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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5289 N Via Sempreverde -- Tucson, AZ 85750

$995,800

3 Beds

2 Baths

1,950 SqFt

Status Active

MLS # 6744264

Property Type Townhouse

Price Type --

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252 S Forest Service 3341 -- Parks, AZ 86018

$995,000

3 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6754105

Property Type Single Family Residence

Price Type --

NEED 2 HOUSES? NO PROBLEM. START HERE! Nearly 10 heavily wooded acres. Borders miles of forest service land. Fully fenced property with 2 gated entries. 1,500 S/F SHOP/GARAGE with a metal roof perfect for large solar array & future battery wall. Newly built well house services seasonal well and has massive 7500-gallon water storage capacity. 2 SEPTICS ALREADY ONSITE, along with 2 APS meters. 2 RV SITES - live in your RV while you build or remodel! The SINGLE LEVEL HOME needs some updates, but is comfortable to live in or rent out as is. Why struggle to find a contractor and deal with the costs and headaches of a new build? Remodel here and create instant equity. Contractor has been identified and has provided budget for remodel. Owners will work with buyers on terms

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5619 W Johnny Mullins Drive Prescott, AZ 86305

$995,000

3 Beds

2 Baths

1,893 SqFt

Status Active

MLS # 6752399

Property Type Single Family Residence

Price Type --

$230k+ in updates. Move in ready! All the hard work has been done and it ready to be enjoyed. Nestled on the 3rd green, the lush vegetation provides a serene backdrop. Upgrades enhance both beauty and function with new exterior & interior paint, updated flooring throughout, updated bathrooms, fireplace, carpet, window coverings, chandeliers, RH light fixtures, fans, custom iron screen door, Wi-Fi openers, epoxy garage floor, and custom Big Chill appliances. Primary bedroom tv and living room tv with sonos sound bar stays with the home. Step out to the expansive outdoor living area & soak in the golf course & Granite Mountain view. This Ranch Cottage offers an unmatched blend of elegance, functionality, and modern sophistication.

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19999 W Fawny Lane Casa Grande, AZ 85122

$995,000

3 Beds

2.5 Baths

2,807 SqFt

Status Active

MLS # 6759365

Property Type Single Family Residence

Price Type --

Equestrian's dream! If you own horses this 5 acre equestrian property is equipped for you, see full list of facilities below. Custom built home, in an exclusive neighborhood with saguaro studded mountains and city light views. Sit on the expansive south facing patio and enjoy the sunsets while your horses graze nearby. Built with tech block, the walls have R50+ rating. 12 foot ceilings, wood fire place, great room, wet bar, wood laminate floors, three large bedrooms and an expansive office create the perfect indoor living space. Vinyl, dual pane windows, tile roof, four car extended garage with cabinets, central vac, separate entry to all bedrooms. Five acres fully fenced with no climb wire fence. Electric gate. Freshly painted exterior and interior. Equestrian Facilities include: Hay barn, 3 16'x48' turnout pens, 16'x16' covered; 12' breezeway; 3 16'x16'indoor stalls; 3 16'x16' open pens; 10'x10' tack room w hot water; wash rack; hitching post; electrical, water and lights throughout; 30'x40' 3-sided covered storage, 3 16'x16' covered storage, 220 power. Turnouts located in three acre fenced area with new divided shade cover.

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5946 E Sienna Bouquet Place Cave Creek, AZ 85331

$995,000

3 Beds

2 Baths

2,237 SqFt

Status Active

MLS # 6756370

Property Type Single Family Residence

Price Type --

GATED LONE MOUNTAIN ESTATES! BIG BLACK MOUNTAIN VIEWS!GORGEOUS & IMMACULATE HOME WITH CONTEMPORARY FLARE~ REMODELED TO PERECTION! !Great room floorplan;ALL NEW FLOORING!Sealed,stained & waxed concrete, new canned lighting throughout;ceiling fans Gourmet kitchen w/BLUESTAR oven;cooktop;white glass backsplash,2nd bosch oven/micro;fridge/dishwasher. Extended island w/ italian lighting; stunning quartzite countertops. Custom cabinetry throughout w/dovetail soft close drawers;undermount lighting.Beautiful BATHROOMS !CUSTOM CABINETS,LIGHTING,MIRRORS, TILE & SHOWER DOOR. Kohler fixtures;quartz counters. Primary split/Huge walkin closet .Plantation shutters throughout!LG Windowsw/Views everywhere!Back yard~Firepit; Putting green; jacuzzi spa (never used) N.lot line Borders NAOS .LG 2cG w/builtins

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1217 E Desert Flower Lane Phoenix, AZ 85048

$995,000

4 Beds

2 Baths

2,879 SqFt

Status Active

MLS # 6737153

Property Type Single Family Residence

Price Type --

Welcome Home!!! This gorgeous 4 bedroom 2.5 bath home at the Foothills in the heart of Ahwatukee (Phoenix) is in a fantastic location. Close to restaurants, shopping, schools, parks, splendid mountain views & easy access to the 202 & I-10 Fwy's. As soon as you step into this home, you can see the Pride of Ownership with all that has been done. You'll love the layout of this open concept floor plan. This elegant kitchen offers stainless steel appliances, quartz counter tops, an island/breakfast bar for extra prep & storage, a pantry, full height custom tiled backsplashes & beautiful crown molding cabinetry. Your spacious master suite offers a plethora of natural light, a walk in closet, dual travertine vanity, custom tiled walk in shower, a tiled jet tub to relax in, as well as direct access to your backyard oasis. This stunning home also offers upgraded ceiling fans & lighting, plantation shutters, a front room that can be used as an office/den, a custom fire place in the family room with floor to ceiling tiled wall, vaulted ceilings, a sunken living room, as well as a 3 car garage with epoxy flooring, a water softener & cabinets for extra storage & organization. Your stunning backyard oasis with mountain views offers a covered patio with adjustable sun shade, extended travertine pavers, a natural grass lawn area, along with a sparkling pebble tech play pool with rock formation water fall to enjoy. This gem in the desert is a Great Buy & a Must See!!!

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37618 N 26th Street Cave Creek, AZ 85331

$995,000

3 Beds

2 Baths

2,057 SqFt

Status Active Under Contract

MLS # 6751309

Property Type Single Family Residence

Price Type --

Welcome home to this stunning Cave Creek Desert Oasis with beautiful mountain Views from every angle. NEW Trane A/C, NEW septic tank, NEW pool pump, upgraded electric, the list goes on. Upon entry step into an open, split floor plan with tile flooring throughout, 12-foot ceilings, skylights, surround sound, and custom lighting. The chef's kitchen features custom cabinets, stainless steel appliances, granite countertops, and a 7-foot center island. Step through the French doors to reach your backyard paradise. Covered patio with ceiling fans, a heated diving pool, separate above ground hot tub and a 5-hole putting green with a sand trap. 3-stall mare motel with a large turnout area and enclosed tack room. Plenty of room for parking with an extended 3-car garage, circular driveway, a true RV gate including cleanout and 30amp electricity. Come see your new home today!

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2748 N Blue Grass Ranch Drive Lakeside, AZ 85929

$995,000

3 Beds

2 Baths

3,544 SqFt

Status Active

MLS # 6713643

Property Type Single Family Residence

Price Type --

If you are looking for an authentic log home on 5 beautiful acres-then look no more! Tucked away in the tall pines with several fruit trees, this home will offer you the freedom and privacy that most dream about. Classic wood flooring has been recently refurbished, making this a great place with all the accents of mountain living. Open and split floor plan makes for lots of convenience and space for all your loved ones and guests. Home is complete with a walk-out basement which has 3 large storage closets (8'X10'). Basement area could be used as a separate room for watching your favorite movies and playing pool and also boasts a ''fireplace extraordinaire'' - This space could alternatively be used as a private and very comfortable sleeping quarters for guests. The sun room is designed for passive solar and supplements the heating sources listed here creating a warm and consistent temperature to the home on those chilly days. Watch the abundant wildlife from the covered deck, deer, elk and turkey frequent the property. Scotts reservoir and the forest service is close by. Just imagine yourself and loved ones sitting on the deck, enjoying the pleasure of listening to the gentle breeze through the whispering pines or the refreshing rain on a cool summer day. Come make your future mountain memories a reality and experience life lived in the marvelous White Mountains! The White Mountains offers Golf, fishing, hunting, four wheeling, hiking, boating, gaming, target shooting ranges, skiing, snowboarding, birdwatching, animal wild-life, sledding, several seasonal festivals throughout the year, car shows, fine dining, musical entertainment, and a great day and night life! Come live your dream in this beautiful Classic Log Home in the pines-

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19312 E Cloud Road Queen Creek, AZ 85142

New

$995,000

4 Beds

2 Baths

3,163 SqFt

Status Active

MLS # 6754537

Property Type Single Family Residence

Price Type --

NO HOA!! Bring your CARS & TOYS!!! This amazing property has room to park or work on any projects or hobbies you may have! And with flood irrigation you can even bring any of your four legged friends!! Come spread your wings in this wide open space and live a life of freedom that you can't get in other neighborhoods! This immaculately maintained home offers charm and character unlike any other with vaulted ceilings and large living areas. Out back you can relax under the large covered patio next to the gorgeous pool in a fenced-in backyard where pets or kids are free to play with safety and security. Outside the fence lies the shop, concrete parking areas, storage shed, a row of mature citrus trees, and a flood irrigated pasture surrounded by mature landscaping! Welcome to your PARADISE!

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18993 E Alfalfa Drive Queen Creek, AZ 85142

$995,000

5 Beds

3.5 Baths

4,517 SqFt

Status Active

MLS # 6713019

Property Type Single Family Residence

Price Type --

No need to wait for a new build—this home is gorgeous and practically brand new! Introducing the Taylor Morrison Acadia floor plan, featuring 5 bedrooms, 3.5 baths, and a den. With over $100,000 in upgrades, including a stunning sparkling pool, with upgraded cartridge filter and variable speed pump, this home is truly exceptional. The large backyard features artificial turf, a covered patio, and a Ramada with a TV. A multi-slide door connects the spacious great room to the beautiful outdoor space, perfect for seamless indoor-outdoor living. The main level includes a den and the primary suite. The luxurious primary bedroom has amazing zebra window coverings, bathroom features modern flooring, separate double sinks, a soaking tub, separate walk-in closets, and a private toilet. The kitchen is a Chef's dream with double ovens, ample quartz counter space, an upgraded built-in gas stove, a stainless steel hood, a large pantry, and beautiful white shaker cabinets. Ceramic wood-look plank tile is strategically placed throughout the home. Additionally, most of the windows feature custom shutters, adding a touch of sophistication and privacy. Strategically placed sunscreens on the upper back windows, optimize energy efficiency by harnessing sunlight while maintaining a cool and comfortable interior. Upstairs, you'll find a large loft, 4 additional spacious bedrooms with walk-in closets, and 2 bathrooms, including a convenient Jack and Jill layout. Numerous niches and media centers are scattered throughout the home, offering functional and stylish spaces. Words can't capture the full essence of this home you need to see it for yourself to truly appreciate its beauty and elegance.

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20579 S 190th Place Queen Creek, AZ 85142

$995,000

5 Beds

3.5 Baths

4,517 SqFt

Status Active

MLS # 6712474

Property Type Single Family Residence

Price Type --

Gorgeous Taylor Morrison Acadia floorplan- Like new without the wait! With over 4500 sq ft this popular model has 5 bedrooms plus a den and 3 1/2 baths. Builder upgrades include: super shower in primary bedroom, 2nd upstairs laundry room, 19'x25' media room with barn door option, and central vacuum. Located in the hightly sought after Legado master planned community featuring a lake, walking paths, playgrounds, a lighted basketball court, corn hole boards, splash pad, and more! You won't even need to leave the neighborhood to go out and enjoy a beautiful Arizona day, but rest assured there is also plenty to do nearby!

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3019 W Trail Drive Phoenix, AZ 85086

$995,000

3 Beds

2.5 Baths

2,710 SqFt

Status Active

MLS # 6736857

Property Type Single Family Residence

Price Type --

This stunning single-story home has 3 bedrooms and 2.5 baths, nestled on 1 ACRE of serene tranquility. Upon entry, high ceilings and an open floor plan greet you, offering views of the expansive backyard. Private master suite with UPDATED walk-in tiled shower. The living room features a gas fireplace & beautiful wood beams, leading to a THEATER complete with a screen & projector. The open kitchen, with its huge island, is perfect for entertaining. Step outside to an oasis featuring a large covered patio, multiple sitting areas, built-in BBQ area w/ ramada, and a sparkling pool surrounded by lush landscaping. Garden beds are perfect for growing herbs, fruits & vegetables. Three car garage plus RV PARKING pad w/ electrical, ensuring your RV is always ready for your next adventure.

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