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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621 E Coronado Way Payson, AZ 85541

$829,000
3 Beds
3 Baths
2,711 SqFt
Status Active
MLS # 6696469
Property Type Single Family Residence
Price Type --
Nestled among towering Pines, this unique home commands breathtaking panoramic views of the majestic Rim. Its custom design boasts solar panels and a cutting edge Geo-thermal system that heat and cool the fully electric home with precise efficiency, keeping energy cost at little to nothing. Two (could be 3) of the bedrooms and 2 bathrooms are on the main level. One of the only homes in all of Payson with a private well and city water, to ensure smooth operation of these sophisticated features along with a water filtration system. Reinforced steel security shutters cover every window and both garage doors at the touch of a button. Ease of use of all the upgrades and innovative features are some of the greatest attributes of this sanctuary. The office/bonus room downstairs is perfect for working from home in a quiet private setting. The oversized 550 square foot garage has tons of storage on both sides. The landscaping and foliage on the entire .83 acres is so beautiful. Welcome home to your retreat in the mountains of Arizona where innovation and tranquility converge.

4188 N 182nd Lane Goodyear, AZ 85395

$829,000
4 Beds
3.5 Baths
2,599 SqFt
Status Active Under Contract
MLS # 6756851
Property Type Single Family Residence
Price Type --
Nestled in a charming neighborhood, this meticulously maintained former model home with many upgrades features a spacious layout with an open and elegant kitchen. Enjoy seamless indoor-outdoor living with multi-slide patio doors leading to a covered patio, heated saltwater pool, and hot tub. The transformed 3rd car garage includes a kitchenette, ½ bath, media projector, and mini-split A/C unit, perfect for various uses. An owned solar system adds eco-friendly benefits offering very minimal energy cost. Conveniently located near amenities and schools, this home is ideal for modern living.

1395 E Loveland Lane San Tan Valley, AZ 85140

$829,000
3 Beds
2 Baths
2,098 SqFt
Status Active
MLS # 6748112
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning property offers the perfect blend of country living and modern convenience, situated on a sprawling 1.21-acre lot with no HOA restrictions. Whether you're looking for space to spread out, entertain, or enjoy the outdoors, this home has it all. The home features three spacious bedrooms along with a versatile den/office area that can be tailored to your needs. The primary bathroom has been beautifully remodeled with beautiful finishes. Brand new carpet in the bedrooms ensures a fresh and comfortable living experience. The 3-Car Garage offers plenty of room for vehicles, storage, and more. The expansive backyard is an entertainer's paradise! Enjoy a full-size basketball court complete with lights, perfect for day or night play. There's also an in-ground trampoline and a playground area with sand, making it a perfect place for kids! Also in the very back of the lot is electric and water for a shop. There are 2 RV gates and an RV Pad for easy access to the yard. Third car garage has a A/C wall unit, electric outlets, and can be used as a small shop/office. Just a short drive from the 24 freeway, you're less than 10 minutes away from convenient access to the rest of the valley. The Queen Creek Marketplace and Costco are only 15 minutes away, offering a wide range of shopping, dining, and entertainment options. Plus, you're close to numerous restaurants and other amenities, making this location ideal for both relaxation and convenience. This property offers a unique opportunity to own a spacious home with endless possibilities, all without the constraints of an HOA. Don't miss your chance to make this incredible home your own!

961 E Blue Spruce Lane Gilbert, AZ 85298

$829,000
6 Beds
3.5 Baths
3,128 SqFt
Status Active
MLS # 6750625
Property Type Single Family Residence
Price Type --
Discover your perfect oasis in south Gilbert with this exceptional move-in ready home w/ 2 BRAND NEW 4 ton AC units! Designed for both comfort and luxury, the newly remodeled open-concept kitchen is the heart of the home, boasting sleek quartz countertops w/ waterfall feature, high-end stainless steel appliances, gorgeous new cabinets, & even an R/O system producing Alkaline water! The kitchen seamlessly flows into a beautifully connected courtyard, complete with pavers & a commercial misting system, making it an ideal space for outdoor dining and entertaining. The backyard is a true retreat, featuring a 2021-built private saltwater PebbleTec pool where you can relax and unwind, as well as fresh landscaping. The open layout ensures that indoor and outdoor living blend effortlessly, creating a harmonious environment for gatherings or quiet family moments. The entire space has new flooring, fresh paint, new faucets, new lighting, and custom window treatments. Situated in a sought-after Gilbert neighborhood, close to & walk/bikeable to top schools, shopping, and dining, this home is a rare find. With spacious bedrooms and thoughtful upgrades throughout, this property offers a lifestyle of elegance and convenience. Don't miss the chance to make this your forever home, and join the best neighbors on the planet here on Blue Spruce Lane!

8832 W Golddust Drive Queen Creek, AZ 85144

$829,000
3 Beds
2.5 Baths
2,861 SqFt
Status Active
MLS # 6723340
Property Type Single Family Residence
Price Type --
*Reduced Price* Motivated Seller, bring an offer and let's get a deal done! Sitting on a little over 3/4 of an acre lot just below the San Tan Mountain is this Beautiful single story home in the Goldmine Equestrian Estates. Not far from the city, escape to this little country community with great neighbors and trails for horseback riding, hiking and bike riding. Got horses?? Bring'em, home has a fenced in corral, stalls and tack room all ready for you. This home has a wonderful layout and open concept with large kitchen/island and great room, perfect for entertaining. It has 3 bedrooms, 2.5 baths and a large bonus room/game room and or office...lots of possibilities!! Spacious Owners bedroom with large walk-in closet and renovated bathroom that offers a beautiful walk-in shower. It also has a 3 car garage with a rear garage door to the back yard. Lots of extra space to add a RV Garage, Casita, and or any kind of building you want to fit your needs. Priced below current comps and move-in-ready for its new Owners!! Put this on your list to see, you'll be glad you did!

36601 N Mule Train Road Carefree, AZ 85377

$829,000
2 Beds
2 Baths
2,050 SqFt
Status Active
MLS # 6723770
Property Type Townhouse
Price Type --
Highly desirable gated Village at Carefree upper-level condo with spectacular views of Desert Forest Golf course, Black Mountain, and Continental Mountain ranges. This creatively redesigned home entails immaculate craftsmanship that is evident throughout the unit inclusive of all new flooring, fixtures with smart technology throughout, new plumbing and new electrical throughout. A reimagined and redesigned open floor plan boasts a large kitchen perfect for entertaining with new stainless-steel appliances and quartz countertops. 2 spacious bedrooms plus office with two enlarged closets in the primary suite. Both bathrooms include tiled walk-in showers with all new fixtures, plumbing, and electrical. Extra-large laundry room with brand new state of the art LG stackable washer/dryer, ... washer/dryer, ... utility closet, upper & lower cabinets, quartz countertops, as well as a brand new Rheem's tankless water heater. 2 separate balconies, each with their own views, sunscreens & tint on all windows to further improve energy efficiency. One car garage. Quiet neighborhood with resort like community pool & clubhouse. Just a 2-minute drive to Town of Carefree downtown, shopping, and restaurants. All furniture is available for a turnkey move in at an additional cost. Exterior Paint will be completed in October by HOA. HOA is now replacing asphalt in the common areas also.

1510 E Big Rock Road Tucson, AZ 85718

$829,000
3 Beds
2 Baths
2,495 SqFt
Status Active
MLS # 6729524
Property Type Single Family Residence
Price Type --
Price Reduced! Your peaceful escape in the coveted Shadow ROC neighborhood is now available for $829,000! Perched on a hilltop, this serene home offers unmatched privacy and breathtaking views of the Catalina Mountains, all on a spacious 0.81-acre lot. Just minutes from premier shopping, scenic hiking trails, and world-class golf courses, this home offers a harmonious blend of convenience and tranquility. Built with solid craftsmanship, it stands as a canvas for your personal touches and upgrades. Plus, the recent addition of a $50,000+ solar system with 28 high-performance panels brings energy-efficient living and long-term savings, ensuring you can enjoy comfort without compromise. Ask for a tour today and discover the balance of nature and convenience in Shadow ROC. SCHOOLS Elementary: Harelson Elementary School Middle: Cross Middle School High: Canyon Del Oro High School SOLAR SYSTEM Solar System (recently installed at a cost of $52,900): 28 solar panels (Freedom Forever #MP-BBB-370) x 370 W each = 10.360 kW DC power (7.6 kW @ 240 V); Solaredge SE7600H-US inverter

175 N Windy Grove Circle Payson, AZ 85541

$828,000
3 Beds
2 Baths
1,681 SqFt
Status Active
MLS # 6702859
Property Type Single Family Residence
Price Type --
Welcome to a stunning home nestled just below The Mogollon Rim backing the breathtaking beauty of the Tonto National Forest! Imagine waking up to the serenade of wildlife, with streams and majestic Ponderosa Pines right outside your back yard. This enchanting 3-bedroom, 2-bath home with a 2-car garage on a large, fenced lot comes fully furnished, ready to embrace you in comfort and style. Previously a successful VRBO since 2018, this remarkable abode is not only an exceptional investment opportunity but also an ideal primary or second home. Resting on a sprawling lot at the end of a peaceful cul de sac, tranquility and privacy are yours to savor. Step onto your covered front or back porch, and witness the mesmerizing spectacle of deer and elk gracefully frolicking about. Enjoy the cool mountain breeze, smell of the fresh Pines and all four mild seasons! All outdoor enthusiasts will find what they are looking for here! Whether you're a hiker, biker, UTV, angler, hunter, rock and gem collector, paddle boarder or star gazer, this beautiful home is waiting for you! Come enjoy the next chapter of your life in this wonderful mountain home!

3125 W Desert Lane Laveen, AZ 85339

$827,900
4 Beds
2.5 Baths
3,458 SqFt
Status Active
MLS # 6750503
Property Type Single Family Residence
Price Type --
Nestled strategically inside the Estates at Sierra Vista three miles from the 202 Expressway is your personal retreat from busy city living to private, refined luxury amongst some of the most mesmerizing sunsets and unparalleled panoramic views of the Estrella's and South Mountain. This stunning 3,458 square foot custom, north/south exposure home, is situated on a 13,503 sq ft corner lot, with much sought after privacy, having no residence to the left (East) or behind (South) the residence. Enter through the custom steel security screened front door to the inviting foyer that views the formal living & dining areas exuding warmth, elegant finishes & eloquent chandelier lighting. The generous kitchen overlooking the café area & spacious family room provides the home chef CLICK MORE or entertainer with double ovens, new gas stainless steel cooktop, large sink, newer built-in microwave, granite countertops & a large pantry with sliding doors for easy accessibility. Plantation shutters on the East, West & South windows with 90% sunscreens for added comfort on warmer days. Vinyl blinds on all other windows, 8-foot doors and Dual distinct zone AC units with dedicated programable thermostats. The laundry room is equipped with gas or electric connection & a coveted utility sink. Safety and security are uncompromised with extensive security features such as smoke & carbon monoxide detectors placed strategically throughout, front door ring camera, patio & backyard cameras, ADT security system covering all doors, windows plus breaking glass & motion sensor lighting at the exterior South & West sides. Pamper yourself with beautifully upgraded new laminate flooring in entry, hallways, living, dining & bedroom 4, carpeted comfort in master primary suite plus bedrooms 2 & 3. Enjoy large tile floors in the 2 full baths, hallway half bath, kitchen, & laundry. The serene primary suite features unique recessed ceiling, beautiful tiered-light ceiling fan, a private steel security screened door to the covered patio, complete with a luxurious en-suite bathroom featuring a whirlpool tub, large shower & overly abundant closet space. Private office/den could be used as additional 5th bedroom with the 3 additional bedrooms split from primary that offer fantastic versatility, each with a ceiling fan, oversized closet & a full dual vanity bath adjoining Bedrooms 2 & 3. The captivating outside beckons you to unwind in your resort-style desert oasis. Lounge & soak up the sun by the sparkling, 25-foot length saltwater pool while listening to the water fall gently from the water feature or your favorite tunes playing, on the indoor & outdoor wired surround sound system, while you admire the custom painted mural & views of South Mountain. The finished block wall surrounding backyard add both privacy & beauty as you embrace your oasis. Relax, cook out on a natural gas BBQ grill, dine, or entertain under the covered patio & extended pergola cooled by a misting system & ceiling fan. Day or night enjoyment with recess & accent lighting. Watch your favorite game or show on the outdoor TV while savoring the spectacular sunsets. Easily maintain the appointed landscaping with the front & back timed irrigation system and timer controlled front & back landscape lighting. The well-appointed oasis has allowed for 5 aluminum gutters & drains on various roof areas, isolated pool equipment, quarter-minus walkway from driveway to backyard west gate, ample storage space in the generous size Lifetime storage shed on the west & an RV gate on the east side of the backyard. Dusk-dawn lighting is featured at the front door & the 4+ tandem car garage with insulated doors, natural lighting glass, self-closing security door to the interior, 2 ceiling fans & several fluorescent lights creating the perfect space for larger vehicles and/or a workshop. Welcome to a desert paradise offering luxury & convenience without compromising on privacy or exclusivity. Yet, only minutes away from freeways, schools, play areas, golf, dining, shopping, and entertainment.

3106 N 70th Street Unit 2007 Scottsdale, AZ 85251

$827,000 - 2Br/3Ba -  for Sale in Muze Townhomes Condominium, Scottsdale
Open House
$827,000
2 Beds
2.5 Baths
1,826 SqFt
Status Active
MLS # 6754424
Property Type Townhouse
Price Type --
Looking for turnkey? Redecorated and furnished with upscale furnishings of over $30,000. No? Purchase for $,7,000 less. $17,000 in upgrades this year include wood flooring, garage cabinets, patio improvements, and new smart locks and cameras. Great Scottsdale location, near Old Town Scottsdale, Honor Health Care, Thursday Art Walks, the Scottsdale Wine Trail, shops, restaurants, Trader Joe's, and much more. Energy Star construction, quartz countertops, Bosch appliances, magnificent large closets, 2 suites, End Unit.

20490 E Via De Colina Place Queen Creek, AZ 85142

$825,846
5 Beds
3 Baths
3,077 SqFt
Status Active
MLS # 6746358
Property Type Single Family Residence
Price Type --
MLS#6746358 April Completion! Discover the Breckenridge model at Ellsworth Ranch - Voyage, a stunning single-story home with 5 bedrooms, 3 baths, and a 3-car garage. The heart of the home is the open gathering room, seamlessly connected to the casual dining area and the kitchen, which features a central island and a walk-in pantry. A formal dining area near the foyer adds a touch of sophistication. The private owner's suite, located at the rear, serves as a tranquil escape with its luxurious tub, separate shower, dual vanities, and expansive walk-in closet. Two guest bedrooms and a bath at the front provide the perfect space for visitors. Structural options include: gourmet kitchen, bedroom 5 in lieu of study, shower in lieu of bath at bath 3, study in lieu of dining, and gas line for future outdoor kitchen.

394 E Bittercress Avenue Queen Creek, AZ 85140

$825,176
2 Beds
2.5 Baths
2,180 SqFt
Status Active
MLS # 6723123
Property Type Single Family Residence
Price Type --
Experience refined living in this Genova model home in Encanterra. This 2,180 sq. ft. residence offers 2 bedrooms, 2.5 baths, & a versatile den. The gourmet kitchen boasts JennAir appliances, quartz countertops, a large single bowl sink, & elegant upgraded cabinetry. The open floor plan connects the spacious great room & dining area, perfect for entertaining. Retreat to the primary suite with a luxurious bathroom featuring a heavy glass shower enclosure & quartz countertops. Enjoy the Arizona weather on the covered patio with a built-in gas fireplace & extended pavers. Additional highlights include luxury vinyl plank flooring throughout & a golf cart garage. Discover the best in Encanterra living—schedule your visit today!

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