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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6565 E Thomas Road Unit 1068 Scottsdale, AZ 85251

$535,000

2 Beds

2 Baths

1,161 SqFt

Status Active Under Contract

MLS # 6750424

Property Type Townhouse

Price Type --

Urban lifestyle townhome! SINGLE LEVEL, GROUND FLOOR, and a 2 car attached garage, GATED, in Scottsdale. Built in 2017, this residence is freshly painted and features real hard wood floors throughout, an open kitchen-family room concept, and is set in a great quiet location at the back of the community. Enjoy a spacious primary bedroom with a walk-in closet, inside laundry and stainless appliances. The community is in great walking distance to Old Town Scottsdale, with restaurants, shops, nightlife, and Papago park. Only minutes away from Arizona Country Club and the highly regarded Arcadia Community.

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22726 S 208th Street Queen Creek, AZ 85142

$535,000

4 Beds

3 Baths

2,520 SqFt

Status Active

MLS # 6750562

Property Type Single Family Residence

Price Type --

Incredible value, location and space combine to make this home extra-special! Large premium lot with a private pool and spa in the backyard, and no neighbors behind! **New pool pump!** Enter from the front patio through an upgraded security door, with a full bedroom and bathroom on the first floor and two separate living spaces. Three-car tandem garage, perfect for a workshop, with a door to access the backyard. Upstairs is an extra-large primary bedroom with a balcony overlooking the backyard, and two additional bedrooms. Refrigerator, washer & dryer all stay. Make this one your dream home before someone else does!

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1556 E Dover Circle Mesa, AZ 85203

$535,000

3 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6751144

Property Type Single Family Residence

Price Type --

Come see this beautiful 3-bedroom 2-bathroom home with a diving pool in the heart of Mesa. This home is in a NON-HOA neighborhood and is nicely updated, unique, and move in ready. As you enter the home there is polished brick flooring in the walkways, kitchen, and dining areas. There is a sunken living room with custom built-in cabinets and a picture window. The large dining room is perfect for family dinners. The nice, updated kitchen has white cabinets, lots of counter space, stainless steel appliances, and looks over into the great room so that you can be part of the entertainment. The great room has new vinyl flooring, a nice fireplace, exposed wood beams, vaulted ceilings, and lots of room for family and friends to gather. The primary bedroom also has new luxury vinyl flooring and an ensuite complete with dual closets, tile shower, and an updated vanity. There is a direct exit to the back patio and pool. The hall bathroom is nicely updated with a new vanity and tile tub/shower combo. The other two bedrooms are good-sized and have new LVP flooring. Enjoy the great Arizona weather on your back patio and yard. There is a nice diving pool, perfect for those hot summers. Don't miss the Gazebo and RV gate and grass area for kids and pets to play. The laundry room is just off the great room and has extra storage and a folding table. This home is close to great schools, shopping, freeways, parks, and much more. It is a must see. Call today.

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42988 W Misty Morning Lane Maricopa, AZ 85138

$535,000

2 Beds

2.5 Baths

2,312 SqFt

Status Active

MLS # 6751407

Property Type Single Family Residence

Price Type --

Welcome Home to your very own desert oasis in the Award Winning Active Adult Community of Province. This meticulously cared for home has a sprawling, oversized homesite with a serene park setting for enjoying those amazing Arizona sunsets. Spectacular outdoor space with an extended paver patio, tranquil water feature with mature landscaping offering a private outdoor living space perfect for entertaining. Inside this exquisite home you have 10' ceilings with elegant coffered ceilings at the front entry and the owner's suite. Luxurious cabinetry throughout with elegant granite countertops, custom tile backsplash and top of the line appliances. Huge walk in butlers pantry provides wonderful storage as well as lower pull outs in all kitchen cabinets. Brand new HVAC just installed this year including all new duct work and upgraded insulation offering a superior energy efficient home. Spectacular custom stone entertainment wall with floating shelves provides a beautiful focal point in your family room. Your exceptional owner's suite includes gorgeous plantation shutters and a french door out to your beautiful backyard. Be prepared to be amazed by your designer closet with exceptional storage offering three built in hampers and an ironing board. Additional features in this home include: three custom security doors, built in cabinets and epoxy floors at the garage, tile floors throughout the entire home, built in desk and upper cabinets at the den, built in cabinet and utility sink at the laundry room including the front load washer and dryer. This home is truly a one of a kind. ***Some furniture is available on a separate bill of sale.

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22882 E Marsh Road Queen Creek, AZ 85142

$535,000

3 Beds

2.5 Baths

2,005 SqFt

Status Active

MLS # 6752341

Property Type Single Family Residence

Price Type --

Three bedrooms PLUS den and a three car tandem garage backing the beautiful Schnepf Farms property! Discover the charm of a trendy newer built home without the wait - in a lake community with catch & release fishing and two heated pools. Your new home has tile throughout all the common areas, and a thoughtfully-designed floor plan that maximizes space and comfort. In this meticulously-kept home, you'll love the large laundry room and XL formal dining space! Upgraded kitchen offers a gas stove and built-in microwave. Split floor plan and open-plan living/kitchen allows for both privacy when you need it and space to gather when you want to - the best of both worlds! Living room ceiling is pre-wired for speakers! Your new home is nestled in a newer master-planned community, and one of the most sought-after areas in all of Queen Creek. Situated in the town's agri-tainment (agricultural entertainment) district, here you'll enjoy an ideal blend of suburban and rural living. While just minutes away you'll find Queen Creek's premier shopping and dining options, across the road you'll enjoy the state of Arizona's most beloved agri-tourism destinations - Queen Creek Olive Mill and Schnepf Farms. The Harvest community's exceptional amenities include a two inviting heated pools, a splashpad, scenic neighborhood trails, inviting fire pits, community lake, gathering areas and more.

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3210 W Saint Catherine Avenue Phoenix, AZ 85041

$535,000

5 Beds

2.5 Baths

3,181 SqFt

Status Active

MLS # 6752860

Property Type Single Family Residence

Price Type --

This impressive 5-bedroom, 2.5-bathroom home offers both space and modern amenities, perfect for today's lifestyle. The primary suite is conveniently located on the main floor, featuring an ensuite bathroom and a spacious walk-in closet. Each of the additional four bedrooms are large enough for king sized bed and includes walk-in closets, ensuring ample storage for everyone The versatile loft provides extra space for a workout room, home office, media room, or play area. Not only is this home stylish and functional, but it's also equipped with two A/C units that are just 3 years old, ensuring energy efficiency and comfort year-round. Additionally, the water heater was recently replaced, giving you peace of mind with your investment.

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9018 E Stoney Vista Drive Sun Lakes, AZ 85248

$535,000

2 Beds

2 Baths

1,676 SqFt

Status Active Under Contract

MLS # 6752941

Property Type Single Family Residence

Price Type --

Welcome to Sun Lakes Oakwood, a premier 55+ active adult community featuring this beautiful, single-family home with 1,676 sq ft of thoughtfully upgraded living space. Located just 2 houses away from a scenic walking path. This home boasts 2 spacious bedrooms & 2 bathrooms. Primary bedroom offering newly installed patio access. Primary bathroom has been fully remodeled for modern comfort. The recently updated kitchen includes new cabinetry, granite counters, natural gas cooking & new appliances, each with two years remaining on their service agreement. Additional upgrades throughout the home include a Green Water System with non-salt whole-home filtration, updated lighting & ceiling fans, and new energy-efficient dual-pane low-e windows. The north facing backyard is a personal oasis, enclosed by a wrought iron fence, featuring a larger lot with a full irrigation system. Enjoy outdoor living under the expansive 44' pergola-covered patio with a built-in natural gas BBQ. The greenhouse with a removable cover with in-ground & trellis irrigation system provides a perfect setup for gardening enthusiasts. The home's exterior was recently painted, with a new AC/heating system, roof underlayment & gutter system installed in 2022. The proximity to all the incredible amenities of Sun Lakes, including golf, tennis, pickleball, pools, fitness, and a wide array of clubs and social activities!

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10461 E Simone Avenue Mesa, AZ 85212

$535,000

3 Beds

2.5 Baths

2,063 SqFt

Status Active

MLS # 6753479

Property Type Single Family Residence

Price Type --

Beautiful home located in the highly sought after neighborhood of Eastmark. This 3 bedroom, 2.5 bath, features a split, open floor plan with a 3 car garage! Walking up to the home you will notice the beautifully paved drive and walkway leading up to the front door. This space is large enough for a bench or quaint table to welcome guests. Once you enter inside, you are welcomed into the grand hallway. To your left you will see the secondary bedrooms and bathroom. A unique feature of this space is that each bedroom has its own vanity space, an entrance into the bathroom, and a walk in closet. As you continue down the hall, you will see the half bathroom to your left and mudroom/laundry space to your right. At the end of the hall, you come to the combination kitchen/dining and living room. The gourmet style kitchen is complete with custom lighting, upgraded cabinets, beautiful white tiled backsplash, ample cabinet and counter space, a grand center island, matching stainless steel appliances, gas range, expansive walk-in pantry and reverse osmosis system. The dining space offers plenty of room for a large dining table, making this space perfect for hosting. This combination living/dining space contains several windows that open to the backyard space, bringing in plenty of natural lighting. At the back of the home, you will discover the primary bedroom and bath. This space is complete with dual vanities, a large walk-in shower, and a considerably sized walk-in closet. Another uniquely perfect feature of this home is the entrance from the primary bedroom into the laundry space, adding a touch of convenience. The backyard space is finished with a covered patio and attached pergola awning, offering plenty of desired shade.

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14291 W Kiowa Trail Surprise, AZ 85374

$535,000

3 Beds

3 Baths

2,114 SqFt

Status Active

MLS # 6753589

Property Type Single Family Residence

Price Type --

Nestled in the heart of Sun Village, a tranquil adult golf course community, this stunning 2 Bed / 2 Bath / 2 Car Garage residence with a 1/1 casita offers the ultimate retreat for golf enthusiasts and those seeking a relaxed lifestyle. *Golf Course Views* Enjoy breathtaking views of the lush green fairways and picturesque water features from the comfort of your own private patio. *Luxurious Features* Spacious open floor plan with vaulted ceilings and large windows. Plantation shutters throughout the home. Spacious kitchen with stainless steel appliances, plenty of storage cabinets and luxury quartz counter tops.Master suite soaking tub, dual vanity sink with separate sit up vanity area and large walk in closet. *Community Amenities* - 18-hole championship golf course - Clubhouse with restaurant, bar, and social events - Fitness center, swimming pool, and tennis courts - Walking trails and scenic lakeside views - Close proximity to local shopping, dining, and entertainment Don't miss this incredible opportunity to live life to the fullest in a serene and picturesque setting.

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7608 W Sweetwater Avenue Peoria, AZ 85381

Open House

$535,000

3 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6753779

Property Type Single Family Residence

Price Type --

Total Remodel**Single Story with 3 Bedrooms/2 Bathrooms/2 Car Garage**Private Pool**Shaker Cabinets**Tile Backsplash**All Fans/ Lighting Fixtures Newer**Recessed Lighting**Plumbing Fixtures Replaced**Shaker Style Cabinets Handcrafted by Cabinet Maker**Vaulted Ceilings**Painted Inside and Out**Vinyl Plank Flooring**Fireplace in Family Room**Open Kitchen**Tile Roof Redone 2024**HVAC Unit Replaced 2024**Very Nice Remodel**

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4146 W Diana Avenue Phoenix, AZ 85051

$535,000

4 Beds

2 Baths

2,056 SqFt

Status Active

MLS # 6754333

Property Type Single Family Residence

Price Type --

Fully remodeled corner lot 4 bed 2 bath block home with pool and no HOA! Beautifully upgraded kitchen with quartz counters, designer tiled backsplash, stainless appliances, trough sink, new dual pane vinyl windows and sliders, upgraded tile flooring throughout home, lush carpet in 3 smaller bedrooms, tiled walk in master shower, his and her sinks, quartz bathroom counter tops, tiled shower surround in 2nd bathroom with double sinks at vanity, dual flush energy efficient toilets, large covered patio with extended remote controlled shade cover, new shingle roof, new AC unit, fully refinished pebble tech pool with in floor cleaning and new water line tile, new water heater, modern lighting, led recessed lights, ceiling fans, blinds, newly painted interior/exterior, mature desert landscaping

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5736 E Lawndale Street Mesa, AZ 85215

$535,000

3 Beds

2 Baths

1,833 SqFt

Status Active

MLS # 6755271

Property Type Single Family Residence

Price Type --

This Beautiful Low Maintenance single-story home at Apache Wells overflows with charm. It has graceful archways, vaulted ceilings, potting shelves, wood-plank tile floors, open concept living & kitchen with SS apppliances, Granite counters, tile backsplash, under cabinet lightins & recesses lighting...All lighting is LED. Wonderful private walled/gated travertine Tile patio with extended solid insulated roof, Master suite is a private sanctuary with Tile Shower, Garden Tub, Dual sinks, Walk-in closet and Private toilet. Third bedroom or office/den has plenty of light and a large closet. This home comes equipped with ample storage inside and out! Garage has built in work bench and cabinets. Enjoy NEW whole house water conditioning system, Easy to clean stone coat garage Floor, driveway and walkways. NEW Screens, Blinds, toilets, locks and dishwasher. The garage is also equipped with a 240V outlet for RV or electric vehicle. You will see this house has been taken care of and is waiting for someone to enjoy all the benefits of this home and community!

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