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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15865 E Lost Hills Drive Fountain Hills, AZ 85268

Open House

$775,000

3 Beds

2 Baths

1,970 SqFt

Status Active

MLS # 6751511

Property Type Single Family Residence

Price Type --

This is your chance to become the proud owner of this unique gem situated on a corner lot! Unparalleled beauty & impressive craftsmanship are truly shown in this fantastic haven that overlooks scenic mountains & city lights views. Well-maintained interior showcases wood-look tile flooring, high vaulted ceilings, plantation shutters, and an inviting fireplace in the large & airy living room. Fabulous eat-in kitchen comes with stainless steel appliances, ample cabinets with crown moulding, tile backsplash, a breakfast bar, and granite counters. Check out the main retreat, offering plush carpet, a walk-in closet, and an ensuite with dual sinks. Tranquil backyard boasts a refreshing pool, spa, and colorful sunsets behind the mountains. This property has everything you've been looking for!

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808 W Avalon Drive Phoenix, AZ 85013

Open House

$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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20697 S 217th Way Queen Creek, AZ 85142

$774,995

3 Beds

2.5 Baths

2,740 SqFt

Status Active

MLS # 6744273

Property Type Single Family Residence

Price Type --

Our most popular floorplan! This single level home with an RV garage is truly in high demand. The extensive entry way leads to a generous size Study off the great room. The open concept kitchen boasts a gourmet appliance layout, 42'' upper upgraded cabinets, quartz countertops and a generous pantry. A huge multi-slide glass doors leads to the patio and overlooking the large backyard. The RV garage also has a full rear garage door for convenience into the backyard. The split floor plan has 3 bedrooms and 2.5 baths. The master suite has 2 separate closets and a walk-in shower with a bench and rain shower head. Pavers and exterior stone on the front elevation complete the look! Hurry in and visit this amazing community!

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10059 E Thunderbolt Avenue Mesa, AZ 85212

Open House

$774,995

4 Beds

3.5 Baths

2,794 SqFt

Status Active

MLS # 6654232

Property Type Single Family Residence

Price Type --

Nestled in the Master Planned Community of Cadence you will enjoy all the amenities beyond your neighborhood. You will have access to community parks, pool, playground, and community center. This home is complete with top-tier design features in a desirable location, this is the home you've always dreamt of. The enormous kitchen boasts name-brand appliances, upgraded countertops, and ample cabinet space. Backyard areas provide ample space for activities, a pool to be installed, grilling, and vacationing at home. The personalization options are boundless with expertly designed finishes available throughout the home. This home gives you easy access to major commuter routes. Be the first to see this gorgeous home in person by scheduling a tour today!

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2631 N 48th Street Phoenix, AZ 85008

$774,950

3 Beds

2 Baths

1,713 SqFt

Status Active

MLS # 6720642

Property Type Single Family Residence

Price Type --

Introducing the crème de la crème of homes, this freshly spruced up three-bedroom, two-bathroom beauty is nestled in the highly sought after neighborhood of Arcadia. This baby boasts an open floor plan that'll make you want to throw a dance party in your oversized family room (or just do some awkward solo dancing, we won't judge). And don't even get us started on the kitchen - it's decked out with fancy schmancy stainless steel appliances and swanky quartz countertops. Perfect for all those gourmet meals you'll never actually cook. But hey, you'll have plenty of counter space to display your takeout boxes! Treat yo' self to the master bedroom fit for a king (or queen), complete with a spa-like en-suite bathroom and a walk-in closet that's bigger than most NYC apartments. Step outside and be amazed by the majestic back patio, fit for a Kardashian-level Instagram photoshoot. And don't forget about the lush backyard, where you can pretend you're on vacation in your own private oasis. With all the hot spots for wining, dining, and partying nearby, living here is basically like being in a real-life episode of Gossip Girl. XOXO, sophisticated living.

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11048 E Utah Avenue Mesa, AZ 85212

$774,900

6 Beds

4.5 Baths

3,133 SqFt

Status Active Under Contract

MLS # 6729116

Property Type Single Family Residence

Price Type --

This home checks off ALL the boxes! Built in 2023, this north/south facing, 6 bedroom, 4.5 bath, home features a captivating entertainer's backyard with gas firepit, BBQ island, water feature, and low maintenance turf. Fall in love with the beautiful open-concept kitchen with quartz countertops, an elegant backsplash, and a butler's area with walk-in pantry. On the 1st floor are 2 primary bedrooms with en-suite bathrooms and walk-in closets, a half-bath, and 4 bedrooms and 2 bathrooms on the second floor, along with a spacious loft and built-in desk space! Community amenities include a playground, fireplace, amphitheater, pavilions, as well as a bocce and basketball court. Nearby amenities include shopping, dining, a variety of A-rated schools, and the 202 freeway. CHECK,CHECK,CHECK!

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22718 W Sierra Ridge Way Wittmann, AZ 85361

$774,900

4 Beds

3 Baths

3,017 SqFt

Status Active

MLS # 6676150

Property Type Single Family Residence

Price Type --

Custom-Built Entertainer's Dream on More than an Acre, ready to become Your Desert Oasis! Enter onto diagonal laid Porcelain Tile, expanding into Great Room where Beautiful Cherry Hardwood Floors adorn the home. Custom Cherry Cabinets in the Gourmet Kitchen and Hallway Nooks. Stacked-Stone Wet Bar and Fireplace to relax the night away. Floor plan is Split: Main Bedroom has a lavish walk-in closet, separate vanities, tiled walk-in shower. Melt those stressful days away in the Bathtub with Jets. Two Guest Bedrooms + one converted into Game Room that can store over 100 Wine Bottles! Tray Ceilings+Crown Moldings bring home a dynamic design. Kitchen w/Double Ovens, Granite Countertops, Eat-In Breakfast Bar. Come and See why YOU CAN TRULY FEEL AT HOME HERE. RV Gate, 3 Car Garage, Covered Patio. Exterior of Home was repainted 3 years ago. Com System/Surround Sound installed. Walk-in Pantry. Original owner - lovingly and meticulously maintained this Luxurious Home, spared no expense.

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5730 S Bailey -- Mesa, AZ 85212

$774,900

5 Beds

4 Baths

2,304 SqFt

Status Active

MLS # 6737161

Property Type Single Family Residence

Price Type --

This is a FANTASTIC FORMER MODEL home on a PREMIUM lot backing to open space! This EXQUISITE 2022 home is OVERFLOWING w/almost $250K in DESIGNER upgrades! GOURMET kitchen w/gas range, quartz countertops, white cabinets, stainless appliance suite w/wall ovens! This home is truly open concept w/great room, dining room, kitchen and breakfast nook views! This multi-generation home has a PRIVATE, separate entrance to a guest suite w/bedroom, sitting room, full bath + a 1-car garage! Owner's suite w/door to backyard patio + ensuite bath w/tub and shower! GORGEOUS backyard OASIS w/built-in BBQ and golf putting green! So many UPGRADES throughout! Don't miss this GREAT opportunity! Great shopping/ restaurants nearby! WELCOME HOME!

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29040 N Brenner Pass Road San Tan Valley, AZ 85144

$774,900

4 Beds

2.5 Baths

2,534 SqFt

Status Active

MLS # 6753124

Property Type Single Family Residence

Price Type --

Wonderful semi-custom home on a fully fenced 1.33 acre property nestled in the San Tan Mountains with amazing mountain views. This 4 bedroom, 2.5 bath home features upgraded extended tile floors throughout & carpet in the bedrooms. Your gourmet kitchen has beautiful white cabinets, granite countertops with custom backsplash, RO system, large pantry, pendant lighting & oversized two-tone breakfast island overlooking your great room, which is perfect to entertain in. Primary bedroom has amazing views out back & bathroom has walk-in closet, colored marble double sinks, custom tiled bathtub & separate walk in shower with rainfall shower head, surrounding tile & stone. Other bedrooms are generous in size & you have upgraded secondary bathrooms. Home has custom two-tone paint throughout, ceiling fans in all the rooms, blinds throughout, custom barn door in guest bedroom, water softener & drinking filter system. Great inside laundry room with so much space & separate sink area. Your 4 car extended length garage is perfect for all your toys. This home has privacy & great 360 degree views all around. Your extended paver covered patio is great for backyard BBQ's & overlooks your large grassy area & desert landscaping. Did I mention the amazing closeup mountain views! This home has a private well with a connected water tank. Close but not too close to town and no HOA. Enjoy quiet living with the space, hop on your horses or go on an amazing walk around the San Tan Mountains Regional Park area with over 10,000 acres of desert with hiking/biking trails & a visitors center with wildlife exhibits, Too much to list, come check it out today!

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9703 E Palm Ridge Drive Scottsdale, AZ 85260

$774,900

3 Beds

2 Baths

1,528 SqFt

Status Active

MLS # 6751672

Property Type Single Family Residence

Price Type --

Prime North Scottsdale location with extensive upgrades and move-in ready! The home features updated tile flooring throughout the main living areas, with new carpet in the bedrooms. The owned solar system keeps your electric bill close to zero with potential monthly credits. The kitchen boasts stainless steel appliances, quartz countertops, a gas cooktop, and a built-in microwave. The master suite includes new carpet, a remodeled bathroom with heated floors, a walk-in closet, and a dual vanity. The laundry room now has a stylish sliding barn door for added functionality. The spacious living room features skylights, a gas fireplace, and French doors leading to a covered patio with travertine pavers. The backyard is a dream with a pebble tech pool, water fountain, putting green, fire pit, and mountain views. The front and rear yards are beautifully landscaped with faux-real grass, mature palm trees, and landscape lighting. The two-car garage comes with epoxy flooring, built-in storage, and a soft water loop. Conveniently located near the 101 freeway, McDowell Mountain Golf Club, Notre Dame Prep School, DC Ranch, Kierland, and Scottsdale Quarter!

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18239 N 46th Street Phoenix, AZ 85032

$774,900

4 Beds

2.5 Baths

2,641 SqFt

Status Active

MLS # 6721914

Property Type Single Family Residence

Price Type --

You don't want to miss this beautifully maintained 3 br 2.5 ba home in a prime location! Step inside to be greeted by vaulted ceilings that create a spacious and airy ambiance. The open kitchen boasts granite countertops and stainless steel appliances. The kitchen opens to the family room that includes a fireplace and custom shelving. An inviting upstairs loft area provides additional space for relaxation or work. The backyard is an oasis, featuring a pristine pool equipped with a 1-year old variable speed pool pump, ensuring efficient and enjoyable swim sessions. With a 3-car garage, you'll have ample space for parking and take advantage of the extra storage. Conveniently located near the 101 and 51 freeways, this home offers easy access to Kirkland Commons, Desert Ridge and the Mayo Clinic, making it an ideal choice for convenience and comfort. Don't miss the opportunity to make this exceptional property your new home!

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8442 E Holly Street Scottsdale, AZ 85257

$774,500

4 Beds

2 Baths

1,959 SqFt

Status Active Under Contract

MLS # 6691185

Property Type Single Family Residence

Price Type --

This Old Town Scottsdale charmer balances location, size, and amenities. This home offers the perfect combination of peace and convenience with it proximity to popular venues, shopping, parks, hiking and A+ rated schools. This turnkey interior features an open floor plan with an abundance of natural light, as well as 4 bedrooms and 2 bathrooms. Outside, the private backyard has been meticulously cared for and is perfect for entertaining your guests poolside, or winding down and relaxing in the jacuzzi. Be sure to check out the ''Upgrade and Update List'' under additional documents and book now to preview in person!

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