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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2517 E Presidio Street Mesa, AZ 85213

$791,950

5 Beds

3 Baths

2,788 SqFt

Status Active

MLS # 6692840

Property Type Single Family Residence

Price Type --

This is Base Price on a New Build and does NOT Include Lot premium or Upgrades. Grove at Lehi is bringing their sophisticated style to a new Upscale Gated Community in the Citrus District of Northeast Mesa. The Palm Tree lined Grand Entrance and charming decorative gatehouse provides a sense of arrival and welcomes you inside this gated 108-homesite community. Incredible central park that offers a lighted pickleball court, playground, and ramada perfect for outdoor family fun! Grove at Lehi provides easy access to the Loop 202 with close proximity to Tempe, Scottsdale, and Gilbert. Larger Lots with offering 8ft and 10ft RV Gates. Come Check out this brand-new community. This is Base Price on a new Build and does NOT Include Lot premium or Upgrades. Not Final Price (Photos Are Of Model)

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1211 Big Springs Trail Pinetop-lakeside, AZ 85929

$790,000

3 Beds

3 Baths

1,865 SqFt

Status Active

MLS # 6748412

Property Type Single Family Residence

Price Type --

Welcome Home! This exquisite 2024 custom-built Lakeside retreat offers the perfect blend of modern luxury & mountain charm. Nestled within the exclusive gated community of The Retreat at Walnut Creek, this 3-bed, 3-bath residence is designed for both comfort & style. Step inside to discover a thoughtfully crafted interior featuring vaulted ceilings and exposed beams that create an inviting atmosphere. The heart of the home boasts hand-crafted cabinetry & beautiful quartz countertops, complemented by woodgrain tile showers. Gather around the extended one-of-a-kind tile fireplace for cozy evenings or enjoy seamless indoor-outdoor living with covered porches both front & back, ideal for savoring the tranquil surroundings. Surrounded by tall pines, this quality build incorporates modern features such as spray foam insulation for energy efficiency and SPC waterproof flooring for durability. The low-maintenance LP siding ensures you can spend more time enjoying the beauty of mountain life and less time on upkeep. Don't miss your chance to own this exceptional Lakeside home where luxury meets nature. Make your private tour today and start living the mountain lifestyle you've always dreamed of!

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4918 E Windrose Drive Scottsdale, AZ 85254

$790,000

3 Beds

2 Baths

1,800 SqFt

Status Active Under Contract

MLS # 6755907

Property Type Single Family Residence

Price Type --

Experience Scottsdale Living at its finest! This beautifully remodeled home is nestled in one of Scottsdale's most coveted areas, the ''Magic Zip Code'', just steps away from the highly anticipated PV Mall Redevelopment site and 100+ local businesses, and minutes from the Kierland Commons/Scottsdale Quarter, world class shopping, dining, and entertainment, outdoor activities, and local events. This area combines upscale living with unbeatable convenience. Inside, the home has been extensively remodeled featuring a bright, open floor plan with elevated ceilings, smooth texture walls, ample natural light, and a neutral color palette that creates an inviting atmosphere.The living room is anchored by an elegant stack stone wood-burning fireplace, adding both warmth and sophistication to the space.The kitchen is beautifully crafted and features a large center island, extensive built-in cabinetry, elegant quartz countertops, a marble tile backsplash, a custom range hood, and stainless steel appliances. The seamless transition from the kitchen to the living area is ideal for both everyday living and entertaining. The luxurious primary suite is appointed with a beautiful en suite bathroom with a custom-tiled walk-in shower, spacious walk-in closet, and separate entrance to your backyard. Every detail of this home's interior has been thoughtfully curated to ensure a perfect blend of style and comfort. The backyard space is a true Desert Oasis that is perfect for entertaining and relaxation alike. Featuring a sparkling pool, large covered patio area, and ample yard space all surrounded by lush and mature desert landscape, this space is perfect for your own private enjoyment or hosting friends and family. With no HOA restrictions, and a nearly 10,000 sqft lot you have the freedom to further personalize your space! This beautiful home and thriving community is your opportunity to experience the BEST that Scottsdale has to offer!

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1521 E Pinchot Avenue Phoenix, AZ 85014

$790,000

4 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6740360

Property Type Single Family Residence

Price Type --

Be excited to see this highly renovated single-story home in a great location! Excellent curb appeal w/a large front yard, captivating brick accents, a 2-car garage, & paver driveway. Fall in love w/the immaculately designed interior, highlighting a desirable open layout enhanced w/soaring vaulted ceilings, recessed & stylish light fixtures, gleaming tile floors, an accented wall, & abundant natural light. Chef's kitchen is fully equipped w/quartz counters, a mosaic tile backsplash, a plethora of white cabinetry, a pantry, & an island w/a breakfast bar. Find your sanctuary in the main suite, offering soft carpeting, a sophisticated ensuite w/a soaking tub, a step-in shower, dual sinks, & a walk-in closet. Out the back, you have an open patio ideal for fun BBQs. Hurry! It's move-in ready!

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1703 W Sleepy Ranch Road Phoenix, AZ 85085

$790,000

4 Beds

2.5 Baths

2,699 SqFt

Status Active

MLS # 6731215

Property Type Single Family Residence

Price Type --

Enter this beautiful North facing home in the exclusive Sonoran Foothills gated subdivision. One of a kind back yard & sail covered tiled patio. Built-in BBQ area, water fountain, grass yard with lots of greenery & grape vines. Come enjoy this great room floor plan. Large open beautiful kitchen with island, granite, dark cabinets, stainless steel appliances, built-in desk area, breakfast area & open to great room with stone fireplace. Good sized formal dining room for entertaining or family gatherings. Large master suite is split & has wonderful bath with vanities, granite, oval tub & walk-in shower. 3 other bedrooms (4th used as office). 2 full baths, powder room and a 3 car garage!

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1602 W Milagro Avenue Mesa, AZ 85202

$790,000

4 Beds

3 Baths

2,685 SqFt

Status Active

MLS # 6698790

Property Type Single Family Residence

Price Type --

Brand New Roof coming 9/18!! Act now and take advantage of your chance to own the best home on Dobson Ranch Golf Course! Right when you walk in, you'll see the custom iron front door, beautifully updated floors, a HUGE open kitchen with GE Cafe white appliances and a waterfall island, vaulted ceilings, a detached office, & don't forget the dry bar area with two beverage/wine fridges!! Upstairs, you have four bedrooms, a beautiful primary suite, and a panoramic walk deck with views of the golf course! Outside is a NEW Pebble Tech pool and an entertainer's dream yard! All your big-ticket items are covered with new dual-pane windows and sliders throughout, new pool equipment, a new garage door and motor, a new water heater, a patio roof, and more. See it today and experience the best of the AZ lifestyle!

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15038 N El Sobrante Avenue Fountain Hills, AZ 85268

$790,000

3 Beds

2 Baths

1,913 SqFt

Status Active Under Contract

MLS # 6689717

Property Type Single Family Residence

Price Type --

Back on market, buyer could not perform. Completely remodeled inside and out! Four Peaks MOUNTAIN VIEWS from back yard AND front yard. Largest lot in the area, at nearly 0.5 an acre. PRIVACY, lot behind home cannot be built on! Pool can be placed in backyard, photo renderings included and estimate available by request. This stunning Southwest-inspired home embodies the essence of the desert landscape while offering modern updates and quality craftsmanship throughout. Be amazed by the Four Peaks mountain views, a truly beautiful landscape to welcome you home. Attention to detail is evident in every corner, from the hickory engineered hardwood floors that stretch seamlessly throughout to the 5'' baseboards and 4'' door trim that add a touch of elegance Modern light fixtures illuminate every space, while new door hardware adds a subtle yet stylish upgrade. The centerpiece of the living area is the striking stone fireplace, creating a cozy ambiance perfect for gatherings with loved ones. The kitchen is a chef's dream boasting new stainless steel LG ThinQ appliances, hickory cabinets with self-closing doors, new granite countertops, and an acacia wood bar top that adds warmth and character. Both bathrooms have new toilets and new vanities. The primary bathroom features new stone tub and a new tiled shower, offering a spa-like retreat right at home. The exterior has undergone a thorough makeover, with all stucco repaired and fresh new paint, ensuring a pristine appearance for years to come. New roof membrane installed, and covered patio flat roof was renewed, as well as new HVAC in 2023! Venturing into the backyard, the addition of rock and flora desert-landscaping adds texture to the vast outdoor entertainment space. The hot tub deck offers a private oasis with another breathtaking view of the Four Peaks mountains. A convenient RV drive and gate further enhances the functionality and charm of this property, with a 30amp RV plug. Let's not forget about the entry, featuring new lodge poles, and refinished over-sized front door creating a grand entrance for your guests. No detail was overlooked! Just down the road is Four Peaks Park, a very short stroll to enjoy a plethora of outdoor activities with pickle ball courts, tennis courts, basketball courts, baseball fields, picnic tables and bbq, table tennis and corn hole, playgrounds, drinking fountains, restrooms and a large grassy soccer field - and all are equipped with lights for evening fun! Embrace this lifestyle to its full potential and enjoy your new Fountain Hills home.

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508 N Pine Island Drive Unit 23 Payson, AZ 85541

$790,000

3 Beds

3 Baths

1,764 SqFt

Status Active

MLS # 6680356

Property Type Single Family Residence

Price Type --

Newly renovated home in the highly desired Pine Island section of Chaparral Pines. Special upgrades include new flooring throughout, automatic blinds in the living room, updated kitchen including cabinets, refrigerator & lighting. New Trex front deck & epoxy garage floor. Master bath boasts enormous spectacular walk-in shower. Home backs to the 18th fairway, enjoy the fenced backyard providing wooded privacy & hot tub for relaxing with views of the golf course. Separate side patio for entertaining your guests while grilling dinner. This home has been very lightly used & it is a very quiet section of the Club property. As an added bonus, it is a short walk to the recently updated Clubhouse & Club amenities. Some furniture is available by a separate bill of sale.

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859 E Oakland Street Gilbert, AZ 85295

$790,000

5 Beds

3 Baths

3,348 SqFt

Status Active

MLS # 6756986

Property Type Single Family Residence

Price Type --

Great home in the heart of Gilbert!! Close to EVERYTHING!!! Schools, San Tan Mall, Shopping, restaurants, Movies, Parks and Freeway!! Talk about Location, Location, Location!!! Great floor plan with plenty of room for entertaining and gathering!! Updated kitchen with quartz countertops that boast lots of counter space, kitchen overlooks large family room! Former Living room with formal dining that has french doors that can be used for Office/Den! Huge enclosed bonus room over the garage! Large Master bedroom with 2 closets! Great backyard with RV gate and concrete pad on side of yard, refreshing play pool with plenty of room in the grass yard and fire pit! AC units, Water heater, and pool pump all newer that 3 years! Natural gas water heater, home heater & fireplace! This home is so Clean and ready for a great new owner!! Great area and great neighborhood!!

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7313 E Valley Vista Drive Scottsdale, AZ 85250

$790,000

3 Beds

2 Baths

2,307 SqFt

Status Active

MLS # 6720515

Property Type Single Family Residence

Price Type --

Immerse yourself in this premier gated subdivision in the heart of the Scottsdale Resort Corridor. At home, step inside and discover this single level space with soaring ceilings and an abundance of natural light. Enjoy entertaining friends in your large open great room with its classic and cozy gas fireplace or move to the South facing backyard complete with outdoor fireplace, Camelback views, brick paved patio, built in BBQ and Pebbletec pool with water feature This move in ready home offers a new roof, new paint inside and out, new hot water heater and carpeting in all three bedrooms. The large eat in kitchen has storage to spare and a charming shady side patio. Don't miss your chance to own this fantastic full time home or seamless lock and leave in the Heart of Paradise.

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32321 N 133rd Drive Peoria, AZ 85383

$789,990

4 Beds

2.5 Baths

2,569 SqFt

Status Active

MLS # 6713932

Property Type Single Family Residence

Price Type --

SOAK UP THE SUN! This beautiful Ravenna floor plan is located on a desirable homesite with panoramic mountain views. Beautiful Spool and Pergola back yard with Turf. The chef's kitchen features white cabinets, granite/quartz counters and stainless-steel appliances with a gas 5 burner cooktop Farm House sink and walk-in Pantry. The owner's suite boasts a walk-in super shower with Standard and Rain Shower heads, double sinks, and LARGE walk-in closet. 3 additional bedrooms and a BONUS room allows for plenty of space including a 3 vehicle garage with Tesla charger. Larger laundry room with Washer and Dryer included. Enjoy watching sunsets on the mountains while you cool of in your amazing backyard.

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8209 E Heatherbrae Avenue Scottsdale, AZ 85251

$789,988

4 Beds

2 Baths

1,836 SqFt

Status Active

MLS # 6658745

Property Type Single Family Residence

Price Type --

This charming 4-bedroom home includes 2 bathrooms, and the master bedroom comes with a roomy walk-in closet. Located in a wonderful spot in Old Town Scottsdale, this beautiful home comes with the added benefit of no HOA fees. It boasts a controlled remotely heated pool, modern updates, and a generously spacious floor plan. Moreover, there's an RV gate and plenty of parking, adding to its convenience and appeal. The backyard is adorned with pavers, a heated spa , extra storage, making it the perfect home.

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