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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3470 W Jasper Drive Chandler, AZ 85226

$769,999

4 Beds

3 Baths

2,959 SqFt

Status Active

MLS # 6744032

Property Type Single Family Residence

Price Type --

Rare chance to own in Valencia- this floorplan has not been available for quite some time. Major remodel done around 2008-2009 with high-end finishes- hardwood flooring, upgraded low-e windows everywhere except kitchen and fm room, custom shutters t/o, custom hand-stained and hand-distressed cabinets t/o, added and upgraded lighting, custom granite counters, custom shower glass, and more. All appliances stay. 2024 all new carpet and ext paint, int paint refreshed too. 4 full beds plus a den/office and lots of closet space. Trane HVAC units. Outside is a paradise with a welcoming front yard, beautifully landscaped. Backyard has a fantastic pool, built-in BBQ area, beautiful stone work, citrus trees, and tons of side yard space with a double gate. And you know this area- Kyrene Schools, easy access to 4 freeways, easy drives to ASU, Sky Harbor, ++. Welcome home!

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6653 S Teresa Drive Chandler, AZ 85249

$769,999

4 Beds

2 Baths

2,844 SqFt

Status Active

MLS # 6689877

Property Type Single Family Residence

Price Type --

Stop the Car! This desert oasis located in the coveted 85249 zip code of sunny Chandler is an absolute dream! Nestled in one of the most premier neighborhoods in 85249, this home has been meticulously cared for throughout and features over $100K in upgrades! Wood-look tile, granite countertops, recessed lighting, and beautiful energy star appliances are just a few of the upgrades that make this home turn-key ready. On top of these interior upgrades, this home features newly installed Energy Star windows, newer AC Units, completely renovated master bathroom, and a RV space with gated access! This lot sits on over ¼ acre of land and features endless entertaining possibilities. Parties, BBQs, and more set against dazzling Arizona sunsets that can't be missed! It will not last long!

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20733 S 217th Way Queen Creek, AZ 85142

$769,995

3 Beds

2.5 Baths

2,740 SqFt

Status Active

MLS # 6743392

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 entire garage and the garage doors are all insulated, there's an onsite RV cleanout, and the 2-car garage has 8' tall doors. The home has enormous closets throughout, huge multi-slide glass doors leading to the patio and overlooking the backyard, tray ceiling at the entry, and a large walk-in shower with a bench and rain shower head in the Primary Bathroom, just to name a few of the options. Hurry in because this Harley plan is also on a ¼ acre lot and these do not last long in this amazing community!

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600 W 3rd Street Tempe, AZ 85281

$769,995

4 Beds

3 Baths

2,013 SqFt

Status Active Under Contract

MLS # 6753275

Property Type Single Family Residence

Price Type --

What if you could generate an 8% return tax free on the house your child lives in while attending ASU? Inquire to learn more about opportunity zone advantages and renting out rooms! This completely remodeled house is a TRUE UNICORN! It boasts incredible character, lush landscaping, and opulent living a stone's throw away from Mill in the heart of ASU's Fun Zone.... If you want it as a personal residence then have the attached ADU apartment rental help shoulder the mortgage. Don't wait to find the next one like it, there aren't any!!1562 square foot Main house and 451 square foot attached apartment ADU.

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22701 E Lords Way Queen Creek, AZ 85142

$769,990

6 Beds

5.5 Baths

4,142 SqFt

Status Active

MLS # 6744478

Property Type Single Family Residence

Price Type --

Welcome to Ashton Wood's highly sought-after Diamond floor plan, showcased in the chic Farmhouse exterior. This spacious 4,127 sq-ft home features 6 generously sized bedrooms, 5 1/2 bathrooms, and a 3-car tandem garage. On the main floor, you'll find a sunlit office, a convenient powder room, and a guest bedroom with a full bath, perfect for multi-generational living or guests. The gourmet kitchen showcases built-in stainless steel appliances, 42'' white shaker cabinets, elegant Crisp Stria Quartz countertops, and a stylish tiled backsplash. Warmth and charm are added by tile wood-plank flooring in the main living areas and bathrooms, complemented by upgraded carpet in the bedrooms and loft. This home seamlessly blends contemporary and cozy design elements, including the Moen Gibson Premium Bathroom package, designer floor tile in the primary bathroom, Meridian vanity lights, and a white wood stair railing. Additional features include a double gate, garage service door, soft-water pre-plumb, 8' interior doors, and extra ceiling lights in the great room. Conveniently located near shopping, dining, and the new Frontier Park, Madera offers residents access to a pool, spa, pickleball courts, and picnic areas.

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13018 W Peoria Avenue El Mirage, AZ 85335

$769,990

3 Beds

2 Baths

1,944 SqFt

Status Active Under Contract

MLS # 6744116

Property Type Single Family Residence

Price Type --

Welcome to the highly sought after community of Dysart Ranchettes! RARE to find No HOA 1+ acre irrigated horse property with wrap around driveway and endless property to store your toys! Brand new roof and AC unit! Offering 1944 sq ft of fully remodeled open concept living space! Home comes highly upgraded with premium cabinetry, shutters, flooring and much more. Full upgrades list can be provided upon request. Layout features spacious 3 bedrooms, 2 bathrooms, 1 large den/office room, 2 car garage, 2 RV gates, sparkling pool/spa, and best of all a 2 bedroom detached property that can be used as pool room, casita, or glorified storage facility. Front yard features desert landscape with low maintenance artificial turf. Don't miss out on your future home!

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13776 W Calle De Baca -- Peoria, AZ 85383

$769,990

4 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6751976

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. This elegant home features a first-floor owner's suite with a spacious den/office, an extended walk-in closet, a 2-foot rear extension, a cozy fireplace in the great room, and a large sliding glass door leading to a covered patio.

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16320 E Skinner Drive Scottsdale, AZ 85262

$769,900

4 Beds

4 Baths

2,616 SqFt

Status Active

MLS # 6709609

Property Type Single Family Residence

Price Type --

North Scottsdale- designed for luxurious desert living. This property seamlessly blends modern elegance with the natural beauty of the landscape. Features: - 5000-gallon holding tank: Ideal for desert living, ensuring water sustainability. - Enjoy panoramic vistas from every angle of this home. - Low windows and high ceilings, 9x10' ceilings paired with 8-foot doors, giving the space an open, airy feel with lots of natural light. - Covered back patio: Perfect for entertaining or relaxing while enjoying the beauty of the desert landscape. -Every bedroom boasts its own private en suite for added privacy and comfort. - Spacious 3+ car garage with workshop: Room for your vehicles ,tool hobbies, or projects

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2935 E Blue Sage Road Gilbert, AZ 85297

$769,900

4 Beds

2.5 Baths

2,474 SqFt

Status Active

MLS # 6709175

Property Type Single Family Residence

Price Type --

***Ignore Days on Market***Great opportunity to own in Stratland Estates, it's the one you've been looking for! 3-car garage, STONE ACCENTS, gated courtyard, great curb appeal. Formal dining room with handsome CUSTOM WOOD TRIM, an expansive open floor plan with high ceilings and custom base boards, The home features surround sound, Tile flooring, plush carpet, neutral paint, PLANTATION shutters, security system and custom light fixtures all included. The Chef's kitchen comes complete w/a pantry, recessed lighting, staggered height raised panel cabinets w/crown moulding, granite counters, tile backsplash, an island w/a breakfast bar, & SS appliances. Breakfast nook opens to a sliding glass doors to the back patio and resort style backyard. The Owner's retreat comes with outdoor access, an ensuite w/dual sinks, smoked glass block snail shower, & a walk-in closet. Delightful backyard is ready for hosting fun weekend gatherings, boasting a covered patio, fire pit, & a refreshing salt water pool. Lake Community with Catch & Release, Kids playgrounds, Volley Ball, Basketball & Walking Paths. Close to San Tan Shopping! This rare find won't last long!

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21073 N 63rd Drive Glendale, AZ 85308

$769,900

4 Beds

2 Baths

2,235 SqFt

Status Active

MLS # 6741741

Property Type Single Family Residence

Price Type --

Incredible property, perhaps the best lot at Arrowhead Ranch, priced $17K below 07/24 appraisal. Prime cul de sac location backing to the 8th green & siding to the 9th fairway's lake offering beautiful views, perfect setting for golf enthusiasts or anyone who enjoys picturesque surroundings. Ryland Prescott plan with 4 bedrooms, 2 baths, both living & family rooms adds to its versatility. Covered patio with golf course & lake views is a fantastic spot for relaxation or entertaining. The owned solar system (2023) & new roof in 2023 are excellent upgrades that enhance the home's energy efficiency & value. The 3-car garage is also a great feature, offering plenty of space for vehicles & storage. This property is a gem for anyone looking for a beautiful home in a picturesque setting.

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9812 S 37th Drive Laveen, AZ 85339

$769,719

3 Beds

3.5 Baths

2,748 SqFt

Status Active

MLS # 6709066

Property Type Single Family Residence

Price Type --

Gorgeous brand new home in Ridge at Whispering Hills, a new community in Laveen. High end features throughout. The executive kitchen boasts double ovens, Oxide Honed Quartz countertops, and white painted cabinets and greyhound painted cabinets at the center island. Other highlights in the home include extended upper and lower cabinets in the kitchen nook, an extended dining room, a 16' multi-slider in the great room, upgraded paint in Snowbound, upgraded tile and carpet throughout, and an attached 3 car garage with a service door. There is a frameless walk-in shower and a shower at the secondary bath. Gated community access creating a serene and private living experience.

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9987 E Fanfol Drive Scottsdale, AZ 85258

$769,500

2 Beds

2 Baths

1,871 SqFt

Status Active

MLS # 6747663

Property Type Single Family Residence

Price Type --

Experience Luxury Living in Scottsdale Ranch. This is the perfect 2nd home and at the same time perfect for year round living! This stunning 2-bedroom, 2-bath gem is nestled in the exclusive resort-style community of Mission Monterey within Scottsdale Ranch. Tucked away in a peaceful cul-de-sac, this home offers a private courtyard with beautiful stone pavers and lush landscaping, creating the perfect space for outdoor relaxation and entertaining. Step inside to discover bright and inviting interiors with soaring vaulted ceilings and an open, fluid floor plan. The grand living area features a cozy, remodeled fireplace and plantation shutters, perfect for unwinding after a day in the sun. The spacious kitchen, equipped with stainless steel appliances, and elegant quartzite countertops, is a dream for any at-home chef. The primary suite is your personal retreat with a large walk-in closet featuring built-in storage, and a luxurious master bathroom with a super-sized Jacuzzi tub and separate shower. Additional upgrades include all-new tile flooring throughout, Hunter Douglas blinds, a remodeled second bathroom, new energy-efficient windows, and enhanced insulation to keep energy costs low. Enjoy your mornings on the private patio or take a dip in the fabulous heated community pool and spa. With attic storage, epoxy garage flooring, and easy access to the 101, shopping, fine dining, and the Scottsdale Ranch Community Center, this home offers the perfect blend of comfort, convenience, and style.

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