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.

Whats 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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1102 E Brown Street Phoenix, AZ 85020

$799,000
3 Beds
2 Baths
2,041 SqFt
Status Active
MLS # 6701092
Property Type Single Family Residence
Price Type --
Prepare to be blown away by this rare opportunity! Whether you are a house hacker, investor, or multi generational household THIS is the property for you. Centrally located in Phoenix, sitting on over 1/2 an acre surrounded by mountain views, you have 3 separate units boasting a total of over 2,561sf of livable space. All units are on their own electric meters complete with full kitchens, full bathrooms and laundry, a gorgeous new pool and spa, a temperature controlled 1 car garage workshop/she-shed, 4 car garage/large shop, multiple RV gates and ample covered and uncovered parking. First, you'll be impressed with the fully updated 1,184sf main house that is both modern and functional. It offers 2 bedrooms plus a bonus room in the master, and 2 full bathrooms. It features an open floor plan with a gorgeous recently remodeled kitchen boasting rustic alder cabinets, granite countertops, a decorative backsplash, floating shelves, large island, and stainless steel appliances. The master suite contains a bonus room that can be used as a large walk-in closet, nursery and/or office. The master bath is newly renovated with a private walk in tiled shower, double sinks, and granite counters. The home also has new neutral paint, new LVP flooring throughout, new fixtures, new metal roof, newer HVAC/ductwork, new PEX plumbing, tankless water heater, 13 blown in insulation and new electrical. The backyard is your own private oasis with a new large sparkling pool featuring beautiful stacked stone water features, a large retractable pool shade, and easy cleaning with pentair pump and filtration. Indulge in the luxury of a 5-person Catalina spa and entertain guests in the sizable gazebo equipped with a built-in BBQ and professional-grade mister system. Both front and backyards are hassle-free with artificial turf and auto timers, complemented by the benefit of low electric bills courtesy of owned solar panels. Solar is only $89 monthly. The spacious 857-square-foot guest house, thoughtfully updated, features oak cabinets, stainless steel appliances, granite countertops throughout-including the bathroom, and LVP flooring. Complete with a full kitchen, bathroom, and laundry hook-ups, plus a new electric water heater, this space brims with versatility. Here, 36 doors and shower bars offer additional accessibility. Ideal as a mother-in-law suite or a charming primary residence with the option to rent out the main house for a larger income opportunity. Enjoy a semi-private outdoor area perfect for outdoor lounging and dining. The 522-square-foot man-cave/studio exudes industrial charm, featuring a full kitchen with oak cabinets and granite counters, sleek epoxy floors, a comfortable living area, and a full bathroom with a tiled shower and laundry hook-up. This versatile space is ideal as a mother-in-law suite or a dynamic game/entertainment area with the garage door fully opening to seamlessly blend indoor and outdoor spaces. Enjoy the convenience of a brand new mini split heating and cooling system and new electric water heater. The she-shed encompasses 216sf of partially finished garage space, equipped with a window AC unit, a service door, and complete with water, sewer, and electric. Adjacent is an additional 4-car garage, independently metered from the other units for electric, presenting limitless possibilities. Remove the central wall to transform it into another 667 sf studio space, or maintain its current configuration for storage/garage units, potentially generating extra income. Alternatively, utilize the space for storing vehicles and equipment, or as a workshop. Featuring upgraded electrical systems, a new metal roof with spray foam insulation, and the readiness for additional water and sewer connections to the garage, this space is primed for diverse uses. Investors have ample opportunity to innovate on this property, as the sellers have initiated the re-zoning process for potential multi-family use. Should the buyer opt to pursue this avenue, the property holds promise for assisted living, sober living, rehabilitation, and other group home ventures. With existing water, sewer, and electric connections in place, converting garage bays and the she-shed into additional rooms or apartments is a seamless endeavor. The desirable central location of this property is conveniently located just minutes from the 51, 17 and 101 highways allowing you to be nearly anywhere quickly. Within 15 minutes you've got shopping and dining at Biltmore Fashion Park and Uptown Plaza, hiking at North Mountain, and Sky Harbor Airport when you're heading out for travel.

87 E Hampton Lane Gilbert, AZ 85295

$799,000
4 Beds
2 Baths
2,916 SqFt
Status Active Under Contract
MLS # 6721443
Property Type Single Family Residence
Price Type --
Welcome to Your Dream Home! Built in the heart of the coveted Gilbert Commons community, this stunning former model home offers a rare blend of luxury, privacy, and convenience. Located in Gilbert, Arizona, known for its vibrant lifestyle and top-rated amenities, this residence is perfectly positioned for effortless freeway access and proximity to the best shops and restaurants. Spacious and Inviting: With 4 generously sized bedrooms and 2 bathrooms, this home is designed to accommodate families of all sizes. The primary suite is a true retreat, featuring an oversized bedroom, a massive walk-in closet with floor-to-ceiling shelving. Gourmet Kitchen: The heart of this home is its expansive kitchen, boasting a large island that seamlessly flows into the open-concept living room It's perfect for entertaining and creating memorable family moments. Outdoor Oasis: Step outside to your private backyard paradise. The extended patio is ideal for dining, while the sparkling pool with a fun slide invites endless summer enjoyment. Prime Location: Enjoy the tranquility of living next to a serene greenbelt/park area with no neighbors on three sides, ensuring unparalleled privacy and a picturesque setting. Meticulous Upgrades: This home radiates pride of ownership with owned solar panels, a new roof with a radiant barrier, a water softener and conditioner, a new hot water heater, a new electrical panel, an epoxy-coated garage floor, and a newer HVAC system ensuring comfort and efficiency year-round. Why You'll Love It: Every detail of this home has been meticulously maintained to offer the perfect blend of modern convenience and timeless elegance. Whether you're hosting a pool party, enjoying a quiet evening in your secluded backyard, or simply unwinding in your luxurious primary suite, this home offers a lifestyle of unparalleled comfort and sophistication. Don't miss the opportunity to make this exceptional house your new home.

7600 E Golden Eagle Circle Gold Canyon, AZ 85118

$799,000
3 Beds
3 Baths
2,997 SqFt
Status Active
MLS # 6734320
Property Type Single Family Residence
Price Type --
SHOW STOPPER!! Located in Superstition Golf & Country Club, Tuscany-inspired Golden Eagle Village, this newly painted villa is highly upgraded w/ spacious, light & open floor-plan .Beautiful gated entry with new non slip tile. Alder cabinets, granite countertops, 5-burner gas cooktop, kitchen island, breakfast bar, large walk-in pantry, 8' solid core doors, vaulted ceiling, wood & tile floors throughout & central vac. 3 bedrooms, 3 bathrooms, 2 fireplaces, 3 spacious courtyard patios, built-in BBQ & built-in garage cabinets. Upstairs patio recently replaced decking 2024 w/5 yr warranty. Spectacular views of Prospector Golf Course,& Superstition Mountain, Park & water feature right out your front door. Superstition Mountain is a 24-hour guard gated community w/ private streets. Located just blocks away from the 36 hole private Nicklaus designed champion golf course and club house are stunning. This home will not disappoint.

7117 N Sarival Avenue Litchfield Park, AZ 85340

$799,000
4 Beds
3 Baths
2,975 SqFt
Status Active
MLS # 6681317
Property Type Single Family Residence
Price Type --
Welcome home! Discover this enchanting 4-bedroom home nestled on a sprawling 1-acre lot in peaceful Litchfield Park. Only 1/2 a mile from Dunn's Arena this is a beautiful Horse property with irrigation. The back yard is complete with 40 x 60 pole barn, Tack Shed, and a Horse wash. A great place for a home based business, with ample covered truck, trailer or RV/Boat parking. Downstairs is a finished basement, where exposed wood beams add character and ample space. With a Brand new roof and LVP flooring installed this year this an amazing opportunity. Don't miss out! Outside, the massive backyard is a dream, complete with a chicken coop, storage sheds, and a carport, offering endless possibilities for personal touches. This property is a true serene haven, ready to be your home sweet home. Don't miss the chance to make it yours!

1946 W El Cortez Trail Phoenix, AZ 85085

$799,000
3 Beds
2 Baths
2,391 SqFt
Status Active
MLS # 6744602
Property Type Single Family Residence
Price Type --
Beautiful 3 bedroom/2 bath home in the outstanding Union Park community. This home's amazing features include a kitchen with white shaker cabinets, tile backsplash, Quartz counters, double wall oven, a large island, & large pantry. The kitchen is part of a large open living/dining/kitchen space with wood look floor tiles, & window coverings. The primary bathroom boasts a large vanity with double sinks and a gorgeous tiled super shower. The primary walk-in closet includes a built-in mirror with bench. The upgraded enclosed study features french doors. The beautiful backyard includes a covered patio wired for tv, pavers & synthetic grass. Don't miss this chance to purchase a turn key home close to all the amenities of Union Park and an easy one mile walk from The Shops at Norterra. Union Park features a 90x30 community pool w/cabanas, a play pool, outdoor bbqs, basketball court, tennis courts, pickleball courts. The community includes multiple outdoor community areas, children's play parks, pet spaces, & an elementary school an easy walk away.

7659 E Knoll Street Mesa, AZ 85207

$799,000
3 Beds
2.5 Baths
2,862 SqFt
Status Active
MLS # 6751229
Property Type Single Family Residence
Price Type --
Refined & meticulously designed! Exquisite residence in Morada Community showcases a 3-car garage, RV gate, & stone accents. Discover a desirable open floor plan w/windows galore providing so much natural light & a clear view of the backyard. You'll also have a formal dining room ready to hold a feast. Gorgeous kitchen is a cook's delight, fully equipped w/SS appliances such as a gas cooktop & wall oven, staggered cabinets w/crown moulding, subway tile backsplash, butler's service area, a prep island w/a breakfast bar, recessed lighting, a walk-in pantry, granite counters, & a breakfast nook. Large main retreat highlights plush carpet & an elegant ensuite comprised of dual sinks, make-up desk, garden tub, & a walk-in closet. One of the secondary bedrooms provides plantation shutters. Outback, the house presents a soothing backyard that features a covered patio, pergola, grassy area, & mountain views. Welcome to your new home!

2777 E Matterhorn Drive Flagstaff, AZ 86004

$799,000
3 Beds
2.5 Baths
2,203 SqFt
Status Active
MLS # 6686547
Property Type Single Family Residence
Price Type --
Incredible Swiss Manor home that is meticulously cared for. Quiet location in close proximity to Mount Elden and Forest Service lands. This 3 bedroom, 2.5 bath, 2-car heated garage comes with concrete RV parking, a beautifully manicured yard, and a backyard deck with a sunshade. Just a few minutes from spectacular hiking trails, non-motorized bike trails and schools. This is a must see home!!!

795 E Turkey Trail Munds Park, AZ 86017

$799,000
4 Beds
3.5 Baths
3,129 SqFt
Status Active
MLS # 6704981
Property Type Single Family Residence
Price Type --
Fantastic one-of-a-kind home ideal for Munds Park living offered TURN-KEY! The original charming A-frame residence has been thoughtfully updated with T&G wood ceilings, custom wall treatments, & wood-burning stove, creating a warm cabin ambiance. The stunning custom addition, constructed in 2008, is beautifully designed for you and your loved ones to relish. The house boasts 4 bedrooms plus a sleeping loft (or office, reading loft, playroom - lots of options), 3.5 bathrooms, a spacious bonus/game room with a wet bar, and ample composite deck space and yard area for relaxation. Recent upgrades in June 2023 include exterior paint, a new hot water heater, and a custom railing to the loft. Notable features comprise a large 2-car garage, dual Central AC and Heat units, and so much more. Fantastic one-of-a-kind home ideal for Munds Park living, offered TURN-KEY! This originally charming A-frame residence has been thoughtfully updated with tongue and groove ceilings, custom wall treatments, and a wood-burning stove, creating a warm cabin ambiance. The stunning custom addition, constructed in 2008, is beautifully designed for you and your loved ones to relish. The house boasts 4 bedrooms plus a sleeping loft (or office, reading loft, playroom - lots of options), 3.5 bathrooms, a spacious bonus/game room with a wet bar, and ample composite deck space and yard area for relaxation. Recent upgrades in June 2023 include exterior paint, a new hot water heater, and a custom railing to the loft. Notable features comprise a large 2-car garage, dual Central AC and Heat units, a laundry room with a desk, and a custom pool table crafted partially from a Ponderosa Pine. Discover the perfect blend of comfort and luxury in this exceptional Munds Park retreat!

7721 E Valley Vista Lane Scottsdale, AZ 85250

$799,000
3 Beds
2 Baths
1,646 SqFt
Status Active
MLS # 6730263
Property Type Single Family Residence
Price Type --
Live in the heart of Scottsdale on a quiet cul-de-sac! Fantastic 3 bedroom, 2 bathroom, 1,646 square foot home with 2 car attached garage, close to Scottsdale Green Belt for walking and biking trails and minutes from Old Town Scottsdale. Spacious family room featuring a cozy fireplace with vaulted ceiling and clear story windows allowing in an abundance of natural light. Large dining area. Great kitchen with plenty of cabinets and counter space and a big open pass through window. New appliances and quartz countertops. Generously sized primary bedroom features en suite bathroom with walk-in double shower, separate vanity area, and walk-in closet. The fenced backyard has three private patios, mature shade trees, and low maintenance landscaping. Come take a look at this fabulous home today!

14623 W Plum Road Surprise, AZ 85387

$799,000
4 Beds
2 Baths
2,514 SqFt
Status Active
MLS # 6716578
Property Type Single Family Residence
Price Type --
This beauty features an expansive front yard, owned solar panels, and an inviting front porch perfect for welcoming guests. Parking will never be an issue here, with a spacious 3-car garage and an easy-access open lot for your toys, RVs, and more. Fall in love with the exquisite interior highlighting vaulted ceilings, exposed beams, plantation shutters, soothing paint tones, sleek wood-plank tile flooring, and a generous living room with a contemporary fireplace. Enjoy a delightful feast in the formal dining room with stylish light fixtures! Gourmet kitchen is designed with high-end SS appliances, quartz counters, alluring tile backsplash, ample white cabinetry with crown molding, a walk-in pantry, recessed lighting, and an island with a breakfast bar. Escape to the vast backyard, which provides a covered patio, an outdoor kitchen with a built-in BBQ and a brick pizza oven, lots of space for memorable gatherings, and fantastic mountain views! Don't miss the grandeur that awaits in every corner of this remarkable residence! Solar Owned!

2501 N Woodland Hills Drive Prescott, AZ 86305

$799,000
4 Beds
3 Baths
3,204 SqFt
Status Active
MLS # 6724089
Property Type Single Family Residence
Price Type --
Classic Home, nestled on a 1.20 acre lot. This Prescott home was originally built in 1958! The surrounding trees offer privacy, peace and natural beauty. 3204 sq ft of living space, featuring a spacious living room with fireplace, formal dining , family room and open kitchen; with large windows to frame the views and allow natural light. Three guest bedrooms are comfortably sized with large, deep closets. The updated primary bedroom is a sanctuary, complete with a gas fireplace, an ensuite bathroom with jetted tub and walk in shower. Two balconies overlook the green surroundings. Walk in closet is lovely, enhanced with cedar siding. Many outdoor living spaces - decks, patios, and plenty of gardening opportunities. 4 CAR GARAGE with HVAC, paved drive, EV charger, RV parking. NO HOA!.

1703 W Davidson Circle Unit 0 Payson, AZ 85541

$799,000
3 Beds
2 Baths
1,760 SqFt
Status Active
MLS # 6727942
Property Type Single Family Residence
Price Type --
PRICED TO SELL!!! Hangar Homes in the Mazatzal Airpark in Payson don't go on the market all that often, especially when it's complete with a 44Ft Wide x 4OFt Deep x 16Ft High Hangar. This gorgeous 3 Bedroom, 2 Bath has all the amenities you need including upgraded flooring, granite countertops throughout, gas/wood fireplace with a custom mantle, 3-car garage, enclosed garden area, lots of trees for privacy and a whole lot more. Fire up your plane or your toys and come take a look at this beautiful home. The front yard, with it's welcoming fire pit, has hosted numerous BBQ gatherings over the years and underscores what makes this neighborhood so great - friendly, quiet and highly desireable. Whether it's a shiny new plane you want to protect or maybe a fleet of cars, there's Whether it's a shiny new plane you want to protect or maybe a fleet of cars, there's plenty of space to park inside & outside! HANGAR DIMENSIONS:: 44Ft Wide x 40Ft Deep x 16FT High Ceilings HANGAR OPENING: 40FT 6.5IN WIDE X 12'5' HIGH RV DOOR OPENING: 14FT High x 10FT Wide Roll-up Door with Remote Control The entire hangar is foam-insulated.

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