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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5970 W Potter Drive Glendale, AZ 85308

$810,000

4 Beds

2 Baths

2,523 SqFt

Status Active

MLS # 6724641

Property Type Single Family Residence

Price Type --

Priced Below appraisal! Full remodel, On the 16th tee box! Enjoy the back patio with golf & Mountain views! Love the high ceilings when u walk in. Floorplan offers split master, large form liv & din rms, fam rm large windows to make this one light & bright! Large island kitchen with W/W cabinets, new Frigidaire Gallery appliances & two Pantries. New plank tile flooring & ceiling fans thru-out. New custom floor to ceiling drapes. You love the huge master retreat with large master Walkin closet. Master bath offers frameless glass enclosed shower & soaking tub, dual sinks with quartz counters. Hall Bath updated with quartz also. Laundry built in sink & cabinet. Back yard offers new paver outdoor sitting area, synthetic grass, fruit trees. New front landscaping.

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2824 N Kashmir Street Mesa, AZ 85215

$810,000

4 Beds

3 Baths

3,222 SqFt

Status Active

MLS # 6744484

Property Type Single Family Residence

Price Type --

Amazing Custom Home in Mesa Desert Heights with NO HOA and a NEW roof! This Home sits on a BIG 1/3 acre lot with an RV gate and an over sized 3 car garage. This backyard is an entertainers dream with stunning views from the outside observation Deck, a great covered patio, Built-in BBQ & Bar top, a charming built in Fireplace with built in seating and the best part is this home is a corner lot with NO rear neighbors.

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10709 E Thornton Avenue Mesa, AZ 85212

$810,000

4 Beds

4 Baths

2,726 SqFt

Status Active

MLS # 6747229

Property Type Single Family Residence

Price Type --

Discover this spacious and modern Adelaide model home, only 3 years old, offering 4 bedrooms, 4 bathrooms, and a versatile game room/study. Designed with luxury and functionality in mind, this home features high-end finishes, a full live-in casita, and a professionally landscaped backyard. Step into this beautifully designed home where luxury meets comfort. The open-concept living space features durable LVP flooring, and the entry walls are accented with elegant wainscoting. The heart of the home is the gourmet kitchen, which boasts high-end Quartz countertops, a breathtaking waterfall island, a 5-burner gas range, and double-stacked ovens. The adjacent walk-in pantry provides ample storage for all your culinary needs. Don't miss this rare opportunity to own a nearly new, luxury home. Open Concept Living: Luxury vinyl plank (LVP) flooring throughout the main living spaces, with elegant wainscoting on the entry walls. Gourmet Kitchen: High-end Quartz countertops, a stunning Quartz waterfall island, 5-burner gas range, double-stacked ovens, and a spacious walk-in pantry. Full Live-In Casita: Perfect for guests or multi-generational living, with its own private entry and amenities. Expansive Outdoor Living: Huge multi-slider with a corner less slider opens to a professionally landscaped backyard, ideal for entertaining and relaxation. Practical Features: Paved driveway and ample storage throughout the home. Located in a desirable community, this home provides easy access to top-rated schools, shopping centers, and local parks. Enjoy the best of both worlds with a tranquil neighborhood and convenient proximity to major roads.

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7369 E Krall Street Scottsdale, AZ 85250

$810,000

2 Beds

2 Baths

2,893 SqFt

Status Active

MLS # 6582122

Property Type Single Family Residence

Price Type --

Welcome to 7369 East Krall Street - an incredible opportunity for a lucky new homeowner in the sought-after Casa Bella community! This single-level, meticulously maintained townhome has all of the modern amenities and design touches you could wish for. Boasting 2 bedrooms, 2 full bathrooms, and 2 parking spaces, this impressive 2893 square foot property is just waiting to be yours. This home offers an abundance of natural light thanks to numerous windows & skylights while the cozy central atrium off the master bedroom is perfect for relaxing or entertaining. Outside, a north/south patio with fruit trees and large yard provides the ideal space to enjoy a sunny day or evening outside with friends and family. And with Casa Bella's community pool, spa, tennis courts, pickle ball court, and recreation center amenities, you'll never run out of things to do! Located near Paradise Valley, Fashion Square, and world-class dining & shopping options, life here will be both convenient and luxurious. This rare find won't last long - don't miss your chance to make 7369 East Krall Street your next dream home today!

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1623 E Hidalgo Street Apache Junction, AZ 85119

$810,000

4 Beds

3 Baths

2,636 SqFt

Status Active

MLS # 6740402

Property Type Single Family Residence

Price Type --

Just over 3/4 of an acre NON HOA home in Superstition Mountain Estates is nestled against the back drop of the majestic Superstition Mountains! Featuring 4 bd, 3 bath & 3 car garage this home epitomizes luxury living! Upon entering you will find 10-ft ceilings, 8 ft doors, recessed lighting creating a very open feel. The open floor plan seamlessly blends the living, dining & kitchen area creating a very inviting and spacious environment perfect for both entertainment and everyday life. The modern kitchen boasts with stainless steel appliances, granite countertops & an expansive island, making it a chef's dream! Large dual pane windows throughout home allowing for natural light & offering breathtaking views! Master suite features an extra large room, shower, walk in closet & soaking tub!

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8326 E Vista Drive Scottsdale, AZ 85250

Open House

$810,000

3 Beds

2 Baths

1,883 SqFt

Status Active

MLS # 6745990

Property Type Single Family Residence

Price Type --

Centrally located single level 3 bedroom, 2 bath home is within walking distance of the Hayden Greenbelt & minutes away from Talking Stick Fields, Casinos, Old Town, shopping, restaurants, & the 101. This well maintained home boasts granite countertops, & stainless steel appliances. The kitchen opens to the family room, which is perfect for entertaining family & friends. The master bedroom & bath are well appointed with double vanities, & a large walk-in closet with built-ins for easy and uncluttered storage. The rear yard is great for outdoor living with its large pool, covered patio & putting green in back yard. All this & no HOA! Just a short 16 minute drive to Sky Harbor Airport. Home is currently used as a short term rental. Furniture could be available upon a separate bill of sale Pool pump replaced in 2021. Plumbing replaced in the house to the street in 2021. Roof replaced 2021.

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3038 Dawa Ovi -- Flagstaff, AZ 86005

$809,998

3 Beds

2 Baths

1,947 SqFt

Status Active

MLS # 6744901

Property Type Single Family Residence

Price Type --

1+ Acre Beautiful Lot in the in the Pines of Flagstaff. This beautiful 1947 square foot home has 3 bedrooms and 2 bathrooms with a large common area and kitchen. Primary Suite features 3 closests, seperate Shower and Jetted Tub. The unfinished basement is a blank slate. Plenty of room for horses. Plenty of area to ride your horses in the pines, property adjacent to the green belt. The real story is this beautifully wooded lot with a picnic area and plentry of privacy. Add a couple of Horse Stalls and this would make a great AirBnB for Phoenix area horse families. Don't miss this one. Plan your escape today.

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8607 S 16th Drive Phoenix, AZ 85041

$809,900

3 Beds

2.5 Baths

2,477 SqFt

Status Active

MLS # 6671297

Property Type Single Family Residence

Price Type --

Extensive upgrades list! This luxury property, nestled within a secure gated community, offers a lifestyle of privacy and comfort. Situated on a generous 1/3 acre corner lot. 3 bed, 2.5 bath with a den/office that could be converted to a 4th bedroom. 3-CAR garage As you enter this community, you're greeted by breathtaking sunset views, mountain ranges, and a captivating Phoenix skyline that sets the stage for a truly extraordinary living experience. The outdoor space is a true entertainment piece. A treelined fence ensures privacy, while the expansive backyard features a large pool, perfect for refreshing dips on warm Arizona days. Additional amenities include a spacious storage shed, RV gate, and a covered patio adorned with sun shades - creating the ideal setting for al fresco dining or relaxation. Step inside, and the interior seamlessly blends sophistication with functionality. The wood-plank flooring adds warmth and character throughout, creating an inviting atmosphere. The heart of this home is the chef's kitchen, a culinary masterpiece equipped with quartz and granite countertops, a mini-bar for entertaining guests, a walk-in pantry, and upgraded soft-close cabinetry. The gas cook-top stove and a generously sized kitchen island complete the ensemble, making this open-concept kitchen the perfect hub for both culinary adventures and social gatherings. Versatility is a key feature of this residence, as the front office can easily be transformed into an additional bedroom, providing flexibility to accommodate your unique needs.

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7249 E Roosevelt Street Scottsdale, AZ 85257

$809,000

3 Beds

2 Baths

1,581 SqFt

Status Active

MLS # 6751266

Property Type Single Family Residence

Price Type --

Absolutely stunning, newly rebuilt home! Calling it a remodel would be an understatement; this home has been entirely reconstructed, with no expense spared. EVERYTHING IS BRAND NEW! The property features a circle driveway and a paver patio entryway with a custom Craftsman porch. Upon entering the large open-concept space, you'll be captivated by the stunning engineered wood beam. The expansive kitchen includes double-sided cabinets and a kitchen island with ample storage. The beautiful dining area retains the home's character with a charming fireplace. Upgrades abound, including high-end stainless steel appliances and gorgeous quartz countertops throughout. The home also boasts upgraded large stone tile in all the right places. There are three bedrooms and two bathrooms, each featuring custom tile work in the showers and baths. The master bedroom includes a private exit to the large covered back patio, which features an additional stunning structural beam. The custom-designed diving pool is a highlight, and the low-maintenance backyard is equipped with solar nighttime lighting for both the front and back lawns. The property also includes an RV gate. All design and permits for this new build and reconstruction were approved and signed off by the City of Scottsdale, with plans available. This includes new windows with a warranty, a new roof, a new AC unit and ductwork, synthetic stucco wrapping the house and backyard fence, and new electrical and plumbing systems. The home comes with contractors' warranties and a one-year seller's warranty. Located in South Scottsdale, this property is perfectly situated close to everything. It's an excellent opportunity for anyone seeking zero-maintenance living or an Airbnb investment, with no HOA restrictions.

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4831 E Fernwood Court Cave Creek, AZ 85331

$809,000

3 Beds

2 Baths

2,301 SqFt

Status Active

MLS # 6746168

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this unique energy-efficient home featuring a 3-car garage! Experience sheer beauty & custom details throughout! Bountiful natural light graces every corner, from the combined living & dining room with a bay window to the harmonious great room offering sliding glass doors to the back patio and the Resort Style backyard. Open-concept kitchen provides a pantry, granite counters, a prep island with a breakfast bar, tile backsplash, desk area, plenty of cabinetry, SS appliances, and a breakfast nook. Open the double doors to find an airy main retreat equipped with outdoor access, wood-look tile floors, and an ensuite comprised of dual sinks, a separate shower & tub, and a walk-in closet Additional attribute of this house include an open den, ideal for an office or play area. Enjoy the sparkling blue pool and everything this beautiful backyard has to offer, along with a covered patio, exterior fireplace, and putting green. If entertaining is on your mind, this gem is perfect for you!

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3732 E Desert Cove Avenue Phoenix, AZ 85028

$809,000

5 Beds

3 Baths

2,394 SqFt

Status Active

MLS # 6693657

Property Type Single Family Residence

Price Type --

Indulge in the sheer magnificence of this enchanting abode nestled within the serene confines of the Shea Foothills Community. Revel in the opulence of this splendidly crafted sanctuary boasting five bedrooms and three lavishly appointed bathrooms. Every detail meticulously attended to, leaving no aspect untouched in this immaculate haven. Step into a culinary oasis with a brand-new kitchen adorned with exquisite quartz countertops and bespoke custom backsplashes, an epitome of sophistication. Luxurious designer accents adorn every corner, elevating the ambiance to one of sheer elegance, ensuring a seamless transition into your new haven.Outside, a paradise awaits, reminiscent of a five-star resort. Bask in the splendor of a sprawling backyard oasis, featuring a glistening pool to refresh on hot summer days, a putting green to refine your golfing skills, and a shaded BBQ area for alfresco dining experiences. As if that weren't enough, an esteemed Traeger Grille stands ready to elevate your culinary adventures. Nestled in a tranquil neighborhood, yet conveniently located close to PV, indulge in the ease of access to shopping, dining, and entertainment options. With proximity to the renowned WM Open, Scottsdale Airport, Loop 101, and SR51, convenience meets luxury seamlessly in this unparalleled location. Embrace the opportunity to make this exquisite residence your own - an oasis of tranquility and luxury awaits, ready to welcome you home.

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1973 W Brooke Lane Queen Creek, AZ 85144

$808,775

4 Beds

3.5 Baths

3,082 SqFt

Status Active

MLS # 6713580

Property Type Single Family Residence

Price Type --

Construction Starting Soon! 1.25 Acre Lot & No HOA. Stunning Semi-Custom Home, 12' ceilings in the main area, 4 bedrooms 3.5 baths, ensuite & office/den. An incredible gourmet kitchen, 9ft Island, ample counter space & eating bar. The main living area features a wall of glass with a multi sliding glass door that lets in plenty of natural light. The master suite is a true oasis. The Mudroom for your Drop Zone next to the awesome laundry room leaves you wanting not. Oversized 3+ Car Garage! Ask about a Casita or RV Garage. With its fantastic features and unbeatable price, this home is ready for your personalization! See the documents tab for the construction specifications. Expect to be blown away. More Home For Your Money.Pictures are of previous model and have some options not include

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