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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9610 N 35th Street Phoenix, AZ 85028

$824,900 - 4Br/2Ba -  for Sale in Foothill Del Oro, Phoenix
Open House
$824,900
4 Beds
2 Baths
2,581 SqFt
Status Active
MLS # 6745878
Property Type Single Family Residence
Price Type --
INCREDIBLE 2007 re-constructed DREAM home near the Phoenix Mountain Preserve ~ SINGLE LEVEL, LOVINGLY maintained & updated CLASSIC Ranch home w/ INCREDIBLE BACKYARD on over 9,000 Sqft lot ~ 4 Bedrooms ~ 2 Bathrooms ~ Main living & Kitchen areas offer RECESSED LIGHTING ~ FRESH INTERIOR PAINT 2024 ~ Newly installed QUARTZ Kitchen countertops w/ stainless-steel sink ~ Kitchen Cabinets w/ pull-out shelves ~ Living Room w/ new carpet in 2024 ~ Living & Formal Dining Rooms features Arched WINDOWS bathing the room w/ NATURAL LIGHT ~ Energy efficient DUAL PANE windows & ceiling fans throughout ~ ROOMY Pantry w/ layers of shelving ~ Comfortable floor plan ~ Separate Living, Great & Dining Rooms ~ Walls have rounded corners, open arches & 9 ft smooth ceilings ~ AMPLE sized Laundry Room leads to SEPARATE OFFICE area off 2 car Garage ~ NEWER Garage door opener ~ 3 SIZABLE Guest Bedrooms w/ sliding closet doors ~ GENEROUS Guest Bathroom w/ DUAL sinks & plenty of storage ~ Primary Bedroom has UPDATED vinyl flooring installed in 2024 ~ Dual sinks in Primary Bathroom w/ glass block shower ~ French doors leads to enclosed sun room & outside ~ Dual HVACs replaced in 2007 ~ Electrical & Roof installed in 2007 ~ SPARKLING POOL drained & newly redone in 2024 w/ GORGEOUS Flagstone Pool surround ~ BEAUTIFUL patio pavers w/ fire pit provides an OUTSTANDING space for entertaining ~ SOARING COVERED PATIO ~ UNBELIEVABLE LOCATION Short walk or bike ride to Phoenix Mountain Preserve w/ miles of trailheads, hiking, biking & even horseback riding ~ Tranquil country living w/ 2 minutes to to Highway 51 for easy access to freeways ~ 3 Miles to best-in-class restaurants, retail & entertainment near the newly reimagined PV or Stonecreek Golf Club ~ 15 Minutes to PHX Airport ~ THIS ONE CHECKS EVERY BOX & then some!

28990 N White Feather Lane Unit 141 Scottsdale, AZ 85262

$824,500 - 2Br/3Ba -  for Sale in Stonedge At Troon North Condominium, Scottsdale
New
$824,500
2 Beds
3 Baths
2,647 SqFt
Status Active
MLS # 6760840
Property Type Townhouse
Price Type --
Enjoy one of the finest homes in all of Stonedge. Beautifully remodeled and some of the best views in all of Stonedge. There are zero steps for the main level living which includes the primary suite, kitchen/dining, family room and the office/den. Gorgeous private patios with amazing mountain views both front and back. The second floor space includes a wonderful 2nd bedroom with ensuite bathroom and southern boulder views with it's own private deck. A huge multi purpose loft with bar and another large patio adds to this wonderful floor plan. Twinkling lights, sunset colors and beautiful desert views add to this wonderful home. The 2024 designer remodel includes an updated kitchen with quartz countertops and new appliances, gorgeous primary and 2nd bedroom bathrooms and new carpet New LED lighting, carpeting, painting and other designer finishes complete this beautiful home. This wonderful home has it all with the location, quality remodeled finishes, smart floorplan and privacy.

955 Rainbow View Drive Lakeside, AZ 85929

$824,000
3 Beds
2 Baths
2,112 SqFt
Status Active
MLS # 6750237
Property Type Single Family Residence
Price Type --
Envision a charming furnished home that exudes warmth and comfort from the moment you approach its beautifully landscaped driveway, in the prestigeous gated community of The Shores by Rainbow Lake. Just blocks from the lake. The covered porch welcomes you into an inviting entryway, leading to a home with flowing hardwood floors and an open great room that's perfect for gatherings. The heart of the home features a cozy fireplace with updated stonework, creating a serene ambiance. The entertainer's dining space is complemented by an island with elegant stone counters, offering ample counter space and a stainless gas range, all illuminated by stylish pendant lights... READ MORE... The large primary suite is a retreat within itself, boasting his and her closets, a private office space, and a beautifully updated ensuite with dual vanity and a dedicated makeup area, all encased by chic glass front storage. The walk-in glass shower and inviting soaker tub to add a touch of luxury. Two additional guest rooms offer comfort and style, with a gorgeous guest bath featuring a double vanity, shiplap feature wall, enchanting mirrors, and a glass door soaker tub/shower combination. A bonus living space opens up to a large back deck and a landscaped yard that's perfect for outdoor enjoyment. Completing this idyllic home is a 3-car garage with plenty of built-in storage, ensuring that every need is met with elegance and ease. This cabin is not just a house, but a sanctuary designed for those who appreciate the finer details and a touch of rustic charm. This cabin / home is in the prestigeous GATED community of The Shores. This community has it's own private launch to Rainbow Lake, tennis courts, pickleball courts, basketball and a gazebo gathering area. Beautifully landscaped community with high end custom homes throughout. The garage is an extended 3 car garage with an extended large storage area. This home has ample storage throughout! This home is set back on the lot with tons of privacy both front and back! This home has TRUE pride of ownership!!! This is a small list of items that do NOT convey to be provided. Please note that 'nothing' in the garage conveys. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

11115 E Sunnydale Court Sun Lakes, AZ 85248

$824,000
2 Beds
2.5 Baths
2,660 SqFt
Status Active
MLS # 6728076
Property Type Single Family Residence
Price Type --
Beautiful Remodeled Home on Walking Path in Gated Community. 2 Bedroom Suites plus separate Den or 3rd Bedroom, 1/2 Ba off Hallway. Formal Living Room w/ Fireplace, Plantation Sutters, Crown Molding, Formal Dining Room. Large Open Kitchen and Family Room, hand picked Granite Countertops throughout, Island w/Microwave Drawer, Lg Pantry w/all pull out shelves, Vaulted Ceilings throughout, Tile Plank Flooring throughout, Bonus Room or Storage. Play Pool w/several jets. Large Back Yard, all Grass, Front Yard w/Artificial Grass, Pavers all around, Full Tile Roof with Solar Panels (Seller Owned), 2.5 Car Garage, to much to mention here, Come See this Gorgeous Home at end of Clu de Sac.

29068 N 136th Lane Peoria, AZ 85383

$822,177
5 Beds
3.5 Baths
3,548 SqFt
Status Active
MLS # 6735591
Property Type Single Family Residence
Price Type --
A soon to be complete single-story Olive with a Spanish exterior elevation style. This 5-bedroom home plus a flex room offers 3 and a half baths and a 3 car garage. The kitchen features stainless steel appliances and stylish cream-tone cabinetry and beautiful white quartz countertops. Throughout the home, find upgraded baseboards and wood-like tile. The home and community are at the base of a mountain and are near Vistancia. Home warranty included.

21418 W Meadowbrook Avenue Buckeye, AZ 85396

$821,904
4 Beds
3 Baths
2,650 SqFt
Status Active
MLS # 6756550
Property Type Single Family Residence
Price Type --
Upgraded and luxurious! This stunning 2,500 sq ft home in the sought-after gated community of Verrado is ideal for you and your family. With four bedrooms, three bathrooms, and a flexible space that can be customized to your needs, this home has it all. Enjoy the grandeur of 12' ceilings in the kitchen and great room, along with elegant quartz countertops, double-stacked cabinets, and ample kitchen storage. The bright great room, enhanced by multiple windows, opens through a 16' sliding glass door to a backyard with breathtaking views of the White Tank Mountains and no rear neighbors. The primary bedroom suite features a spa-like tub, a tiled shower, and a spacious closet. All bathrooms are beautifully appointed with full-height tiled showers and quartz countertops.

21479 E Pecan Lane Queen Creek, AZ 85142

$821,000
4 Beds
3 Baths
3,122 SqFt
Status Active
MLS # 6742654
Property Type Single Family Residence
Price Type --
PRICE IMPROVEMENT !!! Step into a world where your HOME truly feels like a RETREAT. Imagine whipping up culinary masterpieces in an AMAZING KITCHEN that will leave you in awe. With SOFT-CLOSE cabinets that glide effortlessly, a GAS COOKTOP for precision cooking, and DOUBLE OVENS for all your baking needs, this space is a chef's dream.The KITCHEN BACKSPLASH and GRANITE COUNTERTOPS add a touch of elegance and durability, while the stylish KITCHEN HOOD complements the modern aesthetic. Beyond the kitchen, discover UPGRADED FLOORS that lead you to one of the LARGEST LOTS in the area. Your backyard is an ENTERTAINER's PARADISE, featuring a stunning 16,000-GALLON LAP POOL with OWNED SOLAR HEATER PANEL to extend your swimming season. Enjoy the lush, SYNTHETIC GRASS that requires minimal upkeep and relish the PRIVACY of having NO NEIGHBORS behind you. Inside, the HUGE MASTER BEDROOM offers a sanctuary of space, complete with a VAST WALK-IN CLOSET and DUAL VANITY. STORAGE is never an issue with a MASSIVE 3-CAR GARAGE, fully equipped with plenty of RACKS for all your belongings. An RV GATE ensures you have room for all your adventures. This property is not just a home; it's a LIFESTYLE. Every detail has been carefully crafted to offer comfort, convenience, and a touch of LUXURY. Come and explore your FUTURE OASIS today! You need to SEE this HOME !!!

2181 W Whispering Springs Show Low, AZ 85901

$820,250
3 Beds
3 Baths
2,052 SqFt
Status Active
MLS # 6750141
Property Type Single Family Residence
Price Type --
*LOCATION LOCATION! This home is located in the Torreon Golf Community. Don't miss this Fantastic opportunity to own your own Paradise in the Pines! Brand New Construction. Corner Lot. This home boasts Premium Wood Flooring, Quartz Countertops, Large walk in pantry, Anderson Windows, Remote Control Gas Fireplace, Upgraded Gas Furnace, Gorgeous Primary Bedroom with Large walk in shower and free standing tub. The Views, The Pines, The Friendly Wildlife, this home has it all. The only thing missing is you! Amenities include Community Pool, Tennis, Pickle Ball, Fitness Center and Restaurant. Also rest easy home or away because Torreon has a 24 hour 7 days a week Private Security Patrol.

2615 Dillon Boulevard Chino Valley, AZ 86323

$820,000 - 3Br/3Ba -  for Sale in Heritage Pointe, Chino Valley
Open House
$820,000
3 Beds
2.5 Baths
2,465 SqFt
Status Active
MLS # 6695516
Property Type Single Family Residence
Price Type --
REDUCED! Live the Rural lifestyle of Chino Valley while only 20 minutes to Prescott, Airport & Golf! This Homestead model includes 3 bedrooms, 2.5 baths, an extended great room plus a 3-car temperature controlled & insulated garage, All on a 1+ acre lot with mountain views. Rear covered patio plus a front porch, both big enough for entertaining! Other upgrades include a Super-sized shower in the master suite, upgraded tile & wood looking vinyl flooring & lighting. The island kitchen includes upgraded cabinets, hardware & crown moldings, Energy Star appliances, a gas cooktop, built in oven/microwave & dishwasher. The large great room has a gas fireplace & there is a casual dining area in the great room plus a large formal dining room. Tankless gas water heater. Watch the tour & come see!

38506 N 12th Street Phoenix, AZ 85086

$820,000
4 Beds
2 Baths
2,168 SqFt
Status Active
MLS # 6758104
Property Type Single Family Residence
Price Type --
One of the standout features of this property is the custom-built, 40x40 workshop! Fully insulated with sprayed-in insulation, ensuring a comfortable working environment year-round. Two overhead doors—one 12x14 and the other 10x10—providing easy access for larger equipment or vehicles. For automotive enthusiasts or hobbyists, the workshop includes a 9,000 lb clear floor hydro lift and an 80-gallon air compressor, making it ideal for any mechanical or fabrication projects. Property Interior features a beautifully designed open kitchen, perfect for both casual and formal dining. Included is an eat-in area with a central island, solid surface countertops, and a tiled backsplash. Shutters throughout add a touch of elegance, while the cozy fireplace in the living area provides a warm and inviting atmosphere. The master features exterior French doors leading to the backyard. The split master floor plan offers privacy, and the en-suite bathroom includes a double sink vanity, a separate tub, and a walk-in shower. Whether you're looking for space for hobbies, storage, or running a home-based business, this property offers unmatched versatility and convenience designed for a wide variety of uses!

21521 E Twin Acres Court Queen Creek, AZ 85142

$820,000
5 Beds
4.5 Baths
4,119 SqFt
Status Active Under Contract
MLS # 6744267
Property Type Single Family Residence
Price Type --
Modern 4119 sq ft residence in the best Queen Creek location. Starting with a 3-car garage, RV gate, timeless stone accents, inviting front porch, and a courtyard. Enter through the custom double doors and discover an impressive interior with wood-look tile flooring, crown moulding, archways, and plantation shutters. You'll surely love the large & bright living room adorned with pre-wired surround sound and the formal dining room. Fabulous kitchen boasts a pantry, subway tile backsplash, SS appliances, granite counters, a center island, plenty of white cabinetry, and a breakfast bar. PLUS! This beauty includes an open den/office, bonus/media room, and a cozy loft ideal for a reading nook. 2 staircases, 3 laundry hookups, and 2 NEW AC units. Oversized owner's retreat won't disappoint! Plush carpet, an ensuite with two vanities, a separate shower & tub, and a sizable walk-in closet complete the picture. Feels like you're on a vacation every day in this dreamy backyard, which provides a covered patio, pergola, built-in BBQ, fire pit, and a sparkling pool and spa. This gem promises a lifestyle like no other!

30709 N 170th Street Rio Verde, AZ 85263

$820,000 - 3Br/3Ba -  for Sale in Metes And Bounds, Rio Verde
New
$820,000
3 Beds
3 Baths
2,457 SqFt
Status Active
MLS # 6761212
Property Type Single Family Residence
Price Type --
Discover the charm of this custom-built, private residence set on 1.2 acres, ready for you to call home. Relish in the stunning mountain sunrises from your covered back deck or 360° views from the rooftop deck, offering ever-changing panoramic views of the McDowell, Mazatzal, Four Peaks, Granite, and Superstition mountains. This elegant home boasts solid Knotty Alder cabinetry throughout, a split floor plan, 10-foot vaulted ceilings, and solid wood beams in the entryway. The spacious living room features a cozy corner fireplace, while the oversized laundry room provides ample storage. The master suite opens to a private courtyard with mountain views. The en suite bathroom includes a generous closet, walk-in shower, soaking tub, and dual vanity sinks. The beautifully designed kitchen is a culinary enthusiast's dream, with a large center island, substantial pantry, wine cooler, large oven and warming drawer, granite counters, and a large granite sink. The kitchen flows seamlessly into a spacious dining area, perfect for entertaining. Adjacent to the courtyard and main home, the 337 sqft private casita features its own entrance, full bath, oversized closet space, mini-split HVAC, and water heater. This charming home sits on over an acre of land and includes a private dog run, three-car oversized garage, and a 2600-gallon water storage tank. Assured water for the property is provided by EPCOR and monitored by Dynamite Water Co. No HOA fees. Bring your horses, RV, boat, farm animals, and toys. This home is ready for you to move in and make it your own.

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