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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13243 W Milton Drive Peoria, AZ 85383

$849,000 - 2Br/3Ba -  for Sale in Trilogy West Phase 4 Parcel C48, Peoria
Open House
$849,000
2 Beds
2.5 Baths
2,080 SqFt
Status Active
MLS # 6755455
Property Type Single Family Residence
Price Type --
ELEVATED VIEW LOT with FANTASTIC MOUNTAIN VIEWS from the ENTERTAINER'S BACKYARD. 2020-built 'Lumina' like brand-new has OUTSTANDING upgrades & features PLUS ADDITIONAL HIGH-END FEATURES ADDED IN 2022-23. You & your guests will love the VIEWS while enjoying the OUTDOOR GAS FIREPLACE w/stacked stone(2023), BUILT-IN BULL GAS BBQ(2022) w/privacy wall(2023) & the extended travertine paver patio w/GAS FIREPIT. Faux grass, full fence & beautiful landscaping enhance this PRIVATE backyard. From patio enter through MULTI-SLIDE GLASS DOORS to great room & view the fabulous focal point ELECTRIC FIREPLACE (2022) w/ floor to ceiling TILE WALL behind. STRIKING CHEF'S KITCHEN w/ QUARTZ COUNTERTOPS, subway tile backsplash, GE Profile BUILT-IN S/S APPLIANCES, GE Monogram stainless vent hood & GLASS & TILE backsplash behind the GAS cooktop. EXTENDED CABINETRY with 42-in. uppers & rollouts provides abundant storage. APRON SINK & CUSTOM PENDANT LIGHTS. WOOD-LOOK PLANK PORCELAIN TILE FLOORS plus textured low-nap carpet in bedrooms. Primary suite has large bedroom with VIEWS, beautifully upgraded bath enhanced with QUARTZ countertop, dual Memoirs square cast-iron sinks, shower tiled to ceiling w/WATERFALL INSET. All baths, including half-bath, have Memoirs ELEVATED TOILETS. En-suite guest room has upgraded bath w/QUARTZ countertop & TILE tub/shower surround. Fabulous SMART SPACE(tm) provides even more storage, plus washer, dryer, sink & WALK-IN PANTRY. Versatile enclosed den with double doors. Outdoor trash enclosure. CLOSE TO DOG PARK & MITA CLUB. This home is a gem! Home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.

1431 E Mclellan Boulevard Phoenix, AZ 85014

$849,000 - 3Br/3Ba -  for Sale in Phoenix, Phoenix
Open House
$849,000
3 Beds
3 Baths
2,312 SqFt
Status Active
MLS # 6740819
Property Type Single Family Residence
Price Type --
Discover this beautifully updated, single-story home, perfect for multi-generational living, nestled on an oversized lot with North/South exposure in the highly regarded Madison School District. This Arcadia-like gem boasts an open floor plan, elegant tile flooring throughout, and a stylish kitchen featuring white upgraded cabinets, a large island, walk-in pantry and granite countertops. Enjoy the benefits of dual-pane windows, a newer roof, and much more. The property includes a detached oversized 2-car garage/workshop and a charming casita (480 sq. ft.) with its own living area, bathroom and kitchenette. Electric gate provides entry to rear parking incl an RV spot. Offers low-maintenance landscaping and convenient access to Sky Harbor, dining, shopping, and the best of Central Phoenix.

6921 W Fremont Road Laveen, AZ 85339

$848,999
5 Beds
3 Baths
3,662 SqFt
Status Active
MLS # 6711972
Property Type Single Family Residence
Price Type --
1 acre lot Salt water Pool with remote controlled lights, water slide attached, Grotto in pool, cave under grotto seats 6 people, 10 person spa, Solar lease, Back yard misting system, Dog house misting system, and AC, go cart track in backyard, Garage 4 plus, storage above garage in an attic, belt system, insulated. Dramatic stairway, granite counters, Cherry spice raised 42' cabinets with crown molding, large walk in pantry with door, built in granite island, stainless steel appliances all stay ,The casita has private entrance, own ac. Horse Propert. Sprinklers throughout house, Security system, 8 cameras around, house. 24 foot entry, 3 front doors. Master bath, Seller needs 15 days to move.

2677 E Teakwood Place Chandler, AZ 85249

$848,990
6 Beds
4 Baths
4,060 SqFt
Status Active
MLS # 6746970
Property Type Single Family Residence
Price Type --
This stunning 6 bedroom, 4 bathroom residence in Riggs Ranch Meadows is now available. The floor is fully tiled, has a chef's kitchen, granite countertops, stainless steel appliances, 2 refrigerators and large pantry. The main level offers a spacious family room, living/dining area, a full bedroom and bathroom, and laundry room with 3 washers and 3 dryers. The upstairs primary suite has a large bedroom, bathroom with a bathtub/shower, standing shower, dual vanity, private toilet and an extended walk-in closet. There are 4 more bedrooms, 2 of which have dedicated full bathrooms. The patio is tiled and shaded. The backyard has a beautiful pool and turf lawn. The 3 car garage has built-in storage and epoxied floor. Upgrades include 2 AC/heat pumps, an 80 gallon water heater and EV charger.

1009 E Tuckey Lane Phoenix, AZ 85014

$848,800
4 Beds
3 Baths
2,305 SqFt
Status Active
MLS # 6735787
Property Type Single Family Residence
Price Type --
Completely renovated from the ground up in 2016 by Anderson-Jackson, this sought-after home in North Central Phoenix features classic design elements with a spacious floor plan. Kitchen is stunning with maple cabinets, quartz, & S.S appliances (gas cooking). The master bed features a walk/in closet & a separate exit to the patio. The ensuite bath is equipped w/ a custom vanity with dual sinks & quartz counters. Porcelain tile flooring trimmed with tall baseboards, crown molding, & Milgard DP windows add to the elegance of the home. Energy-saving features such as cellulose wall insulation, air and duct sealing, R8 insulated ducts. Luci's, Vig, Uptown farmer's market all a short walk/bike/drive away. Located in the Madison School District, this home offers both style and efficiency. 14 SEER HVACs help keep the home cool and efficient with a remarkable 58 HERS score. Additional quality perks include a Rinnai gas tankless water heater and an OnQ structured wiring panel. Everything from the roof, two 3.5 ton HVAC systems, plumbing, and more were all updated in 2016. See features list from 2016 in docs.

18856 E Aubrey Glen Road Queen Creek, AZ 85142

$848,778
3 Beds
3.5 Baths
3,130 SqFt
Status Active
MLS # 6625124
Property Type Single Family Residence
Price Type --
MLS#6625124 VIRTUALLY STAGED PHOTOS ADDED. Welcome to Belmont at Legado Summit! This grand 1-story home is greets you with a porch that leads into a spacious foyer. As you enter, you'll find yourself in an open-concept area that seamlessly combines the kitchen, great room, dining room, and a covered patio. On one side of the home, there is a2-car garage, 2 bedrooms with ensuite full bathrooms, and a storage room. On the other side, you'll find a 2-car garage, laundry room, and a luxurious primary suite. The primary suite boasts a spacious bedroom, a beautiful bathroom & walk in closet. Structural options include: RV gate in backyard, multi slide door at great room, 2 car garage addition, re-plumb for future utility sink and laundry and garage, and gas line for future outdoor kitchen.

705 N Grapevine Drive Payson, AZ 85541

$848,000
3 Beds
3.5 Baths
3,110 SqFt
Status Active
MLS # 6619542
Property Type Single Family Residence
Price Type --
Located in the highly desirable guard gated community of Chaparral Pines. Hear the breeze through the pine trees that surround the home on the large 19,000+ SF lot overlooking the 16th green from your private backyard patio. At night, step out onto the golf course and enjoy your beautiful home filled with soft amber light, yet still able to look up and see millions of stars in the dark sky! This split-level home features a large kitchen, living and dining area, complemented by rustic exposed beams and a stone fireplace. Upstairs you'll discover a spacious master suite complete with a bonus/sitting room and private balcony. Need to relax your muscles? Head downstairs to a private sauna! Live here year round and invite your friends and family, or make this your favorite tall pines weekend retreat!

5825 N 107th Lane Phoenix, AZ 85037

$846,900
3 Beds
2.5 Baths
2,524 SqFt
Status Active
MLS # 6746205
Property Type Single Family Residence
Price Type --
Welcome to this exceptional home that combines striking curb appeal with unmatched functionality. Situated on an expansive lot, this home features charming brick accents and an impressive 15x40 RV garage with a convenient pull-through to the backyard, an extra storage room, and a 12-foot RV gate, ensuring you have ample space for all your recreational vehicles and storage needs. Step inside to discover a meticulously designed split floor plan, highlighted by stylish wood plank tile flooring and 8-foot interior doors. The dedicated office space, adorned with elegant glass doors, offers both privacy and a touch of sophistication. The gourmet kitchen is a chef's dream, complete with 42-inch white shaker cabinets, sleek quartz countertops, upgraded hardware, and a beautifully crafted white tiled backsplash. The chef of the house will appreciate the wall oven, gas stovetop, stainless steel appliances, and additional cabinet space beneath the island, making meal preparation a breeze. The generously sized primary suite serves as a luxurious retreat, featuring dual vanities, a spacious super shower, and an expansive walk-in closet. Outside, the backyard is designed for relaxation and entertaining, with a covered patio, lush turf, and an oversized side yard perfect for outdoor activities. Located in a secure gated community, this home offers easy access to major freeways, Glendale Fields, State Farm Stadium, the Gila River Arena, Westgate Entertainment District, and more. Don't miss the chance to own this stunning property and enjoy luxury living at its finest!

4107 W Rimrock Drive Glendale, AZ 85308

$846,000
4 Beds
2 Baths
2,784 SqFt
Status Active
MLS # 6702996
Property Type Single Family Residence
Price Type --
Rare opportunity to own in Yorkshire Estate. This single level home has 4 bedrooms, 2 bathrooms, pool, 3 car garage, RV gate, new kitchen and flooring throughout. You are welcomed by lush landscaping and a private courtyard. Inside you will notice 10' ceiling throughout, luxury vinyl flooring, and plantation shutters. Kitchen has been completely redone with white cabinets, stainless appliances and granite counters. Kitchen opens up to the living room where there are French door with access to the backyard. Backyard has a large, covered patio, grassy area, and beautiful pool. Huge master bedroom has access to the backyard, an ensuite with dual sinks, private toilet room, jetted tub and walk in closet. Don't miss out on this incredible opportunity Wonderful main retreat awaits you w/direct backyard access, rich wood flooring, & an ensuite w/dual sinks, separate shower & tub, & a walk-in closet for all your wardrobe needs. Unwind under the covered patio and discover the lovely desert landscape, extended seating areas, & refreshing swimming pool, w/ stone features, perfect for outdoor enjoyment. Do not miss it!

8731 E Minnezona Avenue Scottsdale, AZ 85251

$845,900
3 Beds
2 Baths
2,250 SqFt
Status Active
MLS # 6752363
Property Type Single Family Residence
Price Type --
Priced to Sell!! Beautiful house located in Scottsdale close to Entertainment district, Fashion Square and 101! The kitchen offers wood cabinetry, SS appliances, granite counters, recessed lighting, and an island w/ breakfast bar. Each bedroom has newer plush carpet and a walk in closet! Keyless entry, Ring Doorbell, Smart thermostat, ADT and Directv ready! Backyard with modern pool was finished in 2019 with travertine tile, Large Baja shelf, barstools in the pool and large gazebo! The backyard is very private and quiet with only one neighbor directly bordering. Steel roof has LIFETIME warranty! AC was replaced in 2022. Pipes have been epoxy lined!!

1861 N Bernard Circle Mesa, AZ 85207

$845,000
4 Beds
3 Baths
2,244 SqFt
Status Active
MLS # 6730707
Property Type Single Family Residence
Price Type --
Welcome to a dazzling desert sanctuary nestled within the illustrious gated community of Canyon Preserve. This rare and resplendent 4-bedroom masterpiece, set on a premium desert lot adorned with awe-inspiring natural rock formations and panoramic mountain vistas, redefines luxury and comfort. As you approach, a meticulously designed paver driveway guides you to the stately entrance of this palatial residence, setting the tone for the opulence that awaits within. The custom kitchen is an absolute chef's paradise, boasting an eye-catching backsplash, Café Signature oven and microwave, sumptuous quartz countertops, and sleek, modern hardware and fixtures. An integrated reverse osmosis system ensures the highest quality water. Adjacent to the kitchen, the laundry room is a paragon of elegance, featuring a butcher block counter space and ample cabinetry that make everyday chores feel like a luxurious experience. The great room exudes sophistication with its decorative wallpaper, designer lighting, and expansive sliding glass doors that open to the backyard. This seamless blend of indoor and outdoor living spaces invites you to bask in the stunning desert landscape and jaw-dropping mountain views. The primary bedroom serves as a serene retreat, offering picturesque views of the desert and mountains. The updated en-suite bath is a haven of luxury, featuring a walk-in closet with built-ins, a dual vanity with additional drawer space, and a linen closet for ample storage. Guest bedrooms are adorned with blackout shades, ensuring ultimate comfort and privacy. Throughout the home, ceramic Saltillo tile adds a touch of Arizona charm, enhancing the warm, inviting ambiance. The garage provides overhead storage, offering plenty of space for all your needs, ensuring your home remains organized and clutter-free. As a resident of the Canyon Preserve gated community, you'll enjoy access to the Mountain Bridge community center, where an array of fabulous amenities awaits. Delight in the pool, spa, tennis and pickleball courts, children's playground, fitness center, basketball courts, and a putting green, all designed to enrich your lifestyle. Discover the epitome of desert luxury in this beautifully updated home. Discover the unparalleled comfort, elegance, and breathtaking views that this exceptional property and community have to offer.

9045 E Riviera Drive Scottsdale, AZ 85260

$845,000 - 4Br/2Ba -  for Sale in Trailside At Manzanita Ranch, Scottsdale
New
$845,000
4 Beds
2 Baths
1,835 SqFt
Status Active Under Contract
MLS # 6757421
Property Type Single Family Residence
Price Type --
This freshly remodeled single-level home in the heart of Scottsdale offers a perfect blend of Southwest chic design with a modern yet cozy vibe. Vaulted ceilings and an open floor plan provide an abudance of natural light, creating an inviting atmosphere. The gourmet kitchen is equipped w/GE matte slate appliances, Calacatta quartz, a waterfall edge island, bar serving nook and eat-in kitchen, and is ideal for entertaining family and friends. The spacious primary suite boasts vaulted ceilings, a spa-like ensuite bath and walk-in closet. Relax in the low-maintenance backyard oasis with new artificial turf, pavers and a shaded patio. Enjoy mountain views from the charming front patio in sought-after Trailside at Manzanita, an enclave of beautiful homes with a community park and playground. Additional designer appointed updates include: wide plank European white oak Bedrosians flooring (LVP), low-E energy efficient Milgard v250 windows, GE Profile washer/dryer laundry pair, fresh interior and exterior paint, new 5 baseboards, shaker panel doors and casings, epoxy garage coating, cool deck patio coating, designer fixtures/finishes, and much more... Don't miss the community park/playground located at 11480 N 90th Way. Enjoy Scottsdale's picturesque lush green scenery, swaying palm trees, meandering waterways, vibrants parks, miles of walking/running trails, championship golf courses, and thriving outdoor lifestyle coupled with family friendly community and activities. Appreciate the close proximity to the main veins of the bustling central Scottsdale area (Loop 101, Scottsdale Road), as well as the many shopping, dining and entertainment options within range of the community, including Old Town Scottsdale, Kierland, and Talking Stick Resort.

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