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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17028 E Balancing Rock Road Rio Verde, AZ 85263

$550,000

3 Beds

2 Baths

1,644 SqFt

Status Active

MLS # 6739037

Property Type Single Family Residence

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Discover this nearly new modern farmhouse on a spacious 1.23-acre lot in Rio Verde. Enjoy stunning panoramic mountain views, ample space for toys and RVs, and zoning for horses. The home features a stylish open floor plan with high-quality finishes, including LED lighting, an electric fireplace, stainless steel appliances, and elegant countertops. The primary suite offers a luxurious retreat with a spa-like bathroom. Outdoor living is enhanced by a large patio with beautiful vistas. Conveniently located near paved roads, this property offers a serene escape close to all the amenities of Scottsdale while also being a stone's throw away from recreational opportunities galore. Make it yours today!

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16987 W Red Bird Road Surprise, AZ 85387

$550,000

5 Beds

3 Baths

3,024 SqFt

Status Active

MLS # 6709847

Property Type Single Family Residence

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Welcome to this stunning home within the Sunrise Community! Explore this spacious two-story home featuring 5 bedrooms, 3 bathrooms, plus a large loft area, and 3 car garage. Making your way through the open layout you have beautiful wood-plank tile flooring and premium plantation shutters throughout. The beautiful open kitchen features a gas cooktop, double wall ovens, stunning quartz counter-tops, and tile backsplash. There is plenty of storage and beautiful wood cabinets, along with a spacious pantry! Stepping outside you have an extended driveway and added pathway to the backyard. The backyard features professional landscaping, premium gutters, pavers, grass, and pergolas for extended back patio.

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93 S County Rd 1120 Street Greer, AZ 85927

$550,000

1 Bed

1 Bath

520 SqFt

Status Active

MLS # 6689446

Property Type Single Family Residence

Price Type --

Located on Main Street, Zoned for a business or your private cabin! Open 87 days of the yr. If you have been to Greer since 2021, you have seen the Coffee Cure & seen the lines for coffee, food, fudge, wine, jewelry & t-shirts. Cabin has 2 bedrms & 1 bath, a basement that is an approved commissary kitchen with in-floor drain & 3 compartment sink. Cabin has new windows, new flooring in bedrms, new electric & new plumbing. Liquor License (in state producer) & Starlink internet included with acceptable offer. All this on 1.34 acres of land! 1200 customers per week come to the food & coffee trucks. This does not count for customers who walk up to the other vendors. Exterior animal sculptures included (appx. value for re-sale = $20K) 40 foot garage is new, insulated, heated + a window A/C unit

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37547 W Washington Street Tonopah, AZ 85354

$550,000

5 Beds

3 Baths

2,421 SqFt

Status Active

MLS # 6735055

Property Type Single Family Residence

Price Type --

Fantastic custom home built in 2023! 5 bedrooms: Plenty of space for family and guests. 3 full bathrooms: Convenient for a large household. Spacious master bedroom: large walk-In closet. double sinks Perfect for relaxation and comfort. Large great room: Ideal for movie nights and gatherings. Fireplace: Adds warmth and ambiance to the great room. Open floor plan: Creates a spacious and airy feel. Granite counters: Durable and stylish in the kitchen. Stainless steel appliances (ss appliances): Modern and sleek. Private breakfast nook: A cozy spot for casual meals. Formal dining room: Elegant space for special occasions. Large, covered patio: Great for outdoor entertaining and relaxation. Custom home thoughtfully designed. Enjoy a True Arizona Lifestyle!

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7966 E Three Canyons Road Hereford, AZ 85615

$550,000

4 Beds

3 Baths

2,438 SqFt

Status Active

MLS # 6745495

Property Type Single Family Residence

Price Type --

Welcome to this fantastic well kept home on over 7 acres! This home features four bedrooms and three baths that include a 1 bath studio or en-suite on the opposite side of the home that include wheel chair accessible amenities. Hot tub/sauna are perfect for relaxation. Yard pavers and covered porches create a nice accent to the expansive yard. Plenty of parking with the three car garage. Got a fifth wheel? Plenty of room! This home has 7.24 fully fenced acres and has views for miles!

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17415 N 125th Avenue Sun City West, AZ 85375

$550,000

2 Beds

2 Baths

2,377 SqFt

Status Active

MLS # 6751393

Property Type Single Family Residence

Price Type --

This beautiful home overlooks the 14th Green on Pebblebrook Golf Course in Sun City West. Enjoy the peaceful golf course and mountain views while sitting under the extended covered patio with misting system. This stunning home is an entertainer's delight. It is fully remodeled throughout with a modern open floor plan, a gourmet kitchen complete with double ovens, two large islands with quartzite counters, built in microwave drawer and Pot filler. The primary bedroom boasts a large walk in closet and a en suite. The oversized utility room can be used for hobby/crafts or an office space.

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2444 E Billings Street Mesa, AZ 85213

$550,000

4 Beds

2 Baths

1,950 SqFt

Status Active

MLS # 6739256

Property Type Single Family Residence

Price Type --

A completely renovated masterpiece in the heart of Mesa with no HOA, an RV gate, diving pool, for only $550K! Experience this beautifully remodeled gem, featuring a NEW ROOF (2018), NEW WATER HEATER (2020), NEW POOL PUMP (2023), RV gate, & No HOA. Step inside to an inviting interior adorned with wood-look floors and a neutral palette that enhances the cozy living room. The family room, complete with a warm fireplace, provides the perfect spot to unwind. The sleek kitchen is equipped with NEW chocolate-stained cabinets, stainless NEW steel appliances, NEW granite counters, and a center island with a breakfast bar. The main bedroom features a bi-fold door closet and a chic ensuite, adding a touch of elegance. A secret bonus room offers flexibility as a cozy office or lounge area. Outdoors, the backyard is an entertainer's delight with a covered patio, attached Ramada, a refreshing 8ft deep diving pool, and ample space for gatherings. Don't miss this captivating home

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3329 N 17th Drive Phoenix, AZ 85015

$550,000

3 Beds

2 Baths

1,366 SqFt

Status Active

MLS # 6753452

Property Type Single Family Residence

Price Type --

Come see this charming, mid-century 3BR/2BA, natural brick home in the designated North Encanto Historical District of Phoenix! You will feel right at home tucked into your new cozy neighborhood while also enjoying the many restaurants, parks, golf courses, sporting events, and shopping offered in the heart of the city. The home has been well maintained by a single owner with numerous upgrades and remodels throughout! It is located on a spacious lot with an intimate backyard garden area that is delightful for entertaining and beyond that is plenty of space for a pool and other outdoor accommodations. The property includes a long driveway that can accommodate three cars with an additional two vehicle carport with attached spacious storage room/workshop. Utility upgrades include a new sewer line to the house, electrical wiring upgrades, upgraded irrigation lines and valves (on timers), and renovated water supply lines. Interior upgrades include updated kitchen with a gas stovetop and double ovens as well as updated bathrooms with double corian sinks while the home, overall, has been well loved and maintained.

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41115 N Eagle Trail Anthem, AZ 85086

$550,000

3 Beds

2 Baths

1,622 SqFt

Status Active

MLS # 6725626

Property Type Single Family Residence

Price Type --

WHAT ARE YOU WAITING FOR?? Home is in pristine condition., New Appliances & Plantation Shutters thru/out. Roof replaced in 2021. 2023-New HVAC & air filtration systems still have warranty services for the next year!. The kitchen is updated with refinished cabinets, granite counters, & granite composite sink. There is a breakfast bar & an eat-in dining nook in the kitchen plus a pantry. Beautiful wood-look tile floors with carpet in bedrooms only. The great room has a gas fireplace & sliding doors to backyard with an epoxy patio slab. Enjoy the hot tub on private back patio. There are three bedrooms & two full baths. Great storage in the three car garage. Backyard is large enough for a pool. Many community amenities included in HOA. This place is fully ''decked out'' and move-in ready.

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9426 S 47th Place Phoenix, AZ 85044

$550,000

3 Beds

2 Baths

1,686 SqFt

Status Active

MLS # 6756999

Property Type Townhouse

Price Type --

Lovely single level 3-bed, 2-bath residence located in a private community surrounded by the Arizona Grand Resort golf course and South Mountain Preserve. Enjoy easy access to hiking trails, beautiful views and four community pools. This unique townhouse is detached with no shared walls. Featuring Spanish finishes with vaulted ceilings filled with natural light, a cozy bee-hive fireplace, large primary suite and a charming atrium. The large private backyard was designed with low-maintenance landscaping, ideal for relaxing and hosting gatherings. Located in the Ahwatukee Foothills just minutes from freeways, Phoenix Sky Harbor Airport, downtown Phoenix, shopping and dining.

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3730 W Memorial Drive Phoenix, AZ 85086

$550,000

5 Beds

3 Baths

2,168 SqFt

Status Active

MLS # 6754352

Property Type Single Family Residence

Price Type --

With understated elegance & the perfect 5 bdrm family home, this property is located in a very friendly neighborhood of the highly sought after Anthem community. This lovely abode is located within walking dist.to a very well maintained park & close to numerous shopping centers, boutiques, delicious dining along with all the wonderful amenities Anthem has to offer: workout facilities, tennis, pickleball, swimming, waterpark, walking paths and community parks. It boasts a very popular and attractive floor plan with open vaulted ceilings with 2 bdrms downstairs and 3 bdrms upstairs. The back yard is extremely private, relaxing, has a large patio area, a privacy wall and a very cozy fire pit with bench seating. Easy to maintain landscaping. Come & build your cherished family memories here!

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20121 N 76th Street Unit 2051 Scottsdale, AZ 85255

$550,000

2 Beds

2 Baths

1,322 SqFt

Status Active

MLS # 6730200

Property Type Apartment

Price Type --

RARELY AVAILABLE remodeled single-level, 2-bedroom, 2-bathroom luxury condo. No neighbors below! Located within prestigious Vintage at Grayhawk, a gated community in the heart of Grayhawk. Well-maintained residence blends modern elegance with/ easy living. Abundant windows offer a light-filled, welcoming experience. Open flr plan w/ spacious kitchen, granite countertops & stainless steel appliances. The adjacent living area features a custom stacked stone gas fireplace, dining & covered balcony & offering a serene outdoor experience ideal for enjoying AZ's breathtaking sunsets. Minutes away from golf, dining, shopping, 101 FWY, walking & biking trails. Come make this your new home in North Scottsdale!

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