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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1201 W Washington Avenue Gilbert, AZ 85233

$750,000

4 Beds

3 Baths

2,876 SqFt

Status Active

MLS # 6755750

Property Type Single Family Residence

Price Type --

Welcome to this stunning/beautiful two-story home situated on an inside corner lot in the heart of Gilbert, AZ. This 5-bedroom, 3-bathroom residence offers everything you need for comfortable and luxurious living. As you approach the home, you'll notice the impressive 3-car garage and RV gate, providing ample space for vehicles, as well as extra parking available on the large side yard. The spacious backyard is a true oasis, featuring a sparkling blue pool, complete with a soothing water feature, perfect for cooling off during Arizona's warm days. The large, tranquil grassy area is ideal for outdoor activities, gardening, or simply unwinding in your own private sanctuary, complete with a little house/shed for endless possibilities. Inside, you're greeted by vaulted ceilings that create an open and airy atmosphere. The formal living and dining rooms provide an elegant space for hosting gatherings and special occasions. The open eat-in kitchen is a chef's delight, complete with a center island and breakfast bar, stainless steel appliances, and seamless flow into the cozy family room. Here, you can enjoy evenings by the gas fireplace, making it the perfect spot for relaxation. Upstairs, the primary bedroom serves as a luxurious retreat, featuring an ensuite bathroom with dual sinks, a separate shower, a deep soaking tub, and a spacious walk-in closet. Three additional bedrooms and a guest bathroom are also located on the upper level, providing plenty of space for family and guests. A fifth bedroom is conveniently located downstairs, ideal for a home office or guest room. The home is part of a friendly community that offers a pool, park, and playground, making it a great place for get togethers. Its location is unbeatable, with popular restaurants, convenient shopping, McQueen Park, and local schools just a short drive away. Don't miss the opportunity to make this incredible home your own and enjoy all that Gilbert has to offer!

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3418 E Montecito Avenue Phoenix, AZ 85018

$750,000

3 Beds

2 Baths

1,658 SqFt

Status Active

MLS # 6757102

Property Type Single Family Residence

Price Type --

Welcome to 3418 E Montecito Ave, a charming home located in the highly desirable Arcadia Lite neighborhood of Phoenix. This inviting property features 3 bedrooms, 2 bathrooms, and over 1,600 sq. ft. of comfortable living space. Upon entering, you'll find a bright and spacious living area that seamlessly connects to a cozy dining space, ideal for both entertaining and everyday living. The primary suite offers a peaceful retreat with a generous walk-in closet and an en-suite bathroom featuring dual vanities and a walk-in shower. Two additional bedrooms provide flexibility for guests, family, or a home office. Step outside to the backyard oasis, complete with a covered patio, mature landscaping, and a sparkling pool—perfect for relaxing and enjoying the Arizona sunshine.

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30813 N 164th Drive Surprise, AZ 85387

$750,000

4 Beds

3 Baths

2,772 SqFt

Status Active

MLS # 6755321

Property Type Single Family Residence

Price Type --

WOW! Your dream home is here! Discover luxury and efficiency on a sprawling 1.2-acre lot, boasting a 4-car garage, additional carport, and vast space for your recreational vehicles. Step inside to a warm, inviting interior illuminated by recessed lighting, with durable tile flooring and a striking stone-accented fireplace in the bright great room. Entertain in style in the formal dining area or in the spacious kitchen, which features rich chocolate-stained cabinets, sleek granite counters, high-quality stainless steel appliances, and a generous center island with a breakfast bar. The expansive main suite offers a serene retreat, complete with a sitting area, direct backyard access, and a luxe private bathroom equipped with dual sinks, a soaking tub, and a walk-in closet... Functionalities include a laundry room with built-in cabinets and a utility sink. Outside, the full-length covered patio is perfect for enjoying scenic mountain views and envisioning future backyard transformations. This gem is truly a rare find! Come and experience it for yourself!

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2325 N 53rd Street Phoenix, AZ 85008

$750,000

2 Beds

1 Bath

1,005 SqFt

Status Active

MLS # 6759409

Property Type Single Family Residence

Price Type --

Investor Opportunity in Prime Location! Great for builders, investors, or homeowners looking to create something truly special in one of the most sought-after areas in town. The existing structure could be expanded or torn down, the value lies in the land and its prime potential. Located on a sizable lot with the possibility of splitting it into two parcels, build two new homes or a luxury single-family residence. The unique layout also offers the option to change the address to the street behind the house, Lewis Ave, giving you even more flexibility. Location is everything! Minutes away from Arcadia, downtown Phoenix, Old Town Scottsdale, and Sky Harbor Airport. Perfect for families, professionals, or those seeking a central, upscale lifestyle. Don't miss out on this opportunity!

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140 W University Drive Mesa, AZ 85201

$750,000

9 Beds

2 Baths

2,738 SqFt

Status Active

MLS # 6732483

Property Type Single Family Residence

Price Type --

Discover the perfect investment opportunity with this established care facility. This property is thoughtfully designed to provide a comfortable and safe environment for its residents. Each senior enjoys the privacy of their own room, complemented by spacious community areas for dining and living. The bathrooms are fully handicap accessible, ensuring ease of use for all. Outside, a large, beautifully landscaped yard offers a serene setting for relaxation and outdoor activities. Located in a highly desirable area, this facility combines convenience with excellent amenities. Don't miss out on this exceptional investment chance! Long term tenant in place with 5 years remaining on lease. Access to be provided during due diligence period.

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27603 N 130th Drive Peoria, AZ 85383

$750,000

2 Beds

2 Baths

2,193 SqFt

Status Active

MLS # 6756311

Property Type Single Family Residence

Price Type --

WELCOME TO YOUR RESORT SANCTUARY ON OVERSIZED DESERT WASH LOT WITH BREATHTAKING VIEWS! Tuscan Stone Façade & Private Front Courtyard Greet You As You Arrive. Upon Entering You Will Notice The Meticulous Care & Updates Like NEW HVAC's, Whole House Filtration, Tile Throughout (No Carpet), Tall Baseboards & SMART HOME AUTOMATION For Peace Of Mind When You Are Away. Eat In Kitchen Offers Slider To Courtyard To Enjoy Your Morning Coffee, Upgraded SS Appls, THERMADOR GAS RANGE, Granite, Raised Panel Staggered Cabs w/Crown Molding, Glass Display & Undermount Lighting, Brkfst Bar w/Stone Accent & SKYLIGHT. Great Room Boasts CUSTOM STONE WALL w/Shelves, Fireplace & Surround Sound. Formal Dining Off Great Room w/Slider & Views Galore. Primary Suite w/Private Exit To Sneak Out To Your Spa & Bay Window w/Vast Views of Nature. Primary Bath Features Added BARN DOOR For Privacy, Custom Lighting & Mirrors +Custom Closet. Office Displays French Doors & May Be Used As 3rd Bedroom For Guests. Extended Covered Patio w/SPA Perfectly Positioned For Star Gazing, Blt-In BBQ & Fully Fenced Yard. Hubby's Dream Garage w/4FT EXT & BUMP OUT For Golf Cart Or Bikes , Tool Bench, Blt In Cabs, Epoxy, Service Door & NEW MINI SPLIT. Too Many Upgrades To Mention. Come See This Stunning Home For Yourself!

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9707 N 100th Street Scottsdale, AZ 85258

New

$750,000

2 Beds

2 Baths

1,747 SqFt

Status Active

MLS # 6761027

Property Type Single Family Residence

Price Type --

This home is located in the highly desirable Mission Monterey at Scottsdale Ranch, offering an open and bright floor plan. The dining area was creatively used as a pool room, adding a fun twist to the layout.The atrium features a unique gazebo cover and a built-in bar, perfect for entertaining. The private backyard ensures privacy, while low electric bills and front yard maintenance make for easy living. Enjoy the community pool and nearby landscaped park for relaxation. Recent updates include a new water heater, and the home boasts wood floors in the living and dining areas, with tile countertops in the kitchen.Shutters are installed throughout the home, adding a touch of charm. Its prime location puts you close to shopping, the senior center, tennis courts, parks,& excellent restaurants

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1807 W Tombstone Trail Phoenix, AZ 85085

$750,000

4 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6743969

Property Type Single Family Residence

Price Type --

Amazing Fireside gated community! Come see this spacious and beautiful single story home in the great Fireside community. This 4 bedroom, 3 bathroom home has gourmet kitchen, large kitchen island, new paint, coffered ceilings. Upgrades galore, a great open layout. Primary bedroom features a large walk in closet and on suite bathroom. Seller has made updates throughout. Beautiful view fence, covered patio, entertainers backyard. Spacious 3 car garage. Close to Fireside Community Center. Features include; resort amenities including swimming pools, spa, kids splash pad, rock climbing wall, gym, and more.

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20436 W Terrace Lane Buckeye, AZ 85396

$750,000

5 Beds

3.5 Baths

3,107 SqFt

Status Active Under Contract

MLS # 6686344

Property Type Single Family Residence

Price Type --

''Welcome to Verrado'' This popular Coronado model offers 5 bedrooms, 3.5 bathroom and so many upgrades. Large, downstairs Master Bedroom retreat has walk in closets, Custom Master Bathroom with Walk In Rain Shower.New window treatments. Entire first floor is porcelain tile and flows beautifully from the spacious Living Room to the Dining Room, Eat-In Kitchen,Extended Family Room. Ceiling fans throughout the home. Guest bathroom entirely upgraded. New exterior paint, professional landscape lighting.Sparkling pool(with cover) and Pergola. Above all of this, the home sits adjacent to one of Verrado's 80 parks on a tree-lined street within walking distance of schools, MAIN STREET, restaurants, shopping, hiking/biking trails, pools gym, etc

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2104 E Bartlett Place Chandler, AZ 85249

$750,000

3 Beds

3 Baths

2,855 SqFt

Status Active

MLS # 6757688

Property Type Single Family Residence

Price Type --

Rare home with Sparkling Heated Pool located in the Premier Gated community of Countryside Estates. This amazing home features a flowing split floor plan, updated windows, oversized diagonally set tile, and wood laminate throughout. The gourmet kitchen includes an abundance of 42'' Maple cabinets w/roll-out shelves, Kitchen Island, and eye-catching Granite. Large Primary bedroom with Bay Window overlooking the pool/backyard, spacious en-suite Primary bathroom w/updated walk-in Shower, and custom walk-in closet. Each of the secondary bedrooms are oversized with walk-in closets and split from the Primary as well. There is also a large bonus room (currently used as a workout room) w/closet and if you are looking for more bedrooms, this room can easily be enclosed by just adding a wall.

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25555 N Windy Walk Drive Unit 94 Scottsdale, AZ 85255

$750,000

2 Beds

2 Baths

1,556 SqFt

Status Active

MLS # 6747833

Property Type Townhouse

Price Type --

This unique offering of a rare, single level, open concept townhome with attached 2 car garage in the prestigious 24/7 guard-gated Skye Top enclave within Troon Village affords the very best of all possible worlds, situated close to and connected by a new 4-lane road all the way from the front gates to the cosmopolitan conveniences of North Scottsdale, yet secreted within the pristine privacy of the guard-gated Troon Village. Guests are greeted in the foyer with vaulted ceilings and immediately taken by the picturesque floor to ceiling windows and glass doors drawing in natural light and captivating views of saguaro cacti and native flora. Sunset views, coupled with the backdrop of highly coveted Pinnacle Peak, are enjoyed not only from the large private patio, but also from the large private patio, but also from all main living/dining areas and spacious primary bedroom. The 2 bedroom + den layout is centralized by a light and bright great-room, open to the dining area and island kitchen that leads to the laundry room and large garage with storage shelving. Interior has been tastefully updated with new pot lighting throughout all rooms, paint, new kitchen appliance package, neutral wood & tile floors, matte black hardware and redesigned fireplace accent wall, to give this desert dwelling its modern personality. Conveniently located across the street from the heated community pool/spa and rec room and minutes to world class golf, hiking, dining and shopping and world famous Four Seasons resort.

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4137 E Sourwood Drive Gilbert, AZ 85298

New

$750,000

3 Beds

3 Baths

2,551 SqFt

Status Active

MLS # 6761254

Property Type Single Family Residence

Price Type --

Beautiful Cimarron floorplan home for Sale in Trilogy at Power Ranch! This amazing home offers charming curb appeal, and everything you could want inside, with upgrades like travertine flooring, plantation shutters, and more! It is an entertainer's delight with an upgraded kitchen featuring granite countertops, a giant kitchen island, perfect for meal prep or entertaining, stainless steel appliances, no shortage of cabinets and storage, with both a Formal Dining Room and additional dining space in the family room. The kitchen looks out to the beautiful courtyard where you can enjoy those stunning Arizona sunsets. The family room is spacious with a gas fireplace, and sides to the Arizona Room for additional in-door/outdoor living! The Master Bedroom is your own retreat, as its spacious enough to fit oversized furniture and has updated wood-plank tile flooring and bay window, with a door to the backyard. The Master Bathroom is huge, featuring two separate vanities, glass shower and separate soaking tub with jets, a massive walk-in closet, and a den that would make for the perfect office, craft room, home gym, you name it! The secondary bedrooms are both spacious as well, each with their own access to full bathrooms. And don't forget about the backyard, aka your own desert oasis, with a private pool that's perfect for keeping cool in the summer months, or even doing laps! This amazing home has it all, welcome home!

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