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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18280 W Thistle Landing Drive Goodyear, AZ 85338

$785,000

3 Beds

2.5 Baths

3,192 SqFt

Status Active

MLS # 6746800

Property Type Single Family Residence

Price Type --

Welcome to this meticulously maintained and nicely upgraded home located in the desirable Master master-planned community of Estrella. This beautiful property offers a large oversized deep lot, amazing mountain views, and a peaceful and quiet neighborhood. There is no shortage of space to entertain family or friends. The expansive recently remodeled kitchen offers maple staggered cabinets, quartz counters, a modern tiled backsplash, GE Monogram appliances, and a huge walk-in pantry. The kitchen is open to the family room and breakfast/dining room, allowing plenty of space for guests to mingle and hang out. The backyard is perfect for experiencing Arizona living at its best with the heated pool and spa, large covered patio, fireplace, and raised paver seating area. The mountain views from the backyard are breathtaking as the sun rises in the east in the mornings. Plus, there is ample room to add a putting green or other outdoor entertainment space in the backyard if desired. The primary en-suite is split from the other 2 bedrooms and offers a large en-suite with fully tiled shower, deep soaker tub and double vanities. The home offers a formal living room, but if that is not preferred, the room can easily accommodate a pool table for game nights. The Community of Estrella is amazing, with mountain views galore, 2 lakes, numerous parks, two resident centers, community pools, a splash park, hiking/biking trails, restaurants, shopping, and top-rated schools!

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3026 E Longhorn Drive Gilbert, AZ 85297

$785,000

4 Beds

3.5 Baths

2,758 SqFt

Status Active

MLS # 6749206

Property Type Single Family Residence

Price Type --

Beautifully Upgraded and in Pristine condition. This STUNNING Meritage home, boasts a Spacious high-end kitchen with Richly finished Cabinets, Large Island, Quartz Countertops and Stainless Appliances, Breakfast nook, Butlers pantry, and Walk-in pantry. 2 MASTER SUITES! Luxurious main Master has Dual Sinks with Cultured Marble counters, Separate Tub, His & Hers closets, and tons of natural light. Second Master comes with attached Den/Sitting area and can be used as Guest Suite or Mother-In-Law Quarters. Prime location near SanTan Mall, Frys and Costco. Includes Private Courtyard, Soaring 10-ft ceilings, 8-ft Solid Core doors, plantation Shutters, Central Vac and Surround Sound. Optional 4th bedroom possibliltiy! Conversion of bonus room to 4th bedroom is Easy Option. Quick close possible

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10954 E Tripoli Avenue Mesa, AZ 85212

$785,000

5 Beds

3.5 Baths

3,712 SqFt

Status Active

MLS # 6750341

Property Type Single Family Residence

Price Type --

Big and Beautiful! If you are in need of space in all the right places this is the home for you. When entering the home double doors open up into large office. Primary bedroom is on the main level with a 5 piece bath and massive walk-in closet. Secondary bedrooms are on the second floor with two sharing a jack and Jill bathroom. The additional bedrooms are split from the others with a full bath. Huge Loft separates the bedrooms. The back yard is a kids dream with a sparkling pool. 3 car tandem garage with an additional huge storage area.

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5874 E Reavis Street Apache Junction, AZ 85119

$785,000

4 Beds

2.5 Baths

2,531 SqFt

Status Active

MLS # 6750899

Property Type Single Family Residence

Price Type --

With some of the most beautiful views of the Superstition Mountains in the Valley, this home is ''the one''! And the location is AMAZING: within a mile of Lost Dutchman State Park & well-known hiking trails like: Broadway's Cave, Flatiron, Weaver's Needle! Did I mention the location...less than 30 minutes to Canyon Lake...and if you love to go off roading you are going to love living here! This single-story home offers a split floorplan with 3 bedrooms, den/office, & 2.5 bathrooms! The living space is the center of the home featuring a large open concept kitchen, huge dining area & well sized family room w/fireplace! Walking into the kitchen is like a chef's dream: kitchen island, Quartzsite countertops, stainless steel appliances including a double oven & the refrigerator is included! The primary suite is huge w/a gorgeous two sink bathroom, custom walk-in shower, soaking tub & walk in closet! The vaulted ceilings & windows throughout the home bring natural light in & allow for views of the beautifully landscaped yard in every room! Sitting in the fully fenced front yard you will enjoy not only views of the Superstitions but peace & quiet while being just minutes from city amenities! Recent upgrades include but not limited to both HVAC units 2020, backyard fully fenced 2021, RV gate w/road to park your RV 2021, Quartzsite kitchen 2023, canned lights throughout living area 2021, rolled roofing (2021), refer to Upgrade List for more information.

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15056 N 102nd Street Scottsdale, AZ 85255

$785,000

4 Beds

2.5 Baths

2,197 SqFt

Status Active

MLS # 6750993

Property Type Single Family Residence

Price Type --

Beautiful two-story home for sale! Fall in love with the desert landscaping and the sweet curb appeal. Discover a welcoming living/dining room, high vaulted ceilings, custom paint finishes, soft carpet in the right areas, fire sprinklers, and a cozy family room for intimate gatherings. The eat-in kitchen includes stainless steel appliances, maple cabinets, an island with a breakfast bar, and quartz counters. Upstairs, you'll find a bright loft with access to a balcony! Retreat to the main suite to find a bathroom boasting dual sinks, a glass enclosure shower with dual shower heads, and a walk-in closet. The backyard has a built-in BBQ, fire pit area, covered patio, shade trees, and grass area. This home is sure to sell fast!

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5891 W Del Lago Circle Glendale, AZ 85308

$785,000

5 Beds

3 Baths

3,030 SqFt

Status Active Under Contract

MLS # 6751840

Property Type Single Family Residence

Price Type --

**Location, location, location!** Discover this stunning residence in the prestigious Del Lago section of Arrowhead Ranch, situated on a unique corner lot facing the picturesque lake with a charming fountain. This home exudes curb appeal with its brick exterior and offers exceptional privacy. Ideally located just minutes from Highway 101, this home provides easy access to premier shopping centers, dining, and entertainment options. Fall in love with the thoughtfully designed floor plan featuring a sunken living room, formal dining area, and a bright family room with a cozy fireplace. High ceilings and panoramic windows create an open and airy ambiance, enhancing the home's elegant charm.

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1527 E Germann Road San Tan Valley, AZ 85140

$785,000

3 Beds

2 Baths

2,063 SqFt

Status Active

MLS # 6752706

Property Type Single Family Residence

Price Type --

Beautiful and cozy house with a lot of space to continue growing. Tile and granite in floors, bathrooms and kitchen. Looks gorgeous and ready to be occupied. 3 bedrooms with a huge walk-in closet in the master. Additional room could be another bedroom, game room or a formal dinning room for your family celebrations. Garage for 2 cars and separate carport (garage style) for additional 4 vehicles. Citrics growing around the house and a lot of space for more fruit trees and vegetables in the 1.25 acre lot. Easy access to the Gateway Freeway 24 (2 miles away) and Superstition Highway (60). Easy to show too. The owner is usually at home.

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40 Rim Trail Circle Unit 53 Sedona, AZ 86351

$785,000

2 Beds

2 Baths

1,988 SqFt

Status Active

MLS # 6754139

Property Type Townhouse

Price Type --

Easy living at The Ridge includes large open living room with fireplace, a sitting room (with fireplace) off the master bedroom, an ''Arizona Room'', inground spa, a minimalist kitcen (complete with menus from local restaurants) tile and carpeted flooring...The Collectives and their restaurants are around the corner...Sedona Golf Resort and pickle ball courts are seconds away. House has been repainted inside, including the dark ceilings. Kitchen lighting has been changed to cam-lighting. Screens have been added to the back area to provide more privacy. Neighbors are friendly!

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7802 E Northland Drive Scottsdale, AZ 85251

$785,000

3 Beds

2.5 Baths

2,292 SqFt

Status Active

MLS # 6755189

Property Type Townhouse

Price Type --

Nestled in the esteemed 55+ community of Villa Monterrey in Scottsdale, this meticulously upgraded home offers the perfect blend of modern sophistication and classic charm. The interior showcases rich hardwood floors, an owned solar system, and a state-of-the-art heating and cooling system, enhanced by ductless mini splits in key rooms for tailored comfort. The gourmet kitchen is a masterpiece, featuring custom cabinetry, discreet electrical outlets, a pot filler, and top-of-the-line KitchenAid appliances. The luxurious master bathroom provides a serene retreat, while the home theater, equipped with a 96'' retractable screen and immersive surround sound, promises unparalleled entertainment. Step outside to a beautifully designed outdoor living area, complete with a pergola, fireplace, and patio gas fireplace, two built in 4,000-watt heaters, an outdoor TV, and an illuminated fountain. The xeriscaped landscape, complemented by artificial turf and strategic lighting, including palm tree illumination, creates a stunning outdoor ambiance. Additional highlights include a separate laundry room with a new washer/dryer, a water softener, and a whole-house water filtration system. This property is a rare gem in one of Scottsdale's most sought-after communities.

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14063 W Bronco Trail Surprise, AZ 85387

$785,000

4 Beds

3.5 Baths

3,125 SqFt

Status Active

MLS # 6756012

Property Type Single Family Residence

Price Type --

Your DREAM home is here in Rancho Mercado! Sits on a corner lot, this gorgeous 4-bed, 3.5-bath property will leave you in awe. Displaying a mature landscape & a split 3-car garage w/paver driveway. Home exudes elegance with modern light fixtures, designer palette, high ceilings, tons of natural light, plantation shutters, surround sound, and wood-look tile flooring. Perfect for gatherings, the open layout connects the large living area to a formal dining room for a fluid environment! Featuring a fireplace, dry bar w/wine fridge, a media niche, and multi-sliding doors to the back, this gem makes entertaining an absolute delight. The gourmet kitchen boasts quartz counters, a walk-in pantry, white shaker cabinetry, tile backsplash, a prep island, and SS appliances w/cooktop gas & wall ovens. Large main bedroom is a true retreat! It has a barn door that opens to the immaculate ensuite with a soaking tub, separate shower, dual sinks, & a walk-in closet. One secondary bedroom also includes its own private bathroom, ideal for the guests. Laundry room with a built-in desk & storage. But beyond the interiors, the fantastic backyard holds its own charm! With a covered patio, well-laid travertine, artificial turf, a fireplace, a built-in BBQ grill, and a sparkling pool, this space promises year-round enjoyment. Don't just dream itcome and live it! Removabale pool fence also included!

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27305 N Gary Road San Tan Valley, AZ 85144

$785,000

4 Beds

2 Baths

2,575 SqFt

Status Active

MLS # 6756247

Property Type Single Family Residence

Price Type --

Country living at it's finest on this 1.28 acre non HOA property! Open floor plan single level 4 Bedroom, 2 Bath, extended depth 3 Car Garage! Insulated RV garage and workshop with LED Lighting & 220V power! 30' wide x 50' deep with 2 Doors 12'x12' & 12'x14'. Outdoor RV parking also with RV Gate and long driveway with tons of parking! Beautiful fenced salt water pool with water feature! Extended alumawood trellis off patio with built-in BBQ, ! Mature Landscaping including over 17 Fruit Trees. 15k in new windows with lifetime warranty 2021, custom blinds and shutters 2021, remodeled guest bath 2021, new toilets 2021, new attic insulation 2023, new pool filter 2022, new water heater 2023, new sprinkler valve box 2022, whole house water softener 2021, RO system 2021. Come and tour today!

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1226 E Monte Cristo Avenue Phoenix, AZ 85022

Open House

New

$785,000

3 Beds

2 Baths

2,394 SqFt

Status Active

MLS # 6756385

Property Type Single Family Residence

Price Type --

Stunning single-level 3 bed plus den home in Moon Valley Canyon! Sitting at the base of Lookout Mountain & Phoenix Preserve, this serene home offers peaceful desert and lush grass landscaping on a quiet cul-de-sac. 1 year Lennox AC, 8 yo York AC, 2024 Interior & Exterior Paint, 4 Year Roof. Soaring ceilings, a bright open kitchen and great room with a fun open bar area for entertaining. The private backyard has a sparkling pool, grassy area, 2-person spa, large covered patio and meticulously maintained landscaping. Enjoy Louver style shutters, BBQ, outdoor fridge bench with storage. Centrally located near freeways, shopping, and dining, Moon Valley Country Club, Pointe Tapatio Resort, Lookout Mountain Golf.

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