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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4410 W Coplen Farms Road Laveen, AZ 85339

$675,000

4 Beds

3.5 Baths

2,973 SqFt

Status Active

MLS # 6734406

Property Type Single Family Residence

Price Type --

You Have To See This EXCEPTIONAL HOME! LUXURY LIVING at this GATED COMMUNITY with MOUNTAIN VIEWS. Grand HIGH CEILINGS grace the SPACIOUS INTERIOR, featuring a MAGNIFICENT KITCHEN and a sprawling master suite with a LAVISH BATH. Practical amenities include EXTRA ROOF INSULATION, 8-FOOT DOORS, and SOUNDPROOF 6-inch walls. Outside, enjoy RESORT STYLE LIVING with a heated POOL and SPA in a landscaped backyard. RV GATE for convenience.

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1813 E Patrick Lane Phoenix, AZ 85024

$675,000

3 Beds

2.5 Baths

2,677 SqFt

Status Active

MLS # 6742740

Property Type Single Family Residence

Price Type --

Beautiful home in highly desirable Eagle Bluff! Formal living and dining areas welcome guests to this magnificent home. Kitchen has been redesigned with large custom island, stainless steel appliances and an abundance of storage all open to large family room great for entertaining! Upstairs features oversized loft, large master suite and spacious additional bedrooms. In addition to large patio, low maintenance yard features custom gazebo with lighting, ceiling fan and built in bbq. Garage features built in cabinets and additional storage shelf. High end iron work featured both inside and out! This great property is minutes from shopping, schools, freeways and restaurants.

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17341 N 50th Way Scottsdale, AZ 85254

$675,000

4 Beds

2.5 Baths

2,316 SqFt

Status Active Under Contract

MLS # 6731377

Property Type Townhouse

Price Type --

Welcome to your dream home in Scottsdale! This 4-bed, 2.5-bath + den gem, built in 2022 in a gated community, perfectly blends luxury, comfort, and modern amenities. Step inside to an open-concept layout, soaring 10 foot ceilings, two-tone paint, wood plank tile, carpeted bedrooms, 8 foot doors, smart home tech, and custom dimmer lights. The chef-inspired kitchen boasts high-end appliances, quartz countertops, a large center island, and custom white cabinetry and epoxy garage floor. Your private backyard is just the right size! Enjoy community perks like a pool, walking paths, a central park, and a playground. Close to freeways, top-rated schools, shopping and entertainment. Plus, Maricopa County buyers can ask about a $7,000 homebuyer credit through the Community Promise Program

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20857 E Arrowhead Trail Queen Creek, AZ 85142

$675,000

4 Beds

3.5 Baths

2,325 SqFt

Status Active

MLS # 6735444

Property Type Single Family Residence

Price Type --

Welcome home! Right in the heart of Queen Creek, just minutes from Queen Creek Marketplace, Costco and all of the shopping and entertainment that Queen Creek has to offer as well as quick freeway access. This gorgeous 4 bedroom, 3.5 bathroom home has been beautifully upgraded. Outdoor areas includes a large side patio with pavers and the backyard features a heated pool and spa that is perfect for swimming and entertaining all year long. Interior features tile flooring, a gourmet kitchen with quartz countertops and under cabinet lighting! The living room features a custom entertainment center with an electric fireplace as well as automated shades for the rear sliding door. You must see this home to appreciate its beauty! *SELLER IS OFFERING $10,000 IN CONCESSIONS*

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4214 N 36th Street Phoenix, AZ 85018

$675,000

4 Beds

2 Baths

1,608 SqFt

Status Active

MLS # 6707209

Property Type Single Family Residence

Price Type --

Motivated Seller!! Arcadia's Lite most sought-after neighborhood, this exquisite move-in ready home is a true gem. Prepare to be captivated by the stunning backyard oasis, complete with mini-golfing, synthetic grass, pavers for bonfires and BBQs - a paradise of relaxation and entertainment. Ample parking welcomes you at the front, while inside, the beautifully upgraded kitchen, featuring a convenient coffee counter, harmoniously combines with top-tier appliances and stylish lighting.This fully furnished haven offers an unparalleled opportunity, boasting four bedrooms, two baths, and a spacious laundry room for utmost comfort and convenience. With everything in place, all furnishings are included in the price. Notably, the house's sewer system was recently upgrades, MUST SEE!!

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12926 W Katharine Way Peoria, AZ 85383

$675,000

2 Beds

2 Baths

1,925 SqFt

Status Active

MLS # 6732085

Property Type Single Family Residence

Price Type --

Resort Living in this Highly Upgraded Popular ''Nice'' Model, Features a Stainless Gourmet Chefs Kitchen with 36'' Kitchen Aid INDUCTION Cook Top, Wall Oven, Microwave, Granite Counters, Pendant lighting, Decorator Backsplash, Large Sink, Roll Out Shelves & Under Counter Lighting. Great Room features Entertainment Wall w/ Floating Shelves, Stone & FP. Wood Floors in Great-room, DR & Den. Crown Molding & Shutters. Granite & Cabinets in Smart Room W/Sink, Beverage Cooler & BI Desk. Bathrooms Boast Granite Counters, Framed Mirrors & His/Her Vanities in Master. Large Entertainers Private Backyard w/ Multiple Paver Patios for Social Functions. A Covered Patio W/ Commercial Misters, B/I Sundance Spa, Gas Firepit, Fountain, Outdoor Kitchen, Synthetic Grass, Mature Plants & Mountain Views. Custom Glass & Iron Front Door. Garage features Wall of Cabinets for your Storage Needs, Epoxy Floors, New Garage Door Opener, Service Door to Enclosed Trash area. Paver Driveway and Walk Ways. Many upgrades in this Beautiful home. Interior painted in 2023, Exterior painted in 2020, New Water Heater 8/2024

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16210 E Links Drive Fountain Hills, AZ 85268

$675,000

2 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6658826

Property Type Townhouse

Price Type --

Welcome to the prestigious private FireRock Country Club community. This perfect turn key unit with absolutely zero steps is located in the heart of the community. Brand new AC unit (2 months old), new hot water heater, and water softner along with new induction stove. Shades and blinds throughout this unit filled with natural light. Built in shelves in office along with recessed lighting throughout. Wood laminate flooring throughout and security door entry. Built in bar for entertaining your friends and family. Why live somewhere looking at a block wall? Live life with a view! This one will not last long.... its turn-key ready!

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4454 S Octagon -- Mesa, AZ 85212

$675,000

4 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6691654

Property Type Single Family Residence

Price Type --

Welcome to the lovely, ever popular, and growing community of Eastmark! This beautiful 4 bed 3 bath home has luxury written all over it. Updated throughout, from the expansive ''teen room'' in the front as you enter the home that can be used as an extra living area to a spacious open concept kitchen/ living area. Walking out to the backyard you will be welcomed by a builder upgraded sliding glass door that takes up the entire back wall of the property. Perfect for feeling the beautiful weather (almost year-round) Arizona has to offer. The hot tub in the backyard will keep you warm through the winter nights with private views and grass/landscaping that doesn't need constant maintaining. Welcome to your Eastmark home!

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2345 W Dixon Lane San Tan Valley, AZ 85144

$675,000

3 Beds

2 Baths

1,863 SqFt

Status Active

MLS # 6693965

Property Type Single Family Residence

Price Type --

Amazing Custom Home and Horse Property with Mountain Views, on 1.3 acres in the desirable Bonanza Ranch Subdivision. Close to San Tan Mountain Park's riding and hiking trails. Beautifully Remodeled 3 bedroom, 2 bath, home, w/Den, plank style floors. Gourmet kitchen overlooks family room, perfect for entertaining. All new Kitchen with SS Appliances, Solid Wood Cabinetry with soft close, pull out shelving, Quartz counters, and under counter lighting. Master bath and laundry received the same beautiful updates. Spacious Master Suite with Walk in Closet, 3-car extended length attached garage with new insulated doors. All new Dual Pane, Solar Therm Windows throughout. New 5 Ton Train HVAC system w/air scrubbers and surge protection. Your horses will feel Pampered in their Spacious 4 Stall... ...Spacious 4 Stall 32'x44' Mare Motel with electricity, water and misting system. Oil pipe fencing and large gates, w/separate areas for bathing and separating horses. Rear gate for riding out the back of property. Covered Hay storage and still lots of room to store your toys or build a shop. Relax and Enjoy Beautiful Desert Foothills Living at its Finest.

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21752 E Estrella Road Queen Creek, AZ 85142

$675,000

5 Beds

3 Baths

3,482 SqFt

Status Active

MLS # 6693385

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! Rare basement home with a pool in fabulous Queen Creek location! This home has been meticulously maintained and upgraded by the original owners. The home is spectacular. The living spaces are large and welcoming. The main level has 2 bedrooms including the master suite, large living areas, fabulous kitchen with quartz countertops and stainless steel backsplash, new custom cabinetry, all appliances are included. Huge laundry room. Gorgeous LPV flooring throughout main level and bathrooms. Basement level is open and bright. It has a huge great room, den, 3 large bedrooms, full bath, storage room or kitchenette area. Outdoor living has a pool, 2 ramadas, private spa, RV gate. Citrus trees and fig tree. Garage with lots of custom storage.

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4729 N 24th Street Phoenix, AZ 85016

$675,000

3 Beds

2 Baths

1,664 SqFt

Status Active

MLS # 6700443

Property Type Single Family Residence

Price Type --

Marvelous Biltmore Location! Walk to work, restaurants, entertainment, and luxury shopping! This full remodel is in one of Phoenix's most sought-after areas, just steps away from all the action at Biltmore Fashion Park, AMC Theatres, and the new Dimond Premiere LifeTime gym. This single level 3 Bedroom, 2 Bathroom home was completely redeveloped and thoughtfully elevated with efficient design for modern living. This clean and open floor plan features polished concrete floors throughout, new energy-efficient windows, modern LED lighting, and an extended laundry room with loads of storage. Enjoy preparing meals in your spacious new kitchen with quartz countertops, beautiful waterfall island, custom backsplash, stainless steel Frigidaire Professional appliances & new garage!

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922 S 4th Avenue Thatcher, AZ 85552

$675,000

7 Beds

3 Baths

3,632 SqFt

Status Active

MLS # 6719567

Property Type Single Family Residence

Price Type --

Come see this Great Hacienda Ranch home on 2.725 acres This is the place. This was an active Assisted Living Facility and is ready to be activated to operate again if one chooses to run a great business from this home. A very Spacious home with horse privileges. Home is 3,632 sqft and has 2 primary bedrooms., 7-bedrooms and 3 baths. One has a separate entrance which would be great for guest or worker. Tile through-out the entire home. Also, Living, Dining and Family room, Library with built in bookshelves, storage room and game room. It has to two storage units in the back yard where one can be converted into a guest house for workers. The property is loaded with fruit trees like peaches, apples, figs, grapes, and orange trees. It also has one of the best views of Mt Graham. Must see!

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