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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22338 N O Sullivan Drive Maricopa, AZ 85138

$715,000

5 Beds

2.5 Baths

4,152 SqFt

Status Active

MLS # 6741286

Property Type Single Family Residence

Price Type --

Come see why this home earned ''Best Home on Tour''! Welcome to this stunning, updated Maricopa home! With breathtaking golf course and mountain views, this spacious property offers the best the Valley of the Sun has to offer. As you enter the home, you are welcomed by open living areas perfect for entertaining. The home also features generously sized bedrooms, including a lavish downstairs master with spa-like bathroom complete with custom walk-in shower. Large windows throughout showcase the beautiful surroundings. Step outside to your private oasis, where a heated pool and putting green invite year-round enjoyment. The expansive patio area is ideal for hosting barbecues, relaxing in the sun, or simply taking in the serene golf course and mountain views.

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2513 W Mineral Road Phoenix, AZ 85041

$715,000

4 Beds

2.5 Baths

3,588 SqFt

Status Active

MLS # 6715616

Property Type Single Family Residence

Price Type --

Discover this exquisite 4-bedroom home on a highly desirable N/S facing lot nestled in the gated community of Southern Highlands and surrounded by stunning mountain views. The open layout features large, flexible spaces that are both functional and energy-efficient including 19ft ceilings, a huge loft, and a separate bar area. The living area boasts a stone hearth fireplace, two-tone paint throughout, and tile floors with marble accents. The gourmet kitchen is a chef's dream with 42'' staggered cabinets, Corian countertops, a tiled backsplash, bar top seating, and double ovens. The master suite is conveniently located on the first floor, while the other three bedrooms and the loft with a balcony are upstairs. The master suite boasts a large jetted bathtub, double sinks, walk in shower, and huge walk in closet. Outside is a large covered patio, spacious grassy area of entirely synthetic grass, plus heated pool and spa. Just steps away from hiking and biking trails, with a short commute to downtown Phoenix, Sky Harbor Airport, I-17, and I-10. This home offers a perfect blend of luxury and convenience!

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2336 W Laredo Lane Phoenix, AZ 85085

$715,000

4 Beds

3 Baths

3,742 SqFt

Status Active

MLS # 6738174

Property Type Single Family Residence

Price Type --

Nestled on a PRIME cul-de-sac! Starting w/a 3-car garage, extended driveway, & a spacious courtyard. Sheer beauty & attention to detail are found inside! A blend of tile & wood flooring, soaring vaulted ceilings, & a cozy fireplace in the living room add to this home's appeal & livability. You'll also find a raised formal dining room, family room, den/office, & a huge bonus room. Gorgeous kitchen is a chef's delight, equipped w/recessed lighting, plenty of cabinets w/crown molding, a center island, granite counters & backsplash, a handy pantry, & high-end SS appliances such as a double oven & gas cooktop. Discover the large main retreat, boasting double door entry, plush carpet, a walk-in closet, & an ensuite w/dual sinks. The spacious backyard is a blank canvas for your personal design! Enjoy fantastic mountain views from the spacious backyard, which provides a covered patio. Act swiftly!

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7537 N 83rd Drive Glendale, AZ 85305

$715,000

4 Beds

3.5 Baths

3,240 SqFt

Status Active

MLS # 6752114

Property Type Single Family Residence

Price Type --

Stunning single story home that's located in a gated community, Orangewood Ranch! Spacious home offers, 4 bedrooms plus activity room, 3.5 bathrooms, and an open den. Designer finishes throughout such as 42'' cabinets, upgraded flooring, stainless steel appliances, and granite countertops and fresh paint throughout. The open concept floor plan has a natural feel, with 10 ft ceilings and 8 ft tall doors. An entertainer's dream with a luxury 15 ft multi slide glass door in the living room leading to the patio for indoor-outdoor living. The oversized lot provides plenty of room for your imagination with lots of space to build a pool. Great location close to entertainment and shopping including Cardinals Stadium, WestGate, Desert Dimond, and ParkWest.

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16912 W Cielo Grande Avenue Surprise, AZ 85387

$715,000

3 Beds

2.5 Baths

2,585 SqFt

Status Active Under Contract

MLS # 6654060

Property Type Single Family Residence

Price Type --

ENDLESS POSSIBILITIES w/ 50 ft *climate-controlled* RV GARAGE. Ideas abound: car enthusiast's dream (space for lifts), workshop, game room, exercise studio, a home business, and more! Plus, fully EPOXIED including the adjacent 3-car tandem garage. This 3-Bed/2.5-Bath CORNER LOT Asante home boasts a split floorplan and includes Detailed Upgrades that complement flexible living with inviting entryways to the home and all the bedrooms. The heart of this home is its gourmet kitchen with a SPACIOUS CENTRAL ISLAND featuring extra storage, a herringbone tile backsplash, wall ovens and a corner WALK-IN PANTRY. The 6-burner GAS STOVE is a chef's dream. Wood look porcelain tile floors, a shiplap feature wall and an extra-large fan complete the great room space, and an adjacent flex space is currently a separate dining space. The primary en-suite features a large SPA SHOWER. Outside the entertainer's yard offers indoor/outdoor living with two turf areas, mature trees and rear access to the amazing *climate-controlled* garage! Say goodbye to worrying about the Arizona heat affecting your prized possessionsyour vehicles/toys/work equipment/memorabilia will be protected year-round in this *climate-controlled* haven.

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15408 S 15th Avenue Phoenix, AZ 85045

$715,000

4 Beds

3 Baths

2,508 SqFt

Status Active Under Contract

MLS # 6724391

Property Type Single Family Residence

Price Type --

Beautiful remodeled Club West home! Newer exterior paint, Cascade windows, eco landscape with Sierra Pro 75 turf. New roof (2019), 3-ton AC ('22), pebble pool w/ Pentaire equip ('19), plantation shutters, stucco yard walls, floor to ceiling garage cabinets, work bench, epoxy floors, extra garage lighting, 10 new ceiling fans, 20 new light fixtures, Ruud water heater, back security door +++so much more! Stained wood & matching security door entry into open/spacious plan, vaulted ceilings, stained concrete floors, new interior paint. Formal living & dining, cook's dream kitchen with GE Café double oven w/ convection, GE Profile microwave, GE Adora dishwasher and Whirlpool French door fridge. 1st floor has large 4 th BR combo office with built-in desk & shelves & queen Murphy bed. Guest bath has tile, stone & full glass wall shower. Upstairs huge MBR with newer balcony & custom stone, tile walk-in shower. Oversize 2/3 BR's share Jack + Jill bath. Wood cabinets, plank floors throughout. Turn key ready!!

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441 E Palo Brea Court Gilbert, AZ 85296

$715,000

4 Beds

2 Baths

2,454 SqFt

Status Active

MLS # 6722793

Property Type Single Family Residence

Price Type --

Snuggled in the Heart of Gilbert. Close to downtown Gilbert for Entertainment, Public Events and most of life's amenities. Be Welcomed by your entry way that has a view through to the back yard of green grass and pool with soothing waterfalls via the formal living/dining area. Still take advantage of the opportunity to ''Jump In'' and cool off. Split floor plan. Master with full bathroom and walk in closet. Laundry room has den room or additional living area for your use. Open kitchen to great room. Eat in kitchen area. Kitchen island. Washer/Dryer are included. Backyard has covered patio, gazebo area with BBQ'r and island area. Grass area is still large enough to play catch with your family pet or others. Home is located in a Cul da sac , North/South facing. Storage shed on west side of home. Home was completely painted outside approximately 3 years. Currently the home is maintained with a Pool Service and Landscaping Service.

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1261 E Springfield Place Chandler, AZ 85286

$715,000

3 Beds

3 Baths

2,245 SqFt

Status Active

MLS # 6745550

Property Type Single Family Residence

Price Type --

Your Madison Park Dream Home Awaits! Nestled in the heart of Chandler's sought-after Madison Park community, this stunning 2020-built home offers unparalleled privacy—no rear or front neighbors! Step inside to discover over $100K in professional designer upgrades that deliver style and luxury unmatched at this price point. The open-concept floor plan, combined with exquisite finishes, sets a new standard in refined living. Imagine cooling off in the community's sparkling pool while enjoying the vibrant amenities Chandler has to offer, top-rated schools, trendy dining, and premier shopping! Chandler is known for its dynamic community events, world-class parks, and thriving tech industry. Experience a lifestyle where every detail is designed to impress. Don't miss this one.

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4421 E Hartford Avenue Phoenix, AZ 85032

$715,000

3 Beds

2 Baths

1,889 SqFt

Status Active

MLS # 6739499

Property Type Single Family Residence

Price Type --

Beautiful 3 Bedroom/2 Bathroom single-level home in the gated community of Santa Rita. This 2015 Cachet built community offers charm, character, privacy, and easy access to multiple freeways to get anywhere in the Valley. Walk inside to the spacious Family Room and notice the fresh paint throughout. The kitchen offers plenty of counter space for entertaining and island for serving. Step outside to a South facing patio with shade and no neighbors right behind. Come make this home your own before someone else does!

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15433 N 63rd Street Scottsdale, AZ 85254

Open House

$715,000

3 Beds

2 Baths

1,587 SqFt

Status Active

MLS # 6745825

Property Type Single Family Residence

Price Type --

Back on market with new roof! Open and bright, this remodeled home in 85254 offers a spacious floor plan, vaulted ceilings, neutral palette & recessed lighting. Also all new in 2024: interior/exterior paint, LVP flooring throughout home, HVAC system & water heater. Updated kitchen has white cabinetry w/new quartz countertops & stainless steel appliances. Built-in Murphy bed in 3rd bedroom. Backyard and outdoor features include: sparkling play pool, artificial turf, putting green, a lovely expansive covered patio with pavers, misters & heating system, an expanded paver driveway & low maintenance desert landscaping. Private back yard backs to quiet retirement home. No HOA! Furniture avail. for purchase on separate bill of sale. Ideal location near Kierland & Quarter, Mayo & golf courses!

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9724 E Resistance Avenue Mesa, AZ 85212

$714,999

4 Beds

3.5 Baths

3,073 SqFt

Status Active

MLS # 6735140

Property Type Single Family Residence

Price Type --

An exquisite 3073 sq. ft. two-story dream home located in the Eastmark community. Featuring an in-law suite and flex room located on the first floor, Quartz countertops providing optimal counterspace, large breakfast bar, wood plank tile flooring on the main level, upgraded cabinets and hardware, stainless steel appliances, and a walk in pantry to fulfill your culinary dreams. Upstairs, the large primary suite features a super shower, dual vanities, and a large walk in closet. Also includes 2 secondary bedrooms, a spacious loft, and laundry room. Outside features a covered patio, durable pet-grade synthetic turf, with a 2 hole putting green. A 3 car tandem garage, featuring a split type air conditioner and insulated garage door panels.

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7669 W Tether Trail Peoria, AZ 85383

$714,990

3 Beds

2.5 Baths

2,197 SqFt

Status Active

MLS # 6749324

Property Type Single Family Residence

Price Type --

Welcome to Ashton Woods newest community in Peoria -The Sanctuary at Aloravita. This 2,197 Ruby floorplan features a Spanish style elevation and includes 3 bedrooms, 2.5 baths, a den, plus an RV garage. The impressive kitchen island is perfect for family and friends to gather as it opens to the home's great room for easy entertaining. The kitchen includes stainless steel appliances with a gas cooktop, large undermount sink, under cabinet hood, beautiful painted shaker style cabinets with crown molding, quartz countertops, kitchen backsplash, and large pantry. The great room offers a 4 panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. Other features include, 8' interior doors, 6x36 wood plank style floor tile, upgraded carpet/pad, a soft-water loop, and much more! This home also includes an RV garage, perfect for an RV or a car enthusiast! Great location close to dining, freeways, parks, and entertainment!

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