length covered patio. Separate entrance off driveway to guest room and master suite. Large living room, family room and very nice loft upstairs. Huge island kitchen features breakfast nook with bay windows, double wall ovens, pantry. Guest room/office and 1/2 bath downstairs. It is perfect and move in ready! Downstairs master features double doors, bay windows, huge bath with two sink areas, separate shower and garden tub, large walk in closet. Newer three zone HVAC/forced air gas heat and gas water heater.

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30619 N 63rd Street Cave Creek, AZ 85331

$874,900

4 Beds

2.5 Baths

2,087 SqFt

Status Active

MLS # 6712114

Property Type Single Family Residence

Price Type --

If your looking for privacy & a completely remodeled home with mountain views, desert surroundings & a pool this is the home for you! Sitting on an acre plus lot with a covered RV slab & connections, fenced pool area, grass yard with plenty of space to add a guest house, garage or you name it, the possibilities are endless. Alder wood cabinets throughout, plank tile flooring, brick surround showers & fireplace with barn wood accents. Granite countertops, vaulted ceilings, kitchen pantry & extended length garage w/ large laundry room. Expansive covered patio, brick pavers surrounding the pool area for outdoor entertaining. All new fixtures throughout, hammered copper farmhouse sink, stainless steel backsplash, custom built range hood, pool has in ground maintenance free cleaning system.

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1454 N Orlando -- Mesa, AZ 85205

$874,900

5 Beds

3 Baths

3,251 SqFt

Status Active

MLS # 6753051

Property Type Single Family Residence

Price Type --

Gorgeous updated home situated on a sprawling irrigated lot. New exterior paint and hvac unit. Interior has beautiful new flooring and baseboards throughout. Kitchen features new shaker cabinetry, quartz countertops, pantry and stainless steel appliances. Huge island area is great for entertaining. Spacious living spaces with tons of possiblilities to fit personal lifestyle. Owner suite is your own sanctuary with a private bath you won't want to leave. Stunning finishes, huge walk in shower and seperate soaking tub. Great sized secondary bedrooms and plenty of storage throughout the home. Backyard has sparkling pool and spa, patio areas and plenty of space for outdoor living. This home is a rare find and hits all of those hard to find amenities!

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3139 W Honor Court Anthem, AZ 85086

$874,900

4 Beds

2.5 Baths

2,738 SqFt

Status Active Under Contract

MLS # 6716165

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in a serene cul-de-sac on an oversized lot in the highly sought after Enchantment neighborhood of Anthem, this beautifully remodeled and renovated house offers the perfect blend of modern comfort and stylish design. From the moment you arrive, you'll be captivated by the newly landscaped front yard featuring lush new turf and an extended driveway with new pavers. The exterior of the house has been freshly painted, adding to its vibrant and welcoming charm. Once inside you'll find this home has been thoughtfully renovated throughout, including a fully remodeled kitchen and baths. Modern fixtures and finishes create a luxurious atmosphere. The high ceilings and open layout make this home feel incredibly spacious and inviting. Natural light pours in, enhancing the light and bright interior. The split bedroom design offers privacy and convenience, ideal for families or guests. Enjoy the elegance and durability of new LVP flooring throughout the entire home. Cozy up to the gas fireplace in the living area, adding warmth and ambiance to your living space. Step into your newly landscaped private backyard oasis, highlighted by the large heated diving pool, a rare find, and an attached spa. There's a brand-new gazebo, perfect for relaxing in the shade or entertaining, and expansive areas of new turf. The large covered patio provides ample space for outdoor dining and gatherings. The side yard features an RV gate with extensive pavers, providing extra space for outdoor projects and storage. Additionally, the home is equipped with solar panels, significantly reducing energy costs.

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1509 W Lynwood Street Phoenix, AZ 85007

Open House

New

$874,900

3 Beds

3 Baths

1,091 SqFt

Status Active

MLS # 6757117

Property Type Single Family Residence

Price Type --

This F.Q. Story Spanish compound was breathtakingly restored in 2020. The main home features a decorative fountain and surround-sound front patio; gas fire; coved living room ceiling, refinished hardwood floors; designer draperies; chef's kitchen with concrete counters and butler pantry with custom wrought-iron doors; designer wallpaper; exposed brick walls; spacious guest bedroom and full bath; and a luxurious primary suite with spa-like en-suite, walk-in closet and laundry. The misted rear patio looks out onto a heated/cooled pool with water features, new 1-car garage, and permitted 476 sf guest house (built in 2022) with prvt entry, mini-split, full kitchen, electric fireplace, bedroom, spa bath, private patio, outdoor shower and tub combo. Motorized driveway gate & addtl shade parking

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213 S Mount Vernon Avenue Prescott, AZ 86303

$874,500

3 Beds

3 Baths

2,049 SqFt

Status Active

MLS # 6705845

Property Type Single Family Residence

Price Type --

Historic Craftsman Bungalow located on the most highly sought after street in Prescott. This turn-key property is currently operated as a successful VRBO & may come fully furnished. Taxes only $588 per year! Main home offers 3 bedrooms, 2 bath, open concept family room, dining room, updated kitchen w/ eat-in island, media/game room & charming front porch to enjoy taking in Prescott's small-town charm. Property also presents lower apartment, offering additional income unit. Two separate garages offering one above at house level & two car garage below at alley access w/ adjacent RV space. Terraced back yard is fully fenced w/ plenty of room to expand back patio space to make this an even more enchanting space. Don't miss your opportunity to own a piece of history in the heart Prescott!

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