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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13939 E Bajada Drive Scottsdale, AZ 85262

$700,000

4 Beds

2 Baths

2,709 SqFt

Status Active Under Contract

MLS # 6672419

Property Type Single Family Residence

Price Type --

Welcome to your Rio Verde oasis! This 4 bed, 2 bath home embodies the timeless charm of Territorial style architecture, nestled on a sprawling 1.4-acre lot. Step inside and be captivated by the warm and inviting ambiance, featuring a spacious great room with a cozy fireplace, and abundant natural light. The chef's kitchen boasts hard surface countertops, and stainless steel appliances. The master suite offers a tranquil retreat with an ensuite bath and direct access to the serene backyard. Three additional bedrooms provide ample space for family and guests. But the true gem of this property is the outdoor space! Enjoy sunsets on the covered patio, and watch your horses roam in the corral. Plus, a spacious shop for all your projects and hobbies.

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3032 E Sagebrush Street Gilbert, AZ 85296

$700,000

4 Beds

3 Baths

2,000 SqFt

Status Active

MLS # 6738318

Property Type Single Family Residence

Price Type --

Welcome to the beautiful community of Warner Groves at Morrison Ranch! Like all Morrison ranch neighborhoods you are surrounded by lush greenbelts, parks and playgrounds, the charm of white picket fences, and shade trees that are now maturing into their full splendor. We are offering a lovely, move-in ready one story home with 4 bedrooms and 2000 square feet of living space. The home features 3 full baths, upgraded cabinets, large granite kitchen island, new exterior paint, and large Primary Bedroom. Located in the heart of Gilbert, your new home is conveniently located near the San Tan shopping area, multiple healthcare facilities, highly rated schools, and transportation. With few homes available in this desirable neighborhood, we welcome you to come and see it before it's gone!

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200 Horse Shoe Loop Prescott, AZ 86303

$700,000

3 Beds

2 Baths

2,085 SqFt

Status Active Under Contract

MLS # 6725234

Property Type Single Family Residence

Price Type --

A nature lovers paradise. This exquisite completely updated spacious home backs onto Ponderosa Pines. The wrought iron fencing allows for a clear view of wildlife including deer, elk, javelina and other wildlife. Terraced with irrigation system flowers and plants abound. An outdoor built in BBQ and expansive deck is perfect for entertaining. The interior boasts hardwood floor and slate tiles. Not a surface has gone untouched. Beautiful slate stone fireplace with updated natural gas fire insert, and a gas stove like fire place in the great room add to this dreamy escape. 3 spacious bedrooms 2 beautiful baths including an expansive master with on-suite have backyard access. The perfectly appointed kitchen boasts all new energy star appliances. Turn key this amazing home is move in ready.

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7710 E Gainey Ranch Road Unit 245 Scottsdale, AZ 85258

Open House

$700,000

2 Beds

2 Baths

954 SqFt

Status Active

MLS # 6752928

Property Type Townhouse

Price Type --

Experience life in a beautifully renovated 2 Bedroom 2 Bathroom condo in the heart of Scottsdale behind the gates of Gainey Ranch. Enjoy a completely stripped down to the studs remodel with an open concept Kitchen Dining and Living Room combination. 9-foot ceilings with wood-look. Aquaguard laminate flooring throughout. Spacious Main Bedroom with fully renovated walk-in closet Main Bathroom combination. Second bedroom with remodeled built-in desk in addition to a full adult soaker tub in the second bathroom. Detached single car garage with Electric vehicle charger installed. Minutes from TPC, Westworld, Old Town Scottsdale, Scottsdale Fashion Square, and Kierland/Scottsdale Quarter. A full remodel completed in 2022 on the community center with a state of the art fitness center, wine room, covered patio, and entertaining space for parties. Enjoy the community lap pool and the luscious landscape that surrounds this community. Gainey Ranch is steps away from the Shops at Gainey, which provides many fun dining and social activities. In addition, enjoy a round of golf at the Gainey Ranch Golf Club or a day at the Hyatt Gainey Ranch spa.

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744 E Betsy Lane Gilbert, AZ 85296

Open House

New

$700,000

5 Beds

3 Baths

2,629 SqFt

Status Active

MLS # 6758989

Property Type Single Family Residence

Price Type --

Nestled in a prime central Gilbert location, this lovely 5-bed, 3-bath home, built in 2020, offers an open-concept greatroom highlighted by 9' ceilings and expansive windows that exude lots of natural light. The beautiful kitchen boasts cooling gray-tone cabinets, quartz counters, stainless steel appliances, backsplash, breakfast bar island, and a walk-in pantry. Upstairs, enjoy a large loft and a comfortable master suite with oversized walk-in closet, double sinks, and walk-in shower. Three large secondary bedrooms and a loft upstairs and one bedroom with full bath downstairs. The relaxing backyard has a covered patio, turf, paver seating area, landscape lighting, and string lights. Close to shopping, dining, A-rated schools, & freeways, offering the perfect place to make your new home

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6375 N Jessie Road Casa Grande, AZ 85194

$699,999

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6749082

Property Type Single Family Residence

Price Type --

Incredible New Build with NO HOA! This beautiful modern desert home includes 3,025 SQFT, 4 Bed 3 baths, an oversized 4 car garage, open floor plan & kitchen, white quartz counter tops, upgraded stainless steel appliances, modern cabinets, and a massive backyard! This home is to be built upon an executed contract. Build time is 8-10 months. Buyer has the ability to add an RV Garage or metal shop.

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26110 S 196th Street Queen Creek, AZ 85142

$699,999

3 Beds

2 Baths

1,617 SqFt

Status Active

MLS # 6720483

Property Type Single Family Residence

Price Type --

'''Home OF The Heart'' Filled w/ Upgrades & Happiness! Offered on a Fenced 1 Acre, COUNTY ISLAND, No HOA Lot, w/ 3+ Car Garage, RV Gate, 3 Stall Shed Row For Livestock, Riding Arena & Room For Additional Turn Out. Located Just 1.5 Miles From The State of The Art Horseshoe Park & Equestrian Center. Located Near Great Shopping & Entertainment! The Serine Sunsets & Mountain Views Displayed From The Private,Tree Lined,Colorful,Grass Backyard,Are Surely To Bring Big Smiles, & The Extended,Covered Patio,Provides Shade For Days!The New Custom, Dual Pane,Dbl Door,Anderson,Slider Door Invites You Inside, To An Interior That Reflects a Popular 3 Bdrm/2 Bath Greatroom,Island Kitchen Floorplan w/ Designer Touches Throughout: Vaulted Ceilings, Raised Panel Doors & Cabinets, 16 Porcelain Tile Floors, Newer Carpet, Enhanced Lighting & Plumbing Fixtures Including A Newer Water Heater(2023) As Well As Microwave/Stove, Refrig(2022). All Of This, And Much More, Is Wrapped By The New Exterior Paint (2024). So, If You Are Looking For A Place That Has Been Loved & Cared, On a County Island w/ No HOA & a Nice Horse Set Up & Offers Spectacular Sunset Views, Then Set Your Sights on This Home!

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897 E Julian Drive Gilbert, AZ 85295

$699,999

5 Beds

3 Baths

2,593 SqFt

Status Active

MLS # 6757133

Property Type Single Family Residence

Price Type --

Beautiful property in Gilbert for sale! Walking distance to award-winning Spectrum Elementary and Gilbert schools. 3-car garage with built-in cabinetry for the extra storage you'll need. Open layout with soft carpet in the living area, modern light fixtures, and neutral paint that gives a bright feel. The kitchen showcases plenty of white cabinets, Corian counters, a mosaic backsplash, a walk-in pantry, a breakfast bar, and stainless steel appliances. You will love the main bedroom boasting a bathroom with a walk-in closet, dual sink vanity, and a separate tub/shower for convenience. Plus, a Jack and Jill bathroom! Oasis-style backyard has a covered patio, palm trees galore, a water feature, an above-ground spa, and a grass area. You won't be disappointed! Hurry!

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7837 E Carefree Estates Drive Carefree, AZ 85377

$699,999

2 Beds

2.5 Baths

2,392 SqFt

Status Active

MLS # 6751615

Property Type Single Family Residence

Price Type --

Step into a beautifully renovated, single-level retreat, masterfully designed by a renowned architect. This modern oasis features a sought-after south-facing back patio, perfect for enjoying your morning coffee or grilling in the afternoon sun. Inside, you'll find two generously-sized master suites, offering versatile living options. The cozy den, with its expansive windows overlooking the serene surroundings, is an ideal space for a reading nook or a home office. Constructed with durable and timeless slump block, this home boasts abundant natural light, thanks to numerous windows. During cooler months, the inviting fireplace adds a touch of warmth and ambiance. Full-time resident or seeking a low-maintenance getaway, this home offers the perfect blend of comfort, style, & ease of living

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15758 S Maui Circle Arizona City, AZ 85123

$699,999

3 Beds

3 Baths

3,039 SqFt

Status Active

MLS # 6744179

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning, spacious residence is nestled in a serene small town. Located on a cul-de-sac waterfront lot, this home offers breathtaking views of Paradise Lake. The beautiful design of the main home features a huge, open-concept layout, perfect for entertaining and family gatherings. The kitchen displays an abundance of white cabinets, granite countertops, and a large island with a breakfast bar. The primary suite overlooks the lake and features a luxurious ensuite with dual sinks, jetted tub, glass step-in shower, and a walk-in closet. Enjoy ultimate relaxation in your fully enclosed Arizona room, where panoramic views create the perfect escape for unwinding... This home also boasts an additional section with private entry, living room, kitchen, bathroom, and bedroom. Don't miss the opportunity to make this stunning property your new home!

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3265 W Lois Lane Flagstaff, AZ 86001

$699,999

3 Beds

2.5 Baths

1,786 SqFt

Status Active Under Contract

MLS # 6734052

Property Type Single Family Residence

Price Type --

Nestled in the highly desirable Peakview neighborhood, this charming 3-bedroom home with a loft offers a blend of comfort, style, and breathtaking views of the San Francisco Peaks. Meticulously maintained and recently updated, this residence boasts 2.5 bathrooms, including a newly renovated primary bath that exudes modern elegance. Upon entering, you'll be greeted by fresh, brand new interior paint that complements the newer flooring throughout, creating a warm and inviting atmosphere. The kitchen is a chef's delight with brand new countertops, and cabinets are scheduled to be installed in late August, promising a sleek and functional space for culinary creativity. Owned solar panels and system with battery back up add efficiency and constant comfort. Park your trailer or toys in the designated RV space with ease on the side of the home allowing for out of sight storage from the tranquil backyard. Located conveniently close to Snowbowl, top-rated schools, and just minutes from downtown, this home offers the perfect balance of tranquility and accessibility. Whether you're enjoying the panoramic mountain views from your front yard, relaxing in your backyard or exploring the vibrant nearby community, this is an opportunity not to be missed.

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1487 Mcculloch Boulevard Lake Havasu City, AZ 86406

$699,999

3 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6734829

Property Type Single Family Residence

Price Type --

Southside home with epic sunsets, lake & mountain VIEWS. Custom landscaping, water features, covered patio & elevated concrete patio area for the Havasu outdoor living lifestyle. RV/Boat garage, additional gated RV side-yard parking with hookups. Entire garage has heating/cooling for year-round comfort. Abundant amounts of natural light fill this home. Open concept living area, dining area and kitchen. Primary suite covers one side of the home with dual vanity, oversized jacuzzi tub, oversized walk in shower and walk in closet. Split bedroom plan . Kitchen has granite counters & dark wood cabinetry . Bathrooms have custom tile throughout. New tile flooring throughout provides worry free living with pets or kids. Vaulted ceilings, skip trowel wall finishes, One owner home since new.

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