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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15259 N 79th Lane Peoria, AZ 85381

$729,000

4 Beds

2.5 Baths

3,063 SqFt

Status Active

MLS # 6745171

Property Type Single Family Residence

Price Type --

GREAT LOCATION! Fantastic cul-de-sac home in exclusive, gated, Legacy Estates! 3-car garage, gorgeous pool, beautiful landscaping! This fabulous functional floor plan features soaring entryway, formal living/dining area, large family room with two-way gas fireplace, 4 spacious bedrooms (oversized primary!), 2.5 baths, exceptional granite-counter kitchen with ample cabinet space & great island with sink, charming open stairway, upstairs loft & living space and generous walk-in closets & storage. NEW ROOF, NEW EXTERIOR PAINT, NEW WATER HEATER, NEW epoxy garage floor, built-in gas BBQ & gas fire pit. NEW patio deck surface surrounds the sparkling pool in an ultra-private resort-style backyard retreat, complete with luxurious hot tub. The side yard is awaiting your dream project. READ ON..... Just minutes from Peoria's unrivaled P83 Entertainment and Shopping District and Peoria Sports Complex, winter home of the Seattle Mariners and the San Diego Padres. Easy access to the Agua Fria Freeway leading to State Farm Arena and Glendale Sports and Entertainment District. Midwestern University & ASU West Campus are also short distances away. Enjoy all that Peoria has to offer including Peoria Historic Square and Peoria Center for the Performing Arts.

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8270 N Hayden Road Unit 1010 Scottsdale, AZ 85258

$729,000

2 Beds

2 Baths

1,426 SqFt

Status Active Under Contract

MLS # 6746582

Property Type Apartment

Price Type --

Amazing and Rare Lakeside Condominium for sale! Two Bedrooms Two Full Baths plus a Den! Located in the heart of Scottsdale McCormick Ranch! This will not last

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10605 W Catalina Drive Avondale, AZ 85392

New

$729,000

4 Beds

2.5 Baths

2,747 SqFt

Status Active

MLS # 6757329

Property Type Single Family Residence

Price Type --

Large corner lot with just 1 neighbor! The home offers 4 bedrooms, 2.5 bathrooms & more than 2,700 sq ft of livable space. Throughout you will notice the plank tile floors, neutral 2 tone paint, 9' ceilings/ 8' doors, 2'' faux wood blinds & ceiling fans in every room. The kitchen features gray shaker cabinets (soft close & dove tail drawers), under cabinet lighting, Newer SS appliances (Gas stove & fridge included), Reverse osmosis, granite countertops & 2 pantries. The insulated RV garage is every man's dreams with epoxy flooring, lots of outlets, garage cabinets, sink & RV hookups (220 outlets/ cleanout). Large ¼ acre lot with low maintenance landscaping, covered patio stretches the entire length of the house, 2 tough sheds, flood lights, cameras & RV gate with lots of room for parking. Nearby you have the plenty of shopping at Tanger Outlets/ Park West. Entertainment at West Gate, State Farm Stadium, Desert Diamond Casino & Top Golf. Soon VAI Resort & Mattel adventure park will be complete. All of this within 5 miles! I10 & 101 freeways are just 1 mile away!

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10249 E Trillium Avenue Mesa, AZ 85212

$729,000

3 Beds

2.5 Baths

2,233 SqFt

Status Active

MLS # 6702552

Property Type Single Family Residence

Price Type --

Welcome to the coveted gated community, The Estates at Eastmark! SELLER FINANCE AVAILABLE on this luxurious, turnkey home that is 5 years new, oozing with style and function! This gorgeous 3 bed, 2.5 bath home is perfectly situated on a corner lot with only ONE NEIGHBOR! That's right, no neighbors behind, no neighbors to the east and no neighbors in front. AND what makes this lot even better?! Directly across the street is an expansive green belt / park that connects to amenities galore that can be found at ''The Club''. The Club is a multi-million dollar clubhouse that features a workout facility, heated saltwater pool/spa, BBQ grilling / outdoor kitchen, entertaining areas and a playground with endless areas to run and play. If the location and community alone weren't enough t win you over you've got to step inside this incredibly designed and well thought out floor plan to fully grasp the opportunity that lies before you. High ceilings, split floor plan, open concept with massive chef's kitchen connecting to the family room and dining, 3 car garage, tons of storage, low maintenance landscaping, private lot, plentiful amenities and priced to sell.

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4528 E Donato Drive Gilbert, AZ 85298

$729,000

2 Beds

2 Baths

2,114 SqFt

Status Active

MLS # 6748356

Property Type Single Family Residence

Price Type --

The AGAVE MODEL a three bedroom, two bath split floorplan checks all the boxes! The open kitchen boasts granite countertops, large kitchen island, built in oven and microwave, smooth top stove, refrigerator, and a large walk-in pantry. plantation shutters, tile flooring, and custom neutral paint The 3rd room is perfect for an office or a guest bedroom. The amenities offered at Trilogy are endless; resort style living in the active (55+) adult community with golf, tennis and pickleball court, bocce ball, pools, clubhouse, and workout facility all at your fingertips.

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26031 N Medelice Lane Rio Verde, AZ 85263

$729,000

3 Beds

2.5 Baths

2,479 SqFt

Status Active

MLS # 6686749

Property Type Single Family Residence

Price Type --

Nestled in the heart of the beautiful Rio Verde active adult golf community, this custom territorial home is easy walking distance to the clubhouse for fine dining and meeting friends for golf The nearby community center offers a brand new workout facility, billiards room, and library. Enjoy meeting new friends at the Tennis, Bocce or Pickleball courts or go for a refreshing swim in the sparkling lap pool. This home is situated on an oversized lot providing ample privacy, Enjoy quiet evenings relaxing on your covered back patio with room to entertain large gatherings. This welcoming 3 bed/2.5 bath 2 car garage is being sold furnished. Enjoy premium Arizona living. Golf membership available, inquire with list agent or club.

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807 W San Miguel Avenue Phoenix, AZ 85013

$729,000

5 Beds

3 Baths

2,057 SqFt

Status Active Under Contract

MLS # 6751528

Property Type Single Family Residence

Price Type --

Beautiful, well-maintained home offering a host of modern amenities, including owned solar panels, a whole-house water softener, and a water filtration system. The interior features stunning granite countertops, a glass tile backsplash, and wood floors throughout the main living areas, with tile in the bathrooms and new carpet in the bedrooms. Fresh paint has been applied both inside and out. The detached casita offers its own kitchen, bath, parking, and a small fenced backyard with a retractable awning. The main house boasts a large covered patio, a detached workshop/storage building, and a free-standing ramada. The outdoor space is thoughtfully landscaped with pavers, artificial turf, and desert plants on a drip system, creating a serene and low-maintenance environment.

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15221 N Clubgate Drive Unit 1033 Scottsdale, AZ 85254

$729,000

2 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6746065

Property Type Apartment

Price Type --

This home is truly One of One! Welcome to unparalleled luxury and convenience in the prestigious Kierland Greens community! Remodeled from top to bottom every aspect of this home was meticulously designed and carefully crafted to create a beautiful and functional living experience. Featuring a modern open floor plan, high ceilings, spacious rooms, tons of storage, no stairs, your own private 2 car garage, and virtually no maintenance this is the perfect home for the lock-n-leave lifestyle. Handsome wood look flooring, elegant espresso cabinetry, custom tile fireplace, beautifully appointed primary and guest bathroom spaces, designer lighting, quartz countertops, and top-of-the-line appliances, this home truly offers too many improvements to list.

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2805 N 13th Avenue Phoenix, AZ 85007

$729,000

4 Beds

2 Baths

2,148 SqFt

Status Active

MLS # 6654020

Property Type Single Family Residence

Price Type --

Encanto Manor Historic District at it's finest, with a pool! This mid century modern themed home has had extensive upgrades over the years while preserving its historic integrity. The electrical & plumbing were updated, dual pane Anderson windows were installed, the roof has architectural 50-year shingles & newer AC & water heater. The home offers a formal living room & dining room, interior laundry room w/ pantry, one car garage, bonus room behind garage, exterior work shed & multiple outdoor living spaces in the front & back yards, ideal for both entertaining or a peaceful spot to enjoy a cup of coffee & book. Situated along the friendly street of Edgemont you will enjoy being able to walk to restaurants, Sprouts, Encanto Park & Golf Course.

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383 W Round Valley Road Payson, AZ 85541

$729,000

3 Beds

2 Baths

1,758 SqFt

Status Active

MLS # 6718053

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the mountains! This charming 3 bedroom, 2 bathroom home offers 1758 sqft of cozy, updated living space, ideal for both relaxed country living and entertaining. Inside, you'll find modern grey LVP flooring throughout, giving the home a warm feel. The heart of this home is the kitchen, featuring newer cabinets and elegant white quartz countertops. A spacious island and buffet area provide plenty of room for gatherings and entertaining. The expansive primary bedroom includes a picturesque bay window providing the room in natural light, a walk-in closet for ample storage, and a luxurious ensuite bathroom. The ensuite is beautifully appointed with a tiled walk-in shower, a double sink vanity with a touch mirror. Two additional bedrooms offer plenty of space for family, guests, or a home office, while a second modern bathroom ensures convenience for everyone. Elegant black lighting fixtures and ceiling fans add a sophisticated touch to every room. This home also boasts exceptional amenities for the country lifestyle. Equestrian enthusiasts will appreciate the functional 10-stall horse barn, complete with a tack and feed room. An extra-large garage/shop, with gas heat available and an additional septic system installed, is perfect for projects and storage. Potential for an in law suite. This home uniquely combines modern living with exceptional amenities, making it an ideal choice for those seeking comfort and functionality in a mountain setting. Don't miss your chance to own this move-in ready mountain home!

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27227 N 31st Drive Phoenix, AZ 85083

Open House

$729,000

4 Beds

2 Baths

2,958 SqFt

Status Active

MLS # 6745715

Property Type Single Family Residence

Price Type --

WELCOME to an ENTERTAINER'S DREAM, only 10 MINUTES AWAY from new world-renowned TSMC SEMICONDUCTOR! Boasting ALMOST 3000 SQ FT, Single-Leve, on HUGE PIE-SHAPED LOT w/RESORT-STYLE BACKYARD w/fiberoptic lit POOL, BUILT-IN BBQ, Covered PATIO, a TURF AREA for DOGS & KIDS! +$5k floor credit! **SEPARATE FAMILY & LIVING ROOMs w/UPGRADED KITCHEN have been METICULOUSLY MAINTAINED & only 5 MILES to pristine ''500 CLUB GOLF COURSE''! Its PRIMARY OWNER's SUITE offers RARE extra SITTING ROOM private sanctuary to use as a DEN or Gym! A 2020 Trane HVAC has 10-year warranty *FRONT BEDROOM could be IDEAL PRIVATE GUEST SUITE w/adjacent bathroom secluded from other bedrooms for guests' ultimate privacy! **LOCATED NEAR EVERYTHING- shopping, restaurants, parks, hiking & mins away from I-17 & Loop-101 freeways

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2734 N Trevino Place Mesa, AZ 85215

Open House

$729,000

3 Beds

2 Baths

2,072 SqFt

Status Active

MLS # 6753583

Property Type Single Family Residence

Price Type --

Do you entertain? Love to have family & grandkids over or just want some breathing room? You will love this Apache Wells new build w/expansive golf course views! Large windows/dbl sliders to expansive cantilevered patio, upscale gourmet kitchen, dining & great room w/ entertainment center. Lg master bedroom and bath w/dbl vanity, large tiled shower & spacious walkin closet. 9 ft ceilings, gourmet kitchen w/soft close white cabinets, beautiful matte quartz counters, huge pantry, stainless appliances. Need a golf cart garage/workout room/crafts room/shop area? Check this out!! Apache Wells is an amazing community w/a low $74/month HOA fee. Fitness center, heated pool and spa, more! This home is easily be adaptable to handicap accessibility!! Quick move in available. Never occupied!

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