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.

Whats 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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18701 E Canary Way Queen Creek, AZ 85142

$1,175,000
4 Beds
3.5 Baths
4,354 SqFt
Status Active Under Contract
MLS # 6756940
Property Type Single Family Residence
Price Type --
This impeccably remodeled basement home features everything you need for your dream space. Enjoy custom shaker cabinetry, a 6-burner Wolf Range, Pellet Ice Maker, and a large built-in fridge/freezer—perfect for hosting holiday dinners. The updated wood plank tile floors and fresh carpets add a modern touch. Relax in the basement with a wet bar, secondary laundry room with machines included, and in-ceiling surround sound. Outside, discover a stunning pool, hot tub, waterslide with a grotto, a pergola with a built-in BBQ, a trampoline, new artificial turf, landscape lighting, and updated retaining walls.

30448 N 65th Street Cave Creek, AZ 85331

$1,175,000
4 Beds
4 Baths
2,908 SqFt
Status Active
MLS # 6696645
Property Type Single Family Residence
Price Type --
DISCOVER MODERN LUXURY in this newly remodeled 1-acre ranch property in Cave Creek, Arizona. With no HOA, all new septic in 2023, and horse rights -- This single-level home boasts fresh finishes throughout, plus a separate 1-bedroom casita with a kitchenette. Enjoy breathtaking mountain views and sunsets from the rooftop deck, or relax by the 3-car garage with EV charging and desert landscaping. This premier location combines tranquility and convenience with refined finishes.

1413 W Beck Lane Phoenix, AZ 85023

$1,175,000
4 Beds
2.5 Baths
3,873 SqFt
Status Active
MLS # 6725931
Property Type Single Family Residence
Price Type --
MOTIVATED SELLER will offer BUYER up to $20,000. in Interest Buy down Incentive at Close of Escrow Rare opportunity in Moon Valley Area on an oversized (Largest in Subdivision .415 Acres) Cul-de-Sac lot. Stunning 4 Bedroom, 2.5 Bath home w/Large Master downstairs, and Large Loft upstairs. Luxurious Backyard w/Plenty of Lush Grass, Sparkling Pool, Basketball court, BBQ, Large Storage building and Covered Patio, perfect for Entertaining, Relaxing, and enjoying the views. Backs City & Corral Gables HOA Common Area - no homes directly behind property. 3 Car Garage w/RV Gate and Additional Parking both Front and Rear. Guest House Studio, w/Loft, Kitchen and Fireplace that has a separate Entrance; previously rented for $1,000+ monthly. This is a Gem for you to Enjoy! Error was made on Original

8921 E Nora Circle Mesa, AZ 85207

$1,175,000
4 Beds
2.5 Baths
2,993 SqFt
Status Active
MLS # 6693228
Property Type Single Family Residence
Price Type --
People come to Arizona looking for its beauty: the desert landscapes, the abundant wildlife, sunsets to inspire the soul, and a beautiful home that fits perfectly into that setting. This home is a wonderful example of that ideal Arizona home. Located in the east valley near the Superstition mountains in a gated and upscale community within East Mesa and near Las Sendas golf course community, this is a fantastic find whether looking for a home to vacation to, move to, retire to, or just escape to. With soaring ceilings, a chef's kitchen, a primary suite to dream of, and that resort-style backyard you've hoped for, this is one not to be missed. New price and seller wants it sold! Located on a full-de-sac street surrounded by stunning homes in a fantastic neighborhood, this home welcomes all. The large living area greets you upon entrance and immediately shares a spectacular view of the backyard. The formal dining area, currently featuring a piano and large wine fridge, is a wonderful hosting space to keep as is or reimagine. The kitchen is the showpiece of this home with its 6-burner cooktop, cafe-style fridge, beautiful cabinetry, granite countertops, and much more. The first guest bedroom opens to a private lanai, while the other guest bedroom and den (formerly the 4th bedroom) are perfect for visiting company, a home office, kid's rooms, or much more. The split floor plan features a primary suite with its own living space and spacious bathroom to add to the scale of the home. A large walk-in closet, separate shower, and soaking tub complete the reward for the owners. A 3-car garage which is always in demand features ample storage, a workbench, and pull-down attic access for additional space. And then there's that backyard...Wow. With separate grill, bar seating (complete with beverage fridge), retractable awning, patio, fire pit, and salt-water pool all in a serene desert setting, you have one of the types of homes you've been searching for. Moments from the lakes, rivers, mountains, hikes, and beauty that is Arizona, this is a home that would cost twice as much in Scottsdale, Cave Creek, or other outlying areas. And only minutes to Sky Harbor, it's certainly a location that those who have found appreciate and share only with those in the know.

19239 W Echo Lane Waddell, AZ 85355

$1,175,000
4 Beds
3.5 Baths
3,842 SqFt
Status Active Under Contract
MLS # 6678284
Property Type Single Family Residence
Price Type --
Welcome to your very own desert oasis in the beautiful gated community of Sonoran Ridge! You can relax on your patio and watch the AZ sun set on the White Tank Mountains. This gorgeous corner lot home sits on almost an acre of land with no expense spared to create the most picturesque backyard. The courtyard in front welcomes you into this open floorplan home with accordion doors that lead to the backyard. The primary suite features an oversized walk-in shower, huge soaking tub, and dual walk-in closets. Flex space has garage entry and fully furnished for you. Secondary bedrooms have an ensuite bathroom plus the large office can be used as 4th bedroom! All appliances are included, along with furniture and TVs. Very secluded and quiet but only minutes from schools, shopping and dining!

7650 E Culver Street Mesa, AZ 85207

$1,175,000
6 Beds
4.5 Baths
3,922 SqFt
Status Active
MLS # 6747260
Property Type Single Family Residence
Price Type --
NO HOA on county island! 1.7 acre horse property w/ beautiful mtn & city light views! Long tree-lined driveway w/ electric gates at the street and back yard entrances. NEW ROOF in 2022. Extra large horse corral, 2 stall horse barn w/ tack room, wash area w/ auto watering & hay shed that is separate from the backyard & pool area - the best of both worlds! 6 bed 4.5 bath home w/ a craftsman tiled salt pool. Primary suite downstairs w/ 2 walk-in closets, soaking tub, gym and office w/ sep exit to outside & a 2nd laundry room. Kitchen opens to the family room & has large windows that overlook the resort style backyard. Diving pool, outdoor kitchen area & a huge turf area w/ a gazebo. 50amp RV full hookup 2022, Updated electrical 2024. Living and family rooms share a large double-sided fireplace. Formal dining room w/ heavy, custom wine cellar doors that are gorgeous. Upper level has 3 bedrooms all with sliders to the view deck, and 1.5 bathrooms. This home has an incredible amount of storage and parking. Close to the 202. 20-30 minutes to downtown, Scottsdale, Gilbert, Tempe and the airport. 15 minutes to Saguaro Lake and Salt River. Close to hiking/biking trails, restaurants, shopping, movies and so much more.

2827 E Bellerive Drive Gilbert, AZ 85298

$1,175,000
4 Beds
4 Baths
2,709 SqFt
Status Active
MLS # 6712904
Property Type Single Family Residence
Price Type --
This is the home you have patiently been waiting for to come on the market! This stunning single-story, 4 bedroom, 4 full bathroom home with a mini-split air conditioned 3 car garage (with extension) in Gilbert, AZ is everything you have been dreaming of! Nestled on a North/South corner lot in a gated community, with a private entry attached casita, and magnificent OASIS backyard, your new home will have you dazzling with excitement with every corner you turn. As you pull up to the home, take notice of the stuccoed planter in the courtyard and spectacular pots out front, along with the pavers that have been power-washed and professionally sealed in the driveway & courtyard. You'll be impressed by the opulent residence with soaring ceilings and an elegant color scheme throughout. The spacious great-room allows you to entertain family & friends, while enjoying the breathtaking backyard views, with the 12 foot - 3 panel sliding glass door wall; perfect for merging indoor & outdoor activities. The formal dining room boasts a chic chandelier, an elegant accent wall, paired with intricately patterned tiled flooring, complemented by a neutral border. Your new gourmet chef's kitchen has exquisite soft close maple drawers & cabinets w/crown molding, upgraded pots & pans drawer, trash & recycle center, mosaic tile backsplash, granite countertops, stainless steel farmhouse single bowl sink w/ upgraded faucet & reverse osmosis, walk-in pantry, an island with a breakfast bar and separate breakfast dining nook, built-in appliances, (w/ stainless steel double ovens, gas cooktop, microwave, dishwasher, upgraded wall mounted cooktop hood) and so much more! The main home has 3 bedrooms, 3 full bathrooms, along with an additional den - conditioned as a study with built-in bookcase, electric fireplace and ceiling fans in every room. The sizable primary bedroom boasts a lavish ensuite w/dual sinks, a soaking tub, separate shower, walk-in closet w/ additional built-ins for extra shoes & storage and a private exit to the backyard. The amazing casita with 1 bedroom and 1 full bathroom at the front of the home, provides private living quarters with its own entry to the home, a tiled living room, kitchenette-complete with mini fridge, built-in microwave, cabinets and sink, carpeted bedroom and deep walk-in closet. The resort-like backyard is an entertainer's dream, complete with a relaxing covered paver patio with ceiling fans, paver pathways, built-in stainless steel grill & ice chest, complimented by a built-in raised travertine table with a seating area & flagstone base, soothing landscape with synthetic grass and additional walkway pavers, a swimming pool with eye-catching water features, along with color changing lights in the swimming pool and along the picturesque landscaping, not to mention the inviting gazebo with ceiling fan, with a built-in gas fireplace with flagstone veneer, right next to the outdoor kitchen for hosting late-night BBQs. Are you a pet lover? Don't forget to check out the private, closed-in fully landscaped pet run on the east side of the backyard, with synthetic grass, sprinklers, pet door, trees & plants galore! On the west side of the home, take a look at the shaded pond, chicken coop with multiple fans & private nesting area. Your new 3 car garage is a dream! It's not only a full 3 car garage, but it extends deeper on one side to give you extraordinary additional garage space/storage. Built in cabinets, epoxy flooring and BRAND NEW 2 ton mini-split air conditioning unit included. Pool w/ 48 square tile tabletop, color logic, color changing 320 LED lights, 10LF trough water feature, beach shelf (baja step) w/in floor cleaning system, new Hayward TriStar VS950 pool pump, A&A low profile in-floor cleaning system. Bose speakers with individual speaker controls at the patio. Additional surround sound in the great-room, primary bedroom, den, all with individual speaker controls as well. There is SO MUCH to see in this home and yards. Be sure to ask your real estate professional to show you the lists of upgrades done in this magnificent home, as well as the extensive list of the fruit and vegetable trees/plants that are placed throughout your one of a kind backyard!

8044 E Del Mercurio Drive Scottsdale, AZ 85258

$1,175,000
4 Beds
2.5 Baths
2,426 SqFt
Status Active
MLS # 6747873
Property Type Single Family Residence
Price Type --
Welcome to McCormick Ranch! Discover the potential of this 2,426 sf property, perfectly situated on a sprawling 12,000+ sf lot. This property features 4 bedrooms and 2.5 bathrooms, offering a solid foundation for your dream home. Step outside to find a large diving pool that promises endless summer enjoyment and relaxation. The expansive lot provides ample space for outdoor living, whether you envision a vibrant garden, entertaining area, or additional recreational features. Don't miss this exciting opportunity to customize and transform this property into your ideal living space!

10422 N Demaret Drive Fountain Hills, AZ 85268

$1,175,000
4 Beds
3.5 Baths
2,871 SqFt
Status Active
MLS # 6708653
Property Type Single Family Residence
Price Type --
NEW PRICE! Golf Course Lot! Move-in ready! This Single Level home on Desert Canyon Golf Course has been meticulously maintained and beautifully updated inside and outside. This custom home features a spacious Great Room with Fireplace and Wet Bar, large Dining Room, Open Kitchen with upscale Stainless Appliances, Quartz Countertops, Breakfast Room, large Island seating, an abundance of Counter Space and Cabinets. The spacious Master Bedroom has separate Seating area, large Walk-in Closet, Bathroom with separate Vanities, Jetted Tub, separate Walk-in Shower. There are 3 other Bedrooms including one Ensuite. Beautiful Plank Porcelain Tile and Wood Floors throughout. No steps inside. The Resort style Backyard includes a private Pool, Paver Patios, Pergolas, Desert Landscaping PLUS Golf Course and Mountain Views. Large 3 Car Garage with built-in Cabinets and Epoxy floor. Newer Energy Efficient Dual Pane Windows throughout. Nothing to do but move in and Enjoy! A must see to appreciate all that this house has offer!

3871 W Sugar Pine Way Show Low, AZ 85901

$1,174,000
4 Beds
4 Baths
3,426 SqFt
Status Active
MLS # 6741311
Property Type Single Family Residence
Price Type --
Majestic 3426sf home boasts 4 large bedrooms and 4 bathrooms located on a spectacular .69 acre lot with tall ponderosa pine trees that backs to an HOA maintained creek for your relaxing pleasure. Enjoy the feeling of privacy in your mountain home. The vaulted great room with tongue and groove ceilings, soaring windows to frame the forest and a rock fireplace welcome you to the mountains. The open floor plan is perfect for entertaining friends and family. Premier location in the gated community of Torreon, just a few steps down from the Family Center with a catch and release pond, tennis, basketball, pickleball, playground. Just across the round-about from the Family Center is the Torreon Golf Club & Grille with pool, spa and fitness center. The entire home has just been stained.

1124 W Carriage Drive Phoenix, AZ 85086

$1,174,000
4 Beds
3 Baths
2,682 SqFt
Status Active
MLS # 6742485
Property Type Single Family Residence
Price Type --
This BEAUTIFUL HOME is the PERFECT BLEND of a DESIRABLE PRIVATE PARADISE but still GREAT ACCESS to FREEWAYS, SHOPPING, SCHOOLS, and ENTERTAINMENT*Your GREAT ROOM has fireplace and 3-PANEL GLASS SLINDING POCKET DOOR that ALLOWS for IN-DOOR/OUT-DOOR LIVING*Your KITCHEN has SOFT-CLOSE SHAKER CABINETS, island, BREAKFAST BAR, newer BOSCH APPLIANCES, and PANTRY*OVER-SIZED OWNER SUITE has sitting area, walk in closet, TILE WORK at SHOWER, jetted TUB, and separate outdoor exit*GUEST SUITE with FULL BATH and personal exit to courtyard*Your BACKYARD has EXTENDED PATIO, MISTERS, BUILT-IN BBQ, firepit, REFRESHING POOL with BAJA STEP, SOOTHING WATER FEATURE, and HEATER for the cooler months*The secondary back yard is perfect space for RV GARAGE*THIS is a PLACE YOU WILL WANT to CALL ''HOME''

593 E Peach Tree Street Queen Creek, AZ 85140

$1,173,900
2 Beds
2.5 Baths
2,143 SqFt
Status Active
MLS # 6716810
Property Type Single Family Residence
Price Type --
This Positano floorplan creates the perfect indoor and outdoor space. The two huge sliding walls of glass on the interior of the home connects your living space to a private courtyard with a welcoming fireplace. The expansive kitchen with its large center island is a chef's dream, providing ample space for culinary creations and gatherings. This home offers a spacious primary suite, ensuring both comfort and privacy. The thoughtful addition of a ''smart space'' housing laundry facilities and cabinetry further enhances the convenience and functionality of daily living. Both bathrooms have been upgraded with tile surrounds and beautiful light fixtures. Additional features include shutters, a carpet-free environment and gorgeous views of the golf course.

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