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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2366 W Naranja Avenue Mesa, AZ 85202

$800,000

5 Beds

3.5 Baths

3,171 SqFt

Status Active

MLS # 6753631

Property Type Single Family Residence

Price Type --

This recently fully remodeled home with a full Mother-In-Law Suite has plenty of space, style and functionality! The separate Mother-In-Law Suite has its own full kitchen, living area, large bedroom, bathroom, walk in closet, separate entrance, and is accessible from the main house if desired. Think of all the possibilities! Sitting on a 1/4 acre corner lot within the highly rated Dobson Ranch Community, this home has many upgrades include new luxury cabinetry, quartz counter tops, fire clay farm sink, stainless steel appliances, new wood look plank flooring, new roof, new AC unit on En-Suite, updated landscaping, sparkling pebble tech pool, gazebo, basketball court, large covered patio, and much more. Located near 101 freeway, tons of restaurants, shopping, and nearby Tempe! Please Visit the Dobson Ranch Community Website to see a full description of all the amenities and benefits the Dobson Ranch Community has to offer! There are recreation centers, swimming, pools, pickle ball courts, lakes, and much more!

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111 Grove Avenue Prescott, AZ 86301

$800,000

4 Beds

4 Baths

2,300 SqFt

Status Active

MLS # 6695992

Property Type Single Family Residence

Price Type --

Rare opportunity to own one of historic downtown Prescott's iconic Queen Anne Victorians, just up the hill from Courthouse Square. With Business General zoning, 5 parking spaces, gated RV parking, easy street parking and an ADA-compliant ramp, the Rudolph Baehr house is ideal for a live-work lifestyle, two-unit vacation rental (zoned HVAC and water heaters), professional offices, restaurant with huge shaded patio or single family home. Potential to add a garage on the rear alley with additional living space above. Listed on the National Register of Historic Places which keeps taxes low ($912 per year). Baehr was a well-known Territorial photographer and painter who is buried in the Odd Fellow cemetery. Updated for modern living while preserving original details like Eastlake door knobs and stained glass windows, this gracious home features a main level with a large parlor, enclosed Arizona room, eat-in kitchen that opens to the rear patio, butler pantry, bedroom and two baths. Upstairs are three bedrooms, a bath, kitchen and family room. The basement has vast amounts of storage and a dehumidifier. New decorative cedar shingle roof and AC on the main level. A short walk to over 100 shops, restaurants and bars in the downtown entertainment district. Close to Dignity Health, Yavapai College, VA campus, public and charter schools, National Forest trails for hiking and biking.

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7199 E Ridgeview Place Unit 210 Carefree, AZ 85377

$800,000

3 Beds

3 Baths

2,544 SqFt

Status Active

MLS # 6750698

Property Type Apartment

Price Type --

Incredible opportunity to own this larger upper unit in Montacino. Complete with private elevator, sweeping views, three bedrooms plus a den, two fireplaces, and two balconies. You will love the chef's kitchen with a gas cooktop and beautiful honed granite. There is a community pool and spa that are heated. Very friendly community walking distance to the shopping district in Carefree where you can enjoy several restaurants and shops. This is the Carefree lifestyle! Gated. Two single garages. The large primary also enjoys a fireplace. Although the pool has a heater, they don't heat it any longer. They do heat the spa.

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2366 E Shea Boulevard Phoenix, AZ 85028

$800,000

4 Beds

3 Baths

2,565 SqFt

Status Active

MLS # 6709967

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in the Desert Vista Community off Shea Blvd, this beautifully remodeled property boasts an inviting backyard oasis complete with a above ground spa. Enjoy the seamless blend of Scottsdale & Phoenix amenities right at your doorstep. The home features a finished versatile attached room for living, rental, hobbies, or staff quarters. Primary Bedroom boasts a resort like stream shower! Don't miss the chance to own this stunning retreat in one of the best locations, where modern updates meet cozy charm. Walking distance to schools. Make this your next move and experience the perfect blend of comfort & convenience! Oh and by the way..interested in hiking, trails and views? This location offers all of that at your doorstep with marked trails in every direction

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3502 N Rose Cir Drive Scottsdale, AZ 85251

$800,000

4 Beds

3 Baths

2,135 SqFt

Status Active

MLS # 6738259

Property Type Single Family Residence

Price Type --

This is an auction! Please submit your highest and best terms by Friday, October 5. Multiple offers above current list price.Most recent appraisal was just under $1.2 million. House next door just closed at $1.7 Million!! This Incredible remodel taken down to the studs was built back better than new! A new thoughtful split floor plan was created adding a master bed/bath. The Ceilings were vaulted throughout, new entry way created with full glass pivot door. Carport converted to a 1 car garage with 220 receptacle for charging. All Electric, plumbing, HVAC, fire sprinklers are new. Cafe Appliances, glass garage door in living room opens up to massive backyard with views of Camelback.

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343 W Canyon Street Apache Junction, AZ 85120

$800,000

3 Beds

2.5 Baths

2,512 SqFt

Status Active

MLS # 6745971

Property Type Single Family Residence

Price Type --

Tucked away in the breathtaking Superstition Mountains, this stunning custom home offers sweeping views of city lights and mountain landscapes. Enter through the courtyard to a mosaic-tiled foyer, where handcrafted wood floors and travertine exude elegance. Expansive windows flood the interior with natural light and frame a picturesque backyard dotted with Saguaros. The cozy den and spacious family room are ideal for both relaxation and entertaining. The chef's kitchen boasts granite countertops, walnut cabinets, and stylish pendant lighting. The luxurious master suite features a custom therapeutic jet tub. This property also accommodates horses with 32x16 horse stalls and nearby riding trails, enhancing its appeal. With new carpet, a 2022 roof, solar panels, 1.25 acres, and no HOA!

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11813 W Marguerite Avenue Avondale, AZ 85323

$800,000

5 Beds

3.5 Baths

3,158 SqFt

Status Active

MLS # 6746842

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Alamar surrounded by gorgeous mountain views! This stunning David Weekley residence boasts over $120k of interior upgrades, with an additional $155k invested in the front and backyard, creating a truly luxurious oasis. Step inside to discover an inviting open floor plan, adorned with tile flooring throughout- not an inch of carpet to be found. Vaulted ceilings create an airy atmosphere, complemented by plantation shutters throughout and ample windows for natural light. The heart of this home is the gourmet kitchen, featuring an oversized quartz island, wine fridge, hood, built in wall oven and microwave and gas cooktop. With 4 bedrooms a 5th room that can easily have a closet added for a 5th bedroom and an additional retreat/teen area, this split floor plan home offers versatility and potential for multi-generational living. Outside, indulge in your own backyard paradise, complete with an expansive pool featuring a large relaxing baja step, water feature, gas fire bowls, an in-floor cleaning system, and customizable lighting. Unwind in the spa under the stars, surrounded by lush flowered greenery, and artificial turf, evoking a private resort ambiance. Entertain in style on the extended travertine patio, equipped with a built-in gas BBQ and gas fire pit with seating area. The 2 car garage features additional insulation and ample overhead storage. Extended pavers offer 4 car driveway parking as well as an 8 foot side gate for your toys. This home is centrally located to the west valley and only minutes from the Loop 202 and I-10. Here you'll have a small town feel in your backyard, while being only 5 minutes from Phoenix Raceway, a short drive from Goodyear Ballpark and the Estrella Mountains for all your entertainment needs. The highly rated Laken Prep Academy is nestled right in the neighborhood for easy access to school as well. Additional upgrades to note: whole home water filtration and reverse osmosis, whole home built in security system, sunscreens at the back of the home, stone wall at the backyard to be used as a planter/garden.

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3438 N 30th Street Phoenix, AZ 85016

$800,000

3 Beds

3 Baths

2,017 SqFt

Status Active

MLS # 6693796

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home that will not dissappoint! Vaulted ceilings in the main living space greet you as soon as you walk through the door. Major remodel in 2021 including all new flooring, plumbing, kitchen, bathrooms, paint inside and out, windows, AC, tankless water heater, and pool equipment. Enjoy and relax with your family and friends in the private backyard with heated pool. Centrally located, easy access to freeways, Camelback Mountain, Old Town Scottsdale, great restaurants and shops. Parking is available for 4 cars in driveway, additional street parking.

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5212 S Monte Vista Street Chandler, AZ 85249

$800,000

5 Beds

3 Baths

3,672 SqFt

Status Active

MLS # 6735967

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Home in Chandler, AZ Step into your stunning 3,672 sq. ft., 5 bedroom, 3 bathroom home with a 3-car garage, located in an A+ rated school district. This thoughtfully designed floor plan includes four bedrooms and two bathrooms upstairs, a formal living and dining room, a breakfast nook, and one bedroom and bathroom downstairs, making it perfect for teens, grandparents, or hosting guests. From the moment you approach the double-door entrance, you'll be captivated. The spacious formal living and dining area is highlighted by a gorgeous half-spiral staircase, creating an elegant centerpiece. Before you rush upstairs to explore the expansive master suite with its snail shower, corner garden tub, and huge walk-in closet, as well as two additional spacious bedrooms, take a moment to appreciate the rest of the first floor. The first floor features a seamless flow from the dining area into an open-concept gourmet kitchen and family room with a gas fireplace and a huge walk-in corner pantry. Meal prep and entertaining in this kitchen will be a joy! It boasts a fabulous gas cooktop, upgraded maple cabinets with crown molding, a large center island, and a bayed breakfast nook - the perfect gathering spot for family and guests. Enjoy outdoor living in the backyard oasis, complete with a gorgeous pool. The newly installed grass patch makes maintenance easy while providing a perfect play area for kids or pets. This home is a buyer's dream. Come and experience it for yourself!

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316 E Benrich Drive Gilbert, AZ 85295

$800,000

5 Beds

4.5 Baths

3,355 SqFt

Status Active Under Contract

MLS # 6719860

Property Type Single Family Residence

Price Type --

Immaculate home-desirable Allen Ranch! Open Floorplan offers separated main level bdrm, full bath & additional living area-perfect for a MIL suite! Gorgeous kitchen w/ granite countertops, pantry, gas cooking, island w/ breakfast bar & plenty of cabinet space opens to large great room with gas fireplace. Den with French doors. Primary suite with luxurious bath featuring double sinks, 2 walk-in closets, & separate tub/large shower.4 spacious bdrms & 3 baths upstairs, . Private resort style backyard on large lot with gorgeous sparkling pool & extended patio. Newer AC, water heater, vinyl flooring & more! Plantation shutters, surround sound, large laundry. Enjoy the unbeatable location - Downtown Gilbert & San Tan Village are located within minutes! Easy access to the 202 and 101.

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234 E Orange Blossom Path Queen Creek, AZ 85140

Open House

$800,000

2 Beds

2.5 Baths

2,124 SqFt

Status Active

MLS # 6760798

Property Type Single Family Residence

Price Type --

Nestled in the prestigious Encanterra neighborhood, this upscale 3-car garage home embodies luxury and community charm. Enjoy a private oasis complete with a hot tub, fire pit, and grill area—perfect for entertaining or relaxing under the stars. With no homes behind it, you'll relish the tranquility and privacy of your outdoor space. Step inside to discover a chef's kitchen that's a culinary haven, featuring upgraded 42'' cabinets, soft-close doors, 11 rollout drawers, White Alaska granite countertops, a custom backsplash, an R.O. system, and a wine refrigerator. No detail has been overlooked including the stunning 9ft sliding barn door. All bathrooms are beautifully upgraded with crafted tile designs that reach the ceiling, adding a touch of elegance throughout this masterpiece.

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114 W Adams Street Unit 808 Phoenix, AZ 85003

Open House

New

$800,000

3 Beds

2 Baths

2,301 SqFt

Status Active

MLS # 6760802

Property Type Apartment

Price Type --

Welcome to the second-largest home at historic Orpheum Lofts, the only full-service, pre-war condominium in Phoenix! 808 boasts an open kitchen/living/dining space, illuminated by 8 windows that allow for captivating views of Downtown Phoenix and South Mountain. 10'8'' ceilings with concrete beams and exposed brick walls. Viking oven, LG smart appliances, Empava induction stove, and Lutron smart home enabled. Three split bedrooms, two dens/offices, and two full bathrooms. Orpheum Lofts was originally built in 1931 as the Title and Trust building. Today, it's a full-service residential building with key-locked elevators, attended lobby, outdoor terrace, gym, and pool. Two storage units available. Walking distance to the light rail, Wren & Wolf, Footprint Center, & more!

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