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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22795 E Stacey Road Queen Creek, AZ 85142

$689,000

4 Beds

3.5 Baths

3,003 SqFt

Status Active

MLS # 6647162

Property Type Single Family Residence

Price Type --

This home is situated on a south facing home site, perfect for enjoying the outdoors! Boasting 4 bedrooms, 3.5 bathrooms, study, loft, and 3 car tandem garage! Build memories in the gourmet inspired kitchen, complimenting a wood hood, GE stainless steel appliances included with built in gas range, waterfall quartz island, and elegant tile backsplash. Enjoy the amenity rich community of Harvest, offering two swimming pools, catch and release fishing, walking trails, and more! Convenient location within Queen Creek, close to shopping and variety of new restaurants. Notice the difference in our engineering with 2x6 construction, 10 ft ceilings, large dual pane energy efficient windows, 8ft doors, and 5 ¼ baseboards. This incredible opportunity comes with an unmatched new home warranty!

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12405 N 53rd Drive Glendale, AZ 85304

$689,000

4 Beds

2.5 Baths

3,024 SqFt

Status Active

MLS # 6694030

Property Type Single Family Residence

Price Type --

Absolute charmer on a LARGE private corner lot (with no neighbors behind) in Glendale's popular community of Marshall Ranch! Close to great schools, shopping, events, and Cardinals Stadium, this 4 bed, 2.5 bath property boasts 3,000 sq. ft. of space. Even better? The master suite is downstairs! Light and bright with many windows and French doors. Soaring vaulted ceilings, hardwood floors, and a fireplace compliment the split floor plan! Entertain guests in a fantastic kitchen with upgraded stainless-steel appliances and island. Outside, brick walkways, grass, rose bushes, and trees adorn the LARGE 14,000 sq. ft. lot. Almost 1/3rdof an acre! Marshall Ranch is within minutes of historic Downtown Glendale.4 miles of trails connect multiple parks. Simply a terrific home and area to live!

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11000 N 77th Place -- Unit 2055 Scottsdale, AZ 85260

$689,000

2 Beds

2 Baths

1,651 SqFt

Status Active Under Contract

MLS # 6729185

Property Type Townhouse

Price Type --

Brand new A/C and roof! End unit on the upper level provides stunning views of Camelback Mountain and Starfire golf course. Luxury living on the golf course in central location close to all the amenities in Scottsdale Sovanna Condominiums gated community in the Heart of Scottsdale.Enjoy the convenience of nearby shopping and restaurants. 2 bedroom plus den, attached two-car garage, perfect 'lock and leave' lifestyle. Amenities feature a community pool, fitness center with walking and bike paths. Security system, garage built-in cabinets, sitting area in master with 2 separate patios to relax and unwind in the morning and evenings. Fully furnished!

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2562 N 169th Avenue Goodyear, AZ 85395

Open House

$689,000

2 Beds

2.5 Baths

1,933 SqFt

Status Active

MLS # 6732664

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in the vibrant Pebble Creek Active Adult Community. This meticulously upgraded property offers a blend of luxury and functionality, tailored for the discerning homeowner. Step inside and admire the elegance of plank wood look tile flooring and coffered ceilings with crown molding, enhancing the spacious great room under 11-foot ceilings. Enjoy the convenience of smart led lighting throughout, alongside shutters and a custom shutter for the slider, providing both style and privacy. The heart of the home, the kitchen, boasts granite countertops, LED lighting, stainless steel appliances, and a large granite sink. Discover the joy of cooking with features like 42-inch upper cabinets, soft close drawers, pull-outs, and dual pantries including a walk-in. Additional enhancements include a reverse osmosis system and double drawer functionality, ensuring every culinary need is met. Relaxation awaits in the master suite, featuring upgraded carpeting and padding, added canned lights, and a doggie door for furry companions. The ensuite bathroom offers executive height double sinks, a step-in shower with tile surround and bench, and thoughtful extras like additional outlets and cabinets in the water closet. Entertain effortlessly in your landscaped backyard oasis, complete with travertine, synthetic turf, and LED lighting. Enjoy evenings by the gorgeouse fireplace or cooking on the built-in propane grill, while misters and high-speed outdoor fans keep you comfortable year-round. A covered patio with power shades, along with orange trees and a pony wall with lights and water features, create a perfect outdoor retreat. This home is not just beautiful but also efficient, with upgraded insulation, three-zone variable speed A/C, and smart garage features including epoxy floors and built-in cabinets. The property also includes upgraded 3 zone pvc irrigation, a Paver'd driveway, Lenovo lights, 2nd ensuite bedroom with upgraded carpeting and padding, convenient powder room, and gutter systems into the ground, ensuring every detail is meticulously maintained. Located in the sought-after Pebble Creek Active Adult Community, residents enjoy access to golf courses, pools, fitness centers, and a vibrant social calendar. Don't miss the chance to make this luxurious property your new home!

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1863 E Oxford Drive Tempe, AZ 85283

$688,900

4 Beds

2 Baths

2,084 SqFt

Status Active

MLS # 6741435

Property Type Single Family Residence

Price Type --

Come and see this beautifully remodeled 4 bed, 2 bath, 2 car garage home in South Tempe. NO HOA!! Located just off the 101 you are minutes away from the Chandler mall or Downtown Tempe. As you pull up to the home the brand new custom landscape and fresh exterior paint give it great curb appeal. Through the front door you are welcomed by brand new luxury vinyl plank flooring in the main living areas and plush carpeting in the bedrooms. The open floor plan shows off the brand new kitchen that boasts brand new white shaker cabinets, brushed gold fixtures and hardware, stainless appliances, tiled backsplash and new white quartz countertops. New ceiling fans, door hardware, light and plumbing fixtures throughout the home give it a modern feel. Master suite is brand new and gorgeous featuring a large walk in closet, dual vanity sink, private toilet room and brand new tiled shower. Out back there is plenty of room to entertain in your brand new custom landscaped yard. BRAND NEW WINDOWS and window coverings throughout the home. This one is move in ready! Come and see it today!

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7120 E Kierland Boulevard Unit 316 Scottsdale, AZ 85254

$688,888

1 Bed

1 Bath

770 SqFt

Status Active

MLS # 6726806

Property Type Apartment

Price Type --

Indulge in the epitome of luxury living at 7120 Optima Kierland, where this stunning 1 bedroom, 1 bathroom condo offers a blend of sophistication and an array of world-class amenities. This residence is ideally situated near Scottsdale Quarter & Kierland Commons, providing easy access to premier dining, shopping, and entertainment options. Step inside to discover an open and airy living space with floor-to-ceiling windows, high end appliances, a stunning kitchen and beautiful bedroom. Residents can enjoy a fully equipped gym, locker rooms, business and conference rooms, and a party room with a kitchen for hosting gatherings. Entertainment options abound with a golf simulator, basketball and squash court, and a massage room for relaxation. The Sky Deck offers a resort-style experience with a pool, spa, additional BBQs, and fire pits. Constructed with post-tension concrete and dual-pane low-E glass, this condo ensures peace and quiet amidst the vibrant city ambiance. Secure underground parking. Whether you're seeking a permanent residence or a vacation retreat, the 7120 Optima Kierland building promises an unparalleled lifestyle.

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18738 E Ryan Road Queen Creek, AZ 85142

$688,588

5 Beds

2.5 Baths

2,545 SqFt

Status Active

MLS # 6705379

Property Type Single Family Residence

Price Type --

Great open floor plan with north/south exposure and close to Power Rd, offers convenience and accessibility to shopping, freeways, and excellent schools. Stepps away from the community park and swimming pool. Granite, pantry, island, built in microwave opens to very large family room with additional bonus room beyond! 5th bedroom downstairs. Master Suite upstairs with walk in shower, separate tub and dual sinks with granite counters. Huge walk in closet. Second bath also boasts granite counters. This is truly a wonderful home for your family!

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22898 E Mayberry Road Queen Creek, AZ 85142

$688,567

3 Beds

2.5 Baths

2,407 SqFt

Status Active

MLS # 6646697

Property Type Single Family Residence

Price Type --

You'll love this very charming ''Acacia'' plan. ' The home includes a Gourmet Kitchen w/ SS Chimney Hood, Beautifully upgraded 42'' cabinets, Granite C-top & Tile backsplash,, Tankless Water Heater, Service Garage Door , Atrium Door to patio, ''16 SEER RATING FOR ''AC'' ENERGY STAR HOME ! BARNEY FARMS the newest Premiere Master Planned Community in Queen Creek, w/ RESORT like atmosphere, LAKE COMMUNITY w/ an large Amenity Center, fountains , 2 large Community Pools, Aquatic Center, Pickle Ball, Bocce Ball, Corn Hole, Sand Volleyball, full court basketball , fishing ''catch and release'' kayaking, canoeing, walking trails thru-out. Barney Farms also has KMB K-6 School in the community. A MUST SEE !!

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27155 N 86th Avenue Peoria, AZ 85383

$688,000

6 Beds

4.5 Baths

3,643 SqFt

Status Active Under Contract

MLS # 6709715

Property Type Single Family Residence

Price Type --

Welcome to Westwing Mountains Subdivision in North Peoria, surrounded by the Sonoran desert landscape and the beautiful Westing Mountains off in the distance. With 3532 sq. ft. of interior living space 6 BED + Loft + 4.5 BATH. This home has a perfect Casita offering a comfortable and private flex space for relatives and guests to stay in your home. Elegant dark wood look floors throughout the main level and Casita, white trim and doors, neutral color pallet throughout the home. Open concept main living area with can lighting and updated ceiling fan lights. Modern farmhouse kitchen features stylish white quartz countertops with light colored cabinets, a wood butcher block island, stainless steel appliances and a large farmhouse sink, pantry with frosted glass barn doors and convenient built-in wall to wall storage in the dining room. Full Casita with private entrance, kitchen, bed and bath. Upper level master suite, light and bright with access to your private balcony. Full Master Bath features double sinks, oversized soaking tub and a stand up shower. Spacious loft area with 4 additional bedrooms and 2 additional full bathrooms, main level powder room and workshop offering plenty of functional space for everyone throughout the home. Step outside and enjoy your private mountain views and the desert skyline ! Spacious green space, mature landscaping, covered paved patio for those relaxing nights, sitting back or entertaining. There truly is nothing to do except move in.Neighborhood and property mountain views, close proximity to 303 freeway access, 10 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park.

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1326 N Central Avenue Unit 404 Phoenix, AZ 85004

$688,000

1 Bed

2 Baths

1,491 SqFt

Status Active

MLS # 6748645

Property Type Apartment

Price Type --

Step into the heart of downtown Phoenix and discover this sleek and sophisticated loft! With its open layout and soaring ceilings, this modern architectural gem is the epitome of urban chic. Enjoy surrounding views of the city skyline and mountain ranges from your private rooftop terrace! This is the perfect opportunity to own a piece of downtown Phoenix's vibrant energy! Amenities include Secured entrance with personalized access. Gated Parking, Community Pool/Gym. Private Rooftop. Open Floor Plan. Move in ready or upgrade to your dream loft!

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7632 W Saddlehorn Road Peoria, AZ 85383

$687,990

4 Beds

3.5 Baths

3,020 SqFt

Status Active

MLS # 6703282

Property Type Single Family Residence

Price Type --

Brand new community in North Peoria! Just over 3000 sq ft, this floorplan has It all. 4 bedrooms, 3.5 baths, a den downstairs, a half bath downstairs, a loft upstairs, and a 3-car tandem garage! This home offers so much space and a beautiful open concept with 8 foot interior doors. The outside has a Farmhouse style exterior with included desert landscape and paver driveway. You walk into an open space with wood look plank tile throughout. There is a separate carpeted den area to be utilized as needed. The open concept living, kitchen, and dining area downstairs is great for entertaining. The gorgeous 4 panel sliding glass door that leads you to your outdoor covered patio provides an indoor/outdoor living space. This home features our Harmony design package that includes Carrara Breeze quartz kitchen counter tops, with Fairview white painted cabinets, White Mosaic kitchen backsplash, an undermount single bowl kitchen sink, matte black finish plumbing fixtures, stainless-steel appliances, and much more. Upstairs has a spacious loft for additional living space, along with 4 bedrooms, 3 full baths, and laundry. The primary room has a large walk-in closet, double sinks, a large walk-in shower, and an additional linen closet for extra storage. The 3 additional bedrooms all have spacious walk-in closets as well. Great location close to dining, freeways, parks, and entertainment!

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1199 N Melody Circle Chandler, AZ 85225

$687,950

4 Beds

3 Baths

2,997 SqFt

Status Active

MLS # 6734457

Property Type Single Family Residence

Price Type --

This stunning home sits on an oversized lot and has a gorgeous interior, including 4 bedrooms, 3 bathrooms, an extra office, plus a bonus room. This home is meticulous and move-in ready. The spaciousness of this house, with separate living and family rooms allows you to spread out and enjoy. With the pool-sized backyard, RV gate, an extra pad, and an extra storage room with A/C, the possibilities are endless. Downstairs has an office and bedroom (plus). Upstairs has a cool loft with the 3 other bedrooms. The kitchen is open and has recently been remodeled, and there is tons of extra space with granite counters and black SS appliances. Both of the AC units are less than 1 year. Newer paint, flooring, Blinds, fans, lights, etc. This home has so much to offer and is in a wonderful location.

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