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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253 N Fraser Drive Mesa, AZ 85203

$798,000

5 Beds

5 Baths

3,307 SqFt

Status Active

MLS # 6750348

Property Type Single Family Residence

Price Type --

Stunning Multigenerational Home has a mother-in-law suite, Plus adjacent Casita, NO HOA, tree lined streets, Large lot, RV parking, Pool, New Roof 2023, New Electrical Panel 2022, Gorgeous Kitchen w/vaulted ceiling, Granite countertops, Walk-in Pantry, Lots of Cabinets & Drawers, Gas Stove, Double Ovens, Huge Dining area with Lots of Natural light, Newly remodeled primary bathroom w/Glass Enclosed Shower, Dual sinks, Split floor plan, Large Bedrooms, Remodeled Bathrooms & Spacious great room. The main home has 4 Bedrooms & 4 bathrooms which includes the Mother-in-law suite that has a bedroom & separate living area & kitchenette. ('MIL suite' has multiple uses!) Ext. casita has Excellent tenant for 3 yrs,($1,050 mo.), is willing to continue leasing. Tenant - also willing to vacate. click This Beautiful home is centrally located in a historic district of Mesa, minutes to the 60 or 202 freeways. Enjoy the downtown Mesa Farmer's Market-every Saturday, Amazing artists at the Mesa Center for the Arts, cultural events like Dia de los Muertos Festival and Merry Main Street! Fabulous restaurants, amazing shops & museums are nearby for your enjoyment!! Hop on the light rail and ride all the way into Phoenix for a Diamondbacks game, Suns game or Music Concert. So much, so Close, so AWESOME!!!

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5342 W West Wind Drive Glendale, AZ 85310

$798,000

5 Beds

3 Baths

3,360 SqFt

Status Active

MLS # 6700828

Property Type Single Family Residence

Price Type --

This Charming Family Home is in a Prime Location. Welcome to your dream home. This beautifully 5-bedroom, 3-bathroom house boasts an open floor plan, tiled floors in all the right places, and a spacious backyard oasis. Key features include a spacious kitchen with granite countertops, a luxurious primary suite with a spa-like bathroom, and a cozy fireplace in the family room. Located in the highly desirable Northwood Glen neighborhood, residents enjoy easy access to top-rated schools, local shops, restaurants, and parks. Commuters will appreciate the proximity to major highways and public transit. Don't miss out on this incredible opportunity! Come and see this amazing home today. This 3,360 square-foot home sits on a spacious 0.39-acre lot and features a 3-car attached garage and an RV gate, perfect for storage and parking. Recent upgrades include a new living room, primary suite, and bedroom carpet. Newer house roofing and garage underlayment, an updated shower in the primary bathroom, newer pool cool-deck, pool tiles, pop-outs, pebble tech, and spaw blower

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11656 N 135th Place Scottsdale, AZ 85259

$798,000

3 Beds

2.5 Baths

1,945 SqFt

Status Active

MLS # 6729798

Property Type Townhouse

Price Type --

Beautiful townhome at the base of McDowell Mountains backing to private natural area. Upgrades throughout including electronic awning, firepit and gas bbq on patio ready for your perfect outdoor evening. Community includes heated pool & spa. Large master with balcony with beautiful city lights. Slab marble counters with extended Calacatta marble island, glass cabinet inserts, under cab lighting, beveled mirror backsplash, Bosch gas range, Bosch dishwasher. New flooring with no carpet in home. Recently remodeled bathrooms, epoxy garage floor, loads of storage. Roof is less than 10 years old replaced in 2015. You cannot go wrong with this property!! Close to hiking trails, new restaurants, and Mayo clinic. Owner is motivated so bring all offers.

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14044 W Bronco Trail Surprise, AZ 85374

$797,777

6 Beds

4.5 Baths

4,876 SqFt

Status Active Under Contract

MLS # 6746932

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning, newly built residence boasts 6 spacious bedrooms and 4.5 luxurious bathrooms. Two Primary suites. One being down stairs. Enjoy modern living with an open floor plan, high-end finishes, and abundant natural light. The chef's kitchen features top-of-the-line appliances, with a large island, and a walk-in pantry. Relax or entertain in the expansive living areas, including a cozy family room. Additional highlights include a 4-car garage and access to community amenities like expansive green belts, parks, play areas and a community pool and BBQ's. Don't miss out on this perfect blend of comfort and convenience!

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719 W Hemlock Way Chandler, AZ 85248

$797,500

5 Beds

3 Baths

2,932 SqFt

Status Active

MLS # 6737805

Property Type Single Family Residence

Price Type --

NEW LOWER PRICE!! WITH NEW CARPET NOW 9/19/2024! One of the few if only Tri-Level home with 5 Bedrooms 3 Baths with Salt water Pool and 3 Car garage on the GREENBELT in the area! 2 DECKS TO ENJOY THE VIEWS/SUNSETS! This home has an updated kitchen and also Baths! Floorplan is awesome! 2 Bedrooms down with a bath. Huge Family room in Open Floorplan off Kitchen 3 Bedrooms on 2nd level including Primary Bedroom with large walk in closet. All Bedrooms have great closet space. Plus extra storage throughout. Updated AC units/ All plumbing was just replace with PEX with 25year transferable warranty. The backyard is inviting with a great feeling of openness with backing to the Green belt yet surprisingly private

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4512 E Turney Avenue Phoenix, AZ 85018

$797,000

3 Beds

1 Bath

952 SqFt

Status Active

MLS # 6748390

Property Type Single Family Residence

Price Type --

INVESTORS - Arcadia Lot with Camelback Mt view! Welcome to this charming 3-bedroom residence, now on the market! Venture into the inviting living room, featuring a neutral palette. The eat-in kitchen comes with wood cabinetry, a mosaic tile backsplash. Each cozy, well-sized bedroom offers a retreat for relaxation and rest. Outside, the backyard includes a covered patio, a well-kept lawn, and the convenience of a rear entry RV gate that leads to the alley. Don't miss out on this fantastic opportunity!

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1784 Merzville Road Forest Lakes, AZ 85931

$797,000

3 Beds

2 Baths

2,072 SqFt

Status Active

MLS # 6722741

Property Type Single Family Residence

Price Type --

Bearfoot Hideaway is a stunning, well-maintained cabin for sale in Forest Lakes, Arizona, nestled in the tall pines of this coveted getaway community .The cabin has 3 Bedrooms plus a large separate bonus room that could be a 4th guest bedroom, studio, bunkhouse or game room. The interior features a spacious great room layout, perfect for gatherings, a large kitchen with ample cabinets and a big breakfast bar, and a dining space roomy enough for a large table. The living area includes a wood burning stove, numerous windows offering forest views and natural light, with beautiful Anderson windows installed in 2021. In-floor radiant heat, powered by an LP gas tankless water heater, ensures optimal comfort throughout. Outside, the property boasts a wrap-around covered deck ideal for outdoor... ... living, offering cool breezes, the aroma of tall pines, and a stress-relieving environment. A large firepit with log seats is where s'mores and tall tales are sure to be shared with family and friends. There is an extra covered patio area with a fenced pet run, perfect for an outdoor kitchen area and a safe space for pets. A large 2 car garage has lots of built in cabinets with plenty of space for your mountain toys and tool storage. Ingenious rain gutters are hinged to pivot under the eaves in winter to prevent snow damage, and a whole house generator, installed in 2023, ensures uninterrupted power supply. A separate shop building has plenty of space for a workshop or a future guesthouse. There is a carport on the side of the building, a great place to park your fishing boat under cover. The cabin comes furnished! Just bring your groceries-most furnishings will be included. The cabin is just steps from your backyard to the Sitgreaves National Forest. Forest Lakes is uniquely set as an island in the middle of the forest, home to the world's largest stand of Ponderosa Pine Trees. The area offers a four-season climate with the best summertime weather, just a two-hour scenic drive from Phoenix, providing a significant temperature drop of 30-50 degrees. Renowned for its idyllic setting and climate, Forest Lakes is a mountain paradise and the most coveted cabin getaway location within two hours of Phoenix, making it an ideal escape from the harsh summer weather. This property offers a rare opportunity to enjoy the Forest Lakes lifestyle. Don't miss out on the chance to make Bearfoot Hideaway your dream cabin retreat. Plan to see it today!

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8875 E Conquistadores Drive Scottsdale, AZ 85255

Open House

$797,000

3 Beds

2 Baths

1,835 SqFt

Status Active

MLS # 6741148

Property Type Single Family Residence

Price Type --

Nestled in the heart of North Scottsdale, this charming single-family home offers a perfect blend of comfort and functionality. The property features two spacious bedrooms and a versatile office space, ideal for remote work or a hobby room. The interiors have been lightly updated to retain their classic charm while providing modern conveniences. As you step inside, you're greeted by an inviting living area with abundant natural light and a cozy atmosphere. The kitchen, equipped with updated appliances and ample counter space, is perfect for both everyday meals and entertaining guests. The adjacent dining area offers a seamless flow for gatherings and family dinners. The master bedroom serves as a tranquil retreat, complete with an en-suite bathroom and generous closet space. ......The second bedroom is equally spacious and shares a well-appointed bathroom with the office, which can easily be converted into a third bedroom if needed. Outside, the low-maintenance backyard offers a private oasis with a patio area perfect for outdoor dining or relaxation. Mature landscaping provides shade and adds to the serene ambiance of the property. Located in a desirable neighborhood, this home is close to top-rated schools, shopping, dining, and outdoor recreational opportunities, making it an ideal choice for anyone looking to enjoy the best of North Scottsdale living.

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5114 E Anderson Drive Scottsdale, AZ 85254

$795,990

4 Beds

3.5 Baths

2,472 SqFt

Status Active

MLS # 6750524

Property Type Single Family Residence

Price Type --

This stunning and popular ''Millennium'' floorplan is highly optioned with 4 bedrooms, 3.5 bathrooms in the new gated community of Arabella. This two-story, 2472 square foot home sits on a wonderful corner lot in the heart of the neighborhood and very lightly lived in. The home includes several notable features including quartz countertops in the kitchen and bathrooms, kitchen backsplash, two tone paint, wood-like tile throughout the first floor and upgraded plush grey carpet in the upstairs bedrooms and loft. Other upgrades include Kitchen Aid appliances, multi-split plantation shutters throughout, electric car charging outlet, commercial grade epoxy garage floors, and overhead garage storage racking.

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3314 W Dynamite Boulevard Phoenix, AZ 85083

$795,900

6 Beds

3.5 Baths

4,135 SqFt

Status Active

MLS # 6718794

Property Type Single Family Residence

Price Type --

Hold on to your hats! This incredible property will blow you away with its design that perfectly blends functional elements and stylistic touches for warm climates, reflecting a mix of Mediterranean and Southwestern influences. With nearly 4,000 square feet of fabulous living space, this home offers a multi-generational living environment featuring a primary ensuite bedroom on the ground floor and a second primary bedroom upstairs. As you enter, you are greeted by a large, open dining and living area. Venturing further, you'll discover a spacious gourmet kitchen with an abundance of cabinets and a central island. Adjacent to the kitchen is the family room, destined to become the heart of gatherings with friends and family. On the second floor, an enormous loft awaits, perfect for a game room, along with five additional bedrooms. All this sits on almost half an acre of fully fenced property. The rear yard is a paradise with a sparkling swimming pool, extensive pavers, a covered patio, children's play areas, and a pergola. Some of the many nearby amenities include Deem Hills Recreation Area for hiking, Adobe Dam regional Park for sports facilities and golf, and the Wet N Wild water park. ASU West campus is also close by along with the Norterra Shopping Center for dining, shopping and entertainment including a movie theater. Why are you still reading this and not running to see this house before it's gone, gone, gone!

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825 E Farmers Lane San Tan Valley, AZ 85140

Open House

$795,900

2 Beds

2.5 Baths

2,247 SqFt

Status Active

MLS # 6742432

Property Type Single Family Residence

Price Type --

First impression of this Create model is an inviting, relaxing front porch. Step inside to where you will spoil guests with a large bedroom, gorgeous en-suite, and walk-in closet. Next, a rather large den with custom smoked glass doors, built in wall to wall bookshelves, and desk. On to a true chefs kitchen! Plenty of cabinet space, stunning countertops, and custom lighting to pull the kitchen together with the great room featuring a custom floor to ceiling stone wall and an electric fireplace. Set the perfect table, and mood, nightly. The large owners suite includes a beautifully tiled shower, and huge closet. Note the unique custom screen door at the rolling wall of glass as you step on to your inviting patio with a custom in ground spa, gas fire pit, and built in BBQ. Welcome Home!

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3245 Aspen Lane Pinetop-lakeside, AZ 85929

$795,000

2 Beds

1.5 Baths

1,278 SqFt

Status Active Under Contract

MLS # 6743284

Property Type Single Family Residence

Price Type --

On the golf course of White Mountain Country Club in guard gated White Mountain Summer Homes. 5th Fairway. .48 acres. 1278 sf. 2 bedrooms, 1.5 baths plus a spacious loft. Covered deck and uncovered balcony w/ great views of the golf course. 1 car garage was enclosed into a laundry storage area. Vaulted ceilings, interior wood ceilings, wood flooring in kitchen and hallway.

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