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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3467 E Appaloosa Road Gilbert, AZ 85296

$799,500

3 Beds

3 Baths

1,976 SqFt

Status Active

MLS # 6758600

Property Type Single Family Residence

Price Type --

LANDSCAPING UPGRADE IN 2024! BEAUTIFUL BACKYARD RESORT W/TRAVERTINE PAVERS, COVERED PATIO& POOL NOW INCLUDES PUTTING GREEN & HIGH-END TURF. THIS HIGHLY UPGRADED SINGLE LEVEL SMART-HOME BOASTS 3 BEDS, 3 BATHS, GREATROOM, FORMAL DINING& 3 CAR TANDEM GARAGE. FROM THE WELCOMING FRONT PORCH THRU THE INTELLIGENTLY DESIGNED FLOORPLAN, THIS HOMES EXUDES PRIDE OF OWNERSHIP. PRIMARY BEDROOM HAS PRIVATE POOL ACCESS, ENSUITE BATH W/DUAL VANITIES& SPA SHOWER. GOURMET KITCHEN INCLUDES QUARTZ COUNTERS, GAS COOKTOP, ISLAND W/BREAKFAST BAR, STAGGERED CABINETRY, MOSAIC BACKSPLASH& RECESSED & PENDANT LIGHTING. GREATROOM FEATURES ACCESS TO BACKYARD OASIS, SURROUND SOUND& FIREPLACE. PLANTATION SHUTTERS, ARCHWAYS, WOOD-LOOK TILE& HIGH-GRADE CARPET. WATER SOFTENER, TANKLESS WATER HEATER, SOFT-CLOSE CABINETS T/O

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7358 E Red Hawk Street Mesa, AZ 85207

$799,500

4 Beds

2.5 Baths

2,757 SqFt

Status Active

MLS # 6734801

Property Type Single Family Residence

Price Type --

Welcome to the beautiful gated community of Las Sendas! NEW ROOF (2022), NEWER A/C UNITS, NEWER WATER HEATER, NEW LVP FLOORING and fresh exterior paint (2024)! This highly desirable single story floor plan features 4 bedrooms, 2.5 baths and a 3 car garage with a POOL! Interior features neutral tones throughout, vaulted ceilings and plenty of natural light. This split floorplan includes a spacious primary bedroom complete with an en suite bathroom and walk-in closet. Secondary bedrooms are separated from the primary suite and have a separate full bathroom with a double vanity and shower/tub. The kitchen is fully equipped with a built-in microwave and oven, island with a cooktop, and walk-in pantry. From the eat-in kitchen, step outside to a large covered patio, a backyard with desert landscaping, a fenced in play pool, and a large grassy area. The garage is equipped with built-in cabinets for ample storage. Community amenities include two swimming pools/spas, parks, trails, pickleball/tennis courts and more. Neighborhood attractions include the Las Sendas Spa & Fitness Club, Trailhead Members Clubhouse, Las Sendas Golf Course & restaurant. Just minutes away from the Salt River and Saguaro Lake. Easy access to Loop 202 and quick commute to Sky Harbor Airport.

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3219 N Boulder Canyon Mesa, AZ 85207

$799,500

5 Beds

3 Baths

2,731 SqFt

Status Active Under Contract

MLS # 6727803

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in Granite Ridge, a prestigious gated enclave within the sought-after Las Sendas Community. Situated on the 4th Hole Tee Box of the renowned Las Sendas Golf Course, this impressive residence boasts dramatic tall ceilings that enhance the sense of space and light, the formal living and dining rooms are perfect for entertaining. The beautifully updated kitchen features elegant Quartz countertops, white cabinetry, stainless steel appliances, and an island with a breakfast bar. The family room offers a cozy retreat with its inviting gas fireplace and ample natural light. Plus, downstairs, you'll find a comfortable bedroom and a full bathroom, ideal for guests. The laundry room, conveniently located on this level, is equipped with a sink and ample cabinetry for storage. Upstairs, the luxurious primary suite awaits, offering a private balcony with breathtaking mountain views. This retreat features tall ceilings, a lavish ensuite with a separate shower and soaking tub, dual sinks, and a spacious walk-in closet. Three additional well-appointed bedrooms are also located on the upper level, each move-in ready. Step outside to your very own backyard oasis, designed for relaxation and enjoyment. The expansive space includes a grassy area, a sparkling pool and spa, a large, covered patio, and a built-in fireplace. A view fence allows for uninterrupted views of the beautifully landscaped surroundings. With its combination of elegant interiors and exceptional outdoor amenities, this home is truly a sanctuary of comfort and style. Don't miss the opportunity to make it yours. Las sendas is an amenity-rich community featuring two swimming pools, a splash pad, and lighted courts for basketball, pickleball, and tennis. Enjoy numerous parks, scenic hiking trails, and a state-of-the-art recreation center with a spa, all nestled within a premier golf course setting. Walking distance to Las Sendas Elementary School!

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23612 W Beacon Lane Wittmann, AZ 85361

$799,500

4 Beds

3 Baths

2,566 SqFt

Status Active

MLS # 6747858

Property Type Single Family Residence

Price Type --

Bring your Horses and/or Big Boy Toys. Plenty of Room with a 1.003 Acre Lot. Complete with Landscaped Yards, Lush Mature Trees, Green Grassy Area, (12X32) Tack Room Full Electric with 2 Entries 1 Being a Garage Door, Plenty of Storage with a Loft. Side(12X12) and Front(30X16) Covers. Horse Corral(145X60) with Shade Cover(24X24), Exercise Arena(Turn-Out)(60X80), Fully Enclosed Double Fenced Backyard with Owner's Separate Private Fence. This Gorgeous Home has been Meticulously Cared For by the Owner's. Features Include, Oversized 3 Car Garage, Spacious Open Split Floorplan, Fresh Air Vent in Laundry, Large Island Kitchen,Granite Counters, Vaulted Ceilings, Tall Doorways, Wide Entry Door, Beautiful Ceramic Tile, Large Great Room. Mountain Views Front and Back. And So Much More.

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6550 E Phelps Road Scottsdale, AZ 85254

$799,450

3 Beds

2 Baths

1,840 SqFt

Status Active

MLS # 6719056

Property Type Single Family Residence

Price Type --

Discover luxurious living in the sought-after 85254 zip code with this beautifully remodeled home. This 3-bedroom, 2-bathroom gem features an open floor plan and is just minutes from North Scottsdale's premier shopping and dining. The airy living room boasts vaulted ceilings, a brick fireplace, and an extra bonus room. The primary bedroom includes a large walk-in closet, dual vanities, and a private water closet. The light-filled kitchen features stainless steel appliances, stunning countertops, gold hardware, and a window overlooking the resort-style backyard. Perfect for entertaining, the backyard offers a large pool, citrus trees, mature landscaping, and a covered patio with a misting system.

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5880 S Boulder Street Gilbert, AZ 85298

$799,373

4 Beds

3.5 Baths

3,309 SqFt

Status Active

MLS # 6710224

Property Type Single Family Residence

Price Type --

Gorgeous, new 4-bedroom home featuring a generation suite in Gannet at Waterston Central. The home features designer selections including a Gourmet kitchen that boasts a 30'' gas cooktop, backsplash, Della Terra honed quartz countertops, and pendent pre wiring above the kitchen island. Upgrades include the carpet, cabinetry, and bath light fixtures. Other highlights in the home are a surround sound speaker pre wire in the great room and patio, a 16' center pull slider in the great room, double sinks at bathroom 2, and a frameless walk-in shower in the primary suite bathroom. The home is on a soft water loop. The community is gated creating a private atmosphere and features a community pool.

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2310 E Sunnyside Drive Phoenix, AZ 85028

Open House

$799,056

3 Beds

2 Baths

2,148 SqFt

Status Active

MLS # 6727882

Property Type Single Family Residence

Price Type --

Discover this peaceful 3-bedroom family home that offers luxurious mountain views from both the front and back of the property. Step inside to brand new carpet and fresh paint throughout, enhancing the spacious feel of the vaulted ceilings. The completely redone backyard is ideal for hosting or a quiet evening decompressing outdoors. Indulge your morning coffee or a nightcap on the spacious second-story deck, soaking in the views. Enjoy the convenience of a two-car garage and two driveways. The updated upstairs master bath features a steam shower that makes relaxing an ease. Located within walking distance to a mountain preserve, great for those who appreciate the outdoors. This home is a hidden treasure in 85028. Come see it in person to truly appreciate the detail and charm.

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27637 N Ironrock Trail Queen Creek, AZ 85144

$799,000

4 Beds

3 Baths

3,205 SqFt

Status Active

MLS # 6730600

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades! This beautiful Modern Farmhouse is located on 1.25 ACRE of Horse Property. Gourmet Kitchen w/ WOLF Appliances, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Electric Cooktop, drawer Stainless-Steel Microwave, Steam Oven & Convection Oven, and Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, Modern Glass Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Estimated completion date NOV/DEC.

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4442 N Ashbury Court Apache Junction, AZ 85119

$799,000

4 Beds

3 Baths

2,766 SqFt

Status Active

MLS # 6748678

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades throughout! This beautiful Modern Farmhouse is located on 1 ACRE of Horse Property. Gourmet Kitchen w/ high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless-Steel Microwave Drawer, WOLF GAS Oven/Cooktop & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Glass Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! $5,000 to Buyer at Close of Escrow which shall be used towards Buyer installing a water filtration system. MOVE IN ready around Dec/Jan.

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17078 W Fountain Hill Lane Yarnell, AZ 85362

$799,000

2 Beds

2 Baths

1,593 SqFt

Status Active

MLS # 6738294

Property Type Single Family Residence

Price Type --

This gorgeous luxury mountain cabin is located on 2 large view lots. Beautiful granite boulders sitting at 4800' elevation, Yarnell's climate presents all four seasons. This home has two bedrooms/2 bathrooms, with a media room, laundry room and built in gun safe. Large rustic beams, Custom metal ceiling tiles. Expansive outdoor living with this fantastic deck and patio. Large garden tub with views and a finished 2-car garage. Optional loft could be utilized for bedrooms or additional living space. This home is just off the County maintained asphalt road.

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14724 E Dale Lane Scottsdale, AZ 85262

$799,000

4 Beds

3 Baths

2,444 SqFt

Status Active

MLS # 6684946

Property Type Single Family Residence

Price Type --

*Seller is offering 10K for buyer to put towards rate buy down or closing cost.* Discover your desert sanctuary, a sprawling 1-acre property crafted for the equestrian lifestyle. Revel in direct access to beloved trails like Granite Mountain, Fraesfield, and Pinnacle Peak, with a gated entry for seamless ''ride in/ride out'' access. Nearby, Western enthusiasts find solace in institutions like Cowboy University and Kimes Ranch, while English riders enjoy Arabian show barns and performance horse facilities. As the sun sets, retreat to your single level home featuring vaulted ceilings, upgraded ceramic tile flooring, and a soothing color palette. Cozy up by the gas fireplace in the inviting great room, relishing shared memories and the promise of countless adventures. Plus, the convenience of a 4 car garage with ample room for all your toys ensuring that every adventure is well equipped. With pull around access for horse trailers, maneuvering becomes effortless, no backing up required. Custom gates add both security and style to your oasis, while ensuring that your equine companions are safe and secure. And with the added luxury of a shared well, water worries for you and your animals fade away. Live the equestrian dream, where every ride is an adventure, every day is a celebration of the bond between horse and rider, and every moment is embraced in the comfort of your cherished home.

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32269 N 133rd Drive Peoria, AZ 85383

$799,000

3 Beds

2.5 Baths

2,503 SqFt

Status Active

MLS # 6740921

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the desirable Vistancia Village community! This stunning single-story residence offers 3 bedrooms, 2.5 bathrooms, and a spacious 3-car garage, providing ample space for both living and storage. Spanning 2,503 sqft, the open floor plan boasts a modern kitchen equipped with sleek Quartz countertops and stainless-steel appliances, perfect for culinary enthusiasts. The primary suite is a luxurious retreat with an ensuite bathroom featuring a huge glass and tile multi-head shower for a spa-like experience. Step outside to a beautifully landscaped, low-maintenance yard complete with cool turf and anti-reflective windows—perfect for enjoying sunny days in comfort. This eco-friendly home also includes solar power. As a resident of the Vistancia Village community... you'll have access to fantastic amenities such as a clubhouse and a heated pool, making this home not just a place to live but a lifestyle to love. Don't miss out on this exceptional opportunity!

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