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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805 W Little Ranch Road Paulden, AZ 86334

$874,478

4 Beds

3 Baths

3,207 SqFt

Status Active

MLS # 6613512

Property Type Single Family Residence

Price Type --

Discover your Self-Sustaining Oasis in Paulden, AZ. Nestled ~30 minutes from Prescott, this Paulden ranch is a prepper's dream. Sitting on 5 fenced acres, it boasts a high-producing well with windmill-powered 10,000-gal storage tank plus an extra well, also high capacity. Security is ensured with an automatic gate, mature trees and a secluded location. The main house offers 4 bedrooms, 3 baths, a beautiful kitchen, huge living room, true soundproofed media room, laundry room, dining room, pantry, and more. Compound includes 1248 sqf workshop/garage (w/office+ bathroom), 480 sqf bunkhouse, 768 sqf garage, a bunker/root cellar/wine cellar, another 2-car garage/storage container, horse facilities, gardens, ponds, etc. This gem is a haven for those seeking self-sufficiency in a crazy world.

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22700 E Twin Acres Drive Queen Creek, AZ 85142

$874,148

4 Beds

3.5 Baths

3,396 SqFt

Status Active

MLS # 6728482

Property Type Single Family Residence

Price Type --

New 4 bedroom home plus a generation suite with a full kitchen and dedicated exterior entrance. This home is loaded with designer features and is expected to be complete in September 2024. Executive GE kitchen appliances with SS double ovens, a stainless steel refrigerator, a microwave, 36'' gas cooktop, and vent hood. Other highlights include upgraded New Ventano beige quartz kitchen countertops and designer backsplash. 16' multi slider at the Great Room, upgraded Winstead Maple Quill cabinets, square drywall corners and contemporary 5'' baseboards, upgraded cultured marble vanities with rectangular sinks at the bathrooms, upgraded matte black bath fixtures, custom tile surrounds at the primary shower, upper cabinets at the Laundry Room, a front load laundry set, and 2'' faux wood blinds.

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35213 W Van Buren Street Tonopah, AZ 85354

$874,000

3 Beds

2 Baths

1,919 SqFt

Status Active

MLS # 6670949

Property Type Manufactured Home

Price Type --

**FREE 2-1 RATE BUY DOWN** This gem of a property, located just minutes from I-10, offers just under 12.5 acres of flat, usable and buildable land, a very well laid out 3 bedroom plus a den 2 bath home with extended length covered patios and a large attached carport and storage room, BRAND NEW SHASTA POOL, covered RV parking, large covered area for feed or equipment storage, 8 covered 16x24 stalls, arena, private well, abundance of peace and quiet and a never ending supply of beautiful Arizona sunsets....even the furniture can stay so all that is missing is YOU! SLLER MAY CARRY!

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4304 W Ivanhoe Street Laveen, AZ 85339

$873,000

4 Beds

3 Baths

2,301 SqFt

Status Active

MLS # 6740362

Property Type Single Family Residence

Price Type --

Rare opportunity! Beautiful territorial home located on 2.324 acres of non-HOA land. This home is situated next to unobstructed views of the South Mountain Preserves. This property has spectacular panoramic mountain views to the East with quiet, serene privacy. You can enjoy riding horses, biking, hiking or just having coffee on the large paved backyard patio complete with a fire pit. The large home has 2,301 sq. ft. and is super clean (air conditioning ducks have been cleaned prior to listing home) and well maintained. Upon entering this home, you will notice the large open area complete with a wood-burning fireplace and the popular Coretec Plus vinyl plank flooring. This home is a must see if you are looking for a home with 2 plus acres, no HOA and privacy! Please click on more . As you continue exploring this home you cannot help but see the beautiful solid oak interior doors and oak trim throughout that boasts quality. The home emphasizes 4 bedrooms (4th bedroom off the great room could be used for an office complete with a separate entry) and 3 baths. the kitchen is complete with soft-closing cabinet door & drawers, GE Microwave, glass top range and Kenmore dishwasher, large laundry room with lots of storage and a newer a/c unit. There is a sky light in the laundry room, guest bathroom and 3 in the garage. Also included is energy efficient dual pane windows and a soft water system. The attached oversized garage has an epoxied floor, utility sink, plumbed for ice maker, R-19 insulated walls and ceiling, 2inch insulted overhead door, storage cabinets, separate entry door, 220- amp circuit, option of adding 2 more 20-amp circuits, and extra installed pavers next to concrete driveway, leading up to garage. For an extra bonus there is a detached garage/shed (estimate size 16 x 32) with an 8-foot overhead door and a walk-through door. This building has endless uses including car/truck storage, hobbies, storage just to name a few. The exterior of the home has 2-50-amp RV outlets, parking pad for small RV or 3rd vehicle. You will also enjoy the low maintenance landscaping and automatic irrigation system. Close access to Loop 202 South Mountain Freeway. Also close to 5G Verizon tower. This home is a must see if you are looking for a home with 2 plus acres, no HOA and privacy!

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29860 N 119th Avenue Peoria, AZ 85383

$873,000

5 Beds

4 Baths

4,043 SqFt

Status Active

MLS # 6727127

Property Type Single Family Residence

Price Type --

Come experience the lifestyle in the gated community Chaparral Canyon at Vistancia. Beautiful premium view lot backing to open space in the back.Energy efficient Solar Powered (owned) home with breaker box fitted to handle an EV charging system. Loaded with upgrades and charming appeal. Chef's Kitchen w/ Butler's Pantry offering a pass through to the Formal Dining Room. Open concept floor plan w/ spacious Great Room and Multi-Slide Door leading to backyard. Private main level Guest Room, Den AND Pocket Office. Generously sized Loft living space. Owner Ensuite w/ Spa like Bath complete w/ dual vanities, walk in tile surround shower and separate soaking tub. All Bedrooms have walk in closets and the primary is very large. Seamless engineered real wood flooring on first floor and stair case. 8' interior doors. Spray Foam Insulation, ENERGY STAR appliances and programmable thermostat, water-efficient plumbing fixtures, and more! OVER 100K IN UPGRADES!! See floor plan, elevation, dimensions and plans by clicking on Documents. Vistancia is a highly sought after master planned community with pools, walking trails, recreational and play areas, golf, tennis and basketball. Prime Peoria Arizona location just a few miles from the loop 303, Lake Pleasant, shopping and restaurants PLUS the future FIVE NORTH at VISTANCIA - envisioned to be a dynamic and vibrant lifestyle destination that offers a walkable and open connection to cool experiences, including 'best in class' and 'first to market' lifestyle and living options in Peoria. The initial phase of development is planned to include a main street restaurant/retail corridor.

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2042 E Dias Drive Gilbert, AZ 85234

$872,000

5 Beds

3.5 Baths

3,758 SqFt

Status Active

MLS # 6729694

Property Type Single Family Residence

Price Type --

Looking for a place to call home? This gorgeous two-story residence with a 3-garage in Val Vista Lakes is the one! Discover tall vaulted ceilings, tile flooring, custom palette, bay windows, and dazzling light fixtures. Highlights include a large living/dining room and a desirable great room enhanced with a cozy fireplace. Fabulous kitchen is equipped with plenty of cabinets & cupboards, tile backsplash, an island with a breakfast bar, granite counters, stainless steel appliances such as a cooktop gas & wall oven, and a breakfast nook. Flexible loft is designed for entertaining! Owner's retreat showcases wood-look floors, private balcony, double door entry, a sitting area, a mirrored door closet, and an ensuite comprised of dual sinks and a jetted tub. Dreamy backyard won't disappoint! A covered patio, pavers, a built-in BBQ, and a refreshing pool complete the picture. This gem has it all! Make it yours before it's gone!

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2230 Aspen Run -- Pinetop-lakeside, AZ 85935

$870,000

4 Beds

3 Baths

2,260 SqFt

Status Active

MLS # 6730919

Property Type Single Family Residence

Price Type --

Welcome to Top of The Woods! Set back in the more secluded part of the neighborhood and just a leisurely stroll to Woodland Lake Recreation area. Demonstrating unmistakable pride in craftsmanship as verified in the attention to detail. Come discover this spacious 4-bed, 3-bath new custom-built home in Pinetop. Incredible accent features inside & out, including hand-laid stone, solid slab hearth, custom tile work, T&G accent wall, granite counter tops, solid wood doors & trim...and so much more. Step outside and enjoy the smell of the tall pines that surround you from your charming and private covered porch or rear deck. Full stone fireplace stands ready to warm those chilly mountain evenings. This Mountain Cabin is the gateway to an all-season lifestyle that outdoor enthusiasts dream of.

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6131 E Monterey Way Scottsdale, AZ 85251

$870,000

3 Beds

2 Baths

1,536 SqFt

Status Active

MLS # 6735995

Property Type Single Family Residence

Price Type --

Discover this adorable, recently remodeled 3 bedroom, 2 bath home in a tranquil neighborhood just minutes from Old Town Scottsdale. The spacious living room flows seamlessly into the open kitchen, perfect for entertaining. Retreat to the primary suite with a private bath. Step outside to the inviting backyard featuring a diving pool with slide and large covered patio, ideal for summer fun. Enjoy the convenience of nearby Papago Park, shopping, and all the amenities you need. Don't miss out on this charming gem in a prime location! Buyer and Buyer's Broker to verify any and all items that are of material issue.

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8989 N Gainey Center Drive Unit 108 Scottsdale, AZ 85258

$870,000

2 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6713396

Property Type Townhouse

Price Type --

Desirable end-unit townhome nestled in the 72 unit, gated community of 8989 Gainey Center enclave. This residence boasts a thoughtfully designed floor plan featuring two spacious en-suite bedrooms, first-floor den, and second-floor bonus room. The first-floor den, complete with a closet and situated next to a 3/4 bath, offers the potential for an additional bedroom. Open and well-appointed kitchen. The Owner's Suite offers a private balcony for morning coffee or sunset views. For outdoor entertainment, the inviting patio provides the perfect setting for gatherings with friends and family. Additional highlights of this home include a two-car garage, ensuring ample parking and storage space. While the property is in its original condition, it presents an exceptional value and a unique opportunity for you to personalize and make it your own. Discover the potential and lifestyle that await you in this exceptional townhome. See the attached floor plan for more details. Don't miss out on this rare find!

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7601 N Citrus Road Waddell, AZ 85355

$870,000

3 Beds

2 Baths

2,172 SqFt

Status Active

MLS # 6758058

Property Type Single Family Residence

Price Type --

Discover this charming and unique brick home in the prestigious neighborhood of Waddell. Nestled in 2 acres of irrigation lot with numerous citrus and pomegranate trees, a range of flowers, and a green lawn complete the front acre in the grand entrance. This unique property offers 2,172sq ft of living area with an open concept living and kitchen, a 2-car garage, and a private pool. A guest home with 3 rooms, kitchen, and laundry area, connected to a 6-car garage that can be accessed through the back alley and has a private entrance. Don't miss out! Comps in the area are selling for upwards of 1 million dollars!

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17051 E Rand Drive Fountain Hills, AZ 85268

$870,000

3 Beds

2 Baths

2,390 SqFt

Status Active Under Contract

MLS # 6742801

Property Type Single Family Residence

Price Type --

This custom, move-in ready home is perfect for indoor and outdoor entertaining. Enjoy stunning, unobstructed views of Red Rock mountain, and arguably the best sunsets in Arizona. Outdoor features include a horseshoe driveway, peaceful courtyard, koi pond, spacious back patio, and a heated pool. Indoor features include an abundance of natural light, open floor plan, 12-foot high ceilings, a library/dining area, en suite bathrooms, walk-in closets, and a recently renovated kitchen with quartz countertops, stainless steel appliances, and r/o system. The 3 car garage includes built-in storage cabinets, a ventilated storage closet, and a water softener. Conveniently located approximately 5 minutes from AZ 87 Highway and Shea Boulevard, and 15 minutes from North Scottsdale.

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2142 W Enfield Way Chandler, AZ 85286

$870,000

5 Beds

3 Baths

3,448 SqFt

Status Active

MLS # 6715819

Property Type Single Family Residence

Price Type --

3,455 SQ FT Single-Story Home in Chandler's Pecos Vistas! Discover the perfect blend of space and style in this 5 bedroom, 3 bathroom home. This desirable single-story floor plan offers expansive living areas with modern upgrades throughout, providing both comfort and flexibility for your lifestyle. Highlights include Stunning Eat-In Kitchen featuring included appliances, an oversized center island/breakfast bar, a cozy breakfast nook, and a formal dining area. The kitchen seamlessly opens to a spacious living area, ideal for entertaining. Separate formal family room and a versatile bonus space for added flexibility. Neutral decor with tile flooring in all the right places, blinds, and ceiling fans. Split floor plan with 5 generously sized bedrooms, each offering optimal privacy. The primary suite includes a full bath and a walk-in closet. Laundry room equipped with an included washer and dryer. Enjoy an oversized backyard with a covered patio and lush landscaping, perfect for relaxation and outdoor activities. This home offers the perfect combination of elegance, functionality, and modern living in a prime Chandler location. Don't miss out on this exceptional property!

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