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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2601 E Kiowa Street Sierra Vista, AZ 85650

$789,000
5 Beds
3 Baths
4,554 SqFt
Status Active
MLS # 6748073
Property Type Single Family Residence
Price Type --
Over 4,500 livable sqft on 1.47 acres in a highly desirable location offers a perfect blend of luxury, practicality, and flexibility. Originally a custom builder's personal home, Poly-Steel construction, Anderson casement windows, + new Bosch high-efficiency heat pump installed in 2023. Main house w/ 4 bedrooms + flex room & 2 baths. Great room w/ gas fireplace + formal dining. Gourmet kitchen w/ gas cooktop, custom cabinetry, under-cabinet lighting, and a walk-in pantry. Kitchen is adjacent to a casual dining area and family room. Owner's suite features custom closet + flex room ideal retreat or exercise room w/ private entrance. Guest quarters w/ kitchenette, bath, and private entrance, perfect for multi-generational living, shift workers, or potential rental income. Property includes 3-car attached garage + additional 5-car oversized garage with a 4-post hydraulic lift & 5hp dual-stage compressor, both with evap cooling. 5 additional outbuildings include a single-car garage ~295 sqft, finished metal-roof building with AC ~304 sqft, garden shed ~226 sqft, storage shed ~255 sqft, and a shipping container ~ 169 sqft. Stunning mountain views. Expansive covered patio, block wall, an RV gate + room to park an RV, and no HOA.

10142 E Tupelo Avenue Mesa, AZ 85212

$789,000
2 Beds
2.5 Baths
3,194 SqFt
Status Active
MLS # 6759203
Property Type Single Family Residence
Price Type --
This Concert model is an entertainer's delight. Beautifully situated on a corner lot & backs a walking path, offers 3,194 sq ft of livable space & 2.25-car garage (room for a golf cart). Includes 2 lg ensuites, W-I closets, custom organizers, raised vanities with granite counters, dining/flex rm, den, spacious great rm with stacked stone fireplace & multi-slider with remote shades opening to an expanded travertine paver patio with extended B-I bbq island + gas fire pit. The gourmet kitchen offers an abundance of cabinetry, lg dbl-sided island with Magma Gold granite counters, SS appliances including dual fuel Fulgor range, wall mounted hood & W-I pantry. 2nd multi-slider with remote shades opens to pergola covered travertine courtyard. Whole home water filter system. Many extras! Encore, an award-winning 55+, offers clubhouse, Bocci ball, pickle ball, tennis, heated pool (with lanes) & spa. Also work-out facility, craft room, billiards, Proving Ground Cafe, meeting rooms, card rooms and a number of planned activities and groups to join.

3381 S Beverly Place Chandler, AZ 85248

$789,000
4 Beds
3 Baths
2,526 SqFt
Status Active Under Contract
MLS # 6747638
Property Type Single Family Residence
Price Type --
This popular TW Lewis floorpan has been reworked and remodeled from top to bottom for contemporary living. Stunning 4-bedroom, 3-bathroom this home is the perfect blend of comfort and luxury. Nestled in a quiet, community-oriented neighborhood, this property offers an open floor plan with natural light streaming in. The spacious living areas flow seamlessly from one to another. The modern kitchen with new cabinets, quartz countertops, stainless steel appliances, and a large island will be the heart of your day to day living and your next gathering. The primary suite is a luxurious retreat with dual vanities, a spa-style oversized shower, and a generous walk-in closet. The three additional bedrooms provide plenty of space for family, guests, or home office-each with generous closet space and easy access to the two other well-appointed bathrooms. Step outside to your private oasisa meticulously landscaped backyard complete with a sparkling PebbleTec play pool, new artificial grass and coated covered patio. The covered patio is ideal for outdoor dining or relaxing by the poolside. New recessed ligithing, fresh neutral paint, gorgeous high endurance wood-look floors. This home is a must-see for anyone looking to enjoy the best of Chandler/Ocotillo living - golf, tennis, lakes and parks.

17169 W Gracemont Street Surprise, AZ 85388

$789,000
3 Beds
2.5 Baths
2,001 SqFt
Status Active Under Contract
MLS # 6747005
Property Type Single Family Residence
Price Type --
Superbly upgraded ''Potomac'' model with 20 ft slider and an AMAZING backyard, pool + fountain! The Potomac's inviting covered entry and foyer reveal an expansive great room and casual dining area, and the desirable covered patio beyond. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space, and huge walk-in pantry. The serene primary bedroom suite is highlighted by a sizable walk-in closet and with dual-sink vanity, large luxe glass-enclosed shower with seat, linen storage, and private water closet. The sizable second & third bedroom features an ample closet and shared full bath. Additional highlights include a convenient powder room, centrally located laundry, and additional storage.

18510 W Cathedral Rock Drive Goodyear, AZ 85338

$789,000
5 Beds
3.5 Baths
2,783 SqFt
Status Active
MLS # 6727561
Property Type Single Family Residence
Price Type --
Why wait for new when this William Ryan home at Harmony is ready to move into! Just completed last year, this large and open concept single level Vela plan with 5 bedrooms, 3.5 baths and 2783 SF boasts 10' ceilings and 8' doors throughout. Beautifully upgraded chef's kitchen with white cabinets, granite counters and herringbone backsplash with lg walk in pantry. All appliances including double oven, gas cook top. Oversized private lot is no maintenance and professionally landscaped with artificial turf, pavers and extended travertine patio. Enjoy all that Estrella has to offer and short distance from Presidio Resident's Club.

1505 E Elysian Pass Queen Creek, AZ 85140

$789,000
2 Beds
2.5 Baths
2,304 SqFt
Status Active
MLS # 6728061
Property Type Single Family Residence
Price Type --
This is a stunning Captivate model in the lovely Encanterra Country Club community. From the street you will notice the attention to detail with many uncommon features and upgrades. The home has solar power under the Shea Xero 20 year prepaid lease, a resort back yard with heated/chilled pool, covered patio and custom fireplace. As you enter, you will notice wood plank style tile laid on bias throughout the living areas. The large second bedroom/casita has a private bath with walk in shower, private living space and a separate entrance from the front patio. The spacious main suite has plenty of room for large furniture, private bath and custom walk in closet. The upgraded kitchen features a granite island with gas cook top, stainless-steel built-in appliances, upgraded cabinets and custom backsplash. The upgrades don't end in the kitchen --- plantation shutters, neutral tile plank flooring, beautiful tile work in the 2.5 bathrooms, doors for privacy in the den/office, door to smart space along with an outside access side door.

6914 E Phelps Road Scottsdale, AZ 85254

$789,000
3 Beds
2 Baths
1,715 SqFt
Status Active
MLS # 6745231
Property Type Single Family Residence
Price Type --
Welcome to this inviting 3-bedroom, 2-bath home on a cul-de-sac! The freshly repainted interior features vaulted ceilings, a modern palette, wood-look flooring, and a cozy fireplace. The kitchen offers granite counters, shaker cabinets, recessed lighting, tile backsplash, stainless steel appliances, and a serving window. Enjoy the extra space in the sunroom. The main bedroom has backyard access, dual sinks, and a walk-in closet. Outside, relax on the newly painted pool deck with a patio, fire pit, ramada, putting green, and pool. Seller open to discussing creative financing options. See it today!

27355 N 83rd Drive Peoria, AZ 85383

$789,000
5 Beds
4.5 Baths
3,912 SqFt
Status Active Under Contract
MLS # 6728717
Property Type Single Family Residence
Price Type --
Stunning Executive Home backing to mountain and open desert views. Upon entry your eyes are taken by the curving expresso staircase to the cathedral ceiling. The main floor features a full bedroom (currently being used as an office) and 3/4 bath. You have a formal living room and a formal dining room with a butler's pantry to the kitchen. Note the cove molding throughout. The kitchen is open to the family room. Here you find expresso tone cabinets, granite countertops, glass back splash, double ovens, gas cooktop, microwave, stainless steel appliances. Kitchen island and breakfast bar. All looking out to pool and mountain views. Eat in kitchen area and lots of cabinets. Family room sports a gas fireplace, surround sound system, ceiling fan and more windows out to pool and patio area. Upstairs you find a game room large enough for your pool table, card table, or hobby area. Two dormers, one with a built in desk area, the other open for your imagination. The master suite and 3 other bedrooms are here. One bedroom is ensuite with its private bath, the other two guest bedrooms share a Jack N Jill bath with dual sinks. The master bedroom is large enough for that bedroom set you have had your eyes on but did not have the room. With windows that look out over the desert and mountains. The bathroom has a his and hers sink set up, walkin shower and jetted tub for those long luxurious soaks you love. The walkin closet is large with plenty of shelving and hanging space. Out in the back yard you will entertain for hours. Paver patio with builtin BBQ; you will put comfy chairs around the firepit and will splash and cool off in the heated play pool complete with a waterfall. Designed for volleyball net for when the friends come over to play with friendly rivalry. There is a set up for portable fencing if you need to have the pool fenced. The home has three zones of heating and cooling for energy efficiency. You will love calling this your new home.

396 S Leisure Road Payson, AZ 85541

$789,000
3 Beds
3 Baths
2,297 SqFt
Status Active
MLS # 6716715
Property Type Single Family Residence
Price Type --
Welcome to a garden paradise on 1.48 acres. There is a main house & guest home on this property with a total of 2297 sq ft. Main home 1,457 sq ft & guest home 840 sq ft Great private location with private well. 8' tall fence & rolling iron gate. Main home is a 1997 Cavco Manufactured home with site built addition 1457 sq ft and open deck, 2 bedrooms, 2 bathrooms, completely remodeled in 2017 with a 318 sq. ft. living room addition. New kitchen with quartz counter tops, appliances & cabinets, desk area with glass china cabinets. One Juniper slab counter top, engineered hickory wood floors, & T & G pine ceilings. New upgraded electrical, new drywall, bathroom with new tub & shower, quartz & granite countertops and cabinets added. Upgraded to a propane furnace & hot water Heater, and gas stove AC/Heater dual unit added in 2022. In 2015 a 2 car garage 30 x 28 was built with a guest room above of 840 sq.ft. This guest house has open living area with a full bathroom, wood stove, gas wall heater. Engineered Hickory wood floor, T & G pine ceilings. Garage has tons of storage and workbench, 2 closets & private workshop, washer & dryer. The acreage has outstanding views of the Mogollon Rm and Colcord Mountain. Fruit trees, a fenced garden area, many Iris bulbs, Columbine and many other perennial flowers and plants, (Holly hocks, parsley, garlic, onions, wild carrots, lilac, maple trees, 2 willow trees, apricot, peach, cherry and 2 apple trees. Aspen, Italian cypress and AZ cypress trees. rosemary bushes. Outbuildings includes: 2 Storage buildings, well houses, a treehouse with wrap around deck. Legal Description: Section: 26 Township: 10.5N Range: 14E SERIAL: CAVALP977070 U-X YEAR: 2017 MAKE: - CAVCO SIZE: 24 X 48 PART OF LOT 30 OF PONDEROSA SPRINGS ESTATES; PLAT 574; IN SECTION 26 T10-12N R14; BEG AT NE COR OF LOT 1 OF SAID SUBDIVISION; TH N42-55-47EW 86.60'; TH N01-03-23E 65.11'; TH N36-42-30E 41'; TH N53-17-30W 148.05'; TH S57-06W 171.63'; TH S75-46W 127.80'; TH N53-55-30E 292.97'; TH N75-29-33E 189.29' POB; = 1.48 ACRES M/L (OUT OF 303-16-031D)A/A 20071998 24X48 CAVCO MH VIN CAVAZLP977070X-U FEE 2005-018957

3040 W Russland Road Chino Valley, AZ 86323

$789,000
4 Beds
4 Baths
2,916 SqFt
Status Active
MLS # 6717245
Property Type Single Family Residence
Price Type --
Get away from it all! Come live on the wide open prairie, with amazing granite mountain views and access to state's trust land from the driveway. Hundreds of acres to explore, hunt, horseback ride etc! Feels like you are out in the country, but you're still minutes away from shopping, restaurants, etc. This spacious 2,916 sf home was built in 1978 and includes 4 bedrooms plus office, a formal dining area, with 11 garage spaces plus a 3 car carport-the home of a car enthusiasts' dreams! This is also the perfect mother in law situation-Live on one level, but there is a separate living space in the basement, with a family room, bedroom, laundry, storage, garage and private entrance, should you need it. The living room has lots of windows to capture those stunning views, plus a cozy stone fireplace for those winter evenings. Outside you'll find a large wrap-around deck for watching the sunrises and sunsets, Pronghorns, and those beautiful granite mountain views! This home is equipped with everything-a perimeter fence, horse stables, large carport, plus a massive 2400 sf, 10-car steel garage/workshop with a full bath & power.

1108 S Roles Drive Gilbert, AZ 85296

$789,000
5 Beds
3 Baths
3,597 SqFt
Status Active
MLS # 6717622
Property Type Single Family Residence
Price Type --
Beautiful Gilbert Home in highly sought after Rancho Corona neighborhood. Located in close proximity to shopping, dining and entertainment. This Gorgeous 5 bed/3bath is an entertainer's dream! Boasting a custom bar area, wine closet, home theater, backyard oasis with sparkling pool, expansive decking/covered patio, built in BBQ and fire pit. This home also features vaulted ceilings, granite countertops, 42' maple kitchen cabinets, custom shutters and huge island/breakfast bar. Master suite includes split tub/shower, double sinks and walk in closet. 3-car garage with built in cabinets and RV gate. This has been a LOVED and BEAUTIFULLY maintained home over the years. Priced to sell, come see it TODAY!

19690 W Marshall Avenue Litchfield Park, AZ 85340

$789,000
5 Beds
4.5 Baths
3,954 SqFt
Status Active
MLS # 6716440
Property Type Single Family Residence
Price Type --
3.99% interest rate!!!!! Welcome to your dream home! This 5-bed, 4.5-bath residence, built in 2021, features over $100k in upgrades, including a central vac system, tankless water heater, water softener, gas stubs, soft-close cabinets, Pebble Tec pool with in-floor cleaning, rock waterfall, and gas heater. Located in Litchfield Park, enjoy mountain views and serene greenscapes. Inside, find high-end finishes, a spacious den, and an open-concept living area with a chef's kitchen. The master suite has a spa-like en-suite and walk-in closet. The backyard offers a pool and outdoor dining space. Close to shopping, dining, and hiking, this home blends tranquility and convenience. Don't miss this exceptional property! Upstairs, the loft provides additional space for relaxation or entertainment. Each of the five bedrooms is generously sized, ensuring comfort for family and guests alike. The master suite is a true retreat, featuring a spa-like en-suite bathroom and expansive walk-in closet. Step outside to your private oasis. The backyard is a haven for relaxation and entertainment, complete with a sparkling pool and ample space for outdoor dining and lounging. The unobstructed views of the surrounding greenscapes and mountains provide a picturesque backdrop for any occasion. Located close to the best shopping, dining, and hiking trails, this home offers the perfect blend of tranquility and convenience. Enjoy the community amenities and the welcoming atmosphere that Litchfield Park is renowned for. Don't miss the opportunity to make this exceptional property your own. View it today and experience the unparalleled lifestyle this home has to offer.

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