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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19619 N 69th Avenue Glendale, AZ 85308

$745,000

5 Beds

3 Baths

3,065 SqFt

Status Active

MLS # 6726139

Property Type Single Family Residence

Price Type --

ON GOLF COURSE W/POOL... DOCTORS/EMPLOYEES AT ARROWHEAD/PHX CHILDREN'S HOSP...WALK ONLY 3-4 BLOCKS TO/FM WORK. AMAZING 5 BR, 3 BA, HOME ON 12TH HOLE OF ARROWHEAD CC GOLF COURSE. PEBBLE-TEC, DIVING POOL & SPA.PLANTATION SHUTTERS, GRANITE COUNTER TOPS & BACK-SPLASHES, UPGRADED GE APPLIANCES, 18'' DIAGONAL TILE & WOOD FLOORING, DEEP DOUBLE SINK(2016),10 X 12 COVERED BALCONY OFF MBR, GROUND FLOOR COVERED PATIO ENTIRE LENGTH OF HOME W/BACKYARD BBQ & BAR AS WELL AS BUILT IN SEATING,CUSTOM WROUGHT IRON ARTWORK RAILING (ONE OF A KIND-$6000),DUAL PANE CUSTOM FRENCH DOORS TO BACK PATIO ($4000), FLOOR TO CEILING STUCCO FINISHED FIREPLACE W/MANTEL & HEARTH ELECTRIC),OUTDOOR LIGHTING,CAM LIGHTING ON ENTIRE BOTTOM FLOOR,TUSCAN CHANDELIERS, 3 CAR GARAGE,MIST SYSTEM, AUTO DRIP & WATER SYSTEM.

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719 W Kings Avenue Phoenix, AZ 85023

$745,000

4 Beds

2.5 Baths

3,173 SqFt

Status Active

MLS # 6726154

Property Type Single Family Residence

Price Type --

Back on the Market! This 4-bedroom, 2.5-bathroom home, meticulously maintained by the original owners, combines luxury and comfort on a desirable corner lot. The bright, open floorplan features vaulted ceilings and new luxury vinyl plank flooring. The spacious living areas flow effortlessly, perfect for relaxation and entertaining. The kitchen offers ample counter space and an eat-in dining area. Upstairs, enjoy a versatile loft space ideal for an office, playroom, or extra lounge area. The master suite is a private retreat with an en-suite bathroom. Outside, a diving pool, travertine patio, and safety pool net complete this beautiful backyard. Don't miss this opportunity!

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2585 N 165th Drive Goodyear, AZ 85395

$745,000

2 Beds

2.5 Baths

2,363 SqFt

Status Active

MLS # 6726587

Property Type Single Family Residence

Price Type --

WOW! I Could Live Here!? Yes, Indeed. The Stunning Mirador Floor Plan, Impeccably Maintained, Updated, and Upgraded, Over-Looking a Spacious Common Area in PebbleCreek, The New Standard for 55+ Communities. The Upgrades are far too many to mention here. See the list in the Documents Section of the MLS. This luxurious Home on a Large Corner Lot is Perfect for Entertaining. 14 OWNED SOLAR Panels, 22 PRE-PAID LEASE SOLAR Panels, Lots of Extras. 2 Bedrm, 2.5 Bath, Den, Upgraded Kitchen Cabinets, R/O Water System, Extd Garage, Golf Cart Garage, Extd Patio. Motorized Sun Shade, Solar Tubes, Thermostatically Controlled Attic Exhaust Vent, Electronic Air Cleaners, Water Softener, Blackout Shades, Built-in Outdoor Kitchen, Garage Floor Coating, 3 HVAC Zones, Countless More Upgrades. Don't Miss it

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7496 E Via De Luna Drive Scottsdale, AZ 85255

$745,000

3 Beds

2.5 Baths

1,957 SqFt

Status Active

MLS # 6726857

Property Type Townhouse

Price Type --

Luxury townhome with 3 bedrooms + a LOFT in the special gated community of Pinnacle II at Silverstone, This highly upgraded home is situated on a corner lot for added natural light and privacy. The great room has an oversized sliding door which provides a wall of windows that opens up to a private patio. The kitchen has a huge island with stainless steel appliances -including a gas range, and refrigerator and a custom backsplash. The primary bedroom includes a bathroom with double sinks, oversized shower and spacious walk in closet. This home includes a rooftop patio with spectacular, unobstructed views of the mountains. The laundry room is conveniently located upstairs and the washer and dryer are included. You have to see it! This is a truly special property!

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23392 S 209th Place Queen Creek, AZ 85142

$745,000

5 Beds

3 Baths

3,177 SqFt

Status Active

MLS # 6728050

Property Type Single Family Residence

Price Type --

$31,000 below market value! Nestled against the serene backdrop of a lush greenbelt, this stunning 5-bedroom home in Hasting Farms is the perfect one for you. Equipped with energy-efficient solar panels and an RV gate, this residence caters to both environmental consciousness and practical needs. Step inside and discover a beautifully appointed interior featuring archways, a mix of carpet and wood-look tile floors, and a soothing neutral palette. The formal dining area sets the stage for festive meals and cherished gatherings, while the great room, highlighted by recessed lighting and vibrant paint, provides a spacious setting for creating lasting memories. The home's thoughtful design includes windows with special tinting to reduce heat, ensuring a comfortable environment year-round.. The delightful kitchen is a chef's dream, boasting staggered beautiful upgraded cabinets, stainless steel appliances with double wall ovens, a stylish tile backsplash, granite counters, a walk-in pantry, and a center island with a breakfast bar. A massive walk in pantry! Retreat to the main bedroom, a serene sanctuary featuring an ensuite with dual sinks, a soaking tub, shower and a walk-in closet. The laundry room is equally impressive, complete with ample cabinets and a utility sink. 5 full bedrooms and a den that could be a 6th bedroom and 3 full bathrooms. Outside, the lush backyard features a covered patio and ample space for a pool or various outdoor activities, making it an ideal spot for relaxation or entertainment. Owned Solar offsets upto 95% of your electric bill! This home is a smart home with smart thermostats, a security system, water softener, a doggie door, fresh paint inside and outside, professionally cleaned carpets and entire home cleaned and so much more! You will absolutely love this beautiful home!

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12705 N 89th Place Scottsdale, AZ 85260

$745,000

3 Beds

2.5 Baths

1,568 SqFt

Status Active

MLS # 6732172

Property Type Single Family Residence

Price Type --

Gorgeous remodel inside and out! This 3 Bedroom/2.5 Bath cul-de-sac home is light and bright. Open concept floor plan with a large family room, cozy fireplace, huge kitchen w/ extended cabinets, Quartz counters, custom island w/built-in microwave, eat-in nook, and SS appliances. Neutral luxury vinyl plank flooring throughout. Huge primary suite w/remodeled bath, low-grade entry shower, dual vanity and walk-in closet. Two spacious secondary bedrooms and guest bath with tub. Fun backyard w/ sparkling pool, new turf, covered patio and mountain views! Inside laundry, cute half bath and 2 car garage. Roof replaced 2014, HVAC and water heater 2019, interior 2020, and pool/turf 2023! Neighborhood offers paths, greenbelts, tennis courts and a community pool. A+Schools! Turn-key home!

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6826 E Monterey Way Scottsdale, AZ 85251

$745,000

3 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6733512

Property Type Single Family Residence

Price Type --

Looking for a 3 bedroom, 2 bathroom with a den located in South Scottsdale? Look no further! Charming single level home features a spacious open floor plan, new floors in the living room area, fresh interior paint, new light fixtures with plenty of natural light! Spacious bedrooms with ample closet space, den, dining area, over-sized laundry room and flex space for office. Enjoy the private and peaceful backyard. Covered patio with mature landscaping. A perfect gathering spot for friends and family. Close to Old Town shopping, ASU and Scottsdale Fashion Square.

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1116 W Courtney Lane Tempe, AZ 85284

$745,000

4 Beds

3 Baths

2,578 SqFt

Status Active

MLS # 6735488

Property Type Single Family Residence

Price Type --

$10,000 Buyer Concessions! Beautifully maintained North/South 4 BEDROOM 3 BATH 3 CAR GARAGE with RV GATE with 39 foot driveway on LARGE LOT in desirable SIERRA TEMPE! Split 4th Bedroom/Bath*Gas Heating/Hot Water(SWG)*Big Ticket Items-Roof & Multi-Zone A/C-have been replaced * INCLUDED with home: 2024 Upgraded Whirlpool Refrigerator, Upgraded Samsung W/D , ASG Security System and Clear Concepts soft water system (exterior spigots also plumbed with soft water) ** Quick access to I-10 & 202 Freeways, Sky Harbor Airport, Chandler Fashion Mall, 2 Outlet Malls & shopping of every kind! Variety of Restaurants too! A few minute drive to 8th Largest Park in US-South Mountain Park(16,000 acres)which offers 58 miles of hiking/biking! Kyrene School District. Campbell Community Park a short walk.

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4275 S Las Villa Way Gold Canyon, AZ 85118

$745,000

2 Beds

2 Baths

2,452 SqFt

Status Active Under Contract

MLS # 6741178

Property Type Single Family Residence

Price Type --

Welcome to your exquisite Gold Canyon retreat! This well-cared-for home features 2 spacious bedrooms, a versatile den, and a 3-car garage, providing ample space for all your needs. The inviting courtyard sets the tone for the elegant interior. The backyard is an entertainer's paradise, complete with a sparkling pool, relaxing spa, and a built-in kitchen. Gather around the cozy gas fire pit or enjoy a friendly game on your private putt-putt golf course. Home features newer HVAC, heated pool. With views of the Superstition Mountains, this home seamlessly blends luxury, comfort, and outdoor fun, offering an idyllic escape in a stunning setting.

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6932 E 3rd Street Scottsdale, AZ 85251

$745,000

2 Beds

2 Baths

1,618 SqFt

Status Active

MLS # 6744102

Property Type Apartment

Price Type --

Conveniently located in Old Town Scottsdale and moments away from the best galleries, restaurants and shopping. The attention to detail & implementation of biophilic design elements is certain to exceed expectations. Natural light flows through this open concept while a magnificently exposed concrete ceiling connects the spaces. The primary suite offers 2 custom closets, floor to ceiling windows & a steam shower. The oversized secondary bedroom, doubles as a private office & offers a large custom closet. Full size W/D, quartzite countertops, custom cabinetry, smart light fixtures, natural looking oversized LVP flooring w/ zero transitions, level 5 finished walls, Low-E Milgard windows & more. Available fully furnished, inquire for details. Easy lock and leave lifestyle!

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43127 N 14th Street New River, AZ 85087

$745,000

5 Beds

3 Baths

2,526 SqFt

Status Active

MLS # 6751802

Property Type Single Family Residence

Price Type --

Gorgeous New River Home with over $50k in upgrades!! Beautiful rustic home with large lot and dramatic mountain landscapes! Walk into the entrance by a draw bridge across true desert landscape into the front door you will notice the fireplace in the Great room overlooked by the expansive kitchen with full appliances. Tile throughout except master & 3 bedrooms. The master is split from 3 other bedrooms and features 1 bedroom with its own detached full bath, optional for guest use. All appliances included! The backyard is fully block fenced with an RV gate. Well is shared between & each individually metered, located on the corner of the property. Solar typically covers 10 months of electric bill for the year with 5 people use! The other 2 mo approx. $30 per mo. Come see for yourself!

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492 W Redwood Lane Pinetop, AZ 85935

$745,000

3 Beds

2 Baths

1,793 SqFt

Status Active

MLS # 6752566

Property Type Single Family Residence

Price Type --

Discover your fully furnished dream home, built in 2021 and nestled in the serene Top of the Woods community. This contemporary residence offers a blend of high-end features and thoughtful design elements, ideal for modern living. The home is bathed in natural light through tinted dual pane windows, adorned with elegant Norman Shades for privacy and energy efficiency. Stay cozy by the gas fireplace on chilly evenings, and enjoy peace of mind with a powerful 22 KW backup generator. The expansive kitchen is a chef's paradise, featuring a large island with a butcher block countertop, a farmhouse sink, a gas range, and soft-close cabinets and drawers. The luxurious bathrooms boast granite vanities and beautifully tiled showers for a spa-like experience The spacious garage comes equipped with metal storage cabinets, providing ample space for all your toys and storage needs. Modern conveniences include a tankless water heater and composite decking on both the front and back decks. Relax or entertain on the spacious covered back deck, surrounded by the beauty of tall pine trees. Experience contemporary living in a tranquil setting. Call today for your visit and make this exquisite Top of the Woods home your own!

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