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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21 Hummingbird Circle Sedona, AZ 86336

$749,900

2 Beds

2 Baths

1,653 SqFt

Status Active

MLS # 6759448

Property Type Single Family Residence

Price Type --

Discover this diamond in the rough, nestled in the coveted Chapel area of Sedona! Situated on a tranquil .31-acre lot at the end of a quiet cul-de-sac, this 1653 sq ft, 2-bedroom, 2-bathroom home offers immense potential as a peaceful retreat with magnificent red rock views. Light-filled and move-in ready, the home features easy-to-maintain tile floors, gas heating, evaporative cooling, and an irrigation system for the lush landscaping that surrounds the property. The fully fenced backyard is a private oasis with mature trees, abundant patios, and ample space for outdoor living—perfect for year-round enjoyment. Picture yourself relaxing in a jacuzzi, with the stunning sunset over Cathedral Rock as your backdrop. The spacious master bedroom includes a cozy fireplace, a walk-in closet, and opens into a bright sunroom with French doors that showcase breathtaking views. A separate room provides the ideal space for a private office or den, while the in-law setup adds versatility to the home. This property is a true hidden gem, offering the perfect blend of tranquility and potential for those looking to add their personal touch. With a bit of polish, this energy-efficient sanctuary could become a stunning Sedona treasure. Don't miss the opportunity to make this unique property your own!

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2925 W Amber Sun Drive Phoenix, AZ 85085

$749,900

4 Beds

3 Baths

2,590 SqFt

Status Active

MLS # 6747633

Property Type Single Family Residence

Price Type --

The search is finally over! This stunning 4-bedroom, 3-bathroom residence in the gated community of Stoneledge features a 2-car garage, paver driveway on a gorgeous mountain side lot. Step into the expansive great room w tall ceilings, neutral palette, plantation shutters, and plenty of space to host family and friends. The gourmet kitchen is equipped with granite counters, abundant white cabinetry, gorgeous lighting, and oversized center island with a breakfast bar for casual dining. You'll also find a versatile den, ideal for an office or study. The tranquil main bedroom offers plush carpeting, an ensuite with dual vanities, and large walk-in closet. The serene and private backyard includes artificial turf and custom pergola for outdoor entertaining and hosting. Don't miss out!

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26715 N 72nd Lane Peoria, AZ 85383

New

$749,900

4 Beds

3 Baths

2,779 SqFt

Status Active

MLS # 6759853

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous, upgraded home exuding charm & elegance! This one-story gem features sweet curb appeal, tandem 3-car garage w/an extended driveway, & a welcoming courtyard for relaxing mornings. Enter to find an open layout with formal dining, wood look flooring, modern light fixtures, & neutral palette. The gourmet kitchen has an oversized island w/breakfast bar, SS appliances, quartz counters, espresso cabinets w/crown moulding, & modern backsplash. The main suite has an oversized lavish bathroom w/ dual sink vanity, large tub, & a huge walk-in closet. The cozy bonus room is perfect for family or play time! The serene backyard offers a covered patio & artificial turf. All found in the highly coveted and pristine neighborhood of Aloravita in North Peoria. This is the one!

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9749 S Grandview Drive Tempe, AZ 85284

$749,900

3 Beds

2 Baths

2,171 SqFt

Status Active Under Contract

MLS # 6750988

Property Type Single Family Residence

Price Type --

Gorgeous home sited on large cul-de-sac lot featuring a 3-car gar, RV gate & mature landscaping. Skylights add more natural light & vaulted ceilings give an inviting atmosphere throughout. Beautifully remodeled kitchen equipped with an oversized island, breakfast bar, SS appliances, tiled backsplash & quartz countertops. Sizeable bonus room off master, with access from kitchen and separate exit to back patio. This is an ideal space for a home office, music/reading room or so much more! Spacious master suite with French doors offers a spa-like bathroom: clawfoot tub, large tile & glass walk-in shower, linen closet and walk-in closet. Amazing backyard boasts lush landscaping including citrus trees and 2 covered patios. The private spa and pool with a water feature make this a true oasis!

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2850 Lazy Eight Court Overgaard, AZ 85933

$749,900

3 Beds

2.5 Baths

2,331 SqFt

Status Active

MLS # 6735718

Property Type Single Family Residence

Price Type --

This beautifully maintained & energy efficient 3BR, 2 ½ BA chalet has everything you're looking for, including a HEATED & COOLED (vented) 2 car garage! This tranquil setting is situated on a ponderosa pine tree studded 2.55-acre estate with an active HOA but $0.00 dues. Perfectly located on a paved county-maintained road w/low flow traffic at the end of a cul-de-sac. Once inside, the wall of windows offers a light and bright feel w/vaulted t&g ceilings, remote controlled blinds, stacked stone gas (propane) fireplace, and hardwood floors! The spacious kitchen provides ample counterspace with granite countertops, knotty hickory cabinets w/pullout drawers and large pantry too! Master bedroom downstairs, a guest bedroom up plus a HUGE bonus room that can easily accommodate 4 beds for kids or guests. Suitable for full time offering central gas heat, A/C plus insulated & heated (ETS). Crawlspace for a workshop or extra storage. There's lots of decking and a huge paver patio area for BBQ's, star gazing and watching the elk & deer that frequent the area. Exterior visual and audio surveillance too.

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1318 E Bermuda Bay Court Gilbert, AZ 85234

$749,900

4 Beds

3 Baths

2,355 SqFt

Status Active

MLS # 6751696

Property Type Single Family Residence

Price Type --

Experience the perfect blend of comfort and outdoor enjoyment in this stunning remodeled home in Val Vista Lakes! Nestled on a coveted oversized cul-de-sac, it offers a 3-car garage with extended driveway. Surely to impress with the bright living room and a harmonious great room that provide cozy fireplaces to keep you toasty warm during the cooler months. Newer vinyl plank & carpet flooring, vaulted ceilings, and stylish light fixtures add to the overall décor. Well-appointed kitchen is fully equipped with stainless steel appliances, custom cabinets, quartz counters, a center island with a breakfast bar, and a breakfast nook with a bay window. The downstairs bedroom and bathroom offer the perfect private retreat for guests, Upstairs you will find a sizable loft that is ideal for an office or TV area. The two secondary upstairs bedrooms are spacious and filled with natural light, creating bright and welcoming spaces. Continue on to the airy primary retreat boasting an ensuite with dual sinks, make-up desk, soaking tub, and a mirrored door closet. Escape to the dreamy backyard that invites you to unwind! It includes a covered patio, grassy area, and a refreshing pool. This amazing abode has it all!

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25824 N Fernbush Drive Phoenix, AZ 85083

New

$749,900

3 Beds

2 Baths

2,272 SqFt

Status Active

MLS # 6755400

Property Type Single Family Residence

Price Type --

STETSON HILLS BEAUTY - MOUNTAIN VIEWS!!! 3 BDRM/2BA/DEN/3CG/POOL & SPA/OUTDOOR FIREPLACE/RV GATE - This home is in pristine condition and meticulousy maintained. Bright & open floorplan features soaring ceilings, spacious home office; large kitchen island w/ beautifully veined granite counters, stainless steel appliances. Great room features an enlarged picture window to capture the outdoor fireplace, stunning waterfall spa & pebble-tech pool, gorgeous mountain sunset views & adjacent desert wash. Covered patio off great room has motorized retractable awning & convertible side screen to optimize your indoor/outdoor entertainment. Stetson Hills is a highly sought after community located close to Deem Hills Recreation Area offering hiking trails, dog park, pickle ball courts, soccer fields, playground,etc., Nearby highly rated schools, close to shopping, restaurants, movie theater, I17 & 101 Fwys.

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9518 E Meseto Avenue Mesa, AZ 85209

$749,900

4 Beds

3 Baths

3,269 SqFt

Status Active

MLS # 6699033

Property Type Single Family Residence

Price Type --

Don't miss this stunning 4-bedroom + Loft home nestled on a premium N/S golf course lot in the prestigious Augusta Ranch Golf Community. Overlooking the water on the 18th hole, this home offers breathtaking views. As you enter, you're greeted by dramatic vaulted ceilings & an abundance of natural light. The main floor features a bedroom & full bath, perfect for guests or a home office. The kitchen features ample 42'' maple cabinets, a large island/breakfast bar, and a pantry. Upstairs, you'll find a large loft & the spacious owner's suite, complete w/a balcony showcasing spectacular golf course & mountain views. Step outside to your backyard oasis, a covered patio w/speaker pre-wire, large grass area, citrus trees, a sparkling Pebble-Tec pool with an oversized second step & Waterfall... ...The view fence allows you to take in the beauty of the golf course from the comfort of your own home. Additional features include 2'' blinds, surround sound pre-wire, a soft water system, pre-plumbed sink in the laundry room, RV gate, garage cabinets, and new AC units installed in 2022. Don't miss your chance to own this incredible home with unparalleled views!

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45239 N 16th Street New River, AZ 85087

$749,900

3 Beds

2.5 Baths

2,705 SqFt

Status Active

MLS # 6730376

Property Type Single Family Residence

Price Type --

Views......Views......Views....... Must see this well-maintained home with 3 large bedrooms a separate craft/hobby room and 2.5 bathrooms. Large open kitchen with massive great room. The views to the North are breathtaking. Oversized 2 car garage newer AC units. This home is a must see and will not last at this price. Don't miss the almost 1 3/4-acre lot....

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11883 N 111th Way Scottsdale, AZ 85259

$749,900

3 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6753088

Property Type Single Family Residence

Price Type --

Location, Location, Location...Nestled amidst the picturesque McDowell Mountains, this stunning 3-bedroom, 2-bathroom residence located in the highly desired community of Sierra Ridge is a perfect of blend of style, comfort & functionality with gorgeous mountain views. Situated on a large corner cul-de-sac lot. As you step inside, this immaculately cared for home is immediately apparent with new baseboards and custom-made valances. The kitchen is equipped with stainless steel appliances and an upgraded pantry door, making it both beautiful and functional. The large master suite is a retreat in itself, offering a sitting area or perfect for a home office and a spacious walk-in closet with custom built-ins. Step outside to your own personal oasis. The backyard is an oasis boasting a Pebble Tec chlorine pool with a serene water feature with Hayward digital equipment and a Catch a Kid pool net for added safety. The extended patio is perfect for gatherings with a built-in propane grill, fire pit, outdoor fans and accent lighting that enhances the ambiance. The RV gate, lush turf and irrigated planters add convenience and charm to this outdoor space, while sunscreens on the outdoor windows help keep the home cool and energy-efficient. This home has been meticulously cared for, with a newer Trane AC unit still under warranty. The 2-car epoxy-coated garage includes cabinets, a workshop area and surround sound, making it the ultimate space for projects. This home is move-in ready and waiting for you to make it your own. Don't miss out on this exceptional opportunity! Ideally located to Scottsdale's finest shopping, dining, schools and 101 Freeway.

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2975 W Three Mile Drive San Tan Valley, AZ 85144

$749,900

4 Beds

4 Baths

3,125 SqFt

Status Active

MLS # 6737010

Property Type Single Family Residence

Price Type --

This stunning corner lot home features 4 bedrooms, 4 bathrooms, a fully insulated and AC'd 4-car garage. The exterior has great curb appeal with a pavered driveway and a welcoming front porch. Inside, the home is filled with luxurious features such as a front den, tile flooring throughout, with carpet in the bedrooms and TWO primary suites. The first suite includes granite counters, dual sinks, a bathtub, walk-in shower, and walk-in closet. The second suite has separate floating vanities, a standalone tub, a tiled wall shower, a workout/sitting area, and a walk-in closet. The gourmet kitchen is equipped with a gas stovetop, wall oven & microwave, granite counters, two sinks in the island, breakfast bar, natural wood cabinets, stainless steel appliances, and a walk-in pantry. The open floor plan includes a formal dining area, a spacious living room, and a breakfast nook with two slider doors leading to the backyard. The backyard is perfect for entertaining. The home is located in a master planned community with various amenities such as play areas, pickleball/tennis courts, walking/biking paths, and a heated community pool and spa.

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21491 E Sunset Drive Queen Creek, AZ 85142

$749,900

4 Beds

3 Baths

2,569 SqFt

Status Active

MLS # 6756239

Property Type Single Family Residence

Price Type --

Two homes under one roof! Immaculate, like new single level, NextGen (IN-LAW SUITE) home, offers 4 bedrooms, 3-car garage. This open floor plan has 10' ceilings, huge sliding door onto a private patio. The highly upgraded gourmet kitchen features beautiful upgraded cabinets, 42'' Toffee color shaker style cabinets, subway tile backsplash, a walk-in pantry, stainless steel appliances, Corian countertops & 9-foot island. The spacious master bedroom features an incredible spa-like bathroom with dual sinks, granite tops, large mirrors, and an enormous glass-enclosed shower with a rain shower head. The Casita has a main bedroom, full kitchen, living room & washer/dryer. Entertain in this private tree lined backyard, saltwater pool, pergola, outdoor kitchen, fire pit & putting green. Furnished!

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