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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16502 W Monte Vista Road Goodyear, AZ 85395

New

$749,000

3 Beds

3.5 Baths

2,192 SqFt

Status Active

MLS # 6757375

Property Type Single Family Residence

Price Type --

If you're dreaming of a larger home with a Casita on the Tuscany side of the award-winning resort community of PebbleCreek situated on an oversized lot with beautiful common ground views & Owned Solar, look no further! This well-maintained Talavera model is what you've been waiting for. This home sits on a prime corner view lot of 11, 426 square feet. It offers a spacious open floor plan, 3 bedrooms, a den, plus 3.5 bathrooms. The kitchen is oversized and provides an abundance of cabinets and a built-in desk. The laundry room is also extra-large and has plenty of additional cabinets and storage. The washer and dryer convey with the property. The primary ensuite is roomy with a huge walk-in closet and offers a beautiful view of Tuscany's common grounds. A full bathroom is adjacent to... to the guest room and a powder room is just down the hall. New paint and carpet as of 9/24 give a nice, updated feel. The garage is a dream, it's a full 3-car, extended, and the fridge in the garage is included in the sales price! This home is located SW of the Tuscany Clubhouse, it offers a panoramic view of a pretty common area, has professional landscaping, including paved walkways on each side yard with numerous mature citrus trees, an extended paver patio, an extended pergola, a built-in BBQ, a bar, a fire pit, and a water feature that adds the final touch to create a beautiful peaceful outdoor space ready for you and your guests. Everything you need for a resort lifestyle is waiting for you to make it your own! Please see the document section for list of property upgrades.

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1905 E Myrna Lane Tempe, AZ 85284

$749,000

4 Beds

2 Baths

2,276 SqFt

Status Active

MLS # 6759580

Property Type Single Family Residence

Price Type --

COMPLETELY RE-BUILT RANCH HOME on a 1/4 acre interior south facing backyard lot in a highly desired neighborhood in Tempe. Incredible opportunity for this 4 bedroom home that features completely NEW KITCHEN, BATHS, DOORS, WINDOWS, FIXTURES, LIGHTING & FLOORING. Feel free to entertain in the spacious private south facing backyard with a giant extended length covered patio that always provides shade. PRIVATE WORKSHOP & side-yard that would make the perfect garden. Top Kyrene Schools & NO HOA. Close to everything- insanely great location!

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2914 W Donatello Drive Phoenix, AZ 85086

New

$749,000

5 Beds

3.5 Baths

3,541 SqFt

Status Active

MLS # 6760904

Property Type Single Family Residence

Price Type --

This is the most desirable contemporary floorplan that Toll Brothers offered when built in 2005. The soaring atrium with 28' ceilings, the large 8500 sf lot with mountain views with an over the top custom backyard and existing pool permit on the nicest street in the subdivision. You'll immediately see the attention to detail, move right in, the home has been repainted and is ready for immediate occupancy. 2 1/2 of the 3 1/2 bathrooms have been recently remodeled, all new LED lighting throughout every room. 5 bedrooms, 3 1/2 baths, office nook, large two door garage with one tandem spot has beautiful epoxy flooring. Enormous custom kitchen with island has a panoramic view of the backyard. Expansive travertine patio, covered patio and Ramada with retaining walls Australian palms and BBQ Is.

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8536 E Mariposa Drive Scottsdale, AZ 85251

$749,000

3 Beds

2 Baths

1,619 SqFt

Status Active

MLS # 6750669

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home nestled in the heart of Old Town Scottsdale. This charming residence, boasting 3 cozy bedrooms and 2 modern bathrooms, is a perfect blend of comfort and style. Step outside to enjoy the luxury of a private, heated pool, ideal for relaxation or entertaining. Situated in a prime location, this home is just moments away from the vibrant scenes of Scottsdale, including the renowned Fashion Square Mall and a plethora of exquisite dining options. Additionally, this property currently serves as a lucrative short-term rental, offering a fantastic income-generating opportunity. Don't miss out on the chance to own a piece of Scottsdale's finest living.

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5345 E Mclellan Road Unit 91 Mesa, AZ 85205

$749,000

4 Beds

3 Baths

2,439 SqFt

Status Active

MLS # 6752087

Property Type Single Family Residence

Price Type --

This beautiful home in the gated community of Alta Mesa Estates boasts pride of ownership, evident in its well-maintained condition. The furnished 4-bedroom, 3-bathroom, 3-car home features an updated kitchen with stainless steel appliances, a bright and airy family room with a fireplace, and a fenced pool with a heat pump installed in 2019. The backyard is a sight to behold, with mature landscaping, a putting green, covered patios, a built-in BBQ, and citrus trees. The formal dining area has a deck for enjoying sunrises and a front courtyard for sunsets. The home has been tastefully decorated with designer touches, including a barn door at the laundry room. The home faces north/south, & the block fence provides privacy and security.

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9439 E Hillery Way Scottsdale, AZ 85260

$749,000

4 Beds

2.5 Baths

2,259 SqFt

Status Active Under Contract

MLS # 6749019

Property Type Single Family Residence

Price Type --

The entry way for this 4-bedroom with loft home welcomes you into an open and airy space with vaulted ceiling, where you can make it your warm and inviting living and dining rooms. Walk into an open kitchen complete with granite counter tops, island for your breakfast bar, stainless steel appliances. this kitchen opens out to a bright family room with a cozy fireplace. The half bath and laundry room complete the lower level. Second level houses the master bedroom and three bedrooms plus a sizeable loft which can be your media or reading space. This beautiful home is well located near good schools, shopping, golf, hiking, 101 freeway and more. Tour this house and you will want to make it your sweet home.

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2219 Fairway Drive Overgaard, AZ 85933

$749,000

4 Beds

4 Baths

3,314 SqFt

Status Active

MLS # 6697365

Property Type Single Family Residence

Price Type --

Step into luxury with this lavish 2-story retreat! Boasting 4 bedrooms, 2 full bathrooms plus 2 half bathrooms. With the unparalleled views, this home is a sanctuary like no other. Entrance is grand and you will be greeted by soaring ceilings, recessed lighting, and exquisite wood railings. The spacious kitchen is a chef's dream, featuring abundant cedar cabinetry, sleek black appliances, and more. The primary suite is a haven with its own fireplace and a spa-like ensuite, complete with dual sinks, a jetted tub, and a custom tiled shower. Entertain in style with a wet bar in the living room area. Outside, the expansive deck invites you to soak in the weather, scenery and wildlife. Don't let this once-in-a-lifetime opportunity slip away—make it yours today!

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605 E Coronado Way Payson, AZ 85541

$749,000

4 Beds

4 Baths

2,950 SqFt

Status Active

MLS # 6707516

Property Type Single Family Residence

Price Type --

Large windows to enjoy the Amazing panoramic views of Mogollon Rim and Diamond Point Amenities include Granite counter tops, stainless steel appliances, large floor tiles, Main bedroom has a slider to a garden area with shade awning and a jetted tub in bath. Large hobby/exercise room. Fully wired theater room. Crown molding, Pella windows, RO system,

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1715 E Cheery Lynn Road Phoenix, AZ 85016

$749,000

4 Beds

4 Baths

2,485 SqFt

Status Active

MLS # 6687701

Property Type Single Family Residence

Price Type --

This home qualifies for the Community Lending Program, including lender credit and interest rates below regular conventional rates. Completely rebuilt and reimagined in 2018, the main house features just over 2000 sf, 4 bedrooms, 3 baths, open concept living with large rooms and 9' ceilings. Well appointed kitchen with SS appliances, gas range w/ double oven, gourmet range hood and plenty of cabinetry and counter space. Spacious primary suite awaits with a private patio. The backyard is complete with a 500+ sf paver patio between the main house and the guest house. Dine al fresco or relax in your hot/cold spa. The 427 sf guest house serves as a fully functioning residence separate from the main house with kitchenette, bedroom and bathroom. Priced below 2024 appraisal.

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7227 E Texas Ebony Drive Gold Canyon, AZ 85118

$749,000

3 Beds

2 Baths

2,278 SqFt

Status Active

MLS # 6628879

Property Type Single Family Residence

Price Type --

If You're Looking For A Customized & Redone Bradshaw Model, Look No Further! GORGEOUS & Totally Updated & Upgraded Like New Customized Bradshaw Model Features Newer Roof, Heating & Cooling, Kitchen w/Custom Cabinets, Stone Slab Counters, SS Appliances, Sink Faucet & Island, Baths w/Custom Walk-In Showers, Vanities & More! Ceramic Plank Flooring, Custom Lighting, Upgraded Fans, Fixtures & Hardware, Newer Paint Inside & Out, Custom Window Treatments, Recessed Electric Fireplace & Recessed Oversized TV & The List Goes On! PREMIUM South Facing Golf Course Location For Winter Sun & STUNNING Sunsets, Extended 2 1/2 Garage, Lush Landscaping & More! Move In & Enjoy!

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13611 W Merrell Street Avondale, AZ 85392

$749,000

5 Beds

3 Baths

3,626 SqFt

Status Active

MLS # 6695765

Property Type Single Family Residence

Price Type --

Step into luxury! Prepare to be wowed by this amazingly upgraded home! Only the finest materials were used. This versatile floorplan offers 5 beds / 3 baths / 3 car garage + POOL! One bed & full bath downstairs w/exit to cov'd patio. Enter into the formal living & dining rooms where clerestory windows are decorated in carved wooden panels. (Removable) Porcelain tile (24 x 48) has been laid throughout both upstairs and down. The stairs are marble and granite. The focal point of the family room is a grand, carved wooden media unit. The kitchen has lovely marble backsplash extending up to the ceiling. The master suite has a double shower w/multiple shower heads using the same awesome materials. Too many upgrades & special features to list. Must see for yourself. It's one of a kind!!!

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2643 N 162nd Lane Goodyear, AZ 85395

$749,000

3 Beds

2 Baths

2,962 SqFt

Status Active

MLS # 6708410

Property Type Single Family Residence

Price Type --

Absolutely! Here's a compelling property description for a PebbleCreek home with those features Stunning 3-Bedroom Home on the golf course in PebbleCreek Welcome to your dream home located in the prestigious PebbleCreek community! This exquisite 3-bedroom, 2-bath residence is perfectly situated on a prime golf course lot, offering breathtaking views and an unparalleled lifestyle. Spacious Bedrooms: Enjoy the comfort of three generously sized bedrooms, including a luxurious master suite with a walk-in closet and a private en-suite bathroom featuring dual vanities and a spa-like shower. Outdoor Kitchen perfect for entertaining, overlooking the 18th fairway. Amenities, include championship golf courses, pools, fitness centers, and a vibrant social scene and 36 pickleball courts! This home has just been repainted with neutral colors, all brand new kitchen appliances and new grill on the outdoor kitchen.

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