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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23116 N 94th Lane Peoria, AZ 85383

$850,000

4 Beds

3.5 Baths

3,003 SqFt

Status Active

MLS # 6750543

Property Type Single Family Residence

Price Type --

Fantastic Corner lot with no neighbors on 2 sides. Located in the popular Meadows neighborhood - this 4 bedroom, 3.5 bath plus Den and flex room home has all the space you are looking for. Wonderful open concept floor plan with large great room and fantastic kitchen featuring rich designer cabinets, beautiful countertops and backsplash, stainless appliances, nice sized walk in pantry and the perfect dining area. Generous sized primary bedroom with en suite bath featuring dual vanities, large shower and walk in closet. Separate den with it's own private patio space! Large back yard with covered patio, additional travertine paved area for outdoor dining, artificial turf and raised garden beds. 3 car tandem garage. This special home has it all and then some!!

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9782 W Buckhorn Trail Peoria, AZ 85383

$850,000

4 Beds

3 Baths

2,872 SqFt

Status Active

MLS # 6757112

Property Type Single Family Residence

Price Type --

Experience luxury living in this sensational home nestled within the gated community of Pleasant Valley. Meticulously maintained by the original owners, this single-level floorplan is designed for effortless entertaining or quiet relaxation. The chef's kitchen boasts extensive cherrywood cabinets, granite countertops, updated stainless steel appliances, and a large kitchen island that overlooks the family room featuring a cozy fireplace. French doors lead to a lush, private backyard, highlighted by a serpentine stacked stone pool with a rock water feature. Enjoy ultimate privacy with no neighbors behind, creating the perfect oasis. This home also offers a spacious 3-car garage with a 4' extension, along with an RV gate and RV parking. Owned solar with a battery back up for energy savings.

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9225 E Barn Wood Lane Prescott Valley, AZ 86315

$850,000

4 Beds

3 Baths

2,299 SqFt

Status Active

MLS # 6757436

Property Type Single Family Residence

Price Type --

Custom designed horse set up built in 2021 at the back of the property is a horse lover's dream! This little ''farmette'' just needs your horses and chickens and it is turn-key! Inside the home features a Spacious Island Kitchen with loads of counter space and open to the gourmet kitchen complete with a new Wolf stove. Separate living room and Great room + 4 bedrooms. High End surround sound in family room and outside patio areas. Fully fenced back yard with excellent landscaping and lots of trees, Amazing well! Enjoy the master suite with large bath with jetted tub & Separate shower along with a massive walk in closet. 3 other good sized bedrooms perfect for family and guests. Solar system for low electric bills! A super opportunity for an amazing home. Extended 3 car garage, RV parking on the side + a large storage shed, roof is 8 years old. Built in cabinets in the garage. Security cameras on exterior of the house along with a ring doorbell system. New high end water filtration system installed includes RO system and water softener.

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7601 E Indian Bend Road Unit 3027 Scottsdale, AZ 85250

$850,000

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6750538

Property Type Apartment

Price Type --

Voted #1 at The September Heart of Scottsdale Home Tour! Updated,corner, two bedroom, two bath, large condo is just what you have been looking for. Located in the desireable gated community of Corriente, this condominium boasts views of Camelback mountain and AZ sunsets. Corriente backs to the Silverado Golf Course and Clubhouse. Enjoy being on the Scottsdale bike path and walking trails, and being part of the heart of Scottsdale activities. Close to restaurants, shopping, golf, gambling, hotels, baseball, and the 101 freeway. Enjoy the Resort style pool, spa, exercise room. and party room. Three story buildings have elevators to underground parking. Great Room, Study, two sided fireplace, beautiful primary Bedroom suite, open kitchen, granite, stainless gas appliances. Luxurious

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563 E Krista Way Tempe, AZ 85284

$850,000

5 Beds

3 Baths

2,763 SqFt

Status Active

MLS # 6749302

Property Type Single Family Residence

Price Type --

This elegant two-story home, situated in a desirable gated community of Coventry Tempe, offers modern design and thoughtful upgrades throughout. As you enter, the high ceilings create a sense of openness and light. The main floor features a large, open-concept kitchen with upgraded appliances, stylish cabinetry, and a generous island, making it ideal for both everyday entertaining. The well-planned layout includes a true five-bedroom, ensuring ample space for everyone, including 2 bedrooms and full bathroom downstairs. The primary suite is a comfortable retreat, featuring a spacious bathroom with matching designer tiles, dual vanities, a soaking tub, and a separate walk-in shower. Each of the three full bathrooms in the home has been carefully upgraded, showcasing quality finishes. The backyard is perfect for entertaining, complete with a pool and an extended patio area that provides plenty of room for outdoor dining. Despite the pool, the backyard still offers enough space for additional landscaping. This home blends style, comfort, and practicality in a beautifully designed package. Let's get you here!

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1725 W Bramble Berry Lane Phoenix, AZ 85085

$850,000

5 Beds

2.5 Baths

2,836 SqFt

Status Active

MLS # 6741625

Property Type Single Family Residence

Price Type --

Welcome to Sonoran Foothills! A GATED COMMUNITY that is tucked away yet so close to the growth that is NORTH GATEWAY; TSMC chip plant, Honor Health Sonoran Crossing, North Gateway Core. Not to mention miles of hiking/biking trails just to the east at Sonoran Preserve. You'll be able to relax and enjoy your UPDATED HOME on a (nearly) 1/4-acre lot with sparkling PRIVATE POOL. Updates include kitchen, baths, flooring, California Closets, Kool Decking, and FULL HVAC. Or take a stroll to the community center where you can enjoy a workout, tennis, pool, children's play areas, a dog park and more! This home is truly MOVE-IN READY and the LOCATION couldn't be better. Agents... we look forward to seeing you and your buyer clients very soon. I'm here if you have any questions at all!

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3212 E Constance Way Phoenix, AZ 85042

$850,000

3 Beds

2.5 Baths

2,588 SqFt

Status Active

MLS # 6725328

Property Type Single Family Residence

Price Type --

Gated community at the base of South Mountain with a cool green common area for getting in your steps and playing for kids and dogs! Quiet interior lot with views of South Mountain, trails are steps from your door for hiking and mountain biking the miles of trails at So Mtn Preserve and the canals. Central location minutes to the airport, downtown, ASU and East and West Valley. Impressive entry with brick driveway, stone rotunda with massive iron gated door! 20 inch travertine tile, 8 foot doors, 10 foot coffered ceilings with double crown molding, carved granite gas fireplace, art niches, and wood plantation shutters throughout! Gourmet kitchen with a floorplan perfect for entertaining. Patios provide outdoor enjoyment off of all the main rooms including primary master suite! 3car garag Central vac, soft water and RO drinking water filtration. 11 premium ceiling fans. Epoxy garage floors and lemon and lime tree in backyard!

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948 W Redwood Drive Chandler, AZ 85248

$850,000

3 Beds

2 Baths

2,280 SqFt

Status Active

MLS # 6759509

Property Type Single Family Residence

Price Type --

Welcome to your Home Sweet Home! This property has been wonderfully updated including the island kitchen with its Quartz countertops, white cabinets & appliances. The bathrooms have also undergone updating, including the beautiful primary shower. Additionally this year, new carpet was installed in the bedrooms. The primary suite is split. In 2023, the roof & garage door were replaced. And in 2022, the AC and heater were replaced. You're going to love this backyard! The sparkling Pebble Tek pool graduates in depth from wading to diving and boasts a calming rock water feature. Adjacent to the pool is a matching Pebble Tek spa. Topping off this amazing backyard retreat is an outdoor kitchen with gas BBQ & sink, and a wood burning fireplace nestled in the corner for cool weather enjoyment!

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130 N Bay Drive Gilbert, AZ 85233

$850,000

5 Beds

4.5 Baths

3,063 SqFt

Status Active

MLS # 6748085

Property Type Single Family Residence

Price Type --

This stunning 5 bedroom, 4.5 bathroom home in an exclusive gated community offers 3,063 sq ft of meticulously crafted living space. The home boasts Owned Solar Panels and a 3-car air conditioned garage with 240V outlet and tandem parking. The floor plan features a loft, a guest quarter with a separate entrance and one of the secondary bedrooms has an en suite bathroom, so you'll have plenty of space to host family and friends! The primary bedroom has a walk-in closet and private en suite bathroom. With high ceilings and dual-pane windows, the atmosphere is airy and bright throughout. The kitchen includes a walk-in pantry, granite countertops, kitchen island, and a breakfast bar. Outside is a covered patio overlooking a private pool, surrounded by synthetic grass for easy maintenance. Community amenities include a walking path, playground, and secure gated entry, making this the perfect blend of luxury and convenience!

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4303 E Glenrosa Avenue Phoenix, AZ 85018

$850,000

3 Beds

2 Baths

1,610 SqFt

Status Active

MLS # 6753137

Property Type Single Family Residence

Price Type --

Gorgeous and bright, 3 Bed/2 Bath single level home located in the sought after area of Arcadia! Fully remodeled in 2021 - Home features include a private front courtyard and private rear patio area complete with newer turf and Ficus. Luxury vinyl flooring throughout, stainless steel appliances, quartz counter tops in the kitchen and bathrooms, marble backsplash in the kitchen and shower, Mitzi, HVAL, and/or Pottery Barn custom light fixtures, spacious 2 car garage includes newer epoxy flooring and ample storage with direct access to the courtyard. HVAC, air handler, and roof are just 2 years old. Location is key with close proximity to restaurants, shopping, parks, and Arcadia schools. This one is a must see and won't last long!

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10838 N 37th Place Phoenix, AZ 85028

$850,000

5 Beds

3 Baths

2,436 SqFt

Status Active

MLS # 6732188

Property Type Single Family Residence

Price Type --

Welcome To Your Dream Oasis! Discover this beautifully remodeled gem situated on an oversized lot in a cul-de-sac. This home boasts an inviting bright white kitchen that opens to an expansive dining and living areas, perfect for entertaining. Enjoy the beauty and comfort of wood floors throughout and stylish quartz countertops. Spacious Laundry Room/Butler's Pantry makes organizing a breeze and has plenty of room for an extra refrigerator. Spend your evenings in this lush backyard oasis by the custom stone fireplace after you've dined on the covered patio. The NEWLY BUILT GUEST HOUSE is Ideal for additional income or extra housing for family members. RV Parking behind the electric gate accommodates all your toys with ease. This one has it all! Don't wait!

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815 E Joy Ranch Road Phoenix, AZ 85086

$850,000

4 Beds

3 Baths

2,964 SqFt

Status Active Under Contract

MLS # 6751439

Property Type Single Family Residence

Price Type --

Rare opportunity to own this custom Southwest/Territorial home on 1.46 acres with no HOA in North Phoenix! This home has been sited perfectly on this lot, allowing for tons of room for your horses, RV's, toys, or guest house. Enjoy the sparkling pool, mountain views, and covered porches for relaxing or entertaining. Spacious split primary suite with access to the back patio and pool. Two other bedrooms are en-suite with walk in closets. The fourth bedroom is a mother-in-law suite, with sitting area, kitchen, and private covered patio. The home also has new interior and exterior paint, carpet, lighting, and ceiling fans. Minutes to shopping, hiking, boating and golf courses, which is an amazing place to call home!

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