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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22911 E Thornton Road Queen Creek, AZ 85142

$775,000

5 Beds

3.5 Baths

3,407 SqFt

Status Active

MLS # 6702079

Property Type Single Family Residence

Price Type --

Ask for SELLER CONCESSIONS to buy down your rate! Welcome to your dream home nestled in the heart of Barney Farms, where luxury meets adventure! This stunning property boasts a prime location within Barney Farms community, offering residents exclusive access to a 22-acre deep water lake for unparalleled kayaking and canoeing experiences. But there's more-Barney Farms is a paradise for outdoor enthusiasts, with amenities like volleyball courts, pickleball, zip lining, and scenic walking trails right at your doorstep. In addition there is the ultimate aquatic retreat at the community's expansive 12,000 square foot aquatic center. Dive into one of the multiple community pools, relax under one of the 17 ramadas, or explore the various parks scattered throughout the neighborhood. Inside this magnificent home, you'll find 5 spacious bedrooms and 3.5 bathrooms, perfect for accommodating family and guests. The attached 4-car garage provides ample space for all your vehicles and toys. Step into the gourmet kitchen, where stylish design meets functionality. Admire the sleek range hood, gas appliances, and farmhouse sink, complemented by crisp white cabinets and an open floorplan ideal for entertaining. Outside, the landscape is a true oasis, complete with lush foliage, elegant pavers, and low-maintenance synthetic grass - the perfect setting for outdoor gatherings or simply enjoying the Arizona sunshine.

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4356 E Rancho Tierra Drive Cave Creek, AZ 85331

$775,000

4 Beds

3 Baths

3,116 SqFt

Status Active

MLS # 6730274

Property Type Single Family Residence

Price Type --

This charming home offers the perfect blend of comfort, style, & functionality in the heart of Cave Creek. Step inside to discover an open floorplan, vaulted ceilings & natural light. The kitchen features granite countertops, ss appliances, island, & ample cabinet space. The adjacent dining area & fam room w/fireplace make it perfect for entertaining guests. The large master suite includes walk-in closet & large bathroom w/dual vanities, soaking tub, & sep shower. Addtl bedrooms are generously sized, offering plenty of space for family, friends or an office. Step outside to a beautifully landscaped yard, cov patio, & sparkling pool. The lot provides privacy & plenty of room for outdoor activities. 3 Car garage, & proximity to top-rated schools, shopping, dining make this a must see!

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1410 Sierra Vista Drive Prescott, AZ 86303

$775,000

4 Beds

2.5 Baths

2,666 SqFt

Status Active

MLS # 6660210

Property Type Single Family Residence

Price Type --

W/ ACCEPTABLE OFFER, WILL HELP W/ RATE BUYDOWN. gorgeous home located in the Hassayampa Hills of famous Prescott, Arizona features breathtaking views from the front yard to the backyard both day and night. Serene, peaceful, majestic, comfortable are just some of the words to describe the emotions embodied in this incredible home. Home has been upgraded and features an open floorplan concept w/ a gourmet kitchen featuring gas cook top, wall oven and microwave, white shaker cabinets, stainless steel appliances, backsplash and upgraded lighting. Most of the floor has been updated w/ luxury vinyl plank flooring. Off the massive primary bedroom there is a large Arizona room lined with sliding glass doors and custom tile flooring. Home features an additional room that is being used as a gym This home is a gem in the best part of town. Large lot can accommodate additional structure up to 50% of the square footage of the home for a mother in law suite/vacation rental

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1453 E Vesper Trail Queen Creek, AZ 85140

$775,000

2 Beds

2.5 Baths

2,173 SqFt

Status Active

MLS # 6717023

Property Type Single Family Residence

Price Type --

Enjoy the Encanterra Lifestyle & Living in this Popular Genova Model Masterpiece, METICULOUSLY maintained, situated on a N/S Exposure ''HARD TO FIND'' PREMIUM Corner Lot w/a LARGE lush landscaped common side area & a backyard that backs to a LARGE landscaped area offers a TREMENDOUS amount of PRIVACY! EMBELLISHED with upgrades & designer custom details (prior owner was a designer from Canada) this GORGEOUS home will be sure to check off all the boxes. Floorplan features 2 bedrooms, 2.5 baths + Den, Formal Dining Rm. w/2 sets of rolling walls of glass and coffered ceilings leading out to your very own resort style & VERY PRIVATE backyard. Added features & upgrades incl; covered patio, travertine pavers, putting green, gas fireplace, built in BBQ and a SPECTACULAR pool & spa, several outdoor areas for entertaining, truly AZ indoor/outdoor living at its finest. Chefs Kitchen w/LARGE center island, granite counters, 42'' staggered cabinets, dual ovens, wine chiller & stainless appliances. Additional features incl; real wood & travertine tiled floors, Built-in vac system, custom built-in cabinetry in Den, tiled showers, golf garage and so much more! Recent Upgrades/Updates completed; Wall to wall custom desk in Den, Guest Bathroom, Auto Outside Lighting, Front Door, Pool Pump, Storage Racks in Garage, Ext. Painting, Solar Replaced, Overflow Alarm on AC Drain Pan, Water Fliter & AC regularly inspected, New HIGH-Quality Carpet in both Bedrooms. Truly a MUST SEE!

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8634 E Monterosa Avenue Scottsdale, AZ 85251

$775,000

3 Beds

2 Baths

1,936 SqFt

Status Active

MLS # 6717698

Property Type Townhouse

Price Type --

Located in the Sands East Townhouse community, this home was recently renovated and has been has impeccably maintained. Open living, dining, and kitchen floorplan with new flooring, quartz countertops, eat-in bar top, stainless steel appliances, and custom white cabinets. Primary suite features large window and remodeled bathroom with dual sink vanity and oversized shower. Backyard includes covered patio and expanded tile patio with multiple areas to dine, lounge, and entertain. Desert front and back landscaping with new plants, lighting, and drip irrigation. Additional features include new interior paint, 2 guest bedrooms, and NEST thermostat. Home is located just minutes from Scottsdale's top resorts, shopping, golf, and restaurants.

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2473 E Mead Drive Gilbert, AZ 85298

$775,000

5 Beds

2.5 Baths

2,890 SqFt

Status Active Under Contract

MLS # 6738091

Property Type Single Family Residence

Price Type --

Located in highly sought after Freeman Farms, this home sits on a premium lot offering privacy (no neighbors behind), stunning views of San Tan Mountains, countless upgrades, smart home compatibility. and so much more. This Cayman Floor plan is unique, as it has 5 bedrooms (split floor plan), 3 bathrooms, plus an office at the front of the home, and an extended garage allowing space for storage and large vehicles. The extensive list of upgrades include, 42'' cabinets to kitchen/hallway/laundry room, Kutch Professional Natural Gas Range, 11 Stage R/O system, Water Filtration system for the entire home and Premium Bamboo Flooring in all bedrooms. Pavers were professionally installed running the length of the home, extending to the pool and covered patio. Smart home compatibility features include all locks to the home, garage door opener, irrigation, 2 zone surround sound system (inside & out), 2 (220V) electric car chargers in garage, 11 Camera Security system, pool feature and more. This home checks all the boxes and really must be seen in person to see all that it has to offer.

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6906 E Hubbell Street Scottsdale, AZ 85257

$775,000

3 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6727988

Property Type Single Family Residence

Price Type --

Reduced $20,000! Beautifully updated 3/2 home in the highly sought after Scottsdale zip code of 85257 checks all the boxes. Close to Old Town, Spring Training, hiking Papago, the zoo, airport and so much more! The interior of this home is light and bright with open floor plan. Beautifully remodeled kitchen, all new appliances, added indoor laundry room, walk-in pantry, new flooring throughout & many beautiful finishes. Master bedroom has a walk in shower and access to the backyard pool. Large covered patio with sparkling pool and water feature are entertainers dream. The impeccable landscaping give this home great curb appeal.Home has been newly painted inside and out. Epoxied 22ft long 2 car garage. Garage has access to 50 amp if buyer has an EV. This home has pride of ownership.

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8637 E San Miguel Avenue Scottsdale, AZ 85250

$775,000

4 Beds

3 Baths

2,149 SqFt

Status Active

MLS # 6706932

Property Type Single Family Residence

Price Type --

PRICE REDUCTION! This beautifully designed single family home was renovated 2 years ago with soaring vaulted ceilings and exposed wood beams & duct work. As you enter the home you are greeted with the soaring ceilings and jaw-dropping 14ft island. The custom wood wall cladding guides you to either floor. Bathrooms perfectly combine modern touches & natural elements to create stunning, warm and comfortable spaces. The upstairs guest bedroom has detached bathroom with custom finishes and a unique laundry chute. Master bedroom is oversized with a separate toilet room, walk-in closet, walk-in shower, soaking tub. Lower level has laundry room, bonus room & projector TV, built-in desk & the 3rd bedroom & 3rd unique bath. Seller will put up wall for 4th bedroom downstairs - if buyer desires.

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4950 E Laurel Lane Scottsdale, AZ 85254

$775,000

4 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6742063

Property Type Single Family Residence

Price Type --

4-BEDROOM HOME IN THE MAGIC 85254 ZIP CODE NEAR PV REIMAGINED - Located on north/south corner lot within walking distance of shopping, dining & entertainment, including that at the exciting mixed-use transformation underway at the former site of Paradise Valley Mall. Close to 51 Freeway for easy commuting. ** NO HOA ** Wood-look plank tile installed throughout the home in 2021. LIGHT & BRIGHT w/ contemporary kitchen cabinetry, light fixtures, ceiling fans & accents. Kitchen w/ stainless-steel GE refrigerator installed in 2023. Large primary bedroom w/ custom walk-in closet. No interior steps. Resort-style fenced pool. Beautifully manicured yards w/ citrus trees, fenced dog area & storage shed. Built-in work bench & cabinetry in garage. Water softener. SCOTTSDALE UNIFIED SCHOOL DISTRICT

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2744 E Brookwood Court Phoenix, AZ 85048

$775,000

5 Beds

2.5 Baths

3,004 SqFt

Status Active Under Contract

MLS # 6741030

Property Type Single Family Residence

Price Type --

Discover this light-filled 5-bedroom, 2.5-bath family home, perfectly designed for modern living with its open floor plan and neutral color palette. The spacious downstairs master suite offers a relaxing retreat with double sinks, a large walk-in closet, and a separate tub and shower. The upgraded kitchen is a chef's dream, featuring stainless steel appliances, granite countertops, staggered cabinets, a pantry, and a cozy dining nook. Upstairs, you'll find spacious secondary bedrooms and a versatile bonus/game room. Step outside to your private backyard oasis, complete with an upgraded pool, brand new pool equipment, low-maintenance synthetic turf, and a patio ideal for entertaining. **2 new HVAC units installed in 2024**

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22216 E Pecan Lane Queen Creek, AZ 85142

$775,000

3 Beds

3 Baths

2,482 SqFt

Status Active

MLS # 6749916

Property Type Single Family Residence

Price Type --

A rare find! This energy-efficient single-story home offers a heated pool and a spacious kitchen with a large island, quartz counters, and upscale ceiling fans, perfect for entertaining. The open floor plan features 10' ceilings, wood-look tile, wide sliding glass doors to the back patio, and seamless indoor-outdoor living with solar screens. The split floor design includes an office (easy conversion to 4th bedroom), private secondary master suite, while the main owner's retreat boasts dual sinks and a walk-in closet. Surrounded by other single-story homes for a private retreat, plus a 3-car garage, RV gate, and outdoor natural gas stove and grill. This stunning property is a must-see! Serene backyard is made for entertaining! A covered patio, attached pergolas, built-in BBQ, storage shed, and a refreshing pool complete the picture. Hurry & make this one-of-a-kind home yours now!

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4803 E Williams Drive Phoenix, AZ 85054

$775,000

3 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6753749

Property Type Single Family Residence

Price Type --

Step into a world of modern elegance and comfort with this meticulously remodeled gem in the heart of Desert Ridge. Nestled on a sprawling corner lot, this home offers both luxury and convenience, making it an ideal choice for those who value style and accessibility. As you enter, you'll be greeted by an inviting Great Room with a thoughtfully designed split floor plan. The space seamlessly integrates living, dining, and entertaining areas, featuring stunning travertine floors that extend throughout the home. The light and bright kitchen is a chef's dream, with an oversized breakfast bar, pristine white cabinetry with self-closing drawers, and gleaming granite countertops. Stainless Steel appliances, including a gas cooktop, add a touch of sophistication to your culinary experience. This home includes three spacious bedrooms plus an office that easily converts into a fourth bedroom to suit your needs. Each room is enhanced with upgraded LED lighting and ceiling fans, ensuring comfort in every corner. The bathrooms are adorned with custom tile surrounds, offering a touch of luxury that complements the sleek, under-mount sinks. The private backyard is your personal retreat, designed for relaxation and enjoyment. Step through the sliding doors from the Owner's Suite to discover expertly landscaped surroundings. Take a dip in the saltwater, heated pool, or unwind in the spa. Golf enthusiasts will appreciate the well-manicured putting green, perfect for honing your skills right at home. Convenience is key with direct access to Desert Ridge Marketplace, offering an array of dining, shopping, and entertainment options just moments away. For golf lovers, the renowned Wildfire Golf Course is within easy reach, allowing you to indulge in your favorite sport whenever you desire. This home is more than just a residence; it's a lifestyle. Embrace the perfect blend of luxury and practicality in this fully remodeled masterpiece.

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