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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16450 W Desert Wren Court Surprise, AZ 85374

$720,000

2 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6751366

Property Type Single Family Residence

Price Type --

Welcome to this stunning, fully remodeled Palo Verde located on the 14th green of Desert Springs Golf Course. This home boasts a desirable split bedroom floorpan with recent 2022 updates including a new roof underlayment, fully owned solar, and heat radiant windows. The new 5-ton HVAC system ensures year-round comfort. Enjoy modern luxury with new flooring throughout, 5 inch baseboards, windows with custom trim, and fresh interior and exterior paint. The beautifully renovated primary bathroom features a luxurious shower and a custom California Closet. The kitchen is equipped with new appliances and elegant quartz countertops. The updates continue with all interior doors upgraded to stylish 2-panel designs with new hardware. The exterior features fresh cool decking and an epoxied garage.

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11063 E Mercer Lane Scottsdale, AZ 85259

$720,000

3 Beds

2 Baths

1,485 SqFt

Status Active

MLS # 6757234

Property Type Single Family Residence

Price Type --

Best LOCATION in town! This beautifully remodeled Scottsdale home is in a well-maintained NO HOA neighborhood. Vaulted ceilings, plank-tile flooring, remodeled kitchen with island, cooktop, granite countertops, tile backsplash & all appliances included! The split floorplan with 3 full bedrooms has space for everyone. The upgraded master bath & closet system are sure to please. Fantastic backyard setting with a Pebble-Tec pool, covered patio and desert greenery is a perfect place to spend sunny afternoons/evenings with friends & family. This is truly a unique entertainer's delight. Extra energy efficiency with Pella windows, ceiling fans, Nest thermostat & OWNED SOLAR. New roof in 2021! Just minutes to the 101, shopping, dining, schools, medical & more. WELCOME HOME to Spanish View!

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2421 W Hedgehog Place Phoenix, AZ 85085

$720,000

4 Beds

2.5 Baths

3,006 SqFt

Status Active Under Contract

MLS # 6751188

Property Type Single Family Residence

Price Type --

Welcome to this exceptional Dynamite Mountain Ranch home in the popular Norterra/Happy Valley area, offering easy access to family-friendly entertainment, shopping, dining, and major employers like TSMC, Gore, and USAA. The expansive open floor plan features soaring 16-foot ceilings in the Great Room, 18'' tile flooring on the main level, and a kitchen with brand-new stainless steel appliances, a breakfast nook, and a formal dining room. A versatile office and spacious loft provide additional living spaces. The backyard is a private oasis with a covered patio, PebbleTec pool, and low-maintenance landscaping. Fresh paint, new carpeting, and an oversized three-car garage make this home move-in ready.

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2515 N 10th Street Phoenix, AZ 85006

$720,000

3 Beds

3 Baths

1,900 SqFt

Status Active

MLS # 6755891

Property Type Single Family Residence

Price Type --

Welcome to one of the most desired neighborhoods in phx. Two houses: One historic Spanish style home with Carriage Casita in back. Walking distance to restaurants, parks, and quick access to highways, Phoenix International Airport and all downtown has to offer (chase field, Footprint Center, bars, etc.), yet nestled in a quiet historic neighborhood with tons of character. Thoughfully remodeled to maintain the historic charm. Main house is 2bdrm 1 bath w/ 2 great patios and separate yard. Carriage house is a one bedroom, 1.5 baths with additional office space and private yard. Rent carriage house, air bnb or keep as additional guest house. $1900 of proven additional long term rental income for back carriage house. Potentially $2,500-$2700 mo. If you chose to

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16122 W Glendale Avenue Litchfield Park, AZ 85340

$720,000

3 Beds

2 Baths

1,404 SqFt

Status Active

MLS # 6733870

Property Type Single Family Residence

Price Type --

Acre of land right off the 303 Freeway. Surrounded by industrial warehouses! Perfect for your small business. COUNTRY HOME situated on 1.087 acres.... Irrigation with NO HOA! Featuring 3 bedrooms, 2 baths (Hall bath has a Jet tub). Master Bedroom has an attached room that could be use as a baby room, office, exercise room or craft room. The Kitchen offers plenty of Wood cabinets. In the outdoors you will find Horse Stalls, hen coop, storage shed and lots of outdoor space. Enjoy a variety of fruit trees and a garden area to grow your own organic fruits and vegetables. Very close proximity to 303 Freeway. Riding distance to Dunn's Arena and Wildlife World Zoo. Great school District.

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6819 E Grandview Drive Scottsdale, AZ 85254

$720,000

3 Beds

2 Baths

1,774 SqFt

Status Active

MLS # 6755804

Property Type Single Family Residence

Price Type --

Discover this beautifully maintained home in the highly sought-after 85254 zip code. In 2017, an 800 sq. ft. addition was completed, enhancing the home with an expanded living space, primary bathroom extension and laundry area, plus charming raised garden beds, a pergola, fresh gravel, and new dual-pane windows. The house was also freshly painted in 2018. Recent upgrades include a new electrical panel with backyard access (2022), a new roof (2021), a new HVAC system (2017), a new water heater (2024), and a new water softener (2019). The kitchen underwent a thoughtful remodel in 2016/17, featuring relocated appliances, new countertops, backsplash, open shelving, a range (2016), a refrigerator (2016), and a dishwasher (2023). Additional highlights include an insulated garage door with updated springs and opener, a north/south orientation and easy-care desert landscaping. The backyard offers a covered patio and side RV gate, with the landscaping and plumbing fully redone in 2016 using heavy PFC. Situated in one of the most desirable areas, 85254 offers a Scottsdale address with City of Phoenix services and taxes, and is part of the highly-rated Paradise Valley School District. Enjoy being within walking distance to the Scottsdale Promenade and Kierland Commons/Scottsdale Quarter, with TPC Scottsdale just minutes away for golf enthusiasts. Plus, there's no HOA! This is a prime opportunity you won't want to miss!

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507 E Wesleyan Drive Tempe, AZ 85282

$720,000

4 Beds

2 Baths

2,086 SqFt

Status Active

MLS # 6727308

Property Type Single Family Residence

Price Type --

This beautiful home has been remodeled from top to bottom. Turnkey house that is upgraded to the max. New Electrical, new light fixtures, completed repainted. New front and back landscape with paver driveway extensions and front paver patio. Completely new kitchen with new appliances. New Master bathroom with his and her shower. Features a mud room and large pantry. All new upgraded tile throughout the house. New drywall, new windows, new doors and hardware and a new roof! This home is close to the University and in a great family neighborhood. Come make this your new home!

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3127 E Flower Street Phoenix, AZ 85016

$720,000

3 Beds

2.5 Baths

1,637 SqFt

Status Active Under Contract

MLS # 6742086

Property Type Single Family Residence

Price Type --

Custom Remodel! Nothing left untouched including white oak floors, new roof with warranty, New HVAC , and new tankless water heater! Home features a large open Kitchen, great room & 3 beds/ 2.5 baths. Kitchen includes all modern features such as quartz countertops, large island and stainless-steel appliances accompanied by white cabinets & beautifully crafted marble backsplash. Primary bedroom includes private exit to backyard, large walk-in closet with built ins, and bathroom with soaking tub, walk in, natural stone shower. Backyard is as low maintenance as they come, with desert gravel landscaping, artificial turf, and enough room to add a pool if desired! Don't miss out on this great opportunity in a great neighborhood near many shops, restaurants and golfing. See it today!

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21147 W Hillcrest Boulevard Buckeye, AZ 85396

$720,000

3 Beds

3 Baths

2,519 SqFt

Status Active

MLS # 6747757

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Verrado! This exquisite single-level residence, featuring custom finishes throughout, offers both elegance & functionality. With 3 spacious bedrooms, a versatile den, & 3 luxurious bathrooms, this home is designed for comfort & style. The inviting gourmet kitchen boasts top-of-the-line appliances, granite counters, a gas stove & giant walk-in pantry. The open living areas are enhanced by 12-foot ceilings & stylish plantation shutters, adding a touch of sophistication & maximizing natural light. The split master bedroom suite provides ultimate privacy, with a spa-like master bath showcasing his-&-her sinks, a large hidden step-in shower, & a generous walk-in closet. Step outside to discover a no-maintenance backyard designed for relaxation & enjoyment... Welcome to your dream home in Verrado! This exquisite single-level residence, featuring custom finishes throughout, offers both elegance & functionality. With 3 spacious bedrooms, a versatile den, & 3 luxurious bathrooms, this home is designed for comfort & style. The inviting gourmet kitchen boasts top-of-the-line appliances, granite counters, a gas stove & giant walk-in pantry. The open living areas are enhanced by 12-foot ceilings & stylish plantation shutters, adding a touch of sophistication & maximizing natural light. The split master bedroom suite provides ultimate privacy, with a spa-like master bathroom showcasing his-&-her sinks, a huge tiled snail shower, & a generous walk-in closet. Step outside to discover a no-maintenance backyard designed for relaxation & enjoyment. Featuring lush turf, a raised deck , & hot tub readiness with pre-installed electrical, this space is perfect for both entertaining & unwinding. The backyard is also plumbed for gas that feeds the resort style fire feature and BBQ, making outdoor cooking a breeze. Enjoy breathtaking views & an unparalleled location with a private park right across the street & sought-after hiking trails, Victory stairs, and Victory Golf course just a short walk away. The home is in the Highlands area that is at the base of the White Tank Mountains. Verrado has 3 pools, newly remodel Gym and several community activities like the weekly farmers market for residents. Additionally, this property offers a unique financial benefit: an assumable VA loan, providing an excellent opportunity for those qualified buyers. Come see this home today and make it yours!

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517 W Holly Street Phoenix, AZ 85003

$720,000

3 Beds

2 Baths

1,971 SqFt

Status Active Under Contract

MLS # 6700842

Property Type Single Family Residence

Price Type --

WELCOME TO THE WILLO DISTRICT! Exceptional Willo Historic District Home with large rooms and great floor plan. This 3 bed, 2 bath home in a highly sought after location is sure to impress. Sunny kitchen with spacious eat-in area, bright white cabinets & quartz countertops. Formal dining room w/ built-in hutches & wood floors. Living room features wood floors, designer ceiling, fireplace & recessed lighting. Large Primary w/ Travertine tile in en suite bath and French doors leading outside. Entertainer's backyard w/ Pebble Sheen pool, flagstone patio, outdoor fireplace & natural gas for BBQ. Lush landscaping with front & back irrigation system. Separate garage that could be converted to office/gym/flex space. Fantastic Midtown location, close to dining, entertainment, parks, golf & more!

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15433 N Verde Street Surprise, AZ 85378

$720,000

5 Beds

3 Baths

4,031 SqFt

Status Active

MLS # 6717764

Property Type Single Family Residence

Price Type --

Absolutely stunning custom-built home that will AMAZE you! This modern style home built in 2022, boasts of 5 bedrooms, 3 full baths, 3-car garage, and an expansive 4,031 square feet of living space. This home has been meticulously designed for both lavishness and entertainment. Inside you will find an amazing entrance into an open concept floor plan with custom features and outstanding design elements including soaring ceilings and floor to ceiling picture windows that fill the inside with natural sunlight. The kitchen consists of an oversized waterfall island, double ovens, wine cooler, soft close cabinets and huge walk-in pantry. The great room has a sleek fireplace and easy access to your theatre room ideal for movie night or simply unwinding in style. The upstairs access is followed by an elegant glass railing and deck that oversees the great room and entrance of the home. The spacious primary suite complete with a spa like en- suite bathroom that features dual sinks, soaking tub, a walk-in shower, and a large built out master closet. Four additional bedrooms offer ample proportions and closet space. Step outside to your very own desert retreat to find an incredible number of amenities including a sparkling self-cleaning pool with water fall feature, a huge covered patio, propane fireplace, modern iron RV gate, custom designed ramada with a built in BBQ, wine coolers, electric fireplace, ceiling fan and breakfast bar for entertainment. The landscaping is short from basic surrounded by privacy trees, artificial turf areas, pavers and travertine flooring. This home is uniquely built to meet all your needs.

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15156 W Las Brizas Lane Sun City West, AZ 85375

New

$719,999

3 Beds

2.5 Baths

2,265 SqFt

Status Active

MLS # 6757906

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Sun City West! This stunning 3-bedroom, 2.5-bathroom residence with a den is a true gem, perfectly situated on the 6th hole of the Desert Trails Golf Course. With over $140,000 in upgrades, this property seamlessly combines luxury and comfort. Step through the brand new 8ft iron door and into a world of sophistication, where you'll find a gourmet kitchen featuring exquisite granite countertops, premium gas cook top and modern appliances, perfect for culinary enthusiasts. All bathrooms have been thoughtfully remodeled, showcasing stylish finishes and fixtures that elevate everyday living. The home is even equipped with automated rolling safety shutters. The roof was replaced in 2021, and with 51 owned solar panels, your average summer electricity bill is an incredible $15, making this home energy-efficient and cost-effective. Offering spacious living areas, this home includes three generously sized bedrooms plus a den, ideal for a home office or additional guest space. The 2-car garage comes equipped with an additional stall designed specifically for a golf cart, ensuring convenience for golf lovers. Enjoy breathtaking views of the golf course while relaxing in your oversized backyard patio, creating an outdoor oasis for entertaining or unwinding. This property is not just a home; it's a lifestyle, whether you want to relax with your steam shower in the primary bath or enjoy the evening on your oversized 25 x 31 patio. You have access to top-notch amenities, recreational opportunities, and a vibrant community. Don't miss out on this exquisite home! Schedule your private tour today and experience the luxury and tranquility this property has to offer!

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