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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21278 W Glen Street Buckeye, AZ 85396

$699,000

3 Beds

2.5 Baths

2,868 SqFt

Status Active

MLS # 6747942

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the serene Main Street District of Verrado! This beautifully crafted 3-bedroom, 2.5-bath residence offers a perfect blend of luxury and comfort, capturing the essence of desert living. This home boasts exceptional curb appeal with its charming front porch, elegant courtyard entry, brick-paved driveway leading to the front door, and a freshly painted exterior (2024). The open-concept design is ideal for entertaining, featuring a separate formal dining area and a versatile flex space that seamlessly flows into the great room and kitchen area. The kitchen boasts stainless steel appliances, including a double oven, quartz countertops, 42' espresso cabinets, a large walk-in pantry, and a butler's pantry. The spacious primary suite is a true retreat with... gorgeous mountain views and a large bath that includes a separate tub and benched shower, dual vanities, a private water closet, and a large walk-in closet. The home also offers an office space/teen room and two additional bedrooms each with walk-in closets, along with upper and lower cabinets in the laundry room for added storage. Enjoy breathtaking sunsets from your own backyard, perfect for indoor/outdoor Arizona living, with extended pavers off the patio, citrus trees, grass, and easy-maintenance gravel throughout the oversized 10,258 sq. ft. lot. Additional features include 10-ft ceilings, 8-ft doors, tile flooring in all the right areas, ceiling fans and 2 wood blinds throughout, new AC unit (2022), and a new water heater (2024). Original Homeowners. The home is prewired for outdoor speakers on the back patio. The 3-car tandem garage comes with a 1-year-old AC unit for your comfort while working on hobbies. Built by Meritage, this house is highly energy-efficient, featuring tinted UV-protected windows, climate-sealed foam insulation, and 2x6 construction. Stroll down to Main Street and enjoy all the small-town charm it has to offer with easy access to grocery shopping, restaurants, golf courses, schools, and a recreation facility. Don't miss this exceptional opportunity to make this luxurious home yours!

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6364 E Star Valley Circle Mesa, AZ 85215

$699,000

2 Beds

2.5 Baths

2,432 SqFt

Status Active

MLS # 6738610

Property Type Single Family Residence

Price Type --

Stunning Custom home on the Golf Course at Red Mountain Ranch! This Dual Primary Suite home is the perfect set up! One on the lower level and other on second level. The whole top floor is a retreat with it's own balcony! Original owners have updated and maintained the property with Love. All new Vinyl windows and doors were put in 2021 with a lifetime warranty! New Roof 2022, upgraded the R.O. system 2023, Interior and Exterior Paint 2020, Main A/C replaced with a 6 Ton in 2018, new hot water heater, and the garage floor was just done this Year! Great room is open to the dinning area and kitchen with seating at the island. Perfect Play Pool or Spool if heated for year round enjoyment! Built in Grill, extended pergola and so much more! Large 3 car garage with tons of cabinet storage.

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21759 E Estrella Road Queen Creek, AZ 85142

$699,000

6 Beds

3 Baths

4,318 SqFt

Status Active

MLS # 6755444

Property Type Single Family Residence

Price Type --

This exceptional residence boasts 6 spacious bedrooms and 3 bathrooms encompassing 4,481 square feet of meticulously designed living space. Step inside to discover a den/office located off the living room, ideal for work or relaxation. The main floor features a serene Master Suite, along with two additional well-appointed bedrooms, ensuring comfort and convenience for everyone. Descend into the expansive basement, which is a true highlight of this home. Here you'll find two additional generously sized bedrooms, a versatile third bedroom that can serve as a theater room, and a third bathroom. Ample storage is available with two large storage rooms, perfect for keeping your home organized and clutter-free. The kitchen features upgraded maple cabinets, sleek granite countertops, and modern stainless steel appliances. Outdoor enthusiasts will appreciate the RV side gate, while the low-maintenance landscaping ensures you spend more time enjoying your home and less time on upkeep. Don't miss the opportunity to make this remarkable property your own. Welcome home!

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8129 E Via De Viva -- Scottsdale, AZ 85258

New

$699,000

2 Beds

2 Baths

1,812 SqFt

Status Active

MLS # 6760242

Property Type Single Family Residence

Price Type --

Experience Southwestern charm and modern comfort in this 2-bed, 2-bath patio home in the Santa Fe neighborhood of McCormick Ranch. The welcoming living space with stylish accents and open floorplan creates a warm and inviting space. The kitchen is nicely updated with quartz countertops and plenty of cabinet space. The primary bedroom features an en-suite bath, a walk-in closet, and French doors to a relaxing and private patio space. The second bedroom is generously sized with its own spacious patio. With its prime location in McCormick Ranch, you'll have access to top-rated schools, beautiful parks, golf courses, and an array of dining and shopping options. Whether you seek a forever home or a winter retreat, this property is the epitome of Arizona living.

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23224 N 23rd Place Phoenix, AZ 85024

$699,000

4 Beds

2.5 Baths

2,145 SqFt

Status Active Under Contract

MLS # 6751412

Property Type Single Family Residence

Price Type --

Step into luxury with this newly remodeled home situated on a premium oversized cul-de-sac lot, offering breathtaking mountain views. This exquisite home features 4 bedrooms, 2.5 bathrooms, and loft, showcasing new high-end cabinets, quartz countertops, and wood-look tile throughout. Fully remodeled kitchen, bathrooms, laundry, and mudroom are contemporary and luxurious. Enjoy a seamless blend of indoor and outdoor living with a newly installed extended glass sliding wall leading to the brand new extended covered patio.The backyard is perfect for entertaining or relaxing with a private pool, and large grass area with mountainside views. Plus, benefit from top-rated schools, making this the ideal home. Located minutes away from Desert Ridge. Don't miss out on this exceptional property!

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1905 E Rainbow Trail Payson, AZ 85541

$699,000

4 Beds

3.5 Baths

2,055 SqFt

Status Active

MLS # 6728147

Property Type Single Family Residence

Price Type --

BRAND NEW - UNDER CONSTRUCTION Dream Home on the Rim in Payson - surrounded by gorgeous custom homes and less than 7 min from Renowned Golf Club at Chaparral Pines & The Rim Club, less than a mile from Safeway grocery store and convenient shopping, dining, gas & bank. Buyers able to select Cabinet Color, Granite Color, Interior & Exterior Paint and Flooring if under contract before install. Not much around here under $700K so hurry - estimated time of completion 08/01/2024- just in time to enjoy for the summer! Additional Photos of this home will be posted as it progresses. Buyer to verify all facts & figures.

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8315 E Glenrosa Avenue Scottsdale, AZ 85251

$699,000

3 Beds

2 Baths

1,561 SqFt

Status Active

MLS # 6729125

Property Type Single Family Residence

Price Type --

A charming home with 3 bedrooms and 2 baths in Scottsdale is NOW available for move-in! This home offers tile flooring throughout, no carpet! Open concept living/dining with lots of natural light.The kitchen features stainless steel appliances and ample cabinet and counter space. The main bedroom has an ensuite bathroom. The backyard has a covered patio and room for entertaining. Great location, close to Old Town, shopping, dining, entertainment and the 101!

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151 N Sycamore Vista Drive Chino Valley, AZ 86323

$699,000

3 Beds

2 Baths

2,185 SqFt

Status Active

MLS # 6737863

Property Type Single Family Residence

Price Type --

Recent pictures were taken and uploaded on July 29th. This brand new custom home will be ready for occupancy in September. Single story, 3 bed, 2 bath house with separate eating area, private office and wonderful views from the back of the home. Great room has soaring vaulted ceilings, open floor plan and a beautiful gas fireplace. Custom kitchen with large island, quartz countertops and large walk in pantry. Spacious master bedroom with double sinks, walk in closet, doubles vanities, glass enclosed shower and a soaker tub. Custom tile accents in home and luxury vinyl plank flooring adds to the perfect quality of the home. Outside of an HOA and situated on a full area of land. New well and new septic. Home next door has the slab poured and can be purchased separately.

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9635 E Natal Avenue Mesa, AZ 85209

$699,000

5 Beds

4 Baths

3,119 SqFt

Status Active

MLS # 6756889

Property Type Single Family Residence

Price Type --

Welcome to your dream home, located in the sought after Augusta Ranch community, home to Arizona's #1 executive golf course! This upgraded home has 5 bedrooms and 4 bathrooms with 2 of the bedrooms being luxurious dual masters, and 3 with walk-in closets and one upgraded larger master closet. Home has new flooring, all new tile gray herringbone downstairs and upstairs landing. Carpeting new in March of 2024. New thermostats installed, all new paint and new doors throughout. Kitchen has new counters, cabinets, backsplash and new appliances. Don't miss this charming home, see for yourself!

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29273 N 129th Avenue Peoria, AZ 85383

$699,000

2 Beds

2 Baths

1,925 SqFt

Status Active

MLS # 6751375

Property Type Single Family Residence

Price Type --

This SOLAR Nice floorplan is situated on an Extremely PRIVATE homesite with GOLF COURSE & MOUNTAIN VIEWS! Enjoy STUNNING WOOD FLOORING throughout (tile in baths & laundry). The Chef's Kitchen is remarkable - features HIGH-END Cabinetry w/ a CUSTOM glaze that are staggered w/ LARGER CROWN, dramatic GRANITE SLAB & BUILT-IN SS GAS APPLIANCES w/DOUBLE OVENS!! Both Baths are HIGHLY UPGRADED w/ CUSTOM TILE, stone c-tops & FRAMED MIRRORS. Covered patio SPACE brings the outdoors inside w/ a GAS fireplace w/ STONE ACCENTS. Enjoy MOUNTAIN VIEWS from the extended paver patio-back yard is fully fenced!! Add'l upgrades: cabinet built-in at den, soft water, RO, bay window, PLANTATION SHUTTERS, high-end fans/lighting/hardware thru-out. Garage has tons of storage & EPOXY FLOORS, Garbage enclosure & & another storage area outside. SMART SPACE with a huge workspace and plenty of STORAGE - This home has it all!

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4325 N 9th Avenue Phoenix, AZ 85013

$699,000

5 Beds

4 Baths

1,933 SqFt

Status Active

MLS # 6750107

Property Type Single Family Residence

Price Type --

FABULOUS OPPORTUNITY IN PRIME PHOENIX LOCATION. MAIN HOUSE, GUEST HOUSE AND AN ADDITIONAL GUEST QUARTERS IN THE BACK MAKE THIS A GREAT FAMILY COMPOUND OR MULTIPLE RENTAL OPPORTUNITIES! THE MAIN LIVING QUARTERS OFFERS A 3 BED, 2 BATH, WITH WOOD AND TILE FLOORING THROUGHOUT FOR EASY MAINTENANCE. GREAT ROOM AREA AS YOU ENTER THE PREMISES THAT IS OPEN AND SPACIOUS. KITCHEN AREA WITH EAT-UP BAR SEATING AND BUILT-IN BUFFET STORAGE. FORMAL DINING AREA WITH A FIREPLACE AND DOUBLE PATIO DOORS TO THE OUTSIDE AREA. LARGE MASTER BEDROOM WITH AN EN-SUITE BATH AND WALK-IN CLOSET. PATIO AREA BETWEEN THE MAIN HOUSE AND GUEST QUARTERS FOR GATHERINGS OR JUST ENJOYING THE OUTDOOR AZ WEATHER. THE FIRST GUEST HOUSE HAS A OPEN LIVING AREA, KITCHENETTE WITH FULL-SIZE FRIDGE, SEPARATE BEDROOM AND BATHROOM. THIS IS GREAT FOR THE IN-LAWS, OLDER CHILD IN COLLEGE, OR USE AS A RENTAL OR AIRBNB. AN ADDITIONAL GUEST HOUSE ON THE SIDE OF THE MAIN HOUSE ALSO HAS A PRIVATE LIVING QUARTERS WITH KITCHENETTE AREA, BEDROOM AND BATHROOM AS WELL. THE OPPORTUNITIES ARE ENDLESS HERE! LOCATED JUST A SHORT DISTANCE TO THE DOWNTOWN PHOENIX AREA FOR PLENTY OF ARTS, ENTERTAINMENT AND DINING OPPORTUNITIES.

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1859 E Cornell Drive Tempe, AZ 85283

$699,000

8 Beds

3 Baths

3,142 SqFt

Status Active

MLS # 6749388

Property Type Single Family Residence

Price Type --

Unique 8 bedroom home with lots os possible uses ie Airbnb, Assisted Living, Sober Living or just a large multi-bedroom home for a large family. No HOA. Great Tempe location. Close to park, schools, shopping, freeways & restaurants. Recently painted, remodeled bathrooms. RV access. BEST DEAL in Tempe at just 222/sq ft. Unique property in the heart of Tempe, priced to sell fast at just $222.sq ft. Many potential uses, group home, Airbnb, etc... Near park, shopping, freeways, schools and churches. Recently painted interior, recently remodeled kitchen and bathrooms. 8 bedrooms with a potential to covert den into 9th bedroom.

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