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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25123 N 76th Drive Peoria, AZ 85383

$786,702

4 Beds

3 Baths

3,296 SqFt

Status Active

MLS # 6717896

Property Type Single Family Residence

Price Type --

MLS# 6717896 Ready Now! The Azelia at Aloravita South Discovery offers a 2-story floor plan with 3,296 sq. ft., featuring 4 bedrooms, 3 bathrooms, a -car garage, and a formal dining area. This home is designed to impress. The foyer leads to a hallway that branches off: one direction takes you to a secondary bedroom and full bathroom, while the other passes the formal dining area and opens into the spacious, open-concept kitchen, casual dining, and great room. Enjoy Arizona's beautiful weather from your private covered patio. Upstairs, you'll find the remaining bedrooms and another full bathroom. The primary suite includes a private bathroom with double sinks, a spacious walk-in closet, and serves as the perfect retreat. Structural options include: multi door slider in great room, garage service door. Design upgrades include: gourmet kitchen appliances, upgraded tile and carpet.

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21921 N 98th Lane Peoria, AZ 85383

$785,000

5 Beds

4.5 Baths

3,047 SqFt

Status Active

MLS # 6757653

Property Type Single Family Residence

Price Type --

This exceptional 5-bedroom, 4.5-bathroom home is situated on a desirable corner lot in the prestigious Meadows community, offering extra privacy and space. Located in close proximity to both Sunset Heights Elementary and Liberty High School, it's perfect for those looking to settle in a vibrant neighborhood. The heart of the home is the gourmet kitchen, complete with stainless steel appliances, an oversized island with abundant storage, and a custom bar area featuring a beverage fridge. For ultimate convenience, the upstairs laundry room offers TWO washers and two dryers, with the Samsung set conveying. Inside, you'll find two bedrooms with en suite bathrooms, and every bedroom features spacious walk-in closets. Luxury upgrades include new, upgraded carpet (2020) and a primary bathroom remodel with elegant tile and a frameless glass shower. A brand-new water heater was installed in August 2024 and the exterior of the home was painted just a few months ago. The backyard is a true desert oasis, boasting a 23,000-gallon heated pool and an 8-person spa, both controlled by an app for modern convenience. With over 1,200 square feet of travertine-tiled patio and a lush grass area with an RV gate, this home is made for entertaining and enjoying Arizona living to the fullest. The Meadows provides resort-style living with a community pool, scenic walking trails, pickleball courts, and more for enjoying the beautiful Arizona weather. Don't miss your chance to own this beautifully upgraded home in one of Peoria's most desirable neighborhoods!

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9950 E Elmwood Street Mesa, AZ 85207

$785,000

3 Beds

3 Baths

2,434 SqFt

Status Active Under Contract

MLS # 6734234

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-story home situated on 1.23 acres of land. With breathtaking mountain views, this property boasts 3 bedrooms in main home and 1 in attached guest quarter, 3 bathrooms. The separate attached guest quarter would also be perfect as a home office. Enjoy the luxury of quartz countertops and upgraded cabinets in the kitchen. Escape our Arizona heat while you cool off in your own backyard pool. This home offers a perfect blend of comfort and elegance for your ideal living space! bedrooms provide ample space for family and guests, each thoughtfully designed with comfort and style in mind. Ideal for guests, in-laws, or a home office, the detached casita offers complete privacy and convenience. This versatile space includes a bathroom and living area, beautifully appointed to match the main house's high standards. Step outside to your private backyard retreat, where a shimmering pool invites you to unwind and soak up the sun. Enjoy the shade on the extended covered patio, perfect for outdoor entertaining. Situated on a vast 1.229-acre lot, there's plenty of room for your toys, equipment, or any desire. Additional features include a two-and-a-half car garage. Don't miss this opportunity to own a piece of paradise with unmatched elegance and versatility!

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1527 E Germann Road San Tan Valley, AZ 85140

$785,000

3 Beds

2 Baths

2,063 SqFt

Status Active

MLS # 6752706

Property Type Single Family Residence

Price Type --

Beautiful and cozy house with a lot of space to continue growing. Tile and granite in floors, bathrooms and kitchen. Looks gorgeous and ready to be occupied. 3 bedrooms with a huge walk-in closet in the master. Additional room could be another bedroom, game room or a formal dinning room for your family celebrations. Garage for 2 cars and separate carport (garage style) for additional 4 vehicles. Citrics growing around the house and a lot of space for more fruit trees and vegetables in the 1.25 acre lot. Easy access to the Gateway Freeway 24 (2 miles away) and Superstition Highway (60). Easy to show too. The owner is usually at home.

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20438 W Carver Road Buckeye, AZ 85326

$785,000

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6733459

Property Type Single Family Residence

Price Type --

Saddle up! This beautiful 2022 open floor plan home is move in ready for you and all your four legged friends! Amazing horse property where you and your horses can live in luxury! Ample parking in the circular driveway, the garage and multiple carports for your cars, trailers, ATV's and RVs. Walk into the foyer to see a modern kitchen that will take your breath away. Soft close doors, roomy pantry, and natural light flood the kitchen. Stunning black granite countertops on white shaker cabinets with cove moulding for timeless style and beauty. The same granite and cabinets extend into the bathrooms and even the huge laundry room. RO drinking water plumbed to the sink and fridge. Perfect dining area connected to the family room with modern tile throughout. Upgraded alder doors Upgraded alder doors throughout this newer home! The roof and AC (and entire home!) are only 2 years old. The master bedroom has extra padded carpet for comfort and has an exterior door to do the morning feed and ride out! Huge walk in closet with shelving is off of the the modern master bathroom with upgraded, lovely, Privacy Glass shower doors. Three more bedrooms on the other side of the house are roomy and with one off the foyer that can be used for an office, hobby room or whatever else you need. Fully fenced property with a 1 acre arena filled with sand and offers three entrances, ready for roping. 4 stall mare motel set up for easy feeding and equipped with gutters so your horses will stay dry. You will have a holding pen with roping shoot, wash rack, tack shed (with work bench and hooks), 2 squeeze hay storage, washer to wash horse blankets/saddle pads, all pipe arena and basically everything you need. Even the feeders will stay will a full price offer. This is a place you have to see; too many horse amenities to list. 40 foot HC Conex on site wired for electricity with huge shade on the other side of the arena. This property is sprawling and opens up for riding down the wash right from your property! There is a shared well as well as water from Clearwater water company.

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39029 N 21st Avenue Phoenix, AZ 85086

$785,000

4 Beds

2 Baths

1,948 SqFt

Status Active

MLS # 6756442

Property Type Single Family Residence

Price Type --

Looking for the perfect horse property with arena for your own use or extra income? This stunning 4-bedroom, 2-bath home with 3-car garage sits on a spacious lot, ideal for animal lovers. Outside has it all including arena with 7 fanned stalls, paddocks, chicken coop, and an additional livestock pen, covered patio, built-in BBQ, and RV pad with full hookups, and dump to septic. Inside, the open floor plan features beautiful tile flooring, plantation shutters, and a stylish kitchen equipped with wood cabinetry, mosaic tile backsplash, stainless steel appliances, recessed lighting, with island and breakfast nook. The spacious primary suite offers private outdoor access, a custom walk-in closet, and a luxurious ensuite with dual sinks, soaking tub, and a separate shower. Don't miss out!

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14063 W Bronco Trail Surprise, AZ 85387

$785,000

4 Beds

3.5 Baths

3,125 SqFt

Status Active

MLS # 6756012

Property Type Single Family Residence

Price Type --

Your DREAM home is here in Rancho Mercado! Sits on a corner lot, this gorgeous 4-bed, 3.5-bath property will leave you in awe. Displaying a mature landscape & a split 3-car garage w/paver driveway. Home exudes elegance with modern light fixtures, designer palette, high ceilings, tons of natural light, plantation shutters, surround sound, and wood-look tile flooring. Perfect for gatherings, the open layout connects the large living area to a formal dining room for a fluid environment! Featuring a fireplace, dry bar w/wine fridge, a media niche, and multi-sliding doors to the back, this gem makes entertaining an absolute delight. The gourmet kitchen boasts quartz counters, a walk-in pantry, white shaker cabinetry, tile backsplash, a prep island, and SS appliances w/cooktop gas & wall ovens. Large main bedroom is a true retreat! It has a barn door that opens to the immaculate ensuite with a soaking tub, separate shower, dual sinks, & a walk-in closet. One secondary bedroom also includes its own private bathroom, ideal for the guests. Laundry room with a built-in desk & storage. But beyond the interiors, the fantastic backyard holds its own charm! With a covered patio, well-laid travertine, artificial turf, a fireplace, a built-in BBQ grill, and a sparkling pool, this space promises year-round enjoyment. Don't just dream itcome and live it! Removabale pool fence also included!

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27305 N Gary Road San Tan Valley, AZ 85144

$785,000

4 Beds

2 Baths

2,575 SqFt

Status Active

MLS # 6756247

Property Type Single Family Residence

Price Type --

Country living at it's finest on this 1.28 acre non HOA property! Open floor plan single level 4 Bedroom, 2 Bath, extended depth 3 Car Garage! Insulated RV garage and workshop with LED Lighting & 220V power! 30' wide x 50' deep with 2 Doors 12'x12' & 12'x14'. Outdoor RV parking also with RV Gate and long driveway with tons of parking! Beautiful fenced salt water pool with water feature! Extended alumawood trellis off patio with built-in BBQ, ! Mature Landscaping including over 17 Fruit Trees. 15k in new windows with lifetime warranty 2021, custom blinds and shutters 2021, remodeled guest bath 2021, new toilets 2021, new attic insulation 2023, new pool filter 2022, new water heater 2023, new sprinkler valve box 2022, whole house water softener 2021, RO system 2021. Come and tour today!

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40 Rim Trail Circle Unit 53 Sedona, AZ 86351

$785,000

2 Beds

2 Baths

1,988 SqFt

Status Active

MLS # 6754139

Property Type Townhouse

Price Type --

Easy living at The Ridge includes large open living room with fireplace, a sitting room (with fireplace) off the master bedroom, an ''Arizona Room'', inground spa, a minimalist kitcen (complete with menus from local restaurants) tile and carpeted flooring...The Collectives and their restaurants are around the corner...Sedona Golf Resort and pickle ball courts are seconds away. House has been repainted inside, including the dark ceilings. Kitchen lighting has been changed to cam-lighting. Screens have been added to the back area to provide more privacy. Neighbors are friendly!

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3026 E Longhorn Drive Gilbert, AZ 85297

$785,000

4 Beds

3.5 Baths

2,758 SqFt

Status Active

MLS # 6749206

Property Type Single Family Residence

Price Type --

Beautifully Upgraded and in Pristine condition. This STUNNING Meritage home, boasts a Spacious high-end kitchen with Richly finished Cabinets, Large Island, Quartz Countertops and Stainless Appliances, Breakfast nook, Butlers pantry, and Walk-in pantry. 2 MASTER SUITES! Luxurious main Master has Dual Sinks with Cultured Marble counters, Separate Tub, His & Hers closets, and tons of natural light. Second Master comes with attached Den/Sitting area and can be used as Guest Suite or Mother-In-Law Quarters. Prime location near SanTan Mall, Frys and Costco. Includes Private Courtyard, Soaring 10-ft ceilings, 8-ft Solid Core doors, plantation Shutters, Central Vac and Surround Sound. Optional 4th bedroom possibliltiy! Conversion of bonus room to 4th bedroom is Easy Option. Quick close possible

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13323 W Rancho Drive Litchfield Park, AZ 85340

$785,000

4 Beds

5 Baths

4,636 SqFt

Status Active

MLS # 6745274

Property Type Single Family Residence

Price Type --

Dream Home with 2 huge master bedrooms one upstairs and the other one downstairs Every bedroom has its own bathroom and there is an additional guest restroom 18ft ceilings in some areas vaulted ceilings and private pool, Basketball Court, large covered patio

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18280 W Thistle Landing Drive Goodyear, AZ 85338

$785,000

3 Beds

2.5 Baths

3,192 SqFt

Status Active

MLS # 6746800

Property Type Single Family Residence

Price Type --

Welcome to this meticulously maintained and nicely upgraded home located in the desirable Master master-planned community of Estrella. This beautiful property offers a large oversized deep lot, amazing mountain views, and a peaceful and quiet neighborhood. There is no shortage of space to entertain family or friends. The expansive recently remodeled kitchen offers maple staggered cabinets, quartz counters, a modern tiled backsplash, GE Monogram appliances, and a huge walk-in pantry. The kitchen is open to the family room and breakfast/dining room, allowing plenty of space for guests to mingle and hang out. The backyard is perfect for experiencing Arizona living at its best with the heated pool and spa, large covered patio, fireplace, and raised paver seating area. The mountain views from the backyard are breathtaking as the sun rises in the east in the mornings. Plus, there is ample room to add a putting green or other outdoor entertainment space in the backyard if desired. The primary en-suite is split from the other 2 bedrooms and offers a large en-suite with fully tiled shower, deep soaker tub and double vanities. The home offers a formal living room, but if that is not preferred, the room can easily accommodate a pool table for game nights. The Community of Estrella is amazing, with mountain views galore, 2 lakes, numerous parks, two resident centers, community pools, a splash park, hiking/biking trails, restaurants, shopping, and top-rated schools!

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