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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1000 E Marigold Lane Tempe, AZ 85288

$749,500
3 Beds
2.5 Baths
1,671 SqFt
Status Active
MLS # 6756608
Property Type Single Family Residence
Price Type --
Welcome to this beautifully remodeled 3-bedroom, 2.5 bath home that seamlessly blends modern luxury with classic charm. Entering the home you will find a bright, open-concept layout, flooded with natural light, perfect for comfortable living and entertaining. The thoughtfully designed floor plan connects the gourmet kitchen featuring stainless steel appliances, quartz countertops, and ample cabinetry—with the inviting living area. The primary suite is a private haven, offering a spacious walk-in closet and an elegant ensuite bathroom, designed for relaxation and comfort. Outside, the backyard is your personal oasis—a sparkling pool and a meticulously landscaped yard. Located just minutes away from ASU and Old Town and offering tons of options for shopping, restaurants, and entertainment!

5308 N Granite Reef Road Scottsdale, AZ 85250

$749,500
4 Beds
2 Baths
1,881 SqFt
Status Active
MLS # 6725825
Property Type Single Family Residence
Price Type --
This property has been fully remodeled with numerous upgrades inside and out. The interior features modern enhancements, while the backyard has been transformed into a mini-golf oasis complete with a pool, making it perfect for both relaxation and entertainment. Conveniently located near local attractions and with no HOA, this home offers the ideal blend of comfort and convenience.

9029 W Lisbon Lane Peoria, AZ 85381

$749,444
3 Beds
2 Baths
1,720 SqFt
Status Active
MLS # 6757409
Property Type Single Family Residence
Price Type --
WOW, this resort-style lake residence is designed with CUSTOM southwest interior luxury living and relaxing, vacation-like atmosphere. This LAKEFRONT location offers breathtaking panoramic views of the water and surrounding nature. The residence features private access to the lake with a boat dock. Countless UPGRADES include: insulated garage door and ceiling, new hot gas water heater, new r/o system in kitchen, new water softener, gas fireplace, artificial grass, new upgraded boat, new top on boat and extra top, new batteries on boat, 2 roll blinds - patio, pool filters system, mister system w/ new filter, boat dock w/ trek deck material, 2 dock chairs w/ foot stools trek material, remodeled kitchen and custom cabinets, upgraded monogram kitchen gas stove, monogram stove hood, ge fridge ge refrigerator, ge dishwasher, custom furniture throughout the house, new gazebo, hot tub w/ new cover, conversation pit, sautillo tile throughout the house, new upgraded pine doors on every room in house, upgraded ceiling beams in living and pool room and master bedroom, new upgraded kitchen faucet, all new circuits board, pool table, new upgraded windows, remodeled secondary bathroom, remodeled primary bathroom, 2 new toilets, tuff shed , exterior. 9029, march 2024 - exterior new paint, stucco, and trim exterior walls, side and backyard...designer southwest walls with new paint on conversation fire pit with new stucco, new metal gazebo structured over hot tub spa with hot tub cover, swimming pool, newer filter and timer, rock waterfall, swim table, two umbrellas, for insert on table, pool adjustable skimmer and brush, inside garage pool vacuum and pole, pool has automatic pop-up cleaner with lifetime guarantee, side yard has above ground cactus garden, adobe walls around backyard, 4 exterior hose bibs - with all new valves, 10'x12' tuff shed with insulated walls, floors, air vents and shelves, newer roof - 8 yrs old with o'hagen vents and rain gutters, spare tiles on roof, all artificial turf backyard, boat dock with ac outlet for boat charger, designer trek deck dock chairs and stools - rocker/sliders, upgrade side yard gates, concrete pad for trash cans, potting bench side yard, extra pad for patio table and pool cool deck, outdoor designer bbq kitchen, with refriger, lyon bbq, tile custom island with stainless steel sink with new faucet, under bar lighting extra outdoor electrical plugs, with 2 drawers stainless steel, 2 bird baths designer led lighting around the pool and backyard, multiple metal cactus and flowers around back and front and pool, covered patio, duck/goose fencing, all metal plants, talavera pots and metal art, mister system, new belt drive for patio, waterfall. This home is a MUST SEE!!!

20252 W San Miguel Avenue Litchfield Park, AZ 85340

$749,120
3 Beds
2.5 Baths
2,321 SqFt
Status Active
MLS # 6743368
Property Type Single Family Residence
Price Type --
our guests will be impressed as they enter your formal foyer and see the 12' ceilings in the family room of this gorgeous new home has the perfect amount of space to in all the right places with 3 large bedrooms, 2.5 baths, study and extra storage throughout. Room for entertainment with the extended covered patio. The master suite has an impressive walk-in shower and walk-in closet PLUS upgraded quartz countertops and flooring. Gourmet kitchen with a walk-in pantry, gas cooktop, upgraded cabinets and countertops with custom backsplash, upgraded flooring throughout are just some of the custom choices that make this home a must see! 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY.

4061 W Bonnie Lane Queen Creek, AZ 85144

$749,000
4 Beds
3 Baths
2,766 SqFt
Status Active
MLS # 6749437
Property Type Single Family Residence
Price Type --
BRAND NEW Construction w/ Custom-Quality Upgrades! This beautiful Modern Farmhouse is located on a 1.25 ACRE of Horse Property. Gourmet Kitchen w/ WOLF Appliances, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, Built-in Stainless-Steel pull-down Microwave & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Estimated completion date in Jan/Feb.

4469 W Bonnie Lane Queen Creek, AZ 85144

$749,000
4 Beds
3 Baths
2,766 SqFt
Status Active
MLS # 6748687
Property Type Single Family Residence
Price Type --
BRAND NEW Construction w/ Custom-Quality Upgrades! This beautiful Modern Farmhouse is located on a FENCED 1.25 ACRE of Horse Property. Gourmet Kitchen w/ WOLF Appliances, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' WOLF Gas Cooktop & Range, Built-in Stainless-Steel pull-out Microwave & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Estimated completion date in Jan/Feb.

1 County 1000 Road Greer, AZ 85927

$749,000
4 Beds
2 Baths
2,010 SqFt
Status Active
MLS # 6527284
Property Type Single Family Residence
Price Type --
Escape to one of Arizona's small & charming towns just 26 miles from Sunrise Ski Resort & 37 miles to Hon-Dah Casino! 2 beautiful acres located in the heart of the village within walking distance to the stream, shops & restaurants. Great layout, many upgrades throughout the cabin. Large yard with tasteful stone accent walkway & stone/beam fencing. Excellent history as a successful short term rental.. A new tree house complete with a worm digging station and zip-line. A new, creek-fed pond was just dug out on the second acre & it is zoned to allow horses. You're in for a wonderful adventure & serenity with this 4-bedroom, 2-bathroom. Perfect home, vacation rental or investment opportunity- find out why everyone falls in love with this adorable mountain escape!

12864 W Katharine Way Peoria, AZ 85383

$749,000
2 Beds
2.5 Baths
2,180 SqFt
Status Active
MLS # 6741611
Property Type Single Family Residence
Price Type --
This IMMACULATE HOME on an OVERSIZED LOT checks all the boxes, including air-conditioned 2-car garage + GOLF CART GARAGE, PRE-PAID SOLAR, two outdoor living spaces, and HUGE RESORT-LIKE BACKYARD with PRIVACY and mountain views. Upgraded 2BR/2.5BA+Den/Office 'Genova' model boasts premium brick elevation, private front courtyard w/pergola, 10ft ceilings, and tile floors throughout—no carpet. Gourmet kitchen has GAS stove, slab granite, abundant cabinets w/rollouts, large kitchen island, and pendant lighting. Great room features custom media wall with floating shelves and built-in credenza. Primary suite has large soaking tub, enclosed walk-in shower, dual vanities, and walk-in closet w/custom closet organizer. Guest bedroom is split from primary suite and has ensuite bath. AMAZING laundry room with built-in storage, sink, workspace, 2 desks, and pantry w/rollout shelves. Enjoy relaxing or entertaining in your EXPANSIVE and UPGRADED BACKYARD that features raised gas firepit w/banco seating, built-in bistro bar, Spanish tiled water fountain, extended paver patio, misters and surround sound. Plenty of room to add pool/spa! Newer TRANE HVAC in 2022. This one has it all! This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickleball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.

1319 W Rhea Road San Tan Valley, AZ 85144

$749,000
3 Beds
2 Baths
2,286 SqFt
Status Active
MLS # 6711787
Property Type Single Family Residence
Price Type --
1319 W Rhea Rd was built in 2022, is near scenic BLM land and is fully landscaped, sitting upon over 1.5 acres with NO HOA. This move-in ready home with horse property potential has it all AND room to add a casita! Curb appeal greets you upon arriving, then take notice of the air conditioned 3.5 car garage - ideal for storage, hobbies, or additional vehicles. You'll pass by a covered front porch on your way inside, then enjoy the abundance of natural light, gorgeous tile flooring, neutral color palette and tasteful upgrades. Upon entering there's a den/office immediately to your left, and a huge open concept living/dining area which shares space with the immaculate kitchen. This kitchen features stainless steel, professional grade appliances worth nearly $30k, an expansive island, ample counter surface and a number of cabinets providing all the storage you'll ever need. And a pantry to boot! Near the laundry room, you'll find two secondary bedrooms about equal in size. The primary bedroom accommodates large furniture and boasts a luxurious en suite bathroom with double sinks, spacious shower, and a massive walk in closet. The enormous backyard features a lengthy covered patio, more dreamy mountain views, is landscaped to perfection and has TWO RV gates. Privacy, acreage, and upgrades in a newly constructed home - what more could one need?! Make this your home sweet home today!

1415 E Black Diamond Drive Gilbert, AZ 85296

$749,000
4 Beds
3 Baths
3,102 SqFt
Status Active
MLS # 6736116
Property Type Single Family Residence
Price Type --
NEW ROOF & GOLF COURSE LOT! This Western Skies golf community home sits on the largest lot in the neighborhood & backs to the golf course! Huge side yard w/ RV gate & concrete pad big enough for a basketball or pickleball court. Relax & watch the golfers from your newly resurfaced pool & hot tub (new pool pump, new filter & new vacuum) or enjoy the evening around the golf side fire pit. This house has just been painted & has a new water heater & features lots of light & plenty of room w/ 4 bedrooms, 3 full bathrooms, formal living room, dining room, family room, flex room & kitchen w/ granite, SS appliances, pantry & eating area. All bedrooms are oversized and the owner's suite has a sitting area, 2 walk-in closets, soaking tub & separate tiled shower. There is lots of built-in storage & a laundry shoot for convenience. The oversized 3 car garage has lots of room for cars, toys & hobbies. Come see this amazing house on the golf course today!

22310 S Date Creek Road Congress, AZ 85332

$749,000
3 Beds
2 Baths
1,685 SqFt
Status Active
MLS # 6655090
Property Type Manufactured Home
Price Type --
Beautiful Equine Facility! Cozy Home with addition casitas on the property. 2 Arenas, Round Pen, 2 Pole Barns and animal Runs. Great place for Country living while still being close to town. Approximately 30 mins from Wickenburg.

370 E Ranch Road San Tan Valley, AZ 85140

$749,000
3 Beds
2 Baths
1,645 SqFt
Status Active
MLS # 6757192
Property Type Single Family Residence
Price Type --
Dreaming of wide-open spaces and country living? This exceptional horse property in the heart of San Tan Valley, offers everything you need for your equestrian lifestyle!Plenty of room for your horses and all the toys! The property is fully fenced and includes multiple stalls, horse washing station. and tack room. Great room with open kitchen Vaulted ceilings, Newer roof all located minutes from freeway and shopping

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