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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6334 E Albany Street Mesa, AZ 85205

$849,900

4 Beds

3.5 Baths

2,849 SqFt

Status Active

MLS # 6734623

Property Type Single Family Residence

Price Type --

Gorgeous Custom Home with Guest House on Nearly Half-Acre Lot. Welcome to this truly exceptional property nestled on almost half an acre of lush landscape. This one-of-a-kind home features 4 bedrooms, 3.5 bathrooms, and a detached guest house with garage. A rare find indeed! Upon entering, you'll be greeted by a thoughtfully designed split floor plan offering two primary suites. The first suite boasts an ensuite bath complete with a Roman soaking tub, a spacious walk-in closet, and direct access to the backyard covered patio. The second suite includes a serene sitting area, perfect for relaxation. The heart of this home is its gourmet kitchen, outfitted with honey oak cabinets, granite countertops, a breakfast bar, an island with a cooktop, pantry space, black appliances including a wall oven and panel ready refrigerator. Abundant cabinetry ensures ample storage for all your culinary needs. Additional highlights include a dedicated workout room with a mirrored wall and convenient access doors to both the primary suite and hallway. Adjacent to the living room is a well-appointed office, ideal for remote work or study. Step outside into your own private oasis. The covered patio features a custom fountain and dual ceiling fans, creating an inviting space for outdoor dining and relaxation. An outdoor kitchenette with built-in BBQ area adds to the allure of entertaining guests. The expansive backyard is adorned with a variety of citrus and mesquite trees, vibrant flowering plants, tasteful lighting fixtures, and a cozy fire pit perfect for enjoying evenings under the stars. A hidden gem of this property is the detached guest house, complete with a single vehicle garage or workshop, full kitchen, bathroom, and laundry facilities. Whether hosting family and friends or generating rental income, the possibilities are endless with this versatile space. Don't miss out on the opportunity to experience everything this remarkable property has to offer.

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8313 E Redwing Road Scottsdale, AZ 85250

$849,900

5 Beds

2 Baths

2,069 SqFt

Status Active

MLS # 6728882

Property Type Single Family Residence

Price Type --

SINGLE LEVEL+ HUGE LOT + 5 Bedrooms + Pool in Fabulous Park Scottsdale ~ PRIME location on CUL-DE-SAC steps to the CANAL ~ Rare Hallcraft floor plan w/SPACIOUS & PRIVATE FRONT COURTYARD ~ Bonus OFFICE/FLEX SPACE ~ 2069 SQFT ~ Spacious Kitchen ~ S/S appliances ~ Appliance garage built into kitchen cabinets ~ Updated faucet + sink ~ Great countertop space ~ Flat top cooktop ~ Large Primary Bedroom w/direct access to backyard ~ Walk-In Closet ~ Primary Bathroom features dual sink vanity & step-in shower ~ Split floor plan w/Primary Bedroom + a Guest Bedroom on one side & 3 Bedrooms on opposite side of home ~ Guest Bathroom features a tub/shower combo & dual sink vanity ~ Spacious Bedrooms ~ DUAL PANE Windows ~ Ceiling Fans t/o ~ Wood-like tile floor t/o ~ Plantation Shutters ~ HVAC 4 years old ~ Direct access to house from GARAGE through LAUNDRY ROOM ~ Huge lot w/lots of FRUIT TREES & open space to create your DREAM BACKYARD ~ Large pool & great COVERED PATIO to entertain ~ It's not easy to find a single level 5 bedroom house on such an AMAZING LOT ~ UNBELIEVABLE LOCATION walking distance to the Canal, Saguaro High School & A+ Rated Spanish Dual Language Immersion Pueblo Elementary School ~ Short walk or bike ride to the Scottsdale Greenbelt, Chaparral Park, Chaparral Dog Park, Baseball Fields, Soccer Fields, Xeriscape Garden, the 101 Freeway, Scottsdale Community College, Talking Stick Fields ~ 3 Miles to Old Town Scottsdale, 15 Minutes to PHX Airport ~ You don't want to miss this one!

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9410 E Larkspur Drive Scottsdale, AZ 85260

$849,900

5 Beds

3 Baths

3,004 SqFt

Status Active

MLS # 6758526

Property Type Single Family Residence

Price Type --

Sweetwater Ranch...his home offers unbeatable value with the lowest price per square foot in Scottsdale! While move-in-ready homes are appealing, imagine the confidence of knowing the major mechanicals are already taken care of—you just need to make it your own. Picture this: kids playing in the large grassy yard while you relax by the pool. Or envision customizing this 3,004 sq ft, 5-bedroom, 3-bath home (with a bedroom and bath on the first floor) and 3-car garage on an 11,633 sq ft corner lot to suit your style. With two new AC units (2020), a new roof (2022), and updated water softener and pool filter (2022), the big-ticket items are covered, so you can focus on personalizing the space. With top Scottsdale schools and plenty of room, it is ready for you to Say Yes To This Address.

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27502 N Freedom Street San Tan Valley, AZ 85144

$849,900

5 Beds

4 Baths

3,011 SqFt

Status Active

MLS # 6753759

Property Type Single Family Residence

Price Type --

Why wait for a new build when you can buy now! Property includes detached casita w/ kitchenette, full bedroom and bathroom! There are 2 homes right next to each other with detached casitas and would make a great property for large families/friends who want to live close! Main home conveys 4 bedrooms + den/playroom/workout room, 3 full bathrooms, 3 car garage with epoxy flooring, 2 fireplaces. Quartz countertops, backsplash, stainless steel appliances, paver driveway. Close to San Tan Regional Park, Horseshoe Park Equestrian Centre, shopping, hospitals, entertainment and more! Home is currently available to be occupied and has complete set-up for hauled water, EPCOR submission has been received and EPCOR water line currently being installed. Home will have regular water service with EPCOR.

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27536 N Freedom Street San Tan Valley, AZ 85144

$849,900

5 Beds

4 Baths

3,011 SqFt

Status Active

MLS # 6753765

Property Type Single Family Residence

Price Type --

Why wait for a new build when you can buy now! Property includes DETACHED CASITA w/ kitchenette, full bedroom and bathroom! There are 2 homes right next to each other with detached casitas and would make a great property for large families/friends who want to live close! Main home conveys 4 bedrooms + den/playroom/workout room, 3 full bathrooms, 3 car garage with epoxy flooring, 2 fireplaces. Quartz countertops, backsplash, stainless steel appliances, paver driveway. Close to San Tan Regional Park, Horseshoe Park Equestrian Centre, shopping, hospitals, entertainment and more! Home is currently available to be occupied and has complete set-up for hauled water, EPCOR submission has been received and EPCOR water line currently being installed. Home will have regular water service with EPCOR.

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18635 W Hazelwood Street Goodyear, AZ 85395

$849,900

4 Beds

2.5 Baths

2,781 SqFt

Status Active

MLS # 6756670

Property Type Single Family Residence

Price Type --

This beautiful home offers a distinctive foyer leading to an oversized great room. The large gourmet kitchen features an expansive island, quartz counters, SS gas range and wall oven (appliances are 2 years old). The home has 4 spacious bedrooms to accommodate all your needs. Large owners' suite with walk in shower, bath tub and dual vanities, Relax in the resort like backyard with covered patio plus a ramada, or cool off in the beautiful pool with limestone decking and water feature. Laundry room with sink and cabinets. Other upgrades and features include new AC unit 2023, water softener and RO system, 10' ceilings, 2 month old carpet in bedrooms, laminate and tile flooring in living areas, window shutters, easy maintenance landscaping, repainted exterior 2023. Convenient 3 car tandem garage with 8 ft doors and RV gate means room for all your toys! RV clean out dump station and 400 amp electric service. The Smart Home includes: oven, pool, AC, garage door, front door lock, landscape. This energy-efficient home will also save you thousands of dollars on utilities

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610 W Filoree Lane New River, AZ 85087

$849,900

4 Beds

2.5 Baths

2,573 SqFt

Status Active Under Contract

MLS # 6755555

Property Type Single Family Residence

Price Type --

Bring your horses, dirt bikes, side-by-side, & all your other toys to this beautifully appointed 2560 sf custom home located in New River just off the Maricopa hiking trail. This gorgeous 4 bedroom 2 1/2 bath home sits on just over an acre surrounded by the foothills of North Phoenix. Additional features include 2 stalls with a paddock, hay & grain shed with room for a 60' round pen. Property also includes a 20 x 50' RV Shed that is 3/4 covered, a 50 amp outlet, power, water and sewer hook up for visitors. Property also includes a 12 x 32' tiny home built just one year ago that has generated $1500 per month RI for the past year. Enjoy the back patio with its northern view for those winter nights or summer days. It's the peaceful country life that's just 10 minutes away from major shopping

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1763 S Citrus Cove Mesa, AZ 85204

$849,900

5 Beds

3.5 Baths

3,544 SqFt

Status Active

MLS # 6753820

Property Type Single Family Residence

Price Type --

This home has it all. Custom kitchen with Wolf gas grill top, Wolf built in oven, built in Fride and Large Freezer, huge island, butler pantry and walk in pantry. Gorgeous flooring throughout complety painted and new carpet less than a year ago. Pool just replastered this Spring. large East facing back yard with lot of grass and trees beautiful to hang out in and backs up to a green belt no neighbors behind. New master bathroom vanity iwth double sinks. Large master walk in closet. Large Party shower in master bedroom. large extra sitting area in Master bedroom that could be office or workout area. large laundry room with lots of cabinets and sink. Oversized bedroom downstairs. 2 additional bedrooms upstairs with their own bathrooms. and another additional bedroom upstaris. By Dana Park

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9748 E Resistance Avenue Mesa, AZ 85212

$849,900

4 Beds

3 Baths

2,357 SqFt

Status Active

MLS # 6743116

Property Type Single Family Residence

Price Type --

MUST SEE home in the highly desirable neighborhood, Eastmark with OVER $200,000 in builder and homeowner upgrades! (CLICK ''SEE MORE'' BELOW FOR A FULL LIST). Whether you are relaxing or entertaining in your backyard oasis, cooking in your fully equipped chef's kitchen, having the whole family over for the holidays, doing projects in the air-conditioned garage, or just watching the game in front of your fireplace and big screen TV, this luxury home is designed and equipped for every occasion. Come and be part of one of the most desirable Master Planned Communities in all of Arizona with its long list of amenities, parks, disc golf, community events and convenient location near three major highways 101, 202 and the 60. '' CLICK SEE MORE FOR LIST OF UPGRADES''

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783 Trout Springs Road Forest Lakes, AZ 85931

$849,900

9 Beds

5 Baths

3,342 SqFt

Status Active

MLS # 6725158

Property Type Single Family Residence

Price Type --

Don't miss this beautiful property with 4 cabins on the lot. The main cabin features a family room, kitchen, wood stove, mud room, laundry room with storage and spacious bedroom. the other 3 units were remodeled in 2021 with new appliances and fixtures throughout. Cabins 2,3, and 4 come fully furnished with sofas, kitchen tables, dinnerware, queen sized beds, and linens. Cabins have lots of Pine surfaces, giving them that cozy cabin feel. Nestled in the Ponderosa Pines, this property borders the National Forest with tons of hiking, biking, ATV trails, and 6 trout stocked lakes for fishing, kayaking, canoeing or swimming. COOL PINES!!! ELEVATION OVER 7800! CURRENT VRBRO RENTS ADVERTISED: $350 PER NIGHT UNIT 1 & $150 PER NIGHT ON UNITS 2,3,4 Conveniently located right next to Sitgreaves National Forest, with numerous hiking & biking trails as well as fishing spots! The 3 other cabins have been recently remodeled and all showcase 2 bedrooms & 1 bath, plus their own kitchens and fireplaces! Whether you decide to use them as guest houses or rent them out for the summer, the possibilities are endless! What are you waiting for? This amazing deal won't last long!

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15712 E Chandler Heights Road Gilbert, AZ 85298

$849,900

4 Beds

2 Baths

2,092 SqFt

Status Active

MLS # 6739084

Property Type Single Family Residence

Price Type --

Welcome to this beautiful property located in Gilbert ~ 85298! This well cared for home is move-in ready and clean. This gorgeous property comes with stunning views of the San Tan Valley Mountain. Enjoy the fresh putting green or build your dream AZ backyard oasis. There is no HOA and horse privileges are permitted.

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29120 N 257th Drive Wittmann, AZ 85361

$849,900

5 Beds

3 Baths

2,887 SqFt

Status Active

MLS # 6710407

Property Type Single Family Residence

Price Type --

An elegant 5 bed, 3 bath residence in Wittmann can be yours today! Home is nestled on a 1 acre lot & features a 3 car side garage! Inside is a spacious naturally lit open floor plan w/elegant wood-looking flooring, high ceilings, and neutral palette. The enormous kitchen is comprised of white cabinetry w/crown moulding, a walk-in pantry, granite counters, stainless steel appliances, pendant & recessed lighting, and an island complete w/a breakfast bar. Your oversized luxurious primary bedroom boasts a walk-in closet, a full ensuite w/dual sinks, shower & a garden tub, as well as separate access to an extended backyard patio to enjoy wonderful mountain views, with space for a pool, shed, guest house, or horse stalls/arena. This elegant home is a dream come true! Make it your oasis today.

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