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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2013 N 66th Street Scottsdale, AZ 85257

$724,500

4 Beds

2 Baths

1,959 SqFt

Status Active

MLS # 6670636

Property Type Single Family Residence

Price Type --

NO HOA makes a perfect Short Term rental or primary. This gorgeous fully remodeled home 4 bedroom home is just minutes from Old Town, restaurants, and shopping as well as ASU for an easy commute. Fully remodeled open floor plan with vaulted ceilings, The kitchen offers white cabinets, a large island, quartz counters, as well as vaulted living area room. The primary bedroom has en suite bath with a designer tiled shower, dual sinks, and sleek black hardware. This oversized 9k lot backs up to the canal which offers a backyard oasis w putting green and fire pit plenty of room to add a pool or hot tub if you want.

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8030 W State Avenue Glendale, AZ 85303

$724,500

4 Beds

3 Baths

2,652 SqFt

Status Active

MLS # 6669817

Property Type Single Family Residence

Price Type --

Welcome to this stunning home located behind the gates of Orangewood Ranch! Boasting 4 bedrooms, 3 bathrooms, a casita with a private entrance, an open den/office, a 3-car garage, and curb appeal this home will not disappoint! The casita entrance is off the front patio and is complete with a bedroom, bathroom, kitchenette, and laundry area! As you enter the home you will love the open layout showcasing wood-look tile floors and a spotless great room with an extended-length sliding glass door that seamlessly blends indoor and outdoor living! The gourmet kitchen offers Quartz countertops, stylish backsplash, stainless steel appliances including a gas cooktop, 2 wall ovens, and designer pendant lights over the kitchen island breakfast bar. The primary suite is complete with tile floors, and a luxurious ensuite bathroom featuring a soaking tub, a separate tiled shower, a dual sink vanity, and a walk-in closet! Bedrooms 2 and 3 are move-in ready! The backyard is immaculate with a covered patio overlooking the spa and gazebo. The grass is artificial for easy maintenance! Plus the side yard is huge and has an RV gate! The lot is over 9,000 SQFT! This well-maintained home is not only luxurious, it has no wasted space with this multigenerational layout! Additional features include a huge laundry room/walk-in pantry with cabinets and a sink, a water softener, and lemon and lime trees! Do not miss out on this immaculate home!

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20039 N 273rd Lane Buckeye, AZ 85396

$724,500

3 Beds

2.5 Baths

2,800 SqFt

Status Active

MLS # 6738057

Property Type Single Family Residence

Price Type --

Welcome to this charming home in Sun City Festival boasting the Voyage Layout offering 3 bedrooms, 2.5 bathrooms, a golf cart garage, and a stunning backyard. Solar is fully owned! You will love the cozy gated courtyard! The inside of this home is spotless with a bright and neutral aesthetic. The gourmet kitchen has granite countertops, stainless steel built-in appliances, pendant lighting over the kitchen island breakfast bar, and a walk-in pantry. Upgraded blinds throughout! The primary suite is gorgeous with a door to the backyard, and a lavish ensuite bathroom with granite counters, dual sink vanity, and a tiled walk-in shower. The remaining bedrooms are move-in ready! Step outside into the expansive covered patio with beautiful travertine flooring and a pool deck. Cool off in the saltwater pool or relax in the spa and the pool is heated to enjoy year round! This home is turn-key! Sun City Festival is an amenity-rich active adult community where the desert meets beauty! Take your pick of activities offered; complete gym, state-of-the-art pickleball court, a variety of group classes, 27-hole beautiful golf course, 2 resort-style pools, onsite rec center, walking trails, and an INDOOR walking track with mountain views, Sun City Festival will not disappoint! Whether you are looking for a second home or a full-time residence in Arizona, this community has it all!

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1446 E Rakestraw Lane Gilbert, AZ 85298

$724,011

3 Beds

2.5 Baths

1,836 SqFt

Status Active

MLS # 6629278

Property Type Single Family Residence

Price Type --

Beautiful contemporary furnished 3-bedroom home featuring a desirable single-story floor plan. The Gourmet kitchen boasts GE Profile appliances, light-tone cabinetry with 42'' uppers, upgraded light tone quartz countertops, and a center island. Upgraded tile flooring throughout with carpet in the bedrooms. Other designer features include a frameless walk-in shower in the primary bath alongside custom bath surrounds in the shower. The elegant primary bedroom has French doors to the covered back patio. Additionally, the home offers an optional powder room, upgraded plumbing fixtures, a washer and dryer, and soft water loop. The home sits on a corner lot that is professionally landscaped in the front and the back as well as features pavers at the front entry way and driveway.

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1746 N Harper -- Mesa, AZ 85207

$724,000

2 Beds

2.5 Baths

1,765 SqFt

Status Active

MLS # 6748792

Property Type Single Family Residence

Price Type --

Discover this sought-after floor plan in the exclusive gated community of Canyon Preserve at Mountain Bridge! Featuring an open great room design, this home offers two spacious bedrooms plus a versatile den, enhanced by elegant wide plank plantation shutters. The modern kitchen boasts high ceilings, sleek cabinetry, and a large center island. The owner's suite includes a private bath with dual sinks. Step outside to your private backyard oasis, complete with a sparkling pool and spa, low-maintenance turf, and a spacious covered patio. Enjoy community amenities like a pool, spa, fitness center, and party room, all while being conveniently located near Saguaro Lake, the Salt River, shopping, and major freeways! Don't miss this opportunity!

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727 E Citrus Hollow Way Queen Creek, AZ 85140

$723,976

2 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6567515

Property Type Single Family Residence

Price Type --

The heart of this Nice model home is the stunning gourmet kitchen, featuring sleek white cabinets that complement the contrasting black quartz countertops flawlessly. The spacious kitchen island offers both functional workspace and a stylish centerpiece for entertaining guests or enjoying casual meals. The blonde tile flooring throughout adds a touch of warmth and complements the bright and airy ambiance, creating a seamless flow from room to room. The contemporary design elements combine to create a space that is as visually striking as it is inviting. Prepare to be amazed by the rolling wall of glass, blurring the lines between indoors and outdoors, and allowing natural light to flood the living spaces. Huge rolling wall of glass, exterior fireplace, landscaping and so much more!

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10215 E Hillery Drive Scottsdale, AZ 85255

$723,900

3 Beds

2 Baths

1,837 SqFt

Status Active Under Contract

MLS # 6722519

Property Type Single Family Residence

Price Type --

This beautiful 3-bedroom +den, 2 bath home in McDowell Mountain Ranch! Inviting freshly painted interior showcases vaulted ceilings, abundant natural light, designer paint, fire sprinklers, and carpet & wood-look flooring t/out. Discover a large living/dining room with a bay window & plantation shutters! The inviting family room opens to the kitchen, allowing a greater traffic flow. SS appliances, granite counters, recessed & pendant lighting, a pantry, ample wood cabinetry, and an island w/breakfast bar make up the culinary space. Cozy den w/double-door entry! Main bedroom has an ensuite with dual sinks, separate tub/shower, & a walk-in closet. 2-car garage w/cabinetry. New AC in 2015. Solar lease paid for. Check out the backyard w/covered patio & sparkling pool for year-round enjoyment!

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3167 E Cold Springs Trail Flagstaff, AZ 86004

$723,000

3 Beds

3.5 Baths

2,058 SqFt

Status Active Under Contract

MLS # 6701494

Property Type Townhouse

Price Type --

Welcome HOME!! - MOVE IN READY! MUST SEE! Conveniently located between the Continental Country Club neighborhood and Downtown Flagstaff , this 3-bedroom, 3.5-bathroom home with a view lot offers the perfect blend of luxury and serenity. With a spacious 2058 sq ft floor plan, this home is designed to provide you with the ultimate in comfort.. You'll be greeted by the warmth of a gas fireplace, perfect for cozy evenings with family and friends. The spacious kitchen is functional and open with granite counters and a breakfast island. Ceramic tile flooring enhances both the aesthetic and practicality of this residence, making it easy to maintain. The wonderful backyard is complete with the only view fence in the neighborhood. 30 minutes to Snowbowl. Just a few minutes from downtown. AMAZING! Key Features:(( Furnishings available 3 bedrooms and 31/2 bathrooms.( Gas fireplace for cozy gatherings.( Central A/C( 50 gallon water heater(. Wood look tile flooring for style and easy maintenance.( Granite counters throughout the home. (View fenced backyard for outdoor enjoyment.( (Located near golfing, shopping, dining, and schools.

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5832 E Rose Garden Lane Phoenix, AZ 85054

$721,300

3 Beds

2.5 Baths

2,120 SqFt

Status Active

MLS # 6725412

Property Type Townhouse

Price Type --

IGNORE DAYS ON MARKET HOMES ARE ALMOST DONE PICTURES COMING SOON! ONCE UPON ON A TIME in a bustling new community in the middle of Desert Ridge, there was a beautiful home on a corner with only one neighbor directly next to you. As we pan out, we see the 101, City North and Desert Ridge Market Place minutes away from this gorgeous home... WAIT A MINUTE!! THIS HOME IS AVAILABLE RIGHT NOW!! This new home is a fresh new build that is estimated to be completed at the end of September. Are you worried about your home missing out on the latest trends? Not to worry as the interior consists of quartz countertops, white cabinets and wood-like flooring. Make your dream home your reality and buy today! Actual Pictures coming soon!

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3131 N Central Avenue Unit 5018 Phoenix, AZ 85012

$720,917

2 Beds

2 Baths

1,419 SqFt

Status Active

MLS # 6568565

Property Type Apartment

Price Type --

*Construction completed* 5% buyer incentive! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom+ den condo is one of the larger two bedroom floor plans and offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Spacious balcony to capture the amazing views while outside as well. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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47 N 3263 -- Vernon, AZ 85940

$720,000

3 Beds

2 Baths

2,279 SqFt

Status Active

MLS # 6694069

Property Type Single Family Residence

Price Type --

Calling all equine/nature enthusiasts dreaming of owning your own ranch on 10 acres while enjoying the wildlife, peace & tranquility that this beautiful property has to offer. The wonderful home 3 large bedrooms, 2 baths w/ huge loft with built in beds and an oversized 2 car garage. It was beautifully designed from the pole barn on the property and offers vaulted ceilings, new beautiful quartz counters throughout, a spacious kitchen with newer s/s appliances, large island with pantry, nice sized laundry room and a gorgeous fireplace in the great room that keeps the home cozy and warm. The master bedroom has a full master suite with a large walk-in shower & closet and its own sep exit with gorgeous views. This property also features a Barn with utilites, and hay storage w/ RV dump. This property also features a Barn with utilities, and hay storage w/ RV dump.The Quonset hut has room for your RV or Horse trailer and is pre-plummed for a bathroom with water and electric near by. This property has it all including a green house with water and power and an adorable 50+ capacity chicken coop with power as well as bunny hutch. The Koi pond and green house are salso set up for aquaponics. You will enjoy the views from the patios or the Pergola and will also love the night stargazing. This property is one of kind and will not last. Please call to schedule your showing today. Additional 10 acres for sale in separate listing.

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1101 E Marlette Avenue Phoenix, AZ 85014

$720,000

3 Beds

2 Baths

1,836 SqFt

Status Active

MLS # 6750105

Property Type Single Family Residence

Price Type --

This is the one you have been waiting for! This 3 bd, 2 ba + office is in a highly desirable uptown Phoenix location, featuring an all new Kitchen, wood look flooring, remodeled bathrooms, newer Trane AC, and beautiful designer finishes throughout. The private office, as well as the generous laundry room are accessed through the garage, to provide separation from the main living area. The yard is landscaped with mature trees, a backyard pool, and covered patio. The pool is perfect for cooling off on hot summer days. Located in the highly rated Madison School District, you will feel the pride of ownership in this one. . Don't miss out on this opportunity!

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