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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7212 W Gambit Trail Peoria, AZ 85383

$771,990

4 Beds

3.5 Baths

2,683 SqFt

Status Active

MLS # 6709515

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Ready for immediate occupancy. This Parklane home boasts a chef's kitchen with soft-close cabinet doors and stainless-steel appliances, upgraded flooring throughout, and a framed walk-in shower in the owner's bathroom. Enjoy the privacy of this home situated on a corner lot adjacent to the amenities area.

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6913 W Greenbriar Drive Glendale, AZ 85308

$771,000

5 Beds

3 Baths

3,377 SqFt

Status Active

MLS # 6729375

Property Type Single Family Residence

Price Type --

WOW! Beautiful 5 bedroom, 3 bath home in popular Arrowhead community of Coventry Estates. Enjoy entertaining in the resort style backyard on a huge corner lot featuring refreshing pool, spa & waterfall. Extended covered patio overlooks pool with misters. Expansive side yard has sitting area with outdoor fireplace. Double RV gate on east side to store your boat, trailer, toys or RV. Located adjacent to Greenbriar Park & walking distance to Skunk Creek Trail. Very spacious & livable floor plan has one bedroom & full bath downstairs & loft upstairs. Second floor Owners Suite features luxurious bath with dual split vanities, garden tub, separate shower & two walk in closets. Enjoy cooking in the light filled kitchen with large granite slab island, gas range/oven, stainless French door fridge. tasteful backsplash, walk in pantry & breakfast nook. Adjoining great room has gas fireplace. Grand two story ceilings in entry and formal living/dining room. Large first floor laundry has cabinets for storage & counter space for folding. 3.5 are garage which was set up as a personal gym by sellers. Newer AC, nest thermostat. Three & one half car garages. Newer upgrades & improvements include installation of Anderson windows on some west facing windows, ceiling fans, interior & exterior paint, patio slider door, patio misters, pool resurfacing, pool filter system, variable speed pool pump, carpeting upstairs, garage door openers. Convenient to freeways, sports venues, shopping, restaurants, schools & medical facilities. Desirable Deer Valley schools. RV gate with room on the side yard.

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1957 W Yellowbird Lane Phoenix, AZ 85085

$770,900

4 Beds

3.5 Baths

2,673 SqFt

Status Active

MLS # 6718309

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION. This beautiful family home is conveniently located across from the Fireside Norterra Community Center. The center offers Tennis, Pool, Gym, Rock climbing wall, & playground. Minutes from fabulous shopping & restaurants. This home offers 4 Bedrooms, plus a Den, 3.5 bathrooms, upstairs Bonus Room, Great Room floor plan that opens to expansive Kitchen with large Island & bar seating. Downstairs Primary Suite has large shower & dual sinks. Great Room sliders open up to your Backyard Oasis with upgraded travertine pavers, custom built-in BBQ, turf, above ground spa, & open views to greenbelt behind property. This property is ready & waiting to be your home!!

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44628 N 44th Drive New River, AZ 85087

$770,077

4 Beds

2.5 Baths

2,745 SqFt

Status Active

MLS # 6756307

Property Type Single Family Residence

Price Type --

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2865 Nelson Lane Chino Valley, AZ 86323

$770,000

4 Beds

2.5 Baths

3,019 SqFt

Status Active

MLS # 6715565

Property Type Single Family Residence

Price Type --

New move in ready home in beautiful Chino Valley. 2,627 SF, 4-bedroom 2.5 bath Cottonwood model. with a split floorplan. This home sets on a large 42,233 SF North/South facing lot. This rural setting is surrounded by mountains and is only a 20-minute drive to Prescott. Local amenities like restaurants & a beautiful Safeway center are minutes away. Thoughtfully designed with modern amenities with the beauty of the Arizona high desert. Community offers a friendly and welcoming atmosphere plus a community area with a beautiful Gazebo. Upgrades include an expanded Great Room, appliance upgrade with frig, 3 car garage, added outlets, garage door openers & a door from Owner's suite to the large laundry room. Click the Docs Tab to see features & floor plan. Watch the tour & come see!

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8319 E Bonnie Rose Avenue Scottsdale, AZ 85250

$770,000

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6754029

Property Type Single Family Residence

Price Type --

Entertainers Paradise! This stunning 4 bedroom open concept home has updates galore! Flooring is American Hickory Wood and Oversized modern tile! Kitchen and bathrooms have modern backsplash along with stainless steel appliances. 4th bedroom has additional outside entrance and massive walk in closet. Backyard has an awesome ramada and built in firepit. Sparkling diving pool has access from main backyard entrance and master bedroom and backyard is a perfect oasis with generous pavers, artificial turf and plenty of space! This beauty is situated just minutes from Old Town Scottsdale night life, Talking Stick Casino, Top Golf Entertainment, Chapparal Park, Lakes and Aquatic! Home is well maintained and is a steal at this price! Come Quick!

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17205 W Middlebury Street Surprise, AZ 85388

$770,000

4 Beds

3 Baths

2,542 SqFt

Status Active

MLS # 6722037

Property Type Single Family Residence

Price Type --

Incredible opportunity to buy a brand new stunning home in golf course gated community ! This stunning 4-bedroom, 3-bath residence is complete with a 2-car garage, an inviting paver driveway, and tasteful stone accents. The great room showcases high ceilings, a soothing palette, and stylish wood-look flooring. The impeccable kitchen features sleek quartz counters, abundant wood shaker cabinets with crown moulding, recessed lighting, a subway tile backsplash, stainless steel appliances, a walk-in pantry, and a large island with a breakfast bar. The main bedroom offers plush carpeting, an ensuite with dual sinks, and a walk-in closet. The backyard boasts a covered patio and generous space for hosting memorable gatherings. Don't miss out on this one!

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1275 E Stetson Lane Coolidge, AZ 85128

$770,000

3 Beds

2.5 Baths

2,688 SqFt

Status Active Under Contract

MLS # 6724974

Property Type Single Family Residence

Price Type --

****Seller Offering VA Assumption at 2.875% on existing mortgage balance. Buyer does NOT need to be a Veteran to assume this loan.**** Welcome to your dream home! This custom-built 3-bedroom, 2.5-bathroom house, completed in 2019. Nestled on a generous parcel of land with convenient flood irrigation, this is perfect for horse enthusiasts. The gourmet kitchen features self-closing Notty alder wood cabinets and drawers, an oversized nearly 6-foot island with extra storage, a gas range with pot filler, and a tankless water heater. Luxurious details include tile-planked wood floors, 8-foot solid wood doors throughout, and a huge master suite with a tiled walk-in shower and heat control. Additional amenities include granite counters in all bathrooms, a Jack & Jill bath with double sinks, a powder room, a wet bar. The home's energy efficiency is enhanced by a solar system, interior wall insulation and exterior foam insulation. Enjoy outdoor living with a firepit in the backyard, garden beds, and a fully landscaped front yard adorned with beautiful desert plants. Backyard patio is pre-plumbed with gas lines for outdoor grill. With two driveways, 3 car garage, and an RV gate, access is never an issue. Don't miss this exceptional property that seamlessly blends luxury, functionality, and ample space!

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4817 E Evans Drive Scottsdale, AZ 85254

$770,000

4 Beds

2 Baths

2,074 SqFt

Status Active Under Contract

MLS # 6705345

Property Type Single Family Residence

Price Type --

Enjoy the best of Scottsdale living! Tucked back on quiet cul-de-sac, this N/S facing single level home offers outstanding curb appeal combined with a perfect location. At entry, you are immediately welcomed by formal living and dining room areas. Popular floor plan- kitchen extends to great room that opens to large covered patio and outdoor cooking. The 3 secondary bedrooms are big and offer versatility: fitness, office or playroom. Primary suite is spacious with sitting area, walk-in closet, full shower, dual vanities and access to backyard. Home is light and bright. New paint and carpet. No HOA. Finally, the backyard is an outdoor oasis with huge covered patio surrounded by lush cooling landscape. Large grass area is complimented by tranquil waterfall. Plus, there is a 2 level playhouse/storage that is ideal for inspiring creative play time. Close to top rated schools, shopping, restaurants and all that Scottsdale offers with easy access to L101 & SR51. Call today for your private tour.

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4618 E Desert Lane Gilbert, AZ 85234

$770,000

5 Beds

3 Baths

3,275 SqFt

Status Active

MLS # 6728426

Property Type Single Family Residence

Price Type --

Experience golf course living in Gilbert. Ideal corner lot location, backing to the 2nd hole of award winning Superstition Springs Golf Course. Sprawling over .25 acres with a sparkling pool, spa, waterfall, lush landscaping, and picturesque views. This well cared for home features a first floor bedroom and bathroom, great room, formal dining room, breakfast nook, and expansive kitchen. Easily cook and entertain in this beautiful kitchen, with granite countertops, ample cabinet space, and stainless steel appliances. Discover your primary suite and private balcony on the second floor, along with three more spacious guest bedrooms, and full guest bathroom. All conveniently located near shopping, restaurants, and easy access to the US-60 and Loop 202 freeways.

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9020 N Covered Wagon Trail -- Prescott Valley, AZ 86315

$770,000

3 Beds

2 Baths

2,195 SqFt

Status Active

MLS # 6745154

Property Type Single Family Residence

Price Type --

Beautiful spacious home in sought after Lonesome Valley on 2 fully fenced acres with electric gate. This open floor plan is an entertainers dream with chefs kitchen and all stainless appliances. Granite counters with impressive breakfast bar too! Private primary bedroom with great on suite bath, relax in the jetted garden tub. Need an office? There's a nice one here. The covered rear patio is perfect for unwinding and watching those great southwestern sunsets. 3 large sheds for hobbies, workshop, man caves or she sheds. Even storage. Big 3 car garage for your vehicles and toys. Got pups? There's plenty of room for them to roam here. Take a look today!

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3074 Brooks Range -- Prescott, AZ 86301

$770,000

3 Beds

3 Baths

2,204 SqFt

Status Active

MLS # 6576511

Property Type Single Family Residence

Price Type --

With a compelling offer, the seller is prepared to contribute to the buyer's interest rate buy-down or concessions. Discover this exquisite three-bedroom, three-bathroom residence in the serene Prescott Lakes neighborhood, offering panoramic views that stretch to the majestic San Francisco Peaks. Recently upgraded with $150,000 in improvements, this home features elegant hardwood and tile flooring throughout. The chef's kitchen is a highlight, boasting a walk-in pantry, quartz countertops, and a large island, ideal for social gatherings. The generous master suite includes patio access, a luxurious jetted tub, a walk-in shower, and a spacious walk-in closet equipped for a washer and dryer, adding convenience to this beautiful home. Prescott Lakes is an elite community of 1,500 homes surrounding a 210-acre, championship golf course designed by Hale Irwin. Community Details: The 12,000 square foot Athletic Club includes a gym, both indoor and outdoor swimming pools, tennis and pickle-ball courts, and social spaces. The clubhouse offers exceptional views and houses a bar, dining area, pro shop, and multiple meeting rooms.

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