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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8714 E Jackrabbit Road Scottsdale, AZ 85250

$870,000
4 Beds
3 Baths
2,196 SqFt
Status Active
MLS # 6688047
Property Type Single Family Residence
Price Type --
Offering stunning views of Camelback Mountain, this beautifully remodeled home features a thoughtfully reconfigured layout. The master suite has been expanded by merging with a second bedroom, resulting in an oversized master, a spacious bathroom, and an impressive walk-in closet. Two additional large bedrooms are located near the master suite, while the fourth bedroom is situated across the home, adjacent to a private den and full bathroom. One of the few homes with direct access from the garage, this property boasts new plumbing, a sewer line, and updated electrical wiring for added peace of mind. The bright and open floor plan is enhanced by abundant natural light. The chef's kitchen is outfitted with a gas stove, new refrigerator, and upgraded quartz coun

34015 N 10th Street Phoenix, AZ 85085

$870,000
3 Beds
3 Baths
2,054 SqFt
Status Active
MLS # 6711393
Property Type Single Family Residence
Price Type --
Custom Ranch Style 3 bedroom, 2 bathroom home with a bonus game room or office, located on a huge flat elevated lot. 2.1 acre lot with paved road, Cave Creek Water and SW Gas. Surrounded by custom homes. Open floorplan, vaulted ceilings, 2x6 construction. Original owners took meticulous care of the property. Home boasts an attached oversized 3-car garage with work bench and full bathroom, plus additional 2 bay 45 ft RV garage able to handle a large Class A RV. Epoxy floor garage also includes a vehicle lift and separate septic/dump. Four stall carport could be used for vehicles, equipment or horses. Built-in outdoor BBQ makes for a great entertaining space. Indoor gas fireplace feels cozy and warm in the winter. Beautiful natural Arizona desert landscaping. Close proximity to the Sonoran Mountain Preserve with miles of trails for biking, hiking and horseback riding and awesome views of Black Mountain in Cave Creek and Four Peaks!

3260 E Mead Drive Gilbert, AZ 85298

$870,000
4 Beds
4.5 Baths
4,120 SqFt
Status Active
MLS # 6700887
Property Type Single Family Residence
Price Type --
Welcome to this stunning 4-bedroom home in Marbella Vineyard offering perfect blend of comfort, style, and convenience. The spacious and inviting living areas are flooded with natural light and soaring ceilings creating an airy ambiance throughout the home. The formal dining room and charming courtyard are perfect for entertaining and creating lasting memories with friends and family. A versatile office space is ideal for those who work from home or need a quiet spot to focus. The heart of the home is the well-appointed kitchen, complete with modern appliances, ample storage space, and a center island. The kitchen overlooks both the cozy den and large family room with surround sound and stacked stone feature wall. Upstairs, you'll discover 3 spacious bedrooms, each offering a tranquil retreat for rest and relaxation. The primary suite boasts a large sitting area/home office space, his & hers walk-in closets, and a luxurious ensuite bathroom with dual sinks, a soaking tub, and a separate shower providing the perfect oasis. The oversized loft has enough space for endless possibilities. The downstairs bedroom is complete with en-suite bathroom. The backyard offers a covered patio, outdoor kitchen, and grassy area and RV gate. Marbella Vineyards community features a 7-acre park, walking paths, three recreation areas that include, ramadas, picnic tables, playgrounds, sandlot volleyball, basketball courts & barbecue areas. Convenient to shopping, schools & entertainment.

3120 E Flintlock Drive Queen Creek, AZ 85142

$870,000
4 Beds
3 Baths
2,653 SqFt
Status Active Under Contract
MLS # 6747462
Property Type Single Family Residence
Price Type --
Take advantage of this rare opportunity! The Extra Suite+/flex room with a kitchenette is perfect for multi-generational living or an ideal work-from-home space. But that's just the beginning. This home is an entertainer's dream, featuring a brand-new presidential pool, fresh landscaping, and a spacious three-car garage. The excitement continues as you step inside to discover updated herringbone tile in the foyer, setting a luxurious tone from the moment you enter. The main home offers a spacious floor plan with a private office for focused work. The standout laundry room, featuring custom cabinets and flooring, adds a touch of elegance to everyday tasks. This home truly has it all!

3561 E Weather Vane Road Gilbert, AZ 85296

$870,000 - 4Br/3Ba -  for Sale in Lakeview Trails North At Morrison Ranch, Gilbert
Open House
$870,000
4 Beds
3 Baths
3,297 SqFt
Status Active
MLS # 6756346
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of Gilbert! This stunning former-model home exudes elegance and comfort at every turn. With four bedrooms, three bathrooms, and an impressive 3,297 square feet of living space, this property offers ample room for families of all sizes. As you approach the house, you'll be greeted by the charming tree-lined streets of the Morrison Ranch neighborhood. The curb appeal is undeniable, with a beautifully landscaped front yard, pavered driveway, and front porch. Step inside, and you'll immediately be impressed by the attention to detail and high-end finishes. Wood flooring, plantation shutters, crown molding, wainscoting, and built ins. The open floor plan creates a seamless flow between living spaces, perfect for both everyday life and entertaining guests. The heart of this home is undoubtedly the gourmet kitchen, which features granite countertops, stainless steel appliances, and upgraded 42-inch cabinets. The island provides additional prep space, while the pantry ensures ample storage. The eat-in kitchen area makes meals even more convenient. The two main living areas ensure plenty of space for everyone to gather and enjoy each other's company. The loft area upstairs offers additional flexibility, serving as a perfect playroom or teenage retreat spot, and has a covered balcony to enjoy. The primary bedroom offers a spacious layout and an ensuite bathroom. The dedicated office, school, or craft room has built-ins, a desk, and crown molding. Outside, the backyard is your private oasis. The sparkling pebble-tec pool with a rock waterfall is perfect for cooling off on hot summer days or hosting pool parties with friends and family. The covered tiled patio with surround sound, custom outdoor kitchen, and seating area add to the enjoyment. Situated in the desirable Morrison Ranch community, you'll enjoy easy access to a variety of amenities. Stroll to nearby stores and restaurants or explore one of the multiple parks, catch-and-release fishing lakes, basketball and sand volleyball courts, or the Riparian Preserve at Water Ranch, which offers a beautiful natural escape for exercising, birdwatching, or picnicking. This home is located within the top-rated Gilbert School District, which offers excellent educational opportunities from elementary through high school. Don't miss the opportunity to make this stunning property your new home, sweet home.

3154 E Hope Street Mesa, AZ 85213

$870,000 - 4Br/3Ba -  for Sale in Mesa Northgrove, Mesa
Open House
$870,000
4 Beds
2.5 Baths
2,655 SqFt
Status Active
MLS # 6756891
Property Type Single Family Residence
Price Type --
Explore this spacious 4-bedroom, 2.5-bath home in Mesa, offering 2,655 sq. ft. of practical elegance. Enjoy a private pool and manicured lawn for relaxation and entertainment. The kitchen features modern appliances, wooden cabinetry, and granite countertops, complemented by travertine floors. The layout is open with plenty of natural light, enhancing the wood floors throughout the living areas. The master bath provides a luxury experience with a custom shower and soaking tub. This property combines style with convenience, making it a must-see!

17380 W Carlisle Drive Surprise, AZ 85388

$869,995
2 Beds
3.5 Baths
2,730 SqFt
Status Active
MLS # 6647058
Property Type Single Family Residence
Price Type --
If your looking for that special home with a Casita this Calistoga has it. Located in Active Adult neighborhood, a separate entry has a bedroom, bath with tile throughout and walk-in closet to give your guest that private space they can enjoy. The main home has vaulted ceilings with a contrasting beam and two tone paint to give added warmest with the 20' multi slider going to the oversized patio for entertaining. The kitchen is expansive with gourmet stainless steel gas appliances and a customize backsplash which accentuates the elegance of this space. Primary bedroom has soffit ceilings and primary bath modern concrete tile that gives a spa like environment. Den has French doors for use as an office, crafting room , or hobby room. The possibilities are with this extraordinary home.

26042 S 224th Place Queen Creek, AZ 85142

$869,990
5 Beds
4.5 Baths
3,947 SqFt
Status Active
MLS # 6742802
Property Type Single Family Residence
Price Type --
Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. The Enchantment series is nestled within its own gated section of the sought-after Harvest community, just steps away from swimming pools, a catch-and-release lake, and a park. Enjoy the best of both worlds—peaceful living with easy access to shopping and entertainment. The spacious kitchen with a walk-in pantry, a gathering room, and a large patio makes it perfect for entertaining or simply relaxing. The owner's suite includes an upstairs retreat, while a guest suite is conveniently located downstairs. Don't miss out on this exceptional home.

4401 S Atlas -- Mesa, AZ 85212

$869,900
4 Beds
3.5 Baths
2,939 SqFt
Status Active
MLS # 6759832
Property Type Single Family Residence
Price Type --
Don't buy new! This 2022 upgraded PARK FACING home is as good as it gets. Fully upgraded Woodside 5029 plan features every finish a buyer would want! 160K in upgrades! Nearly 1/3 of acre MASSIVE CORNER LOT. Main living space features 15' multislide doors, EXECUTIVE kitchen package with full overlay maple cabinetry, HUGE QUARTZ ISLAND, top of the line appliance package including CHEF sized gas cooktop and hood, wall ovens and large butlers pantry. Upgraded plumbing and electrical fixtures throughout. Large playroom / office off the main living space. 3 bedrooms included jack+jill bath separate from the main living area and primary suite. Don't forget the SHUTTERS throughout, 3 car tandem garage and backyard rocked and ready for your future pool / landscape plans! See QUOTE+PLANS attached!

9519 W Vista Bonito Circle Casa Grande, AZ 85194

$869,900
3 Beds
2.5 Baths
2,804 SqFt
Status Active Under Contract
MLS # 6708576
Property Type Single Family Residence
Price Type --
This exquisite 3-bedroom, 2.5-bathroom custom Santa Fe home, blends Southwest charm with contemporary comfort, situated on a mountainside lot. The luxurious kitchen features knotty pine cabinets, large pantry with pullout shelves, Wolf stovetop, Miele oven, Bosch dishwasher, and a Sub-Zero refrigerator/freezer. Entertain easily with multiple seating areas. Meticulous attention to detail is evident in the spa-like primary bath, which boasts two granite vanities, Jacuzzi bathtub, large shower, and indulgences like a walk-in closet, an additional closet, and a separate exit to the back patio. The garage features a durable epoxy-coated floor, and entire home benefits from a water softener. Enjoy outdoor living on the beautifully crafted flagstone patios. Adjacent 1.3 acre lot also available available for sale. Stay comfortable year-round with two newer Trane AC units. This home is a true gem, offering a unique combination of style, luxury, and functionality.

8637 E Mulberry Street Scottsdale, AZ 85251

$869,900
3 Beds
2 Baths
1,852 SqFt
Status Active
MLS # 6739592
Property Type Single Family Residence
Price Type --
IT'S A STEAL-REDUCED FOR THIS WEEK ONLY!! $120K BELOW SELLERS COSTS!! AIRBNB ''MOST LOVED HOMES'' TURN-KEY VACATION RENTAL OR PERFECT MOVE-IN READY HOME!! This Old Town Scottsdale gem has had a complete makeover with tasteful finishes to blend with any pallet. Open, bright & spacious, featuring luxury vinyl plank flooring, beautiful kitchen w/42'' cabinetry w/soft close drawers, slab quartz counters, HUGE kitchen island-perfect for entertaining, custom tiled baths both featuring dual vanities, massive laundry with storage & washer/dryer, stainless appliances including fridge, ample recessed lighting and list goes on. Situated on a cul-de-sac corner lot with tranquil yard!! Incredible value for this prime location!! Furnishings available...

19332 W Huron Lane Buckeye, AZ 85326

$869,900
3 Beds
3 Baths
3,323 SqFt
Status Active
MLS # 6748386
Property Type Single Family Residence
Price Type --
Sellers are MOTIVATED to have new homeowners love this expansive beauty. Coupled with dropping interest rates, do not miss this opportunity to open the door to your next adventure. Welcome to your urban escape in the foothills of the Estrella's High Sonoran Desert. This stunning ranch style welcomes you with a stately entrance. Upon entering this entertainment-centric home, you will begin to envision making memories. The property features 3,323 sq ft, three bedrooms, three full baths, and a den with a closet that can flex as an extra bedroom, occupying a .766-acre corner lot with a three-bay garage, RV parking, and no HOA. This exclusive home presents a fresh ranch-style layout that speaks spacious living with impressive 12-foot ceilings catering to the relaxed or formal entertainer in you. This home sits in the desert dark skies, perfect for stargazing while entertaining guests in your expansive property. This beautiful home is in a private community where pride of ownership is visible throughout the community. Newly renovated in all the right places, this stunning home welcomes you onto beautifully new chiseled travertine flooring. Flanked with new hand-peeled viga poles. Inviting you to an expansive living room and formal dining room. Culinary enthusiasts will appreciate a chef's gourmet kitchen. Entertain your guest in a large, well-appointed kitchen, and enjoy ALL NEW stainless steel LG appliances, including large double ovens, a microwave with an air fryer, a 36-inch gas cooktop, a French door refrigerator, and a dishwasher. Beautiful solid hickory cabinetry with 42-inch uppers and hidden routed finger pulls is timeless. New granite countertops pull the warmth of a chef's kitchen together. Adjoining the heart of the home, guests will enjoy gathering in the breakfast room, with patio doors inviting you onto a full-length patio. The large gathering room boasts the comfort of a new carpet with plush padding and a refaced gas fireplace. Retreat to your spacious primary suite. The primary bathroom boasts a new American Standard jetted spa tub with ten jets, a large walk-in shower with dual shower heads, separate vanities with ample counter space, abundant cabinets, and coveted paired walk-in closets. Private wood-cased patio doors invite you onto a full-length entertainer patio to enjoy morning coffee or stargazing. The huge extended three-bay garage delivers 8ft. tall door stalls, 12ft. ceilings, and new garage openers. RV Parking, with a 30-amp plug-in, is perfect for travel enthusiasts. There is a 10ft. x 16ft. storage shed for those GO adventure items. BONUS includes complete architectural plans for a future RV garage on site. This home is truly turn-key. Interior doors have been raised to 8ft., with new solid knotty alder doors and wood-cased trim. New wood shutters, blinds, ceiling fans, and neutral interior paint throughout. All bathrooms have updated Kohler sinks, Moen fixtures, comfort height one-piece Kohler toilets, and custom granite counters. Custom floor-to-ceiling shower tile in bathrooms 2 & 3 have. New carpet with plush padding throughout.

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