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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90 E Leverenz Avenue Queen Creek, AZ 85140

$759,000

2 Beds

2.5 Baths

2,303 SqFt

Status Active

MLS # 6740162

Property Type Single Family Residence

Price Type --

Welcome to the stunning Captivate model, perfectly situated on a premium homesite with a walking trail next door. This exceptional home features a private casita with a separate entrance, ideal for guests or a personal retreat. The interior features an elegant gourmet kitchen, complete with top-of-the-line appliances, tons of cabinet space and stylish finishes, making it a chef's dream. Throughout the home, you'll find beautiful tile flooring and custom light fixtures that add a touch of sophistication. Cozy up by the built-in fireplace, creating a warm and inviting atmosphere for any occasion. The garage is spotless and has an epoxy finish and built in cabinets. This Captivate model offers luxury and convenience, providing a perfect blend of comfort and style!

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24728 N 72nd Place Scottsdale, AZ 85255

$759,000

3 Beds

2.5 Baths

1,810 SqFt

Status Active

MLS # 6757884

Property Type Single Family Residence

Price Type --

WELCOME! You'll love this recently updated home with new wood floors, updated bathrooms, beautiful kitchen with tons of counter space... plenty of room for multiple chefs or just to spread out. This home is light, bright and spacious! Primary bedroom is generously sized and has a luscious ensuite bathroom with dual sinks and a large walk in closet. Shared Jack and Jill bathroom for bedrooms 2 & 3 with dual sinks. Relax or entertain in your beautiful, low maintenance back yard with built-in barbecue, fireplace, and sparkling pool. Commuting couldn't be easier with it's easy, quick proximity to Scottsdale Rd and the 101. What's not to love? Don't wait.. come and see this home today!

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5719 E Muriel Drive Scottsdale, AZ 85254

$759,000

4 Beds

2 Baths

1,941 SqFt

Status Active

MLS # 6730969

Property Type Single Family Residence

Price Type --

No HOA! New AC Unit (2022)! This cul-de-sac gem in the highly sought-after 85254 Magic Zip Code offers the best of Scottsdale living with Phoenix taxes and access to top-rated Paradise Valley schools. Enter into a spacious home with soaring ceilings and an open floor plan, ideal for entertaining. The kitchen boasts hardwood cabinets and stainless steel appliances, while the cozy family room features a Travertine fireplace and easy access to the backyard. The master suite includes dual walk-in closets, a soaking tub, and dual vanities. Outside, enjoy a PRIVATE POOL, lush lawn, and covered patio on a generous 9,000 SQUARE FOOT LOT! This home features four bedrooms and two bathrooms within 1,941 square feet of living space. Built in 1987, it includes a two-car garage with shelving. Enjoy preferred north/south exposure. Located in the Magic 85254 Zip Code, it offers a Scottsdale mailing address, Phoenix taxes, utilities, and zoning, and is within the Paradise Valley school district. The home includes convenient indoor laundry, a wood-burning fireplace, plant/art shelves, a built-in microwave, and a kitchen pantry with shelving. Block wall fencing for privacy complete the outdoor features. Within a few miles to restaurants and shopping.

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6210 E Red Oak Circle Hereford, AZ 85615

$759,000

3 Beds

3.5 Baths

2,434 SqFt

Status Active

MLS # 6687825

Property Type Single Family Residence

Price Type --

Make this New Custom WALSTON HOME plan all your own! Located in desirable Kings Ranch Subdivision on a 2.47 Acre Corner Lot. This 2434 SF home offers 3br/3ba and 1 half bath. Den/Office. Includes a Linear Deluxe Fireplace in Great Room. Coffered Ceiling and 40x96 Wrought Iron Door at Entrance. Oakcraft Timeless Stained Alder Cabinetry throughout with 42'' uppers, soft close doors. Open Kitchen with 10 ft Island, 3CM Granite throughout. Appliances GE Cafe Pkg Double Oven combo SS, GE Cooktop, GE DW, and GE Hood Vent. Upgraded Tile Floors throughout and in all Bedrooms. Ceiling Fans in Great Room, and Bedrooms. 3 X-Large 12x8 Milgard Tuscany Sliders accessing the back patio from the Great Rm, Dining, and Master Suite. Extra-large Pantry with added shelving, a convenient Laundry Room includes a folding area with lower cabinets for storage. Delta Matte Black faucets. Bath Tile Surrounds w/Niches. One 2-Car Garage 18x8 door and One 1-car garage 9x8 door that both access home. 2x6 frame construction fully sheared. Soft water Loop, Front Courtyard. Driveway to Rd, front yard landscape w/drip. Fence block backyard wall with man gate and 10 ft RV gate. High Speed Internet. Completion 08/30/2024. Photos soon!!

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906 N Autumn Sage Court Payson, AZ 85541

$759,000

3 Beds

2 Baths

2,319 SqFt

Status Active

MLS # 6698935

Property Type Single Family Residence

Price Type --

STUNNING HOME IN CHAPARRAL PINES ON A CORNER LOT! SINGLE LEVEL AND UPGRADES GALORE*GREAT ROOM*DINING AREA*KITCHEN INCLUDES: S/S APPLIANCES, SLAB GRANITE,KNOTTY HICKORY CABINETS, PANTRY*HARD WOOD FLOORING THROUGHOUT*VERY OPEN FLOOR PLAN* CEILING IS VAULTED W/TONGUE AND GROOVE*8'DOORS*LARGE MASTER SUITE WITH CROWN MOLDING & OWN ENTRY TO BACK COVERED DECK W/JACUZZI*MASTER BATH HAS SLATE TILE FLOORING,TUB, AND LARGE WALK IN SHOWER*LARGE MASTER CLOSET W/BUILT INS*TWO ADDITIONAL SPACIOUS BEDROOMS*OVERSIZED 2 CAR GARAGE W/WORK SHOP OR STORAGE FOR YOUR GOLF CART*THERE ARE TWO COVERED PATIOS WITH PLENTY OF SPACE FOR ENTERTAINING*THIS IS A HIGHLY UPGRADED HOUSE WITH THE PERFECT LOT*WILDFLOWER RIDGE IS AN AMAZING SUBDIVISION IN CHAPARRAL PINES*THE CLUBHOUSE HAS EVERYTHING YOU COULD DREAM OF!!!

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9170 S Hackney Place Hereford, AZ 85615

$759,000

4 Beds

3 Baths

3,163 SqFt

Status Active

MLS # 6717192

Property Type Single Family Residence

Price Type --

Amazing new construction in the exclusive Wildhorse gated subdivision. Large 4 bedroom 3 bath home with split floorplan. With 3,163 feet there is plenty of room for a large family. The central great room, sitting room/den, dining room and bonus room give you so many opinions. Sitting on over 5 acres to lot has some nice mature oak trees and sweeping views of the Huachuca Mountains and San Pedro Valley. Some of the additional features incuse a 3 car garage, large walk in pantry, and an kitchen with island ready for the next chef of the house. The master bedroom is tucked into the Northeast corner of the home for privacy and has a large walk in closed and custom bathroom with duel vanities, garden tub and shower.

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2855 Joseph Lane Chino Valley, AZ 86323

$759,000

3 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6715561

Property Type Single Family Residence

Price Type --

REDUCED! Beautiful 3-bedroom 2 bath 2075 Sf home with lots of upgrades. Great home for family entertaining, this community is designed to provide ample space and privacy while enjoying the cooler high desert climate. You will love the spacious living area & large windows that showcase breathtaking views of the surrounding natural beauty. Many upgrades include master bath with a free-standing tub, Kitchen with upgraded cabinets, gorgeous countertops, gas appliances & flooring. Home includes a tankless hot water heater, sprinkler system plus a big 3 car garage, All on a 1-acre cul-de-sac lot! A must-see home! Click the Docs tab to see the floorplan. Watch the tour and come see!

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946 W Roma Avenue Phoenix, AZ 85013

$759,000

4 Beds

3 Baths

2,227 SqFt

Status Active

MLS # 6721037

Property Type Single Family Residence

Price Type --

Exciting Opportunity! This property has recently had a significant price reduction, making it an even better deal.To sweeten the offer, the seller is willing to contribute towards a 2/1 mortgage interest rate buy-down for the buyer, or alternatively, contribute to the buyer's closing costs. Don't miss out on this chance to secure a great home in Melrose at an even better value Discover the Joy of Living in Melrose and this beautiful 3 bed, 2 bath residence featuring a full 500 square foot guest casita. Move-in ready with numerous upgrades & a prime location backing to the grand canal. Chef's kitchen with granite countertops, dual ovens, wine fridge, & island, newer stainless-steel appliances, newer HVAC & RO system, Renovated hardscape rear yard, with 2 covered patios for entertaining In a neighborhood with Front Yard Fridays, near award winning restaurants, boutique shopping & more.

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711 Pine Creek Drive Lakeside, AZ 85929

$758,960

3 Beds

2 Baths

1,672 SqFt

Status Active

MLS # 6612046

Property Type Single Family Residence

Price Type --

BRAND NEW HOME TO BE BUILT! This virtual listing is an example of what we can build just for you. This custom home in The Shores of Rainbow Lake offers an open floor plan with grand, vaulted ceilings in the great room to bring the outdoors in. Features include: gas fireplace in the great room, granite countertops, stainless steel appliances, soft close cabinets, LVP floors, walk-in shower with tile surround, LP Smart Siding, Trex deck, iron railing, oversized 3 car garage, AC, gas heat, covered back deck and more. Beautiful pine trees on this gated lot with privileges to Rainbow Lake. Financing available. Estimated build time 12 months from permits. Other floor plans available to suit your needs. Let's create your perfect mountain dream home. Call for details. We have 2 other lots available, one next door and one across the street, see 6610023 and 6610019. Additionally we have virtual specs (to be built homes) listed on those lots as well to give you more ideas as other floor plans are available to build. See MLS 6612020 and 6612034. Build one of these homes or one of many other floor plans we have available or we'll design your home from your imagination. Let us help you build your dream home. Other plans will be priced out to build accordingly.

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7409 E Conquistadores Drive Scottsdale, AZ 85255

$758,000

3 Beds

2.5 Baths

1,957 SqFt

Status Active Under Contract

MLS # 6693806

Property Type Townhouse

Price Type --

Experience luxury low maintenance living in this gated North Scottsdale community located mins away from shopping, golf clubs, hiking and walking paths. This premium corner lot town-home gives easy access to the community entrance, mail box, gym/pool area and ample parking for guests. Enjoy the gorgeous sunsets and stary-lit nights with panoramic views of the Pinnacle Peak and the McDowell Mountains from your private rooftop deck. Walk into the light filled open-floor plan featuring a 15ft sliding glass door perfect for entertaining giving you that inside-outside feel. Upgraded wood-look tile flooring, and neutral grey paint gives you flexibility to personalize. The kitchen boasts stainless-steel LG refrigerator and GE appliances, gas stove, and upgraded pull out drawers The expansive kitchen island includes breakfast bar seating, deep stainless-steel double sinks and quartz counter-tops. Head upstairs to the split floorplan where the owner's suite is located away from the other bedrooms offering privacy. The spacious loft area separates the bedrooms and can be used as a flex space offering additional living area to this home. Off the loft area you will find the owner's suite with on-suite bath including an upgraded over-sized shower, dual sinks and upgraded custom closet. The meticulously maintained gated community grounds and upscaled amenities create a resort-like atmosphere and boasts a pool/spa, BBQ area and Ramada. You won't be disappointed and will appreciate the serene and relaxing living this home and surrounding areas offers.

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5811 W Irma Lane Glendale, AZ 85308

$758,000

4 Beds

2.5 Baths

3,019 SqFt

Status Active

MLS # 6694576

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous home, with 4 spacious bedrooms, this residence offers both space and elegance, making it the perfect retreat for modern living. The home features gourmet kitchen, with luxurious granite countertops. Excellent floor plan with large formal living room with wood floor/high ceiling, and beautiful wood staircase. Step outside to discover a large private pool is your own oasis, where you can escape the Arizona heat. For those with a passion for cars or outdoor adventures, this property boasts a 3-car garage. Great location, close distance to two shopping center, 101 freeway. . Don't miss the chance to make it your own

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4860 E Paintbrush Lane Flagstaff, AZ 86004

$758,000

3 Beds

2 Baths

1,620 SqFt

Status Active Under Contract

MLS # 6710502

Property Type Single Family Residence

Price Type --

**FULLY RENNOVATED** This stunning property is a log-sided home that offers a comfortable and relaxing living experience with Mountain Views in the front and back! One of the standout features of this property is it's very own private access gate to thousands of acres of the Coconino National Forest, truly a horse lover's paradise. Imagine waking up to the serene beauty of the forest right in your backyard and enjoying daily visits of diverse wild life, the peace and tranquility it offers is amazing! The home itself has been beautifully updated making it even more attractive with a new kitchen, new vinyl flooring, new carpet, and new wood trim throughout, giving it a fresh and modern feel while still maintaining its country charm! The garage is insulated with force air gas! Need storage? This property has it all with an over sized attached garage AND a detached 24'' x 24' workshop for all your tools, toys, and more! Now, let's talk about the potential for income generation! This home offers both a peaceful retreat and a promising investment opportunity. Don't miss out on the chance to own an exceptional property that rarely come on the market! Kitchen fully remodeled as of 8/2024

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