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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1857 Pine Cone Road Heber, AZ 85928

$764,900

2 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6727529

Property Type Single Family Residence

Price Type --

**PRICE REDUCED** This magnificent log-sided cabin sitting on 2.35 forested acres within the Buckskin Artist Community awaits you! Come sit on the wrap around porch, or soak in the hot tub while you gaze out at the park like setting with towering ponderosa pines or view stars in the clear night sky. With two bedrooms, two baths, a loft, and screened in patio space there is plenty of room for you and your guests to relax and enjoy the beauty of the Mogollon Rim Country. The kitchen boasts stainless steel appliances, gas stove, and a kitchen island with breakfast bar. The great room is accentuated with real log beams, T&G vaulted ceilings, giant windows, and an efficient wood burning fireplace. Located on the main floor is the primary bedroom and en suite bathroom offering a walk-in shower, soaking tub, double vanities, Jack and Jill closets, and laundry room. Upon climbing a beautiful hewn log staircase to the second floor, you will find a spacious loft, the second bathroom, storage attic and an additional bedroom with its own private balcony. Don't forget to bring your UTV/ATV and tools because this home not only has a large attached garage, but also features a completely separate garage and shop to work on your next project. This additional building has 1456 sqft split evenly between the garage and shop spaces with 120/220v service throughout and +400 sqft of storage on a second floor. Attached to the shop is 448 sqft of covered parking with a 30 amp hookup for your RV or camper. Don't miss this rare opportunity to own a cabin in the highly coveted Buckskin Artist Community of Heber, AZ. The HOA dues of $325/year include water service and road maintenance. Best of all, within the community there is direct access to miles of roads and trails

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44822 N 44th Avenue Phoenix, AZ 85087

$764,514

4 Beds

3.5 Baths

2,745 SqFt

Status Active

MLS # 6708000

Property Type Single Family Residence

Price Type --

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5951 E Sienna Bouquet Place Cave Creek, AZ 85331

$764,000

3 Beds

2 Baths

1,938 SqFt

Status Active

MLS # 6689729

Property Type Single Family Residence

Price Type --

Picture perfect and serene home! The arroyo behind the house adds a touch of natural beauty and tranquility, while the large primary suite offers a comfortable retreat. The open and bright living space, along with high ceilings, creates an inviting atmosphere for gatherings and relaxation. Being in a gated community adds a sense of security and exclusivity. With 1938 sq ft, there's plenty of room to spread out and enjoy the space. And the fire pit in the backyard is the perfect spot for cozy evenings under the stars. Gently lived in and ready for new owners. Community parks and playground for walks and enjoyment. The lowest priced home in Lone Mountain!

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5727 N 84th Drive Glendale, AZ 85305

$763,990

5 Beds

3.5 Baths

4,517 SqFt

Status Active

MLS # 6717343

Property Type Single Family Residence

Price Type --

MLS#6717343 Welcome to the Acadia floor plan at Stonehaven Voyage! This to-be-built home lets you pick options and customize to your preferences. This impressive two-story plan welcomes you with an inviting front porch leading to a grand foyer with a decorative spiral staircase. To one side is a formal dining room, and on the other, a study. The expansive gathering room opens to the kitchen, which features an oversized island with a sink. Choose an optional chef or gourmet kitchen and select your finishes and upgrades. The primary suite is downstairs and boasts his and her closets and vanities. The second story includes secondary bedrooms, bathrooms, and a game room. Customize with additional bedrooms, an optional extra laundry room, or a media room.

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10129 E Strobe Avenue Mesa, AZ 85212

$763,000

6 Beds

4.5 Baths

4,147 SqFt

Status Active

MLS # 6698389

Property Type Single Family Residence

Price Type --

Oversize home feature flexible floorpan with 6 bedrooms, den/office, loft, 4.5 bathrooms, and 3-car tandem garage with epoxy flooring. 9 ft high ceilings, recessed lighting, pre-wired surround sound, and plenty of natural light. Great room and kitchen with beehive fireplace, large island with breakfast bar, stainless appliances, and dining room are perfect for family or entertaining. One bedroom and den/office downstairs. Upstairs, primary suite has dual vanities, soaking tub, walk-in shower, and walk-in closet, and additional bedrooms are generously sized. Backyard with covered patio is ready for your imagination. Eastmark community benefits include: Community Center, community pool, the Great Park with a splash pad, lake, parks, trails, and more!... Eastmark offers Community Center, community pool, the Great Park with a splash pad, lake, parks, trails, and more!

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8743 E Bonita Drive Scottsdale, AZ 85250

Open House

$762,000

3 Beds

2 Baths

1,591 SqFt

Status Active

MLS # 6735351

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your dream home in a perfect location near Chaparral park and Old Town Scottsdale! Step inside to a fresh interior with a neutral color paint scheme and partial flooring replacement. The living room features a cozy fireplace, perfect for those chilly evenings. The kitchen is a chef's delight with all stainless steel appliances and an accent backsplash. The primary bathroom boasts double sinks for convenience. Step outside to a fenced-in backyard with a private in-ground pool and a covered patio, perfect for entertaining. This home is a true gem!

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8757 W Missouri Avenue Glendale, AZ 85305

$761,262

4 Beds

4.5 Baths

3,704 SqFt

Status Active

MLS # 6729320

Property Type Single Family Residence

Price Type --

MLS#6729320 The 2-story Hampton is sure to impress with 5 bedrooms, 4.5 baths and a 3-car garage. When you walk through the front door of this stately home, you are greeted by a long foyer with a dedicated formal dining room to host events. The Hampton provides cutting-edge open-concept designs for the ultimate in modern living with the gourmet kitchen, casual dining, and gathering room flowing seamlessly together. Upstairs, you will find the spacious owner's suite with a retreat, luxurious bath and a large walk-in closet. Three additional bedrooms, a shared bath and a loft round out the second floor. Structural options include: upgraded gourmet kitchen appliances. Design upgrades include: upgraded maple cabinets with full overlay, 42 uppers, quartz countertops, upgraded tile.

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8940 W Camino De Oro -- Peoria, AZ 85383

Open House

$761,000

4 Beds

3 Baths

2,654 SqFt

Status Active

MLS # 6758932

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this custom built home on a large lot with no HOA and room for your toys. The interior features a neutral color scheme with fresh paint throughout and partial flooring replacement. The kitchen features stone counters with with an accent backsplash, and stainless steel appliances and beautiful wood cabinetry. The primary bedroom includes a walk-in closet. Step outside to a covered patio overlooking a private in-ground pool, outdoor shower, artificial turf and room for a future casita or a future RV garage. RV gate. The fenced-in backyard also offers a storage shed for added convenience. Walk to Campbells Restaurant for breakfast, close to Lake Pleasant , shopping and all that north Peoria has to offer.

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8717 E Thornwood Drive Scottsdale, AZ 85251

$760,000

3 Beds

2 Baths

1,525 SqFt

Status Active

MLS # 6754440

Property Type Single Family Residence

Price Type --

This beautiful 3 bdrm, 2 bath home is located in a desirable Scottsdale area close to Fashion Square, Old Town, and the 101. Situated on a spacious 8800+ sq ft corner lot, it offers something for everyone. The home boasts gorgeous curb appeal with artificial turf and a paver walkway leading to a charming front patio with shade structure. Inside, you'll find recent upgrades including granite countertops in the kitchen and bathrooms, as well as luxury vinyl plank (LVP) flooring throughout the main living areas and bedrooms—no carpet! The spacious backyard features artificial turf, a putting green, a built-in grill, a storage room, and an RV gate. Additionally, there's a 1-car garage with an extra driveway that's paved for additional parking. Come tour this one today.

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111 W Missouri Avenue Phoenix, AZ 85013

$760,000

4 Beds

4.5 Baths

3,330 SqFt

Status Active

MLS # 6615125

Property Type Apartment

Price Type --

This beautiful townhome is a hidden gem. Gorgeous buildings w/ Cantera Stone and private garages. Opening the dramatic 9 foot entry door takes you into our spectacular foyer with soaring ceilings of over 20 feet. The beautiful living and dining room. 10 foot high ceilings & gas fireplace. The large galley style kitchen features beautiful granite counters, a 6-burner gas cook top & stainless steel appliances! View the wonderful master bedroom, sitting area master bath and large walk in closet. The other three guest bedrooms all have en-suite baths and walk-in closets. One bedroom downstairs. This is truly a one of a kind development. Easy maintenance property with wrought iron gated entry for security & privacy.

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26613 W Quail Avenue Buckeye, AZ 85396

$760,000

3 Beds

3.5 Baths

2,800 SqFt

Status Active Under Contract

MLS # 6747777

Property Type Single Family Residence

Price Type --

VOYAGE MODEL WITH 3 BEDS, 3.5 BATHS, POOL AND VERY LARGE OWNED SOLAR SYSTEM. Upgrades throughout including custom bar with beverage cooler, white cabinetry with striking Cambria counter tops. Each bedroom is ensuite and the Primary Bath has a custom vanity and an added door to the laundry room for convenience. The extended rear patio is equipped with a misting system. Beyond that is the Pool and built-in BBQ. All surrounded for privacy with a block back wall. Look for more detail in the documents tab above.

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3036 E Hermosa Vista Drive Mesa, AZ 85213

New

$760,000

4 Beds

3 Baths

3,312 SqFt

Status Active

MLS # 6760942

Property Type Single Family Residence

Price Type --

Your DREAM home is here! This gorgeous property, with 4 beds & 3 baths, will surely impress you. A 3-car garage w/extended driveway and a well-manicured landscape w/synthetic lawn are just the beginning. The welcoming foyer is adorned with dramatic high ceilings that make a grand impression! Home exudes elegance with designer paint, stylish light fixtures, abundant natural light, and tasteful flooring - tile & soft carpet in all the right places. You'll love the separate living room, formal dining room, and a large family room w/fireplace for chilly nights! The impressive kitchen has built-in appliances, quartz counters, a walk-in pantry, glass tile backsplash, ample white cabinetry, a butcher block island, and a peninsula w/breakfast bar. Its cozy nook boasts a French door to the back. There is a storage room under the stairs! For added versatility, you have a cozy loft and a bonus room await upstairs. The double-door main bedroom features a lavish ensuite with a soaking tub, tiled shower, dual sinks, & a walk-in closet. If entertaining is on your mind, check out the fantastic backyard! With a covered patio, well-laid pavers, and a sparkling pool & spa combo, this space promises year-round enjoyment. The citrus trees & a storage shed are added perks. What's not to like? This gem is truly a MUST-SEE!

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