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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7305 N 181st Avenue Waddell, AZ 85355

$779,000

3 Beds

2 Baths

2,188 SqFt

Status Active

MLS # 6732074

Property Type Single Family Residence

Price Type --

Charming and tasteful 3 bedroom 2 bath home with a pool on almost 2 irrigated acres AND an additional 16x12 (180 sq ft that is not included in the 2188 sq fts) DETACHED OFFICE with AC! This home offers a remodeled kitchen with bright white cabinetry and granite counters and new stainless steel appliances, updated baths with new vanities and flooring, solid surface flooring throughout (NO CARPET), a large family room and formal living room plus additional flex space. The fully fenced Pebble Tec pool has been resurfaced with updated equipment. New roof 2021, new AC units in 2022, and added pickleball court. This property offers flood irrigation, rain soft water softener, mature trees and is fully fenced. A property like this is sure to go quickly in the highly desired rural community of Clearwater Farms. Come experience country life just outside the city!

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10150 E Thistle Avenue Mesa, AZ 85212

$779,000

4 Beds

3.5 Baths

2,794 SqFt

Status Active

MLS # 6745031

Property Type Single Family Residence

Price Type --

Stunning 4-Bedroom Home with Modern Upgrades in Cadence! Welcome to this beautifully upgraded home located in the desirable community of Cadence. Built in 2021, this spacious 4-bedroom, 3.5 bathroom residence features an office and a versatile loft, offering ample space for work and play. The heart of the home is the chef's kitchen, complete with quartz countertops, luxury LVP flooring, and top-of-the-line appliances. The open-concept living area boasts a large stackable back slider, seamlessly connecting the indoor and outdoor spaces. Step outside to enjoy the low-maintenance backyard with artificial turf and a covered patio, perfect for relaxing or entertaining. Enjoy the amazing community amenities including 2 resort style pools, featuring waterslides and a splash pad. There are 8 acres of community parks and activities including outdoor dining areas with BBQ grills, 12,000 SF clubhouse, state-of-the-art fitness center which includes a movement room with Fitness on Demand classes like yoga/zumba, and spin room; teen game room, event center, lots of outdoor seating areas, and several fire pits for gathering. Community has lots of walking trails, 6 parks with playground equipment, pavilions and seating areas and an enclosed dog park. There are multiple tennis courts, basketball and volleyball courts and bocce ball area. Cadence is perfectly located near dining, shopping, entertainment and great freeway access! Don't miss the chance to make this exceptional property your new home!

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30616 N 228th Avenue Wittmann, AZ 85361

$779,000

4 Beds

2.5 Baths

2,864 SqFt

Status Active

MLS # 6704404

Property Type Single Family Residence

Price Type --

Would you like country living, open space and quiet star filled nights, yet be close enough to town? If so, this spacious custom built home sitting on 2.12 acres may be for you. It boasts of an open floor plan, an expansive kitchen complete with granite countertops and custom cabinetry everyone dreams about. All the bedrooms are large, but the master bedroom is generous in size with a custom walk-in closest and luxurious master bathroom. You will appreciate the craftsmanship throughout the whole house. The attached 3 car garage is deep so you will have no problem parking your vehicles in it. For relaxation or entertaining, you will enjoy sitting outside in the inviting oversized covered patio area with an outdoor BBQ island and additional seating area as well. Mature landscaping accent the beauty of this home. Waiting outside is the 20x50 RV Barn with an attached covered 30x30 carport. Also, there is another 18x22 covered shed. No need to worry about space for the toys. Don't miss out on what this home has to offer and its all located just outside of the city of Surprise with easy access to major freeways and less than 30 minutes from Lake Pleasant.

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5226 W Pinnacle Vista Drive Phoenix, AZ 85083

$779,000

4 Beds

3.5 Baths

3,638 SqFt

Status Active

MLS # 6725224

Property Type Single Family Residence

Price Type --

Your DREAM home awaits in Stetson Valley! This beautiful property offers 4 bedrooms + den, 3.5 baths, 3-car garage. Inside you will find a welcoming interior featuring a neutral palette & abundant natural light. Perfect for entertaining, it offers a formal living/dining room and a cozy family room with fireplace! The open-concept kitchen boasts quartz counters, staggered cabinetry, a pantry, center island, and SS appliances w/gas cooktop & 2 wall ovens. Spacious double-door den great for an office! Upstairs, you'll find a spacious loft along with large bedrooms. Primary bedroom has an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Bedroom 2 has its own private bath. Can be a 2nd master or great guest room. Outside is an entertainers delight featuring a full length covered patio with mountain views, pavers, artificial turf and a sparkling heated pool and spa. Enjoy the surround sound in family room and patio. Newer Carpet/Paint 2023, backyard landscape updated 2023, newer water heater 2024. newer water softener 2024. Perfect family home!

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2890 Dillon Boulevard Chino Valley, AZ 86323

$779,000

4 Beds

3.5 Baths

3,009 SqFt

Status Active

MLS # 6753108

Property Type Single Family Residence

Price Type --

Quick move in home at Heritage Pointe in gorgeous Chino Valley. Enjoy the rural lifestyle while being only 20 minutes away from Prescott. Close to local restaurants, Safeway Center & shops. This 4 bedroom, 3.5 bath Cottonwood Model has been upgraded with an expanded outdoor patio, Owners Suite extension, 42'-inch cabinets, lighting package, a 4 car garage and more! A must see home. Watch the Virtual Tour! Click the Docs Tab to see features and floor plan.

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3060 N Ridgecrest -- Unit 98 Mesa, AZ 85207

$779,000

4 Beds

3 Baths

2,733 SqFt

Status Active

MLS # 6732528

Property Type Single Family Residence

Price Type --

Two Story Home nestled on a lush oversized lot in the highly desirable neighborhood of Las Sendas. This property has a perfectly laid out backyard with loads of space to make your own. The extended covered patio includes space for dining and outdoor living. Pavers extend across from side entry gate to covered patio to the enlarged pool area. A raised terrace behind the pool is the perfect place to add a spa or firepit. Newer A/C units replaced in 2020/2021. Pool resurfaced with new pebble tec 2020. Fresh interior paint including doors and trim makes this home feel brand new! Kitchen includes granite counters, Island with storage, and Stainless Steel appliances. North / South exposure ensures your evenings will be enjoyable in this gorgeous private backyard. Las Sendas is an award winning community with upscale ammenities such as 2 heated community pools and spas, Tennis Courts, Pickle Ball Courts, Bocci, Basketball, Sand Volley Ball, Soccer and Baseball fields, Childrens Play Structures & Splash Pad, Party Ramadas, a fitness center, spa, and community center available to host events. Minutes from Saguaro Lake, Salt River Recreation Area, Usery Park and Located close to the 202 Red Mountain / San Tan Freeways.

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10434 E Texas Avenue Mesa, AZ 85212

$779,000

2 Beds

2.5 Baths

2,975 SqFt

Status Active

MLS # 6717437

Property Type Single Family Residence

Price Type --

**LUXURIOUS HOME with POOL in ENCORE at EASTMARK -RESORT STYLE-55+ COMMUNITY! ** Your New Home features: Open Layout, 2 Master Suites w/ Full Baths, Suite 2 w/private entry, 2,975 sq.ft of living space, Huge Office/Flex Room w/Frosted Glass Sliding Doors, New Exterior Paint, Upgraded Tile, Recessed Lighting, Auto-Remote Controlled Shades, Surround Sound, Bathrooms w/ Roll out Cabinets, New Water Softener & Purifier, Chef's Kitchen w/ Granite, Roll out Cabinets, Huge Island, Wolf Gas Stovetop, SS Appliances & Fridge, Your Backyard Boasts a Sparkling Pool w/ Water Features & Fountain, Gorgeous Travertine Tile on back patio & pool surround, Custom Brick BBQ w/Bull Gas Grill, Pro-Patio Misting System (Side & Back), Side Patio Pergola w/ shades & Newer Pool Heater (2021). Continue-click more- The Massive Flex Room is perfect for an Office, Game Room, Home Theater, Home Gym & More! The list goes on including: Instant Hot Water throughout the Home, Dishwasher was upgraded to the Bosch 800 series, Tons of Cabinet space & big pantry, Spectacular Pendant lighting in the Kitchen, Pre-Wire ready for TV & Audio in multiple rooms and on the back patio, 3 Car Garage is comprised of a double bay garage and a single bay garage, overhead storage racks, flooring installed in attic space in garage for extra storage space, New AC Condenser in the attic, Double locking gates to the pool area and weighted door control per City of Mesa code. Your home is perched right across from a green belt. You also have great curb appeal with beautiful landscaping in front and synthetic grass in the back for low maintenance. Encore is a sought after community with Amenities Galore. Clubhouse includes: Pool/Spa, Fitness Center, Pickleball, Tennis, Bocce Ball Courts, Crafts Room, internet Café, Events Desk & more! Encore is where you want to Live and Make New Friends!!! If you want to be active this is the place that has plenty of options!!!

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4007 N 86th Street Scottsdale, AZ 85251

$779,000

3 Beds

2 Baths

1,888 SqFt

Status Active

MLS # 6699720

Property Type Single Family Residence

Price Type --

Seller offering pool credit or prepayment to pool company of buyers choice: $25,000 towards a brand new modern pool installation! Don't get stuck with an outdated backyard when you could create your own oasis! In this part of 85251 you do not have overhead power lines- a great benefit! Move-in ready 3 Bed 2 Bath 2 Car Garage home with upgrades: New HVAC 2023, New energy efficient designer interior doors/windows 2024, New underground sewer/plumbing lines. Re-configured floor plan with enlarged primary suite featuring New custom closet, New oversized laundry room/pantry and dog wash/utility sink. Located close to everything Old Town Scottsdale has to offer, and minutes to the 101 freeway for easy commuting. Home has been Pre-Inspected by a Home Inspector.

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25634 N Singbush Loop Phoenix, AZ 85083

$779,000

5 Beds

3.5 Baths

3,482 SqFt

Status Active

MLS # 6701368

Property Type Single Family Residence

Price Type --

Nestled in the picturesque landscape of Stetson Hills in Phoenix, Arizona, stands an exquisite two-story house offering a blend of luxury, comfort, and breathtaking views. This magnificent home boasts five bedrooms, 3.5 bathrooms, and a refreshing pool, all set against the backdrop of majestic mountain vistas. A bedroom downstairs with a walk-in closet and private full bathroom. Two Brand new A/C condensers, brand new lights inside. High ceilings adorned with recessed lighting create an airy ambiance, while oversized windows flood the space with natural light, offering glimpses of the surrounding mountains from every angle. S/S appliances in the kitchen, nicely landscaped backyard and front yard. Close to shopping, grocery, retail, restaurants and major highways just seconds away

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351 S Solomon Drive Morristown, AZ 85342

$779,000

3 Beds

2 Baths

1,724 SqFt

Status Active

MLS # 6693004

Property Type Single Family Residence

Price Type --

3 FULL ACRES!! Entertainer's Paradise! Saddle up and come on out West to Morristown and start living that cowboy life that you've been dreaming about! This amazing remodeled ranch home has it all including a gorgeous kitchen with new cabinets, butcher block counters, new stainless steel appliances, breakfast bar, open concept with 18' ceilings! You can customize this home and build a loft to expand the square footage if desired. The pavement ends just before the edge of the property where there is plenty of space to build your dream garage! The massive backyard has block fencing and is fully landscaped with turf, rock, pad, volleyball court, full length C Patio, and more! The massive built in firepit was built to be pallet size for those outdoor winter gatherings! Bring your RV and hook up to water, electric, and sewer. 2 RV gates, 20' plus another 15' along with 3 large sheds. The south acre plus is fully fenced and has a shade structure on the west side. The secondary bedrooms are very large, with one having it's own loft! The master bedroom is the size of 2 master bedrooms with very high ceilings. The possibilities are endless with this property! Get your slice of Heaven while it's still available. Large parcels like this one are rare. Let your dreams run wild in the Wild Wild West! Roof and AC were recently replaced.

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245 E Dahlia Drive Phoenix, AZ 85022

$779,000

3 Beds

2 Baths

2,342 SqFt

Status Active

MLS # 6695738

Property Type Single Family Residence

Price Type --

This beautiful custom home features a newer $63,000 solar system, which is owned by the seller, boasting near-zero electric bills! Enjoy stunning mountain views! Rare opportunity to live across the street from the Phoenix North Mountain Preserve with no HOA! If you're a tennis player, imagine being a short walk from the private racquet club. This custom-built home offers vaulted ceilings, a fireplace in the family room, a formal dining room, and an extra-large kitchen with an island, all surrounded by beautiful swimming pool, patio, garden, and mountain views. The huge, heavy-beamed, covered patio off the kitchen also has a vaulted ceiling. The breakfast area and kitchen provide garden and mountain preserve views. Both the primary and guest bedrooms have French doors to private patios. Other features include luxury vinyl plank flooring throughout, a newer water heater, two HVAC units, total electric living, inside laundry, and an oversized two-car garage with an insulated garage door. Walking distance to mountain trails and the Gold Key Racquet Club for tennis and social activities (membership optional).

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437 E Marconi Avenue Phoenix, AZ 85022

$779,000

4 Beds

3 Baths

2,012 SqFt

Status Active

MLS # 6700180

Property Type Single Family Residence

Price Type --

Great living space w/spectacular mountain views! NO HOA! This 4-bedroom/3 bath home in Moon Valley features: An attractive corner lot w/curb appeal, sparkling pool and spa w/ new energy-efficient, variable-speed ''intelliflo'' pumps, bright and spacious open floor plan & tall, vaulted ceilings. A great place to work from home, relax and entertain. Stainless steel kitchen appliances, custom pull-out drawers, remodeled bathrooms; new luxury vinyl flooring, newer large appliances, smart thermostat, well-maintained newer roof with warranty. The private, large back yard features a diving pool & optional safety fence that inserts into patio perimeter). Lighted hot tub spa, artificial turf, covered patio with remote-controlled lighting, fabulous landscape & outdoor ambiance.

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