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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8532 W Rancho Drive Glendale, AZ 85305

$674,950

5 Beds

3 Baths

2,871 SqFt

Status Active

MLS # 6734484

Property Type Single Family Residence

Price Type --

GORGEOUS 5BDRM/3BATH HOME IN MINT CONDITION W/UPGRADES GALORE!! SOARING CEILINGS & EXTENSIVE USE OF PLANK FLOORING GREET YOU AS YOU ENTER THIS OPEN & SPACIOUS FLOORPLAN! BEAUTIFUL GOURMET KITCHEN W/42' CABINETRY & QUARTZ CNTRTOPS W/LRG WATERFALL ISLAND/BRKFAST BAR - UPGRADED SS APPL, DBL OVEN, HOODED STOVE & PENDANT LIGHTING - LRG MSTR SUITE W/GLASS WALK-IN TILED SHOWER - FIBER OPTIC INTERNET - PAVERED DRIVE & WALK-WAY, COVERED PATIO + HOME CLOSE TO THE NEW MATTEL ADVENTURE PARK, CARDINALS STADIUM, SHOPPING, RESTAURANTS, ENTERTAINMENT & MORE!! A MUST SEE!!

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4710 S Centric Way Mesa, AZ 85212

$674,900

3 Beds

2.5 Baths

2,661 SqFt

Status Active Under Contract

MLS # 6750711

Property Type Single Family Residence

Price Type --

Welcome to Eastmark! Here you can explore the multitude of amazing amenities that include parks, a heated resort-style pool, clubhouse, skate-park, splash pads, multiple sports facilities as well as social events! This thoughtfully designed floor plan is one of Woodside's most popular models. The Great Room creates an ideal space for entertaining and shows off a stunning multi 3 panel slider that opens up to the outdoor space, perfect for enjoying that highly sought after Arizona lifestyle! The gourmet kitchen has plenty of counter and cabinet space, pull-out shelves, upgraded pendant lights, granite countertops, beautiful white shaker cabinets, a gas cooktop, double ovens plus a trash/recycle pull-out cabinet. The spacious master bedroom and ensuite provide a relaxing retreat at the end of the day where you can kick back and unwind in your soaking tub. The master closet is huge and is affectionately referred to as the dressing room. From there you can move right into another highlight of this finely designed home which is the Super Laundry Room! This treat of a space is like no other and has endless possibilities. It's perfect for kids, pets, crafts, and/or hobbies! Additional features include a den, 4' garage extension, walk-in closets in secondary bedrooms, woven roman shades, soft water loop, designated outlet for holiday lights, low maintenance landscaping with lighting and plenty of room to add a pool, if desired. Premium lot offering privacy plus the greenbelt is directly across the street. It's an ideal location to hang out on your front porch and take in the views, watch your kids play or have morning coffee with a neighbor. Conveniently located to nearby shopping, restaurants, fine dining, and freeway access. It's all here!

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1845 S Morrison Lane Gilbert, AZ 85295

$674,900

4 Beds

2 Baths

2,174 SqFt

Status Active

MLS # 6757501

Property Type Single Family Residence

Price Type --

Completely remodeled 4 bedroom 2 bathroom home. Beautiful new white shaker kitchen with quartz island and custom wood island new backsplash custom tile showers in both bathrooms, nice open living room with optional kids/playroom, laundry room inside hallway right by master bedroom, custom master tile shower with bench and double vanities walk in closet and toilet room. Very nice custom rock water feature with grotto pebble tech pool and grill and bar area for family time epoxy garage new interior and exterior paint, roof recently replaced all roofing, trane ac, all new window blinds, custom new vinyl flooring and tile bathrooms nice driveway and grass front lawn with 2 car garage!! all new trim fixtures fans and much more!! check this one out as it wont last long!

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15221 N Clubgate Drive Unit 1141 Scottsdale, AZ 85254

$674,900

2 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6666784

Property Type Townhouse

Price Type --

! BACK ON MARKET newly PAINTED upgrade MAY 2024. MOVE IN READY Kierland Greens condo. This roomy 2-bed, 2-bath condo delivers lots of natural light. Large & bright living room with top of the line travertine flooring, crown molding & plantation shutters. Beautiful granite countertops in kitchen with a convenient pantry, stainless steel appliances, and plenty of cabinet space. Primary bedroom provides a private bathroom with dual sinks, a soaking tub, and an enclosed glass shower. Situated near all the action of Kierland Commons, Scottsdale Quarter and stunning golf courses. Easily get your steps in while having fun! Kierland Greens has all the beautiful ammenities one would expect. Very low turnover in this community. Beautifully maintained complex with pool and gym. Make it yours!

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882 N 87th Place Scottsdale, AZ 85257

$674,900

4 Beds

2 Baths

1,628 SqFt

Status Active

MLS # 6750196

Property Type Single Family Residence

Price Type --

Welcome home! This gorgeous 4 bedroom, 2 bath Scottsdale home is move-in ready! Some of the many upgrades have included a beautifully remodeled kitchen with quartz countertops, refinished cabinets, new sink, and new appliances. Both bathrooms have also been completely and stylishly upgraded with luxury vinyl plank floors, refinished cabinets, quartz countertops, new sink and faucets and huge walk-in shower in primary. Also, a stunning complete overhaul of the backyard including new patio cover, travertine tiles, turf, pavers, and a new pool pump and light for the sparkling Pebble-tec pool with waterfall! Too many other upgrades to name! All of this on a large corner lot and in an amazing Scottsdale location that's close to Old Town, Tempe Town Lake, ASU, shopping, and freeways!

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1715 S Hardy Drive Tempe, AZ 85281

$674,900

4 Beds

2 Baths

1,858 SqFt

Status Active

MLS # 6712585

Property Type Single Family Residence

Price Type --

This property is perfect for either an active STR or as a fully-furnished move-in ready home. The previous owners made over $58,000 in improvements, including new exterior siding, pool resurfacing, pool heater and automation, panel installation, replacement of old Orangeburg sewer line, new washer and dryer, new pool pump, back yard landscaping with high quality turf installation & rock in front. They also added over $55,000 worth of home furnishings and accessories. Whether you are looking for an STR opportunity or a new home, this property is move-in ready, with access to Tempe and South Scottsdale sports, dining and entertainment.

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4297 E Mesquite Street Gilbert, AZ 85296

$674,900

4 Beds

3 Baths

2,068 SqFt

Status Active

MLS # 6739500

Property Type Single Family Residence

Price Type --

Stunning 4-bedroom, 2.75-bathroom home with a den, 2-car garage and PRIVATE POOL! Featuring new exterior paint and a professionally landscaped front yard with stone accents, this property offers a bright great room with wood floors, plantation shutters, and a large 3-panel slider that blends indoor and outdoor living. The gourmet kitchen showcases beautiful cabinets, stainless steel appliances, granite counters, a stylish backsplash, a walk-in pantry, and a center island with a breakfast bar. Additional highlights include a water softener, tankless water heater, Pentair pool system, and a removable pool fence. The primary bedroom features a luxurious ensuite with dual sinks, a soaking tub, and a walk-in closet. Enjoy entertaining on the spacious covered patio and by the shimmering pool.

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5530 S 111th Street Mesa, AZ 85212

$674,900

4 Beds

3.5 Baths

2,715 SqFt

Status Active

MLS # 6685047

Property Type Single Family Residence

Price Type --

Welcome Home! Look no further, this beautiful property will check all your boxes! Oversized modern property situated on an large lot in Bella Via. Step inside this beautifully upgraded home and fall in love with its open spaces, including 4 bedrooms, 3.5 bathrooms, large living areas, dining room and a private study. Two master bedrooms( one downstairs and second at the upper level)perfectly designed for privacy. Large loft area, great for entertainment. Covered patio is perfect for outdoor dining and the built-in barbecue makes it easy to cook up a feast. Modern fireplace and movie projector are perfect for cozying up on relaxing nights.

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656 W Johnson Drive Gilbert, AZ 85233

$674,900

4 Beds

2 Baths

2,374 SqFt

Status Active

MLS # 6739611

Property Type Single Family Residence

Price Type --

Discover your dream home in this exceptional property, boasting a spacious three-car garage and a host of upscale features. The beautifully designed primary bathroom offers a tranquil retreat, while the expansive kitchen is a chef's delight, featuring a wine cellar and a high-end Sub-Zero refrigerator/freezer. Set on a generous lot, this residence includes a sparkling pool with a diving board, perfect for entertaining and relaxation. Plus, enjoy the benefits of a solar savings! This home seamlessly combines luxury, comfort, and efficiency, making it a must-see!

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8180 E Shea Boulevard Unit 1038 Scottsdale, AZ 85260

$674,900

2 Beds

2.5 Baths

1,733 SqFt

Status Active

MLS # 6718983

Property Type Townhouse

Price Type --

This beautifully updated 2-bedroom, 2.5-bathroom condo in the heart of Scottsdale is available fully furnished. The open-concept living and dining area, enhanced by natural light and a cozy fireplace, creates a warm and inviting atmosphere. The updated kitchen boasts granite countertops, new stainless steel appliances, and ample cabinet space, perfect for cooking at home. The luxurious master suite features a walk-in closet and an en-suite bathroom with a dual-sink vanity, and a nicely updated walk-in shower. The community offers a pool with a covered area. Located just minutes from Loop 101, this home provides easy access to top shopping, dining, and entertainment, as well as top-rated schools and parks. W With 1,733 sq. ft. of living space, a direct-entry 2-car garage, and bedrooms both upstairs and downstairs, this unit is perfect as a second home or for someone seeking low-maintenance living.

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2323 N Central Avenue Unit 705 Phoenix, AZ 85004

$674,900

2 Beds

2 Baths

1,398 SqFt

Status Active

MLS # 6723457

Property Type Apartment

Price Type --

This historic mid-century landmark graces the Phoenix skyline with its timeless presence. Step into unit #705 and discover a truly unique, turnkey living space, meticulously designed with porcelain tile floors, quartz countertops, bespoke cabinetry, stainless steel appliances, induction stove and exquisite designer touches at every turn. The open-concept layout boasts floor-to-ceiling windows and custom patio doors that frame stunning vistas of the Midtown skyline and mountains. A spacious private balcony offers serene views of the pool and lounge area, seamlessly blending indoor and outdoor living. Enjoy an array of upgrades and exceptional amenities including ''HOA-covered'' utilities, assigned underground parking, round-the-clock concierge service, and more. Perfectly situated within walking distance of Midtown's vibrant offerings, this is more than just a homeit's your sanctuary. Welcome to your new oasis at the Regency on Central!

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22324 N 102nd Avenue Peoria, AZ 85383

$674,900

4 Beds

3 Baths

2,387 SqFt

Status Active

MLS # 6721590

Property Type Single Family Residence

Price Type --

This AMAZING home offers a Sparkling Pool with Waterfall & large Stone Pavers! The popular floor plan, Gila has a dramatic grand entryway which features almost 2,400 square feet with four bedrooms, three full bathrooms and a 3-car tandem garage. The spacious owners suite offers a large walk-in closet with a gorgeous bathroom featuring an oversized walk-in shower with tile and a double sink raised vanity. Open & spacious kitchen features stainless steel appliances with a 30-inch gas GE profile cooktop, also featuring granite countertops, subway tile backsplash and island with lots of space for cooking & entertaining! Located in highly sought after area of North Peoria with convenient access to shopping, restaurants, entertainment and just a few minutes to Lake Pleasant! Enjoy all the amenities of the Meadows! Community Pool, Clubhouse, Pickleball, Volleyball, kids park & more!

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