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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6558 Spirit Trail Trail Pine, AZ 85544

$775,000

4 Beds

3 Baths

1,948 SqFt

Status Active

MLS # 6719856

Property Type Single Family Residence

Price Type --

GATED COMMUNITY with BREATH TAKING VIEWS! And no steps or stairs! Enjoy the views from the private screened-in patio room, deck or the living room! The home boasts 2 Master Suites with En Suite bathrooms. Open floor plan with vaulted tongue and groove wood ceiling. Oversized attached 2 car garage.

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5856 E Montara Place Mesa, AZ 85215

$775,000

3 Beds

2 Baths

1,888 SqFt

Status Active

MLS # 6738433

Property Type Single Family Residence

Price Type --

Best curb appeal in beautiful Apache Wells Golf & Country Club this 2022 custom home is a must see! This superb vacation/full time home w/an amazing amount of garage space--AND a full RV garage wraps around one of the quietest corners in the community. Open concept home w/split bedrooms, lives larger than it's 1888 sq ft. Gourmet kitchen w/soft close white cabinets, beautiful quartz counters, stainless appliances. Dining & great room, large windows, 9ft ceilings & sliding glass door to expansive patio. Master bedroom/master bath w/dbl vanity, large tiled shower & spacious walk-in closet. His & her 2-car garages are 466 sq ft each. The crown jewel is the over height, over length, 585 sq ft RV garage with 220 V plugin and interior RV dump. Click BLUE ''More'' for more information!! All garages w/ individual mini split HVAC, insulated doors and epoxy flooring are also perfectly suited to shop, craft room or personal workout facility. Pavered drive ways and intimate, private back yard. Your front porch is sure to be a source of neighborhood visiting and enjoyment This home is easily be adaptable to handicap accessibility!! Quick move in! Apache Wells is an amazing community with a low $74/month HOA (pd 6 mos in advance) which includes garbage collection and a wide variety of amenities. Fitness center, heated pool and spa, billiards, cards, art, quilting, biking and hiking clubs, brand new free standing wood shop, library, church and much much more!! Golf memberships are available through the pro shop. Apache Wells is located in NE Mesa with close proximity to shopping, outdoor hobbies, sports and culture. Transportation is easy via Loop 202, the US 60 and both Mesa Gateway and Sky Harbor Airport are an approximate 30 min drive. Apache Wells is in transition between the older manufactured home and brand new custom homes, get in on the early side and reap the benefits now!!

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7150 E Napoli Road Prescott Valley, AZ 86315

$775,000

4 Beds

4 Baths

3,304 SqFt

Status Active Under Contract

MLS # 6680372

Property Type Single Family Residence

Price Type --

Nestled on a picturesque 2-acre property, this farmhouse exudes charm and spaciousness, perched atop a small bluff, offering breathtaking views from its inviting front and back porches. A new roof, installed in January 2024, complements the freshly painted interior. A 12'x34' outbuilding and ample space for horses, with convenient access to Mingus Mountain horse trails, complete this idyllic country living experience. Step inside and be enchanted by the open-concept layout seamlessly connecting the kitchen, dining and great room, where a cozy gas fireplace serves as the focal point, catering to the needs of discerning homeowners. The well-appointed kitchen boasts a sizable butcher block island, double refrigerator, 6-burner gas stove, and spacious farm sink, perfect for culinary endeavors On the main floor, discover two versatile bedrooms/offices, a convenient ¾ bathroom, and a mudroom, adding functionality to the living space. The 2+ car garage accommodates one of the two laundry spaces, with the washer and dryer conveying with the property. Upstairs, a haven of comfort awaits with three bedrooms, each featuring en-suite facilities, along with a flexible family room and a separate laundry room for added convenience. The lavish master suite boasts dual walk-in closets and a sumptuous bathroom complete with a double sink vanity, clawfoot soaking tub, and a luxurious walk-in shower. Constructed with steel and fortified with 6 foam insulation, this high-efficiency residence ensures optimal energy conservation. The presence of 50 amp RV hookups enhances the property's appeal, catering to those with recreational vehicles. There's a leased 500-gallon propane tank and situated on the north side of the home are two 1000-gallon septic tanks.

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10080 E Mountainview Lake Drive Unit 259 Scottsdale, AZ 85258

$775,000

2 Beds

2 Baths

1,152 SqFt

Status Active

MLS # 6601959

Property Type Apartment

Price Type --

Looking for a stunning waterfront condo in Scottsdale? Look no further! This recently renovated 2 bedroom, 2 bathroom condo is a gem in this development. With many secondary homeowners in the community, this smart home offers connivence whether you're near or far. Indulge in breathtaking water views, with occasional boat parades from your private balcony. The open floor plan is designed for seamless entertaining. The kitchen is a chef's dream, featuring high-end stainless steel appliances, stunning quartz countertops, and abundant cabinet space. Don't let this opportunity to turn this into your dream home slip away! Bay Club offers an array of luxurious amenities including sparkling pools, gym facility, and the added bonus of a very short distance to Scottsdale Ranch Park.

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31106 N 138th Avenue Peoria, AZ 85383

$775,000

5 Beds

4.5 Baths

3,179 SqFt

Status Active

MLS # 6746944

Property Type Single Family Residence

Price Type --

Luxury meets nature in this stunning 5 bedroom, 4.5 bathroom home that backs up to a nature preserve! It is a true sanctuary, boasting breathtaking mountain views and no neighbors behind—ever! Step inside to discover a versatile den, spacious loft, and two primary bedrooms - one upstairs and one downstairs! The primary bedroom upstairs features a private balcony, perfect for enjoying beautiful sunsets over the serene nature preserve, and complete with his and hers walk-in closets. Step outside to a low-maintenance backyard with a sparkling saltwater pool, waterfall spa, and plenty of space to entertain or unwind. Nestled in a community with top-notch features and with access to hiking/biking trails just down the street, this home offers the perfect blend of luxury and outdoor adventure. Home features include epoxy garage floors, 3 car garage connected inside, pre-plumbed for sink in garage, huge understairs storage, and pool automation that you can control from your phone! Pool fence is available in garage cabinet.

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15981 W Cambridge Avenue Goodyear, AZ 85395

$775,000

2 Beds

2 Baths

2,238 SqFt

Status Active Under Contract

MLS # 6743148

Property Type Single Family Residence

Price Type --

Welcome to your new completely updated, move in ready home. No need to change a thing in this beautifully updated 2 bedroom / 2 bathroom with a den Sienna model comes with a soft, new color palette, all new LED lighting, elegant white granite and quartz countertops, shiplap accents, new waterproof wood look flooring throughout & large walk in, freshly tiled showers. Too many updates to list ! This home is also upgraded with extended depth garage bays, private heated spa & pool with multiple water features. Slider off your front courtyard makes it perfect to entertain friends or a quiet evening listening to your waterfall. Maximum energy efficiency from owned solar and a brand new AC installed in 2024 = fantastic savings in the summer months. Don't hesitate to come see this lovely home no

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39515 N 3rd Avenue Phoenix, AZ 85086

$775,000

4 Beds

3 Baths

3,102 SqFt

Status Active

MLS # 6579714

Property Type Single Family Residence

Price Type --

Desirable Desert Hills, private and secluded location. Beautiful Territorial, cozy courtyard entrance, over 1.1 acre lot with horse privileges, no HOA, bring your ATVs, RV parking, paved roads. Close to state trust land, hiking, riding trails. Move in ready. Single story, split floor plan with 12 ft ceilings, kitchen open to family room, 2 gas fireplaces, large 4 bedrooms, 3 baths, extended 25 ft deep 3 car garage. Formal living and dining room, 2 master suites, his and hers walk-in closets, jetted tub. Highly upgraded with Knotty Alde cabinets and interior doors, granite counter tops, stainless steel appliances, both HVACs replaced in 2017, roof recoated in 2021. Beautiful backyard with natural vegetation and stunning mountain views, large covered patio, home warranty included! Property has brand new well, 700 ft deep, 55 gal/min, shared well, 4 shares.

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3446 E Turney Avenue Phoenix, AZ 85018

$775,000

3 Beds

3 Baths

1,685 SqFt

Status Active

MLS # 6739560

Property Type Single Family Residence

Price Type --

ARCADIA LITE...Move-in ready OR remodel? This beautiful corner lot nestled in Arcadia Lite is ready for you to choose a now or later remodel/addition. The seller is including fully approved plans which have been accepted by the City of Phoenix. So you have the flexibily as this 3 bed/3bath home is perfectly move-in ready for the most discriminating buyer OR take advantage of the amazing corner lot opportunity and the pre approved plans and build an amazing home. No waiting, you could pull permit tomorrow. The design plans include an expansion of the home to 2300 sq ft, 10 ft ceilings, walk in closets, two car garage. This well thought out design can only happen on this unique corner lot in Arcadia Lite. Take advantage of this opportunity, it won't last long!

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2946 W Thorn Tree Drive Phoenix, AZ 85085

$775,000

4 Beds

3.5 Baths

3,247 SqFt

Status Active Under Contract

MLS # 6703295

Property Type Single Family Residence

Price Type --

Welcome home to the highly sought-after Stoneledge at North Canyon gated community! This Tahoe Model offers 4 bedrooms and 3.5 bathrooms, boasting a range of designer upgrades. The gourmet kitchen features a large granite center island, staggered cabinets, and a breakfast nook that seamlessly opens to the great room. Double sliding doors lead to your private backyard oasis with a sparkling pool. Upstairs, the expansive Master Suite includes a sitting room, a generously sized walk-in closet, and an upgraded master bath with dual sinks, a soaking tub, and a separate shower. Each of the other 3 bedrooms also boasts walk-in closets. This home is designed for energy efficiency and modern convenience, featuring a tankless water heater, Smart switches, motion lights, and an alarm and an alarm system. Stoneledge at North Canyon is a fantastic community with parks and walking paths, offering a blend of luxury and comfort for its residents.

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40312 N Chase Oaks Way Anthem, AZ 85086

$775,000

4 Beds

2.5 Baths

2,666 SqFt

Status Active

MLS # 6718045

Property Type Single Family Residence

Price Type --

Welcome to Anthem Parkside, where elegance meets comfort in this stunning abode. Step through the custom iron gate into a charming courtyard, complete with a tranquil water feature, setting the tone for serenity. Inside, discover a seamless blend of modernity and warmth with vinyl wood-look flooring and an updated kitchen boasting a generous island, Carrara marble countertops, and a herringbone marble tile backsplash & stainless steel appliances. The split floorplan ensures privacy. Owner's retreat featuring a luxurious spa super shower. 4Th bedroom doubles as a versatile office space. Outside, indulge in the private oasis of the backyard, featuring a sparkling pool, built-in BBQ, inviting firepit, and lush turf, perfect for relaxing in style. Welcome home to refined living at its finest.

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30224 N 170th Street Rio Verde, AZ 85263

$775,000

2 Beds

2.5 Baths

2,179 SqFt

Status Active

MLS # 6700763

Property Type Single Family Residence

Price Type --

Inclusive of 2 parcels for a total of 4.37 acres. Come experience endless panoramic 360-degree mountain views from every window of this unique home. It seamlessly combines quaint charm with modern amenities, boasting an open floor plan flooded with natural light upstairs. The lower level features a potential private living quarters for guests' or a flex space/game room and 3rd bedroom. Custom-built, this home is well insulated, has window coverings throughout, and a pre-built elevator shaft already in place. With 4.37 acres at your disposal, there's ample room for a garage, guest house, or horse setup. Just a short distance on a dirt road, bring your toys or horses and enjoy!

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8710 N Prescott Ridge Road Prescott Valley, AZ 86315

$775,000

4 Beds

2 Baths

2,316 SqFt

Status Active

MLS # 6719299

Property Type Single Family Residence

Price Type --

Step into this beautifully updated home in Prescott Valley, where modern elegance blends seamlessly with comfort, creating a haven you'll never want to leave. Imagine waking up to breathtaking views right outside your front door, setting the perfect tone for each day. From the moment you walk in, be greeted by the gleaming new flooring that harmonizes perfectly with the fresh indoor and outdoor paint, flooding the home with natural light and a sense of openness. Relax in the spacious living room, complete with a cozy fireplace that sets the scene for intimate gatherings or quiet evenings in. Enhanced by the addition of brand-new quartz countertops in the kitchen, this home presents 4 full bedrooms, 2 bathrooms, all situated on a sprawling 6-acre plot of land. The two-car garage with an epoxied floor, offers not just functionality but a touch of luxury. With new toilets and other essential updates already taken care of, moving in and making this house your home is as easy as can be. Newly graded pad ready for your RV or Barn. Come see it before it's gone and experience the perfect blend of modern luxury and comfort in Prescott Valley!

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