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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9583 N Gallop Way Prescott Valley, AZ 86315

$889,900
4 Beds
3 Baths
2,647 SqFt
Status Active
MLS # 6719191
Property Type Single Family Residence
Price Type --
Turn key ready for YOU! Built in 2022, this 4 bd, 3ba Farmhouse Style Home has a touch of love and warmth everywhere you look. Upgraded Kitchen with soft close cabinets and drawers, large pantry, high grade solid surface counters throughout. Notice the interior design touches everywhere. Upgraded master bathroom with separate make up area, split floor plan with large closets in every bedroom, a large dining room great for gatherings. oversize laundry room with room for freezers and more., 3 car garage w/ special touches of its own: Lots of storage, workbench and a great separate area that could be a reload room. Bring your toys and animals! There's room for everything, just waiting for your ideas and dreams to come true! Seller offers concessions to help w/ Buyer's costs at closing!

310 W Navajo Road Flagstaff, AZ 86001

$889,900
4 Beds
2 Baths
1,452 SqFt
Status Active
MLS # 6727174
Property Type Single Family Residence
Price Type --
Here it is! The Coconino Estates home with an ADU you've been waiting for! Main house house has a split floor plan with the converted garage turned into a luxurious Primary suite. Wood accents throughout the home provide warmth and coziness. The landscaped front and back yard are perfect for entertaining family and friends. Just a short walk to the grocery store, Mama Burger, Frances Short Pond, Thorpe Park, and the tree park! Just a short drive to Snow Bowl! The ADU is 1 bed 1 bath with a sizable living area and full kitchen! New roof and furnace in 2020. 3 custom doors in 2023 (3 year warranty). New Carpet 2023. Don't miss your chance to see this incredible income producing property!

19702 W Elliot Road Buckeye, AZ 85326

$889,900
2 Beds
2 Baths
1,920 SqFt
Status Active
MLS # 6742176
Property Type Single Family Residence
Price Type --
This expansive 4-acre property offers the perfect blend of comfort, functionality, and freedom without the constraints of an HOA. Ideal for those with a passion for outdoor toys, RV(s), &/or horses. This property boasts a well-appointed 2-bedroom, 2-bathroom single-family home with 1920 sq. ft. of updated living space & 3-car garage, and a 40X80 workshop giving you ample space (3200 SQFT) for your toys and your latest projects. The highlight of this unique property is the rooftop balcony, where you can take in breathtaking 360-degree views of the surrounding mountains and cityscape. Equipped with both water and power, this elevated space is perfect for relaxation or entertaining under the stars. Prepare to be amazed by the open floor plan equipped with wood-look tile flooring throughout. Large family room offers a wet bar ideal for entertaining. Impeccable kitchen complete with recessed lighting, NEWER black SS appliances, plenty of crisp white cabinets, an island with a breakfast bar, and quartz counters. Make the flexible den a media room or additional lounging area. Main retreat boasts a walk-in closet and a private ensuite with a separate seating/office area. Enjoy views of the Estrella and White Tank Mountains throughout the kitchen and bedroom windows. This property is 1 of a kind. Don't miss it!

2056 N Vista Del Sol -- Mesa, AZ 85207

$889,900 - 4Br/3Ba -  for Sale in Estates At Desert Shadows, Mesa
Open House
$889,900
4 Beds
3 Baths
2,756 SqFt
Status Active
MLS # 6753432
Property Type Single Family Residence
Price Type --
Welcome to a show-stopping oasis nestled in a gated community with breathtaking mountain views! This 4-bedroom, 3-bathroom gem offers everything you've been searching for: an open greatroom floorplan, vaulted ceilings, and a backyard paradise built for entertaining. The modern kitchen features stainless steel appliances, gas stove, convection microwave/oven, and an island breakfast bar, separate formal dining room, and eat-in nook, perfect for gatherings. A bonus room gives you space for a home office, cozy den, or even a reading room. Enjoy your privacy in the split master suite complete with vaulted ceilings, a relaxing nook, and a spacious bathroom with separate tub and shower, dual sinks with center vanity, and a walk-in closet. The Jack-and-Jill bathroom connects the spacious bedrooms 2 and 3, while bedroom 4 comes equipped with 2 closets and an adjacent bathroom. Your own backyard resort awaits with a pebbletec pool with rock waterfall, poolside shower, putting green, and horseshoe pit. Gather friends and family at the ramada with bar seating, the built-in BBQ, and the raised firepit seating area. Complete with RV parking and a 3-car garage plus slab parking for up to 8 vehicles. This home is designed to fit your lifestyle! Recent updates: New HVAC in 2022 and 2016, tankless water heater 2016, and R/O system 2022. Modern touches include concrete kitchen counters, patio shades, and a putting green. Everything you need for move-in readiness! Perfectly located with easy access to the 202 freeway, shopping, hiking trails, Saguaro Lake, and top-rated schools.

28001 N 92nd Avenue Peoria, AZ 85383

$889,900 - 4Br/4Ba -  for Sale in Westwing Mountain Parcel 27 Pradera, Peoria
Open House
$889,900
4 Beds
3.5 Baths
2,928 SqFt
Status Active
MLS # 6757348
Property Type Single Family Residence
Price Type --
Amazing 4 Bedroom 3.5 Bath home with sparkling pool located in the gated community of WestWing Mountain! From the moment you step inside, you'll feel at home. Starting w/low-maintenance landscaping, stone-accented façade, 3-car garage, and a pavered driveway. Inside, a dramatic hallway entry leads to an open den/office connected to a butler's pantry, while custom ceilings, plantation shutters, and a chic grey palette elevate the overall aesthetic. The kitchen is a chef's dream, featuring rich wood cabinetry w/crown trim, stainless steel appliances, granite countertops, a stylish tile backsplash, a walk-in pantry & a custom island w/breakfast bar and farmhouse sink. The kitchen seamlessly opens to the spacious living room, creating a bright & open layout that's perfect for everyday living The spacious main bedroom boasts a lavish en suite bathroom with dual sinks, a soaking tub, glass shower, and a walk-in closet. The main bedroom features a cozy built-in stacked stone fireplace with a TV mounted above, creating the perfect spot for relaxing in style. Step into your backyard oasis! Enjoy the sparkling pool with a relaxing waterfall, a covered patio, pavers, and sunbathing areas. The built-in BBQ and bar area make this space ideal for hosting unforgettable gatherings. Best of all, there are no neighbors behind you, providing peace, privacy, and breathtaking mountain views. This home truly offers the perfect combination of luxury and tranquility. Come meet your new dream home today!

18242 W Colter Street Litchfield Park, AZ 85340

$889,850
4 Beds
3.5 Baths
3,180 SqFt
Status Active
MLS # 6724242
Property Type Single Family Residence
Price Type --
Newly Landscaped. Welcome to the stunning Avendale, a beautifully designed 3,180 sq ft layout situated on a premium 14,491 sq ft lot in Azure Canyon. This spacious home features a three-car garage both with service doors, four bedrooms, a versatile flex room, an office/den, and 3.5 bathrooms. As you enter, you'll be greeted by a clean, modern aesthetic with neutral wall tones, elegant tile flooring, and abundant natural light. The chef's kitchen is a highlight, boasting granite countertops, a herringbone tile backsplash, a gas cooktop with a pot filler, stainless steel double wall ovens, and a large island with a breakfast bar. Plus you will love the generous walk-in pantry, additional cabinets under the breakfast bar offer, and 2 cabinets with pull-out shelves and a spice rack. The great room, featuring a 12' multi-panel sliding door, seamlessly extends to an expansive covered patio, perfect for outdoor entertaining. The primary suite is a luxurious retreat with a spacious ensuite, including a tiled shower, dual sink vanity, and a walk-in closet. Bedrooms 2 and 3 share a Jack and Jill bathroom and each includes a walk-in closet, while Bedroom 4 is a private guest haven with its own ensuite bathroom. Additional features gas stub for grill, extra insulation in the attic, an extended large dog door, both garages have poly aspartic, kitchen is prewired for pendant lights, a laundry room sink, and cabinets. Do not miss out on this home!

20480 N 272nd Avenue Buckeye, AZ 85396

$889,000 - 2Br/3Ba -  for Sale in Sun City Festival Parcel G1 And H1, Buckeye
New
$889,000
2 Beds
2.5 Baths
2,489 SqFt
Status Active
MLS # 6762558
Property Type Single Family Residence
Price Type --
Welcome to a Stunning Property on Copper Canyon Golf Course. This COMPLETELY REMODELED Endeavor is a RARE FIND! The 2,489 sq ft home sits on a PREMIUM ELEVATED LOT overlooking the Vista 5 Green. Views from this 10,252 sq ft lot are amazing and the outdoor living area space provides your own private BACKYARD PARADISE. Step into an impeccably maintained home providing LUXURY LIVING at its finest. Elegance begins at the gated courtyard with seating area and water feature. An EXQUISITE INTERIOR boasts Wide Plank European Oak Wood Flooring throughout, w/5'' Baseboards and a Chef's Dream Kitchen with quartz countertops, tiled backsplash, & granite sink. Shiplap walls and tastefully placed wallpaper add modern charm in all the right places. The Dining Room and garage both have 2' Extensions and the Owner's Suite graces a Bow Window Extension showcasing the Backyard Oasis. Every detail of this Dream Home has been mindfully created: Owner's Suite w/ tiled shower, dual sinks & large closet, Guest Room w/Ensuite, Den w/ Custom Barndoor, a 7' x 9' air-conditioned Storage Area accessible within the garage space, Updated Landscaping w/New Built-in BBQ, Extended Travertine Pavers, Gutters, 2 Soothing Water Features, Patio Sunshades, Amazing Sunsets and SO MUCH MORE. This unique home located in the heart of an Exclusive age-restricted golf community with world-class amenities is a MUST SEE!

1261 W Big Springs Trail Lakeside, AZ 85929

$889,000
3 Beds
2 Baths
1,956 SqFt
Status Active
MLS # 6743526
Property Type Single Family Residence
Price Type --
Discover Luxury Mountain Living in the Heart of the White Mountains with your Modern Cabin, artistically designed & thoughtfully furnished, its positively move-in ready. Located in the secluded gated community of The Retreat at Walnut Creek, this home showcases exceptional craftsmanship with all the latest upgrades. Quartz countertops, waterproof flooring, LP siding, spray-foam insulation, hand-laid stone & tile, hand-crafted cabinetry in the latest colors. Garage is now equipped for 2 Electric Cars & improved with epoxy coating. All new furnishings acquired from such retailers as CB2, Pottery Barn & Denver Modern. Truly one-of-a-kind. Enjoy the cool mountain air with endless recreational opportunities at your doorstep, skiing, hiking, biking, golfing, dozens of nearby lakes & the Big Springs Trail system. Your Perfect Mountain Life Awaits!

9645 E Brown Road Mesa, AZ 85207

$889,000
4 Beds
3 Baths
3,020 SqFt
Status Active
MLS # 6760848
Property Type Single Family Residence
Price Type --
Simply Enchanting Property Features Large Acreage, Views, Lots Of Space & NO HOA! PLUS 30 Owned Solar Panels, Skylights, 2 Zone HVAC & Great Room Design With Heated & Cooled Lanai & Work/Craft/Hobby Room! Super Functional & Intelligent Floorplan Accommodates Every Need You Can Imagine! Upgrades Include Gorgeous Tile Floors T/O (NO Carpet), Granite Slab Counters, Customized Pull Out Cabinets, Closet Built Ins, Gorgeous Tile, Pantry, Ceiling Fans T/O & So Much More! Outside Showcases Sparkling Pool, Ramada, Travertine Pavers, Storage Shed & Beehive Fireplace! Plenty Of Room For All Your Toys & Did We Mention There's NO HOA? Beautiful Retreat Awaits!

3742 E Diamond Court Gilbert, AZ 85297

$889,000
5 Beds
4 Baths
4,015 SqFt
Status Active Under Contract
MLS # 6746623
Property Type Single Family Residence
Price Type --
Storybook living awaits in South Gilbert's Popular Community of Coronado Ranch! This rare opportunity has it all! The location, neighborhood, ''A'' rated schools, & hot new developments/amenities. Enhanced Ranch-Style inspired Beazer Home is move-in ready & features new Kitchen Renovation, designer interior with upgraded finishes, modern floor plan w/open great room concept, Multigenerational Suite, stunning gourmet kitchen layout w/ kitchen island/breakfast bar, & Newly Renovated Private Backyard Oasis for all the summers days & nights you've earned to relax & entertain! Come Look Around. Ask Questions. See Yourself Living Here. Fall in Love & Make an Offer! This is the ONE! Entertain & Soak up the sun in your very own Resort Style Pool & Backyard. Offering a vibrant PebbleTec Swimming Pool w/Grotto, Slide & Multi-Colored Underwater Illumination. Beautifully designed green backyard landscape includes New Synthetic Grassy Areas w/ Putting & Chipping Green, Enhanced Landscape Lighting w/ Travertine Border, Built-In BBQ w/ Granite Bar Top & New Grill. Premium Interior Cul de Sac Home site at 10,903 SF w/ ideal north/south exposure & open-air views! Coronado Ranch has been the majestic destination community known for its picturesque scenery and neighborhood charm. It's warm and inviting, full of friendly neighbors, engaging lifestyle and exceptional educational opportunities. Featuring several parks, playgrounds, basketball and soccer fields. Located within South Gilbert, residents take advantage of the countless nearby amenities including the 101 & San Tan 202 freeways, shopping, dining, entertainment, airports, hospitals, booming business corridors, hot new Southeast Valley Developments and The Highly Prized Public, Charter & Private Schools near by. Send your kids to school with confidence!

19819 W Thomas Road Buckeye, AZ 85396

$889,000
3 Beds
3 Baths
2,500 SqFt
Status Active
MLS # 6702830
Property Type Single Family Residence
Price Type --
Look no further! Gorgeous horse property showcasing a spacious 3-car garage & mesmerizing mountain views in Buckeye is the one! Discover a captivating open layout offering tile floor, fresh soothing palette, high ceilings, recessed lighting, a delightful stone fireplace, & multi-sliders leading to the back patio. You'll love cooking delicious recipes in the beautiful gourmet kitchen featuring trending blue cabinets with crown moulding, quartz counters, a pantry, stylish mosaic backsplash, & an island with a breakfast bar. Double doors open to the sizable main suite comprised of back patio access, a private bathroom with dual vanities, & a walk-in closet.

12625 N 66th Drive Glendale, AZ 85304

$889,000
5 Beds
3 Baths
2,837 SqFt
Status Active
MLS # 6696372
Property Type Single Family Residence
Price Type --
Discover this stunning 5-bedroom, 3-bathroom home, nestled on an expansive, irrigated lot in the desirable Longhorn Ranch - with NO HOA! Perfectly designed for family comfort and multi-generational living, this residence boasts a thoughtfully designed split floor plan, providing both privacy and space for entertaining or everyday living. The heart of the home features modernized upgrades, including removal of popcorn ceilings, carpet, paint, lighting and ceiling fans throughout, turn-key ready! Step outside into the private backyard oasis, covered patio that extends the entire length of the home, sparkling diving pool with removable fence for your convenience. This space is ideal for large outdoor gatherings and family functions, with ample room for guest accommodation, providing a seamless flow between indoor and outdoor living. Large lot offers endless possibilities, including expansive parking options with convenient RV Gate and RV Parking ready to accommodate all your vehicles, toys and guests with ease. This home truly blends style and functionality, ready to meet the needs of any family or visiting guests.

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