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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1408 Vista Montana Road Unit 10 Sedona, AZ 86336

$649,900

3 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6732197

Property Type Townhouse

Price Type --

Location Location Location! Vista Montana is one of the most desirable subdivisions to live in due to accessibility to amenities yet is quiet & peaceful at the same time. This beautiful two-story home has an airy, open feel, with high ceilings & three outdoor spaces: back patio, front patio, & upstairs primary balcony. Home has ample parking with an oversized single car garage, an uncovered spot, plus right in front of garage. Popping into Whole Foods, ACE Hardware, Sky Rock for a cocktail to take in the lovely views, Airport Mesa for hiking, or up to Posse Grounds Park for mountain biking, hiking trails, the Dog Park, & events at the outdoor amphitheater has never been easier or faster. This well-maintained subdivision has a community pool and clubhouse in addition to friendly neighbors.

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19852 W Heatherbrae Drive Litchfield Park, AZ 85340

$649,900

4 Beds

3 Baths

2,651 SqFt

Status Active

MLS # 6741804

Property Type Single Family Residence

Price Type --

TWO HOMES IN ONE. - 3 bed, 2 bath (1,967 sq ft) Main Home with an attached 1 bed, 1 bath Casita/Guest Suite (682 sq ft) with full kitchen, separate entrance and 1 car garage, all on one level. Ideally suited for extended family/in-laws, Guest Suite or fantastic separate work at Home Office. Tile floors throughout (no carpet), Slide out shelves in the kitchens and baths; Overhead storage racks in garages, ceiling fans, reverse osmosis and soft water systems. Extended patio with beautiful marble pavers, landscaped backyard with low maintenance synthetic grass.,

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11910 E Amanda Road Gold Canyon, AZ 85118

$649,900

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6753721

Property Type Single Family Residence

Price Type --

A MUST SEE Home in Gold Canyon. Photos don't do justice to this charming 3 bedroom 2 bathroom newer home located in Gold Canyon. Enjoy your time on the front patio morning or night. Inside you will find the 2 additional bedrooms (one with murphy bed) to the right and office to the left. Continuing, the beautiful tile floor leads you into a spacious entertainers kitchen. Kitchen features stainless steel appliances, wall ovens, quartz counter tops, island and dark cabinets. Kitchen opens up to family room which has stunning views. Main bedroom is located off of the family room in the back of the house. Backyard features artificial turf, easy to maintain landscaping and a great space to host!

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1976 S Follett Way Gilbert, AZ 85295

$649,900

4 Beds

3.5 Baths

2,084 SqFt

Status Active

MLS # 6756086

Property Type Single Family Residence

Price Type --

This FANTASTIC 2018 home on a UNIQUE PREMIUM lot is full of UPGRADES! GOURMET kitchen w/stacked espresso stained cabinets, quartz countertops, stainless appliances including new dishwasher + island w/breakfast bar! Open concept great room w/wall of sliders! Head upstairs to 4 bedrooms (all with walk-in closets), 3 baths + a loft! Primary bedroom w/GORGEOUS ensuite bath w/BIG shower + built-in seat! Head outside to your EXTRA LARGE low maintenance backyard w/covered patio, pavers + faux grass! Carpets were cleaned, grout re-stained on the upgraded tile flooring + garage epoxy! This home is truly move-in ready!! Rare in this community to have a driveway! Don't miss this opportunity! Close to SO many wonderful restaurants/shopping including Agritopia, San Tan Village and MORE! WELCOME HOME! Upgraded options include hand-applied 95% smooth finish drywall, 5 baseboards, two-tone paint, wood-grain tile flooring, and plush carpet in the bedrooms. The 4th bedroom includes a full bath, and all bedrooms are equipped with spacious walk-in closets. Step outside to a meticulously landscaped backyard, complete with pavers, artificial turf, low-voltage lighting, and a stucco wall, perfect for relaxing or entertaining.

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12911 W Segovia Drive Litchfield Park, AZ 85340

$649,900

3 Beds

2.5 Baths

2,398 SqFt

Status Active

MLS # 6716226

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOME WITH AMZAING FEATURES. INSIDE YOU'LL ENJOY A OPEN CONCEPT FLOOR PLAN, WITH WOOD FLOORING THAT BLENDS INTO THE KITCHEN WITH TRAVERTINE TITLE AND SILESTONE COUNTERTOPS. LARGE MASTER BEDROOM WITH WALK-IN CLOSET & A SEPARATE OFFICE AREA! HOME IS EQUPIED WITH 3 CAR GARAGES THAT IS NOT A TANDEM, SECURITY DOORS, (PAID IN FULL) SOLAR PANELS, COVERED PATIO IN BACK YARD WITH EXPANDABLE SHADES, POOL, JACUZZI, & 2 FRUIT BEARING TREES. CLOSE TO THE I-10, 101, WESTGATE ENTERTAINMENT DISCTRICT, AND LUKE AIRFORCE BASE. YOU'VE GOT TO COME SEE THIS HOME TODAY!!!

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9565 W Marco Polo Road Peoria, AZ 85382

$649,900

2 Beds

2.5 Baths

2,339 SqFt

Status Active

MLS # 6755401

Property Type Single Family Residence

Price Type --

MILLION DOLLAR VIEW!! Elevated Golf Course Lot W/ Stunning Water Views Within Ironwood Estates At Westbrook Village.Kitchen Boasts Newer Cabinets W/Pull Out Drawers,Granite Counters,SS Appliances Including Gas Cooktop,Double Pantry W/Pull Outs.Kitchen And Primary Bedroom Have Bay Windows.2 Bedroom, 2.5 Baths. Guest Bedroom Is Used As An Office W/ Murphy Bed.Primary Bath Has 2 Sinks, Private Toilet Area, Granite Counters And A Huge Walk-In Shower! Both Baths Have Been Remodeled. Extended Covered Patio W/ Saltillo Tile, Built-In BBQ,Surround Sound,Ceiling Fans And Roll Down Screens! Plantation Shutters Through-Out! Kool Decking In Front Courtyard As Well As Sidewalk Leading To Back Covered Patio.Kool Deck Parking Pad Behind Lg Side Gate.HVAC 2023 And Roof 2017. Wrought Iron Fence Out Back!

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7805 W Noble Prairie Way Florence, AZ 85132

$649,900

2 Beds

2.5 Baths

2,541 SqFt

Status Active

MLS # 6757218

Property Type Single Family Residence

Price Type --

**This is the one!!** You'll be hard pressed to find another home like this in Anthem at Merrill Ranch. Absolutely immaculate with amazing upgrades and a private Oasis for a backyard. You can tell as you pull up to this house that it stands out...amazing custom design landscape with a front courtyard to enjoy your morning coffee. Enter through a high-end custom front door to a large, open floor plan with designer finishes. Everything from the flooring to the ceiling presents custom finishes and top of the line hardware. The open floor concept combines the kitchen, eating and living space that opens up to a beautiful, over-sized backyard with resort style finishes and no neighbors behind! This includes extras such as outdoor LED lighting... WIFI controlled landscape irrigation, natural gas fire-pit and outdoor covered kitchen with grill, lighted water feature, custom remote controlled fans, custom windows coverings, Quartz countertops and oversized kitchen island, crown moulding, ceramic tile backsplash, custom pendant lighting, walk-in pantry and Butler pantry, extensions for more room in the eating and master bedroom space, and much more. This floor plan also features a den/office that could be utilized as a 3rd bedroom. This is a must see home if you are looking for one of the premier homes in the community. Combine this home with the award winning community of Anthem at Merrill Ranch and all of it's amazing amenities and you have absolute paradise! BONUS...this home can be purchased furnished.

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16036 W Sandia Park Drive Surprise, AZ 85374

$649,900

2 Beds

2 Baths

2,273 SqFt

Status Active

MLS # 6733325

Property Type Single Family Residence

Price Type --

Beautifully remodeled Windrose model with too many updates to list here. Triple garage and large fenced yard. Very modern colors with floating custom media wall. Vinyl flooring, granite counter tops, newer Stainless appliances, under cabinet kitchen lighting, inside laundry, pavers and cool decking on the back patio and fenced front courtyard. HVAC system replaced in 2018. Outside painted recently; newer PVC irrigation with drip system and new control box. Newer sinks, lighting and painted cabinets throughout - plus so much more.

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3817 E Irma Lane Phoenix, AZ 85050

$649,900

4 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6743565

Property Type Single Family Residence

Price Type --

Explore your dream home in Wildcat Ridge with this 4-bedroom gem that backs onto an open, unobstructed area. This property features vaulted ceilings, wood and tile floors, and plantation shutters. The spacious living room and bright great room offer perfect spaces for relaxation and entertainment. The kitchen is a chef's delight with white cabinetry, built-in appliances, a pantry, sleek granite counters, and a center island with a breakfast bar. The main suite provides a serene retreat with a private bathroom boasting dual sinks, a soothing tub, and a walk-in closet. Added convenience comes from a laundry room with extra storage. Outdoors, enjoy a covered patio, paver patio, and ample space for gatherings. It won't disappoint! Experience this captivating abode yourself! Easy access to Desert Ridge Marketplace, High Street, Marriott, Golf, American Express, Mayo Hospital and ASU medical campus. Then jump on the 101 for easy access to Scottsdale, Spring training, airport and more.

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115 E Amaranth Drive Wickenburg, AZ 85390

$649,900

3 Beds

3 Baths

2,099 SqFt

Status Active

MLS # 6748927

Property Type Single Family Residence

Price Type --

A must see 2099 sq. ft ONE OWNER CUSTOM-built home with IRREPLACEABLE VIEWS situated on 4.8 acres!! The ''heart of the home'' boasts a double stainless oven, granite countertops, and expansive custom cabinets and even a pass-through window to serve those cold drinks to the sprawling backyard. The covered patio, mature desert landscaping, citrus trees and a stucco pony wall surround the back yard providing a perfect vantage point for sharing the spectacular views! The oversized garage includes MORE STORAGE cabinets. Thoughtful upgrades continue with vaulted ceilings, expansive picture windows, cozy wood stove, and TWO separate HVAC units with separate thermostats. Enjoy the WELL water, BONUS detached workshop featuring many built-in workbenches and plenty of hobby space.

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23625 N Bridle Way Florence, AZ 85132

$649,900

4 Beds

2.5 Baths

2,556 SqFt

Status Active

MLS # 6715194

Property Type Single Family Residence

Price Type --

Step into this breathtaking semi-custom home situated on a sprawling 1-acre lot with horse privileges and an impressive 30'W x 48'L shop, ideally located in a sought-after NO HOA community. Boasting 4 bedrooms and 2 ½ baths, this residence exudes elegance with its vaulted ceilings, inviting fireplace, and a generous open concept living/dining area adorned with plantation shutters. The expansive gourmet kitchen is a culinary masterpiece, featuring white cabinets, stunning black blizzard granite countertops, a pantry, and a spectator bar with seating. Sleek black fingerprint-resistant stainless steel appliances and ambient under-cabinet and over-cabinet lighting complete the kitchen's allure. Two luxurious primary bedroom suites offer comfort and space, while one suite features features an oversized ceiling fan for added relaxation. A dedicated laundry room includes a front-load washer and dryer for convenience. Outdoors, indulge in the 12' x 67' covered patio and an extended 3-car garage with on-slab parking for 6+ vehicles. Enjoy year-round comfort with sunscreens, security doors, and ceiling fans throughout. For seamless outdoor entertaining, discover a detached 28' x 20' covered patio equipped with a built-in BBQ grill, sink, and refrigerator. Access to the property is secured by two sets of double gates and a walk gate from the street, with an additional walk gate along the back fence leading to a natural wash bordered by lush foliage, ensuring unparalleled privacy. This remarkable property epitomizes space, privacy, and convenience in a desirable community without HOA restrictions. Don't miss this extraordinary opportunity!

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2622 E Indianola Avenue Phoenix, AZ 85016

$649,900

3 Beds

2 Baths

1,615 SqFt

Status Active

MLS # 6745243

Property Type Single Family Residence

Price Type --

Prepare to be blown away the moment you enter this truly unique, single story, turn-key home on a quiet street with curb appeal galore. The property has undergone a substantial, fully permitted, redesign & remodel. The kitchen features a large walk-in pantry, nice sized island & Quartz counters with a SS refrigerator included. Featuring a light & bright, open floor-plan with master retreat with a modern, curb less shower, large walk-in closet & private yard access. Featuring an extra-large indoor laundry room and a giant garage that's been fully finished as well. Attention to detail surely comes to mind as you stroll through this property. The fully fenced rear yard has tons of privacy, has been professionally landscaped and is perfect for entertaining with views of Camelback. With alley access and a large rear gate, there is plenty of room for all the toys or the creation of an accessory dwelling unit (ADU) recently allowed by the City. In addition, the home features an extra deep garage as well, which is a rare find for this area. The possibilities are endless. Hurry in to preview and make this dream home your reality, as it's sure to sell fast!

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