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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20911 E Excelsior Avenue Queen Creek, AZ 85142

$850,000

3 Beds

2 Baths

2,205 SqFt

Status Active

MLS # 6697543

Property Type Single Family Residence

Price Type --

Gorgeous stacked stone exterior in Orchard Ranch! RV Garage 30x40 with epoxy floor, fenced pool, outdoor living areas with covered and uncovered patio areas, plenty of room for horses, great room open to the fabulous kitchen. Vaulted ceilings welcome you into a great room with a stacked stone gas fireplace. The huge kitchen has stunning dual color cabinetry with quartz and granite countertops. Huge master suite has attached bath with custom vanity-dual sinks, huge jetted tub, separate shower and TWO walk-in closets, plus door to patio. Secondary bedrooms at the other end of the house share a hall bathroom with custom vanity. Huge laundry room with washer and dryer and tons of cabinets. 3 car garage PLUS RV Garage. IRRIGATED!! Corner lot is very private. 2 new AC units

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14999 N Highway 79 -- Florence, AZ 85132

$850,000

12 Beds

8 Baths

1,135 SqFt

Status Active

MLS # 6744796

Property Type Manufactured Home

Price Type --

This listing is for 4 parcels of land, each with one manufactured home with a paying tenant (2-yr lease). Over 5 acres total. Each mobile home is 3 bedroom, 2 bath. Positive cash flow on these four 1.25 acre lots fully fenced with electronic controlled access security gate. These homes are recently upgraded with paint, tile floors, granite countertops and new cabinets. Serviced by clean, clear water private well. Counts for bedrooms/baths are for all 4 properties combined, as are the taxes listed and lot size. Breakdown of units: 14945 - 1344 sf, lot 55126 sf, $1350 mo/rent. 14953 - 1568 sf, lot 56030 sf, $1850 rent. 14999 - 1134 sf, lot 57710 sf, $1450 rent. 15047 - 1296 sf, lot 55745 sf, $1500 rent. Fantastic opportunity!

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3821 E Monterosa Street Phoenix, AZ 85018

$850,000

3 Beds

2 Baths

1,514 SqFt

Status Active

MLS # 6747071

Property Type Single Family Residence

Price Type --

3 bedroom 2 bath block construction home with a resurfaced pool, huge grass backyard with entertainment covered ramada with electric & storage shed. The original carport has been converted to a large bonus room and currently being used as a 4th bedroom. The Central air & heating system are ducted into this room and buyer to verify square footage ... This area is prime for investors who have been building new homes !

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1694 E Aloe Place Chandler, AZ 85286

New

$850,000

4 Beds

3 Baths

2,780 SqFt

Status Active

MLS # 6762986

Property Type Single Family Residence

Price Type --

Stunning, high-end remodeled 4 bedroom plus den/office/playroom and 3 full bathrooms. Over $200K in recent upgrades. Gorgeous kitchen with sleek high-gloss cabinets, exotic black granite island with waterfall edge, quartz counters and lots of storage. Backyard truly feels like a resort with high-end artificial turf, extensive travertine hardscape, newly tiled diving pool, natural gas fire features including a large built-in fire pit, custom built-in BBQ. New flooring throughout. New doors and trim, baseboards, door and cabinet hardware, light fixtures and ceiling fans, flooring, and Toto toilets Plantations shutters throughout. New Trane 22 seer AC units, water heater and water softener. Smart home system. Electric vehicle ready 3-car garage with cabinets, storage racks, epoxy floors. Too many upgrades to list--See full list in documents section. Must be seen to appreciate!

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1085 Yaqui Drive Wickenburg, AZ 85390

$850,000

3 Beds

2 Baths

2,062 SqFt

Status Active

MLS # 6726025

Property Type Single Family Residence

Price Type --

Nestled within the rugged beauty of Wickenburg, Arizona, lies a haven for horse enthusiasts - 1085 S Yaqui Dr. This 1.475-acre property isn't just a home; it's a lifestyle, a sanctuary where the sun-kissed desert meets modern living. Step through the welcoming threshold of this 2,062 sq ft residence, and you'll feel the warmth of meticulous care. Sunlight spills through large windows, illuminating the open living spaces. The home boasts room for all your toys, equipped with a 3-car garage and an RV hook-up. Outside, the equestrian amenities await. A horse corral is already set up, along with a 30 ft x 10 ft horse shade and a 33 ft x 12 ft hay/trailer storage. But that's not all - there's a very spacious horse turnout area, ready for your personal touch. So many more amazing features await your discovery. Schedule a tour today to see them all. Your equestrian dreams await at 1085 S Yaqui Dr!

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33325 W Old Us Highway 80 Highway Arlington, AZ 85322

$850,000

4 Beds

2.5 Baths

2,299 SqFt

Status Active

MLS # 6753494

Property Type Single Family Residence

Price Type --

Welcome to this charming 4BR, 2.5 bath Farm house on a 7.68-acre lot with impressive mountain views! Detached 15X40 shop w/ cooler, lift & air compressor. Covered (15X40)RV pad & 20X40 covering for boat. Aprx 3 acre fenced pasture with sprinklers. Huge outdoor patio & entertaining space includes bar, sink, grill, smoker, fridge, kegarator, fans & speakers. Newer roof, HVAC's & recent exterior paint. Primary downstairs retreat boasting two spacious closets and an ensuite with a dual sink vanity. Kitchen with new SS appliances, lots of cabinets, walkin pantry & breakfast bar. Upstairs 1 bath & 3 bedrooms-1 with access to a balcony and 1 with attic storage space. Many extras include: shutters, firepit, spa, garden & RV outlets (50amp & 30 amp). Country living and no HOA! Many possibilities!

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8520 E Mackenzie Drive Scottsdale, AZ 85251

$850,000

3 Beds

2 Baths

1,421 SqFt

Status Active

MLS # 6755430

Property Type Single Family Residence

Price Type --

Charming, newly remodeled home in prime Scottsdale location. Home features new flooring, updated and modern kitchen. New appliances, updated modern light fixtures and fresh paint throughout the home. The backyard has its own private oasis, desert landscaping, with a resort size pool and area for entertainment and private enjoyment.

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10421 N 177th Avenue Waddell, AZ 85355

$850,000

5 Beds

3 Baths

2,498 SqFt

Status Active

MLS # 6677226

Property Type Single Family Residence

Price Type --

Your dream home is here! Discover the perfect escape from city life with this stunning horse property situated on a sprawling 1-acre irrigated lot. This property offers a serene setting with no HOA, complete with lush orange, peach, and lemon trees. Inside, the home features stylish wood-look floors in high-traffic areas, updated amenities such as pre-wired surround sound, modern ceiling fans, sleek door levers, and recessed lighting. It boasts a formal dining area and a vibrant great room, ideal for hosting gatherings. The pristine kitchen is equipped with an array of white cabinets, stainless steel appliances, granite counters, a subway tile backsplash, a pantry, and a spacious island with a breakfast bar. The primary suite is a true retreat, including a luxurious ensuite with dual sinks, a soaking tub, and a walk-in closet. Additional storage is available in the laundry room, complete with a utility sink. This gem also features a covered patio, a cozy fire pit, a storage shed, and a large metal barn that can be adapted for various uses. Ample parking space is available on the property. For horse lovers, there are ready-made stalls and corrals. Enjoy the peaceful neighborhood ambiance and breathtaking mountain views. Don't miss out on this extraordinary opportunity - a must-see property!

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42920 N Highway 60 -- Morristown, AZ 85342

$850,000

3 Beds

2 Baths

1,967 SqFt

Status Active

MLS # 6745454

Property Type Single Family Residence

Price Type --

VIEWS, VIEWS, VIEWS! This newly constructed 3-bedroom, 2-bathroom home offers captivating mountain views and a charming front porch, ideal for having your morning quite time. As you enter through the double doors, you'll be greeted by a spacious, open floor plan and an elegant wood-looking flooring that perfectly flows throughout. The galley kitchen is a culinary delight, featuring plenty of counter space accompanied by a stylish tile backsplash, and stainless steel appliances. The primary suite has plenty of space with a pristine ensuite, dual sinks, a glass-enclosed shower, and a generous walk-in closet. Unwind on the covered patio, where you can relax and take in the stunning panoramic views and endless blue skies. This home is an absolute must-see and is sure to exceed your expectations!

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7106 W Private Pine Mountain Road Flagstaff, AZ 86001

$850,000

3 Beds

2 Baths

2,040 SqFt

Status Active

MLS # 6707348

Property Type Single Family Residence

Price Type --

Escape to your own slice of wilderness paradise in this charming off-grid cabin nestled in the picturesque Snow Bowl Estates of Flagstaff, Arizona. Situated on a sprawling 2.715 acre lot, this cabin offers the perfect blend of tranquility and adventure. Just a stones throw away from the Hart Prairie Preserve. Hart Prairie is coveted property often featured on the news for it's beautiful and breathtaking fall colors. With 3 bedrooms plus a loft and 2 bathrooms spread across 2,040 square feet, there's plenty of space for family and friends to gather and create lasting memories. The main level features a master bedroom and bathroom, while the upper level loft and guest bedrooms offer cozy retreats with closets designed to accommodate additional beds. Boasting breathtaking views of Humphreys Peak and Agassiz Peak, every day is a feast for the eyes. Enjoy the serenity of nature from the expansive flagstone patio along the entire east side of the cabin or soak in the beauty from one of 3 decks around the home. Inside, you'll find thoughtful touches throughout, including aspen tongue and groove ceilings, aspen wood trim, and dual-pane insulated aluminum frame windows that frame the landscape like living artwork. Stay comfortable in any season with ceiling fans throughout, laminate flooring in high-traffic areas, and carpet in the living room for added warmth. Warm up on chilly evenings with the soapstone wood-burning fireplace, providing slow-to-heat warmth and a cozy ambiance. Additional heating is provided by three new propane wall heaters, installed for added comfort on May 3, 2024. This cabin is fully equipped for off-grid living, with owned solar panels, a Rinnai On-Demand water heater, and a remote start generator operable from inside the house. There is also a 1,900+/- gallon water cistern, a 250-gallon leased propane and a septic system with a 1,000-gallon capacity. Accessed via a 4.5-mile dirt road, this cabin becomes a winter wonderland retreat, accessible by snowmobile or snowshoe from Snow Bowl. And with the Coconino National Forest bordering the south property line and the Arizona trail just 0.5 miles away, outdoor adventures are right at your doorstep. Don't miss your chance to own a piece of Flagstaff's natural beauty. Buyer to verify all facts and figures listed in MLS.

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4424 E Hartford Avenue Phoenix, AZ 85032

$850,000

3 Beds

2.5 Baths

2,798 SqFt

Status Active

MLS # 6730076

Property Type Single Family Residence

Price Type --

Desirable home located in the quiet gated community of Santa Rita. Tucked away but close to everything. A prime location that is minutes to both the 101 and 51, the newly reimagined PV mall, Desert Ridge, Kierland/Scottsdale Quarter and much more. This Energy Star Certified Cachet home was built in 2016 and offers 3 bedrooms, 2.5 baths, a separate office, large loft space plus extra workspace. When you arrive at the home you are greeted by charm and character highlighted by the tasteful landscaping, exterior lighting, and arched entryway leading you to the front door. The main floor features a great room floor plan, large dual slider that provides seamless indoor to outdoor living, a separate office, and large kitchen. Private backyard space is the perfect spot to entertain and has brick pavers, a large covered patio with a built-in misting system, artificial turf and a putting green. The kitchen boasts a large island with ample room for bar seating, granite countertops, large walk-in pantry, stainless steel appliances, wall oven and microwave, reverse osmosis, and electric range cooktop. Upstairs the large primary suite is split from the two secondary bedrooms and bathroom. The primary bathroom has dual vanities, large soaking tub, walk-in shower, and generous walk-in closet. Separating the primary and secondary bedrooms is a wonderful loft space that can be utilized many ways depending on your needs. Large windows throughout the home provide great natural light throughout the home. Automatic window coverings throughout the home. Hard wired surround sound throughout the home. Large laundry room with lots of room to customize and make your own. Additional coat closet/storage closet across from the laundry room is a great bonus. Powder bath is located on the main level. 3 car garage with lots of built in storage. Community features multiple green spaces and a children's playground.

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20230 E Escalante Road Queen Creek, AZ 85142

$850,000

5 Beds

3.5 Baths

3,700 SqFt

Status Active

MLS # 6707126

Property Type Single Family Residence

Price Type --

Former Model Home w/ professionally cleaned tile and carpet! Perfect cul-de-sac home w/ 3 car garage & RV Gate. Elegant 2-Story complete with 2 Outdoor Entertaining areas, Mature Landscaping & Sparkling Pool. Custom Flooring, Wainscoting with Gorgeous Tile Work and Plantation Shutters throughout. 5 Oversized Bedrooms, Extra Office Room, 3 ½ Baths, and the Owners Retreat includes Tiled Walk-In Shower & Garden Tub, Raised Vanities and Oversized Walk-In Closet. The Chefs Kitchen complete w/ Stunning GE Café Stainless Appliances (w/gas stove), Staggered 36'' Maple Cabinets in a Creamy Dulce Glaze with Mesquite Granite Countertops. All appliances are included with Upgraded Pendants, Accessories, Hardware, Moldings, Trims, Ceiling Fans, Stereo & More! Professionally designed and move in ready

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