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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5956 E Lone Mountain Road Cave Creek, AZ 85331

$820,000
3 Beds
2 Baths
2,048 SqFt
Status Active Under Contract
MLS # 6729743
Property Type Single Family Residence
Price Type --
Nestled on over 2 acres of scenic, pristine natural desert land, this property features 3 spacious bedrooms, including a convenient lower-level bedroom, and 2 bathrooms. Enjoy breathtaking panoramic 360-degree mountain views from every window, creating a serene and picturesque backdrop for your daily life - Million-dollar views at less than a million-dollar price! This home also includes a 4-car garage with separate air conditioned 500 sq. ft. workshop, perfect for your cars, hobbies, and projects. With ample space for your toys, horses and RV, you have the ideal setting for crafting your dream outdoor lifestyle. The town of Cave Creek allows for up to 10 horses and offers the opportunity to build a casita on the property for even more possibilities. Located just minutes from the town core, this property offers the perfect blend of convenience and tranquility. Zoned Dr-89, which allows 10% of lot size under roof can be used for existing house, new guest house and/or barn with a height max of 25 feet, setbacks are 60 feet front and back and 30 feet on both sides.

12204 W Blackhawk Road Casa Grande, AZ 85194

$820,000
3 Beds
2.5 Baths
2,510 SqFt
Status Active
MLS # 6743594
Property Type Single Family Residence
Price Type --
Discover this custom-built home on 1 acre in Val Vista Estates, offering 2,510 sqft of contemporary elegance. This open floor plan is 1-story w/ spacious living area, a gourmet kitchen w/ sprawling quartz island & beverage fridge, & ample storage thruout (walk in Pantry!). The home has 3 bedrooms, a den, & a luxurious primary suite w/ a spa-like bathroom. The expansive lot offers endless possibilities for outdoor living, from creating your dream garden to designing the perfect space for entertaining under the wide-open western skies. Don't miss sunrise from the spacious patio!The oversized garage, w/ three doors, a pass-through bay, 220 outlet, & toy storage, is perfect for all your needs. ENERGY EFFICIENT home w/ Spray Foam Insulation thru-out. Low-E Windows. Ceiling Fans. Don't miss out

4825 S Orbit -- Mesa, AZ 85212

$820,000
4 Beds
3.5 Baths
2,623 SqFt
Status Active
MLS # 6742014
Property Type Single Family Residence
Price Type --
Welcome home to a perfect blend of luxury, comfort, and entertainment possibilities. This stunning single-level, energy-efficient home in Eastmark features a thoughtfully designed split floor plan, with the primary suite on one side and the additional bedrooms (plus a den) on the other. Boasting three and a half bathrooms, this residence offers ample upgrades and comfortable living spaces, making it an ideal place to call home. As you enter, you'll be greeted by a grand hallway with tray ceiling accents and open-concept living area. Professionally designed upgrades are evident throughout, including the gourmet kitchen with upgraded shaker cabinetry, a large inviting island, quartz countertops, and a designer-appointed tile backsplash. This home has enhancements all throughout such as designer wood plank tile throughout, brand new carpet in the bedrooms, upgraded lighting, modern ceiling fans, modern tile wall with TV mount, a spa-like primary bath with a beautiful walk-in shower, and a primary closet with a door to the laundry room. Additionally, it features a 2-car PLUS tandem garage with an epoxy floor and storage racks. Step outside into your own personal oasis, complete with a sparkling pool & spa, pergola, built-in grill, and smoker. Enjoy your refreshing private pool oasis and spa on a hot summer day or host memorable poolside gatherings, this backyard is sure to be the focal point of endless enjoyment. Eastmark is the ultimate destination for families, professionals, and anyone seeking the perfect blend of luxury and convenience. Dive into a vibrant lifestyle in this dynamic community, where you can enjoy a world-class resort experience complete with a luxurious community pool, splash pads, numerous parks, a one-acre organic Steadfast Farm, and the state-of-the-art clubhouse, The Mark. Don't miss the chance to experience luxury living at its finest and make this exceptional home yours!

660 E Riviera Drive Chandler, AZ 85249

$820,000 - 4Br/3Ba -  for Sale in Lagos Vistoso, Chandler
Open House
$820,000
4 Beds
3 Baths
3,001 SqFt
Status Active
MLS # 6758876
Property Type Single Family Residence
Price Type --
Stunning mini-estate w/ sparkling pool & scenic lake view lot located in prestigious gated community of Lagos Vistoso! This beautiful home is remodeled to perfection w/ open floorplan, designer painted interior, elegant plantation shutters throughout, refined flooring, dramatic custom lighting, 12 ft. built-in bookcase w/ library style rolling ladder, built-in entertainment center & spacious guest bdrm downstairs & large upstairs loft. Beautiful gourmet kitchen features upgraded cabinetry w/ glass uppers, newer stainless steel appliances, add'l beverage fridge, farmhouse drop sink, cooktop w/ subway tile backsplash. Luxurious primary suite upstairs w/ elegant bathroom. Beautifully landscaped resort-like backyard w/ refreshing PebbleTec pool, oversized patio & breathtaking lake views. This property is ideally situated near shopping, dining and entertainment. The beautiful Bear Creek Golf Complex and the Springfield Golf Resort are each less than a half mile away, making this an ideal home for golf enthusiasts! Two renowned BASIS charter schools, one primary, one secondary, are both located very close to Lagos Vistoso. Don't miss this beautiful home in an exclusive community close to countless amenities!

19306 N 62nd Drive Glendale, AZ 85308

$820,000 - 5Br/4Ba -  for Sale in Highlands At Arrowhead Ranch 3, Glendale
Open House
$820,000
5 Beds
3.5 Baths
3,458 SqFt
Status Active
MLS # 6758443
Property Type Single Family Residence
Price Type --
This home is nestled in a serene neighborhood with scenic walking trails, lake, a tranquil water fountain, and a nearby park, offers both beauty and convenience. You'll enjoy easy access to local restaurants, shops, a highly-rated school, and other amenities, all within close proximity. This home boasts numerous upgrades, including a fully remodeled kitchen with modern finishes, updated bathrooms, and new shutter blinds throughout. A convenient en-suite living area downstairs provides a private space for guests. Step outside to the expansive, beautifully landscaped green backyard, perfect for outdoor gatherings, gardening, or simply unwinding in a peaceful setting. This property is the perfect blend of comfort, style, and family-friendly living. New appliances, freshly painted inside/out.

10553 E Relativity Avenue Mesa, AZ 85212

$820,000 - 3Br/2Ba -  for Sale in Eastmark Development Unit 6 South Parcels 6-1 And, Mesa
Open House
$820,000
3 Beds
2 Baths
2,636 SqFt
Status Active
MLS # 6744854
Property Type Single Family Residence
Price Type --
Act Quickly—Your Private Oasis Awaits! Imagine transforming every day into a vacation with this extraordinary home that delivers a resort-like experience in your very own backyard. Featuring a spacious pool and elevated spa, it's the ultimate setting for relaxation and entertaining. Picture cozy nights around the gas firepit or unwinding in the gazebo under the stars. With one of the largest backyards in the neighborhood, there's plenty of room for everyone to enjoy. Inside, the open-concept great room flows seamlessly to the outdoors, perfect for embracing the best of indoor-outdoor living. The split floor plan offers three bedrooms and a versatile den, easily convertible into a fourth bedroom or home office. The luxurious primary suite features a walk-in closet & direct access see MORE to the laundry room for added convenience. The heart of this homethe Chef's kitchenis a culinary delight with an oversized island, granite countertops, stylish backsplash, top-tier gas cooktop, and stainless steel appliances. Everything you need to whip up gourmet meals with ease. Located in Eastmark, Mesa's premier community, you'll not only enjoy resort-style living but also gain access to the area's best amenities and vibrant atmosphere. Don't just dream of a staycationmake it your everyday reality. Act fast before this rare gem is gone!

28143 N Desert Sky Trail Queen Creek, AZ 85144

$819,900
4 Beds
2.5 Baths
2,655 SqFt
Status Active
MLS # 6742550
Property Type Single Family Residence
Price Type --
Welcome to your quiet oasis with incredible mountain views! This stunning 4 bed, 2.5 bath home sits on 1.25 acres of land. Walk in the front door to an open floor plan with a massive kitchen surrounded by upgraded cabinets and quartz countertops. Built in 2021 with 2x6 exterior framing and sheered exterior walls with 10 and 12 foot ceilings, spray foam insulation at roof deck, synthetic stucco, quartz countertops, walk in tiled master shower, beautiful LED lighting, 3 car garage, built-in fireplace, and walk-in closets throughout. The elevated back patio provides great views of the mountains and surrounding areas. Come enjoy this gem that is far enough away from the city, but close enough for your needs. It won't disappoint!

2530 W Balao Drive Phoenix, AZ 85085

$819,900
4 Beds
2.5 Baths
2,604 SqFt
Status Active
MLS # 6746207
Property Type Single Family Residence
Price Type --
Happen to stumble upon a magic lamp recently? Magic is the only way to describe this home...only this took more than 3 wishes. Single story, 4 car garage, pool, OWNED solar, and no neighbors behind, what more can you ask for? At 2,604 sqft this wonder offers 4 bedrooms and 2.5 bathrooms. Key features include soaring 10ft ceilings, 8 ft doors, all tile throughout, epoxied garage with an overheight garage door, surround sound speakers inside and out, owned water softener, tankless gas hot water heater, gas BBQ stub, utility sink stub in garage, and so much more. A Chef's DREAM with a gas cooktop, double wall ovens, granite counters, large island, custom wet bar, and a large walk-in pantry. You're new heated pool pairs well with the Gorgeous views, new Pergola, pavers, 1000psi mister system, pavers, and a gated dog run. This home shows like a Model, is Turn-Key, and has been well cared for over the last few years. Ideally located, this home is minutes from access to the I-17 and the 303, is mere minutes from the new TSMC chip plant, and amazing shopping and dining at the nearby Norterra and Desert Ridge. You can take a quick drive South to downtown Phoenix, or a cool drive up north to Sedona or Flagstaff....the options are endless. This area is booming with lots of growth, without compromising the views and natural beauty.

9517 E Minton Street Mesa, AZ 85207

$819,900
4 Beds
2.5 Baths
3,026 SqFt
Status Active
MLS # 6694372
Property Type Single Family Residence
Price Type --
This beautiful Pulte home is located in the gated mountainside community of Boulder Mountain. Nestled at the edge of Usery Mountain Park, it is a three minute walk to all the hiking & biking trails Usery offers. Saguaro Lake is 15 minutes away. This home has been meticulously maintained & recently updated. It features vaulted ceilings, custom shutters on all windows, custom light fixtures, custom metal entry doors, Alder cabinets throughout, ceiling fans,& lots of extras. With an almost 13,000 sq foot corner lot, three-car garage with built- ins & working space, ample parking along with an RV gate. Lots of room to store all of your toys. Master bedroom downstairs. Upstairs three large bedrooms as well as a huge loft/game room. Kitchen has been recently updated with quartz countertops and a new backsplash, Stainless-steel appliances. This eat-in kitchen has a large island with plenty of seating, walk-in pantry, lots of counter space and storage. All bottom cabinets come equipped with pull outs. The spacious backyard is perfect for entertaining! It has a built-in gas grill along with a large island seating/bar. The sparkling pebble tec play pool is perfect for relaxing & enjoying the beautiful sunset or cooling off on those hot summer days. The large fire pit area is a nice place to gather on those cool nights as well. There is plenty of room for yard games or just sitting around visiting & enjoying the mountain views... The large, covered patio is complete with ceiling fans, an outdoor TV and roller shades that help keep the sun out. This neighborhood has easy access to the freeway, shopping and walk to Zaharis elementary school. Additional information: New AC units 3/21, new roof 4/24, custom entry doors 6/21, exterior paint 7/21. The new list keeps going. Please refer to the recent updates list in the docs tab for more details.

22851 S 204th Street Queen Creek, AZ 85142

$819,900
5 Beds
3.5 Baths
3,564 SqFt
Status Active
MLS # 6729806
Property Type Single Family Residence
Price Type --
Back on the Market! You do not want to miss this model Perfect 5 bedroom, 3.5 bathroom home with 3 car tandem garage and pool in the highly desirable Montelena community. This home features designer finishes throughout to include durable laminate wood flooring throughout the downstairs living spaces, fresh and light two tone paint throughout accented by magic black doors and gold trim hardware. The living room features a fireplace flanked bookshelves, woven wood window shades, and warm laminate wood floors. The kitchen features stunning dark cabinets accented with white tile backsplash, designer lights about a large island, SS appliances to include a gas stove, & granite counter tops. Click ''More'' for more home info There is a formal dining room and spacious eat in kitchen with tons of storage. The primary suite features coffered ceilings, white wood shutters, and fully remodeled bathroom with freestanding soaking tub and seamless glass shower with gold plumbing hardware and marble surround. Other features include a massive loft with built-in cabinets and wood shutters, hallway with additional storage cabinets and worktops, surround sound in loft, master bedroom, and family room, designer ceiling fans in all bedrooms, downstairs bedroom with full bath and downstairs powder room and much more! The backyard features view fencing, sparkling blue pool, grilling station and covered patio with TV mount. HOA allows stort term rentals!! Super convenient to Queen Creek Marketplace, Mansel Park, walk to QC Wash trail & much more!

2055 S Marble Street Gilbert, AZ 85295

$819,900
5 Beds
3 Baths
2,493 SqFt
Status Active
MLS # 6713621
Property Type Single Family Residence
Price Type --
This stunning home in the highly desirable Ashland Ranch features a gorgeous tile saltwater pool with beautiful waterfalls, 5 bedrooms (1 room set up downstairs as an office), and 3 bathrooms with a 3-car garage. Light and bright open floor plan with gorgeous window coverings (shutters) throughout the home. The separate living/family room gives you extra space. The kitchen looks out over the backyard paradise with its lush lawn, pool, and entertainer area. The backyard has a custom automated patio cover, a custom tile grill island, a natural gas fire pit, and more. Amazing grass yard with flowering bushes, palm trees, and storage on the side with an RV gate. Walking distance to Ashland Elementary School & Park, many restaurants, shopping, and entertainment districts are just minutes away. If you've been searching for your dream home, look no further. This property has everything you desire and more: - Heated saltwater pool and spa with Elevated Stone Edge. Waterfalls and Cobalt Blue Glass Tile (no need to resurface every 12 years as you would with pebble tech or plaster). - Kitchen Black cabinets and marble countertops - Newer GE Microwave and KitchenAid dishwasher - Recently installed laminate flooring in the master bedroom, upstairs hall, and another bedroom. - Newer carpet on the stairs and an additional bedroom - Equinox louvered roof that can be adjusted - BBQ Travertine stone tile grill island with round table seating - Whole Patio Mist system and outdoor fans - Plantation Shutters throughout the home - Lion BBQ Grill and Lion Fridge. - Additional lighting beneath the barbecue island - Natural gas Travertine fire pit - Outdoor backyard lighting - Water softener and R/O system - Laundry chute, a convenient feature that simplifies the chore of laundry. - Doggie doors - Outdoor Holiday designated lighting outlets. - A garden area with irrigation - Newer drip system - The mature backyard with grassy area, Palm trees and bushes.

809 W St Moritz Drive Payson, AZ 85541

$819,900
5 Beds
3 Baths
3,343 SqFt
Status Active
MLS # 6725287
Property Type Single Family Residence
Price Type --
Beautiful furnished remodeled home with 2 extra bedrooms and a full bath in basement 2 extra storage closets as well. Kitchen and bathroom remodeled with white shaker cabinets and extra pantry cabinets in kitchen. New vinyl plank flooring in basement, tile in laundry room and bathrooms. Five Panel doors, Large game room in walk out basement. Large primary closet with barn door. 2 large decks, views of the mountains. Fire pit area. 2 gas fireplaces and fenced dog run. Hook ups for kitchenette downstairs. Plans for 3rd car garage. New kitchen appliances, new washer and dryer, new carpet, new leaf filter gutters, new landscaping, new sun screens on all windows, new whole house filtration system/softer, decks refinished, new roof, new interior and exterior paint, overhead storage in garage.

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