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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15408 W Bobwhite Way Surprise, AZ 85387

$784,999

4 Beds

2 Baths

2,507 SqFt

Status Active

MLS # 6750763

Property Type Single Family Residence

Price Type --

POOL, UPGRADES, LAND, and PRIVACY! Come and see why this are is BOOMING!Custom finishes throughout and a sprawling/split floorplan make this home a perfect escape for you and yours! 4 car garage, HORSE RIGHTS , POOL, RV GATE..the works! This is an amazing opportunity to nestle in on the ground floor of a fast growing nieghborhood, and ride the wave if appreciation!

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3740 E Page Avenue Gilbert, AZ 85234

$784,995

4 Beds

2.5 Baths

3,026 SqFt

Status Active

MLS # 6747961

Property Type Single Family Residence

Price Type --

This exceptional home sits on a spacious 10,000+ sq. ft. corner lot and offers over 3,000 sq. ft. of living space with a 3-car garage. The main level features bright and open living areas, along with the master suite for added convenience. Upstairs, you'll find three generously sized bedrooms and a versatile game room or office. This home is packed with upgrades, including a brand-new roof, updated AC units, new windows, fresh carpet, stylish shutters, and refreshed kitchen and bathrooms. The backyard is perfect for entertaining, with a large grassy area, a revamped pool surrounded by a travertine patio, a hot tub (which can convey with the house if interested), and a covered patio equipped with a swivel TV mount—ideal for catching the game from anywhere in the yard. Inside, there's a detached bar in the living room, which can also convey with the home if desired. Additionally, the sellers were grandfathered into an exclusive solar program that keeps their energy bills low year-round. Inquire for more information about this unique benefit.

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9289 E Pine Valley Road Scottsdale, AZ 85260

$784,990

3 Beds

2 Baths

1,946 SqFt

Status Active Under Contract

MLS # 6729560

Property Type Single Family Residence

Price Type --

Discover your dream home in a highly sought-after Scottsdale community! This stunning 3 bed/2 bath split floor plan home features a spacious den that can easily serve as a 4th bedroom with a full closet. Recently updated, the home boasts a brand-new kitchen with granite countertops, new stainless steel appliances, refinished cabinetry, and a large island with a sink and breakfast bar. Freshly painted throughout and new carpet throughout add to the home's pristine condition. Enjoy the elegant formal living and dining areas, or relax in the cozy family room with a fireplace just off the kitchen. The fantastic floor plan offers 10' ceilings, creating an open and inviting atmosphere. The lush, mature backyard is a private oasis with a grass area and a fenced-in pool, perfect for entertaining and unwinding. Located close to top-rated schools, shopping, and recreational facilities, this home offers the perfect blend of comfort and convenience. Don't miss out on this exceptional opportunity to own a beautifully upgraded home in a prime location!

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14209 N Ashbrook Drive Fountain Hills, AZ 85268

$784,900

3 Beds

2 Baths

1,505 SqFt

Status Active

MLS # 6696716

Property Type Townhouse

Price Type --

Experience the pinnacle of Fountain Hills living in this meticulously renovated 3- bedroom, 2 -bathroom twin home. Revel in the Arizona sunshine in your backyard oasis, featuring a beautiful spool, a putting green for leisure, and a spacious covered patio with built-in-BBQ, perfect for entertaining, Arizona room with A/C. This residence seamlessly blends modern aesthetics with comfort, providing an inviting retreat in the heart of Fountain Hills.

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22509 N 93rd Drive Peoria, AZ 85383

$784,900

3 Beds

2.5 Baths

2,318 SqFt

Status Active

MLS # 6749347

Property Type Single Family Residence

Price Type --

North Peoria's Finest Community and RV Parking! The house of your dreams with parking for all your toys and an HOA that let you do it! This almost new, beautifully upgraded home will fit your lifestyle! You will fall in love with the high end features and upgrades. Fantastic color palate with the right finishes in all the right places. The Light and Bright floorplan will keep you happy and cheerful. The Large covered patio keeps things cool and is great for entertaining. Large open kitchen with Granite, Stainless Steel and more. Spacious primary bed and bath for your in home getaways! Extra tall, deep and Air Conditioned garage will fit your stuff! Huge RV gate and lots of concrete to park your toys! Community Pool, Parks, Pickleball and more! Don't Wait, See it today

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1688 E Lexington Avenue Gilbert, AZ 85234

$784,900

4 Beds

3.5 Baths

3,541 SqFt

Status Active

MLS # 6756015

Property Type Single Family Residence

Price Type --

Discover this beautifully maintained home in the heart of Gilbert, where modern comfort meets stylish living. Boasting an open floor plan, this gem includes a beverage bar with its own fridge and a media room complete with a projector and screen—ideal for entertaining guests. The exquisite wood-look tile floors and vaulted ceilings are sure to impress. Enjoy the outdoors with a sliding door that opens to a meticulously maintained backyard featuring a spacious patio that runs the length of the home. The first-floor owner's suite offers a walk-in closet and a luxurious en-suite bathroom with both a separate shower and tub. Additionally, a versatile loft upstairs provides extra space for relaxation or play. You won't want to miss this show stopper!

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13281 N 71st Drive Peoria, AZ 85381

$784,000

5 Beds

3.5 Baths

3,169 SqFt

Status Active Under Contract

MLS # 6713311

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury living in this exquisite TW Lewis home, boasting 5 bedrooms, 3.5 bathrooms, and a sprawling 17,431 square foot lot. With over 3100 square feet of meticulously designed living space, every detail of this residence exudes sophistication and comfort. The downstairs primary suite has a double door entry, wood floors, and features a beautifully remodeled bathroom complete with a lavish walk-in shower, alongside a spacious walk-in closet for added convenience and storage. Entertain with ease in the formal living and dining areas, or gather in the breakfast room and great room, seamlessly connected to the gourmet kitchen. Equipped with stainless steel appliances, double wall oven, built-in microwave, beverage cooler, and granite countertops, this kitchen is a culinary enthusiast's dream. Adjacent to the kitchen, you'll find a spacious laundry room with a utility sink, cabinets, and room for an additional refrigerator, providing ample space for organization and functionality. Upstairs, four generously sized secondary bedrooms await, along with a full bathroom and a jack-and-jill bathroom, offering comfort and privacy for family and guests alike. Step outside to your private oasis, where luxury meets recreation. The outdoors features a 3-car garage with cabinets, an extended height RV gate with ample parking space, and a resurfaced pickleball court for active entertainment. Relax and unwind in the sparkling pool or indulge in outdoor dining at the step-down built-in BBQ area. The massive resort-like backyard offers a covered patio, huge grass area, 3-hole putting green, and a drop-in hot tub, providing the perfect setting for outdoor enjoyment and relaxation. This exceptional property epitomizes luxury living at its finest, offering an unparalleled lifestyle with amenities that cater to every desire. Don't miss the opportunity to make this stunning residence your own and experience the epitome of luxury living firsthand.

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3132 W Blue Eagle Lane Phoenix, AZ 85086

$784,000

4 Beds

3 Baths

2,812 SqFt

Status Active

MLS # 6742704

Property Type Single Family Residence

Price Type --

Absolutely stunning custom build! Amazing views and very private - situated on over an acre with private well! 4 bedrooms and 3 bathroom PLUS bonus rooms! Spa-like primary suite including indoor sauna! All furnishings included. Kitchen features custom cabinets and double fridge, built with luxury and functionality in mind! Step onto the full length patio that overlooks the mountains to the north. The backyard is a blank slate for resort style pool and finishes. An oversized septic tank was installed to make expansion on the house easy if you desire (drawings made for future casita plan). Would make an incredible forever home or is ready to go as a STR. This will not last!

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8340 E Inca Street Mesa, AZ 85207

$782,900

4 Beds

3 Baths

2,383 SqFt

Status Active

MLS # 6741850

Property Type Single Family Residence

Price Type --

Welcome home to this exquisite residence nestled in the highly coveted MONTEBELLA AT MOUNTAIN BRIDGE gated community. Meticulously maintained as a part-time residence, this home offers a pristine living experience with a fantastic floor plan. As you step inside, you'll find a first-floor bedroom and bathroom, providing flexibility and convenience. The second level boasts a spacious primary suite with a luxurious bathroom, alongside two additional bedrooms, another bathroom, and an oversized loft area, perfect for relaxation or play. Situated on a stunning premium lot, this home features a backyard oasis complete with a BBQ area, firepit, sparkling pool, and jacuzzi, all backing up to a serene greenbelt. It's an ideal setting for outdoor gatherings and private relaxation. The MOUNTAIN BRIDGE community offers a wealth of amenities through its HOA, including access to a heated pool and spa, a modern workout facility, pickleball and tennis courts, disc golf, and exclusive use of the MB Owner's Club. This club features a covered patio with a fireplace, live entertainment, and a variety of group activities and clubs, ensuring there's always something to enjoy right at home. Conveniently located with easy access to Sky Harbor and Gateway Airports, this home also offers proximity to a wealth of outdoor activities including hiking, biking, kayaking, and tubing. For urban adventures, Tempe Marketplace, Old Scottsdale, and Scottsdale are just a short drive away, offering endless options for dining, shopping, and entertainment. Don't miss out on this opportunity to own a like-new home with numerous upgrades in one of Mesa's most desirable communities. Discover the epitome of Arizona living at MONTEBELLA AT MOUNTAIN BRIDGE.

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24782 N 167th Drive Surprise, AZ 85387

$781,683

4 Beds

3.5 Baths

2,892 SqFt

Status Active

MLS # 6750053

Property Type Single Family Residence

Price Type --

MLS#6750053 November Completion! Step into a spacious and welcoming home! From the foyer, you'll find two bedrooms, a full bathroom, and a powder room just outside a versatile flex room ready for customization. The open-concept design seamlessly connects the great room, casual dining area, and kitchen with an island and quartz countertops, leading to a covered patio—perfect for stylish entertaining. Off the great room, one side features an additional bedroom and bathroom, while the other side offers a secluded primary suite complete with a generous walk-in closet and a stunning primary bath. A highlight of this floor plan is the two-car garage, along with a large RV garage, providing ample space for all your needs. Structural options include: bedroom 4 with private bath and large slider.

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4306 W Saguaro Park Lane Glendale, AZ 85310

$780,000

3 Beds

3 Baths

2,740 SqFt

Status Active Under Contract

MLS # 6733883

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom, 3 bathroom plus a large bonus room on .34 acres in the gated community of JJ Ranch! Home features and large kitchen with shaker style cabinetry, stainless appliances, cooktop island and granter countertops. Gas fireplace in spacious living room, tray ceiling details in dining and breakfast areas. Master suite with private patio entrance, large walk-in shower, as well as walk in closet. Large bonus room can be used as secondary master that hosts a full bathroom and French doors leading to covered patio. Backyard includes pebble-tea pool, large covered and outdoor tile, BBQ area and fireplace and HUGE side yard area with RV gate. Plenty of space and features to fit all your needs as well as a central vac system in home!!

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7326 E Portland Street Scottsdale, AZ 85257

$780,000

4 Beds

2 Baths

1,741 SqFt

Status Active

MLS # 6744851

Property Type Single Family Residence

Price Type --

PERFECT Short-Term Rental! This rare gem in Scottsdale boasts 4 bedrooms plus a den, a 2-car garage, and a refreshing pool. Inside, discover an inviting open-concept layout complemented by sleek concrete floors, exposed metal beams. The kitchen is a culinary paradise, featuring stainless steel countertops, backsplash, and appliances, along with ample white cabinetry. Renovated bathrooms offer modern tile work and fixtures. The spacious master suite grants access to the backyard oasis, complete with a sparkling pool, and covered patio with a bar area. Situated in downtown Scottsdale, it's conveniently close to Fashion Square, dining, entertainment, and major attractions like the botanical gardens and the Phoenix Zoo and spring training stadiums! A rare blend of luxury and convenience.

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