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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20970 E Excelsior Avenue Queen Creek, AZ 85142

$950,000
4 Beds
2 Baths
2,950 SqFt
Status Active Under Contract
MLS # 6659926
Property Type Single Family Residence
Price Type --
Welcome to this stunning home located in the highly sought-after community of Orchard Ranchettes. This 4-bedroom, 2-bathroom home sits on a premium lot and boasts over 2,950 square feet of living space. Upon entering, you'll be greeted by an open and spacious floor plan, featuring soaring 10-foot ceilings, beautiful tile flooring, and plenty of natural light. Custom alder cabinets, alder beams, white-washed barnwood accents, and recessed lighting add a warm but classy atmosphere. The gourmet kitchen is a chef's dream, complete with granite countertops, black stainless steel GE profile double convection oven, built in microwave and dishwasher as well as refrigerator. Two pantry locations for convenience! MORE.. The master suite is a true retreat, featuring 2 closets and a luxurious en-suite bathroom with dual copper vanities, a soaking tub, and a floor to ceiling tiled walk-in shower. Custom barn door provides privacy to en-suite from bedroom. The 3 additional bedrooms are generously sized and share a full bathroom on the other side of the home. Outside, you'll find a professionally landscaped backyard oasis, complete with pool & above ground spa, perfect for entertaining or relaxing with family and friends. The pool is equipped with a commercial grade heat pump to keep your pool at refreshing cool temps in the summer and heated in winter if you so choose! Installation of the heat pump included a new sand filter and complete pool filter replumbing. A new Hayward TracVac pool cleaner ensures a crystal clear pool! Programmable exterior and interior lighting, Nest thermostats, Ring doorbell system and driveway security camera all convey. There is also ethernet wiring throughout. Both HVAC systems only 1.5 years old. Just behind the RV gate boasts 2 16 x 8 site built sheds that convey with the property. Additional fencing was added to complete a full pasture with two gate access, including one from the covered stall area where you can jump on the bridle path and connect to the Sonoqui Wash Trail! There's plenty of room to add a round pen if you wanted to as well. . Irrigation is managed and operated by the City of Queen Creek. If you don't need a horse setup, you'll have an approximate 90' by 154' area to build an RV garage, a guest house or create your own park like playground! Horses & chickens are allowed in this community! The large three car garage is insulated and has lots of cabinets to hold your tools and accessories. FRESH NEW COLOR PAINT ON EXTERIOR AS OF MAY 2024 AS WELL AS NEW CARPET IN ALL BEDROOMS EXCEPT PRIMARY SUITE. The community boasts a park as well! You can ride your golf cart or horse around in this neighborhood! Don't miss your chance to own this amazing home. A little of country & a little bit of small-town Queen Creek welcomes you!

6226 E Earll Drive Scottsdale, AZ 85251

$950,000
3 Beds
2 Baths
1,951 SqFt
Status Active
MLS # 6748005
Property Type Single Family Residence
Price Type --
Come see this stunning renovated home in the heart of Scottsdale offering outstanding location! This 3 bedroom and 2 bathroom home surely will not disappoint as everything has already been done for you from floor to ceiling! The open floor plan is perfect for entertaining or just everyday living, providing the best of both worlds. Outback enjoy the beautiful heated pool, turf and covered patio for endless fun. The home was remodeled a few years ago with new flooring, cabinets, counters and so much more! New roof and exterior paint. NO HOA. Come see while it last!

41618 N Anthem Ridge Drive Phoenix, AZ 85086

$950,000
4 Beds
3.5 Baths
3,290 SqFt
Status Active
MLS # 6753355
Property Type Single Family Residence
Price Type --
Discover the perfect home in this stunning Sonoma model, offering abundant space for all. Fresh new carpet and elegant plantation shutters enhance its charm. The expansive open concept features a grand game room, formal dining, and a dedicated office. The chef's kitchen boasts a 6-burner gas cooktop with a sleek stainless hood. Step outside to a luxurious backyard with extensive Travertine, a large island with BBQ, sink, fridge, and bar seating. Enjoy the gas fire pit, pool with water features and Baja step, and an above-ground spa with direct access from the primary suite. Additional highlights include roller shades, a butler's pantry, and a serene front courtyard. Privacy and elegance await! Additional features include roller shades, a butler's pantry, and a charming front courtyard. Indulge in the ultimate blend of privacy and sophistication in this exceptional community.

10439 S 26th Avenue Phoenix, AZ 85041

$950,000
4 Beds
3.5 Baths
3,469 SqFt
Status Active
MLS # 6702323
Property Type Single Family Residence
Price Type --
Welcome to your dream home in South Phoenix's picturesque Laveen area! This custom-built beauty nestled on South Mountain offers breathtaking city views and luxurious living on Over 1 acre of land. Single-level design, 2 master suites + 2 additional bedooms, 3.5 bath home features an open floor plan flooded with natural light and accentuated by soaring ceilings. Gourmet kitchen is a chef's delight, equipped with top-of-the-line stainless steel appliances, including a Sub Zero refrigerator, expansive kitchen island, and walk-in pantry. Indulge in the serene mountain vistas from multiple spots on this property. Outside, experience the ultimate in outdoor living with RV setup including electric and septic hookups. This property, offers some of the BEST views in the valley of the sun

8537 E Leland Street Mesa, AZ 85207

$950,000
4 Beds
4.5 Baths
3,471 SqFt
Status Active
MLS # 6697981
Property Type Single Family Residence
Price Type --
Gorgeous 4 Bd/4.5 Ba home available in the highly sought-after community of Mountain Bridge Estates. This beautifully maintained home combines modern comfort with classic charm. The front yard features low-maintenance desert landscaping and a welcoming courtyard. Inside, enjoy a spacious, light-filled open floor plan with neutral tones and contemporary finishes, making it easy to personalize to your taste. The kitchen boasts modern appliances, ample cabinetry, a large island & a walk-in pantry. All bedrooms are generously sized with ensuite bathrooms. The home was designed with an additional, spacious bonus room that can be utilized as a hobby space, play room, theater or exercise room. This bonus room also offers a private entrance, which makes it ideal for multigenerational families. The backyard is perfect for relaxation and entertaining, featuring a covered patio, outdoor kitchen, natural gas firepit, and ample space for customizations such as a pool or garden. Mountain Bridge Estates offers resort-style luxury and down-home comfort with easy access to freeways, shopping, and dining. Enjoy top-notch amenities including a fitness center, swimming pool, and courts for tennis, pickleball, and basketball. The clubhouse also hosts numerous community events, while nearby parks and trails promote an active lifestyle. Located just 20 minutes from Saguaro and Canyon Lakes and 30 minutes from Sky Harbor Airport, Mountain Bridge blends tranquility with convenience. Don't miss out on this desert gem, see today!

7003 W Corrine Drive Peoria, AZ 85381

$950,000
5 Beds
3 Baths
3,381 SqFt
Status Active
MLS # 6723812
Property Type Single Family Residence
Price Type --
Nestled on almost an acre of mature landscape, this timeless estate presents a harmonious blend of history and modernity. Boasting 50 years of rich heritage, the residence has been meticulously remodeled to epitomize contemporary luxury honoring its traditional roots. Step inside to be greeted by an ambiance of warmth and sophistication. The interior spaces embrace natural light creating an inviting atmosphere beckoning you to indulge in the comforts of home. Dual master suites allow you and your guests to unwind in a multi-generational home. Exterior features over 1200 square ft of pavers, custom fire pillars and firepit out front, as well as an in-ground heated spa in the back. Don't miss this opportunity to settle into this custom Tudor styled home in the heart of Peoria

2728 W Adventure Drive Anthem, AZ 85086

$950,000
5 Beds
4 Baths
3,807 SqFt
Status Active
MLS # 6746985
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled near Daisy Mountain. This exquisite 5-bedroom, 4-bathroom residence boasts 3,807 sq ft of luxurious living space. From plantation shutters to granite countertops throughout, every detail has been thoughtfully designed for both comfort and style. The chef's kitchen features a custom mega granite island, induction stove, and premium finishes. The open floor plan seamlessly connects the living areas, perfect for entertaining. Enjoy breathtaking views of Daisy Mountain from your private balcony. Equipped with a Kitchen Aid gas and charcoal BBQ, ideal for alfresco dining. Relax in your private gazebo or soak in the hot tub or private pool after a long day. The extended garage can accommodate larger vehicles, and the insulated garage doors and a/c mini split a allows the garage to become another location for working, gathering or making memories. This home is perfect for discerning buyers seeking a blend of luxury, comfort, and unparalleled views. Whether you're hosting family gatherings or seeking a tranquil retreat, this property offers it all. Don't miss the opportunity to own this exceptional home in a prime location.

8940 N 83rd Street Scottsdale, AZ 85258

$950,000
3 Beds
2 Baths
2,130 SqFt
Status Active
MLS # 6732394
Property Type Single Family Residence
Price Type --
Welcome to this stunning 3-bedroom, 2-bathroom home nestled in this amazing McCormick Ranch location! This intimate residence offers the perfect blend of modern updates and timeless charm. Situated on a corner lot with a lush greenbelt commencing right behind the home, it's within walking distance to a scenic lake and an array of fantastic restaurants. As you approach, you'll be greeted by a gated front courtyard that sets the stage for the home's exquisite blend of Ranch, Spanish, and Contemporary architectural styles. Step inside the spacious great room, where the newly remodeled fireplace immediately catches your eye, adding a touch of elegance and warmth to the space. The vaulted ceilings, beams and skylights enhance the bright, open feel of the room, flooding it with natural light. The fully functional, remodeled kitchen is a chef's dream. The kitchen features a breakfast bar, walk in pantry, and a strategically placed, brand-new 30-inch in-drawer microwave. The kitchen seamlessly blends style and convenience, perfect for preparing meals and entertaining guests. The bathrooms have been thoughtfully remodeled with a Zen flair, offering a serene and spa-like atmosphere. The attention to detail continues in the backyard, where a new block tier planter along the exterior wall accommodates an abundance of new Ficus trees, creating a private and tranquil oasis. The addition of automatic exterior sun/screens further enhances convenience and privacy. The backyard is an entertainer's paradise, complete with a built-in BBQ, gazebo/ramada, and a private patio area. Whether you're relaxing by the pool and spa or hosting a barbecue, this space is perfect for enjoying Arizona's beautiful weather. This home's prime location, combined with its modern updates and fantastic amenities, offers an exceptional living experience at a great price. Don't miss out on this incredible opportunity!

18541 W Thunderhill Place Goodyear, AZ 85338

$950,000
4 Beds
3.5 Baths
3,036 SqFt
Status Active
MLS # 6724181
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the serene Estrella foothills, with sprawling mountain views! This luxurious newer-construction home offers a highly sought multi-gen in-law suite plan! Boasting over 3,000 square feet of open concept living space & numerous built-in upgrades, pride of ownership shines throughout! Designer kitchen with modern elegance, massive island, EarthSmarte water system, formal dining, dedicated work station, primary suite with separate soaking tub & tiled shower, and true 3 car garage. Step into the massive front courtyard to sip your morning coffee, or entertain in the turfed yard surrounded by a full view fence. The Community will spoil you with activities galore. With all these desirable featured on single level, make this mountain oasis yours!

3789 W Jomar Trail San Tan Valley, AZ 85144

$950,000
5 Beds
3.5 Baths
3,000 SqFt
Status Active
MLS # 6730539
Property Type Single Family Residence
Price Type --
Welcome to your private oasis nestled on a sprawling 1.258-acre hillside lot. This stunning 3,000 sq ft Integra block home offers unparalleled luxury and breathtaking mountain views. Step inside to find a meticulously designed single-level layout featuring two primary suites, each with its own bath for ultimate comfort and privacy. The home boasts a total of 3.5 baths, ensuring ample space for family and guests. The heart of this home is the gourmet kitchen, equipped with quartz countertops, white shaker cabinets,huge pantry and a massive kitchen island perfect for entertaining. Stainless steel appliances complete this chef's dream space. The open-concept design is accentuated by soaring 10ft ceilings, creating an airy and inviting atmosphere. Outdoors, you'll discover a private heated pool and spa, perfect for relaxing and enjoying the serene surroundings and spectacular mountain views. This property also includes a spacious 3-car garage with additional parking, accommodating all your vehicles and storage needs. Whether you're seeking a serene primary residence or a lucrative Airbnb opportunity, this home delivers. Furniture can convey, making it turnkey and ready for immediate enjoyment or rental. Don't miss your chance to own this exceptional property with its unbeatable combination of luxury, privacy, and stunning natural surroundings.

1521 W Commerce Avenue Gilbert, AZ 85233

$950,000
4 Beds
3 Baths
2,913 SqFt
Status Active
MLS # 6730955
Property Type Single Family Residence
Price Type --
High End designer remodel! Leave the city behind as you drive through the gates to your new home in a unique private recreational lake community where your family can enjoy a jet ski, ski boat, kayaks, SUPs and more! Bright and open with lot's of natural light. Entertain friends and family in the large open kitchen (European frameless cabinets, new GE Cafe appliances, dual fuel oven, appliance garage) around the cantilever island as guests enjoy the huge patio. The finest of finishings from 48x24 tile, slatwall, smart door and wet bar with the necessities of full home water filtration, two RO systems, automatic lights and a Tesla charger. Private gate to from backyard to Gilbert's best recreational park and activity center.Bike 2 miles down canal to all the restaurants of downtown Gilbert

741 E Vermont Drive Gilbert, AZ 85295

$950,000
5 Beds
3 Baths
4,022 SqFt
Status Active
MLS # 6690782
Property Type Single Family Residence
Price Type --
Experience the perfect blend of comfort and outdoor enjoyment this wonderful home showcases! Lovely façade displays a 3-car garage, RV gate, and mature landscape. Fabulous interior includes a large living room, an inviting foyer, wood-look tile flooring, chic light fixtures, soft paint, and high ceilings. With its floor-to-ceiling stone fireplace and surround sound, the spacious great room is ideal for lively get-togethers or quiet evenings! Open-concept kitchen features espresso cabinets with crown moulding, mosaic backsplash, desk area, granite counters, built-in appliances, and a prep island with a breakfast bar. Expansive main bedroom boasts an ensuite with vessel sinks, a soaking tub, and a walk-in closet. Don't miss the HUGE bonus room in the basement with boundless possibilities! Be delighted by the serene backyard, complete with a covered patio, fire pit, built-in BBQ, storage shed, citrus tree, and a sparkling pool with rock waterfall. This gem has it all! Just pack your bags and move in!

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