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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15021 N 19th Way Phoenix, AZ 85022

$795,000

4 Beds

4.5 Baths

3,142 SqFt

Status Active

MLS # 6698230

Property Type Single Family Residence

Price Type --

Located in Lookout Mountain, this quality built hillside home offers stunning mountain and city light views! Great kitchen with stainless steel appliances, 2 GE ovens, granite counter tops and casual dining. Ideal floorplan - living room with custom fireplace, formal dining and 4 bedrooms, each with a private bath, including a bedroom and full bath on the main floor for those that don't get along well with stairs! Finished basement with wet bar and fireplace. Large Master suite with balcony and spiral staircase to back patio that features a fabulous fireplace, built-in BBQ and those amazing views! 3-car garage with built in storage, RV gate and parking. Solar panels are owned. LOW LOW ELECTRIC BILLS! Very Close distance to Lookout Mountain hiking trails.

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183 Juniper Ridge Drive Prescott, AZ 86301

$795,000

4 Beds

4 Baths

3,826 SqFt

Status Active

MLS # 6701422

Property Type Single Family Residence

Price Type --

Welcome to 183 Juniper Ridge Drive in the heart of picturesque Prescott, AZ! Step inside to discover this generous floorplan with fabulous views! All main living spaces are conveniently located on the same floor including the family room, kitchen, formal & breakfast nook dining, office, 3 bedrooms, 2.5 bathrooms and an oversized 3-car garage. Downstairs features an expansive game room complete with a full bath. Whether hosting lively gatherings or enjoying quiet evenings, these spaces offer versatility and style. The interior is highlighted by plank luxury vinyl and tile flooring throughout, ensuring durability and ease of maintenance - say goodbye to carpet! Need additional storage? This home also features under-house storage space, a practical solution for your organizational needs. Set in a prestigious neighborhood, the property not only assures a safe and friendly community environment but also offers mesmerizing views that define the essence of living in beautiful Prescott. Ready to move in and start a new chapter? 183 Juniper Ridge Dr awaits you with open doors and endless possibilities. Don't miss out on making this beautiful house your new home.

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6725 W Sitting Bear Trail -- Prescott, AZ 86305

$795,000

3 Beds

2 Baths

2,168 SqFt

Status Active

MLS # 6710693

Property Type Single Family Residence

Price Type --

Beautiful setting in Inscription Canyon: sitting on 2 plus acres bordering State Trust Land with great views all around. Open floor plan with vaulted ceilings; gas fireplace in great room; eat-in kitchen with new appliances and new quartz counters. Master bath recently updated; roof and decking all new in 2022. Home features a 4.5KW Solar System, owned, not leased; security system, 500 gallon buried propane tank; large unfinished bonus room in basement with lots of potential for hobby room or workshop. Highest electric bill with credits was $22.87

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325 Montazona Trial Trail Sedona, AZ 86351

$795,000

3 Beds

2 Baths

2,700 SqFt

Status Active

MLS # 6735695

Property Type Single Family Residence

Price Type --

Priced significatly below current value so you can put your personal touches on it. Don;t miss out. New Roof, New HVAC system. Home is located within a HOA whihc does not allow Short Term Rentals. If you are looking for a quite neighborhood where you and your neighbors know one another this is it. With the emilimnation of Short Term Rentals who don't have to worry about weekly vistors raising He''ll every night during their vacation. Peace and quite and breathtaking views.

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39012 N 8th Street Phoenix, AZ 85086

$795,000

4 Beds

3 Baths

2,851 SqFt

Status Active

MLS # 6680389

Property Type Single Family Residence

Price Type --

Discover this meticulously maintained home in Desert Hills, lovingly cared for by its original owner. Located in Apache Peak Ranch subdivision with only 28 homes, situated on a 1-acre with these rare amenities for the area: paved community roads, private water co, natural gas, and Cox Fiber Optics. The main home boasts 2140sf with 3 bedrooms, 2 bathrooms, vaulted ceilings, elegant wood shutters, and wood & tile flooring throughout. The guest house (casita) is 711sf and features a kitchenette, bathroom, and a closet/storage area with its own private front and rear doors leading to the back patio. Enjoy the lovely backyard, covered patio, built-in BBQ, newly installed putting green, charming gazebo plus plenty of Room for your RVs, & toys + more! You'll love the layout and feel of this home with unlimited options! Perfect for multigenerational families! Lovingly cared for and maintained by it's original owner with a newer roof, newer interior and exterior paint, newly remodeled second bath, newer HVAC units. Also featuring a spacious laundry room with utility sink and garage with an EV outlet for your electric cars, nice custom security screen doors, plenty of room to the north for your RV's, toys, parking. pool or to build a detached building. Casita with it's own front door entrance and rear door to back patio along with a nice storage area. 2nd bedroom with Murphy bed that conveys, primary Bedroom w/custom built-ins by California Closet and so much more!! Must see!!

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423 S Arroya Road Apache Junction, AZ 85119

$795,000

3 Beds

2 Baths

1,555 SqFt

Status Active

MLS # 6742946

Property Type Single Family Residence

Price Type --

Looking for storage? This property has a RV/Car Enthusiast/Storage garage that's bigger than your house by more than 2 times! Here it is!! This Massive, almost 4,100 sq ft metal semi-truck garage (originally) (55X74X24) A 16-foot electric door and 2-14-foot electric garage doors. Has a concrete slab in front that could accommodate 6 more vehicles AND it is already equipped with a mother-in-law option with septic/water and electric, just needs to be completed! Now, the house. Fully remodeled in 2017 to include new tile floors throughout, stainless appliances, cabinets, quartz countertops, showers/tubs and all fixtures, hardware and roof updating! Enclosed backyard with an inground spa, pond or could be a garden area, mature trees, citrus trees and 2 sets of double RV gates. Sitting in an unincorporated county island, across from State Trust land that allows for Sunrise and Sunset photos for miles with no interruption! In your back yard are the Superstition Mountains, see that Cougar on the mountain from your living room window! Call for details and a personal tour of this property that will not disappoint!

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9851 E Dreyfus Avenue Scottsdale, AZ 85260

$795,000

3 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6721317

Property Type Single Family Residence

Price Type --

LG CORNER LOT LOCATED IN QUITE SWEETWATER RANCH, FEATURES INCLUDE: 3 BEDROOMS, 2 FULL BATHS, VAULTED CEILINGS, FANS THRU OUT, LG PRIMARY BEDROOM W/SEPARATE SINKS, GARDEN TUB/SEPARATE SHOWER AND WALK IN CLOSET. KITCHEN HAS STAINLESS STEEL APPLIANCES, LOTS GRANITE COUNTERS, EATING AREA W/ A BAY WINDOW, BREAKFAST BAR THAT ALL LOOK OUT TO THE BACKYARD/POOL. LG LAUNDRY RM COMING FROM 2 CAR GARAGE W/ LOTS OF SHELVES/STORAGE. FORMAL DINING RM IS OPEN TO GREAT RM. SELF CLEANING PLAY POOL AND A COVERED PATIO TO ENJOY IT FROM. DESIRABLE LOCATION, HIGHLY RANKED SCHOOLS, BIKE PATHS, HIKING, SHOPPING AND THE CACTUS ROAD ACCESS TO THE 101.

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7447 E Christmas Cholla Drive Scottsdale, AZ 85255

$795,000

4 Beds

3 Baths

2,153 SqFt

Status Active

MLS # 6721056

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home perfectly nestled in the high Sonoran Desert surroundings of North Scottsdale! Gorgeous upgrades throughout combine with a flexible and spacious floor plan to provide you an amazing combination of style and livability! Large expanded gourmet kitchen features slab granite counters, upgraded stainless steel appliances, gas range, center island and large walk-in pantry. The kitchen flows to the great room anchored by built-ins, fireplace and a view to your sparkling play pool! You will also find 4 bdrms (4th could be den/office), dual closets in owner's retreat, huge loft which could easily afford another bedroom, home theater, gym-endless options, renovated baths and all appliances included! HVAC replaced in 2021 and all new irrigation systems front and back!

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23113 N 89th Place Scottsdale, AZ 85255

$795,000

3 Beds

2 Baths

1,835 SqFt

Status Active

MLS # 6721084

Property Type Single Family Residence

Price Type --

The hidden gem of N. Scottsdale's desirable Pinnacle Peak Area-Welcome to Desert Village! A beautiful gated enclave of single level homes! This charmer is quietly nestled in the back of the community and features 3 bdrms, 2 baths and a recently refreshed kitchen w/ Quartz counters, breakfast bar, large center island and newer appliances. The owner's retreat features a renovated spa bath w/ a huge walk-in shower, stunning blue cabinetry and dual vanities. You'll be on vacation every day with a large covered patio, gas firepit and built in hot tub! Don't forget to check out the amazing community pool! Just minutes from amazing restaurants-ranging from the elegance of Mastros to the folksy charm of The General store! AJ's plaza is next door, as are the best hiking trails in the valley!

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6673 Gleeson Road Tombstone, AZ 85638

$795,000

3 Beds

2 Baths

2,831 SqFt

Status Active

MLS # 6729535

Property Type Single Family Residence

Price Type --

In order to fully appreciate what makes this home so special, please ask for the supplement.

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7100 E Cave Creek Road Unit 167 Cave Creek, AZ 85331

$795,000

2 Beds

2 Baths

1,950 SqFt

Status Active

MLS # 6734424

Property Type Apartment

Price Type --

Welcome to your Residential/Commercial opportunity nestled in Stagecoach Village at the heart of Cave Creek! Use your imagination in this unique space featuring vaulted ceilings, plenty of natural light, cement floors, open A/C ducts, ceiling fans, and ample lighting. The huge great room is ideal as a living area, or storefront. The kitchen is fully equipped with built-in appliances, quartz counters, and wood cabinets. The bedrooms are flexible for personal, or business use. The two spacious bathrooms are well appointed and feature roll-under sinks, grab bars, and a roll-in shower. In addition, owners are given 25 feet of outdoor storefront space during all scheduled events. This is a MUST SEE for any imaginative entrepreneur looking for a peaceful home/work balance! Visit us today!

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9613 W Staghorn Road Peoria, AZ 85383

$795,000

4 Beds

2.5 Baths

2,354 SqFt

Status Active

MLS # 6692844

Property Type Single Family Residence

Price Type --

DRASTIC PRICE REDUCTION on this gorgeous Gated Home, by multi-Million dollar custom homes! Newer solid construction & quiet interior lot features 4 bdrms & 2.5 baths w/an OPEN FLOORPLAN. CHEF'S DREAM KITCHEN w/extended cabinetry, walk-in PANTRY & HUGE ISLAND! Oversized SLIDER Opens to Large POOL SIZED Backyard w/nice low maintenance artificial Grass- very PRIVATE! Covered Patio is Accented w/a TWO WAY Gas FIREPLACE- perfect for those cozy winter nights! SPACIOUS PRIMARY SUITE w/backyard access & views of the gas fireplace & ENTERTAINMENT AREA. Grand sized primary bath w/TILED SHOWER & SOAKING TUB. PRICED WELL BELOW the neighborhood COMPS- for a GREAT DEAL!! Superb location w/TOP SCHOOLS (BASIS), the Finest SHOPPING & DINING in the area. TSMC, PALOMA PARK & LAKE PLEASANT down the road.

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