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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5796 Hidden Oak Drive Pinetop, AZ 85935

$795,000
3 Beds
2.5 Baths
1,893 SqFt
Status Active
MLS # 6744954
Property Type Single Family Residence
Price Type --
What is your WHY? Move out of the big city? Summer Getaway? This is it! This newer cabin is on a large cul-de-sac type lot and is professionally landscaped with lots of pines, oaks and fruit trees. Green grass, fire pit and hot tub! Covered, front and back trex patio deck. Split bedroom plan: Primary on one side, 2 guest bedrooms and bath on other side. Pine interior doors, ceiling and wainscoting. Large walk in shower with tile surround in primary bath. Guest bath has double sinks separate from tub and toilet. Granite counter tops in kitchen and baths . Stainless steel Kitchen appliances, 5 burner gas stovetop. Large breakfast bar plus a dining room. Great room has a rock, gas fireplace with wood mantle and rock hearth. Oversized 2 car insulated garage with storage or work area.

2195 Lessig Circle Prescott, AZ 86303

$795,000
3 Beds
3 Baths
3,504 SqFt
Status Active
MLS # 6750059
Property Type Single Family Residence
Price Type --
Brave the steep driveway for magnificent unobstructed views to the San Francisco Peaks from this light filled home with open concept, and grid-tied solar for economy and energy efficiency! This three bedroom, two bath, 3504 square foot home in the pines in Rancho Vista Hills has two levels and has been updated and upgraded through the years including grid-tied solar, roof new in 2023, all new dual-pane windows and screens in 2020, window coverings, composite deck surfaces, and much more! The entry level offers a spacious foyer, full bath, and large multipurpose room with private entry and deck. Possibilities are endless! Teen hangout, game room, in-law unit, exercise or art studio, office. A spacious laundry room with utility sink and storage cabinets will accommodate either an electric or gas dryer. The 2 car garage and heated and cooled separate workshop round out this level's features. With just over 1900 square feet, the upper level greets you with views from every window into the treetops and to the distant mountains. A spacious and light-filled great room with vaulted ceilings and hardwood floors is the heart of the home where cooking, lounging and dining brings everyone together. A composite deck frames two sides of the great room encouraging outdoor entertaining, stargazing, or simply enjoying the views. A natural gas stub out makes grilling a cinch! A stylish 2-sided fireplace adds warmth and ambiance on winter days. The kitchen is fully outfitted and offers granite counters, breakfast bar, pantry, gas range and side-by-side stainless refrigerator. Adjacent to the great room, on the other side of the fireplace, is an area with brand new carpet that could be used as a dining area, as a snuggling up with a book sitting area, or smaller formal living area. The primary bedroom is spacious, sports brand new carpet, a vaulted ceiling, ceiling fan and an ensuite bath with tile floor, dual vanity with granite tops, soaking tub, easy walk-in shower with tile surround, and walk-in closet with custom built-ins. Two additional bedrooms, each with vaulted ceiling, fans and carpet, share a tiled hall bath with a combo tub-shower. The outdoor spaces add to the enjoyment of this property. The aforementioned decks beckon you outdoors and a beautifully landscaped, fully fenced garden with paver pathways and patio is a riot of color, perfect for 2 and 4-legged friends. Yes, the driveway is steep. Yes, the main level is upstairs. Yet you will find this house a welcoming, very livable home with inviting spaces for all.

1404 N Bernard -- Mesa, AZ 85207

$795,000
3 Beds
3.5 Baths
3,025 SqFt
Status Active
MLS # 6740332
Property Type Single Family Residence
Price Type --
Welcome to this remarkable residence where luxury meets convenience! Nestled near Usary Mountain and Red Mountain, this home boasts breathtaking mountain views from the kitchen, breakfast nook, and living room. Enjoy the serene beauty of your surroundings with the added comfort of energy-efficient owned solar panels. Step inside to discover a thoughtfully designed living space featuring Hunter Douglas remote control window coverings in the living room, main bedroom, and bathroom. The main bedroom showcases custom walk-in closet cabinetry, providing ample storage and organization.The chef's kitchen is a dream come true with high-end appliances, including a built-in SubZero refrigerator/freezer and a Thermador Pro gas stove. The kitchen is equipped with under-upper-cabinet additional electric outlets inside the cabinets for convenience. Solar tubes enhance the space with natural light. The exterior of the home is equally impressive, offering a north-side yard with concrete for easy access and double gates, and a south-side storage shed. The garage features epoxy floors, built-in cabinets, and a refrigerator location plumbed for water. Step outside to your private oasis with a $15,000 Pool Ramada featuring a remote-controlled power awning and a covered patio with a SunSetter remote-controlled awning. The upgraded irrigation system with Schedule 40 piping ensures efficient water distribution for your landscaping needs. Conveniently located near the 202 freeway and 20 minutes Sky Harbor Airport, this home offers both luxury and practicality.

15028 W Elm Street Goodyear, AZ 85395

$795,000
6 Beds
3 Baths
4,020 SqFt
Status Active Under Contract
MLS # 6738437
Property Type Single Family Residence
Price Type --
Get ready to fall in love with this fully remodeled gem in the coveted Palm Valley neighborhood. This gorgeous home, refreshed between 2020 and 2021, offers a seamless blend of luxury and practicality. With 6 generous bedrooms—including 2 conveniently situated on the main level—and 3 modernized bathrooms, this home provides the perfect space for both comfortable living and great entertaining. The heart of the home is a truly gourmet kitchen featuring custom cabinetry, an impressive 11-foot island, and top-of-the-line Viking appliances. The interior showcases stylish wood plank tile flooring and custom plantation shutters that add a touch of sophistication throughout. A few recent upgrades include a newer roof, fresh interior and exterior paint, and beautifully remodeled bathrooms. The property also boasts a high-quality water softener system, ensuring convenience and comfort for everyday living. The expansive lot is designed for enjoyment, featuring a stunning pool surrounded by lush landscaping. Two large pergolas enhance the outdoor entertaining experience, offering ample space for gatherings and relaxation. A three-car garage with an RV gate adds practicality and ample storage space. This is the one-of-a-kind, hard-to-find beautiful home you've been searching for. With its thoughtful floor plan and exceptional features, this move-in-ready residence in Palm Valley is a true sanctuary. Don't miss your chance to make this hard-to-find property your own!

26747 N 127th Drive Peoria, AZ 85383

$795,000
2 Beds
2 Baths
2,141 SqFt
Status Active
MLS # 6744483
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This exquisite property boasts meticulous upkeep and a series of luxurious updates designed for both comfort and elegance. As you approach, you'll be greeted by a charming front courtyard, ideal for welcoming guests and setting the tone for the exceptional experiences to come. Step inside to discover a gourmet kitchen that is a chef's paradise. It features the Birchfield Touch-less faucet, and granite countertops, complemented by upgraded cabinets and top-of-the-line stainless steel appliances. The study boasts the custom Darby Silhouette Deluxe Electric Wine Coolers as well as ample space for an office or bedroom. The master suite is a serene retreat, offering a spacious bedroom with new carpet and a lavish bath. Enjoy the convenience of a walk-in closet and the privacy of a well-designed suite. Outside, the private backyard is an entertainer's haven. Dive into the heated pool or unwind in the spa, both sheltered by a privacy trellis. The outdoor kitchen, complete with a remote control awning, ensures you can host gatherings in style regardless of the weather. The amplified lot landscaping includes lush fruit trees, enhancing the beauty and utility of your outdoor space. Every detail of this home has been thoughtfully designed to provide comfort, style, and functionality. Don't miss the opportunity to make this stunning property your own.

510 Osprey Trail Prescott, AZ 86301

$795,000
3 Beds
3 Baths
2,634 SqFt
Status Active
MLS # 6563341
Property Type Townhouse
Price Type --
'Top of the World'' views from this high-end townhome with NEWLY DESIGNED floor plan! Main level living with Great room, corner fireplace with view windows above, large trex deck with 3 piece sliding patio door for more views, views, views! Enjoy your kitchen with pantry with tile floors, wood cabinetry, granite tops and stainless appliances. Love the master suite with walk-in closet, double vanity, garden tub and separate shower. Level driveway and two car garage. Below, you will find the rec room/office/family room and guest quarters. Peregrine Townhomes... your Point of View!!! The photos associated with the listing are from a similar model. Finishes and upgrades may vary.

2405 E Fairmount Avenue Phoenix, AZ 85016

$795,000
2 Beds
1 Bath
1,374 SqFt
Status Active
MLS # 6700790
Property Type Single Family Residence
Price Type --
Located in the Biltmore Corridor, 2405 E Farimount Ave offers an exceptional opportunity to acquire a home ready to be converted to commercial property, on the busy 24th Street. The subject property is located right off 24th Street and Indian School, under a mile from the SR-51, allowing for quick access to Midtown, Downtown, and Tempe. This home can be converted to office or medical office space. The 3,600 SF building next door at 4001 E Fairmount Ave is also available!

2001 W Thumb Butte Road Prescott, AZ 86305

$795,000
3 Beds
2 Baths
1,725 SqFt
Status Active
MLS # 6755561
Property Type Single Family Residence
Price Type --
Behold the one-of-a-kind masterpiece, affectionately known as Foxbriar. Here, artistry and craftsmanship come together in an assemblage of stone, wood, and carefully curated artifacts. The property boasts an open air, detached vinery that can deliver the ultimate outdoor dining experience. Alternatively, let your entrepreneurial spirit shine and transform this versatile space into a shop or studio. With storage galore above the garage, you'll have the space you need to keep your treasures organized. Picturesque Thumb Butte sits prominently in your view - a popular area to hike, bike and explore Prescott National Forest. All this, just minutes from shopping, restaurants, hospital and schools.

4396 E Yellowstone Place Chandler, AZ 85249

$795,000
5 Beds
4 Baths
2,585 SqFt
Status Active
MLS # 6750343
Property Type Single Family Residence
Price Type --
If you are looking for a stunning home that perfectly combines quiet and relaxation with convenience, activities and amenities, then this is the home for you. Located on an oversized corner lot in the highly sought after gated community of Finisterra, this home is just blocks away from restaurants, golf, shopping and the area's best schools. Spend time in the community's lush green parks, or just stay home and enjoy one of the most breathtaking resort style backyards you will ever see. Your choices are endless. When you pull up to this home you will immediately notice its gorgeous curb appeal, highlighted by the beautiful pavered driveway and charming courtyard. Step through the custom iron front door into this popular casita floorplan and experience the upgrades, starting with the kitchen and its 42-inch white cabinetry, granite countertops, custom backsplash and stainless-steel appliances. The great room is large, inviting, open to the kitchen and features a dual slider which connects the great room to the private, pavered courtyard, effortlessly expanding your indoor/outdoor living experience. The downstairs master retreat is spacious, and the en-suite bathroom features an oversized custom tile walk-in shower, a dual vanity, and upgraded lighting and fixtures. Upstairs, you'll find a second master bedroom with its own en-suite bathroom and walk-in closet, providing comfort and privacy for family or guests. The casita, complete with its own bathroom and huge closet, provides the perfect getaway for guests, a home office or a home gym. The centerpiece of this home is undoubtedly the resort-style backyard. No expense has been spared in creating this outdoor oasis, featuring a travertine pool deck, a custom-built sunken BBQ area, a swim-up bar, multiple lounging spaces, and an exciting built-in water slide. Whether you love to entertain or simply enjoy spending time with family in a stunning outdoor setting, this backyard has it all. This home is more than just a place to liveit's a lifestyle. Don't miss your opportunity to experience it for yourself. Schedule your tour today!

10558 E Hawk Avenue Mesa, AZ 85212

$795,000
5 Beds
3.5 Baths
2,975 SqFt
Status Active
MLS # 6746899
Property Type Single Family Residence
Price Type --
Located in the heart of Mesa's prestigious Eastmark community, where luxury living meets a vibrant and connected lifestyle. As one of Arizona's most sought-after master-planned communities, Eastmark is renowned for its picturesque neighborhoods, award-winning schools, and an array of innovative amenities designed to enhance your quality of life. This exquisite former model home embodies elegance and sophistication, offering a seamless blend of style and functionality. From the moment you step inside, you'll be captivated the meticulous attention to detail that elevates every room. The gourmet kitchen is a chef's paradise, featuring stunning two-tone cabinetry, high-end granite countertops, and top-of-the-line stainless steel appliances, including a gas cooktop, double ovens, and a beautifully designed tile backsplash. The centerpiece of this home is the expansive 15-foot multi-sliding glass door, effortlessly connecting your indoor living space to the resort-style backyard. Whether you're hosting a gathering or enjoying a quiet evening, the sparkling pool and private patio, complete with a screen enclosure, provide the perfect backdrop for any occasion. Built with 2x6 construction, this home not only promises beauty but also durability and energy efficiency. This turn-key ready residence invites you to experience luxury living at its finest, where every detail has been thoughtfully crafted to create a sanctuary of comfort and elegance. Discover why Eastmark is one of Arizona's best-selling communities and make this exceptional residence your own, complete with new garage door systems featuring upgraded motors, a reverse osmosis water system, and fresh exterior paint.

2232 E Desert Lane Phoenix, AZ 85042

$795,000
2 Beds
2 Baths
1,748 SqFt
Status Active
MLS # 6756904
Property Type Single Family Residence
Price Type --
HUGE POTENTIAL! 2.46-acre properties in the heart of Phoenix don't come around often. R-3 Zoning allows for an additional 35 units to be constructed on this property. The home was FULLY REMODELED! Kitchen boasts luxury quarts countertops, modern quaker cabinets, soft close drawers, wrap around breakfast bar, etc. 2 all new reconfigured bathrooms. New in 2022 - roof, flooring with 25 year warranty, lighting, ceiling fans, kitchen, baths, windows, etc. New in 2023 - interior and exterior paint and landscaping, AC compressor and fan, septic system. Keep this tranquil property with tremendous South Mountain and city light views for yourself or maximize the multi-family zoning with endless opportunities.

1701 E Amelia Avenue Phoenix, AZ 85016

$795,000
4 Beds
2.5 Baths
1,824 SqFt
Status Active
MLS # 6730716
Property Type Single Family Residence
Price Type --
THIS HIDDEN GEM SITS ON A CORNER LOT. HOME HAS BEEN METICULOUSLY TAKEN CARE OF. HOME SITS ON LARGE SPACIOUS LOT.LIKE HAVING YOUR OWN PRIVATE OASIS . CHARMING HOME FEATURES TILE AND HARD WOOD THRU OUT HOME AS WELL AS PLANTATION SHUTTERS, GRANITE COUNTER TOPS AND ALABASTER FINISHED WALLS. LARGE SPACIOUS YARD IS ON IRRIGATION. HOME HAS AN OPEN AIRY FEELING THAT FLOWS. GUEST HOUSE LOCATED ON SIDE OF HOME WITH OWN ENTRANCE, AND IS THE 4TH BEDROOM AND HALF BATH ADDITIONAL WORK SHOP OR OFFICE LOCATED IN BACK YARD AND 1 CAR GARAGE SEPARATE FROM HOME. THERE IS AN ADDITIONAL SPACE THAT IS CURRENTLY BEING USED AS AN OFFICE BUT HAS ALL THE PLUMBING AND SHOWER. IT CAN BE USED AS AN ADDITIONAL STUDIO. THIS HOUSE IS A DEFINITE MUST SEE. OWNER AGENT.

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