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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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.

744 N Moon Road Apache Junction, AZ 85119

$869,500 - 3Br/3Ba -  for Sale in Arroyo Vista Estates, Apache Junction
New
$869,500
3 Beds
2.5 Baths
2,202 SqFt
Status Active
MLS # 6762324
Property Type Single Family Residence
Price Type --
This Semi-Custom, lightly lived in home shows like a a model & delivers IN YOUR FACE Superstition Mountain VIEWS from many interior rooms & the rear Custom Paver patio! This very elegant & immaculate 3 bedroom, 2.5 bath home sits on a 1+ acre lot in the Arroyo Vista gated community! Kitchen is light & open with white Quartz Counter Tops, custom tile backsplash from the counter tops to the ceiling, SS appliances, breakfast bar at kitchen island with Custom light fixtures, SS range hood, walk-in pantry & mountain views from the 3 large windows. Large Primary bath with Custom shower, garden tub, dual vanity sinks & custom plumbing & light fixtures. Additional upgrades include white Plantation Shutters, Electric Custom window shades, custom driveway pavers. Click MORE for additional features. This home has gorgeous upgraded, light wood patterned, plank tile through out the home in all wet, living, bath and hallway areas and upgraded carpet in all bedrooms. Large guest bath also includes raised dual vanity sinks, updated plumbing and light fixtures, undermount sinks, matching vanity hardware, Quartz counters and tub/shower. The 3 car garage design provides extra wide space so you have plenty of room to open your vehicle doors and due to the smart design has a large area between the 2 car and single car garage allowing for a work space or cabinets instead on the side of your garage walls. The utility room has upper cabinets over the washer/dryer and vanity top with cabinets across from the washer and dryer. The half bath includes a custom pedestal sink with upgraded faucet and light fixtures. Each room has ceiling fans, Sunscreens over the windows, ENERGY STAR Qualified Low E, vinyl frame dual pane windows. Home also has a built-in soft water loop and comes with a water softener.

28968 N Phoebe Place Queen Creek, AZ 85142

$869,000
5 Beds
4 Baths
2,882 SqFt
Status Active
MLS # 6659276
Property Type Single Family Residence
Price Type --
PRICE REDUCED 30 K Beautiful new custom home is now complete. This home has so many extras, 400 Amp power panel ready for a casita RV Garage 2'' X 6'' walls with spray foam insulation including the garage. Upgraded 42'' cabinets to the ceilings, 60'' fridge and freezer, oven combo with air fryer. Quartz counter tops with farm house sink to compliment this amazing kitchen and breakfast room. 5 Bedrooms with private entrance to Mother-in-law bedroom with en suite handicap accessable shower. Enjoy all of the advantages of this beautiful Custom home with no HOA with plenty of room for your horses, a casita and all of your recreational toys. This amazing dream home is finally completed ready for you and your family, (Floor Plan and Elevation of the home is available under the document

10020 E Strobe Avenue Mesa, AZ 85212

$869,000
5 Beds
4.5 Baths
3,650 SqFt
Status Active
MLS # 6759222
Property Type Single Family Residence
Price Type --
Gorgeous and stylish Woodside single-story home in the center of amenity rich Eastmark Community! This 5 bed, 4.5 bath complete with study offers an extended 3 car garage and is the perfect layout! Numerous stylish and structural features from 10' ceilings, 8' doors, extended external patio with matching pavers and a private gated courtyard! Upgraded cabinetry in this gourmet chef's kitchen with upgraded quartz countertops, an oversized island, accent lighting and matching stainless appliances with abundant storage in the inspiring walk-in pantry. Spacious great room concept perfect for gathering and entertaining. The Spa inspired oversized master suite has been extended 2', complete with an impressive master wall-to-wall glass shower, an 8' soaking tub, upgraded counters and lighting a pass-through door to laundry! Generous secondary bedrooms with individual and jack 'n jill bath options! Conveniently placed extended private den with glass doors! May extras include an Essential 2 Foot Garage Extension, Plantation Shutters, plenty of storage, upgraded windows, ceiling fans, carpets and much more! A must see! Show and Sell!

7952 E Sandia Circle Mesa, AZ 85207

$869,000
5 Beds
3 Baths
3,365 SqFt
Status Active
MLS # 6751827
Property Type Single Family Residence
Price Type --
Discover a gem in Mesa's award-winning Las Sendas Community, a residence where elegance meets artistry. This single-level home with highly coveted split-floor plan boasts 5 bedrooms and 3 baths, spread over a generous 12,000 square foot lot with mature landscaping. Step into the heart of the home, where the kitchen enchants with 42'' maple cabinets, upgraded countertops, a custom tile backsplash, a spacious pantry, and a charming breakfast area. The expansive family room, with its cozy fireplace, beckons for gatherings and relaxation. The oversized mater bedroom is a sanctuary unto itself, featuring dual closets and a luxurious bath complete with a separate tub and shower. Throughout the home, built-ins, surround sound, and plantation shutters enhance the living experience.

38500 N School House Road Unit 46 Cave Creek, AZ 85331

$869,000
2 Beds
2.5 Baths
2,109 SqFt
Status Active
MLS # 6703808
Property Type Single Family Residence
Price Type --
Home for Sale with New Appliances, Beds, Linens, Furnishings, Landscaped Front and Back. 5 minutes Walking distance to the special and highly popular Town of Cave Creek. Walking / Hiking path begins on School House Rd and continues up the mountain. Horse Riding and Boarding Facility on School House Road. Perfect Amenities on the Property. Excellent for Full Time Living, Rental and Winter Vacation. Pet Park, Pickle Ball Court, Heated Pool and Spa, Small Fitness Center. Responsible Neighbors. Mountain Views that are some of the best in the North Valley. You will love this Community. Seller will carry!

4689 Sharp Shooter Way Prescott, AZ 86301

$869,000
3 Beds
2 Baths
2,683 SqFt
Status Active
MLS # 6731833
Property Type Single Family Residence
Price Type --

640 Cosmos Way Prescott, AZ 86303

$869,000 - 4Br/4Ba -  for Sale in Los Pinos Estates 2, Prescott
New
$869,000
4 Beds
3.5 Baths
3,533 SqFt
Status Active
MLS # 6763003
Property Type Single Family Residence
Price Type --
Location is everything! Discover tranquility in this mountain-view home within close proximity to downtown Prescott, offering stunning vistas of Thumb Butte & Hassayampa golf course. Step out onto the Trex decking, enjoying nearly 300 ft of golf course frontage without the HOA fees. Experience single-level living with 2 bedrooms and 2.5 baths on main level, plus a finished lower level featuring additional 2 bedrooms, 1 bath, infrared sauna, home theater, and game room. This home is ideal for extended family living! Spacious, pie-shaped lot spectacular views and unmatched privacy. The conditioned Arizona room on the main level expands your views and living space. For financing flexibility owner may carry with a substantial downpayment. Don't forget to view the features list for a list of upgrades and amenities in the home. Indulge in turn-key convenience by purchasing the home fully furnished with most artwork. This residence seamlessly blends modern amenities, breathtaking views, and versatile living options.

4032 S Pleasant Place Chandler, AZ 85248

$869,000
4 Beds
2.5 Baths
2,708 SqFt
Status Active
MLS # 6753592
Property Type Single Family Residence
Price Type --
Welcome to this beautifully maintained home perfectly situated in the master planned community Fulton Ranch. Offering 4 bedrooms + den + bonus room, brand new water heater, surround sound in family room and back yard patio. Just minutes away from local shops, restaurants, parks and top-rated schools. Whether you are starting a family or looking for a peaceful retreat, this home offers something for everyone. Don't miss the opportunity to live in a fantastic community with great neighbors and all amenities you need nearby!

17149 E El Pueblo Boulevard Fountain Hills, AZ 85268

$869,000
4 Beds
2.5 Baths
2,896 SqFt
Status Active
MLS # 6657609
Property Type Single Family Residence
Price Type --
Two houses on one property! (CALCULATED PRICE PER SQ. FT. INCLUDING THE GUEST HOUSE IS APPROXIMATELY $300 per sq. ft.)! The main house is 2096 sq. ft. Downstairs features a high-ceiling spacious living / dining room; a fully appointed kitchen with appliances, a family room with access to the two-car attached garage, and two bedrooms sharing a bathroom. The upstairs quarters is wall to wall tiled, with an En Suite master bedroom, newly remodeled bathroom, a walk-in closet, and a balcony with amazing views of the mountains. Access to the back yard is through two side gates, one that can accommodate an RV and the other to reach the guest house. The main house has two central air conditioning units. The master bedroom suite in addition has a new mini split A/C. Casita: The Guest House is 800 sq. ft. Newly completed, the one-bedroom / bathroom wall-to-wall tiled guest house has a functional and efficient floor plan with a spacious living area, electric fireplace, full size kitchen with appliances, a large master bedroom, a closet with sliding mirrored doors, as well as a walk-in closet. The bathroom is tiled to ceiling with an exquisite crystal counter top lighted vanity. The laundry room includes a sink, washer and dryer. A private concrete driveway leads to the guest house with paved parking for multiple cars. Air conditioning is handled by a 3-ton four zone ductless split unit. The backyard has plenty of room for placing a swimming pool and spa or RV parking. This property affords great living opportunities for anyone looking for separate living quarters, including the possibility of generating rental income by living in one and renting the other. Supermarket shopping or Fountain Lake are a mile away, and freeway access is convenient and easy through scenic Ft. McDowell reservation route without having to drive through town!

1070 Dusty Lane Show Low, AZ 85901

$869,000
6 Beds
3.5 Baths
3,162 SqFt
Status Active
MLS # 6695621
Property Type Single Family Residence
Price Type --
This house as it all!!!! No expense spared on this fully remodeled home. Luxurious eat in kitchen with imported granite top and custom rustic maple cabinets. Granite carried throughout, all the way to the well house. 6 beds, 3.5 baths. Huge laundry with sink and custom cabinets. Custom built in dog kennel. Plenty of parking with an 8 car drive through garage/shop. Huge grass front yard with sprinkler system. Raised bed garden with individually controlled drip and a fence to keep the elk out. Private well with new well house, above and underground pumps, and 1200 gal tank. Backup generator with 500 gal owned propane tank. Nearly everything in this home has been updated. Too many upgrades to list please see the full list in documents tab.

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