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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3141 E Corrine Drive Phoenix, AZ 85032

$589,000

4 Beds

3 Baths

1,770 SqFt

Status Active Under Contract

MLS # 6741357

Property Type Single Family Residence

Price Type --

Don't let this unique Sheaborhood opportunity pass you by--newly renovated home with an attached 1 bedroom casita! Located on a cul-de-sac surrounded by mountain views and tons of entertainments, this location can't be beat! Brand new AC, plumbing, electrical, flooring, kitchen, bathrooms, and more. Enjoy the perks of having an additional livable space with it's own separate entrance, fully equipped with a bedroom, full bathroom, kitchen, and even a glass sliding door for ample natural light and backyard access. No HOA means no rental restrictions! You can choose to rent out the casita and use as an income producing asset or keep it for personal use as a home office or mother-in-law suite. The possibilities are endless! Grab this hidden gem while you can!

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18508 N Avalon Lane Surprise, AZ 85374

$589,000

2 Beds

2 Baths

2,021 SqFt

Status Active Under Contract

MLS # 6691782

Property Type Single Family Residence

Price Type --

This well cared for 2 bedroom,2 bathroom plus den 2,021 square foot property offers many sought after features including a 2.5 car garage. Situated on Granite Falls North Course offering expansive views & beautiful sunsets.18 in tile floors on the diagonal except bedrooms.Kitchen corian counter tops,backsplash,new sink, stainless built in appliances & stone finish at breakfast bar.Extended breakfast nook bay windows with shutters & plenty of room for entertaining.Settle into the great room and take advantage of the gas fireplace finished with stone.Privacy doors at den.Primary suite has door to patio,bay windows,two sinks,separate tub & walk in closet in bathroom.Raised panel doors.Inside laundry with sink,W/D included.Side garage door & built in cabinets.Expaned patio & built in BBQ.

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1475 Barberry Lane Prescott, AZ 86301

$589,000

3 Beds

2 Baths

1,520 SqFt

Status Active

MLS # 6721728

Property Type Single Family Residence

Price Type --

Come see this brand custom home on almost a 1/4 acre private lot with high end finishes and wonderful views all the way to the mountains. The home borders a seasonal creek with direct trail access to Vista and Petroglyph Parks with more than 4 miles of walking/hiking trails. The private pavered driveway brings you to the front of this stucco and stone front home. As you enter the home, you'll see soaring high ceilings, a custom stone gas fireplace, spacious great room, a dining room with great views and access to the deck from the slider, and luxury vinyl flooring and tile throughout. Custom kitchen with quartz countertops, knotty cupboards, gas range and island for additional seating. Private master suite with access to the large exterior deck, walk-in closet, custom shower and quartz countertops. Two nice sized guest rooms and a full quest bath that has quartz countertops, custom cabinets and a stunning tiled tub/shower surround. The garage has been extended for additional space. Enjoy the open space and long views behind the house while you are sitting on the back deck that runs the full length of the home.

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237 N Cottonwood Drive Gilbert, AZ 85234

$589,000

4 Beds

2 Baths

2,298 SqFt

Status Active

MLS # 6749131

Property Type Single Family Residence

Price Type --

Welcome to Stonebridge Lakes! Your 4 bedroom, 2 bathroom home in a prime location in Gilbert awaits you. The 4th bedroom is set up as an office, perfect for remote working or running your business! Walk or bike to downtown Gilbert for plenty of entertainment nearby. You will fall in love with the open floorplan that this home has to offer. Just wait until you see the tranquil backyard with plenty of shade, storage and room for outdoor grilling. Stonebridge Lakes offers catch and release fishing, a playground, a community pool and spa. This home is also located in the top A-rated Gilbert Unified School District. This Gilbert Gem won't last!

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1481 S Tia Circle Show Low, AZ 85901

$589,000

3 Beds

3 Baths

1,843 SqFt

Status Active

MLS # 6751541

Property Type Single Family Residence

Price Type --

Nestled in the serene landscapes between Show Low and Pinetop, this gated community offers a stunning A-Frame home that boasts a harmonious blend of comfort and style. Imagine waking up in a spacious three-bedroom, three-bath haven, set on a generous 0.6-acre lot, where the tall ceilings and tongue-and-groove detailing create an atmosphere of rustic elegance. The home features clerestory tinted windows that frame the natural beauty of the outdoors, while the front and back composite decks provide the perfect setting for relaxation or entertainment. The extra space in the garage and the large, partially fenced lot offers ample room for both storage and privacy. .... READ MORE ..... With the forest's whisper just a stone's throw away, nature's tranquility is always within reach. The residence has been thoughtfully updated with a modern HVAC system, chic cabinetry, resilient flooring, and a fresh coat of paint both inside and out. It comes completely furnished, reducing the hassle of moving and decorating. Brand new Samsung appliances add a touch of sophistication to the culinary space, while the landscaping, featuring new rock and efficient drainage, enhances the home's curb appeal. An electric fireplace adds a cozy ambiance to the living room, complementing the open floor plan that flows seamlessly from space to space. The master bedroom, conveniently located on the ground floor, offers a private retreat within this woodland sanctuary. The property is adorned with tall pines, adding to its charm and providing a sense of seclusion and peace. This home is not just a dwelling, but a lifestyle choice for those seeking a blend of modern amenities and natural beauty.

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35737 N Loemann Drive San Tan Valley, AZ 85143

$589,000

4 Beds

3.5 Baths

3,219 SqFt

Status Active

MLS # 6714599

Property Type Single Family Residence

Price Type --

Welcome to 35737 N Loemann Dr., a stunning home nestled in the highly desirable area of San Tan Valley. This gorgeous property boasts 4 bedrooms, 3.5 baths, and an expansive 3,219 sqft of living space on an 8,265 sqft lot that backs onto the serene Empire Park. As you step inside, you are greeted by a spacious open floorplan that perfectly balances luxury and functionality. The gourmet kitchen is a chef's dream, featuring a large island/breakfast bar, walk-in pantry, granite countertops, stainless steel appliances, reverse osmosis system, and a water softener. The main floor houses a large primary suite complete with a spacious ensuite and a walk-in closet, providing a perfect retreat. Upstairs, you'll find a second suite and all bedrooms come with their own walk-in closets, ensuring ample storage space for everyone. A huge loft and a media room add to the home's versatility, making it ideal for both relaxation and entertainment. The great room opens to an expansive backyard with a view fence overlooking Empire Park, a covered patio, and plenty of space for a custom pool, perfect for entertaining family and friends. Additional features include a 3-car tandem garage and an RV gate for extra storage. Pride of ownership is evident throughout this meticulously maintained home. Don't miss the opportunity to make 35737 N Loemann Dr. your new address in San Tan Valley, AZ.

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15902 S 183rd Drive Goodyear, AZ 85338

$589,000

4 Beds

2.5 Baths

2,262 SqFt

Status Active

MLS # 6717375

Property Type Single Family Residence

Price Type --

This 4-bedroom retreat, built in 2021, with a 3-car garage on a corner lot, exudes comfort & style. The open-concept design fosters a sense of connection between the chef-ready kitchen, complete with S/S fridge, & inviting dining room plus great room. Throughout the home, trey ceilings add a touch of sophistication, while the custom fireplace & media wall create a warm & inviting atmosphere. Unwind or entertain effortlessly with large sliding glass doors that open to a extended covered outdoor living area. This home's beauty extends beyond its walls. Venture outside to your remarkable $70k+ backyard, where mature trees provide a cool, shady canopy & lush landscaping creates a park-like escape. Soak away the day's stress in your very own therapeutic spa. Close to resort like pools & more! Estrella is a master-planned community designed for comfort and convenience. Here's what makes Estrella the perfect place to call home: Troon-Managed Golf Course: Tee off at the Golf Club of Estrella, a Nicklaus-designed course managed by the prestigious Troon Golf. Your Estrella HOA fees cover an extensive range of amenities, allowing you to experience resort-style living every day: Water Activities: Explore the lakes with paddleboats, sailboats, and kayaks offered by the Yacht Club. Starpointe Resident's Club: This 24,000 sq ft recreation center boasts a waterpark, gym, lap pool, game rooms, and a teen club, something for everybody. Presidio Resident's Club: This 18,500 sq ft facility features a heated pool, splash pad, demo kitchen, Community Garden, Cantina and a state-of-the-art workout area. Pickleball & Trails: Enjoy friendly competition on the neighborhood pickleball courts, or explore the scenic FINS trail system for hiking and biking adventures. Enjoy a variety of restaurants, medical and dental offices, and various services right at your fingertips. Estrella offers an exceptional lifestyle with upscale amenities, and convenient access to day to day services.

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2801 N 10th Street Phoenix, AZ 85006

$589,000

3 Beds

2 Baths

1,100 SqFt

Status Active

MLS # 6670011

Property Type Single Family Residence

Price Type --

This fabulous Bungalow is nestled within the sought-after Historic Community of Country Club Park, this immaculate home awaits you! Step into a space where brand new LV flooring graces every corner, complemented by fresh interior and exterior paint. Enjoy the elegance of Onyx countertops, stainless steel appliances, and bespoke cabinets. With three generous bedrooms, two baths, and a sprawling yard complete with patio and a two-car garage, this residence offers ample space for comfort and relaxation. Conveniently located near top-notch restaurants, recreational activities, major highways, and the airport, it promises a lifestyle of ease and convenience.

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1402 E Briarwood Terrace Phoenix, AZ 85048

$589,000

4 Beds

2.5 Baths

2,061 SqFt

Status Active

MLS # 6726149

Property Type Single Family Residence

Price Type --

Nestled in the Augusta gated community, this recently renovated, charming home features newer kitchen with quartz counters and shaker cabinets, master bathroom, tile flooring in the common areas, new interior paint as well as vaulted ceilings creating an open and airy feeling. And not only does it look inviting but renovations also include recent roof underlayment and one AC unit replacement. For those with an electric car, the newly epoxied, three car garage is wired for a car charger. With neighbors on only one side, the private backyard and pool provide an ideal spot for relaxing and entertaining. All this and easy access to the Foothills Golf course and South Mountain hiking trails make this a must see for those looking for a cozy, convenient, and move-in ready home.

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3030 W Silver Fox Way Phoenix, AZ 85045

$589,000

5 Beds

3 Baths

2,534 SqFt

Status Active

MLS # 6716043

Property Type Single Family Residence

Price Type --

Buyers Financing fell through---Gorgeous 5-bedroom, 3-bathroom residence nestled in the serene Ahwatukee Foothills Reserve offers ample space and an excellent layout. Step inside and be captivated by the numerous updates completed by the seller in 2021, totaling approximately $200,000! The kitchen is a dream for any culinary enthusiast, featuring an abundance of floor-to-ceiling cabinets with soft-close doors and drawers, complemented by quartz countertops and high-end LG appliances, including a gas range. The addition of a natural stone sink adds a touch of luxury to the space. Indulge in the ultimate spa experience within the primary retreat, complete with a lavish full copper tub that invites relaxation. The glassless shower exudes opul ence, while the two additional bathrooms have undergone comprehensive renovat opulence, while the two additional bathrooms have undergone comprehensive renovations. No home directly behind. Don't miss outcall now to make this exquisite property yours!

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20961 N 96th Drive Peoria, AZ 85382

$589,000

3 Beds

2 Baths

2,157 SqFt

Status Active

MLS # 6698227

Property Type Single Family Residence

Price Type --

Welcome to this lovely home! Enter through the formal living room and dining room and immediately sense the warmth and charm of this inviting space. Before we proceed, allow us to introduce you to the heart of the house, the great room, where a cozy fireplace and ample natural light await. Passing by the den, with its versatile double doors for added privacy, you'll discover the spaciousness of the great room and the allure of the patio and backyard beyond. You will want to linger in this tranquil outdoor oasis. Venture into the large primary bedroom, a sanctuary of comfort boasting double doors, a walk-in closet, and an bathroom designed for relaxation and convenience. . With its private exit to the back patio, it offers a seamless blend of indoor-outdoor living. Explore further to find two additional bedrooms, each with carpeting and blinds, along with a conveniently situated hall bathroom between them. The kitchen, overlooking the great room, is not only functional but also a gathering place for culinary delights and shared moments. Let's not forget the backyard, featuring a concrete extension with a gazebo and a spa that conveys with the propertya perfect spot for unwinding and entertaining. For those with storage needs and hobbies, the 3-car garage provides ample space, complete with cabinets, a sink, and room for an extra refrigerator or freezer. Plus, it offers convenient access to the north side of the house. This home offers a blend of comfort, functionality, and outdoor allure that's sure to leave a lasting impression. We're delighted to share it with you today!

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3570 E Meadowview Drive Gilbert, AZ 85298

$589,000

4 Beds

3 Baths

2,536 SqFt

Status Active

MLS # 6742594

Property Type Single Family Residence

Price Type --

***SELLER WILLING TO CONTRIBUTE $10,000 TOWARD BUYER CLOSING COSTS AND/OR RATE BUY DOWN w/ accepted offer & successful COE* Great GILBERT location! 4 beds, 3 baths, a 2-car garage. Tons of natural light, neutral paint, archways, and tile & wood-look flooring in all the right places. Discover a welcoming living & dining room combo adorned with a high ceiling that makes a grand impression! The inviting family room, with a media center, seamlessly flows onto the kitchen. SS appliances, recessed lighting, ample cabinetry, a center island, and a cozy nook make up the culinary space. The den can be an office or play area. One bedroom & one bathroom downstairs. Upstairs, the large main bedroom awaits you! It is a true retreat with a double-door entry, a sitting room, and an attached balcony. The ensuite boasts a separate tub/shower, dual sinks, & a walk-in closet. Check out the spacious backyard with a full-length covered patio, a huge storage shed, and a play area! NO neighbors behind as it backs to a common area! Enjoy the Community amenities, including playgrounds, greenbelts, a golf course, sports courts, pools, spas, and much more. Conveniently located close to schools, shopping, restaurants, and freeway access. What a rare find!

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