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.

Whats 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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6971 W Heritage Way Florence, AZ 85132

$598,700
2 Beds
2 Baths
2,324 SqFt
Status Active Under Contract
MLS # 6709867
Property Type Single Family Residence
Price Type --
RESORT STYLE LIVING... w/ your own pool & spa on the 16th fairway of POSTON BUTTE golf course! Enter the spacious courtyard & into your dreams. Chef Lux kitchen offers an elegant island, stainless appliances, double ovens, above & under cabinet lighting, R/O, tile backsplash & granite countertops. Owner's suite comes w/ slider to the patio & overlooks the SPARKLING POOL & WATERFALL. Relax on the ext patio w/ sunshades & lush landscaping. Living area features a built-in entertainment center, water feature & surround sound. Room for guests w/ a Murphy bed/built-in desk in the den. 3 car garage leaves room for toys! Home is offered as turnkey/furnished for no additional cost! ENJOY all Sun City offers w/ outdoor/indoor pools &spas, full gym & Poston Butte golf course!! Golf cart for $6,000!

8102 W Autumn Vista Way Florence, AZ 85132

$598,500
2 Beds
2.5 Baths
2,561 SqFt
Status Active
MLS # 6725510
Property Type Single Family Residence
Price Type --
LIVING YOUR BEST LIFE in this expansive, beautifully designed home! Loaded w/upgrades & open floor plan, this classy Endeavor is thoughtfully designed from the inside out. Stunning curb appeal w/ 3-car garage, paver driveway & courtyard. Inside brings elegance & comfort w/ 10' ceilings, eng. wood floors, designer tile, plantation shutters & spacious great room. The gourmet Chef's kitchen featuring granite counters, tile backsplash, stainless appliances, gas cooktop, double ovens, soft close drawers, pull-outs & walk-in pantry...plus an AMAZING WET BAR! Pretty primary suite w/ soaker tub, glass shower, dual vanities & walk-in closet. Beautiful den/office w/glass French doors. Amazing covered travertine patio w/fireplace, pergola, electric screen, putting green & MORE!! Retire in style!!

8928 W Kimberly Way Peoria, AZ 85382

$598,500
3 Beds
2.5 Baths
2,338 SqFt
Status Active
MLS # 6745138
Property Type Single Family Residence
Price Type --
Fabulous home in prestigious Westbrook Village! Kitchen has been upgraded with high-end white cabinets and countertops. Home features three large bedrooms plus large den/hobby room off the kitchen. Large three car garage with plenty of storage too. Rare extra half bath also. Private, fenced yard with lovely patio. North/south exposure. Enjoy this beautiful home and the lifestyle of Westbrook Village which features 2 PGA championship golf courses, workout facility, tennis, pickle ball, card clubs, pools and so much more!

9919 E Radioactive Drive Mesa, AZ 85212

$598,500
3 Beds
3 Baths
2,115 SqFt
Status Active
MLS # 6655238
Property Type Single Family Residence
Price Type --
Major Price Reduction! Better than New! 3 Bed + Den, 3 Baths, 3 Car Tandem Garage. Very spacious floorplan. Wood Plank Like Tile Flooring w/Upgraded Carpeting. Across the street from a park. Features Include: Butler Pantry, Large Kitchen Pantry, Gas Cook Top, Granite Countertops throughout w/ Island &Breakfast Bar, White Cabinets with Pull Handles, Wood Shutters, Soft close drawers & cabinets, Gas Stub for BBQ, Walk-In Master Shower, Extra Insulation to Garage, Built in Classy Closets in Garage w/overhead cabinets, Epoxy Garage Floor, Backyard Fully Landscaped w Brick Pavers and Artificial Turf, Water plumbed to backyard to add irrigation for garden boxes, Pavers at Front making driveway wider, Overhead cabinets in Laundry. 5 minute freeway access. Eastmark Community offers: Heated Pool, Splash pad, Dog parks, Many Parks, Tennis courts, Fishing Pond, Ball fields, Frisbee golf course and Rec Center. There are many recreational spots close by including a regional sports park just south of this home on Ellsworth and Pecan Lake Entertainment which offers many various attractions and restaurants.

870 W Shellfish Drive Gilbert, AZ 85233

$598,500
3 Beds
2.5 Baths
2,035 SqFt
Status Active
MLS # 6751826
Property Type Single Family Residence
Price Type --
Centrally located in the highly desirable Gilbert Islands community, this home offers both modern amenities and an eco-friendly lifestyle. Equipped with solar panels and an EV charging station, it's perfect for the environmentally conscious homeowner. This charming residence features a spacious layout with 3 bedrooms plus a loft/den, a large family room, and a well-appointed kitchen with stainless steel appliances and new granite countertops. Enjoy the serene ambiance of a quiet street across from the lake, with a private backyard that backs to a treed park—no neighbors directly behind. The resort-like outdoor space includes a large pool, ample gardening area, and side-yard storage for your toys. Great access to local amenities, schools and shopping.

10017 E Mountain View Road Unit 1084 Scottsdale, AZ 85258

$598,500
2 Beds
2.5 Baths
1,792 SqFt
Status Active
MLS # 6672997
Property Type Townhouse
Price Type --
Welcome to your 1,792 SqFt home nestled in the heart of Scottsdale Ranch! PREMIUM MODEL! LIFESTYLE INCLUDED 2 bedrooms and 2.5 Baths. Attached 1 car garage & 1 carport. Walking distance to community pool. Upon entering, you are greeted by a spacious living area adorned with a cozy fireplace and large windows. The gourmet kitchen features UPDATED granite countertops and premium stainless steel appliances. The OVERSIZED primary suite & second bedroom offers a serene retreat, both w/ on-suite bathrooms. Step outside to your private balcony and indulge in breathtaking mountain views of the McDowell Mountains. Easy access to shopping, dining, golf, tennis, entertainment, parks, desert trails, spring training, Phoenix Open, Mayo Clinic Shea, Loop 101, great school district including BASIS. ABOUT SCOTTSDALE RANCH Located in the vibrant city of Scottsdale, Arizona, Scottsdale Ranch is a prestigious master-planned community renowned for its upscale living, picturesque surroundings, and abundant amenities. Directly across from the Fountains is Scottsdale Ranch Park where residents have access to 18 Tennis Courts, 4 Racquetball Courts, Squash Court, 6 Sand Volleyball Courts, Full Basketball Courts, 4 Lighted Baseball Fields, 6 Reservable Ramadas, Exercise Course Stations, Playgrounds, and Restrooms. Lake Serena a 42-ac. man-made lake w/approx.. 5 miles of shoreline offers Scottsdale Ranch residents a variety of boating and fishing activities, enabling them to fully enjoy the benefits of the Arizona climate. Yearly lake events are held for residents, such as Lake Festival and the Holiday Boat Light Parade. The SRCA also offers residents pontoon boat rides and recreational boat rentals. The Desert Garden at Scottsdale Ranch Park is located on the corner of Via Linda and Lakeview Drive. The Desert Garden has three zones: Hummingbird nest for the low desert area. Saguaro and bat sanctuary for the high desert area. Butterfly garden for the riparian community area. TOP RATED SCHOOLS, restaurants, shopping and SO MUCH MORE all within walking distance.

302 W Oak Avenue Unit 3 Flagstaff, AZ 86001

$598,000
2 Beds
2.5 Baths
1,085 SqFt
Status Active
MLS # 6733268
Property Type Single Family Residence
Price Type --
TO BE BUILT...Welcome to modern living in the heart of Flagstaff - a collection of contemporary detached homes that redefine luxury and convenience. Nestled against the backdrop of the stunning mountains, step into a world where architectural brilliance meets nature's beauty. The community boasts a sleek and contemporary design that seamlessly integrates with the natural surroundings. Plentiful glass allows ample natural light to flood the interiors, creating a harmonious blend of indoor and outdoor living. Clean lines, high ceilings, and thoughtfully designed spaces provide an open and airy atmosphere making each home a sanctuary of modern sophistication. Wake up to the awe-inspiring sight of the mountains right outside your window (Select Lots Only).

4444 E Peach Tree Drive Chandler, AZ 85249

$598,000
4 Beds
2.5 Baths
2,554 SqFt
Status Active
MLS # 6714752
Property Type Single Family Residence
Price Type --
PRICE REDUCTIION! Beautiful home in the highly desirable Sun Groves subdivision! 4 bedrooms, 2.5 baths, living room, dining room. family room and spacious loft retreat upstairs, would make a great office or kid's space, also upstairs laundry with utility sink. Awesome eat in kitchen has granite counter tops, stainless steel appliances, a gas range and kitchen island with sink. 3 car tandem garage with plenty of room to set up a workshop. Wonderful low maintenance back yard has a refreshing pool for those hot summer days. Don't miss out on this wonderful spacious family home! Perfect for entertaining inside and out!

1425 W Kenrick Drive Wickenburg, AZ 85390

$598,000
3 Beds
2.5 Baths
3,190 SqFt
Status Active
MLS # 6651710
Property Type Single Family Residence
Price Type --
Welcome to a move-in ready home that offers the perfect canvas for your personal touch. Situated in a prime location with stunning views, this property boasts a spacious backyard, setting the stage for a comfortable and personalized living experience. As you explore the home, you'll discover a cozy and inviting layout, featuring multiple rooms that are primed for your creative ideas. Each room is a comfortable space, eagerly awaiting your unique flair. Whether you're interested in adding modern touches, highlighting the home's charming details, or a combination of both, the possibilities are limitless. The private and fully fenced backyard is an ideal setting for a variety of activities. It's a gardener's dream, or a tranquil retreat for those who appreciate peaceful relaxation.

21262 E Kingbird Drive Queen Creek, AZ 85142

$598,000
5 Beds
3 Baths
2,654 SqFt
Status Active
MLS # 6726442
Property Type Single Family Residence
Price Type --
**Welcome to your dream home in Queen Creek, AZ. This impeccable home, fresh on the market has the perfect touch of modern living. This home offers 5 generous bedrooms and 3 full baths, with one full bedroom and bathroom downstairs. The kitchen has modern aesthetics with white shaker cabinets that are complemented by stunning backsplash that ties the room together. The wood- like tile flooring througout boasts beauty as well as ease of maintenance. The open floor plan is a home owners dream for living and hosting gatherings. The backyard provides a great space for enjoying and entertiaing with low maintence turf and pavers. Why wait for a new build when you can buy a newer home with all the upgrades and finished backyard.

1075 W Desert Aster Road San Tan Valley, AZ 85143

$598,000
2 Beds
2 Baths
1,897 SqFt
Status Active
MLS # 6705964
Property Type Single Family Residence
Price Type --
**THE MOST LUXURIOUSLY REMODELED HOME IN SOLERA AT JOHNSON RANCH** Your new home boasts a complete Interior/Exterior Remodel beyond compare! This Gem is perched on an 11,627 sq.ft. Premium Lot & features: 2Bed/2Bath+Den, Mountain Views from Front & Back, Beautiful Interior/Exterior 2-tone Custom Paint, Pavered Courtyard & Iron Security Door upon Entry, Custom Tile in all living areas, Crown Molding+Plantation Shutters & Luxurious Fixtures throughout, Chef's Kitchen w/ LG Black SS Appliances (incl: Gas Cooktop+Fridge), Quartz Countertops & Backsplash, Beautiful Cabinetry w/Underlighting, Eat-At Island + Highly Upgraded Pantry & Laundry Room. Fabulously Remodeled Bathrooms incl: Super shower in Master. Backyard has Custom Pavers, Extended Patio w/ Pergolas, the list continues-(click more).. Gas Fire Pit with Pavered Surround & Spectacular Views in all preferred sitting areas! Amazing Landscape is everywhere including other Jaw Dropping Exterior Upgrades such as: New Trees & Extensive Plantings, Complete Exterior Low-Voltage Landscape Lighting (LED), New Irrigation System (PVC) & Controller, Water Feature & 2 Stucco Planters with Paver Caps in rear yard, Front Yard Retaining Walls w/stucco masonry & paver caps, All New Exterior Coach Lights, Pavered Backyard & Front Walk. Your Premium Lot borders the common area with desert landscape in the back & one side which enhances both your Views and Privacy! This Gem must be seen to be believed! Your Garage has tons of Cabinetry, Overhead Storage Racks, Workbench, Epoxy Floors & Custom Iron Security Door (matching front door) at service entrance. This Home also includes SOLAR POWER, Newer AC(16 SEER) w/ stucco masonry enclosure, Newer 5 Ton Split Gas Furnace, 3 smart thermostats for zoned hvac system, Trash enclosure w/ stucco masonry, Newer 50-gallon Water Heater, Water Treatment System, Solar Tube Skylights added in Pantry, Laundry, Primary Closet and Guest Bath, Solar-power attic exhaust fan, Custom Ceiling Fans, Dual Pane Windows, etc. The 2 Bedrooms are a good size & the master bath finishes are simply breathtaking! The Den is a perfect flex/office space with a shiplap ceiling for that luxury feel... There are just too many elaborate upgrades to list! (See photos & Docs tab for detailed list on some of the upgrades). Solera is a 55+ Active Adult Gated Community with tons of amenities including a Private Community Center, Pool & Spa, Activity Rooms, Billiards, Bocce Ball, Fitness Center & more! San Tan Highlands Golf Course runs through the community. You have access to Johnson Ranch Amenities as well. This includes heated, outdoor pools and spas, tennis courts, pickle ball court, pitch and putt golf course, frisbee golf course, catch and release fishing pond, softball & soccer fields. DON'T MISS OUT!!! ***YOU CAN MAKE THIS YOUR FOREVER HOME!!!**

1961 W Yellowstone Way Chandler, AZ 85248

$598,000
3 Beds
2.5 Baths
1,956 SqFt
Status Active
MLS # 6740631
Property Type Single Family Residence
Price Type --
Don't miss out on this charming property located in Villa del Lago, Ocotillo.This two-story home offers a gourmet kitchen, spacious Great Room and dining. The living room has tons of natural light area on the first floor. Upstairs you can retreat to the primary bedroom which is roomy and peaceful and two secondary bedrooms. Home has tons of upgrades including double wall ovens, stainless steel appliances, gas cooktop, white cabinets throughout, granite counters, and pavers. HOA maintains a front yard. Nice community pool and spa, as well as outdoor fireplace, lounging area BBQ with covered tables, swing set and community garden. Ocotillo offers community Pickle Ball and Tennis courts, parks,catch and release fishing, and discounted golf. Come take a look. You won't be disappointed!.

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