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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20209 E Via De Colina Drive Queen Creek, AZ 85142

$749,900

5 Beds

3 Baths

3,204 SqFt

Status Active

MLS # 6702792

Property Type Single Family Residence

Price Type --

Beautiful 5 bed 3 bath home located in desirable Montelena Neighborhood in Queen Creek. Home located in cul de sac with plenty of room on all sides of the home. Large lot with beautiful pool in rear yard, grass front and rear and a fire pit for entertaining. This home has expansive ceiling heights and large rooms. The upgraded kitchen has oversized island with farm sink and gas appliances. Plenty of room for your toys with a 3 car garage and double gate. Very easy access to trails and common areas and conveniently located to the heart of downtown Queen Creek. Plenty of food, shopping and options for your everyday needs! Come take a look!

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3548 E Mesquite Street Gilbert, AZ 85296

$749,900

3 Beds

2.5 Baths

2,425 SqFt

Status Active

MLS # 6757069

Property Type Single Family Residence

Price Type --

Your dream home awaits in the highly sought-after Morrison Ranch community, one of Arizona's most desirable neighborhoods. This stunning home has 3 spacious bedrooms, 2.5 baths, plus a DEN and LOFT, offering space for relaxation and entertainment. The recently remodeled kitchen boasts modern finishes, including a 9ft quartz island with ample cabinets. The first floor showcases brand new tile flooring. Private oasis welcomes you with a beautiful 9 ft deep pool, surrounded by lush greenery, and a charming fig tree. Near the main community walking path, scenic silos, and a tranquil lake. Morrison Ranch offers an array of amenities, including parks, and pickleball. Within the highly acclaimed Gilbert school district and minutes away from shopping and valley freeways. This home has it all.

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1100 Verde Valley School Road Sedona, AZ 86351

$749,900

5 Beds

3 Baths

2,573 SqFt

Status Active

MLS # 6751133

Property Type Single Family Residence

Price Type --

Check out the stunning Sedona red rock views from this amazing Oak Creek home! The 5 bed/3 bath single-level home features a split floor plan, cathedral ceilings, ample natural light, and updated bathrooms. The remodeled kitchen boasts striking solid surface countertops, exquisite cabinetry, and new stainless steel appliances. Out back, stay cool under the expansive covered patio and enjoy the mountain views. The property provides easy access to all of the amenities of the Village of Oak Creek and the I-17. Welcome home!

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4151 E Cullumber Court Gilbert, AZ 85234

$749,900

5 Beds

4 Baths

3,098 SqFt

Status Active

MLS # 6733642

Property Type Single Family Residence

Price Type --

Welcome to Highland Groves at Morrison Ranch, known for its lush green grass and charming white picket fences. This beautiful home boasts a prime location at the end of a quiet waterfront cul-de-sac with no neighbors to the east. Enjoy the serene setting across from a neighborhood park, with great amenities including fishing ponds, walking paths, playgrounds, and basketball courts. Featuring 5 bedrooms and 4 bathrooms, the functional floor plan includes a full bedroom and bathroom on the first floor. Recent upgrades include brand new interior paint and flooring (2024), a newer hot water heater (2023), microwave, new HVAC systems (2024), Conveniently located with easy access to the 202.

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19285 E Domingo Road Queen Creek, AZ 85142

$749,900

4 Beds

2 Baths

2,344 SqFt

Status Active

MLS # 6749702

Property Type Single Family Residence

Price Type --

Welcome to your next chapter! This charming 4-bedroom, 2-bath home in Queen Creek offers a perfect blend of comfort and charm. Newly renovated with brand new shaker kitchen cabinets and quartz countertops, fresh flooring in the main living areas, and a completely replaced irrigation system, this home is ready to create new memories. Boasting 2,344 square feet of living space, this property ensures ample room for growth and creativity. Don't miss the dedicated bonus room—ideal for your home office or yoga studio! Step outside to your expansive outdoor space, complete with a gas fire pit and a hot tub, perfect for Arizona's magical evenings. The four car garage space provides room for all your toys, with a pull-through garage adding convenience with a touch of sophistication. Nestled in a friendly neighborhood, the house is a stone's throw from Mansel Carter Oasis Park, where the green expanses invite leisurely afternoons. Enjoy proximity to Schnepf Farms and Queen Creek Olive Mill, bringing the best local produce and cuisine right to your doorstep. With Queen Creek Marketplace and San Tan Mountain Regional Park nearby, every day can be a new adventure. Come see how this home is just the one you've been dreaming about.

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3342 E Mercer Lane Phoenix, AZ 85028

$749,900

4 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6729601

Property Type Single Family Residence

Price Type --

Beautiful block home near Phoenix Mtn Preserve with pool ready for your family. Corner lot with spacious backyard. Open living area with roman shades, custom wood valance and lots of natural light. New porcelain wood-look tile flooring throughout. White kitchen cabinets with soft close doors, quartz countertop, cobalt under-mount sink, black stainless appliances. Master bath has a custom tiled shower with glass door, solid surface counter. Dual pane windows throughout. Backyard has a large covered patio, big open area with synthetic grass. Quiet neighborhood but close to 51, retail, dining and entertainment. Seller is a licensed Realtor in State of Arizona - Owner Agent. Home is occupied.

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7937 E Joshua Tree Lane Scottsdale, AZ 85250

$749,900

3 Beds

2 Baths

1,432 SqFt

Status Active Under Contract

MLS # 6706392

Property Type Townhouse

Price Type --

Welcome to paradise! Nestled in a gated community overlooking the picturesque tenth hole green of Silverado Golf Course, this property offers unparalleled views of the majestic Camelback Mountain. Step into luxury w/ vaulted ceilings & single-level living in this 3-bed, 2-bath sanctuary spanning 1,432 sq ft. Enjoy the convenience of a 2-car garage, while the HOA takes care of front yard maintenance. Indulge in resort-style living w/ two community pools (including a heated one) and a relaxing spa. Need extra space for guests? 3rd Bedroom set with Murphy bed for added accommodations. Revel in modern comforts w/ updated bathrooms & a roof replacement just four years ago. But wait, there's more! Discover a hidden treasure—a temperature-controlled secret room accessible through master closet , akin to stepping into your own Narnia. Plus, amenities abound with an EV charger, garage water softener, and more. Dine al fresco on your patio, savoring the sunset over Camelback Mountain as golfers chip onto the green. Don't miss your chance to experience luxury living at its finest in this dream home!

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17627 N 14th Avenue Phoenix, AZ 85023

Open House

$749,900

7 Beds

3 Baths

2,232 SqFt

Status Active

MLS # 6701889

Property Type Single Family Residence

Price Type --

Motivated Seller! SOLAR PANELS FULLY PAID! Energy-efficient property sitting on a pie-shaped lot in a quiet cul-de-sac with a Casita! This one-story home provides plenty of solar panels that save you money every month. Immaculate interior has a great room w/wood-look floors, thick baseboards, & modern light fixtures. The heart of the home is the oversized family room boasting high vaulted ceilings, skylights, fireplace, & backyard access! Discover a split owner's retreat featuring walk-in closet, access to the backyard, & lavish ensuite. The backyard offers covered patio, plenty of space for your oasis, & RV gate. An ample living room, kitchenette, bedroom, & bathroom complete the casita! Move-in ready

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6083 W Abraham Lane Glendale, AZ 85308

Open House

$749,900

4 Beds

3 Baths

2,676 SqFt

Status Active

MLS # 6742530

Property Type Single Family Residence

Price Type --

Gorgeous Lakefront Property that feels like your own private oasis! This stunning home features an enormous back yard with new grass turf, private pool and spa (New Motor and New Pump), surrounded by various Palms and a canopy of large Ficus Trees, backing directly to the lake!! The interior of the property features brand new carpeting, new interior paint, new light fixtures and new fans in each room, and a newly painted front door and cabinets. Plenty of living space in this gorgeous lakefront home. Upon entering, you are greeted with a large family room w/ formal dining area. The 2nd family room connects to the kitchen with a patio door giving access to the beautiful backyard. Kitchen includes granite counter tops, newly painted cabinets, island, separate pantry and gas range. The 2nd level features another living space/game room, along with 3 bedrooms. Large master bedroom with vaulted ceilings, garden tub, separate shower, double vanity and oversized walk-in closet.

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18957 W Lawrence Road Waddell, AZ 85355

$749,550

4 Beds

3 Baths

2,837 SqFt

Status Active

MLS # 6704409

Property Type Single Family Residence

Price Type --

2829 sq ft home located on a highly desirable corner homesite has all the right space in all the right places. As you walk through the spacious entry you will immediately notice the impressive feel of the 11' ceilings in the Family Room and the 16' Multi Sliding Glass Door leading out to the Patio, perfectly suited for large or small gatherings. A Gourmet Kitchen with gas cooktop, upgraded cabinets, countertops and a custom backsplash along with a Walk In Pantry make this kitchen a joy to spend time in whether you are relaxing with family or entertaining guests. An Owner's Retreat with a large Walk In Shower, upgraded flooring throughout and the included 4 car garage are just a few of the many upgrades that make this home a must see! 2X6 CONSTRUCTION; NEW HOME WARRANTY

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52019 N Forepaugh Peak Road Wickenburg, AZ 85390

$749,500

3 Beds

2 Baths

1,589 SqFt

Status Active

MLS # 6642022

Property Type Single Family Residence

Price Type --

Hey y'all, kick off your boots and mosey on over to this 3-bed, 2-bath gem on 5.49 acres in the heart of Forepaugh. It's not just a house; it's a home tailor-made for the laid-back horse lover who's into a bit of roping, barrel racing, and trail riding. This place sits pretty on the paved road and comes with all the fixin's: a 3-car garage with mini-split A/C, a 3-stall shedrow barn, and a 50 amp RV hookup for those winter visitors. The inside's got all the modern bells and whistles - All NEW appliances, NEW AC, NEW hot water heater and in 2017 a NEW roof . But let's talk cozy: there's a propane fireplace for chilly nights and an above-ground hot tub for kicking back under the stars after a day in the saddle. Now, picture this: you can ride straight from your front door to state land, gather your buddies for some laid-back roping, or tear it up in barrel racing. Heck, you can even ride on over to the mailbox for your mail - the old-fashioned way. The views around here are downright spectacular, providing the perfect backdrop for your daily rides and evening chill sessions. And let's not forget the neighborly vibes - this community is all about good times and horsin' around. So, if you're lookin' to trade city lights for starry nights and want a place where modern comfort meets cowboy cool, reckon it's time to check out this Western haven. Call to arrange your visit, and let's make this your home on the winter range.

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402 W Beechnut Place Chandler, AZ 85248

$749,500

3 Beds

3 Baths

2,348 SqFt

Status Active

MLS # 6730375

Property Type Single Family Residence

Price Type --

This beautiful Barcelona Model 3 bedroom 3 bath home is located in the desirable Iron Oaks at Sun Lakes Active Adult Community on the 5th hole of the Ironwood Golf Course. Entering the front gate you walk into your own private Courtyard and the entrance to a Casita for your guests complete with its own Bedroom, Bathroom and AC. The Main House boasts a Great Room with Majestic Windows with views of the Golf Course, and water feature in the backyard! This home features a Formal Dining Room or Den, Breakfast Nook, Sky Lights throughout and large Arizona Room. The Spacious Primary Suite has plenty of room for a private sitting area, separate entrance to the Arizona Room, Garden Tub, Step in Shower, Double Sinks, and Custom Walk in Closet. This home is a must see!

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