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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21837 W Winston Lane Buckeye, AZ 85326

$799,000

4 Beds

3 Baths

2,491 SqFt

Status Active Under Contract

MLS # 6729881

Property Type Single Family Residence

Price Type --

Home, sweet home! Situated on a 1.5 IRRIGATED acres, this gorgeous property offers unrivaled sunsets and beautiful mountain views! A classic, tasteful interior w/ multiple living areas provides plenty of open space for entertainment. The open concept kitchen features natural stained alder cabinetry, SS appliances, a spacious island w/ breakfast bar + a formal dining room. The well thought out floor plan includes a half bath with direct access to the back patio while the primary retreat ensures rest & relaxation with a private bathroom, dual sinks, a standalone tub, and dual walk-in closets. Step outside and take a short walk over to the detached storage garage with a guest living quarters above on the second level. Quiet peaceful nights with tons of room for all the toys PLUS NO HOA! Additional storage is available in the fully equipped laundry room. The property includes a garage with attached cabinets, providing plenty of parking and storage space. The breathtaking backyard is an entertainer's dream, boasting a covered patio, a separate garage, a lush green lawn, a built-in BBQ, and a handy shed. This captivating property seamlessly blends comfort and natural beauty, making it the perfect place to call your HOME!

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2219 N 74th Place Scottsdale, AZ 85257

$799,000

4 Beds

3 Baths

2,118 SqFt

Status Active

MLS # 6752913

Property Type Single Family Residence

Price Type --

Location, location, location! Discover the essence of Scottsdale living in this centrally located gem. Just minutes from spring training camps, premier golf courses, Eldorado Park, the Greenbelt Trail System, Old Town Scottsdale, Fashion Square Mall, ASU, and Sky Harbor Airport, this property offers unparalleled convenience. With no HOA fees, it's an ideal choice for short-term rentals. Recently renovated bathrooms and flooring. Don't let this one slip away!

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1239 E Galvin Street Phoenix, AZ 85086

$799,000

3 Beds

2 Baths

1,576 SqFt

Status Active

MLS # 6760071

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bedroom, 2-bathroom home, offering the perfect blend of comfort and outdoor living. The property is an equestrian lover's dream, with a well-maintained riding arena, a round pen with two access gates, and covered stalls equipped with an automatic watering system to make horse care easy. There's also a custom-built tack room with plenty of storage for all your equipment. For added convenience, the property includes an RV hook-up and a septic system, making it ideal for hosting trailers and other vehicles. The spacious lot gives you room to enjoy the serene desert surroundings, with a covered patio and a built-in fire pit area where you can relax and entertain. Inside, the home is just as inviting. The open living room features high ceilings with exposed wooden beams, filling the space with natural light. The kitchen offers stainless steel appliances, a breakfast bar, and plenty of counter space, making it perfect for everyday cooking or hosting family and friends. The master suite is a cozy retreat, with sliding barn doors leading to a walk-in closet and a private bathroom with dual sinks. The additional bedrooms are versatile, providing space for guests, a home office, or extra storage. Whether you're looking for a comfortable home or a property that caters to your passion for horses, this place has it all. Don't miss out on this fantastic opportunity!

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28109 N Varnum Road San Tan Valley, AZ 85143

$799,000

4 Beds

3 Baths

3,150 SqFt

Status Active

MLS # 6685916

Property Type Single Family Residence

Price Type --

Beautiful Mountain View Home! Newly Renovated with and not limited to new flooring, new paint, new block fencing and much more! Spacious Home with a Huge Drive thru (75x44), detached Garage(3300sqft) with 17ft ceiling, can be used as workshop or storage needs on 1.25 Acre Lot. Detached garage has 2 16x14 doors & 116x8 door & is pre-plumbed for a bathroom. House(3150sqft) is 4 Bedrooms, 3 Baths. Huge Great Room plus a family entertainment room with built-ins. Kitchen has plenty of cabinets. Master bedroom is large with double sinks and walk in closet. Guest Bedroom with bathroom and walk in closet. Two other bedrooms, both with walk in closets. Home comes complete with central vac & water softener. Huge backyard to fulfill various ranch lifestyles essentials.

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2041 E Questa Drive Phoenix, AZ 85024

$799,000

3 Beds

2.5 Baths

2,044 SqFt

Status Active Under Contract

MLS # 6743277

Property Type Single Family Residence

Price Type --

If you've been looking for newer construction but do not want the long wait for builders to complete, while also wanting a FINISHED backyard with your new home that includes a gorgeous pool, misting system, fire pit, and more all complementing a beautifully upgraded 3-bedroom, 2.5-bathroom open floor plan single-level home in a gated community, then this is your future home! Located in North Phoenix and close to Cave Creek and North Scottsdale, the meticulously maintained interior of this home boasts a gourmet kitchen with quartz countertops, a gas stove, and stainless steel appliances, perfect for entertaining. So many thoughtful upgrades throughout that you must see them to appreciate the attention to detail. The spacious primary suite with a luxurious en-suite bathroom and walk-in closet, provides a perfect retreat after a long day. Solar panels offer lowered electric bills and the home can be delivered with solar paid off completely. A 3-car tandem garage affords the extra space you need for vehicles, storage, or maybe a home gym? With its prime location near the 101 and 51 freeways, as well as top-rated schools, shopping, dining, hiking, and biking trails this property combines convenience and tranquility, making it an exceptional choice for discerning buyers.

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8545 E Heatherbrae Avenue Scottsdale, AZ 85251

$799,000

3 Beds

2.5 Baths

1,785 SqFt

Status Active

MLS # 6743698

Property Type Single Family Residence

Price Type --

Charming and move-in ready colonial home in a prime Scottsdale location! This beautifully updated residence features new Shaw vinyl flooring, a new Frigidaire oven and refrigerator, microwave, and dishwasher, along with updated light fixtures and fresh paint throughout. Recent upgrades include a new water heater installed in 2020, A/C unit added in October 2017, and GE washer and dryer from 2018. Enjoy a kitchen with classic charm and modern style with beautiful granite countertops and travertine tile flooring. Relax and entertain in your backyard oasis, complete with a generous covered patio, vibrant landscaping, and a pool with a pebble finish.

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8134 E Rita Drive Scottsdale, AZ 85255

$799,000

4 Beds

3 Baths

2,440 SqFt

Status Active

MLS # 6744677

Property Type Single Family Residence

Price Type --

This beautiful 4-bedroom, 3-bath home in the highly desirable Scottsdale Stonebrook 2 subdivision is a true gem. The spacious floor plan includes a large living room, dining area, and family room, complemented by a fabulous eat-in kitchen. The master bedroom offers a luxurious master bath and a walk-in closet. Convenience is key with a laundry room and a bedroom on the first floor, complete with a full bath. The home also features a 3-car garage, providing ample space for storage or a work area. Located close to freeways, shopping, entertainment, and schools, this property offers both comfort and convenience. In this community, homeowners receive a special perk: a 2-day pass to the Phoenix Open! Enjoy exclusive access to one of the premier events on the PGF Tour.

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8084 E Del Laton Drive Scottsdale, AZ 85258

$799,000

3 Beds

2 Baths

1,938 SqFt

Status Active

MLS # 6759220

Property Type Single Family Residence

Price Type --

Welcome to this meticulously maintained and spacious patio home located in the heart of McCormick Ranch. This stunning home offers a perfect blend of comfort, style, and privacy. The lush and private patio is an oasis, ideal for entertaining, relaxing, or enjoying Arizona's beautiful weather. Inside, you'll find a thoughtfully designed split floor plan with generous living spaces and elegant finishes. The Primary suite provides a peaceful retreat, while the additional bedrooms offer flexibility for guests or a home office. This home has been lovingly cared for and is move-in ready, with updated features and an easy, low-maintenance lifestyle. Enjoy access to the McCormick Ranch community amenities, including scenic walking and biking trails, parks, and nearby shopping and dining. Don't miss this rare opportunity to own a beautiful patio home in one of the most coveted locations in Scottsdale!

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135 E Northern Avenue Phoenix, AZ 85020

$799,000

4 Beds

3 Baths

2,523 SqFt

Status Active Under Contract

MLS # 6727778

Property Type Single Family Residence

Price Type --

Exceptional ranch-style home in the coveted North Central Corridor! This meticulously maintained residence features many upgrades, including beautiful wood flooring in the main living areas and front bathroom, and dual pane windows and doors for energy efficiency and comfort. This home boasts wood plantation shutters, a charming white brick gas fireplace in the family room, and sliding doors from both the family room and master bedroom that open to the spacious backyard. The kitchen and all three bathrooms have been updated to modern standards, and the laundry room was expanded in 2000 for added convenience. A new AC unit was installed in 2023 for reliable cooling. The large backyard is a paradise for entertaining, with a fenced pool set off to the side for safety and enjoyment, an expansive lawn perfect for play and gatherings, and citrus trees for fresh fruit from your own garden. The built-in gas BBQ grill is ideal for outdoor cooking, and the south-facing patio ensures you can enjoy the sun throughout the day.This home offers everything on your wish list, including 4 bedrooms, 3 bathrooms, a private fenced pool, a 2-car garage, solid 100% block construction, and location in the highly-regarded Madison School District. Don't miss the opportunity to make this dream home your own!

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1951 E Sarona Court San Tan Valley, AZ 85143

$799,000

4 Beds

3 Baths

2,585 SqFt

Status Active Under Contract

MLS # 6736190

Property Type Single Family Residence

Price Type --

Looking for a beautiful, like-new home where the garage and parking are not just an afterthought? Welcome to Laurel Ranch and this lovely 4-bedroom, 3-bath home w/ 3-car tandem garage and attached 44' RV garage plus (2) RV gates. Over $100k in builder upgrades. Stunning gourmet kitchen has quartz counters, center island, hardwood soft-close cabinets, slate black appliances, walk-in pantry & breakfast nook. Kitchen opens to Great Room w/ surround-sound speakers, Lutron Smart Lighting and center-meet slider to backyard. Spacious primary suite features deluxe walk-in tile shower w/ rain shower head, dual sinks, GIANT closet w/ convenient pass-thru to laundry room. Bedrooms 2 & 3 separated by full third bath w/ dual sinks. Bedroom 4 w/ ensuite bath is perfect for guests. Beautiful wood-look tile and carpet in bedrooms. Ceiling fans and 2 blinds throughout. Electrical upgrades include whole house surge protection, holiday lighting pkg. + many more. Save $$$ on RV storage rental! Park your toys in the 1,339sqft INSULATED garage. RV garage has front and back garage doors and 50amp service outlet. More parking avail on each side of home. lnviting curb appeal w/ paver walkway & driveway, synthetic grass and landscape lighting. Large, grassy backyard & covered patio. Home sits on a spacious 1/3-acre premium lot on quiet cul-de-sac street. Come visit this fabulous home today!

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5406 W Saddlehorn Road Phoenix, AZ 85083

$799,000

4 Beds

2.5 Baths

2,577 SqFt

Status Active Under Contract

MLS # 6717338

Property Type Single Family Residence

Price Type --

This beautiful, one-owner home in popular Stetson Valley sits on a premium lot backing a greenbelt and offers 4 bedrooms + office and 2.5 baths in 2577 SqFt. Well-designed for family living and entertaining, the spacious great room has a custom entertainment center matching the kitchen cabinets, wiring for surround sound, and multi-panel corner sliding glass doors that open up to the covered patio and a fantastic backyard! You'll love the privacy and mountain views afforded by living along the greenbelt, the 5-hole putting green, the pergola-covered sitting area with paver floor and gas fireplace, outdoor kitchen with built-in gas BBQ and counter seating, and easy-care artificial turf for kids and pets to play on. The side yard has a fenced dog run with a doggy door into the home. The* chef in the family will enjoy the gourmet kitchen complete with a gas range, multiple ovens, stainless exhaust hood, shaker-style cabinetry with crown molding & roll-out shelves, Quartzite countertops, subway tile backsplash, extra large walk-in pantry, and extended island with waterfall edge, undermount sink, and breakfast bar. The spacious primary bedroom has an en-suite bath with extended dual sink vanity, zero-entry tiled shower with multiple shower heads and bench seating, and a walk-in closet. Secondary bedrooms share a full bath with double sinks and tub/shower combo. The home office features Colonial glass doors and a custom workstation with cabinets and shelving designed to hide cords and cables for a clean, modern look. Other features include a designer entry wall, upgraded plank tile and carpet flooring, modern ceiling fans, rain gutters, laundry room with plumbing for a sink, newer interior paint, a front courtyard, and a 2 car garage. See today!

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4059 E Mesquite Street Gilbert, AZ 85296

$799,000

5 Beds

4 Baths

3,453 SqFt

Status Active

MLS # 6712653

Property Type Single Family Residence

Price Type --

Beautiful 5BR/4BA + loft home (1 lower level bedroom & full bathroom) surrounded by white fences, greenbelts, beautiful parks and a highly sought after neighborhood! Kitchen features granite, upgraded white cabinetry, stainless steel appliances, white subway tile backsplash, Restoration Hardware pendants, and Restoration Hardware drawer/cabinet pulls. Home comes with upgraded fixtures throughout this meticulously maintained home! 3 bedrooms upstairs with 2 bathrooms, one of which is a jack-and-jill. Primary bedroom suite includes double sinks, separate tub and shower, as well as an entry directly to the laundry room with included washer and dryer from the master closet. Home is a right down the street down from the largest park in Elliot Groves. Close access to the 202 and 60 Freeway.

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