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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11000 N 77th Place Unit 2085 Scottsdale, AZ 85260

$650,000

2 Beds

2 Baths

1,571 SqFt

Status Active

MLS # 6752086

Property Type Townhouse

Price Type --

Experience modern living in the gated Sovanna Condominiums at Scottsdale Country Club! This charming unit offers 1651 sqft with 2 beds, 2 baths, & a 2-car garage. Home exudes elegance with plantation shutters, neutral paint, tons of natural light, and tasteful flooring - tile & plush carpet. You'll love the inviting great room that seamlessly blends the main areas, adorned w/gas fireplace! The impressive kitchen boasts granite counters, a pantry, track lighting, designer backsplash, ample wood cabinetry, and a 2-tier peninsula w/breakfast bar. The den provides versatility! Primary bedroom is a true retreat, featuring an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Multiple sliding doors open to two cozy balconies, one of which overlooks the common area! Make it yours!

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3935 E Rough Rider Road Unit 1319 Phoenix, AZ 85050

New

$650,000

3 Beds

3 Baths

2,063 SqFt

Status Active

MLS # 6759281

Property Type Townhouse

Price Type --

Your opportunity to own the Sovanna floor model in Villages at Aviano, featuring 3 bedrooms, 3 full bathrooms, 2-car garage with storage & outdoor patio is here! Primary bedroom offers a bonus room & ensuite bathroom with dual sinks, & separate shower. Upgrades include beautiful granite, stainless steel appliances, bronze finishes, built in entertainment console, surround sound, laundry room sink & all tile flooring (no carpet). Villages at Aviano is gated with a community pool & homeowners enjoy privileges at the 16,000 sq/ft Aviano club house with a resort style pool, spa, fitness center, meeting & banquet rooms, tennis, basketball, sand volleyball, park & walking paths. Desert Ridge offers shopping, dining & close access to the 101 & 51 highways.

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3219 E Redwood Lane Phoenix, AZ 85048

New

$650,000

4 Beds

2.5 Baths

2,490 SqFt

Status Active

MLS # 6760095

Property Type Single Family Residence

Price Type --

Beautiful single-family home featured in the highly sought after Lakewood subdivision located along the Ahwatukee foothills in southern Phoenix, AZ. This home incorporates a subtle balance of contemporary finishes with a modern farm style design. The home features 4 bedrooms, 2.5 full bath(s), 2,490 sq ft open concept floor plan, nicely appointed kitchen w/ granite countertops, large [eat-in] island, raised panel cabinetry, ss appliances, gas cooking, and pantry. Also, this home features both formal & informal living spaces w/ fireplace, an upstairs loft den/flex space, 9ft+ ceilings, updated bath(s), luxury vinyl plank flooring, modern plumbing/lighting fixtures [fans], plantation shutters, New Roof, New HVAC [2yrs old], New Water Heater, and a dedicated master retreat featuring a.. spacious sleeping quarters, stand alone soaking tub & large step-in shower, dual sinks, and walk-in Closet.. Lastly, the home features a 3-car garage, low-maintenance front yard w/ fountain, RV parking/gate, and a private [resort style] backyard featuring gorgeous pebble-tech pool, grass turf, mature landscaping, and covered patio space--perfect for entertaining guests & family. Lakewood subdivision offers residents plenty of walking & bike paths, lake views, green spaces, and is just minutes away from great shopping, restaurants, and entertainment.

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5902 E Tandem Drive Cave Creek, AZ 85331

$650,000

3 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6725869

Property Type Single Family Residence

Price Type --

Don't miss this incredible opportunity to own a spacious home in a sought-after neighborhood, boasting the BEST PRICE in the area! With great bones and a solid foundation, this home is perfect for your own unique customization and ability to add your own touch. It's an ideal canvas for your vision. Discover the endless possibilities. Go check it out yourself!

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4116 N 17th Avenue Phoenix, AZ 85015

$650,000

4 Beds

2 Baths

1,801 SqFt

Status Active

MLS # 6744567

Property Type Single Family Residence

Price Type --

4-bedroom home has been turned into something amazing! Large corner lot w/ great curb appeal. Lovely front porch, circular paved driveway, ample parking, & additional detached garage, can be a workshop or guest house. Enter & fall in love! Gorgeous spacious open floorplan overlooking the backyard & sparkling pool. Inviting LR adorned w/ large windows & dining area w/ patio doors leading to the backyard & pool. Large covered patio allows for entertaining or just to relax & enjoy! Brand new chef's kitchen w/ new cabinetry, accented wall shelving, large island, fixtures, appliances, etc. All new baths. 4th bedroom/game rm, or office w/ fireplace. Located near the Melrose District, close to restaurants, Seller is open to offering Seller to Buyer concessions.

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6321 S Teresa Drive Chandler, AZ 85249

$650,000

4 Beds

3 Baths

1,813 SqFt

Status Active

MLS # 6732899

Property Type Single Family Residence

Price Type --

Welcome to this well-kept, fantastic 4-bedroom, 3-bathroom, pristine Pool and Spa, two-story home located in the highly sought-after Cooper Commons neighborhood in Chandler. Step inside to find a meticulously maintained home with a bright and airy living space. The kitchen is equipped with brand-new high-end appliances. Each bathroom has been stylishly updated, adding a touch of elegance to the home. The luxurious master bedroom features two master closets, providing ample storage space. The garage boasts an epoxied floor for a clean and polished look. Don't miss the opportunity to own this immaculate home! Don't miss the opportunity to own this immaculate home! Key Features: Spacious open concept living areas with new carpet Cozy Kitchen with brand new appliances Stylishly updated bathrooms Luxurious master bedroom with two master closets and new standing shower Epoxied garage for a polished look Pristine pool and spa with a new energy efficient pump Newer roof, hot water heater, and AC unit Beautiful new turf in the front yard

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32581 N 133rd Avenue Peoria, AZ 85383

$650,000

3 Beds

2 Baths

2,043 SqFt

Status Active Under Contract

MLS # 6748299

Property Type Single Family Residence

Price Type --

Nestled in the impressive Peoria community of Vistancia is a residence that epitomizes elegance and modern luxury. This stunning home offers a harmonious blend of sophisticated design and comfortable living, making it an ideal retreat for those seeking a refined lifestyle. As you approach the property, you are greeted by a beautifully landscaped front yard and an inviting covered porch entrance that sets the tone for the elegance that lies within. The exterior boasts a tasteful combination of architectural elements, creating an impressive curb appeal that is both timeless and contemporary with mountain views on 3 sides of this dynamic property. With the perfectly designed corner lot there is no adjoining homes to the back and one side. Step inside, discover a spacious and thoughtfully.. designed interior. The open floor plan seamlessly connects the living spaces, allowing for an abundance of natural light to fill the home. High ceilings and premium finishes enhance the sense of luxury throughout the residence. The gourmet kitchen is a chef's dream, featuring state-of-the-art appliances, elegant cabinetry, and ample counter space. It opens to a cozy yet expansive living area, perfect for both intimate gatherings and grand entertaining. The adjacent dining area provides a sophisticated space for formal meals and celebrations. The bedrooms are generously sized, offering peaceful retreats with ample storage and comfort. The primary suite which is split from the other bedrooms is particularly impressive, featuring a spa-like en-suite bathroom with modern fixtures and finishes, providing a private sanctuary for relaxation and rejuvenation. The additional bedrooms and bathrooms are equally well-appointed, ensuring comfort and convenience for all. Outside, the backyard is a private oasis. Whether you are lounging on the patio, dining al fresco, or simply enjoying the beautiful Arizona weather, this outdoor space with impressive pool, outdoor fireplace and more is designed for leisure and enjoyment. The meticulously maintained landscape adds to the home's charm and provides a serene backdrop for outdoor activities. The desirable Vistancia community offers easy access to a wealth of amenities, including parks, recreational facilities, shopping, easy freeway access, golf, and dining options. The community's friendly atmosphere and convenient location make it a wonderful place to call home. This home is more than just a residence; it is a sanctuary where elegance meets comfort, offering a lifestyle of unparalleled luxury in the heart of Peoria's Vistancia community.

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35838 W Buckeye Road Tonopah, AZ 85354

$650,000

2 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6734574

Property Type Manufactured Home

Price Type --

Great location on West Buckeye Road, 3 parcels totaling more than 7 acres of land with a remodeled 1,344 SqFt manufactured home. This land used to produce an assortment of organic fruits and vegetables alongside large quantities of honey and citrus. With 3 water wells for irrigation, this land is prime for farming. The 4 acre parcel with the home has been rezoned agricultural, with surrounding area being developed. Ready to live and invest. A must see!

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1326 N Central Avenue Unit 305 Phoenix, AZ 85004

$650,000

2 Beds

2.5 Baths

1,760 SqFt

Status Active

MLS # 6693883

Property Type Apartment

Price Type --

Seller willing to prepay one year HOA fees as incentive! BRAND NEW AC! Welcome to your new downtown dream loft! Take in an amazing cityscape from the large open 3rd floor living area, including kitchen, dining, living room, half bath, and patio. An entertainer's dream! Kitchen recently updated with all new appliances and gorgeous quartz countertops. New light fixtures and hardware throughout. As you head downstairs you'll find a functional office/flex space, complete with your guest's favorite murphy bed. In the grand primary, you'll have a luxurious walk-in closet, double vanity, spacious shower, and soaking tub. Lower level also includes a full secondary bedroom with its own private patio, second bathroom, ample storage, and laundry room with brand new washer/dryer (+ more storage!). All this AND an owned EV charging station! Conveniently located in the heart of Downtown Phoenix. Walking distance to the Roosevelt Row Arts District, Burton Barr Library, Margaret T. Hance Park, The Japanese Friendship Garden, and all of the excitement of DTPHX. You won't want to miss this opportunity!

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1208 W Random Way Payson, AZ 85541

$650,000

2 Beds

2 Baths

2,282 SqFt

Status Active

MLS # 6724003

Property Type Single Family Residence

Price Type --

For a quiet retreat with space to spread out on close to an acre. Need a place to park your RV? This home has plenty of room with the 2 car garage attached to the house and an additional 2 car garage/shop in the out building. Add to that a set up for covered RV parking. We have you covered...Don't forget the park and golfing down the street. Newly painted throughout with new flooring in kitchen, great room and hallway and new carpeting in bedrooms. New chain link fence as well. Green Valley Park and Payson Golf down the street. Take a peek in the utility room and see another storage area.....

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15999 W Montana De Oro Drive Surprise, AZ 85387

$650,000

4 Beds

3 Baths

2,515 SqFt

Status Active

MLS # 6747387

Property Type Single Family Residence

Price Type --

Gorgeous Home in Escalante For Sale that's better than new! The home has over $100,000 in upgrades all the way throughout, starting with the exterior that has charming curb appeal, front yard landscaping with lighting and irrigation, extra wide driveway pavers for additional parking, and additional pavers to the gate and beyond perfect for RV's, boats, toys, you name it! The interior has been completely upgraded as well, featuring soaring 10ft ceilings, 8ft doors, and a split floor plan that feels airy and bright! Notice the neutral wood look tile flooring and paint that go with any color! The kitchen is a chef's kitchen with massive island, 4-inch granite countertops, Upgraded GE Café Stainless Steel Appliances, custom drawers throughout, under cabinet lighting, and more! For gas cooking enthusiasts, it's stubbed and ready, too! The kitchen opens to the spacious family room, perfect for family time or entertaining, and features the 16 foot atrium sliding doors, giving that indoor-outdoor feel! The master bedroom is large, and boasts a resort style ensuite with raised countertops, double sinks, and a super-shower with two shower heads and granite bench, plus a massive walk-in closet! The additional bedrooms are spacious as well, and the secondary bathrooms have been equally upgraded. If that's not all, you'll love the flex space that could make for a perfect office, workout room, or craft space, the 3 car tandem garage with epoxy flooring, tankless water heater, spacious laundry room with stainless steel sink, and all the upgraded lighting and fans throughout! The backyard is your blank canvas, with plenty of space for a pool. Builder incentives are nice, but this house has it all, plus builder warranties, and with no build time! Escalante is a vibrant and family-friendly neighborhood renowned for its exceptional amenities and outdoor lifestyle. Nestled within this community are charming tree-lined streets that provide a serene backdrop to everyday living. Residents enjoy easy access to scenic hiking trails that invite exploration and adventure right at their doorstep. The neighborhood boasts a state-of-the-art aquatic center, perfect for relaxation and recreation. With eight select parks featuring ramadas, basketball courts, pickleball courts, and bocce ball courts, there's no shortage of recreational options. For disc golf enthusiasts, an 18-hole course offers a fun challenge, while a thrilling zip line provides endless enjoyment for kids. Escalante seamlessly blends active living with relaxation, making it an ideal place to call home. Welcome home!

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14638 N 7th Place Phoenix, AZ 85022

$650,000

4 Beds

2.5 Baths

2,989 SqFt

Status Active

MLS # 6747477

Property Type Single Family Residence

Price Type --

Stunning remodeled property with OWNED SOLAR and NO HOA! Incredible vaulted ceilings, a soothing palette, warm wood flooring, a wet bar, & a stunning two-way fireplace that also serves the family room for cozy gatherings w/ loved ones. The eat-in kitchen features granite counters, abundant white cabinetry, pendant/recessed lighting, sleek SS appliances, a pantry, & a peninsula w/ a breakfast bar. You'll also find a den ideal for an office or study. The main bedroom offers direct backyard access, an ensuite w/ dual vessel sinks, & a walk-in closet. Venture outside to the enchanting backyard, boasting a full-length covered patio & a refreshing pool. Make it yours

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