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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7549 E Belleview Street Scottsdale, AZ 85257

$650,000

5 Beds

3 Baths

1,888 SqFt

Status Active

MLS # 6753069

Property Type Single Family Residence

Price Type --

Welcome to your rare 5-bedroom, 3-bathroom gem in South Scottsdale, where 1,888 sq. ft. of meticulously updated living space awaits. Ideally located minutes from Old Town Scottsdale, Sky Harbor Airport, and major highways, this home offers the perfect blend of beauty, convenience and comfort. Step into the bright and open entertaining area, where natural light pours in, creating a warm and inviting atmosphere for gatherings with friends. The kitchen, featuring granite countertops, a breakfast bar island, stainless steel appliances, and ample cabinetry, is a chef's dream and the true heart of the home. Outside, your private oasis awaits. The solar-powered automated gate leads to private parking. The cabana is the ideal spot for dining al fresco. The freshly painted interior and exterior, along with new flooring, doors, and bathroom updates, ensure that this home is completely move-in ready. The neutral palette provides a versatile backdrop for your personal style, while the low-maintenance landscaping frees up more time to enjoy the lifestyle you've been dreaming of. Imagine hosting barbecues under the custom patio overhang, or simply unwinding in the peaceful surroundings of your own private retreat. With plenty of parking and a layout that encourages both indoor and outdoor living, this home is designed to accommodate your every need. Here, in this thoughtfully updated space, is where your next chapter unfolds -beautifully. Updates to the home include *NEW HVAC 2023 East side & New air handler West side 2023. *Custom Granite Island 2020. *Front door new 2023. *Paint inside and out 2024. *Flooring all beds and rear LR 2024. *STAINLESS STOVE & Dishwasher Dec 2023. *East side fence running N&S & Front facing North both East and West sides of home 2023, Custom automatic gate alley back of property with custom electrical auto open and shut by remote - SOLAR POWERED 2024. *Patio flagstone south side property backyard 2022. *Water heater 60 gallon 2023. *All bathroom light fixtures, mirrors, shower faucets 2023. *Duct cleaning entire house May 2023. *New main shut off valve and plumbing 2024. *Custom vanity area master with electrical 2023. *New interior doors all rooms 2023. *Landscaping - new River rock front and backyard 2023. *New Pantry N side of Kitchen hallway 2022. *ADDITIONAL 2 BEDS 1 BATH 2012. *Custom overhang southside patio covering 2024. *Resurface bathtubs both bathrooms with tubs East side and west 2024. *Kitchen cabinets and island - resurface all cabinets 2024. *Bathroom vanity/cabinets resurfaced east and west side 2024.

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11257 N 37th Street Phoenix, AZ 85028

$650,000

4 Beds

2 Baths

2,489 SqFt

Status Active

MLS # 6724212

Property Type Single Family Residence

Price Type --

This charming 4-bedroom, 2-bathroom home with an office and a bonus room feels brand new. It features a recently updated roof, hardwood flooring, and remodeled bathrooms. The modern kitchen includes a breakfast bar, custom countertops and cabinets, and new stainless-steel appliances. The property also boasts a family room, great room, dining room, and a Pebble Tech pool. Located just half a block from schools, parks, and baseball fields, it's perfect for families or anyone looking to enjoy the best of Arizona living. Situated on a corner lot in a cul-de-sac in Phoenix, this single-level home is close to shopping, dining, freeways, and more.

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12622 N 58th Avenue Glendale, AZ 85304

$650,000

5 Beds

3 Baths

4,059 SqFt

Status Active

MLS # 6724205

Property Type Single Family Residence

Price Type --

Discover this 5-bed, 3-bath gem nestled in a friendly community, offering 4,059 sq ft of spacious living. The upgraded kitchen is a chef's dream, complete with modern amenities. The master suite features a luxurious, renovated bath, setting the tone for ultimate relaxation. Fresh paint elevates the interior, giving it a new, vibrant look. Step outside to a low-maintenance backyard, complete with a massive workshop for the DIY enthusiast. The 3-car garage boasts custom cabinets, plus an RV gate for added convenience. Situated in the highly-rated Peoria Unified School District and minutes from 101 & I-17 freeways, shopping, and dining. Don't miss this exceptional home!

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16041 S 184th Drive Goodyear, AZ 85338

$650,000

5 Beds

3 Baths

2,778 SqFt

Status Active Under Contract

MLS # 6735587

Property Type Single Family Residence

Price Type --

Nestled in the picturesque Estrella Mountain Ranch, this charming single-level home, just a few years old, offers a perfect blend of comfort and luxury. Boasting 5 spacious bedrooms and 3 modern bathrooms, it provides ample space for family living. Enjoy breathtaking mountain views and a resort-style setting featuring a pool with water slides, a serene lake, a well-equipped gym, a golf course, and on-site restaurants. Explore miles of scenic walking trails right outside your door. This home is an ideal retreat for those seeking a vibrant community and an active lifestyle.

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2698 Albers Drive Forest Lakes, AZ 85931

$650,000

2 Beds

2 Baths

1,166 SqFt

Status Active Under Contract

MLS # 6701236

Property Type Single Family Residence

Price Type --

SELLER IS MOTIVATED. Modern Cabin Living Redefined - Welcome to 2698 Albers in Forest Lakes, your tranquil retreat nestled in nature. This remarkable cabin has undergone a comprehensive remodel, transforming each space with meticulous attention to detail and modern conveniences while preserving its rustic charm. Just two hours from the Valley, this exquisite property not only backs to the National Forest, providing unmatched privacy and direct access to serene landscapes, hiking trails, and wildlife, but also offers a host of luxurious updates. Step inside to discover a beautifully redesigned kitchen, a true highlight of the home, featuring stunning butcher block countertops, new forest green cabinets, and new appliances that provide both beauty and functionality... A new curtain farmhouse sink complements the rustic aesthetic, while providing a modern culinary experience. The kitchen opens seamlessly into the living area, making it ideal for gathering and entertaining. The cabin's accommodations have also been thoughtfully enhanced. Custom-built bunks in the separate bunkhouse have been installed, creatively designed to maximize space while providing comfortable sleeping arrangements for guests. This plus the main house, the cabin comfortably sleeps up to 9 people, perfect for family gatherings or weekend getaways with friends. There are no rental restrictions at this property! Energy efficiency and sustainability are paramount with the addition of new tankless water heaters, ensuring a continuous supply of hot water on demand while reducing energy consumption. The exterior has been equally updated with new metal roofs on all three buildings (including the oversized 2-car garage!), enhancing durability and lending an updated aesthetic to the property's exterior. Each detail in this cabin has been crafted with comfort and style in mind, creating a warm and inviting atmosphere that makes every visit memorable. Whether it's a cozy winter evening by the fire or a cool summer night under the stars, 2698 Albers is your perfect home away from home. Experience modern cabin living at its finest, where every day feels like a luxurious escape.

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4024 E Shangri La Road Phoenix, AZ 85028

$650,000

3 Beds

2 Baths

1,608 SqFt

Status Active

MLS # 6724463

Property Type Single Family Residence

Price Type --

Located in the desirable Shea Corridor, this beautifully updated property offers a blend of modern amenities and comfortable living. Step inside to find your perfect home, featuring two versatile living spaces with easy-to-maintain flooring that flows seamlessly throughout. The modern kitchen is a chef's delight, boasting a large island and stunning quartz countertops, ideal for cooking & entertaining. The primary bedroom serves as a private retreat, complete with an updated ensuite bathroom. Two additional spacious bedrooms designed for comfort & relaxation. Situated on a huge lot, the outdoor space includes low-maintenance artificial turf, perfect for outdoor activities. A large covered patio offers the ideal spot to enjoy the outdoors, and an RV gate for additional parking & storage needs. Recent updates feature a newer roof, HVAC system, windows with Bulldog security screens, water softener, and reverse osmosis system. The spacious two-car garage comes with an extra storage space. Located near shopping, entertainment, and with easy freeway access, this home makes your daily commute a breeze. Situated within the highly regarded Scottsdale School District, don't miss the opportunity to own this beautiful home in a prime location!

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9022 W Ross Avenue Peoria, AZ 85382

$650,000

5 Beds

2.5 Baths

2,764 SqFt

Status Active

MLS # 6748230

Property Type Single Family Residence

Price Type --

You will LOVE this well taken care of 5 bedroom, 2.5 bath, 3 car garage home. This amazing home has huge kitchen with granite counter tops, kitchen island and large walk-in pantry. The master suite has plenty of room to relax, with master bathroom featuring dual sinks, separate tub and shower. Upstairs features open loft area with large secondary rooms. The resort style backyard is amazing with pool, gazebo including built in BBQ on a huge lot with no neighbors behind. In last two years owners have updated AC units, pool eq, carpet, and so much more. Come check it out and fall in love.

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25826 N 20th Lane Phoenix, AZ 85085

$650,000

3 Beds

2.5 Baths

2,567 SqFt

Status Active

MLS # 6707703

Property Type Single Family Residence

Price Type --

Welcome to this extensively upgraded 3 bed 2.5 bath home in the best location in Union Park at Norterra a master planned community! No expense was spared when it came to upgrading this home! Situated on the best lot overlooking an expansive green space with ramada. Dog park & playground are a short walk away! As you step through the front door, you're greeted by an abundance of natural light illuminating the spacious open-concept living area with wood look tile. The gourmet kitchen boasts built in appliances, gas cooktop, quartz countertops, Double stacked cabinets, & a farmhouse sink making it a culinary haven for both cooking enthusiasts & entertainers alike. Upstairs you'll find a spacious loft, laundry room, & a split floor plan for privacy. Enjoy your immersive finished with an earthy vibe of natural travertine tile, custom stained wood wall art, & low maintenance synthetic grass. This is the perfect low maintenance home with the HOA maintaining all of the grounds outside of your backyard! Union Park at Norterra offers an array of resort-style amenities, including a heated community pool, kiddie splash pad, pickleball, basketball, parks, playgrounds, a 5,500sq ft community center with activities providing endless opportunities for recreation & relaxation right at your doorstep. With convenient access to Taiwan Semiconductor Manufacturing Company (TSMC) plant, walking distance to shopping, dining, top-rated schools in the Deer Valley School District, & major freeways like the i-17, 101, & 303, this home truly offers the best of both worlds, a peaceful retreat with urban convenience! Don't miss your chance to experience luxurious living in Union Park at Norterra. Book your private tour today & make this dream home yours before it's gone!

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18138 W Robin Lane Surprise, AZ 85387

$650,000

5 Beds

3 Baths

3,021 SqFt

Status Active

MLS # 6656137

Property Type Single Family Residence

Price Type --

Nestled in a tranquil neighborhood, this captivating two-story pool home offers plenty of space for relaxation and entertainment. With 5 bedrooms and 3 bathrooms, there's an abundance of space for both personal retreats and gatherings. This residence is not only designed for luxury living but also for practicality. The NextGen suite, with its private entrance, refrigerator, and bathroom offers flexibility for guests, in-laws, or the opportunity for rental income. A bonus den downstairs provides a versatile space for a home office, playroom, or guest room. Upstairs, a massive loft creates the perfect canvas for a home theater, game room, or additional living space tailored to your lifestyle and the convenience of an upstairs laundry room adds to the overall functionality of the home... The kitchen is adorned with stainless steel appliances and centered around a generous island. Whether you're hosting a dinner party or enjoying a quiet family meal, this kitchen is equipped to meet your needs. The property features extra space for side parking behind an RV Gate that includes a 50 AMP RV plug, but what truly sets this property apart is its unparalleled privacy, backing up to a serene wash that ensures peace and seclusion. Step outside onto your massive patio (or deck if you are on the second floor) where a pebble-finished pool finished with travertine deck and a putting green awaits, providing both entertainment and relaxation in your own backyard. Motivated sellers open to all offers.

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5734 S Veneto -- Mesa, AZ 85212

$650,000

5 Beds

3 Baths

2,952 SqFt

Status Active

MLS # 6717738

Property Type Single Family Residence

Price Type --

PRICED $50k BELOW the competition and the cost to build this home brand new. Why wait 6+ months for build time when you can move in NOW??? This NEW home boasts endless upgrades and high end finishes throughout. The heart of the home, the kitchen, is designed for both beauty and functionality. With high-end appliances, ample counter space, and elegant cabinetry, it's a chef's dream come true. This home has also just undergone a thorough inspection by a trusted third party for the one-year builder walkthrough. A transferable builder warranty, ensuring continued satisfaction for years to come is also included. Outside, the possibilities are endless in the backyard, awaiting your personal touch to transform it into your dream oasis. Don't miss out on the BRAND NEW GEM!! Whether you envision a serene retreat with lush landscaping or an entertainer's paradise complete with a pool and outdoor kitchen, this space is primed for your imagination. Experience luxury living at its finest in this meticulously crafted home, where every detail has been thoughtfully considered for both style and practicality.

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10510 E Clinton Street Scottsdale, AZ 85259

$650,000

3 Beds

2 Baths

1,556 SqFt

Status Active Under Contract

MLS # 6708952

Property Type Single Family Residence

Price Type --

REMODELED single story home REBUILT in 2011 complete with vaulted ceilings, fire sprinkler system, flooring, windows, roof and more. Inviting spacious open floorplan greets you as you step into this light bright updated home. Low maintenance front yard, extended back patio and grass backyard create a wonderful experience to enjoy the AZ weather year round. Kitchen features: stainless steel appliances, beautiful cabinetry, overlooks backyard and opens to breakfast area. Welcome Home!

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6958 E Mirabel Avenue Mesa, AZ 85209

$650,000

4 Beds

2.5 Baths

3,136 SqFt

Status Active Under Contract

MLS # 6690553

Property Type Single Family Residence

Price Type --

This stunning 4 bed, 2.5 bath home offers the perfect blend of comfort and convenience. Inside, you will be dazzled by the grand vaulted ceilings and open space that flows seamlessly through the great room, family room, and kitchen. Floor-to-ceiling like windows fill the home with natural light. The primary bedroom grants backyard access and showcases a fully remodeled pristine master bathroom. Upstairs boasts three additional bedrooms, a full bath and a loft perfect for family movie or game nights. Enjoy the sparkling pool in your backyard retreat. Close to fine dining, shopping, and entertainment, with easy freeway access, this home puts every convenience within reach.

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