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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21960 E Twin Acres Drive Queen Creek, AZ 85142

New

$769,490

4 Beds

3 Baths

2,604 SqFt

Status Active

MLS # 6760588

Property Type Single Family Residence

Price Type --

Wow! This amazing home has it all with a guest suite and plenty of room for all the toys. Madera West estates is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill.

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1239 E Kramer Circle Mesa, AZ 85203

$769,000

5 Beds

3 Baths

2,781 SqFt

Status Active

MLS # 6741871

Property Type Single Family Residence

Price Type --

Discover this exquisite 5-bedroom, 3-bath residence on a peaceful cul-de-sac! You're greeted by fantastic curb appeal boasting a 3-car garage, an extended driveway, an immaculate front yard with stone accents. The living/dining room welcomes you with a soothing palette, plantation shutters, and attractive wood-look flooring. The great room features soaring ceilings and a cozy fireplace. Sliding doors open to a beautifully landscaped backyard with an inviting pool and putting green. The chef's kitchen is equipped with granite counters, abundant white cabinetry with crown moulding, mosaic tile backsplash, stainless steel appliances, pantry, and an island with breakfast bar. The main bedroom offers clerestory windows for natural light, an ensuite with dual sinks, and a walk-in closet. Outside, the covered patio, putting green, and refreshing pool create an enchanting oasis. Make this gem yours today!

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18324 W Highland Avenue Goodyear, AZ 85395

$769,000

5 Beds

3 Baths

3,110 SqFt

Status Active

MLS # 6712389

Property Type Single Family Residence

Price Type --

Welcome to the gated Community of Sedella! This immaculate 5-bed, 3-bath, split floor plan is an entertainer's dream. Complete w/ diving pool, fire pit, XL covered patio coupled w/ outdoor fans, speakers & misters. You'll appreciate the open living/dining room layout accompanied by a private theater area. The 16 ft wide sliding glass doors merge the indoor living space with the outdoors. Built-in speakers w/ volume control & CAT 5 wiring throughout. The kitchen features soft-close white cabinets with crown molding, stainless steel appliances, granite countertops & a large island/breakfast bar. The master bedroom features an onsite bathroom, dual vanities, soaking tub, a sit-down shower, & a large walk-in closet. Assumable VA loan available at 2.25%.

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7210 N 175th Avenue Waddell, AZ 85355

$769,000

3 Beds

2 Baths

2,026 SqFt

Status Active

MLS # 6753624

Property Type Single Family Residence

Price Type --

Beautiful custom slump block 3 bed, 2 bath home on almost two tree lined flood irrigated acres in coveted Waddell. This amazing Horse Property is on a private road. Home has it all from the covered courtyard entry, duel AC units, newly upgraded country kitchen w/ stainless steel appliances and quartz counter tops, 3 large bedrooms, split floor plan, great room, central laundry room, garage cabinets, and back covered patios where you can watch the beautiful sunsets.. Outside features 5 fenced pastures, round pen, Barn/ shop with bathroom, wash rack, tac and feed room, 6 huge covered heavy steel pipe stalls with electric and water. Rear entrance for loading livestock. Horse trails right out your back door just minutes from the White Tank Mountains where there are endless riding. trails.

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22725 N Galicia Drive Sun City West, AZ 85375

$769,000

2 Beds

2.5 Baths

2,593 SqFt

Status Active Under Contract

MLS # 6720356

Property Type Single Family Residence

Price Type --

Embrace the epitome of luxurious living in this stunning 2-bedroom, 2 1/2-bathroom Mirada Model home, boasting a sprawling 2593 sq ft layout with an extended 2 Car Garage + 3rd Bay Full Size. Nestled in the prestigious, gated Corte Bella Country Club and ideally positioned on the 5th hole near the green, this property promises breathtaking golf views and an ambiance of refined elegance. Step inside to discover an open concept floor plan highlighted by tile flooring that extends seamlessly throughout(with exception of master closet) fostering an inviting environment perfect for both relaxation and entertaining. The heart of the home features a well-appointed kitchen equipped with top-of-the-line amenities including Granite countertops, a Wolfe gas range, and newer Dishwasher + Microwave. A generous walk-in pantry and a sizeable nook area add to the functionality. The expansive Great Room and Dining area are adorned with large picture windows framing the spectacular golf course views, creating a seamless blend of indoor and outdoor living. The residence also boasts a luxurious master suite with direct patio access, a large walk-in closet, a soothing soaking tub, private toilet room, and double sinks. An ensuite guest room offers privacy and comfort with its own bathroom and walk-in closet. Additional highlights include a cozy office den, a chic powder room, and a wet bar with a built-in wine chiller, making it an ideal space for hosting. Outside, the east-facing rear yard is a serene private retreat, perfect for relaxation or outdoor entertainment. With its strategic location, exquisite floor plan, and high-end finishes, this Mirada masterpiece is truly a rare find. Newer A/C units and Furnaces (replaced in 2021) ensure year-round comfort in this impeccable home. Don't miss the opportunity to own a slice of paradise with all the modern conveniences and luxurious appointments you desire.

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18324 W Verdin Road Goodyear, AZ 85338

$769,000

4 Beds

2.5 Baths

2,827 SqFt

Status Active

MLS # 6759058

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Home in Estrella Mountain Ranch! This breathtaking 2019 Richmond American home spans an impressive 2,827 sq. ft. of beautifully designed living space on a 12,040+ sq. ft. premium lot. Every inch of this home showcases thoughtful design, luxurious upgrades, and a lifestyle of comfort and ease. Energy-Smart & Stress-Free Enjoy the freedom of no electric bills! This home features a $42K OWNED solar system and two storage batteries, keeping you powered up year-round. The garage also comes equipped with a Tesla car charger, making this the perfect home for eco-conscious living. A Chef's Delight Step into a gourmet kitchen that will ignite your passion for cooking and entertaining. With leathered granite countertops, a 5-burner gas cooktop, and an effortless flow into the living and dining spaces, this kitchen is truly the heart of the home. And for those beautiful Arizona evenings, a sliding wall of glass opens up to your backyard paradise. Outdoor Oasis Relax and entertain in style in your stunning backyard, featuring mountain views, astro turf, a custom pool with travertine decking, and a cozy firepit for those cool desert nights. The pergola is wired with power and gas ready for your future hot tub. Plus, a $26,000 outdoor kitchen upgrade with custom pavers and lighting makes this space the ultimate spot for gatherings, big or small. The Best of Both Worlds Adventure & Convenience Nestled in the heart of Estrella Mountain Ranch, this home gives you access to not one, but two residents clubs! Starpointe and Presidio boast incredible restaurants, fitness facilities, and endless ways to relax or stay active. Plus, explore the nearby Fins hiking and biking trails or sip your favorite wine at Sip at the Ranch, a popular new wine bar just minutes away. Essential conveniences like a grocery store, bank, Walgreens, and Starbucks are all just 5 minutes from home. Unbeatable Value With an appraisal of $776k in 2022, this home is an incredible find in today's market. If you're seeking a property that seamlessly blends luxury, location, and lifestyle, look no further, this is it! Book your tour today and step into the lifestyle you've been dreaming of!

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4155 E Page Avenue Gilbert, AZ 85234

$769,000

5 Beds

3 Baths

3,038 SqFt

Status Active

MLS # 6759741

Property Type Single Family Residence

Price Type --

SELLER PAID 3-2-1 Rate Buy Down Available! Rates (Year1: 2's), (Year2: 3's), (Year 3: 4's), (Year4-30: Fixed in the 5's) (6.07% APR). 20% down and qualifying credit scores using preferred lender. This 5 bedroom, 3 bath home offers a full bathroom & bedroom on the main level. Situated w/in the popular Highland Groves community. This well thought out floor plan includes formal living, formal dining, family room just off the kitchen. Kitchen includes: Gas range, granite island, cherry cabinets w/ ample storage. Updated features include: ceramic tile throughout the main level and decorative wood tile on the 2nd level. Energy efficient LED lighting throughout. Sit back and relax in your low maintenance backyard with custom gazebo and sparkling pool with water feature!

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1450 S Central Drive Chandler, AZ 85286

$769,000

5 Beds

3.5 Baths

3,462 SqFt

Status Active

MLS # 6739107

Property Type Single Family Residence

Price Type --

Move in Ready 5 bed 3.5 bath home in ideal Chandler location. Enter home to light & bright, expansive dining & living room area with featured lighted wood wall. Walk through to back of home to find model gourmet kitchen with upgraded granite countertops, large kitchen island, gas stove, beautiful white cabinets, upgraded lighting & eat in kitchen area. Family room opens to kitchen & possesses beautiful large picture windows w/ backyard view, stone wall & fireplace, bar & billiards exemplary for large gatherings. Downstairs also contains a 1/2 bath, lg storage closet & bedroom 5, with walk in closet, & attached bath making a great guest suite. Upstairs discover all new carpet throughout, Massive Primary Bedroom w/ large upgraded bath, dual sinks, vanity, large walk shower and separat tub, and immense walk in closet. 3 additional oversized bedrooms upstairs all have walk in closets and share upgraded secondary bath with dual sinks, vanity and walk in shower. Tranquil Backyard has extended patio, large shade trees and beautiful landscaping. All of this just steps to community park and close to all amenities, highways, and Chandler schools.

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3354 W Judd Road San Tan Valley, AZ 85144

$769,000

4 Beds

2.5 Baths

2,489 SqFt

Status Active

MLS # 6720208

Property Type Single Family Residence

Price Type --

***ARIZONA'S PREMIER CUSTOM BUILDER PERSENTS LUXURY AT ITS BEST MODEL HOME IN THE AREA. Many builders in the area are overpricing less quality builds for much more in the same neighborhood. This 4 bedroom 2.5 bath Contemporary Grand Style grand floor plan over 2400 sq ft will not last. Raised ceilings, high end doors, without paying extras for upgrades in the model center. This home has all upgrades included and ready for the discerning buyer. Grand entry Custom door imported from finest architectural Amalfi designer, by design kitchen cabinetry and glass backslash. French tied plush carpet, upgraded smooth texture walls like a true custom built. Extended kitchen cabinetry and panel doors throughout and more.

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12736 W Auburn Drive Peoria, AZ 85383

$769,000

2 Beds

2.5 Baths

2,260 SqFt

Status Active

MLS # 6730604

Property Type Single Family Residence

Price Type --

RARE FIND - in the most sought after area of Trilogy, just steps away from the Kiva Club & a short walk to V's Taproom. PRE-PAID SOLAR LEASE-no payments. Step inside this GORGEOUS 2 bed, 2.5 bath, office/den & incredible WET BAR fully equipped with a wine/beverage center, tons of cabinets, granite c-tops & under cabinet lighting. Perfect for entertaining family & friends. Plenty of space to gather w/the large great room, dining room & breakfast areas. SPECTACULAR kitchen features HIGHLY UPGRADED raised panel staggered cabinets w/larger crown molding & black glazing, STUNNING granite c-tops w/decorative backsplash, large breakfast bar, SS appl, GAS COOKTOP & pendant/undercabinet lighting. Private den/office w/double French doors & custom shelves. GORGEOUS owner's suite w/travertine c-tops, double sinks, designer tile shower & large walk-in closet w/cabinet pass-through into laundry room. Second bathroom upgraded as well. Smart space has an abundance of cabinetry for storage, laundry sink, BUILT-IN hobby desk & office desk. Step outside to your own PRIVATE OASIS - covered travertine patio w/extended pavers, mature landscaping & motorized sunscreen. Don't miss this AMAZING HOME in the BEST LOCATION in Trilogy!! START ENJOYING RESORT-STYLE LIVING AT ITS FINEST. Additional upgrades - oversized tile laid on a diagonal (no carpet) t/o, lighting/ceiling fans, faucets/sinks, framed mirror, reverse osmosis, interior doors, hardware, 4 ft. extended garage w/built-in cabinets & epoxy floor, water softener & gated/wall garbage enclosure. Enjoy low electric bills w/PRE-PAID SOLAR.

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3770 E Colonial Drive Chandler, AZ 85249

$769,000

3 Beds

3 Baths

2,425 SqFt

Status Active

MLS # 6721258

Property Type Single Family Residence

Price Type --

Appreciate all the Finer Elements of this Exquisite Home in Solera, a Resort Style Community. Expansive Patio w/views overlooking both the 7 & 11 Fairways, the Lake and Recreation Center, Built in BBQ, Firepit, & lots of Entertaining Space. This Prestine Home is the Largest Floorplan w/ 3 Bedrooms, 3 Baths, a 2.5 car garage w/Epoxy Floors, Side Entry Door & 12'' Ceilings . Beautiful Hickory Hardwood & Tile flooring, Quartz Counters, Travertine Backsplashes, Gas Cooktop, Double Ovens, & Pantry complete this Amazing Chef's Kitchen, There's Formal & Family Lving space, w/a Two Way Accent Fireplace Creating lots of Cozy space to Entertain Family & Friends. Come see all that this Gorgeous Home has to offer. Make this YOUR Arizona ''Resort Home!

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1229 E Cambridge Avenue Phoenix, AZ 85006

$769,000

4 Beds

3 Baths

2,769 SqFt

Status Active

MLS # 6623382

Property Type Single Family Residence

Price Type --

Are you ready to explore your Phoenix sanctuary near The Coronado Historic District! This updated gem effortlessly fuses contemporary elegance with comfort. A flawless interior welcomes you, demonstrating a commitment to quality. The foyer leads to a vast living room, ideal for hosting guests. The dining room, featuring a charming fireplace, sets the stage for intimate gatherings. The kitchen, a culinary haven, boasts high-end appliances, white shaker cabinets, tile backsplash, quartz counters, and a chic island with a breakfast bar. Upstairs, the expansive Primary Suite offers tranquility and luxury with an adjoining bathroom and walk-in closet. Step outside to a backyard with covered patios and an enticing pool area, inviting friends and family to play and unwind!! The backyard has covered patios and a spectacular pool area, destined to be the centerpiece of outdoor fun. It is more than just a residence; it's a masterpiece of design and functionality!

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