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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62 W Elmwood Place Chandler, AZ 85248

Open House

$700,000

5 Beds

3 Baths

2,878 SqFt

Status Active

MLS # 6754032

Property Type Single Family Residence

Price Type --

Beautiful Home with Private Pool in the gated Ironwood Vistas Community! Nestled in the sought-after Ironwood Vistas community, this home offers it all! Enjoy the luxury of your own private pool on one of the largest lots, plus access to the community pool and jacuzzi. The spacious layout features a full bedroom and bathroom downstairs—perfect for guests or a private retreat. Upstairs, discover a massive bonus room/loft for extra living space. With new living room and dining room tile, a recently serviced AC (new in 2014), and charming touches like a Pygmy orange tree and fresh basil, this home is full of delightful surprises. Come see why this home stands out!

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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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16416 S 16th Lane Phoenix, AZ 85045

$699,999

4 Beds

2.5 Baths

2,705 SqFt

Status Active

MLS # 6747150

Property Type Single Family Residence

Price Type --

Welcome to your dream desert retreat! This exceptional property offers breathtaking sunset views of the majestic desert mountains. Enjoy mountain views and sunsets from your back yard Oasis where the desert mountains provide a stunning backdrop to your daily life. This house is ready to go with all new ANDERSON windows and sliders. New roof in 2024, interior and exterior paint in 2024 and new carpet. This house has a 913 sf permitted addition giving you over 2,700 total SF. This 4 bedroom and 2.5 bath also has his and her offices. The back yard resort is complete with a glass tile pool. Come out and see this move in ready home. Best thing is this is all in a one story home. Easy freeway access to go to the West side or East side of the Valley. Large interior and exterior living space.

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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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6628 N 19th Street Phoenix, AZ 85016

$699,999

3 Beds

2 Baths

1,675 SqFt

Status Active

MLS # 6743889

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully remodeled residence is a gem in the highly coveted North Phoenix area. Featuring an open-concept design, this home is bathed in natural light, highlighting the light-toned luxurious LVP wood flooring throughout. The open-concept kitchen is decked out with stainless steel appliances and brand new luxury granite countertops. This home has been upgraded with new plumbing, new electrical, a new septic tank, and completely remodeled bathrooms, ensuring modern convenience and peace of mind. The back yard is ready for your personal touch, whether that be a pool, or a garden! The detached garage could be used for parking, extra storage or even converted into a casita! Conveniently located close to the 51 freeway, the Biltmore shopping center, high-end restaurants and more. this home provides easy access to all that Phoenix has to offer while maintaining a serene, residential atmosphere. Don't miss your chance to own a piece of North Phoenix living at its finest!

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2932 N Skylight Drive Kingman, AZ 86401

$699,999

3 Beds

2 Baths

2,100 SqFt

Status Active

MLS # 6666432

Property Type Manufactured Home

Price Type --

36acres fenced w controlled access, exquisite escape with luxury! 3/2/4 Large home, wrap around deck, lots of patio with a jacuzzi built into the deck, Patio has Sauna, large fire pit, barbeque kitchen area, gazebo with lights and shades. Shooting stations located throughout the property. Huge steel garage with luxurious executive office and very modern alternative communication systems, weather monitoring etc. RV pad w full hookups. Additional Shed on the property for out of the way storage. Stargazers paradise on the top of the hill with unlimited views. Additional covered parking for tractor and a government Humvee, RV hookups. This 2100 sq foot SanteFe home has been significantly upgraded, top of the line custom kitchen and bath cabinets throughout in 2018. built in wine fridge and all appliances incl. Travertine Stone flooring in 2019. Addl patio added in 2019, pavers with concrete installed under the pavers. New Quartz countertops throughout make this a spectacular custom kitchen with a double-sized kitchen island (seats 6 easy). Glass front display cabinets face one of the two living rooms, for beverages, glassware displays etc.. Large laundry/pantry area has storage for those once a month grocery shopping adventures. Property is heated and cooled with a traditional forced air HVAC unit. The property is fenced with an automatic open/close ranch gate. This property has a significant amount of hard surface area all around the home and garage, very unusual for a rural property. Concrete sidewalks, paver patios etc. The views from the property are truly breathtaking, a trip to the top of the hill is a remarkable adventure. The property is very secluded, but only two short miles from the paved I-40. There are water hydrants sprinkled throughout the property. The flagpole has significant lighting so your flags can fly after dark! The large steel garage has a climate controlled safe room within it. There are security cameras and cell repeaters/extenders on the property. UPS, FedEx deliver to this home. USPS at the cluster boxes you pass on the way to the property. Private well is located near the garage. There is real power to the home and the garage with a 22kW backup generator. Addl 36ac property available adjacent to this listed separately. Real power could be extended to the other pad and well could be shared.

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10499 E Fanfol Lane Scottsdale, AZ 85258

$699,999

3 Beds

2 Baths

1,934 SqFt

Status Active

MLS # 6708253

Property Type Single Family Residence

Price Type --

BACK ON MARKET- FELL OUT OF ESCROW DUE TO FINANCING. This home is located in the highly desirable area of gated community Scottsdale Ranch. located near major freeways, highly rated Scottsdale schools, major shopping areas and the Mayo Hospital. Home has new HVAC System, stove, refrigerator and washer dryer. 3 bedroom and 2 bath home with play pool to cool off on the Arizona summers. Travertine tile and wood vinyl plank flooring. Walk in dual shower head in primary surrounded by Italian travertine tile. This home is a must see.

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