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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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.

837 Jokers Wild -- Show Low, AZ 85901

$789,000
3 Beds
2.5 Baths
3,137 SqFt
Status Active
MLS # 6659891
Property Type Single Family Residence
Price Type --
Privacy, space and acreage are all offered in this amazing 3 bedroom, 2.5 bath home. With 4 acres and over 3,000 sq ft this property has room for family, friends, and animals. Dog kennels and runs, a chicken coop, a private well and even space for your horses! Inside you'll find a spacious kitchen with beautiful granite countertops, a primary suite with a bonus room that could be a sitting room, office or anything else you can dream of! Upstairs both guest bedrooms boast ample closet space, with a small bonus room/ closet in the back. The upstairs loft lets you look down into the open living room and outside you can enjoy the fenced in back yard, covered porches and beautiful scenery.

229 W Pine Valley Drive Phoenix, AZ 85023

$789,000
3 Beds
2 Baths
2,168 SqFt
Status Active
MLS # 6738393
Property Type Single Family Residence
Price Type --
Perfectly located in Moon Valley! Single level, 3 bedroom, 2 bath home on a huge lot with a beautiful backyard that includes a huge covered patio, new artificial turf, pavers and an oversized diving pool with all new pool equipment, pebble-tec and an added baja step. Front yard also has all new artificial turf, pavers and courtyard. The interior of home includes a remodeled kitchen with new Quartz countertops, new cabinets and stainless steel appliances. Master suite has a fully remodeled bathroom with new cabinets, counters, shower and fixtures. New AC in 2020. Exterior of home painted in 2023. New shutters throughout with electric shades, new front door, new water heater, new sliding door. 220 charger installed in carport. Excellent neighborhood with golf course and walking paths.

3060 N Ridgecrest Street Unit 136 Mesa, AZ 85207

$789,000 - 5Br/3Ba -  for Sale in Desert Vistas Unit 2 At Las Sendas, Mesa
Open House
$789,000
5 Beds
3 Baths
2,968 SqFt
Status Active
MLS # 6687064
Property Type Single Family Residence
Price Type --
NEW interior Paint! This spectacular floor plan provides added versatility that showcases a bedroom and guest suite quarters with full bath on the main floor. Updated kitchen and bathrooms boast quality granite, newer fixtures & neutral textiles throughout. A contemporary touch to the kitchen offers SS appliances, a chef's Viking gas range & the addition of a wine fridge making this space positively ready to host family & friends. Some new flooring throughout of the house, open-& spacious making this home ready to move in. This private backyard is uniquely designed to enjoy the desert living, lush landscape, paved walk ways and a true garden setting. Located in the center of the community, walking distance to the community pools, parks, spa, golf, tennis, pickleball, hiking/biking trails A+ amenities + schools at your fingertips!

7064 Moon Creek Circle Pinetop, AZ 85935

$788,800 - 4Br/3Ba -  for Sale in Pinetop Lakes Plaza Unit 2, Pinetop
New
$788,800
4 Beds
3 Baths
2,502 SqFt
Status Active
MLS # 6760836
Property Type Single Family Residence
Price Type --
This delightful cedar-sided cabin, nestled among tall pines, offers ample space and comfort with its 4 bedrooms plus a bonus room, accommodating 12-14 people with ease. Constructed in 1999 and cherished by only one owner since, this custom-built home features a natural-gas powered fireplace, hot water heater, and furnace, ensuring year-round comfort. The interior boasts 9-foot ceilings and new stainless-steel appliances, complemented by freshly stained exteriors, enhancing its rustic charm. Enjoy the tranquility from the covered front and back porches. Conveniently located near the National Forest and included in the Pinetop Lakes Country Club recreation center, this cabin is a perfect blend of modern amenities and natural beauty. One of the sellers was a realtor in the state of AZ, though he is not currently active. Sellers' agent is related to the seller.

18019 E Vista Desierto -- Rio Verde, AZ 85263

$788,000
2 Beds
2 Baths
1,543 SqFt
Status Active
MLS # 6749704
Property Type Single Family Residence
Price Type --
Total SHOWSTOPPER! Introducing a stunning single-level home in the exclusive community of Trilogy at Verde River. From the moment you walk in you'll be wowed by the Great Room floor plan and Luxury finishes throughout, including Custom stacked stone walls at entry, Custom built 300 bottle temperature-controlled wine wall with stone, ½'' thick glass and custom cabinetry, including programmable LED lighting and Wi-Fi temperature/humidity monitoring system. The Gourmet Kitchen is a chef's dream featuring Quartz countertops, decorative backsplash, luxurious stainless-steel appliances, beautifully upgraded cabinets and undercabinet LED lighting. Other notable upgrades include wood look tile flooring, Custom Window Treatments, Reverse Osmosis and Soft Water system, Central Vacuum System, integrated Surround Sound Speaker system, two-tone paint package, custom Barn Doors in the Primary Suite and enclosing the Den, upgraded baseboards throughout and a lot more. Experience the ultimate in Luxury Resort Living! This home is STUNNING - Inside and Out! Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

377 E Windsor Avenue Unit 17 Phoenix, AZ 85004

$787,500
2 Beds
2.5 Baths
1,881 SqFt
Status Active Under Contract
MLS # 6747939
Property Type Townhouse
Price Type --
Park7 on Windsor QUICK MOVE-IN HOME. LUXURY URBAN LIVING with no compromises including your own private sky lounge. Ideally located in Midtown Phoenix, close to all the action. Bespoke floorplans designed specifically for Park7 developed to create an exciting lifestyle on all levels with maximized privacy. Exceptional quality construction + design with solid CMU commons walls and 10ft ceilings throughout. Designer curated interior finish Packages with standard 24'' x 48'' large format tile floors, Bosch appliances, standard waterfall kitchen islands and floating vanities, tankless hot water, EV prepared garages and more! Relax under the night sky in your own private Sky Lounge - hot tub ready with fire pit and outdoor kitchen options.

4172 E Bernice Street Gilbert, AZ 85295

$787,000
3 Beds
3.5 Baths
2,546 SqFt
Status Active
MLS # 6751746
Property Type Single Family Residence
Price Type --
Welcome to this stunning, customized estate nestled in the vibrant, tree-lined Cooley Station, one of Gilbert's most coveted communities! Imagine owning a brand-new home that has already received over $100,000 in premium upgrades by its previous owners, right after closing. This property stands out as one of the most customized in Cooley Station, featuring upgraded stainless steel GE Monogram appliances, a gas cooktop, soft-close cabinets and drawers, motorized blinds, shutters, upgraded wood floors, exquisite custom woodworking throughout, low-maintenance synthetic turf, and a custom waterfall that adds a touch of tranquility. The attention to detail in this move-in ready home is unmatched. Located on a desirable corner lot, the estate boasts incredible curb appeal that is sure to impress. Its prime location is just steps away from the community's exceptional amenities, including neighborhood parks with playgrounds, grills, and grassy areas, as well as the highly sought-after Ira Fulton Aquatic Center. Whether you're walking to the park, sending the kids off to school, or hopping on your bike to explore the newly opened retail spaces nearby, this community is designed to provide a wonderful lifestyle. With walkability at its core, Cooley Station offers easy access to dining, retail, and entertainment, making this home the perfect blend of luxury and convenience. Welcome home!

29084 N 136th Lane Peoria, AZ 85383

$786,813
4 Beds
3.5 Baths
3,070 SqFt
Status Active
MLS # 6707925
Property Type Single Family Residence
Price Type --
New home ready for move-in. single-story Mint floorplan with Mid-Century Modern exterior elevation style. This 4-bedroom home with a 4 car-tandem 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. Home warranty included.

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