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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7233 W Honeysuckle Drive Peoria, AZ 85383

$714,900

5 Beds

3 Baths

3,376 SqFt

Status Active

MLS # 6753210

Property Type Single Family Residence

Price Type --

**PALACIAL seems to cover it! ** Check the comps, Priced to sell! HUGE 5 bedroom PLUS a very large game-room which is begging for a home theatre setup. Home feels so much larger than the already gigantic 3376 sqft it represents * Brand new high seer LENNOX ELITE dual AC compressors 2022 * Colossal country kitchen with separate island and staggered oversized uppers * Cavernous walk in Pantry! * Stone backsplash * Freshly cleaned carpets * Fresh complete interior paint Sept 2024 * Soaring ceilings! * Did I mention the 3 car garage or the sparkling pool with soothing rock waterfall? You'll see them PLUS one of the best locations in the entire neighborhood as it backs to wilderness, no neighbors behind! Split His/Her master closets!* All formal living/dining/famlyrms Original owners too

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12451 W Nadine Way Peoria, AZ 85383

$714,900

3 Beds

2 Baths

2,365 SqFt

Status Active

MLS # 6738270

Property Type Single Family Residence

Price Type --

Model home in gated Vistancia Village community next to clubhouse. 3 bedroom with 2 baths and teen room. 3 car garage, Fresh paint, custom built cabinets in living area, wood burning fireplace in backyard, turf in front an backyard.

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15146 W Highland Avenue Goodyear, AZ 85395

$714,500

4 Beds

2.5 Baths

3,068 SqFt

Status Active Under Contract

MLS # 6719110

Property Type Single Family Residence

Price Type --

Perfection plus and shown with pride is this one owner, well maintained home situated on a 10,800 Sq.Ft. meticulous corner lot in Palm Valley. 3068 Sq.Ft of 4 Bedrms, 2.5 Ba, Family Rm w/Fireplace that is open to Kitchen, Living/Dining and Den; a special place for everyone. Party or Relax all year outside under the cover 24'X12' Patio w/Misters or around the Fire Pit or make a splash in the sparkling oversized Pebble Tec Play Pool w/Flagstone raised Pool Deck, Built-In BBQ w/ Kitchen; all under the Twinkling Landscaped Lighting and Surround Sound Music. The Gourmet eat in Kitchen features G.E. Profile Advantium Microwave & Wall Oven, Hickory Cabinets, Quartz Counters & Back Splash, curved Island w/Pendant Lights, Gas cooktop surrounded by a Stacked Stone Arch, SS Appliances, RO System, Desk and Pull Out Drawers. Master Suite has French Doors to Patio. Master boast His/Her huge walk-in Closets (6 1/2 X7 1/2 and 10 1/2 X 9 1/2Ft.), Soaking tub, separate Shower, and Double Sinks. Laundry Rm has a 8' Built-in tile counter space w/Cabinets. 3 Car Garage w/ Exit Door. Other features include 20 Slate Diagonal Stone flooring, Plantation Shutters, 9 Casablanca Fans, Surround Sound inside and outside, Sunscreens, extra storage Closets, extra wide Hallways and much more. This home has too many extra features to mention and is truly one of the most immaculate and well-taken care of homes you will every experience- you will think you purchased a New Home! INSPECTION DONE and repairs completed. Call today and come see for yourself what an amazing place you could call Your Home!

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7221 E Pampa Avenue Mesa, AZ 85212

$714,000

4 Beds

2.5 Baths

3,160 SqFt

Status Active Under Contract

MLS # 6671125

Property Type Single Family Residence

Price Type --

Ignore Days on Market - Now Easy to Show! Beautiful Home & Motivated Seller! Need a dedicated home office, hobby room, or play area? The bonus room and parlor offer additional living space to suit your needs in addition to the spacious 4-bedroom, 2.5 bathrooms for a very versatile layout. Each bedroom provides a comfortable retreat, with a split layout for added privacy. Unwind in the expansive master suite featuring a custom walk-in closet and ensuite bath. The Energy Star rated chef's kitchen features tons of cabinets, a center island w/ breakfast bar & quartz countertops. 3 car garage with AC, BBQ in the Backyard with above ground Spa perfect for entertaining. Close to shopping, dining, schools & freeways. Come see your new home! Fiber internet available soon!

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5019 E Cactus Road Scottsdale, AZ 85254

$714,000

3 Beds

2 Baths

1,542 SqFt

Status Active

MLS # 6656049

Property Type Single Family Residence

Price Type --

SELLER FINANCING AVAILABLE AT BELOW CURRENT RATES. See the additional remarks. DON'T let the address fool you - this home sits back on a frontage road and is NOT directly on Cactus. Once you step inside, you are in your own quiet retreat with all new dual pane windows throughout the home. An all new roof completes your sense of security and peace of mind. This home is a meticulously remodeled GEM located in the coveted zip code of 85254. Superior workmanship, custom tile, thoughtful design and attention to detail define this distinctive home. The open floor plan is flowing, functional, and bathed in natural light. Well-designed, generous living spaces are perfect for both formal and casual gatherings. The completely remodeled gourmet kitchen presents lovely Shaker cabinets, quartz countertops, quartz backsplash and stainless-steel appliances. This home is an entertainer's delight! The large backyard is perfect for relaxing and playing with a sparkling pool, generous covered patio and lush landscaping. One of Scottsdale's most desirable locations!Near top-rated schools and multitude of options for entertainment, dining and shopping with the Paradise Valley District within walking distance and Desert Ridge just minutes away. Close to the 51 and 101 freeways with easy access to all parts of the valley. Don't miss the opportunity to make this beautifully remodeled home your own!

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15911 W Montana De Oro Drive Surprise, AZ 85387

$712,891

6 Beds

4 Baths

3,362 SqFt

Status Active

MLS # 6689397

Property Type Single Family Residence

Price Type --

Big Price Correction!!! READY FOR IMMEDIATE OCCUPANCY!! Brand New Home! This 6 br., 4 ba., (4 bed down, 2 up) 3 car garage home has all the designer touches. Truly move in ready. Features include, master BR down, SS appliances,, upgraded kitchen cabinets, deco tile back splash, Plank Vinyl flooring, window blinds, fans in all the rooms, 16' atrium doors, Surround sound, security system, front yard landscaping plus so many more exciting included features - 10' ceilings, 8' doors, Quartz tops in the kitchen, gourmet kitchen, garage service door, tank less water heater, and so much more! 5 Star Resort Style Amenities include, hiking trails, Aquatic Center, 8 select parks, Picnic Ramada's, Basketball, 3 Pickle Ball courts, bocce ball courts, 18 hole disc golf course, and a Zip Line for the kiddos! This home is Energy Star and Indoor Air Plus qualified. Includes full Builder Warranties plus so much More..

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11345 E Savannah Avenue Mesa, AZ 85212

$712,000

5 Beds

3 Baths

3,387 SqFt

Status Active

MLS # 6756056

Property Type Single Family Residence

Price Type --

Nicely updated home in Gila River Ranches. This beautiful two-story home will impress. Manicured landscape, RV gate & parking, and a 3-car garage w/extended driveway are just the beginning. Discover a welcoming living room w/fireplace, a formal dining room, and a separate family room! The gourmet kitchen boasts new quartz counters & subway tile backsplash, ample cabinetry, a pantry, an island, a breakfast bar, and SS appliances w/cooktop gas & double ovens. One bedroom & bathroom downstairs. Upstairs, you'll find the other bedrooms! Main bedroom has an attached balcony and an ensuite with dual sinks, separate tub/shower, & a walk-in closet. The backyard offers a covered patio, ramada, artificial turf, pavers, & a fenced pool built in 2022. Please see additional comments for updates. Updates include the following. Interior paint 2024 Windows in 2018 Exterior paint in 2019 Water heater in 2021 Carpet 2021 Pool Built in 2022 Backyard pavers in 2022 New Tile 2023 Freshly painted cabinets 2023 New countertops and backsplash 2024 Updated fireplace 2024 New backyard pergola 2024

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2925 W Ridge Road Chino Valley, AZ 86323

$712,000

4 Beds

4 Baths

1,826 SqFt

Status Active

MLS # 6724763

Property Type Single Family Residence

Price Type --

Here we have a total of 2434 Square Feet of Livable Space with 4Bedrooms, 4Bathrooms, 4CarGarage....Starting with 2 Bedrooms in 1826 sf Quality LOG CABIN Construction, 288 Square Foot Guest House above 4 Car Garage, plus 320 Square Foot ''Bunk House'' all placed on 6 splitable acres in a very Private Setting... BACKING STATE TRUST LAND!!! Home has wrap around Trex Veranda/Covered Deck, Beamed Ceilings, Ceiling Fans, Wood Laminate & Carpet flooring, Custom Lighting, Arizona Room, & Freestanding Gas Stove w/Blower. NEW Knotty Hickory Kitchen Cabinetry, Butcher Block countertops, Island, NEW White Kitchen aid Appliances, including Refurbished Antique Gas Stove, Eat-In Kitchen area, Pantry, & Pot Rack. Large Master on Upper Floor with Beamed Ceilings, Large Claw foot Tub w/shower attachment, Single Sink on Granite, & has multiple Closets. Guest Bath in Main House has NEW Lg Tiled Shower w/glass doors... Guest Casita has Screened in Deck/Porch, one Bedroom, Knotty Hickory Cabinetry, Laminate Countertops, Fabulous Kitchenette, ¾ Bath (Sink, Toilet, Shower).... Bunk House (unpermitted) has one Bedroom, 3/4 Bath, Slate Tile & Wood Laminate for flooring, Gorgeous Kitchenette, & a Covered Trex Deck. Additional details include...NEW Roof on Main Cabin, Steel Roofs on Outbuildings, NEW Water Heater, Large Laundry with Upper Cabinetry and Storage, Corral w/Shade, Chicken Coop, 75 Fruit Trees (Almond, Apricot, Cherry, Apple, Pear, Fig, Pomegranate, & Grape Vines), & Security Cameras. WELL is 20 GPM shared well with neighbor, has new Submersible Pump, w/Storage Tank. Guest House and Bunk House produce $2500/Month as Rentals.....

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3239 W Peak View Road Phoenix, AZ 85083

$711,990

4 Beds

3 Baths

2,375 SqFt

Status Active

MLS # 6758532

Property Type Single Family Residence

Price Type --

Special Financing Available!!!!!!!!! The Great Room, kitchen and dining room share an open floorplan that serves as the heart of this single-level home, leading out to a covered patio through sliding glass doors. The owner's suite is privately tucked away at the back, while three more bedrooms and a bonus room complete the residence. Photos are renderings of a model home, not the actual home.

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5819 E Rose Garden Lane Phoenix, AZ 85054

Open House

$711,940

3 Beds

2.5 Baths

2,120 SqFt

Status Active

MLS # 6757051

Property Type Townhouse

Price Type --

Coming to you this October... The home you have all been waiting for... THE BEAUTIFUL RENO FLOORPLAN IN TALINN AT DESERT RIDGE!! Hurry quick this floorplan does not last long. 3 bedrooms, 2.5 bathrooms, den and loft this home is spacious and beautiful. The interior is very modern with wood-like tile and quartz countertops. We are in a premium location here being right next to Desert Ridge and City North, the 101 is minutes away which gives you instant access to the rest of Phoenix.

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56 E Camellia Way Queen Creek, AZ 85140

$711,000

2 Beds

2.5 Baths

2,123 SqFt

Status Active

MLS # 6684858

Property Type Single Family Residence

Price Type --

Embrace Resort Lifestyle at Encanterra, Stunning 2 Bedroom, 2.5 Bath home features a Guest En Suite, separate Golf Cart garage, Office Space & a Private Den. Back Patio has Morotized Screens giving you an on call Arizona Room. Just a short walk away to the heart of resort amenities. Enjoy the luxury of the indoor pool, lap pool & the Solaz Golf View pool, perfect for soaking up the sun or take a refreshing dip. Unwind in the Jacuzzi & dine at La Palma restaurant after a day of activities. Stay active with access to the gym, spa, For more excitement, head over to the Algarve complex, boasting an adult pool, Grill & Pickleball/Gaming area for endless entertainment. The Community is surrounded by scenic walking paths & Tom Lehman designed golf course.

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16719 E Gloria Lane Scottsdale, AZ 85262

$710,900

4 Beds

2.5 Baths

2,738 SqFt

Status Active

MLS # 6374395

Property Type Single Family Residence

Price Type --

**COMPLETED SPEC** 4 BED, 3 BATH, 2738 SQFT, 4 CAR GARAGE. THERE IS A HUGE OPEN KITCHEN WITH UPGRADED ESPRESSO CABINETS, GRANITE COUNTER TOPS, STAINLESS STEEL APPLIANCES AND A WALK IN PANTRY. OPEN GREAT ROOM WITH GAS FIREPLACE. UPGRADED TILE FLOORING IN ALL THE RIGHT PLACES. THERE IS A FRONT AND REAR COVERED PATIO, 2X6 CONSTRUCTION, TILE ROOF, LOW-E DUAL PANE VINYL FRAME WINDOWS,,

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