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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808 W Avalon Drive Phoenix, AZ 85013

$775,000

4 Beds

2.5 Baths

2,187 SqFt

Status Active

MLS # 6759742

Property Type Single Family Residence

Price Type --

Charming home located in the historic neighborhood of Campus Vista. This 2,100+ SF residence has been beautifully updated for modern living. Enjoy corner windows for natural lighting, that embrace the character of the home. The living and dining rooms feature built-in storage and access to a covered terrace. Kitchen is complete with granite countertops, stainless appliances, glass tile backsplash, and gas cooking. Spacious bedrooms with large walk-in closets. Guest bath offers a separate tub and shower, while the split primary suite offers a slider to the terrace, dual sinks, and jetted tub. Additional features include a carport, extra parking pad, and gated access to a detached two-car garage. Enjoy your private grassy backyard, lush greenery, and the option for flood irrigation. Campus Vista came to be in the 1940's and housed students and faculty for the then new Phoenix College. Just a 5 min walk down the street. Conveniently located just minutes from the Downtown area. Near Banner University Hospital, St. Joe's Hospital, Phoenix Children's, and many more medical facilities. Encanto Park just minutes away with nature trails, fishing ponds, a boathouse, park rides, and two golf courses. A wide variety of restaurants and shops all around. Quick access to the freeways.Embrace this perfect blend of charm and convenience!

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735 W Aire Libre Avenue Phoenix, AZ 85023

$775,000

4 Beds

2.5 Baths

3,016 SqFt

Status Active

MLS # 6751508

Property Type Single Family Residence

Price Type --

Seller priced for quick sale! Beautifully updated two-story home with 4 beds + a very spacious enclosed loft. Kitchen features 2.5'' thick granite slab, under cabinet lighting, a large pantry & is perfectly positioned to overlook the backyard and family room. Newer equipment & resurfacing of pool & spa done recently. newer water heater. The bathrooms have all been remodeled as well & feature newer tiled showers, quartz counters, dual vanity & a huge walk-in closet. The large first floor master suite has a separate exit and a clear view of the backyard. The resort style backyard features a beautiful pool, spa, grass area, expansive covered patio, built-in BBQ & a side yard. 3-car garage w/ multiple walls of built-in storage cabinets as well.

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1492 E Prescott Place Chandler, AZ 85249

$775,000

4 Beds

2.5 Baths

2,469 SqFt

Status Active Under Contract

MLS # 6749303

Property Type Single Family Residence

Price Type --

Get ready to fall head over heels for this one-of-a-kind gem! This single-story beauty, built in 2008 by the amazing Fulton Homes, is nestled in the highly sought-after Geneva Estates neighborhood. Boasting 4 dreamy bedrooms plus a den, a powder room fit for royalty, a large corner lot, and not one, not two, but a THREE car garage - this house truly has it all. Step into the bright and airy great room and let the natural light and cozy stone gas fireplace sweep you off your feet. The kitchen will leave you swooning with its sleek white cabinets, stunning granite countertops, top-notch stainless steel appliances, gas cooktop that will make you feel like a top chef, pantry for all your secret snacks, and a dining space perfect for all your entertaining needs. The master suite is a real stunner, complete with a spacious walk-in closet, double vanity, and a separate shower and tub for those luxurious bubble baths. And fear not, the den, 3 additional bedrooms, and full 2nd bath are cleverly separated from the main bedroom - ensuring maximum privacy for all. But that's not all, folks! Get your party pants on for some fun in the sun on the north-facing paver patio overlooking the massive yard, complete with a gas fireplace and built-in BBQ. We promise it's the perfect spot to impress your friends with your grilling skills and enjoy some outdoor relaxation. And let's not forget about the amazing Chandler location, close to all the goodies - shopping, restaurants, parks, schools, and easy freeway access. What more could you want? Don't miss out on this spectacular home - it'll steal your heart faster than a cute puppy video.

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13293 E Remington Road Prescott Valley, AZ 86315

$775,000

4 Beds

2 Baths

2,571 SqFt

Status Active

MLS # 6708593

Property Type Single Family Residence

Price Type --

Welcome to your new home at 13293 E Remington Rd, nestled in Mingus West, a vibrant and growing community of Prescott Valley, AZ. This exquisite single-level house offers a spacious layout covering 2,571 SF, encompassing four well-appointed bedrooms, two bathrooms, a 4-car garage plus an RV garage. As you enter, you are greeted by a vast great room that seamlessly transitions into a delightful game room—ideal spaces for entertaining and relaxing with family and friends. The kitchen, designed with functionality in mind, overlooks these areas ensuring that you're never too far from the action. This property doesn't just cater to your indoor needs but extends its comfort to the outdoors. Experience the joy of outside living with features like raised garden beds ready for your green thumb, various fruit trees that promise seasonal delights, and a serene pond that invites tranquility into your backyard. The extensive covered patios provide a comfortable space to enjoy the outdoors any time of the day. Car enthusiasts or those needing significant storage will be thrilled with the 4-car garage and additional RV garage, providing ample space for vehicles, tools, and toys. Situated in a friendly neighborhood, this home strikes a perfect balance between personal and social, indoor, and outdoor, practicality and luxury.

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10080 E Mountainview Lake Drive Unit 159 Scottsdale, AZ 85258

$775,000

2 Beds

2 Baths

1,152 SqFt

Status Active

MLS # 6697685

Property Type Apartment

Price Type --

Welcome to luxury lakeside living at Scottsdale Bay Club in the prestigious Scottsdale Ranch community. This fully remodeled ground floor unit offers breathtaking views of Lake Serena, ensuring a serene and picturesque backdrop for your daily life. This meticulously updated 2-bedroom, 2-bathroom residence boasts modern finishes and attention to detail throughout. Step inside to discover an inviting living space, flooded with natural light and designed for both relaxation and entertainment. The kitchen is a chef's dream, featuring sleek cabinetry, premium appliances, and ample counter space for culinary endeavors. Enjoy meals with a view in the adjacent dining area, overlooking the tranquil waters of the lake. Continue.... The spacious bedrooms provide comfortable retreats, each offering privacy and comfort. The master suite includes a luxurious ensuite bathroom and generous closet space, while the second bedroom offers versatility for guests or a home office. One of the highlights of living at Scottsdale Bay Club is the direct gate access to Scottsdale Ranch amenities. Residents can take advantage of tennis courts, racquetball, volleyball, playgrounds, basketball courts, and a baseball field, all within walking distance. Cross the walking bridge over Via Linda and discover a vibrant array of dining, shopping, and entertainment options. From bars and restaurants to a pharmacy, gym, nails salon, bank, coffee shops, and even an ice cream parlor, everything you need is just steps away. Additional features of this exceptional property include a one-car garage for convenient parking and storage. With its prime location, stunning views, and luxurious amenities, this ground floor unit at Scottsdale Bay Club offers a lifestyle of unparalleled comfort and convenience. Don't miss your chance to experience resort-style living in the heart of Scottsdale. Schedule your private showing today and make this lakeside retreat your own.

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2613 W Via Vista Drive Phoenix, AZ 85086

$775,000

4 Beds

3.5 Baths

3,060 SqFt

Status Active Under Contract

MLS # 6695901

Property Type Single Family Residence

Price Type --

Beautiful single story with a sparkling blue pool with waterfall and a Mountain View. This home offers modern multi-generational living with a guest suite with its own separate living area. Chef's kitchen features large extended island, gas stove, seemingly endless storage, an eat-in breakfast nook and beautiful granite. Large primary bedroom has patio access, en-suite bathroom, enormous walk-in closet, and three separate bathroom areas for getting ready. Additional bedrooms are above average size and have separate entry access door from private courtyard. Light bright floor plan with diagonally set tile. Stellar location across the street from everything fun in Tramonto, basketball, tennis, pool, hot tub, picnic area, sand volleyball and playground. Close to TSMC! Walk to restaurants! A/Cs only 3 years old! Also, ask about the excellent solar lease. $178.06 per month and APS in May of 2023 $25.00.

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15783 E Primrose Drive Fountain Hills, AZ 85268

$775,000

3 Beds

3 Baths

2,259 SqFt

Status Active

MLS # 6673657

Property Type Single Family Residence

Price Type --

Spacious desert stunner in peaceful and prestigious Fountain Hills! Nestled amidst breathtaking mountain vistas, this exquisite property is the perfect one for you. As you approach, the charm of an exterior fireplace immediately greets you, setting the tone for the warmth and beauty that lies within. The presence of a refreshing pebble-tech pool, and a rejuvenating spa, promises endless relaxation and enjoyment against the stunning backdrop of nature. Step inside to discover a spacious living area, radiating a cozy ambiance with its inviting fireplace. High ceilings make this home feel like a Vegas resort! The den, designed with tranquility and productivity in mind, makes an ideal space for a home office. Culinary enthusiasts will be delighted by the formal dining area, where memorable meals can be enjoyed with loved ones. The kitchen is a chef's dream, featuring ample cabinetry, granite counters, high-end stainless steel appliances, including wall ovens, and a center island with a convenient breakfast bar. Retreat to the generously sized main bedroom, with pool view, offering two separate walls of floor to ceiling closets for ample storage. The ensuite is a haven of relaxation, boasting dual sinks and a jetted tub for ultimate indulgence. An Arizona room provides a serene escape for peaceful afternoons, basking in the beauty of your surroundings. The backyard is a tranquil space, ideal for unwinding and absorbing the scenic mountain views. This property truly embodies the essence of a picturesque retreat, offering both luxury and comfort in an idyllic setting! Come and experience its charm for yourself! Additional features include a recently painted interior (2021), a fully renovated drip system (2021), and a new air conditioner (2019). This property sits on a private half acre of beautiful, mature landscaping.

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7332 E Glencove Street Mesa, AZ 85207

$775,000

4 Beds

2.5 Baths

2,406 SqFt

Status Active

MLS # 6718637

Property Type Single Family Residence

Price Type --

This stunning NEW CONSTRUCTION 4-bedroom, 2.5-bath oasis spans over 2406 sq. ft. of luxurious living space on a generous 9,853 sq. ft. lot. Enjoy unparalleled comfort with features like 2x6 construction, insulated interior walls, vaulted ceilings, exposed architectural beams, and a cozy large format black tile fireplace. The gourmet kitchen boasts an oversized waterfall leather finish granite island, 42'' cabinets, and premium appliances. Enjoy a dedicated den/office and unwind in the serene primary suite with separate nook, a spacious walk-in closet and freestanding soaker tub. Entertain effortlessly in the beautifully landscaped backyard with a shaded BBQ deck and paver patio. This home is a perfect blend of elegance and functionality. Welcome home!

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30248 N 115th Drive Peoria, AZ 85383

$775,000

3 Beds

2.5 Baths

2,510 SqFt

Status Active

MLS # 6754152

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in the esteemed Vistancia community of Peoria, offering 2,510 square feet of living space. This beautifully designed residence features 3 spacious bedrooms, office, den and 2.5 bathrooms. The perfect retreat for families or those looking for ample space. As you enter, view your backyard paradise through a floor-to-ceiling slider. The chef's kitchen is equipped with a 5-burner gas stove, double ovens, 2-drawer dishwasher, quartz countertops and a dedicated morning bar. The private office/craft room and cozy den provide ideal spaces for remote work or relaxation. Designer touches throughout. The backyard is a vacation retreat. Built in garage storage w/overhead racks. Additional community amenities include: Mountain Vista Clubhouse, gameroom, indoor basketball, 3 tennis courts, 4 pickeball courts & 3 swimming pools. Located near grocery stores and dining options, with convenient access to loop 303 freeway. This home is a true gem, blending elegance with comfort and convenience. Don't miss the opportunity to make this stunning property your new home!

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15406 E Wildcat Court Fountain Hills, AZ 85268

$775,000

3 Beds

3 Baths

2,632 SqFt

Status Active Under Contract

MLS # 6660741

Property Type Single Family Residence

Price Type --

No interior steps! Coveted split bedroom floorplan with en suite guest bedroom! Enter into spacious living room open to outside greenery and enhanced by 12' ceiling. Kitchen, breakfast area and family room with fireplace comprise the core entertainment area with wet bar and access to covered patio & scenic yard that backs to wash. Island kitchen and double ovens will appeal to every home chef. Guest bedroom wing features 2 bedrooms, one of which is en-suite, and a full bathroom. Primary bedroom and full bath are on the opposite wing. 3-car garage has storage racks ,and attached cabinets; Sunridge Canyon cul de sac location ensures peace and quiet. Community amenities include public golf course, hiking trails and several neighborhood parks.

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1761 S Alder Leaf Lane Show Low, AZ 85901

$775,000

4 Beds

3.5 Baths

3,261 SqFt

Status Active

MLS # 6491456

Property Type Single Family Residence

Price Type --

This luxury home is nestled in a quiet cul-de-sac on a ½ acre lot, in the breathtaking Meadows of Torreon Golf Club in Show Low, AZ. The Lodge's first floor provides a generous master suite, kitchen with all stainless-steel appliances, half bath, laundry room, and cozy great room with a gorgeous gas fireplace. The 2nd floor has 3 bedrooms, full bath, a loft with balcony, and another master suite!

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3000 E Misty Mountain Loop Prescott, AZ 86303

$775,000

3 Beds

2 Baths

2,044 SqFt

Status Active

MLS # 6718714

Property Type Single Family Residence

Price Type --

Hidden treasure in the tall Ponderosa Pines just south of Prescott on 2 acres with 3 bed 2 baths and a 3 car garage. So many upgrades to make it a year round home or a great get away that is fully functional for the entire family. Metal roof over this beautiful 2044 sqft home and a 5 year warranty along with over $200,000 in upgrades so that it can be a year round home. Full list is attached however to name just a few updates include Anderson windows, Prestige security doors, plank board flooring, porcelain tile in the kitchen, stainless steel appliances, front yard fencing, with 3 gates, AC, and a whole house backup generator. Landscaping was updated to allow proper drainage so nothing puddles and you have easy access to your property. Seller was considering building a workshop and started a PAD and driveway ( see pictures). Garage itself will fit 2 cars, UTV and still have room to move. Additional storage sheds on property for items less needed. Well was recently serviced and produces 15 gpm, more information in documents along with a survey, septic pump and functional certification for transfer of ownership. Hot Tub will not convey. Pictures do not give this property justice and should be seen in person.

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