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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21279 N 91st Drive Peoria, AZ 85382

$695,000

4 Beds

2.5 Baths

3,086 SqFt

Status Active

MLS # 6739457

Property Type Single Family Residence

Price Type --

Discover this rare Peoria Mountain Vistas 4 bedroom 2.5 bath home with dining/living/great rooms & BONUS room.Spacious 3,087sf gem.Vaulted ceilings create an airy & open atmosphere.Window shutters throughout.Stunning remodeled kitchen is a chef's delight featuring white cabinets,sleek stainless steel appliances,elegant quartz countertops,backsplash & kitchen island with plenty of seating room.Spacious primary suite has double doors,full master bathroom,walk-in closet & tile floors.Tile flooring throughout the main living areas & plush carpet in 3 bedrooms.Backyard oasis has private pool,spa & no rear neighbors.Pool/spa pebble tech refinished & tiled in 2020/pool pump 2022/filter system 2023.3car garage/epoxy floors/cabinets.RV gate/concrete slab.Water heater & both AC's 2019. Additional features include concrete strips for additional parking outside, surround sound speakers in garage. Water softener. Don't miss this incredible opportunity!

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4605 E Pinnacle Vista Drive Cave Creek, AZ 85331

$695,000

3 Beds

2 Baths

1,870 SqFt

Status Active Under Contract

MLS # 6750296

Property Type Single Family Residence

Price Type --

Welcome to 4605 E Pinnacle Vista Dr, a beautifully maintained Santa Fe style residence nestled in the heart of a single level community in North Phoenix. This unique style home offers the perfect blend of serene desert living and modern comfort. The property is very close to Desert Ridge, the 101 the 51 and to the west, Dove Valley Drive. As you approach, you'll be greeted by a picturesque facade and desert landscaping. Step inside to discover a thoughtfully designed open floor plan. 3 bedrooms, 2 bathrooms, with a BONUS office. Home is appointed with granite countertops, kitchen island, stainless steel appliances, new fixtures throughout and wood flooring. Kitchen, dining area and great room all open beautifully to the covered patio and backyard with oversized Panoramic doors making it ideal for indoor-outdoor entertaining. The master suite is a private retreat, offering a spacious layout, an en-suite bathroom with a soaking tub, shower and a walk-in closet. Two additional bedrooms provide ample space for family or guests, each with its own charm and comfort. Outside, the expansive backyard with built in BBQ is a true desert oasis. Enjoy the stunning views from the sparkling pool or relax by the waterfall feature. Additional features include a three-car garage and energy-efficient amenities. Located in a desirable neighborhood, this home offers proximity to local amenities, hiking trails, and the vibrant community. Don't miss the opportunity to own this exceptional property. Come see us today!

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29825 W Bellview Street Buckeye, AZ 85396

$695,000

4 Beds

2 Baths

2,841 SqFt

Status Active

MLS # 6716717

Property Type Single Family Residence

Price Type --

Welcome to a Brand-New Home 2023 on a little over an acre. This home has a split 4 bedroom 2 bathroom with a 3 car extended garage. Large open concept living area featuring countless upgrades such as 9' ceilings, extra large kitchen island with quartz counter tops and backsplash. LED Lighting and tile floors throughout the entire house. Primary bedroom has a spa-like bathroom with a seamless walk-in shower, water closet, walk-in closet, dual sinks. Shared well with one neighbor. This one is a must see! 2x6 Constructions with foam sprayed in walls and roof. 400 amps service, plenty of power for an RV garage/casita. 50 amp outlet in garage for your electric vehicle. Not your average new built. We have the Occupancy Cert in hand!! Ready to move!

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42412 N 9th Avenue Phoenix, AZ 85086

$695,000

3 Beds

2 Baths

1,896 SqFt

Status Active

MLS # 6745397

Property Type Single Family Residence

Price Type --

Tucked away in a secluded enclave of 17 custom built homes. Private, Peaceful Area with Spectacular Mountain Views. Well-built Residence, 2x6 Construction, Energy-Efficient: Low Electric Bills Under $150/mo. Top-tier, Newer HVAC System, H2O Heaters, Freshly Coated Roof. Interior & Exterior Recently Painted. Spacious 3 Bedrooms & 2 Baths, Split Master Plan w/En-suite & Exit to Yard. Inviting Great Room & Dining Room w/2-way Fireplace Overlooking Backyard Oasis. Low Maintenance Xeriscape w/Natural Plants. Covered Patio, Outdoor Grilling Station, Fireplace & Bar, Sep Fire-Pit Area. Huge Ramada w/Natural Stone Surface. Large Shed & RV Parking. Space to Add a Pool, Horse Setup, 'n Toys. Come feel the wonderful vibe of this home, inside and out!

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8413 E Hubbell Street Scottsdale, AZ 85257

$695,000

3 Beds

2 Baths

1,475 SqFt

Status Active

MLS # 6749186

Property Type Single Family Residence

Price Type --

Become the proud owner of this charming fully remodeled 3-bedroom, 2-bath residence on a desirable corner lot, no expenses spared! All new plumbing and sewer lines as of 2024. Featuring a garage, a convenient RV gate, a low-maintenance yard, and a cozy front patio. Inside, the great room boasts a soothing palette, blinds, and stylish wood-look flooring. The spotless kitchen showcases quartz counters, abundant wood soft closing cabinetry, pendant/recessed lighting, a chic tile backsplash, stainless steel appliances, and a center island with a breakfast bar for casual dining. The main bedroom offers a private bathroom with dual sinks. Venture outside to the lovely backyard, complete with a covered patio, artificial turf for year-round greenery, drip system to all exterior plants, alley access, and a shed for additional storage. Make this gem yours or turn it into the perfect air bnb or VRBO!

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1042 E Driftwood Drive Tempe, AZ 85283

$695,000

2 Beds

2 Baths

1,718 SqFt

Status Active

MLS # 6681689

Property Type Townhouse

Price Type --

Waterfront Townhouse with Private Boat Dock and gorgeous lake views of Shrimp Boat Bay is Move-In Ready with Redesigned Living Area, Custom Remodeled Kitchen, and New Windows and Sliding Doors. This Single Level, 2 Bedroom + Den, 2 Bathroom, 1700sqft townhouse has been well-maintained and features stainless steel appliances, under-cabinet lighting, recessed lighting, newer ceiling fans, closet organizers, inside laundry (washer and dryer included), natural gas fireplace, courtyard off bedroom #2, and low maintenance landscaping so you can spend your time enjoying waterfront living! ONE HOA and all amenities are included. You'll Love Living In The Lakes!

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3115 E Verbena Drive Phoenix, AZ 85048

$695,000

5 Beds

3 Baths

3,149 SqFt

Status Active

MLS # 6732018

Property Type Single Family Residence

Price Type --

NEW HVAC, pool & spa with covered patio, large primary rm with deck overlooking the pool, gorgeous downstairs wood tile, open concept split floor plan, high ceilings, skylights, granite countertops, plantation shutters throughout, stainless steel appliances, upgraded bathS, 2 bedrooms, bonus room & full bathroom downstairs, all the while tucked in a fabulous neighborhood, ending in a mountainside cul-de-sac. Mountain Park Ranch - WHERE THE MOUNTAIN MEETS YOU! Welcome to your new home - 5 B bdrm + office, 3 full bath home is thoughtfully updated & has it all. Live in Ahwatukee, Mt Park Ranch, a community-oriented place in close proximity to community pools, hiking and biking trails, shops, paragliding, Troon golf courses, restaurants & some of the best schools in Phoenix. A MUST SEE!

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1715 N Sunset Drive Tempe, AZ 85288

$695,000

4 Beds

3 Baths

2,144 SqFt

Status Active

MLS # 6696391

Property Type Single Family Residence

Price Type --

Extremely rare 4 bedroom 3 full bath corner lot home in north Tempe one block off of Scottsdale road. Tall oleanders trees along the wall, putting green, and newly installed pavers makes this home a backyard private oasis. Extended closed-in patio space add additional room for relaxing next to the fireplace. Stainless steel appliances, granite counter tops, tile flooring throughout,, massive master closet, and many more updates. 5 minutes from freeway entrance and 2 miles from old town Scottsdale.

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6850 S Birdie Way Gilbert, AZ 85298

$695,000

3 Beds

2 Baths

2,361 SqFt

Status Active

MLS # 6717020

Property Type Single Family Residence

Price Type --

Don't miss out on this fabulous Seville Country Club home . Single level, 3 bedrooms plus Den, 2 bathrooms, 2 car garage, and single car garage. Resort-style backyard with plenty of space to entertain including spa, built in BBQ and firepit. This prime golf course lot offers beautiful views of the pristine course. Granite countertops and matching stainless appliances. Outside of home freshly painted. Much more to see.

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4509 S Electron -- Mesa, AZ 85212

$695,000

4 Beds

3.5 Baths

3,050 SqFt

Status Active Under Contract

MLS # 6685371

Property Type Single Family Residence

Price Type --

Eastmark with lots of amenities!! Parks and playgrounds just seconds walking from the front door! Great access to local freeways and the home is only a few years old with an awesome floor plan that includes an en-suite on the main level with a separate den, bonus room on the second level with three bedrooms and two bathrooms upstairs, including a private balcony off the master bedroom! The rear yard has new artificial grass with NEW gazebo including pavers. Kitchen has white cabinets with granite countertops and all appliances included. The whole house water system with UV light & Control 4 automation systems are upgrades to the home! Garage storage cabinets and washer/dryer included! Remodel completed by licensed contractors!

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6447 E Virginia Street Mesa, AZ 85215

$695,000

5 Beds

3 Baths

2,353 SqFt

Status Active

MLS # 6741411

Property Type Single Family Residence

Price Type --

NO HOA&PAID SOLAR! Amazing 2 story home, in the neighborhood of Summit, offering a 5 acre park w/playgrounds, soccer field & sports courts. Vaulted ceilings & open living spaces thru-out offer an abundance of natural light. Chef's kitchen is equipped w/ample cabinet & counter space, double oven; broiler/convection & breakfast bar. Spacious master w/ensuite bathroom features dual sinks, separate tub & shower & a large walk-in closet. Step out into your expansive backyard oasis boasting a covered patio, artificial grass, citrus trees (grapefruit, lemon & orange) & a fenced pool w/self-closing gate, the perfect summer escape! Other features include a screened front door, 2 car garage, self-closing RV gate & an owned solar system. Great location, minutes to the 202/schools/entertainment & mor

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1445 E Blue Spruce Lane Gilbert, AZ 85298

Open House

$695,000

3 Beds

2.5 Baths

1,863 SqFt

Status Active

MLS # 6753837

Property Type Single Family Residence

Price Type --

Welcome to 1445 East Blue Spruce, a rare opportunity to own in one of the most decorated and sought-after communities in Gilbert! This two-story home has been meticulously maintained and upgraded and is eagerly awaiting its next owner. You'll be enamored by the charm and curb appeal of this two story home, which features upgraded front-yard landscaping features and a paver driveway. Step inside the home into the inviting foyer, which leads into the home's ground floor. The kitchen features upgrades galore, including new stainless steel appliances, hard surface countertops, soft-close white shaker cabinets and a view of the newly designed and installed backyard. From the kitchen and well-appointed living room, you'll have a great view of the recently completed private pool and water feature, perfect for private enjoyment all summer long! The backyard also offers over 300 square feet of covered patio space, turf, and outdoor lighting to enhance any outdoor experience. Up the stairs on the second floor is the home's primary suite, which boasts a generously sized walk-in closet, double sinks, and a large enclosed shower. You'll find two additional secondary bedrooms, the second full bathroom, and the home's laundry room. This smart home has it all, the only thing missing is you! If that's not enough, be sure to dedicate time to exploring all 137 acres of Waterston and see for yourself everything it has to offer. Honored by Builder & Developer magazine as Community of the Year for its outstanding community design, deluxe amenities, and plentiful natural connections, Waterston offers its residents a premium lifestyle experience. With its seven-acre Central Lake and great lawn, clubhouse, multiple pools and pocket parks, walking trails and its proximity to Veterans Oasis Park and the Gilbert Recreation Center, Waterston was designed to bring comfort, convenience, and community to its resident and create an atmosphere centered around outdoor living, adventure, and water. Located within walking distance to Rice Elementary school and nestled amongst the bountiful lifestyle and entertainment options that Gilbert has to offer, this is truly a one-of-a-kind community and opportunity!

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