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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2524 E Christy Drive Phoenix, AZ 85028

Open House

$695,000

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6741686

Property Type Single Family Residence

Price Type --

Charming Santa Fe Style Home with Pool & Prime Location! This stunning 3 bed/2 bath retreat offers the perfect blend of comfort and convenience. With fresh new paint, no HOA, and situated on nearly 1/4 acre lot, this property has everything you need. Step inside to discover an inviting living space featuring a cozy fireplace, stainless steel appliances, and stylish cabinets. The wood tile flooring adds warmth and character, while the updated bathroom vanities bring a modern touch. Outside, you'll find a large pool perfect for Arizona summers, a covered patio ideal for outdoor entertaining, and a spacious yard for endless possibilities. Plus, the sellers are offering a $2,000 carpet allowance to make this home truly your own. Located in an outstanding neighborhood with easy access to the 51 freeway, you'll enjoy the nearby park, hiking trails, and the peace and quiet of a desirable location. Don't miss this opportunity to own a beautiful home in a prime spot!

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6850 E Mcdowell Road Unit 7 Scottsdale, AZ 85257

Open House

$695,000

3 Beds

2.5 Baths

1,759 SqFt

Status Active

MLS # 6723887

Property Type Townhouse

Price Type --

Aire Luxury Living Is Here! Your new 3 bed, 2.5 bath townhouse is waiting for you to move in. A unique opportunity to own a 3 story end-unit, private rooftop home. Fully loaded kitchen is a chef's dream with counter space and storage you are looking for. First floor rec with laundry room, second floor living room opens to large balcony, third floor living quarters all with natural lighting and 10 foot ceilings. Entertain guests from home, use turf pathways for your fury friends, community gym pairs well with large pool, there is just no reason to leave. With views of Papago Park and Camelback Mountain, you are just minutes away from Downtown Scottsdale. Hiking, biking and local amenities are a huge plus.

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2102 N 7th Avenue Phoenix, AZ 85007

Open House

$695,000

4 Beds

3 Baths

2,820 SqFt

Status Active

MLS # 6740598

Property Type Single Family Residence

Price Type --

Amazing Opportunity! Priced to Sell TODAY! Beautiful Historic Home in the Encanto Historic District. This 1941 Home is on the National Historic Registrar. Open floor plan 4BD+Den 3BA on a large lot. *One bedroom is en suite w/possible kitchenette & has separate entrance! Perfect Casita for AirBnB or generational living! Wood & tile flooring throughout, original crown molding, resort-style backyard w/pergola, fire pit, pool, grass area & enclosed patio perfect for enjoying the outdoors w/friends! 2-car garage off alley for easy access. Walking distance to Encanto Park & Golf Course, Roosevelt Arts District, ASU Downtown campus, Chase Field, light rail & world-class dining & entertainment! Sky Harbor Airport & multiple freeways are all minutes away from your new home. Won't Last!

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24118 N 165th Drive Surprise, AZ 85387

$694,999

4 Beds

3 Baths

2,599 SqFt

Status Active Under Contract

MLS # 6691684

Property Type Single Family Residence

Price Type --

Everything you love is waiting for you in this beautiful home with NextGen suite! Truly unique as it is the only home in the area with a front patio pergola. Fabulous, walk-in shower & spacious walk-in closet in the main bath. Main bedroom opens onto the 10,000 gallon, heated & cooled pool. Nice for insurance as the casita shares the roofline with the main house. Casita has a kitchenette, living room, room for stackable washer/dryer, bedroom, bathroom & 1-car garage. Garages include 4 electric storage lifts for all your extra stuff! Outdoor shed too! HVAC warranty plan paid thru July 2028. Over $140,000 in improvements made from top to bottom. Solar is leased. With lease payments, average monthly bill $232 over 24 months. Attention Veterans: Seller has an existing 2.5% assumable VA loan

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21715 E Bonanza Way Queen Creek, AZ 85142

$694,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6706593

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch! Ease and elegant design blend beautifully in the ranch-style Pomona plan. An inviting great room is at the heart of the open layout, adjacent to a dining nook and a kitchen showcasing a gourmet kitchen, large pantry and a center island. The impressive owner's suite offers a walk-in closet and a private bath with double vanities and an elegant walk-in shower. An additional bedroom with a full bath, and a central study. An extensive Guest Suitewith a private entrance rounds out the floor plan. Outside, a covered patio, a 2-car garage and a 1-car side-turn garage offers ample storage for vehicles, outdoor gear, and more. With amenities such as a tankless water heater for efficiency and a charming paver driveway, this home seamlessly blends convenience with sophistication

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19020 W Ocotillo Road Waddell, AZ 85355

$694,990

4 Beds

3 Baths

2,588 SqFt

Status Active

MLS # 6739358

Property Type Single Family Residence

Price Type --

It's the stunning Benissa with 4 bedrooms, 3 baths, formal dining, courtyard, covered patio. 12'x8' sliding glass door off the great room for easy access to the back yard. Garage service door, Pavers at drive, walk and entry. Kitchen upgrades includes stainless steel gas appliance package with 36'' cooktop, wall oven, glass canopy hood. Linen-off white cabinets throughout with 42'' kitchen uppers, pull out trash drawer/ AZT Silver Falls granite in kitchen including the enhanced kitchen island. Stainless steel undermount single bowl sink. Upgrade flooring includes 5'' baseboards and 3 1/4'' door casings. EMS Cabo II 17x17 Ocean tile in all areas except beds & closets. Two tone interior ''Whiskers' paint. Soft water loop, gas stub for future BBQ. Estimated completion September.

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7674 W Tether Trail Peoria, AZ 85383

$694,990

3 Beds

2.5 Baths

2,197 SqFt

Status Active

MLS # 6747485

Property Type Single Family Residence

Price Type --

Welcome to Ashton Woods newest community in Peoria -The Sanctuary at Aloravita. This 2,197 Ruby floorplan features a Modern Desert style elevation and includes 3 bedrooms, 2.5 baths, a den, plus 4-car super garage. The impressive kitchen island is perfect for family and friends to gather as it opens to the home's great room for easy entertaining. The kitchen includes stainless steel appliances with a gas cooktop, large undermount sink, under cabinet hood, beautiful painted shaker style cabinets with crown molding, quartz countertops, kitchen backsplash, and large pantry. The great room offers a 4 panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. Other features include, 8' interior doors, 6x36 wood plank style floor tile, upgraded carpet/pad, a soft-water loop, and much more! For the car enthusiasts out there, this home includes 4-car super garage. Great location close to dining, freeways, parks, and entertainment!

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4910 N 128th Lane Litchfield Park, AZ 85340

$694,900

4 Beds

3 Baths

2,912 SqFt

Status Active

MLS # 6755197

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the exclusive gated community of Wigwam South Vintage. This stunning single-level residence offers the perfect blend of elegance and comfort, featuring 4 spacious bedrooms and 3 beautifully appointed full baths. As you step inside, you'll be greeted by a seamless flow of sophisticated living spaces, highlighted by all-new gorgeous granite countertops in both the kitchen and baths. The kitchen is a chef's delight, boasting ample counter space, modern appliances, and a stylish design that makes cooking and entertaining a pleasure. The expansive living areas are designed to impress, with high ceilings and large windows that fill the space with natural light. The bedrooms and closets are spacious as are the living room and office/den area.

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5830 E Leland Street Mesa, AZ 85215

$694,900

3 Beds

2 Baths

1,843 SqFt

Status Active

MLS # 6754859

Property Type Single Family Residence

Price Type --

Custom 2024 build that backs up to the 5th green. Amazing views of the greens, lake and mountains. Great curb appeal, pavers are placed all the way around the home, including the huge back yard perfect for entertaining. The yard is zero maintenance. Split bedrooms floor plan. Master bath has dual sinks and a spacious walk-in closet. The kitchen has staggered cabinets, a breakfast bar, a walk-in pantry and stainless-steel appliances. Huge living area. So much storage! Water softener and a tankless water heater. Home boasts high end finishes, 9' ceilings, tall doors, tile floors throughout, quartz countertops, full tile showers. Your buyers will love this home.

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3127 W Maya Way Phoenix, AZ 85083

$694,900

5 Beds

3 Baths

3,094 SqFt

Status Active

MLS # 6713555

Property Type Single Family Residence

Price Type --

Beautiful Remodel in the highly sought after Deer Valley Unified / Stetson Hills School district. This spacious 5 bedroom home is Move-In ready w/ the Primary Bedroom on the main floor down stairs w/ new Walk-In Double Head shower and New vanities. Granite in the kitchen and New appliances, Gas Stove!!. This lovely home has Newer AC unit, New hot water heater, New Plank Title flooring. New Paint Inside and Out! Upstairs you will find hardwood floors, a huge loft area, 4 very large additional bedrooms and new bathroom. Turf outside for easy maintenance, backyard has Gazebo and plenty of room to play! Children's play park at the end of the street plus other community parks close by. Just off the I-17, great shopping and eating close by!

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2537 N 87th Way Scottsdale, AZ 85257

$694,900

4 Beds

2 Baths

1,751 SqFt

Status Active

MLS # 6729321

Property Type Single Family Residence

Price Type --

Discover the perfect blend of modern comfort & classic AZ charm in this beautifully remodeled 4/1.75 pool home. This home isn't just a place to live—it's a lifestyle. Previously a profitable STR, it's a fantastic investment opportunity or the perfect place for your own. With no HOA to worry about you have the freedom to truly make this house your own! You'll be greeted by natural light that floods the spacious living areas creating an inviting atmosphere. The floor plan seamlessly connects the living room to a stunning private courtyard accessible from both the living room & primary bedroom. Imagine sipping your morning coffee in this tranquil outdoor space. The kitchen has SS appliances & granite countertops. Step outside to your secluded backyard where a gated pool awaits! Fashion Square Mall, and easy access to the 101 freeway, this home offers convenience and a vibrant lifestyle. Whether you're looking for a primary residence or a vacation rental investment, this property presents an excellent opportunity to grow your portfolio. Don't miss the chance to make this beautiful Scottsdale home yours.

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822 W Earll Drive Phoenix, AZ 85013

$694,900

3 Beds

3 Baths

1,956 SqFt

Status Active

MLS # 6734658

Property Type Single Family Residence

Price Type --

This 1992 home sits among beautiful historic homes in Campus Vista (Campus Manor) Historic District. All of the benefits of the location w/o the historic preservation restrictions!! Beautifully shaded front yard allows home to fit fairly seamlessly into streetscape. Seller's job has taken him out of state just after installing an owned solar system with Tesla battery backup, new water heater and water softener. Pleasing 3 way split 3 bedroom-3 bath layout. Hard surface flooring newly installed including hard wood and marble tile. Kitchen updated with new granite counters. Backyard and patio could be enlarged by pushing block wall 17 ft to back property line creating plenty of room for a pool/hot tub area. See professional pictures now posted!!

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