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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7120 W Maya Way Peoria, AZ 85383

$687,900

3 Beds

2.5 Baths

2,466 SqFt

Status Active

MLS # 6739024

Property Type Single Family Residence

Price Type --

Welcome to this elegant 3 bedroom 2 bath home with a den, loft and powder room. Absolutely wonderful mountain setting with breathtaking views from this north south facing homesite in the desirable community of Aloravita. The impressive entry door and mission stair railing set the stage for the elegance of this home. Enjoy the spacious kitchen that includes many upgrades including the cabinets, countertops, refrigerator, double ovens, and water filtration system. Also you will notice that the two tone interior paint is complimented by elegant plantation shutters and 12x24 tile in many areas. This is a rare find for a beautifully appointed home with over $70,000 in upgrades and included extras. (See a list of the many items included in the documents tab.) Don't miss this!

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20808 W Hamilton Street Buckeye, AZ 85396

$687,000

5 Beds

4.5 Baths

3,829 SqFt

Status Active Under Contract

MLS # 6680044

Property Type Single Family Residence

Price Type --

Take advantage of all Verrado has to offer in this stunningly gorgeous home with thoughtful spaces and numerous upgraded features. Enjoy close proximity to Verrado's best schools, parks, trails, and more in your very own large family dream residence designed for comfort and livability, with room for your hobbies and/or work-from-home lifestyle. Enjoy cooking in your gourmet kitchen, complete with a large island, updated cabinets, and stainless steel appliances. The first floor offers a private bedroom with an ensuite and a wrap-around patio. The second story has a spacious master bedroom with a huge master bath featuring a garden tub and double sinks, along with a large closet connected to the laundry room. It's the perfect floor plan for keeping the family organized, with three additional bedrooms and a loft upstairs. You will love the beautiful mountain sunset views from the second floor! Come see! Relax and spread out in style and comfort in this upgraded 4000 sq. ft. home with Whisper Core luxury flooring throughout, featuring EcoForest hardwood bamboo and a custom craftsman staircase. The newly designed backyard provides ample open space for parties and playtime get-togethers. Extra-large bedrooms offer space for your hobbies, while the large 3-car garage includes air conditioning and a newly insulated garage door. If you have a large family looking for an oasis, look no further than Verrado. Move into this stunning 5-bedroom home with numerous elements designed for comfort and convenience. Features include owned solar, smart thermostats, a zero-maintenance backyard, and a temperature-controlled garage. Walking distance to schools and more!

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4292 E John Street Gilbert, AZ 85295

New

$686,225

3 Beds

2.5 Baths

1,737 SqFt

Status Active

MLS # 6759003

Property Type Single Family Residence

Price Type --

This beautiful Textiler plan, 1735 sf single story home with 3 car garage is beautifully laid out with 3 bedrooms and 2.5 baths off a spacious great room with open gourmet kitchen. The master bedroom features a roomy walk in closet and a beautifully appointed master bath highlighted by a gorgeous spa shower and matching vanities. Beautiful tile flooring shows off the wonderful great room which opens to the outside with an expansive 16' atrium glass door. The gourmet kitchen features upgraded 42'' upper Linen cabinets with upgraded crown molding. The granite countertops are highlighted by the upgraded full tile backsplash. This home shows like a dream!

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18215 E Paria Canyon Drive Rio Verde, AZ 85263

New

$685,808

2 Beds

2 Baths

1,945 SqFt

Status Active

MLS # 6759511

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in Trilogy at Verde River an amenity-rich guarded gate community! The Nice floorplan offers 2 bedrooms, 2 bathrooms, a den with French doors, and beautiful upgrades throughout. Enjoy the upgraded central Vacuum system, expanded dining room, and the huge laundry room with a desk and upper and lower cabinetry. The kitchen is stunning with Glisten quartz countertops ,tile backsplash, and high end stainless steel appliances. The primary suite has a lavish ensuite and walk-in closet. Do not miss out! The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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8722 W Denton Lane Glendale, AZ 85305

$685,308

5 Beds

4 Baths

2,700 SqFt

Status Active

MLS # 6743141

Property Type Single Family Residence

Price Type --

MLS#6743141 The Adelaide in the Stonehaven Expedition is perfect for entertaining. As you enter through the foyer, you'll find an expansive main living area that includes a formal dining room, a bright gathering room, and a gourmet island kitchen filled with natural light. The owner's suite is tucked away at the rear, offering a spa-like bathroom and a large walk-in closet. This exceptional home also includes three additional bedrooms, a casita with its own ensuite bathroom and sitting area, and a welcoming outdoor living space. Structural options include: casita with sitting room, bedroom 4 in lieu of storage space, multi-slide door at gathering room, gourmet kitchen, super shower at owner bath.

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1716 W Caramel Court Queen Creek, AZ 85144

$685,045

4 Beds

3 Baths

2,331 SqFt

Status Active

MLS # 6693099

Property Type Single Family Residence

Price Type --

Home To-Be-Built on 1.25 Acre Lot & NO HOA. No Charge for the amazing view! This floor plan is an Absolutely Stunning 4 Bed (GUEST SUITE) & 3 baths! The incredible Gourmet kitchen will make you say Wow! Open concept kitchen to the great room and features 10 ft ceilings. Affordable Quality, 2x6 framing, spray foam insulation & 8' doors live large. The Gourmet kitchen includes Double Wall Ovens, 36'' Cooktop, Built-in Microwave. Select your 42'' Upgraded Cabinets color, Soft Close doors & Upgraded Granite or Quartz at all countertops & Tile in all the right places. Hurry to make changes to this plan. Want to add an office, gym, or bath? There are several layout choices available. Breaking ground soon. AFFORDABLE TURNKEY READY HOME! Check out the documents TAB for specifics.

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6610 E Kings Avenue Scottsdale, AZ 85254

$685,000

3 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6756498

Property Type Single Family Residence

Price Type --

Incredible Opportunity to Own in Prestigious Scottsdale Location! Located in the heart of the Kierland area. Inside, the home is ready for your personal touch. A spacious family room and separate formal living room offer endless potential for customization. Recent updates include a new A/C (2020), new water heater (2023) and new garage door (2024). Low utility bills due to Solar panels! Backyard perfect for entertaining with covered patio and grass. Whether you're looking for a year-round residence or a lock-and-leave getaway, this home has endless possibilities. Situated in the ''Magic'' 85254 zip code and within boundries of highly regarded Paradise Valley School District. Phoenix taxes, Scottsdale address. With prime location and endless potential.

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1801 Artists Draw -- Heber, AZ 85928

$685,000

3 Beds

2 Baths

1,436 SqFt

Status Active

MLS # 6745905

Property Type Single Family Residence

Price Type --

Nestled in the heart of Heber in the Rim Country, this charming 1,436 SqFt home with great room & family room offers a blend of comfort and rustic allure, ideal for those seeking both tranquility and adventure. Set on a sprawling 2.32-acre lot, this 3 BR/, 2 BA home is a rare gem that borders the national forest, providing endless opportunities for outdoor enthusiasts. The property is a horse lover's dream, featuring a well-equipped 3-stall barn complete with a tack room, as well as water and power connections. The barn boasts large turnouts, ensuring your horses have ample space to move and graze. The large round pen is perfect for training or simply enjoying time with your horses. For those with a need for space, the property includes two garages, and the entire property is fenced.

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5942 E Kelton Lane Scottsdale, AZ 85254

$685,000

3 Beds

2 Baths

1,662 SqFt

Status Active

MLS # 6757795

Property Type Single Family Residence

Price Type --

This home has everything that you could want in a highly desirable area of Scottsdale. Light and bright open floorplan offers single level living with a lush outdoor oasis. Both the original owner and current owner have remodeled extensively and made many improvements that make this home move-in-ready and low maintenance. Three bedrooms and two baths. Kitchen/ Family room look out over the covered patio and pebble tec pool with cool deck surround. Raised lounge area offers early afternoon shade... you can enjoy year-round outdoor living. Newer Hot Water heater, Water Softener, Gutters and Variable Speed Pool Pump. The Roof, Kitchen Cabinets and Appliances, 16 Seer HVAC system and Exterior Paint are all only about 10 years old! This home is a rare find in the magic zip code of 8525

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19039 N 264th Avenue Buckeye, AZ 85396

$685,000

3 Beds

2.5 Baths

2,738 SqFt

Status Active

MLS # 6749130

Property Type Single Family Residence

Price Type --

LIGHTLY LIVED IN VOYAGE W/3 BEDS, 2.5 BATHS 2.5 CAR GARAGE. Gorgeous large landscaped corner lot on the mountain side of Festival. Upgrades include Plantation shutters, custom designed entertainment center with fireplace, designer touches on the kitchen island and in the cafe area. Great Room Surround Sound. Fenced yard with extended Travertine Patio, Fire Pit and seating. Look in the documents tab above for more detail. This is a nearly new home and priced well below cost to build.

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206 S Sunset Pass Payson, AZ 85541

$685,000

4 Beds

4 Baths

2,736 SqFt

Status Active

MLS # 6747764

Property Type Single Family Residence

Price Type --

Charming 4-Bedroom Home with Breathtaking Views of the Mogollon Rim & Granite Dells Welcome to your dream home in the prestigious Highlands at the Rim subdivision, ideally located just outside the gates of the Rim Golf Club. This stunning 2,736 sq. ft. residence offers 4 spacious bedrooms and 4 beautifully appointed bathrooms, providing ample space for family and guests. Step inside to discover an open floor plan with soaring ceilings and abundant natural light, highlighting the breathtaking views of the Mogollon Rim and Granite Dells. The main living area seamlessly flows into a well-equipped kitchen, perfect for entertaining or enjoying quiet family meals. A versatile loft area adds a unique touch, offering the perfect space for a home office, media room, or additional living space The potential in-law quarters, featuring a private entrance, provide an ideal setup for multi-generational living or guests seeking privacy. Outdoor enthusiasts will appreciate the home's proximity to the Rim Golf Club, where world-class golf and outdoor adventures await. Whether you're enjoying the serene landscape from your deck or exploring the nearby trails, this home offers a lifestyle of tranquility and natural beauty. Don't miss this rare opportunity to own a piece of paradise with unmatched views and exceptional living spaces. Schedule your private tour today!

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4304 Stage Stop Way Wickenburg, AZ 85390

$685,000

2 Beds

2 Baths

1,969 SqFt

Status Active

MLS # 6742345

Property Type Single Family Residence

Price Type --

Discover the epitome of modern elegance in this nearly new Cypress model in Wickenburg Ranch. Meticulously updated with luxurious features, this home boasts fresh flooring in bedrooms and closets, a sleek gourmet kitchen with a large island, and a stunning sliding glass wall that opens to an expansive outdoor patio and backyard retreat. Enjoy outdoor living at its finest with a BBQ island and cozy firepit, all while backing to a serene wash for added privacy. With PAID SOLAR and a 3 CAR GARAGE, this home combines roominess and sustainability seamlessly.

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