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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12814 E Dream Acres Lane Parks, AZ 86018

$1,199,000

2 Beds

2 Baths

2,204 SqFt

Status Active

MLS # 6706073

Property Type Single Family Residence

Price Type --

10 ACRE-LOG CABIN RETREAT PRIVATE BACKS TO NAT'l FOREST! It is a 1 of a kind location w/front porch views of the Valley & Snowbowl while surrounded by forest in the back yard. Stunning 3 bed, 2 bath, expansive kit. w/Dining room, Laundry/mud room, large open loft bedroom, office & bunkbed areas, living room, vaulted Tongue-in-groove ceilings w/milled beams, wrap around deck w/3 covered porches, horse/animal property, No HOA/CCNRs, Detached 2 car garage, fenced gated acre around cabin. PERFECT HOME/INVESTMENT

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18425 W Santa Irene Drive Goodyear, AZ 85338

$1,199,000

4 Beds

4.5 Baths

3,802 SqFt

Status Active

MLS # 6749352

Property Type Single Family Residence

Price Type --

BEAUTIFUL LUXURIOUS TUSCAN CUSTOM HOME, LOCATED IN THE BEAUTIFUL ESTRELLA MOUNTAIN RANCH.THIS HOME HAS CANTERA STONE PILLARS, TRAVERTINE TILE THROUGH OUT, WOOD FLOORS IN ALL THE RIGHT PLACES.SURROUND SOUND IN MASTER AND GREAT ROOM, SPEAKER SYSTEM THROUGHOUT THE HOME,3 FIREPLACES,CUSTOM KNOTY ALDER CABINETS,GRANITE COUNTERS, ELEVATOR GOING FROM THE GARAGE TO THE KITCHEN,THE KIDS QUARTERS INCLUDE 2 LARGE BEDROOMS WITH JACK AND JILL BATHS,EPOXY IN THE GARAGE, BASEMENT WITH WETBAR AND FULL BATH, JACUZZI TUB AND BIDET IN MASTER , HOT TUB OUTSIDE.,OUTDOOR BUILD IN SMOKER,GREAT PRIVATE BACK YARD OVER LOOKING A MOUNTAIN AND GREAT VIEWS 360 DEGREE,PRIVATE MINI GOLF,CUSTOM GAZEBO WITH BAR AND TV, WATER FOUNTAINS FOR YOUR RELAXATION. OUT DOOR KITCHEN WITH WINE FRIDGE AND GAS STOVE.GARAGE CABINETS THROUGH OUT THE GARAGE. THIS HOME IS WITHIN WALKING DISTANCE TO THE PARK AND LAKE.

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6782 W Skylark Drive Glendale, AZ 85308

$1,199,000

5 Beds

3 Baths

3,325 SqFt

Status Active

MLS # 6711318

Property Type Single Family Residence

Price Type --

Looking for a beautiful home on the the lake with its own dock? Welcome to this 5 beds, 3 baths, upstairs loft/office, Pool / Spa home in Sabino/Arrowhead lakes area. Gorgeously remodel really checks all the boxes. Chef's kitchen with Quarts countertops, farmhouse sink, stainless steel Bosch appliances. New Vinyl flooring throughout the house. Gas fireplace, New wooden shutter in all the right places, New paint, New lighting and bath fixtures. 2 bedrooms with 1 bath downstairs. Great sized owner's suite comes with customized bay window bench to enjoy the breath-taking lake view, his/hers closets, walk-in tiled shower, and freestanding bathtub. Close to freeways, dinning, shopping, schools, etc. Come take a look today.

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51445 N 299th Avenue Wickenburg, AZ 85390

$1,199,000

4 Beds

3 Baths

1,612 SqFt

Status Active

MLS # 6747332

Property Type Single Family Residence

Price Type --

Step into your own slice of Wickenburg horse country, where the timeless allure of the Old West blends seamlessly with modern comfort across two sprawling parcels totaling 10.89 acres. This unique property is a rare find, featuring not just one, but three beautifully designed homes, each offering a cozy retreat that's perfect for living the western dream. The main house, a warm and inviting haven, boasts 2 spacious bedrooms and 1 well-appointed bath. The open living spaces provide the perfect setting to relax and recharge after a day spent under the wide western sky. Just a short distance away, you'll find two additional homes, each with 1 bedroom and 1 bath—ideal for hosting guests or accommodating extended family. Each home offers a fully fenced yard, offering privacy and safety for all your two- and four-legged companions. Horse enthusiasts will appreciate the 12 stalls complete with shade and turnouts, a round pen, plenty of space for your rigs and room to add more, making this property a true equine paradise. And for those who love the RV lifestyle, there are 4 RV hookups, perfect for welcoming friends and family with their own home on wheels. Whether it's a weekend gathering or a longer stay, everyone will feel right at home on your ranch. But this ranch is more than just a place to live,it's a gathering spot where memories are made. Whether you're hosting a weekend barbecue, a sunset bonfire, or simply savoring the peace and quiet, this property offers the perfect backdrop for every moment. Embrace the freedom of the open range while enjoying the comforts of modern living. This isn't just a ranch; it's a lifestyle. Come see for yourself why this property is the perfect place to start your next chapter.

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27814 N 15th Lane Phoenix, AZ 85085

$1,199,000

4 Beds

2.5 Baths

3,349 SqFt

Status Active

MLS # 6762750

Property Type Single Family Residence

Price Type --

Stunning home in the gated Fireside at Norterra community! This property boasts tall ceilings, plantation shutters, trendy light fixtures, abundant natural light, and wood-look tile floors with soft carpet in the bedrooms. The formal dining room features wainscoting and a dry bar with a wine cooler. The open-concept living room is enhanced by exposed beams, surround sound, and a fireplace. The kitchen includes quartz countertops, a large island, herringbone tile backsplash, recessed lighting, and high-end stainless steel appliances. The backyard is a desert oasis with a pool, jacuzzi, built-in BBQ, pergola, and breathtaking Sonoran Desert Preserve views. Quintessential Arizona living! Fireside amenities: Community center w/ state of the art gym, pools, parks, tennis and more! For added versatility, you have a cozy den just off the front entry and a bonus room w/built-in desks. The spacious owner's suite includes a spotless bathroom with dual sinks, separate tub/shower, & a walk-in closet. Beyond the interiors, the RESORT-STYLE backyard holds its own charm! This space promises year-round enjoyment with a covered patio, artificial turf, well-laid travertine, fire pit, built-in BBQ under the Ramada, putting green, play area, and a sparkling pool & spa combo. NO neighbors behind! The fantastic mountain views provide an amazing backdrop to your living experience. See it! Love it! Live it!

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8420 N 15th Street Phoenix, AZ 85020

$1,199,000

4 Beds

3.5 Baths

3,272 SqFt

Status Active

MLS # 6758735

Property Type Single Family Residence

Price Type --

Nestled at the base of the south side of the Phoenix Mountain preserve lies this timeless contemporary retreat. Imagine being in Laurel Canyon or Hollywood Hills. Have a glass of wine or a cup of coffee on the balcony & enjoy magnificent 360 degree city &mountain views. Relax on the tranquil desert landscaped patio with an outdoor kitchen. Gather and entertain in the light & airy living room, dining room, remodeled gourmet kitchen with pantry & island, that open to the great room and office. The 1st level includes an attached guest suite with mini kitchenette, oversized primary bedroom with sitting area & bath, large laundry room & 2 additional bedrooms with a Jack/Jill bath. The 2-Car Garage is the perfect man cave. Steps away from some of the best hiking trails in Arizona.

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8260 W Cielo Grande Avenue Peoria, AZ 85383

$1,199,000

4 Beds

3.5 Baths

3,766 SqFt

Status Active

MLS # 6712738

Property Type Single Family Residence

Price Type --

**Motivated Sellers** $10K buyer incentive towards rate buydown, new carpet or closing costs. NEWLY REMODELED...This luxurious home has been upgraded with $150K in resort style backyard improvements and over $100k in interior upgrades. From the moment you step into the charming courtyard entry, you are greeted by an open floor plan adorned with dramatic vaulted ceilings, setting the stage for an inviting and spacious atmosphere. The custom bar/pool table room is accented with classic red brick for a cozy atmosphere. The heart of this home is undoubtedly the magnificent kitchen, seamlessly integrated with the family room, providing breathtaking views of the open floorpan and resort-style backyard. Retreat to the grand primary retreat, a sanctuary featuring...CONTINUE READING... a private sitting area, walk-in closet, fireplace, and a lavish bathroom with double sinks, and an oversized custom shower. The split bedroom floor plan ensures privacy with an en-suite guest room wing. The office can be an optional 5th bedroom as well! The backyard is an entertainer's paradise, meticulously landscaped with synthetic grass, extensive pavers, and a stunning array of features including a stunning water feature, indoor/outdoor surround system, fire pit, heated spa, and a custom gazebo complete with a fireplace and BBQ island, perfect for entertaining. Enjoy the tranquility of no homes directly behind with North/South exposure, complemented by picturesque mountain views. Additional highlights include a three-car garage, RV and boat accommodation, with a side yard large enough for a batting cage, sports court, RV garage or in-law suite. Walking distance to Great Hearts Private School. This home is not just a residence but a lifestyle, perfect for those seeking a spacious lot with significant upgrades and a private oasis. Every detail has been meticulously cared for, making this property a true gem in a serene and picturesque setting. This home is a MUST SEE! Seller is owner/agent.

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7264 W Cielo Grande -- Peoria, AZ 85383

$1,199,000

5 Beds

4.5 Baths

4,361 SqFt

Status Active

MLS # 6732093

Property Type Single Family Residence

Price Type --

Executive Style living - Fantastic Family Home! This amazing property is tucked away in the desirable gated community of Talas. Oversized backyard includes an 800 sf diving pool w/built in spa, outdoor gas fireplace, Sport Court, putting green. The. built in stainless BBQ and sink area provide all you need to enjoy resort style living. Inside enjoy a breathtaking entryway, Chef's kitchen, Granite counter tops, butlers pantry, large master suite w/jetted tub and large walk in closet. Bedroom w/ private bath and two other bedrooms with a jack n Jill bath. Enjoy the beautiful Arizona sunsets with your choice of front or back balconies. Don't miss out on this opportunity to own a piece of paradise.

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3157 E Rocky Slope Drive Phoenix, AZ 85048

$1,199,000

5 Beds

3.5 Baths

4,209 SqFt

Status Active

MLS # 6747566

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in Mirada Canyon, where comfort meets sophistication in a beautifully remodeled residence. From the moment you step onto the front courtyard patio, you'll notice the meticulous care that has gone into every detail. The spacious open floor plan is bathed in natural light, thanks to the floor-to-ceiling windows that create an inviting atmosphere.The fully remodeled kitchen is a chef's dream, featuring stainless steel appliances, a gas range, and a large island perfect for meal prep and entertaining. Step outside to your own private oasis—a resort-style backyard complete with a luxurious pool, recently resurfaced with a new pump, a covered patio, and an outdoor kitchen. The RV gate provides access to a spacious side yard, ideal for storing all your toys. The attached bonus room offers endless possibilities, whether you need a workout space, office, or extra storage. Additional upgrades include remodeled bathrooms, new flooring, a newer AC, water heater, and a soft water system. This home is truly one in a million.

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9418 N 19th Street Phoenix, AZ 85020

$1,199,000

3 Beds

3 Baths

2,459 SqFt

Status Active

MLS # 6717755

Property Type Single Family Residence

Price Type --

Stunning top to bottom renovation! Situated in Davidson Heights (NO HOA). This gem is steps away Dreamy Draw and the Phoenix Mountains Preserve, offering breathtaking city lights and mountain views! The kitchen is a chef's dream with a spacious island, panel-ready Bosch dishwasher, and panel-ready Thermador refrigerator/freezer. The dining area boasts a wine room with designer wall paper for an added flair. BRAND NEW: European white oak engineered hardwood floors, 5'' baseboards, interior/exterior doors and hardware, LED lighting, interior/exterior paint, garage epoxy floors, roof, windows, travertine pavers, a sparkling pool/spa, and putting green. Plus, it's close to all the trendy North Central, Uptown and Camelback corridor hotspots! Don't miss out on this one as it won't last!

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9693 E Davenport Drive Scottsdale, AZ 85260

$1,199,000

5 Beds

3 Baths

2,879 SqFt

Status Active

MLS # 6721178

Property Type Single Family Residence

Price Type --

Home has been extensively remodeled featuring 14 foot vaulted ceilings, gorgeous new cabinets and quartz countertops, stainless steel appliances, tile surrounds, fixtures and much more! 5 bedrooms, 3 bathrooms and a 3-car garage. Large entryway with formal living/dining room with coffered ceilings. Walk into the expansive family room with a shiplap media wall/fireplace - Open to the gourmet eat-in kitchen complete with a large eat-up island, breakfast dining nook and an abundance of natural light. Enjoy the spacious master bath retreat featuring a full bath with dual sinks, garden tub, tile shower and walk-in closet. Fire sprinklers already Installed and PAID OFF solar! Seller to include window covering and flooring allowance if desired.

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8540 E Mcdowell Road Unit 51 Mesa, AZ 85207

$1,199,000

4 Beds

3.5 Baths

3,730 SqFt

Status Active

MLS # 6739664

Property Type Single Family Residence

Price Type --

Custom home in Thunder Mtn community, complete with community playground, swings, gazebo, picnic area, tennis and pickleball courts. This updated single story floor plan 4 bedroom 3.5 bath + office with incredible storage throughout. Oversized garage, separate workroom with a portable ac unit and extended driveway. Large lot next to community retention area making for a secluded feel. Move in ready with granite counter tops, new appliances, new hardware, painted cabinetry, custom closets, beautiful living and bedroom cabinetry, new carpet, new exterior paint, upgraded light fixtures and led lighting, vaulted ceilings, two central pantries, new central vacuum, multiple fireplaces. Smart floor plan with thoughtful finishes.You can enjoy the beautiful mountain views from your roof deck!

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