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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18187 E Via Jardin -- Gold Canyon, AZ 85118

$750,000

4 Beds

3 Baths

3,243 SqFt

Status Active

MLS # 6757344

Property Type Single Family Residence

Price Type --

This beautifully remodeled home is a true gem, featuring nearly two years of thoughtful updates throughout. The open kitchen shines with granite countertops, a large pantry, updated lighting, and hidden pop-up outlets that add both convenience and style. All bathrooms have been modernized with fresh shiplap, new countertops, and sleek fixtures, while the primary bathroom offers a luxurious escape with its tiled walk-in shower and clawfoot tub. Additional updates includes all new flooring, plantation shutters throughout and a high-end roll-down shade on the sliding door for extra elegance and functionality, full interior paint, crown molding, baseboards, and a fresh exterior paint job in August 2024. Step outside to a transformed backyard, complete with a... heated salt water pool, spa, gas fireplace, and a fully equipped outdoor kitchenperfect for entertaining. Located on a desirable corner lot with gorgeous views and extra privacy, plus a 3-car garage, this home is the total package!

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2511 W Madero Avenue Mesa, AZ 85202

$750,000

3 Beds

2.5 Baths

2,411 SqFt

Status Active

MLS # 6757840

Property Type Single Family Residence

Price Type --

Home, sweet home! This wonderful 3 bed, 2.5 bath residence in Dobson Ranch is looking for its new owners! Nestled on a premium corner lot and featuring a lush green landscape, putting green, pool, flagstone walkways, a 3 car garage and RV gate! Inside you will find a sizeable living area and family room, each boasting its own warm fireplace. Don't forget about the formal dining room, ideal for hosting a dinner party. Elegant laminate flooring and neutral palette throughout! The gorgeous kitchen is equipped w/everything the aspiring chef needs, wood cabinetry, ample counter space, built-in appliances, a pantry, and a peninsula complete w/a breakfast bar. Double doors open up to the primary bedroom, showcasing a mirrored closet and a private ensuite w/dual sinks for added convenience. Finally, the expansive backyard includes a covered patio, seating area w/a 3rd fireplace & a built-in BBQ, a lovely gazebo, a putting green, a convenient storage shed, and a sparkling blue pool w/a rock waterfall! The home of your dreams is here, hurry and act now!

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21408 S 224th Place Queen Creek, AZ 85142

New

$750,000

3 Beds

2.5 Baths

2,423 SqFt

Status Active

MLS # 6759995

Property Type Single Family Residence

Price Type --

Built in 2020 by Richmond American Homes, the Deacon floor plan offers 3 bedrooms, a versatile den or office space with doors for added privacy, and 2.5 bathrooms. The open-concept design is further elevated by beautiful upgrades and finishes throughout, creating a bright and welcoming space. This stunning home has been meticulously maintained and is truly move-in ready! Out back, you'll love the low-maintenance turf landscaping, perfect for easy upkeep. For those with extra toys, the attached spacious RV garage provides all the storage you need. This home is located in the highly sought-after Spur Cross community, where residents enjoy fantastic amenities such as a community pool, basketball court, beach volleyball court, and playgrounds. With ample storage and a prime location just minutes from Queen Creek's top amenities and attractions, this home is the ultimate basecamp for all your Arizona adventures. Don't miss out!

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13281 N 73rd Avenue Peoria, AZ 85381

$750,000

4 Beds

2.5 Baths

3,554 SqFt

Status Active

MLS # 6752411

Property Type Single Family Residence

Price Type --

Discover an entertainer's dream in this sprawling 3596 square-foot home, ideally situated within the desirable Oakwood Elementary attendance area. This rare gem boasts a resort-style backyard, a RARE spacious 4-car garage, and sits on a premium quarter-acre corner lot with an RV gate. The home features 3 separate living areas, a front living room, the open family/great room and a bonus 16 x 22' upstairs media room with a walkout deck. There are 4 generously sized bedrooms, 2.5 baths, and a downstairs office with a built-in desk - perfect for remote work or study. Vaulted ceilings add to the open and airy feel, while the spacious kitchen, complete with a island breakfast bar, is ideal for culinary creations. The 4-car extended garage is a standout... MOR feature, offering storage cabinetry, a rear service door and a dedicate 8x10 shop area with workbench and speakers to plug your favorite music device into. Outside, the large covered patio is perfect for entertaining, while the resort-style backyard beckons with a beautiful custom 2017 corner pool w/ raised heated spa & spillway. Balancing out the landscape is a desirable raised bed corner garden with a trellis covered entrance. This wonderful home is conveniently located within walking distance to Sweetwater Park, offering additional opportunities for outdoor recreation and relaxation. With its spacious layout, premium features, and prime location, this Oakwood Elementary gem won't last long!

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4503 E Decatur Street Mesa, AZ 85205

$750,000

5 Beds

3 Baths

3,200 SqFt

Status Active

MLS # 6750847

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the sought-after Valencia Groves community of Mesa, Arizona! This modern and spacious gem is perfectly situated near to a serene park with a playground, field, and basketball courts. It backs onto a lush greenbelt, offering unparalleled privacy and tranquility. Upgrades and Updates: New Anlin low-e windows installed in 2024 with a lifetime warranty that's transferable to the new owner. New whole-home saltless water conditioner and filter in 2024. The 4 yr old, high-efficiency A/C units were inspected, tuned up, and charged with freon in 2024. In 2023, new plumbing under sinks, new high end dishwasher, new patio roof, tile roof inspected and all missing or damaged tiles replaced, all irrigation valves for front and back were replaced, and new designer paint and finishes. New gas water heater 4 years ago. Flooring upgraded in 2021. Kitchen and bath remodel in 2019 featuring carrara marble countertops and high-end appliances. Plantation shutters throughout the home. Exterior was recently totally repainted and updated with modern touches. The 3-car garage is extra long, accommodating your vehicles and extra storage. The driveway to the home is long enough to park two vehicles in all three spaces, with an additional drive next to the double-gate that leads to the backyard. From the moment you step inside, you'll be captivated by the expansive layout. The pictures simply don't capture the true scale of the generously sized rooms - ensuring ample space for relaxation and family time. Each bedroom can comfortably accommodate a king-sized bed. Whether you're hosting gatherings or enjoying quiet moments, this home is designed for comfort and versatility. The backyard is a true sanctuary, featuring a spacious area adorned with mature trees and lush greenery and a sizable patio, ideal for outdoor living and entertaining or for kids and pets to run and play. You'll also enjoy the beauty and bounty of citrus trees both in the front and back, adding a touch of nature's splendor right at your doorstep. The Valencia Groves neighborhood is known for its peaceful ambiance, making it the perfect setting for your family to grow and thrive. Don't miss the opportunity to experience this exceptional home where every detail has been thoughtfully considered for a truly modern and comfortable lifestyle. Come see for yourself why this home is not just a place to live, but a place of your own.

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8632 E Montebello Avenue Scottsdale, AZ 85250

$750,000

4 Beds

2 Baths

2,163 SqFt

Status Active Under Contract

MLS # 6754432

Property Type Single Family Residence

Price Type --

Welcome to your dream home, perfectly situated in the heart of Scottsdale, just steps from the famous Scottsdale greenbelt and the vibrant shops and restaurants of Old Town. This beautifully updated residence is designed for relaxation and entertainment, featuring a versatile flex room that can easily transform into a theater, playroom, man cave, craft room, or even a luxurious new primary bedroom. The backyard is a true oasis, complete with a sparkling pool featuring a baja step, a cozy fireplace on the patio, a fire pit for gatherings, a soothing hot tub, and an RV gate for added convenience. Discover a lifestyle of comfort and sophistication in this stunning Scottsdale retreat.

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8924 E Stone Road Coolidge, AZ 85128

$750,000

4 Beds

2.5 Baths

3,048 SqFt

Status Active Under Contract

MLS # 6687250

Property Type Single Family Residence

Price Type --

If you are looking for a quiet, secluded slice of paradise, here it is! Custom home on over an acre! 4bed 2.5bath plus a den. Large formal dining, upgraded kitchen with granite counters and alder cabinets. Coffered ceilings, 17' in family room, 10' in all other rooms, built in entertainment center and a fireplace. 3car XL garage. Large covered patios, horse stalls, and even a playground for the kids. PLUS a 3600sqft WORKSHOP/RV GARAGE out back for all the toys or hobbies and a cool 16x20 loft in there as well.

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16349 E Links Drive Fountain Hills, AZ 85268

$750,000

2 Beds

2.5 Baths

2,173 SqFt

Status Active

MLS # 6730602

Property Type Townhouse

Price Type --

Experience luxurious living in this stunning property nestled within the prestigious gated community of Balera at Firerock. Located near Shea/101, this home offers convenience to shopping, dining, and amenities. Situated directly overlooking the 12th green of Firerock Golf Course, it provides unparalleled views and a serene backdrop.Upon entry, you are greeted by high ceilings and abundant natural light that accentuate the spacious floorplan. The generously sized great room is perfect for both entertaining and relaxing. The kitchen features modern appliances, including a new GE Monogram oven, and seamlessly connects to a dining area. Enjoy alfresco dining on the sizable deck while taking in panoramic golf course views. A new chandelier in the dining area enhances the ambiance. The master suite is a sanctuary of comfort with a large ensuite bathroom featuring a separate shower and luxurious tub. Recent upgrades include new faucets and shower fixtures in both bathrooms. An expansive walk-in closet, illuminated by a beautiful new chandelier, ensures ample storage and functionality. Upstairs, a private guest area offers a retreat-like ambiance with its own sitting area, full bathroom, and comfortable bedroom, providing a serene and secluded space for visitors or family members.This remarkable property epitomizes tranquil living in Firerock's desirable community. Don't miss the opportunity to indulge in elegance, comfort, and stunning views in this meticulously maintained condo, complete with some stylish updates including new chandeliers in the dining room and master closet & new water heater. Come see your new relaxing sanctuary!

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15028 N 9th Street Phoenix, AZ 85022

$750,000

3 Beds

2 Baths

1,773 SqFt

Status Active

MLS # 6730661

Property Type Single Family Residence

Price Type --

Back ON THE MARKET. Buyers were unable to remove Contingency...3 bedroom +office...Awesome Moon Valley location...Remodeled in 2016.

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4020 N Scottsdale Road Unit 3007 Scottsdale, AZ 85251

$750,000

1 Bed

1 Bath

1,191 SqFt

Status Active

MLS # 6701771

Property Type Apartment

Price Type --

Tucked in Old Town Scottsdale, this condo epitomizes urban living. Stroll to vibrant shops and dining. Inside, enjoy NYC-inspired vibes with floor-to-ceiling windows and modern updates. Unique features include exposed ductwork and high ceilings. Savor dual balconies with city views. The private rooftop sun deck offers stunning 360-degree vistas, including breathtaking sights of Camelback Mountain. With underground parking for convenience and security, this condo offers not just a home, but a lifestyle—blending luxury, convenience, and city energy seamlessly.

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805 W Zane Grey Circle Payson, AZ 85541

$750,000

5 Beds

3 Baths

2,900 SqFt

Status Active

MLS # 6745886

Property Type Single Family Residence

Price Type --

Beautifully remodeled home in the heart of Payson! Bright open floorplan welcomes you to a great room that that flows into the custom kitchen with granite countertops, ample cabinets, plus a large kitchen island. Main level offers a split floor plan with a large master suite, full bathroom, walk-in closet, and deck access, plus 2 additional bedrooms and a full bathroom! The lower level has a large family room, additional bedroom, full bathroom plus a HUGE 5th Bedroom/Bonus Room with it's own private entrance. Backyard has a covered deck is fully fenced. This home is in a cul-de-sac with NO HOA, near Rumsey Park. MUST SEE to get the full layout and experience! Pictures do not do this home justice! Please See Floorplan & Video

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21449 S 230th Street Queen Creek, AZ 85142

$750,000

4 Beds

3 Baths

2,734 SqFt

Status Active

MLS # 6739266

Property Type Single Family Residence

Price Type --

Welcome to Queen Creek luxury living at an affordable price! This pocket Groves collection of single-story homes within Malone Estates offers the opportunity of a newer constructed home on an oversized lot with no two-story neighbors beside or behind you; all nearby the conveniences of entertainment & shopping in downtown Queen Creek and within a short distance of the 24 Expressway, developing Tech Corridor, the new Frontier Family Park, Agritainment centers like Schnepf Farms, the Olive Mill, & more. Enter through an iron gated portico to your own expansive private pavered courtyard to find this gorgeous Martina split floor-plan with 4 BD/ 3 BA, separate office w/ double glass doors, + game room/retreat all situated on a corner lot. This gem offers 10' ceilings, 8' doors throughout, wood-look porcelain plank tile floors, & 2-tone neutral paint. A gourmet kitchen welcomes with a grandiose paneled island w/pendant and LED under-cabinet lighting, 5 burner drop in GAS cooktop w/ wall oven, S/S KitchenAid appliances, EcoRO reverse osmosis, Fantasy Brown Satin granite countertops, tile backsplash, soft-close drawers, pull out drawers in all the right places & white 42 upper cabinets. A large great room w/ 12' sliding doors opens to the kitchen & large separate dining nook; all overlooking an entertainer's dream yard. There are tiled showers at each bathroom & a Sterling Spectacle freestanding soaking tub in the primary bedroom. Experience relaxation in your private back yard oasis, complete with gas BBQ stub, TV wiring in the covered patio, outdoor wiring throughout, a HUGE pergola covered pavered patio, 8' double RV gates along one side, an open view along the other, & plenty of room for a pool. Need storage for toys? This tandem garage boasts an impressive 40'of depth & boasts epoxy covered flooring along with floor to ceiling custom cabinets & a workshop area. The home also offers an Olympic Pro water softener & tankless water heater, leaving your home water needs all on-demand and perfect for sensitive skin & appliances alike. Fall in love with luxury living at an affordable price in desirable Queen Creek & make your offer before it's gone!!!

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