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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16114 E Glenview Drive Fountain Hills, AZ 85268

$699,000

3 Beds

3.5 Baths

2,318 SqFt

Status Active

MLS # 6750440

Property Type Single Family Residence

Price Type --

This home boasts an excellent location, offering convenience and scenic beauty. With two spacious primary bedrooms, it provides comfort and privacy. The new AC system ensures energy efficiency, and the updated appliances add a modern touch. As the largest property in the neighborhood, the expansive backyard holds plenty of potential for customization or outdoor living. The stunning view of Four Peaks enhances the home's charm, and its proximity to shopping and the iconic fountain makes it ideal for both relaxation and easy access to amenities.

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4760 S Kings Ranch Road Gold Canyon, AZ 85118

$699,000

3 Beds

2 Baths

2,996 SqFt

Status Active

MLS # 6753490

Property Type Single Family Residence

Price Type --

An amazing opportunity awaits in the heart of Gold Canyon, with incredible views of Dinosaur & Superstition Mountains. This rare 1.91 acre horse property sits amongst 1M+ homes & is complete with a swimming pool with a view, private garden, mature fruit trees, barn with loft, RV hookup, & 6 total stalls, plus room to grow! The updates include 2 newer Trane AC units, plus mini-split units in all bedrooms, newer Milgard low E super efficient windows, doors, granite kitchen counters, & barn doors. The current home set up has 3 traditional bedrooms with closets, plus an additional 3 more bedrooms & an office/bonus room off the primary bedroom. The front security gate has a commercial size Lift Master control. Inquire for a list of improvements and updates. This won't last long!

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15240 N Del Ray Drive Fountain Hills, AZ 85268

$699,000

3 Beds

2 Baths

1,343 SqFt

Status Active

MLS # 6726377

Property Type Single Family Residence

Price Type --

STOP, DROP AND LOOK! Can you believe this beautiful turn-key home is less than $700K? A ''lock-and-leave'' property where you can see the stars every night? This is it! Beautifully updated interior, from floors to full kitchen and bathroom remodels means you're not lifting a finger except to carry in your suitcase. 3 cozy bedrooms and 2 bathrooms. Fantastic entertaining backyard with pool, covered patio, gazebo AND hot tub for full seasonal enjoyment. Great privacy backing to the desert wash. This comfortable floorplan is inviting with open kitchen/living space. Tucked in a peaceful neighborhood, you'll love this quiet community. The ''snowbirds'' are flocking to Fountain Hills for the best time of year in AZ and THIS home is the perfect nest.

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1008 W Circle Mountain Road New River, AZ 85087

$699,000

3 Beds

2.5 Baths

1,980 SqFt

Status Active

MLS # 6725113

Property Type Single Family Residence

Price Type --

Explore this newly constructed Morgan Taylor built home nestled on a sprawling 1.13-acres bordering state land. Extra private lot, saguaro desert views for days, horse rights with room for stalls. Stone accents and a convenient extended 2-car garage. Incredible views from every room. Features wood-look tile floors and a soothing neutral palette. The great room, complete with an electric fireplace, offers a warm welcome. The kitchen boasts ample wood cabinetry, stainless steel appliances including wall ovens, a pantry, granite counters, and a center island illuminated by pendant lights above the breakfast bar. The primary suite is a serene retreat, highlighting large windows that frame the mountain views, a private bathroom with dual sinks, a soaking tub, and a walk-in closet. Must see! Outside, the paver patio provides a perfect backdrop for enjoying stunning sunsets or hosting lively barbecues. Make this tranquil haven yours today!

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4679 Big Pine Drive Lakeside, AZ 85929

$699,000

4 Beds

2.5 Baths

2,768 SqFt

Status Active

MLS # 6713137

Property Type Single Family Residence

Price Type --

Rustic and charming home located in the crisp air of the White Mountains. Your exclusive mountain getaway, with no HOA restrictions, is calling your name! Lakeside is a great community located within 30 minutes to Sunrise Ski Resort and close to Rainbow Lake for outdoor activities year round. Sip your morning coffee on the screened in patio or enjoy the front yard on your massive covered porch. This home has been recently updated with modern finishes while maintaining a rustic charm. Multiple living/entertaining spaces make this home ideal for large family gatherings or simply your day to day life.

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10460 E Texas Sage Lane Scottsdale, AZ 85255

$699,000

3 Beds

2 Baths

1,358 SqFt

Status Active Under Contract

MLS # 6743257

Property Type Single Family Residence

Price Type --

Wow!! Amazing buy in one of the hottest subdivisions in all of AZ in the hot zip code of 85255. Massive, private lot backing to open desert with RV gate, gas fire pit plus room for pool, grass and more. Great room floorpan with oversized eat in kitchen with breakfast bar. The high ceilings gives this home the luxury feeling of much more expensive homes. Newer stainless steel GE Profile appliances,This location surrounded by much more expensive homes is perfect for the investor, first time home buyer or empty nester just downsizing. Close to golf, tennis, pickle ball, clubhouse hiking/biking trails and community pools. Very secure and safe area with roaming security guards and Scottsdale PD. Seller priced for immediate sale and can be out within 30 days. Don't miss this one!! WOW!

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22706 N 17th Street Phoenix, AZ 85024

$699,000

4 Beds

2.5 Baths

3,181 SqFt

Status Active

MLS # 6738561

Property Type Single Family Residence

Price Type --

Spacious 2-Story Home: 4 Bbds, 2.5 Bths, Office and Enormous Loft! This stunning home has space for everything you need! Step inside to discover a versatile office or flex space, perfect for a home office or playroom w/ beautiful laminate flooring. The open-concept kitchen and dining area create an inviting atmosphere for both everyday living and entertaining. The primary bedroom is conveniently situated on the main level, featuring laminate flooring, an en-suite with a shower and tub, and a huge walk-in closet. New carpeting throughout! Upstairs, you'll be amazed with The Giant Loft! Option to build a 5th bedroom. A sizable laundry room with shelving storage. Three Large Bedrooms, all with walk-in closets. Backyard has a view fence and no neighbors behind, giving you ultimate privacy! Living in the Eagle Bluff community means you have access to top-notch education just a short walk or bike ride away to the nearby schools. The location is unbeatable. Enjoy outdoor activities at the Reach 11 Park or the Cave Buttes Recreation Area. Shopping proximity to Desert Ridge and the Shops at Norterra. You're also moments away from major highways like Loop 101, the 51, and I-17, making commuting a breeze. Plus, Costco is just a few minutes south! Don't miss your chance to make this dream home your reality!

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8594 E Kelly Road Prescott Valley, AZ 86315

$699,000

4 Beds

3 Baths

2,575 SqFt

Status Active

MLS # 6721065

Property Type Single Family Residence

Price Type --

Motivated seller! Enjoy spectacular sunsets and views from this 4 bed/3 bath home. 5th bedroom accessed through another bedroom. This lovingly built owner constructed home is on a level 10 acre parcel conveniently located close to highway 89A. Super desirable area just off Coyote Springs Rd. The original owner lovingly built this unique house with many special features: a fireplace that heats the entire house, and a basement bunker. 1200 sq ft metal workshop building with a security system which can house 6-8 vehicles and has living quarters with kitchen and bath. Plenty of room for RVs and toys, horse facilities or countless other possibilities! New vinyl plank flooring, new HVAC and newly remodeled kitchen. Only 22 minutes to the heart of Prescott, and a quick ride to Jerome/Phoenix.

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8952 E Palm Ridge Drive Scottsdale, AZ 85260

$699,000

3 Beds

2 Baths

1,602 SqFt

Status Active

MLS # 6685794

Property Type Townhouse

Price Type --

Within in the heart of Eagle Point, the immaculate Townhome features maintenance free living, vaulted ceilings in every room, spacious bedrooms, separate living room and abundant closets. Everything inside is NEW down to the water valves. New roof in 2023. Complete remodel in 2020 of the kitchen, bathrooms, windows, doors and sliders, floors, and paint. HOA covers entire front landscaping including the tree trimming and Community Pool. Home warranty included! This special Scottsdale property won Best Home on Tour! Walkability is a 10+, convenient to parks, freeways, shopping and dining. Move in today and entertain your family and friends this weekend. Embrace the Scottsdale lifestyle you deserve!

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1416 E Don Carlos Avenue Tempe, AZ 85281

$699,000

5 Beds

3 Baths

2,102 SqFt

Status Active

MLS # 6732217

Property Type Single Family Residence

Price Type --

Amazing ASU investment opportunity! Gorgeous top to bottom renovation with FIVE bedrooms and 3 baths on a LARGE cul-de-sac lot. NO HOA. Stainless appliances. GE Profile oven/convection microwave and LG dishwasher. Quartz countertops. Custom tile shower surrounds. Porcelain plank tile flooring. 5 ton AC and 3 additional, 17 SEER Lennox mini-splits. New dual pane/dual UV/Argon gas windows! Newer Roof (2020). Stone accented entry. Newer sewer lines. Ceiling wood accent beams, LED recessed lighting. Huge back yard, massive cool deck patio and storage shed. Heart of Tempe LOCATION - walking/biking distance to ASU, Mill Ave., Gammage performing arts and shopping/dining along the Rio Salado corridor.

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4346 E Earll Drive Phoenix, AZ 85018

$699,000

3 Beds

1 Bath

1,128 SqFt

Status Active

MLS # 6717228

Property Type Single Family Residence

Price Type --

Make this one yours! Welcome to Arcadia Osborn! This property offers various opportunities, from a turnkey/remodeled 3 bed, 1 bath home, to a Residential Office zoned space with various business opportunities. Covering a total of 9,282 sq. ft. corner lot, come and see what this property can do for you, or what might do for it.

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37505 N 17th Street Phoenix, AZ 85086

$699,000

3 Beds

2.5 Baths

2,597 SqFt

Status Active

MLS # 6726883

Property Type Single Family Residence

Price Type --

Great home in Desert Hills, North Phoenix! Fenced 1.25 acre lot w/ 8 structural pipe 15' x 50' horse runs with shade. Wonderful mountain views, fenced and heated Pebbletec pool w/waterfall and covered patio for entertaining. Open floor plan with updated gourmet kitchen featuring granite counters and stainless appliances. Bright with lots of natural light throughout and vaulted ceilings. Two fireplaces, built-in entertainment center in family room. Large walk-in closets. Spacious lot features easy access for RVs, boats and horse trailers and safe turnaround. Perfect home in spread out custom home neighborhood with near by equestrian area for trail riding.

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