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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3056 E Mallory Street Mesa, AZ 85213

$849,900
5 Beds
3 Baths
3,338 SqFt
Status Active
MLS # 6744722
Property Type Single Family Residence
Price Type --
Discover this impressive 5-bedroom, 3-bathroom home in the highly sought after community of Lindsay Estates with NO HOA, offering over 3,300 square feet of beautifully designed living space with soaring vaulted ceilings and a grand stairway as you enter the front door. The spacious kitchen is a chef's dream with tons of cabinets and counter space, wall oven and new cooktop in the island which overlooks the spacious family room with a warm fireplace. Step outside to the private backyard oasis where a refreshing pool awaits, perfect for entertaining & enjoying Arizona's sunny days with a built in BBQ, Pergola and even a firepit. The grand master retreat has a balcony which overlooks the backyard, double sinks, garden spa tub and a large walk-in closet. Two of the oversized bedrooms also have their own private balcony's that overlook the front yard. The home has tons of upgrades, has been freshly painted both inside and outside and is equipped with a new owned solar system, so the home is very energy efficient. Located near popular shopping, freeway access and A1 rated schools, this home combines convenience with luxury, offering the ultimate living experience in a prime location. Come see what it, you will not be disappointed.

21326 E Sunset Drive Queen Creek, AZ 85142

$849,900
4 Beds
3 Baths
3,626 SqFt
Status Active Under Contract
MLS # 6708981
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Hastings Farms! Set in a cul-de-sac on the largest lot in Hastings Farms at 0.351 acres (15,274 sqft), right next to a spacious park. Relax & entertain in style with a backyard oasis that includes a sparkling pool with a lg spa, water spillover & multiple water features, Ramada, gas firepit w/ built in seating area, and lush synthetic turf & RV gate. This stunning property offers luxurious living with a formal living room, versatile formal dining or office space, & an expansive open family room with multi-slide patio doors. The kitchen is a chef's delight, featuring beautiful white cabinets, a large island with granite countertops, & a spacious walk-through pantry. The home boasts 4 beds & 3 full baths, including a Jack & Jill bathroom. Master suite with dual sinks, a separate shower & tub, a large walk-in closet, & direct access to the backyard. Inside, the custom wood floors and elegant custom molding throughout the house add a touch of sophistication, complemented by new carpet installed in various areas. The property is pre-wired for surround sound, enhancing your audio experience, and includes a soft water and reverse osmosis (RO) system for high-quality water. The interior is adorned with beautiful two-tone paint, adding warmth and character to every room. Both garages are equipped with extensive shelving and a workbench, catering to all your storage and DIY needs. Behind the RV gate, you'll find a large concrete slab perfect for additional parking or recreational use. Many more custom touches are thoughtfully integrated throughout, making this home truly exceptional. This home is perfect for families & those who love to entertain. Don't miss your chance to own this incredible property!

718 E Scorpio Place Chandler, AZ 85249

$849,900
6 Beds
3 Baths
3,881 SqFt
Status Active
MLS # 6715241
Property Type Single Family Residence
Price Type --
Welcome to luxurious living in the highly sought after gated community of Paseo Crossing in Chandler. This impressive home, spanning just over 3,800 square feet, is a true gem in the neighborhood. With two spacious living areas, a formal dining area, and a loft, there is no shortage of space in this stunning home. The added bonus of a downstairs bedroom and bathroom makes this floor plan versatile and accommodating for all. This 6 bedroom, 3 bathroom home has been meticulously updated and is ready for its new owners. The interior has been freshly painted and features all new tile flooring and carpet throughout. The elegant cabinets have been given a facelift with a fresh coat of paint and new hardware, pulls, and faucets. The kitchen is truly a chef's dream with beautiful quartz countertops and updated fixtures. With attention to detail and style, this home also boasts new baseboards, refinished tubs, and resurfaced countertops in the bathrooms. As if that wasn't enough, check out the back yard where you will find your own private oasis complete with a sparkling pool and spa. This home is situated on a peaceful cul-de-sac street, offering both a sense of tranquility and privacy. Don't miss out on the opportunity to own a piece of luxury in the highly desired Paseo Crossing neighborhood.

10315 E Palladium Drive Mesa, AZ 85212

$849,900
4 Beds
2.5 Baths
2,997 SqFt
Status Active
MLS # 6713623
Property Type Single Family Residence
Price Type --
Pride of ownership shows as soon as you enter this gorgeous 4-bedroom home in the award-winning community of Eastmark. Step inside to discover a spacious great room with 10' ceilings, tile flooring, neutral color palette, plantation shutters, 8' doors & quality details throughout. Spacious den or office with double doors near courtyard entry. Bonus room is light & bright & could easily be a 5th bedroom, gym, craft room or play room! Kitchen is well-equipped with stainless steel appliances, beautiful wood cabinetry, tile backsplash, granite counters, center island with pendant lights, additional buffet/cabinetry & minibar, recessed lighting, walk-in pantry & easy access to the large utility room. The main bedroom features an oversized ensuite with dual sinks, large soothing soaking tub, luxury tiled shower & walk -in closet for a peaceful retreat. Outside, the backyard is an entertainer's paradise with an extended covered patio, beautiful pergola with lights & ceiling fan for enjoying even the summer evenings under the stars. Low maintenance turf makes this yard easy to enjoy year-round. Gas stub for future firepit or outdoor kitchen! Dedicated rear exterior outlet w/own breaker currently used for pergola. Patio is pre-wired for TV & expanded irrigation is in place. Garage features epoxy floors & built-in storage. This home is immaculate & ready for a new family to enjoy all it has to offer. Greenbelt is just across the street. Convenient Mesa location, quality Queen Creek schools. Dining and shopping nearby! Incredible Eastmark amenities - Community center, pools, parks, lakes and more!! Truly a must see property!

4115 E Catalina Drive Phoenix, AZ 85018

$849,900
4 Beds
3.5 Baths
2,392 SqFt
Status Active
MLS # 6712212
Property Type Single Family Residence
Price Type --
Experience luxury living in this incredible home, perfectly situated in a prime location close to shopping, dining and more! Beautiful curb appeal greats you with large trees, a green lawn, concrete pavers, a 2-car garage, and an inviting front porch. Discover an immaculately designed open concept interior featuring a spacious living/dining room, expansive windows allowing a ton of natural light. The family room opens to the impeccable kitchen, boasting high-end SS appliances, ample white cabinetry, and a waterfall island with quartz counters. Retreat to the grand primary suite, offering a private bathroom with dual sinks, a walk-in closet, and direct backyard access. Out back enjoy the large backyard and additional detached space perfect for an office or whatever your heart desires. The secondary bedrooms are adorned with plush carpeting for added comfort. Enjoy alfresco dining under the covered patio in the large backyard with a putting green, shade trees, and a separate workshop. This value will not disappoint!

951 Panicum Drive Prescott, AZ 86305

$849,900
3 Beds
2.5 Baths
2,389 SqFt
Status Active
MLS # 6707963
Property Type Single Family Residence
Price Type --
First time on the market! No HOA! This beautiful custom built home backs up to Embry-Riddle open space. You'll enjoy this beautifully landscaped property front & back including drip system, huge covered deck, side patio, large shed & peaceful view. Enter in & find gorgeous tile flooring with custom accent in the entryway & a sitting room/library with built-in shelves & custom lighting designed to display books & art treasures. Living & dining rooms offer similar art display & lighting options. Formal dining as well as breakfast nook looking out at the deck & open space. The huge primary suite offers access to the deck & a gorgeous full bath with walk-in closet. The heated garage is a dream with epoxy flooring, cabinets galore & sink for cleaning up. Whole house water filtration system. RV Gate with plenty of room for RV parking. Home and shed exteriors painted April 2024. New Dishwasher April 2024. Guest bath remodeled 2023. Large lockable storage area under house (dirt floor). Blueprints for the home are available and will be provided to buyer upon COE.

5549 S Del Rancho -- Mesa, AZ 85212

$849,900
3 Beds
2.5 Baths
3,167 SqFt
Status Active
MLS # 6755822
Property Type Single Family Residence
Price Type --
Located in the premier gated community of Estates at Eastmark. This stunning single-level home offers a spacious layout w/3 bedrms, 2 versatile flex spaces + a den, perfect for a home office. The bright gourmet kitchen opens nicely to the living & dining areas, creating the ideal space for gatherings. The butler's pantry offers extended counter space and cabinet storage. The owner's suite is complete with a large walk-in closet & en-suite bathroom featuring dual vanities, separate tub & a walk-in shower. Step outside to your private, low-maintenance backyard oasis. Enjoy the extended patio, turf, & stylish pergola. The 3-car garage offers ample storage & parking space. Enjoy the Eastmark community with top-notch amenities including parks, pools, gym & highly-rated schools Residents of the Estates at Eastmark have access to their own community center with community pool and spa. It's also gated offering even more privacy. This particular home is adjacent to a large common area with easy access to walking paths throughout the community. Other features of this home include: Wood grain tile plank floors throughout main living areas with carpet in the bedrooms. Owned water softener, window coverings throughout, upgraded lighting fixtures and fans, stainless appliances including a 5 burner gas cooktop. Home offers 2 flex spaces (front parlor and additional play room or teen space) plus a den plus a dining room. Need 2 home offices plus a kids area? Done! Or use one space as a library or music room! Endless opportunities! Eastmark has easy access to Loop 202, Mesa Gateway, shopping, schools, restaurants, you name it!

5667 W Abraham Lane Glendale, AZ 85308

$849,900
4 Beds
2.5 Baths
2,846 SqFt
Status Active
MLS # 6732991
Property Type Single Family Residence
Price Type --
INSTANT EQUITY! MOTIVATED SELLER! Now priced more than $110,000 below recent appraisal! Do not miss this one-of-a-kind, custom stunner in Arrowhead Lakes--Glendale's premier neighborhood! Originally built and occupied by one of the developers of Arrowhead Ranch, this entertainer's dream home includes an array of custom features, including gorgeous Brazilian oak wood and Italian tile flooring; a central vacuum system; artificial turf in the front yard; and a beautiful paver driveway and walkway leading to the inviting front porch. Upon entering, you'll be drawn across the room to the expansive balcony, offering amazing views (especially at sunset!) of the golf course, lake and the White Tank Mountains in the distance. In addition to the view, the focal point of the main level is the corner, wood-burning fireplace in the living room, which flows easily into the breakfast room, kitchen and formal dining room. The primary suite and one guest bedroom are also on the main floor. The primary includes two walk-in closets on the way to a luxurious bathroom with dual vanities, a jetted cast iron tub and separate shower. The guest bedroom on the main floor can also serve as a den or library, with its floor-to-ceiling shelving. Adding to its versatility, there is a separate exterior side entrance into this room. The lower level offers a large family room, two additional bedrooms, bathroom, laundry room and tons of storage! Each room provides stunning views and access to the covered patio outside, which leads to a refreshing play pool. One of the bedrooms features a custom, built-in murphy bed with attached storage. In addition to the ample storage inside, 550 square feet of easily accessible storage space is tucked away under the house through a side door. The garage includes epoxy flooring and access to the attic for even more storage! This property is situated directly behind the 15th tee of the golf course, assuring that golfers hit their balls in the opposite direction of your backyard lounge chair. Imagine floating in your crystal clear pool, enjoying the sunset with an ice cold beverage in your hand. Your dream can come true in this exquisite, turnkey home in Arrowhead Lakes!

2729 E Bridgeport Parkway Gilbert, AZ 85295

$849,900
6 Beds
4.5 Baths
4,316 SqFt
Status Active
MLS # 6688114
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the desirable Vincenz subdivision of Gilbert, AZ! This stunning residence boasts 6 bedrooms, 4.5 bathrooms and room for the entire family to enjoy. The kitchen is a culinary enthusiast's delight, featuring a breakfast bar, quartz countertops, stainless steel appliances, and contemporary cabinets. Experience the tranquil retreat in the cozy courtyard area, perfect for unwinding or hosting gatherings with friends and family. Private Movie Theater Room and Game Room (or Office) to indulge in your favorite entertainment activities without leaving the comfort of your own home. Don't miss out on this gem, with endless possibilities for creating your own private oasis in the heart of the East Valley.

4522 E Vista Bonita Drive Phoenix, AZ 85050

$849,900
3 Beds
2 Baths
1,981 SqFt
Status Active
MLS # 6751568
Property Type Single Family Residence
Price Type --
Fall in love with this stunning home featuring so many custom upgrades in the highly desirable gated community of Sanctuary at Desert Ridge! As you step inside, you will be greeted by a spacious open floor plan that seamlessly blends modern sophistication with cozy charm. Beautiful chef's kitchen is equipped with an oversized island, custom pendants lights, gas stove top w/ hood, wall oven, pull-outs in cabinets, and walk-in pantry. Primary suite boasts dual sinks, tiled shower with rain head, and walk-in closet with luxury custom built-ins. Outside, you will find your own private oasis with covered patio, built-in BBQ, cooler, EVO grill and above ground hot tub. Community center with state of the art fitness center and beautiful pool! Don't miss this!

3853 S Wilson Drive Chandler, AZ 85286

$849,900
4 Beds
2.5 Baths
2,364 SqFt
Status Active
MLS # 6756069
Property Type Single Family Residence
Price Type --
Available to purchase fully furnished! Designer finishes throughout with attention to detail only seen in model homes! Over $225,000 spent on pre and post construction upgrades.$2,500 credit for 4th bedroom conversion! Guest bedrooms have room for a king! Indoor outdoor living with stacking patio doors that open completely to the resort style backyard. Heated pool for the winter time and commercial grade mister system for the summer time for year-round enjoyment. Split primary bedroom with direct access to laundry room from closet. Extended length garage with space for larger vehicles. One of the most desirable corner lots in the community adjacent to park with open green space, walking trails, and kids play area. Please see full upgrade list and floor-plan in document sectio

20939 S 225th Way Queen Creek, AZ 85142

$849,900
5 Beds
3.5 Baths
4,041 SqFt
Status Active
MLS # 6730035
Property Type Single Family Residence
Price Type --
Price Reduction! Looking for new without the wait? This beauty was built less than a year ago! This stunning corner lot gem displays a 3-car garage & paver driveway. Tastefully designed interior showcases sheer beauty & attention to detail. Bountiful natural light graces the harmonious open floor plan. Chic light fixtures, ceiling fans, wood-look tile flooring, & plush carpets enrich the home's appeal. Gorgeous kitchen showcases a prep island w/a breakfast bar, plenty of white cabinetry, custom tile backsplash, SS appliances , cooktop gas, pot filler, quartz counters, butler's service area, & a walk-in pantry. Don't miss the open den & the HUGE loft! Owner's retreat, complete w/an ensuite comprised of dual sinks, big shower, soaking tub, & a massive walk-in closet, will impress you Additionally, this home has a 2nd main floor bedroom with it's own bath. Spacious backyard is a blank slate with a covered patio and it's large enough for pool or whatever design you can come up with. Enjoy this amazing Community, so many amenities to offer, like community pool, play grounds, parks and even pickleball. The new exciting Frontier Park is right down the road along with convenient shopping and restaurants.

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