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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3040 N Point Ridge Road Buckeye, AZ 85396

$1,075,000
5 Beds
3.5 Baths
2,918 SqFt
Status Active
MLS # 6727519
Property Type Single Family Residence
Price Type --
Welcome to the Master Planned Community of Verrado! With 'A' Rated Schools, 78 parks, 20+ hiking and biking paths, 2 community pools, fitness center, shopping, dinning a 2 championship golf courses! This home is an entertainer's paradise or a personal retreat where you can create the life you dream of. This beautiful two-story house has been remodeled from head to toe features a spacious downstairs master suite with a separate tub and shower, and raised height vanities. The oversized lot includes artificial grass, pavers, a covered gazebo/ramada, and a sauna. There are four additional bedrooms, a loft, and 3.5 baths. The chef's kitchen boasts numerous upgrades, including new appliances, upgraded staggered cabinets, granite countertops, an oversized island and an R/O and soft water system. The entry, den, kitchen, and laundry areas are adorned with 22-inch diagonal tile. Owned solar system and new flooring on the second floor and stairs add to the home's appeal. This must-see home is located in the charming, amenity-rich Verrado community, with parks, the Swim Park, and Verrado Heritage School within walking distance. Truly a canvas for your masterpiece.

4551 N 52nd Place Phoenix, AZ 85018

$1,075,000
3 Beds
2.5 Baths
2,937 SqFt
Status Active
MLS # 6743328
Property Type Single Family Residence
Price Type --
SELLER FINANCE OR Lease Purchase Available!! A fantastic 3 bed, 2.5 bath townhome in La Montana is now for sale! Featuring 2 garage spaces, artificial turf, and a cozy courtyard! Inside you will find spacious dining & living areas w/soaring ceilings, elegant wood-look flooring, a warm fireplace, and a wet bar perfect for entertaining guests. Prepare delicious meals in this gorgeous kitchen, equipped w/ample cabinetry, quartz counters, tile backsplash, recessed lighting, stainless steel appliances, and a prep island. The grand primary suite features plantation shutters, a walk-in closet, and a full bath w/dual sinks. Also including a quaint backyard patio where you can sit back and enjoy a relaxing evening, this is sure to be the home you've been looking for!

9426 N 112th Avenue Sun City, AZ 85351

$1,075,000
3 Beds
3.5 Baths
2,624 SqFt
Status Active
MLS # 6672479
Property Type Single Family Residence
Price Type --
Bring all your Toys!! Great Home for Someone with a Car Collection, Boats, Motorcycles or just a bunch of Stuff. This 1+ Acre Property has a 3 Bedroom / 3 Bathroom Main House with 2 Master Suites and 2 car Garage. PLUS a 1 Bedroom / 1 Bathroom Detached GUEST HOUSE with Full Kitchen and 3 Car Garage. PLUS an Additional 24'x80' Detached Air Conditioned 8 Car Garage PLUS and additional 20'X40' RV Garage. 14 Total Garages with Concrete Circle Drive.

1187 E Tonto Drive Chandler, AZ 85249

$1,075,000
5 Beds
3.5 Baths
4,139 SqFt
Status Active
MLS # 6748253
Property Type Single Family Residence
Price Type --
In Alamosa Estates a Stunning Luxury Single Story Basement Home by Fulton. Updated into a Luxurious haven with many Amenities. New Carpet and Flooring, New Int/Exp Paint. Split Floor Plan: Main Floor has Formal Living Room; Gourmet Kitchen (Quartz Counter Tops; All New Appliances to include Dual Ovens; Gas Stove; Island Design w/Breakfast Bar; Family and Dining Area with Entertainment in Mind. Master Bedroom is Spacious; Master Bath Upgraded with new Counter Top, Dual Sinks, Walk in Shower, Custom Closet. Two Bedrooms located just off Kitchen w/Full Bath and Dual Sinks; Laundry Room is Large w/Storage, 2nd Refrigerator, Gas/Electric Dryer Hookup. Basement: Great Room w/Wet Bar,Refrige,Two Bedrooms, Full Bath ,Dual Sinks. 3 Car Garage. Ramada: Built in BBQ , Fire Pit, SPA Hookup.

5713 W Sun Dance Drive San Tan Valley, AZ 85144

$1,075,000
5 Beds
2.5 Baths
2,669 SqFt
Status Active
MLS # 6676059
Property Type Single Family Residence
Price Type --
Nestled in the scenic San Tan Mountains, this rare 3.38-acre property offers a true Southwest country living experience without any HOAs. The custom-built Santa Fe-style home features 5 beds, 2.5 baths, and a flexible office space with solar power. Warm wood pillars, rustic ceiling beams, and slate tile floors evoke the charm of the Southwest throughout the open-concept interior. The great room's cozy adobe fireplace and the heated pool overlooking the mountains provide ideal spots for making memories. The spacious primary suite includes a newly renovated ensuite bath with walk-in shower and private entrance opening to the pool. Convert the 5th bedroom to a home office or private guest quarters thanks to its separate entrance. A 3-car garage, circular driveway, RV parking pad offer ample storage and parking. The fenced backyard provides a private oasis with artificial turf, paved patio, screened-in AZ room, pool/spa, and endless views. Beyond, the property allows room for equestrian facilities, hobby workshops, off-road vehicle storage, or further expansion of your Southwest retreat.

3884 S Mingus Drive Chandler, AZ 85286

$1,075,000
5 Beds
4.5 Baths
3,424 SqFt
Status Active
MLS # 6727272
Property Type Single Family Residence
Price Type --
Beautiful and spacious home, all on one level, and feels brand new ready for move in. Located in an excellent area close to schools, shopping, and restaurants. This home has a gorgeous master suite with a walk-in closet, his and her sinks, and a large soaking tub with separate shower. Two bedrooms have a Jack and Jill bathroom between them and the other two bedrooms have their own bathrooms. A beautiful office/library with barn doors for privacy and a wine fridge is just off the entryway. The kitchen boasts a large butlers pantry, double ovens and granite countertops. Outside is ready for entertaining and easy maintance with extra concrete and a swing set play area. Sidewalks wrap around this home for easy access to side yards. This home is spacious but modern and comfortable as well.

7005 W Meadowbrook Drive San Tan Valley, AZ 85144

$1,075,000
3 Beds
2 Baths
2,411 SqFt
Status Active
MLS # 6720069
Property Type Single Family Residence
Price Type --
EVERY HORSE LOVERS PARDISE! Don't miss the chance to make this mountain-view retreat your own! Experience the perfect blend of modern comfort and rural charm with this stunning 3-bedroom, 2-bathroom home on a 1.25-acre lot with breathtaking mountain views and NO HOA restrictions. Featuring an open-concept layout, the home boasts a spacious living area filled with natural light, a gourmet kitchen with stainless steel appliances, and a luxurious master suite. Outside, you'll find an expansive yard, a well-maintained 4 stall horse barn with turn out pens, and a three-car garage. Brand NEW H20 home water system! Never had a utility power over $250 due to Intergra Insulated Block built construction.

9806 W Rock Springs Drive Peoria, AZ 85383

$1,075,000
5 Beds
3.5 Baths
4,623 SqFt
Status Active
MLS # 6728111
Property Type Single Family Residence
Price Type --
Welcome to Paradise in Peoria! Over $200k invested into the backyard alone! See features list for full breakdown. This 5bed+Den/3.5bath/4,623sqft home is the epitome of luxury living & is designed for those who love to entertain. The backyard oasis is a dream, featuring a custom heated AND cooled pool w/ fountains, deck jets, baja step & copper fire pits to set the scene. Turkish marble decking throughout w/ built in gas & charcoal grills in the bar. Step inside to discover beautiful modern finishes, a gourmet chef's kitchen w/ induction stove & double ovens. Custom built primary closet has shoe wall that holds 150 pair! Gated community allows RV parking. 50 amp RV hookup w/ widened gate. 3yr old HVAC units & solar panels create modern efficiency. This property is ready to be called HOME!

7320 E Claremont Street Scottsdale, AZ 85250

$1,075,000
3 Beds
2 Baths
2,474 SqFt
Status Active
MLS # 6712527
Property Type Single Family Residence
Price Type --
7318 Las E Palmaritas Sold for 1.250M, This House is a STEAL! Same Floor Plan, Remodeled LARGE Open GATED Patio Home on Corner of Scottsdale and LINCOLN Road. OPEN Concept Features MASSIVE Living Room With Separate Family Room/TV Area. The Primary Bedroom is HUGE Features Walk In Closet and Sliding Glass Door To Pool. Bathroom Has Rain Shower and SOAKING Tub. Two Guest Bedrooms Have Pattern Carpet & Double Sink Bathroom. Large Plank PORCELEIN Tile, New Drywall, Water Softener, Soft Close Cabinets, Waterfall Quartz, New TRANE A/C. Backyard Has Covered Patio and Pool Recently Re-Pebbled. Turf Backyard For Low Maintenance. Full 2 Car Garage With EV CHARGER. Single Level Homes not on Main Road, Walk To Trader Joes and Houstons! Location Can't Be Replicated For This Price!! Check Comps!

9026 E Casitas Del Rio Drive Scottsdale, AZ 85255

$1,075,000 - 5Br/3Ba -  for Sale in Canada Ridge, Scottsdale
Open House
$1,075,000
5 Beds
3 Baths
2,900 SqFt
Status Active
MLS # 6758221
Property Type Single Family Residence
Price Type --
Eloquently remodeled home! Thoughtfully redesigned, modern finishes,high-quality materials,custom cabinetry,upgraded lighting & enhanced storage solutions,resulting in an aesthetically pleasing environment.The updates provide enhanced comfort,style & value to the home. 5 bdrm.,3 baths,1 bed & bath downstairs.Loft has home office/kids work station area.Backyard is an entertainer's paradise, w/sparkling pool,soothing cascading waterfall,blt.in BBQ and cozy firepit, perfect for hosting cookouts or enjoying meals under the open sky.Whether you're taking a refreshing dip or lounging poolside,the combination of the inviting water & lush desert landscaping creates a serene oasis for relaxation & fun!Short walk to coffee shops,grocery store & fine dining!Click on more for list of upgrades. The following list show the extensive remodeling and upgrades performed throughout the home. Each area of the home has been thoughtfully redesigned with modern finishes, custom cabinetry, upgraded lighting, and enhanced storage solutions. Special attention was given to the balance between functionality and aesthetics, with premium materials and craftsmanship evident in every room. * Installed designer tile flooring throughout the main level, providing a cohesive and modern look. * Redesigned the staircase with a modern curved design, featuring iron railings and high-end finishes. Work completed by AZ Stairs. * Living Room- Removed old arches to create a more open and contemporary space. Installed designer lighting to enhance ambiance and modernize the room. * Dining Room- Added a built-in bar with custom cabinetry, featuring glass shelving from Rejuvenation. Integrated a wine rack display, ice maker, and wine fridge for a functional and stylish entertainment area. * Family Room- Installed new sliding glass doors. Upgraded the fireplace with a new design, creating a feature wall for added visual appeal. * Kitchen- Expanded the space with new custom wood cabinetry and an island. Installed quartz countertops and a matching backsplash. Added new appliances including a refrigerator/freezer, double convection ovens, gas cooktop, and a chef's sink. Enhanced with designer lighting and expanded the pantry with faux panel tiles, shelving, and outlets for small appliances. * Downstairs Bathroom- Upgraded with new shower tile, a vanity backsplash, a glass door, and designer lighting from Arhaus. * Laundry Room- Installed custom cabinetry. Added two side-by-side double stack washer and dryers for increased laundry capacity. Included a dog bath, mounted rod, and a folding ironing board for convenience. * Den/Bedroom- New tile flooring and designer lighting. Added wainscoting for a refined look. The closet was fitted with outlets and wide shelving for office equipment. * Upstairs- Installed upgraded vinyl tile flooring * Third Bedroom- Enlarged the closet for additional storage. Added mirror doors and a new fan/light fixture. * Fourth Bedroom- Improved the closet storage with enhanced organization solutions. * Bathrooms- Added faux tile panels that are removable, offering a stylish yet flexible design solution. * Master Bathroom- With the exception of minor updates, the original design was maintained. * Loft- Installed a custom cabinet desk area for a functional workspace. Added a new light fixture to brighten the area. * 3 Car Garage- Applied epoxy flooring for a clean, durable finish. Added a fridge and overhead storage to maximize functionality. * Backyard Upgrades- Installed designer lighting to enhance the ambiance. Re-stained and painted the cool deck for a refreshed look. * Cleaned up the landscaping in both the front and back yards for improved curb appeal. * Previous owner painted inside and outside and installed top of the line Lennox HVAC units.

16573 W Catalina Drive Goodyear, AZ 85395

$1,075,000 - 2Br/3Ba -  for Sale in Pebblecreek Phase 2 Unit 48, Goodyear
Open House
$1,075,000
2 Beds
2.5 Baths
2,695 SqFt
Status Active
MLS # 6758142
Property Type Single Family Residence
Price Type --
This GORGEOUS, HIGHLY DESIRABLE Avalon model home is nearly new and situated on a premium view lot on the Tuscany Falls side of the award-winning resort community of PebbleCreek. This designer home features 2 En Suite Bedrooms, a Den with frosted glass double doors & 2.5 baths. Enjoy bright open-concept living with full-length glass stackable sliding doors that create a beautiful indoor/outdoor living space. This home features a beautiful Chef's Kitchen including a large walk-in butler's pantry, 42'' upper cabinets with dovetail drawers, soft close hinges, pull-out shelves, crown molding, and upgraded hardware. Beautiful quartz waterfall countertops with a large island, a Blanco granite farmhouse sink, and GE Monogram stainless steel WIFI-enabled appliances including a gas cooktop. This home offers upscale lighting, designer paint, and upgraded flooring, including beautiful porcelain plank tile. The dining room has crown molding, a gorgeous chandelier, and floating niche cabinetry. The great room is spacious, has a beautiful coffer ceiling with added crown molding, and offers extra cabinets for added storage with a bar fridge. Both bedrooms offer ensuite baths with designer tile showers, full-height tile backsplash, elongated toilets, and framed mirrors. The master bath features a large curbless, walk-in shower and a huge walk-in closet with built-in organization. The dreamy laundry room offers plenty of storage, a sterling sink, and top-of-the-line GE front loaders on pedestals. The expanded outdoor living space has view fencing and backs to a pretty common area. The spacious brick-paved patio is an ENTERTAINER'S DELIGHT! It boasts a gorgeous, stacked stone fireplace with a mounted TV, a built-in gas BBQ with extra space for a pizza oven, and Havana remote (electrical) sunshades. There is a 3-car garage with an additional service door, rain gutters, a whole house water filtration system, and did I mention, that this home has SUPER energy efficiency?! A limited 7-year construction home warranty will convey with the property. This SPECTACULAR HOME is truly a MUST-SEE home! There are too many features to list, please take a look at the full list of upgrades in the document section.

5525 E Dusty Wren Drive Cave Creek, AZ 85331

$1,075,000 - 4Br/3Ba -  for Sale in Colina Del Norte, Cave Creek
Open House
$1,075,000
4 Beds
3 Baths
2,542 SqFt
Status Active
MLS # 6720916
Property Type Single Family Residence
Price Type --
Gorgeous fully renovated & move-in ready 4-bedroom 3 bathroom Cave Creek Home in the desirable Colina Del Norte community on a prime cul-de-sac lot next to desert preserve with amazing sunset views and desert hiking trails plus great schools! All new Chef's kitchen with Granite Waterfall Island, KitchenAid SS appliances, solid wood cabinets with crown molding, soft close drawers & doors. New wide plank White Oak tile throughout & 5'' wood baseboards. All new Bathrooms. Resort style patio with Herringbone Atlantic Pavers with seashells that stay cooler, maintenance free grass, 10-person hot tub with LED lights & stereo, New Trane HVAC & Ecobee thermostats, Ring doorbell, fresh paint inside and out. Builder options inclu 10 foot ceilings, 4 feet extended 3-car garage, dog run & RV gate

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