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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904 E Vermont Drive Gilbert, AZ 85295

$832,000

3 Beds

2.5 Baths

2,549 SqFt

Status Active

MLS # 6736410

Property Type Single Family Residence

Price Type --

Seller open to concessions at closing. Like new home in luxurious Velvendo estates in the heart of Gilbert. 3-car garage, paver driveway, & private secure courtyard. You'll LOVE the open formal dining area, living room & the open layout graced w/ ceramic tile flooring throughout. Fabulous kitchen displays 40 inch cabinets w/crown molding, quartz counters, & butler's pantry. HUGE primary retreat offers large windows w/trending barn doors & a private ensuite equipped w/two vanities & two walk-in closets, and upgraded walk in shower. Sizable bonus room ideal for an exercise or additional lounging space. Serene oversized backyard awaits, which includes a covered patio, attached pergola, mature shade trees, landscape lighting & automatic drip system. Close to San Tan mall and downtown Gilbert Seller is open to seller concessions at closing. Epoxy garage floor.

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21422 W Meadowbrook Avenue Buckeye, AZ 85396

$830,120

3 Beds

2.5 Baths

2,493 SqFt

Status Active

MLS # 6756517

Property Type Single Family Residence

Price Type --

This charming 2,500 sq ft home in the coveted gated community of Verrado is perfect for you and your family. With three bedrooms, two and a half bathrooms, and a versatile flex space, it offers ample room for all your needs. The home features soaring 12' ceilings in the kitchen and great room, elegant quartz countertops, double-stacked cabinets, and abundant kitchen storage. The bright great room is enhanced by multiple windows, while a 16' sliding glass door opens to a backyard with breathtaking views of the White Tank Mountains and no rear neighbors. The primary bedroom suite includes a luxurious spa tub, a tiled shower, and a spacious closet. All bathrooms feature full-height tiled showers. Located just minutes from shopping, dining, two golf courses, and all the amenities!

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3649 N 56th Street Mesa, AZ 85215

$830,000

5 Beds

4.5 Baths

3,211 SqFt

Status Active

MLS # 6745144

Property Type Single Family Residence

Price Type --

Do not miss this almost brand new home built in the gated and resort style community of Reserve at Red Rock. Pull up to this beautiful home with a very welcoming elevation and style. This prime location is close to top rated schools, including the new ALA campus, 202 on-ramp, shopping, dining and golf courses in the area. Low maintenance landscaping, covered porch and wider paver driveway welcome you to your new home. Enter the upgraded iron door to beautiful flooring, fresh and bright colors and upgrades everywhere you look. Fantastic en-suite bedroom right off the front door is perfect for a guest room or generational living with its own bathroom and walk-in closet. Pass through to the well appointed kitchen with upgraded white shaker dovetail cabinets with soft-close cabinets with stainless steal appliances, extensive stone backsplash, unique matte granite counters and opens up to the dining and living rooms as well as the 4 panel slider heading out to the backyard. You'll feel the plush carpet as you head upstairs to view the remaining living space. The master en-suite offers a large bathroom and walk-in closet with custom designer tile and nicer finishes. 3 car tandem garage offers an EV outlet. Spend time to check out the multi-million dollar private clubhouse with a heated pool, spa, workout room, playgrounds, sport courts, trails, pickle ball courts and so much more.

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5825 Snapdragon Lane Prescott, AZ 86305

$830,000

3 Beds

2 Baths

2,051 SqFt

Status Active

MLS # 6740604

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after Pinon Oak Subdivision! This stunning residence boasts a spacious and functional split floor plan with three bedrooms and two bathrooms, providing ample space for comfortable living. Step inside to find an inviting living area that seamlessly flows into the bright and airy Arizona Room, perfect for enjoying the beautiful weather year-round. The well-appointed kitchen features modern appliances and plenty of counter space, ideal for preparing delicious meals and entertaining guests. The large primary bedroom offers a private retreat with a generous en-suite bathroom and a private exit to the serene patio, allowing you to unwind in peace and tranquility. The additional bedrooms are well-sized and share a stylishly updated bathroom. Outside, you'll appreciate the expansive corner lot adorned with mature landscaping, creating a picturesque and private oasis. The garden shed provides extra storage for all your tools and outdoor equipment, while the dog run ensures your furry friends have plenty of space to play. For those with multiple vehicles or a penchant for hobbies, the three-car garage offers abundant space for parking and storage. Enjoy the convenience of living in a desirable neighborhood, with easy access to local amenities, schools, and parks. This home is a perfect blend of comfort, style, and convenience, making it an exceptional find in the Pinon Oak Subdivision. Don't miss the opportunity to make this incredible property your own!

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2820 E Ranch Court Gilbert, AZ 85296

$830,000

4 Beds

2.5 Baths

2,915 SqFt

Status Active

MLS # 6759059

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 2.5-bathroom home with a den and 3-car garage sits on a spacious corner cul-de-sac lot in the highly sought-after Rancho Corona neighborhood. The oversized kitchen features a large island, refrigerator, built-in microwave, ample cabinetry, new quartz countertops, walk-in pantry, large sink, and a built-in desk, perfect for meal prep and gatherings. The home boasts a formal dining area and a great room with built-in speakers, perfect for entertaining. Shutters throughout add a touch of elegance. The master suite includes a cozy seating area with a fireplace, a separate exit to the patio, double sinks, a sunken jacuzzi bathtub, walk-in shower, and spacious His & Hers walk-in closets. An additional bedroom also features a walk-in closet. (see more) While the family room is warmed by a second fireplace. The 3-car garage offers plenty of storage space, and the large grassy backyard, shaded by mature trees, is perfect for outdoor enjoyment. This beautiful Gilbert home is walking distance to a hockey rink, parks, restaurants, and shopping, offering the perfect blend of luxury and convenience.

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2317 E Taxidea Way Phoenix, AZ 85048

$830,000

5 Beds

3 Baths

2,780 SqFt

Status Active Under Contract

MLS # 6744988

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Ahwatukee nestled in a quiet neighborhood backing the Preserve on a Premium hillside lot! This stunning and fully remodeled 5-bedroom home offers designer touches throughout. The gourmet kitchen is a chef's delight with high-end Koville cabinets, new quartz countertops, a 5x9 spacious island and all new high-end appliances. The spacious primary suite offers privacy and an amazing view of the Preserve right out your bedroom window. The backyard oasis includes a sparkling Pebbletec pool and spa, new turf landscaping and new metal pergola. Located just minutes from local parks, top rated schools, shopping and dining and easy access to highways and Phoenix Gateway Airport. **NEW 30 YEAR Roof!! Don't miss this incredible opportunity in Ahwatukee!

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3528 E Osborn Road Phoenix, AZ 85018

New

$830,000

4 Beds

2 Baths

1,718 SqFt

Status Active

MLS # 6760512

Property Type Single Family Residence

Price Type --

Gorgeous home with LARGE lot in an excellent location, Pomelo Park. This home is beautiful with 4 bedrooms and 2 bathrooms. It has had several upgrades including a new A/C unit in 2021, remodels in the bathrooms and kitchen in 2020, updated plumbing, window treatments, and the list goes on. This home has an open kitchen, extended finish 2 car garage with service door access to the backyard, huge lot, and large sized guest bedrooms. This home has the potential to add onto it or rebuild given the large lot. It backs to a neighborhood full of million dollar homes throughout. The possibilities are endless with this property. You do not want to miss it!

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2848 E Presidio Street Mesa, AZ 85213

$830,000

4 Beds

3 Baths

3,212 SqFt

Status Active

MLS # 6738799

Property Type Single Family Residence

Price Type --

Beautiful two story home in the gated community of Lehi Crossing. Come and see what this home has to offer, with its inviting pool and spa, large rooms, and open kitchen. Homes of this size and condition do not come to market very often. Come and take advantage of a turn-key home with all the upgrades you could want.

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6708 W Pleasant Lane Laveen, AZ 85339

$830,000

5 Beds

4.5 Baths

4,153 SqFt

Status Active

MLS # 6743962

Property Type Single Family Residence

Price Type --

This expansive property has all the room you're looking for inside and out! Just under an acre with 4153 SF, 5 bed/4.5 bath, 5 car garage, RV gate and pool. Guest casita with separate entrance off the gated courtyard w/fireplace. Chef's eat in kitchen boasts gas cooktop, double ovens, plenty of cabinets/storage, granite counters and walk in pantry. Two large entertaining/living areas. Master bedroom downstairs with huge loft and 3 more bedrooms and 2 more baths upstairs.Lg covered patio, above ground hot tub, pebble tec pool with waterfall and large play area in this private and spacious yard with plenty of more room to add anything you need!

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16021 S 13th Avenue Phoenix, AZ 85045

$830,000

5 Beds

2.5 Baths

3,184 SqFt

Status Active

MLS # 6729723

Property Type Single Family Residence

Price Type --

Welcome home to your Club West Oasis! This highly upgraded home has it all! A custom Iron door w/Schlage keyless entry lock welcomes you into this stunning home featuring vaulted ceilings, wood floors, wet bar w/wine fridge (2020), formal living+ dining room leading into the entertainers kitchen. In the kitchen you will find custom cabinets w/under cabinet lighting, SS appliances + more. Spacious floor plan with Primary bedroom & 1/2 bath downstairs. Primary room ft. incredible views, remodeled bathroom, door to backyard pool oasis. Upstairs you will find 4 oversized bedrooms (one w/ balcony access), full bathroom & wall of built in cabinets. So many upgrades (full list in documents tab) including new roof(2021), A/C(2019 & 2023), turf(2019), shutters(2021), pool resurfaced(2024) +more!

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2501 E Encinas Avenue Gilbert, AZ 85234

$830,000

5 Beds

3 Baths

3,251 SqFt

Status Active

MLS # 6701823

Property Type Single Family Residence

Price Type --

REDUCED! REDUCED! REDUCED! Highly desirable and sought after location in a great school district! This home sits on a large lot and has 5 large bedrooms, 3 baths, huge family room with a cozy fireplace, large remodeled kitchen has skylight to bring in tons of natural light, formal living and dining rooms. The large backyard has a children's play area beautiful pool for play time and keeping cool and great hot tub chilly evening relaxing. Plenty of room to grow a large family and entertaining! Lots of shopping and restaurants and easy access to highway to make getting around the valley in a snap.

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8538 E Rovey Avenue Scottsdale, AZ 85250

Open House

$830,000

4 Beds

2 Baths

2,272 SqFt

Status Active

MLS # 6729964

Property Type Single Family Residence

Price Type --

Great price for sought after Scottsdale location where homes are being updated &remodeled, making this neighborhood, close to downtown Scottsdale and NO HOA very desirable w/ Flexibility for vacation rental too. Corner lot w/ covered courtyard entry. Open concept design w/beamed ceilings and French doors from the great room that opens to the backyard and pool. 4 Bdrms PLUS a Large Bonus room! Primary Suite w/ updated bathtroom & another bedroom have access via French doors to the nicely landscaped backyard w/ artificial turf, patio, and a recently resurfaced pool w/ new tile & extended decking. Perfect floorplan for owners working remote. Built in planters and fruit bearing trees! Kitchen w/newer appliances & Brand New gas cooktop. Freshly painted w/ new baseboards. 2 car garage Extra Large laundry room/pantry off of the kitchen. New exterior paint in 2024 and brand new interior paint and baseboards! Wood flooring added to all the bedrooms recently. Enjoy the spacious Primary suite bathroom that was remodeled with a deluxe free standing tub and large spa like shower. Soft water system and drinking filtration system too. Home is near the canal trail system, Scottsdale trail system, and numerous parks. The location is close to downtown Scottsdale where you can enjoy all the shopping, restaurants, entertainment, festivals, and events. Close access to the 101 too!

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