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.

What‘s 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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7514 E Oasis Circle Mesa, AZ 85207

$799,000

4 Beds

3 Baths

2,536 SqFt

Status Active

MLS # 6737114

Property Type Single Family Residence

Price Type --

PRICED TO SELL!! GORGEOUS REMODELED HOME in gated LAS SENDAS Master Planned Subdivision! QUALITY BUILT BY BLANDFORD HOMES and meticulously maintained by original owner! HIGHLY UPGRADED AND UPDATED featuring 4 Bedrooms plus Office, 3 Baths, 3-car garage, on LARGE Cul-de-sac lot. Resort like backyard: fireplace, built-in BBQ, custom firepit with matching gabion seatwall, 12x12 gazebo, Pebble Tech Pool with built-in fountains and rock waterfall. New poolvac makes cleaning a breeze! Light and bright with soaring ceilings in entry. Recently painted exterior and roof with new flat concrete tiles and upgraded premium underlayment. Both HVAC systems were replaced with Trane efficient condenser units, including new air handlers in attic. Huge primary suite boasts new mesquite hardwood floors, remodeled primary bath with beautiful custom cabinets, and a private 10x20 walk-out deck! Upgraded Italian porcelain floors and Venetian plaster walls downstairs. Ground floor office with beautiful wood floors and built-in cabinetry. Kitchen has brand new butcher block island and new black island cabinets with a built-in wine chiller! All newer upgraded SS and black kitchen appliances including Dacor refrigerator with fresh food drawer!! Designer window treatments throughout! You will love the custom built tortoise enclosure for the desert tortoise Buster with a second burrow to accommodate a second tortoise. 7 Fruit trees + garden. MUST SEE!!!

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5998 W Arroyo Way Pine, AZ 85544

$799,000

3 Beds

3 Baths

2,156 SqFt

Status Active

MLS # 6733364

Property Type Single Family Residence

Price Type --

Majestic Mountain Views will take your breath away specifically to capture the best views from every room and every floor. Enjoy the wildlife in their natural setting. Lg kitchen with island. Two gas fireplaces. Low maintenance laminated flooring. Decks will accommodate entertaining your friends and family. Home comes with an extra lot. Paved driveway... Bedrooms on 1st level, Master with FP on lower level and another master on 2nd level with a den or private office....

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1805 E Appaloosa Road Gilbert, AZ 85296

$799,000

6 Beds

3 Baths

3,331 SqFt

Status Active

MLS # 6735349

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Gilbert! This beautifully updated property offers the perfect blend of modern amenities and classic charm. With six spacious bedrooms and three luxurious bathrooms, there's plenty of room for the whole family. Key Features include. - New Flooring and Fresh Paint: Step into a bright and fresh space with all-new flooring and a freshly painted interior, ready for your personal touch. Sparkling FENCED Pool:** Enjoy Arizona's sunny weather in your own private pool, perfect for relaxation and entertaining. Two Living Rooms:** Plenty of space for family gatherings and entertaining guests. Cozy Fireplace , create warm and inviting memories around the fireplace, ideal for those cooler desert evenings. Welcoming Ambiance: This home exudes a welcoming atmosphere, making it the perfect place to create lasting memories. Located in a desirable neighborhood of Gilbert, you'll have access to excellent schools, shopping, dining and recreational opportunities. Don't miss the chance to make this beautiful house your new home!

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7449 E Soaring Eagle Way Scottsdale, AZ 85266

$799,000

2 Beds

2 Baths

2,060 SqFt

Status Active

MLS # 6717798

Property Type Single Family Residence

Price Type --

Experience tranquility in your South-facing backyard with stunning mountain views, covered patio, and custom pergola for outdoor living. This meticulously maintained 2-bed, 2-bath home boasts an extra den/office space, or turn into a 3rd bedroom. The kitchen seamlessly flows into a spacious family room featuring a dual gas fireplace. Enjoy Winfield's amenities like a 13,000 sqft clubhouse, heated resort-style pool, spa, fitness center, and 8 tennis courts (including 2 clay) and 2 pickleball courts with pro services for social play, competitions, and clinics. Live the vibrant Winfield lifestyle!

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1640 S Peavine Road Skull Valley, AZ 86338

$799,000

3 Beds

3 Baths

1,814 SqFt

Status Active

MLS # 6743231

Property Type Single Family Residence

Price Type --

Serenity is the feeling this property emotes. The beautiful cottonwood trees bring tranquility to the life in Skull Valley. Located on Peavine Road, this property offers 4.45 acres of usable land. The barn (1238 square feet) and garages (space for over 4 cars) mean you can bring your animals and all your toys. Completely remodeled in 2019, the home boasts 2 en suites, 2 living areas and engineered hardwood floors. The large kitchen, complete with top of the line KitchenAid appliances and quartz countertops, is a chef's dream. The outdoor paver patios (both front and back) make for wonderful entertaining or just sitting outdoors enjoying a cup of coffee. There are several fruit trees and large areas for gardening as well. Truly an oasis and a short drive to all of Prescott's amenities

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6007 W Potter Drive Glendale, AZ 85308

$799,000

5 Beds

3 Baths

3,068 SqFt

Status Active

MLS # 6753238

Property Type Single Family Residence

Price Type --

Repriced $76k under original list! Wake up to captivating waterfront living in remarkable home at Camelot Views in Arrowhead Ranch, where style & character blend seamlessly. THREE bedrooms & 2 baths UP & TWO bedrooms & 1 FULL BATH DOWN spans over 3,068 sq. ft., offering over $67K in improvements, including Tesla OWNED SOLAR panels, an Energy Star duct system, & a freshly painted exterior. Experience lakefront views & a heated pool & spa, this home promises a lifestyle of comfort and distinction.Step inside to experience an atmosphere that is warm, inviting, and full of character. Soaring vaulted ceilings, a cozy fireplace, and a gourmet kitchen w/Italian granite counters, stainless-steel appliances, and a sun-drenched breakfast nook, this home is designed to impress. The spacious primary suite offers balcony access with serene lake views, a private ensuite with dual sinks, and ample closet space. Downstairs, the large bonus room provides flexibility for additional living or entertaining. Located in Arrowhead Ranch, this home is perfectly situated near the 101 freeway, top dining, shopping, and golf courses, offering both convenience and luxury. The 3-car garage and low-maintenance synthetic turf in the front yard make it easy to enjoy this home without the upkeep. The backyard is a true oasis, with a sparkling pool and spa, cozy Ramada, and a gas stub ready for outdoor entertaining. This home is more than just a place to liveit's an opportunity to elevate your lifestyle. Plan your private tour today to experience the charm and sophistication this property offers. Opportunities like this don't come along often, and this home won't stay on the market for long. The dream home you've been waiting for is heretake action now!

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1094 E Senate Circle Chandler, AZ 85225

$799,000

3 Beds

2 Baths

2,448 SqFt

Status Active

MLS # 6754343

Property Type Single Family Residence

Price Type --

Welcome to a full renovation close to Downtown Chandler. Walking through the new custom glass front door you are greeted by a vaulted ceiling complete with exposed wood beam. Double islands in the new kitchen are perfect for entertaining. This home was redesigned with family in mind. Lots of storage and a massive oversized primary walk in is a must see. 2024 renovation includes new; windows, stucco painted with smooth sand finish, custom steel casement doors front and back, Bedrosians flooring, all faucets and bath fixtures replaced, all bathroom tile work, block mailbox, paver patio, custom 24 x 14 pergola, electrical fixtures throughout, landscaping front and back compete with artificial turf. This turn key home is perfect for a family or investor.

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4696 Rattlesnake Way Wickenburg, AZ 85390

$799,000

2 Beds

2 Baths

2,064 SqFt

Status Active

MLS # 6760020

Property Type Single Family Residence

Price Type --

Welcome to this beautifully designed 2-bedroom, 2-bathroom home, featuring a versatile den that can be used as a home office, study, or extra living space. The open floor plan is bright and airy, with large sliding glass doors that flood the living area with natural light and provide a seamless transition to the inviting outdoor space. The upgraded kitchen is a chef's delight, boasting a spacious central island, modern appliances, and ample storage, perfect for both everyday meals and entertaining. The primary suite offers a tranquil retreat with its en-suite bathroom and generous closet space. Step outside to the backyard oasis, where a covered patio with ceiling fans provides a cool spot to relax or dine alfresco. The centerpiece of the backyard is the sparkling pool, complemented by a sleek rectangular fire pit, ideal for cozy evenings under the stars. Whether you're looking for a peaceful escape or a space to host gatherings, this home offers the perfect blend of comfort, style, and functionality, set in a serene desert landscape with gorgeous mountain views.

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2575 W Road 1 S -- Chino Valley, AZ 86323

$799,000

3 Beds

2 Baths

1,456 SqFt

Status Active

MLS # 6749489

Property Type Manufactured Home

Price Type --

Gorgeous Ranch This stunning 3-bedroom, 2-bathroom ranch home combines rustic charm with modern conveniences. Relax in the luxurious Cowboy Spa or enjoy the meticulously maintained gardens surrounding the property. Perfect for horse enthusiasts, this ranch features a 14-stall barn with runs, a tack room, office/lab, cross ties, wash areas, a round pen, and a roping arena. With three expansive pastures, an exceptional well, backup generators, and additional holding tanks, this property is fully equipped for boarding and training horses. Conveniently located close to town and restaurants, this ranch offers both a serene retreat and easy access to amenities. Whether you're looking to manage a profitable equestrian business or simply enjoy a peaceful country life style

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1821 E Cinnabar Avenue Phoenix, AZ 85020

$799,000

3 Beds

2.5 Baths

2,793 SqFt

Status Active Under Contract

MLS # 6740365

Property Type Single Family Residence

Price Type --

Stunning views from this hillside retreat in Cinnabar Canyon, a custom home community nestled into the mountain, overlooking the Phoenix skyline. An outdoor lovers delight, enjoy neighborhood access to Phoenix Mountain Preserve trails for hiking, mountain biking, and exploring. At just under 2800 sqft this home lives large with split primary suite on main living level with open kitchen, formal dining, and a wrap around living room with big picture windows to take in the dramatic views. The first floor consists of 2 guest bedrooms with a hall bath, an ample storage room and closets. A mountainside dipping pool is perfect to relax after spending an afternoon on the nearby trails while the view deck is the perfect place to enjoy the stunning sunset or entertain your guests. A real find!

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30218 N 162nd Way Scottsdale, AZ 85262

$799,000

3 Beds

2.5 Baths

2,480 SqFt

Status Active

MLS # 6721584

Property Type Single Family Residence

Price Type --

Experience Arizona living on this expansive 2.5-acre horse property, perfectly situated to capture stunning panoramic views of the Four Peaks Mountains. Custom-built in 2000, this exquisite estate merges timeless design, comfort, ideal haven for those seeking a sophisticated yet rustic lifestyle. The owner has recently enhanced the property with a fresh exterior paint job and the installation of a new AC unit, ensuring it's market-ready. The property includes a two-horse corral with shade and water, along with approx. 1 acre of turnout. Rio Verde, Arizona, offers a unique blend of suburban and rural charm within a welcoming community. Located just 10 miles east of North Scottsdale, near the McDowell Mountain Preserve Tonto National Forest yet still within easy reach of the Phoenix Valley

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17226 W Calistoga Drive Surprise, AZ 85387

$799,000

2 Beds

2 Baths

2,365 SqFt

Status Active

MLS # 6748884

Property Type Single Family Residence

Price Type --

PRIDE of OWNERSHIP at its finest! ORIGINAL OWNERS. This Beautiful home has a stack stone finish throughout the exterior, front and back. Recently painted as well. Very popular model in THE GRAND offers 2 bedrooms 2 bathrooms and can easily be made into a 3rd bedroom from original model when built. Don't forget the Beautiful, detached CASITA as you enter the private courtyard. The peaceful and serene rear patio and backyard will have you relaxing with the views of the golf course and Mountains in the distance. Misting system added recently & resurfaced patio floor. Built in gas grill. Also, many upgrades throughout. New energy efficient windows, HVAC system, hot water heater, energy efficient insulation throughout. So much more to mention. So, book appointments now to view before its gone

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