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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2461 E Penedes Drive Gilbert, AZ 85298

$759,900

4 Beds

3 Baths

2,880 SqFt

Status Active

MLS # 6751814

Property Type Single Family Residence

Price Type --

Discover the perfect blend of elegance and comfort in this stunning Atherton model, nestled in the highly sought-after Freeman Farms community. Featuring 4 bedrooms, 3 baths, versatile den and 3 car garage. The home's functional design and neutral decor offers a canvas for your personal touches. The kitchen includes, granite counter tops, stainless steel appliances, walk in pantry and seamlessly integrates with the living spaces, making it ideal for hosting gatherings or enjoying quiet family meals. The included refrigerator, washer, and dryer make your transition to this new home easier. Outside you will find professional landscaping with decorative pavers, synthetic grass, a built-in BBQ, and free-standing gazebo. Don't miss the opportunity to make this exceptional property your home!

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18459 W Carol Avenue Waddell, AZ 85355

New

$759,900

5 Beds

3 Baths

4,596 SqFt

Status Active

MLS # 6761081

Property Type Single Family Residence

Price Type --

A dream home in the desirable Cortessa Community. Freshly painted inside and out. Fully modern kitchen with upgraded cabinets and granite counters. Two new air conditioners and a new hot water heater. Four bedrooms upstairs with a Media room and a separate game room (Media room can be used as a 6th bedroom). Downstairs, has a full In-Law or guest suite with attached kitchenette and bathroom. New flooring throughout most of the home. Backyard oasis with a large in-ground swimming pool and an above ground spa. A weather and sun protected newly installed Pergola with lighting and fan. Pool security fence available. Home is move in ready.

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16540 E El Lago Boulevard Unit 18 Fountain Hills, AZ 85268

New

$759,900

3 Beds

2 Baths

1,854 SqFt

Status Active

MLS # 6760849

Property Type Single Family Residence

Price Type --

Welcome to Villa Estates at Town Center, a one-of-a-kind charming gated community of 46 patio homes minutes from Ave. of the Fountains. This 3 bedroom, 2 bath patio home features a recently remodeled kitchen, with quartz counter tops, marble backsplash, a double oven gas range, & hickory island featuring pull out chef's drawers. 10 foot ceilings, 8' custom interior doors, and loads of storage. The AC was replaced in 2017, the water heater is 2 years old. The McDowell Mountains to the west and the rolling hills of the town abound. Cooler temperature and less traffic add to the charm of Fountain Hills, with the world's 4th highest fountain. Minutes from Scottdale, and 30 minutes to the airport. The Splash Pad, Children's Playground, and Desert Vista Skate Park is perfect for all ages

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3506 E Lowell Avenue Gilbert, AZ 85295

$759,900

4 Beds

2 Baths

2,740 SqFt

Status Active Under Contract

MLS # 6757349

Property Type Single Family Residence

Price Type --

This beautifully maintained home offers outstanding curb appeal and an immaculate interior, perfect for comfortable living & entertaining. Boasting 4 bedrooms and 2 full bathrooms, an oversized 3 car garage and a sparkling pool. The spacious & light-filled design features a large living room with built-in bookshelves and ample storage throughout. The primary suite is a private retreat with a versatile bonus room, ideal for use as a nursery, yoga room, home office, or dressing area. The primary bathroom includes double sinks, a separate shower & tub, and a large walk-in closet. All bedrooms are well-sized with generous closets, while the secondary bathroom also offers double sinks for added convenience. The heart of this home is the expansive kitchen, designed for both CONTINUED...... This beautifully maintained home offers outstanding curb appeal and an immaculate interior, perfect for comfortable living & entertaining. Boasting 4 bedrooms and 2 full bathrooms, an oversized 3 car garage and a sparkling pool. The spacious & light-filled design features a large living room with built-in bookshelves and ample storage throughout. The primary suite is a private retreat with a versatile bonus room, ideal for use as a nursery, yoga room, home office, or dressing area. The primary bathroom includes double sinks, a separate shower & tub, and a large walk-in closet. All bedrooms are well-sized with generous closets, while the secondary bathroom also offers double sinks for added convenience. The heart of this home is the expansive kitchen, designed for both function & style. It includes a tiled eating bar, gas stove, built-in microwave, an island, and a wrap-around peninsula with a breakfast bar. Storage is plentiful with both a large pantry & a utility pantry. A bright laundry room with a window, shelving, lower cabinets, and counter space adds extra convenience. Outdoors, you'll enjoy the large covered patio, perfect for relaxing or entertaining, & the sparkling pool. Citrus trees and a private, serene backyard make it the ideal space for outdoor living. The 3-car garage, complete with epoxy flooring, adds even more practicality to this exceptional home.With shutters on select windows and attention to every detail, this home is a true gem. Don't miss your chance to make it yours! Conveniently located near a neighborhood elementary school with easy access to shopping and the freeway. This property truly represents the best of what Gilbert, AZ has to offer.

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20856 W Werner Place Buckeye, AZ 85396

$759,900

4 Beds

3 Baths

3,080 SqFt

Status Active

MLS # 6690492

Property Type Single Family Residence

Price Type --

Will pay 10K IN BUYER CONCESSIONS w full price offer! Use for Closing cost assistance or rate buy down! Ideally located on Sidney Park in Main Street Verrado, nature surrounds this home creating a highly ambient atmosphere. Featuring 4 bed 3 full bath, and relaxing outdoor spaces, backyard includes a pool, travertine decking, a pergola with built in BBQ, sink and cooking space- perfect for outdoor dining. The upgraded kitchen boasts granite countertops, stainless steel appliances, and abundant storage, open to the family, living and dining rooms. You will find a spacious primary suite, 3 large bedrooms, one w/ensuite bath. Offering the best of both worlds, privacy & proximity to all the amenities Verrado provides, dining, shopping, schools, beautiful hiking, this home is a must se

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1215 E Kramer Circle Mesa, AZ 85203

$759,900

5 Beds

3 Baths

3,960 SqFt

Status Active

MLS # 6749977

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in a highly sought-after neighborhood! This stunning 4-bed + Den & 3-bath gem offers an expansive 3,960 square feet of luxurious living space and has been meticulously updated to provide the ultimate in comfort and style. Built in 2001, this home exudes timeless appeal while featuring modern enhancements that truly set it apart. Step inside to discover a freshly painted interior that perfectly complements the brand-new carpet and flooring throughout. The heart of the home boasts beautifully painted cabinets with new hardware, light fixtures, and pulls, adding a touch of contemporary elegance to your daily living experience. The spacious and airy living areas are perfect for both entertaining and cozy family nights. You'll appreciate the recently serviced A/C units that ensure year-round comfort, no matter the season. The upstairs hall bath has been tastefully refinished, providing a spa-like retreat for relaxation. Your backyard oasis awaits with a pristine pool that has been drained, cleaned, and refilled, ready for endless days of fun and relaxation. The garage door has been expertly repaired, adding functionality and curb appeal to this already impressive property. Don't miss the opportunity to make this turnkey home your own. Every detail has been thoughtfully considered and upgraded, making this residence truly move-in ready. Experience the perfect blend of luxury and convenience in a space designed for making memories. Seize the chance to bask in this meticulously cared-for residence, where every update has been executed with precision and care. Envision the endless possibilities that await at your new home sweet home!

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6209 E Blanche Drive Scottsdale, AZ 85254

$759,900

3 Beds

2 Baths

1,637 SqFt

Status Active Under Contract

MLS # 6720622

Property Type Single Family Residence

Price Type --

A rare gem in the Magic Zip Code. No HOA! Exquisite kitchen-family room features Thomasville cabinetry, granite tile countertops, mosaic backsplash, high vaulted ceilings, SS appliances, fireplace, skylight and a breakfast bar. Split floor plan primary bedroom has attached bathroom, double sinks, and a walk-in shower & closet. Enhancements encompass new windows, a panel prepped for solar installation, and interior-exterior paint updates. North/South exposure with beautiful curb appeal, low maintenance front yard and 3 car garage. Backyard is a tranquil haven complete with well-established landscaping and swimming pool with new pool pump. Conveniently located within walking distance of parks and schools. Ideal location close to Mayo Clinic, Kierland Commons, Scottsdale Quarter and PV M

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30093 N 129th Drive Peoria, AZ 85383

$759,900

2 Beds

2.5 Baths

2,180 SqFt

Status Active

MLS # 6699024

Property Type Single Family Residence

Price Type --

Absolutely gorgeous 2,180 sq ft 2 Bed, 2.5 Bath, 3 Car ''Genova'' on a private desert wash lot in Trilogy at Vistancia. This home is loaded with upgrades like crown molding in practically every room, built-ins at the Great Room and Den, multi-sliding glass doors at the Dining Room, and high end shutters! You will love the Gourmet Kitchen with raised panel designer cabinets with pullout drawers, large kitchen island with pendant lights, and stainless appliances including gas cooktop and wall oven. Primary Suite features a spa like bath with separate tub & shower plus a walk-in closet with custom closet organizer! Guest Suite is located at the front of the home and features an en suite bath with upgraded shower. Smart Space with built-in desk off the Kitchen area. Extended Paver Patio. Total privacy with mature landscaping and spacious desert wash behind. Large Covered Patio and gas stub is already in the back, making it very easy to add a built-in BBQ or gas fireplace! This home is owned by the original owner and it's always been a vacation home while being meticulously monitored on a weekly basis!

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3758 W Moon Dust Trail Queen Creek, AZ 85144

$759,000

4 Beds

3 Baths

2,766 SqFt

Status Active

MLS # 6730607

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades! This beautiful Modern Farmhouse is located on a FENCED 1.25 ACRE of Horse Property. Gourmet Kitchen w/ WOLF Appliances, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' WOLF Gas Cooktop & Range, Built-in Stainless-Steel pull-out Microwave & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Estimated completion date in NOV/DEC.

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21353 S 213th Street Queen Creek, AZ 85142

New

$759,000

3 Beds

3 Baths

2,920 SqFt

Status Active

MLS # 6760713

Property Type Single Family Residence

Price Type --

Semi-custom elegance at a close-in Queen Creek location. The split, great room floor plan you love with a generous area for entertaining all of your favorite people, and a beautifully designed yard to bring the party outside with low maintenance landscaping, a lovely fire pit and 25 foot pergola for enjoying peaceful evenings. The gorgeous gourmet kitchen with upgraded white cabinets, stainless steel, miles of granite counters and a walk in pantry offers a large eat in area, breakfast bar AND a formal dining space.Relax and unwind in the primary ensuite bedroom sanctuary with his/her closets, and melt your cares away in the large soaking tub, or enjoy the luxury walk in shower. Split vanities are just the start of the high end upgrades which have been thoughtfully selected: wood look tile throughout most of the home, designer lighting, a security screen door and three year old multi zoned a/c unit combines a feeling opulence with energy and cost savings. Two large secondary bedrooms provide space for everyone and their gear, and the den/office can be used as a fourth bedroom. Room for all your toys with a split 3 car extended length, over height garage with cabinets galore, RV gate so you can enjoy your time away from the home as much as you'll love being in it. Surrounded by biking/walking paths and parks, this impressive neighborhood shows pride of ownership and offers nearby shopping, dining and entertainment. This is a gem of a home that you need to see to appreciate.

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1146 E Kramer Circle Mesa, AZ 85203

New

$759,000

6 Beds

3 Baths

3,999 SqFt

Status Active Under Contract

MLS # 6757694

Property Type Single Family Residence

Price Type --

*PIC'S COMING SOON* This stunning large home, nestled within a gated community, offers a perfect blend peace and comfort. Spanning almost 4,000 sqft, the home features 6 spacious bedrooms and 3.5 bathrooms, making it ideal for families or entertaining guests. The primary suite features a spa-like bathroom with a soaking tub, walk in shower and double sinks. Each additional bathroom is generously sized, with ample closet space. outside, you'll enjoy a beautifully landscaped backyard with a pool, providing an oasis for relaxing and entertaining. This property also backs to the canal service road, great for walking or riding bikes! Just mInutes for the 101, 202, and US60. Great schools and all around great location!

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132 E Green Apple Lane Payson, AZ 85541

$759,000

3 Beds

2 Baths

2,638 SqFt

Status Active

MLS # 6725308

Property Type Single Family Residence

Price Type --

Discover your perfect mountain home in the lovely, gated community of Hunter Creek Ranch - One of the most sought-after places to live in Arizona's majestic ''Rim Country''. This incredibly beautiful mountain / forest retreat near Christopher Creek features paved roads, underground utilities, its own sewer system and water distribution infrastructure. When you arrive at this wonderful 1/2 acre homesite, you discover the large, open and covered Trex deck areas , and you will be captivated by the surrounding forest and mountain views. You will also notice an intriguing, spring-fed pond right below you! As you enter the great room area, you will love the charm that is accentuated by knotty pine walls, soaring, vaulted ceilings and a great fireplace area. The island kitchen is open and...... spacious and there is also a large pantry / laundry area as well. Other nice features in this 2638 sq. ft. livable home include three spacious bedrooms, two bathrooms, three levels including a full lower level recreation room/office, and a two-car garage. Escape to your Dream Cabin Home and enjoy the fresh air, cool breezes, nearby mountain streams, hiking trails and six picturesque Rim Lakes. Don't miss this Great Opportunity!

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