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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4630 E Glenrosa Avenue Phoenix, AZ 85018

New

$754,900

2 Beds

1 Bath

1,008 SqFt

Status Active

MLS # 6756454

Property Type Single Family Residence

Price Type --

Rare opportunity in the heart of Arcadia! This unique investment boasts endless potential in one of the most desirable neighborhoods and offers a perfect canvas for a re-development, renovation, or a complete redesign. Top-rated schools, entertainment & the best dining & shopping in the Valley of the Sun make this one of Phoenix's most picturesque and popular neighborhoods. This prime location ensures high demand from families and professionals alike. Large backyard with room for expansion, easy access to major highways, making it ideal for rental income or a custom build project. Don't miss out on this chance to capitalize on Arcadia's booming real estate market. This opportunity won't last long. Come see & explore the potential of this exceptional property before it's gone!

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28918 N 151st Avenue Surprise, AZ 85387

$754,900

4 Beds

3 Baths

2,732 SqFt

Status Active

MLS # 6616518

Property Type Single Family Residence

Price Type --

**SELLER WILL PROVIDE A FULL INTERIOR PAINT OF BUYERS CHOICE**Up to 5K. ATV trails right out front. Miles and Miles of state land in your front yard. BACK ON MARKET, Buyers could not fulfill contingency. Inspected and all items fixed. TURN KEY READY. Welcome to your dream home retreat! This stunning 4-bedroom, 3-bathroom residence nestled on a sprawling 1.4-acre lot offers the perfect blend of space, comfort, and breathtaking views. The four well-appointed bedrooms, including a luxurious master suite, provide ample space and privacy for all. You'll find tranquility in the spacious bathrooms, featuring modern fixtures and finishes. The true gem of this property is the rooftop sitting area, where you can savor panoramic views that will leave you in awe. PLENTY OF ROOM FOR A POOL OR SHOP.

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3308 S Country Club Way Tempe, AZ 85282

$754,900

4 Beds

2 Baths

2,205 SqFt

Status Active

MLS # 6746849

Property Type Single Family Residence

Price Type --

Completely Remodeled 4-Bedroom, 2 bathroom home with Stunning Pool on a Huge Lot in a Well-Established Neighborhood - No HOA! Step into modern elegance with this beautifully remodeled home. The property seamlessly blends contemporary design with timeless comfort, offering a spacious layout perfect for family living and entertaining. The home features two inviting living spaces, one of which includes a cozy fireplace, ideal for relaxing evenings. The heart of the home is the stunning chef's kitchen, equipped with sleek cabinetry, high-end stainless-steel appliances, including a 6 burner gas stove, ample counter space, and natural lighting due to the skylight above, perfect for culinary enthusiasts. Right next to kitchen is the perfectly placed dining area for family feasts. Every inch of this home has been thoughtfully updated including new flooring throughout, stylishly super modern remodeled bathrooms, and fresh finishes in every bedroom. Stepping outside, you'll find a completely remodeled pool that's perfect for summer relaxation or weekend entertaining, all set on a huge lot with endless possibilities for outdoor living. No details were left out on this renovation. All this on cul-de-sac with a 2 car garage with driveway for more parking space. Indoor laundry space located as you walk in from garage. Garage equipped with outlet for EV charger if needed also equipped with soft water hook up. This property offers modern amenities, ample space, and the warmth and charm of a well-loved neighborhood, providing the best of both worlds.

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185 Brenna Drive Chino Valley, AZ 86323

$754,900

3 Beds

3 Baths

2,285 SqFt

Status Active

MLS # 6753774

Property Type Single Family Residence

Price Type --

BETTER THAN NEW!! Built in 2023 and gently lived in amazing neighborhood. Pristine condition home with neutral color palette. Bright living with stone fireplace. 10 ft ceilings. Kitchen offers thoughtful layout with large granite kitchen island and shaker wood cabinets. Spacious primary bedroom with luxurious plush carpet. Primary en-suite offers dual vanities + makeup counter, snail shower, soaker tub, and large closet. A spacious laundry room with ample cabinets and generous counter space. Bedroom 2 offers private patio and its own bathroom. Bedroom 3 enjoys lovely mountain views. Fully landscaped one acre property. Attached 4 car tandem garage with storage. Room for RV parking. Minutes to schools, shopping, Medical, and downtown historic Prescott.

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377 E Windsor Avenue Unit 24 Phoenix, AZ 85004

$754,900

2 Beds

2.5 Baths

1,881 SqFt

Status Active

MLS # 6694407

Property Type Townhouse

Price Type --

Park7 on Windsor QUICK MOVE-IN HOME. LUXURY URBAN LIVING with no compromises including your own private sky lounge. Ideally located in Midtown Phoenix, close to all the action. Bespoke floorplans designed specifically for Park7 developed to create an exciting lifestyle on all levels with maximized privacy. Exceptional quality construction + design with solid CMU commons walls and 10ft ceilings throughout. Designer curated interior finish Packages with standard 24'' x 48'' large format tile floors, Bosch appliances, standard waterfall kitchen islands and floating vanities, tankless hot water, EV prepared garages and more! Relax under the night sky in your own private Sky Lounge - hot tub ready with fire pit and outdoor kitchen options.

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9426 E Los Lagos Vista Avenue Mesa, AZ 85209

Open House

$754,800

4 Beds

3 Baths

3,321 SqFt

Status Active

MLS # 6724287

Property Type Single Family Residence

Price Type --

**AMAZINGLY REMODELED HOME with a SPARKLING POOL AT AUGUSTA RANCH GOLF COURSE COMMUNITY** Your New Home is perched on a Premium Corner Lot just steps away from the Golf Course! This Gem Features: 4bd/3bth + Giant Loft, Formal Living & Dining Rooms, Family Room w/ Fireplace, Luxuriously Upgraded Foyer Chandelier upon Entry, Custom Balusters & Stair Railings, New Polished Porcelain Tile & Charleston Oak Luxury Vinyl Tile throughout, Upgraded Chandeliers in Dining Room & Master Closet, New Vanity in Downstairs Bath, Plantation Shutters, Dual Pane Windows, Custom 2-Tone Interior Paint, Chef's Dream Kitchen w/ Upgraded Cabinetry + Island, SS Appliances & Walk-In-Pantry. Backyard Oasis features a Covered Patio, Custom Pavers, Pool w/Water Features & New Pool Pump+Vacuum. Click More to cont'd Don't forget your 3 car garage & 3 slab parking spaces out front! Your Family Room has a Gas Fireplace perfect for getting cozy on those chilly nights. The Large Master Suite upstairs has a vaulted ceiling & the Master Bath has Dual Sinks, Separate Shower & Tub + Huge Walk-in-Closet spiced up with Chandeliers. You have 2 additional Large Bedrooms upstairs & 1 Bedroom downstairs with a glass sliding door leading out back to your custom paver pad and pool. Downstairs Bedroom could be a perfect office! The Loft upstairs is oversized with a portion that would be perfect for that home office or study area as well! Your New 3,321 sq.ft. Dream-Home has a great multi-functional floor plan that would be hard to find anywhere else. This is an Entertainer's Dream! The Location is Magical & you can access the Golf Course through a passageway in front of your home. Perfect for those sunset walks or maybe even walking the dog. You have 5 parks within the community with 4 play structures, 3 full sized basketball courts, 3 sand volleyball courts, 9 ramadas and plenty of open space. This home is perfect for the growing family with Excellent Schools in the community or nearby! Great Shopping, Restaurants & quick Freeway Access are all here for you! COME GET THIS ONE BEFORE IT'S GONE!

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7438 W Quail Track Drive Peoria, AZ 85383

$754,550

4 Beds

3.5 Baths

3,007 SqFt

Status Active

MLS # 6749173

Property Type Single Family Residence

Price Type --

October completion-North-South Exposure! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Phoenician II' floorplan features 4 full bedrooms plus a game room and a media room, 3.5 bathrooms, 2 Car-Tandem Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. *Photo of model home to show layout, options will vary.

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2441 W Pinegrass Road Show Low, AZ 85901

$754,500

3 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6665994

Property Type Single Family Residence

Price Type --

Looking for a cabin with a more modern feel? Then look no further than this tremendous home built in 2022. The house consists of 3 bedrooms and 2 bathrooms, providing ample space for a comfortable living environment. Conveniently attached to the house is an oversized 2 car garage with a pavered driveway providing ease of access and parking for guests. Upon entering the home you'll notice large windows providing an abundance of natural light, the open/split floor plan, beautiful floor to ceiling stone gas fireplace, and so much more. The spacious main bedroom suite offers a tranquility escape with the large shower room, private toilet room, walk-in closet and dual vanity combining functionality with a modern design. The other 2 bedrooms are perfect for any of your desires. Going... outside you'll notice both the front porch and back deck are covered and offer opportunities for relaxation and entertainment, with the trex deck ensuring durability and low maintenance. As if this isn't enough there is a pavered firepit area to extend the gathering places. overall, this property offers a blend of modern amenities, functional design, and outdoor living spaces, making it an ideal choice for comfortable living and entertaining.

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20802 N Grayhawk Drive Unit 1035 Scottsdale, AZ 85255

$754,500

3 Beds

2.5 Baths

2,481 SqFt

Status Active

MLS # 6739066

Property Type Townhouse

Price Type --

Pure perfection!!!! This home is so pristine perfect in every way that your buyer will not be able to resist. Two Trane HVAC units recently installed . Gorgeous wide plank flooring, designer fans and light fixtures. The kitchen features recently replaced Frigidaire appliances and beautiful tile and backsplashes. Your senses come alive as you enter the courtyard leading to the front door. Peace and serenity are the treasures here. The patio adjacent to the living room is positively delightful and promises an inviting and rewarding experience. Come home to GRAYHAWK

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19701 S 231st Way Queen Creek, AZ 85142

$753,772

5 Beds

4 Baths

2,993 SqFt

Status Active

MLS # 6668542

Property Type Single Family Residence

Price Type --

BEAUTIFUL GREAT ROOM, LOFT PLAN-PRIMARY DOWN. READY FOR MOVE IN!! 5 BEDROOM, 4 BATH, GOURMET KITCHEN LAYOUT, WHITE SHAKER CABINETS, GRANITE KITCHEN TOPS, TILE FLOORING, SPA SHOWER IN THE PRIMARY BATH, FRONT YARD LANDSCAPED WITH ARTIFICIAL TURF, PAVER WALKWAY & DRIVEWAY. ALL THIS, IN THE NEW PREMIER MASTER PLAN COMMUNITY, IN QUEEN CREEK, FEATURING A 22 ACRE LAKE. THIS IS THE CENTERPIECE OF THE COMMUNITY. KAYAKING AND CANOEING, AQUATIC CENTER WITH LAP AND SPORT POOL SPLASH PAD, BOCCE BALL, PICKLE BALL, BOARDWALKS AND RAMADAS THROUGHOUT AND MUCH MORE.. THE HOME INCULDES 2'' FAUX WOOD BLINDS, CEILING FANS, TANKLESS WATER HEATER+++ KATHERINE MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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10338 W Quail Avenue Peoria, AZ 85382

$753,345

4 Beds

3.5 Baths

3,221 SqFt

Status Active

MLS # 6756538

Property Type Single Family Residence

Price Type --

Award winning Phoenician floorplan, near playground and common area! Our popular 'Phoenician' floorplan features 4 full bedrooms plus a game room and a media room, 3.5 bathrooms, 2 Car-Tandem Garage and a private yard with views! Designer selected finish includes Flagstone Cabinetry, Granite Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. *Photos of actual home are coming soon! Photos display former model home to show layout, interior options will vary**

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380 E Bittercress Avenue Queen Creek, AZ 85140

$753,054

2 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6723110

Property Type Single Family Residence

Price Type --

Discover the perfect blend of elegance & comfort in this upgraded Nice floorplan with 2 bed, den, 2 bath home & 1,928 sq. ft. of living space. The $30,000 lot premium & over $160,000 in upgrades make this a standout property. The gourmet kitchen is a highlight, featuring JennAir® appliances, quartz countertops, white cabinets, a stylish tile backsplash, & a single bowl undermount sink. Enjoy luxurious baths with upgraded tile shower surrounds & a heavy glass primary shower enclosure. The home also boasts upgraded flooring throughout, a 15' multi-slide door overlooking the backyard with a covered patio & extended pavers. Designed for comfortable living with a SmartSpace area & thoughtful details throughout. It's move-in ready! Come & see why this home is the epitome of refined living!

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