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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5137 N 183rd Lane Litchfield Park, AZ 85340

$740,000
4 Beds
3 Baths
3,430 SqFt
Status Active
MLS # 6738557
Property Type Single Family Residence
Price Type --
Seller offering $10,000 closing credit to buyer with full price offer. Nestled in the beautiful Azure Canyon subdivision, this contemporary home was completed in October 2022 and boasts a thoughtfully designed open floor plan that prioritizes space and functionality. The inviting formal dining area is perfect for gatherings, while the kitchen features granite countertops, a gas cooktop, stainless steel appliances, and a spacious two walk-in pantries. With four well-appointed bedrooms, an office, and a flex den, this home offers ample room for family and guests. The primary suite serves as a serene retreat, complete with a luxurious bathroom featuring a free-standing tub, separate shower, and large walk-in closet. It's convenient location allows easy access to the I-10 and SR 303.

21984 N 97th Glen Peoria, AZ 85383

$740,000
4 Beds
4 Baths
3,286 SqFt
Status Active
MLS # 6755348
Property Type Single Family Residence
Price Type --
Nestled in the highly sought-after neighborhood of The Meadows, this stunning home offers luxury and convenience. The gourmet kitchen features a massive island, professional-grade refrigerator, gas stove, double ovens, granite countertops, double-stacked cabinets, and a walk-in pantry—perfect for the home chef. Situated on a prime corner lot, just steps from the community center and pool, the backyard is an entertainer's dream with a built-in BBQ, outdoor fireplace, pool, spa, misters, and a serene water fountain. The primary suite, located on the first floor, boasts a spacious bathroom with a wet room, freestanding tub, shower, and an oversized closet with custom built-ins. The home offers flexible living spaces, including a den, loft, office, and two laundry roomsone on each floor. Jack-and-Jill bedrooms and a split secondary bedroom provide privacy and functionality. Located near Lake Pleasant, shopping, restaurants, schools, the public library, and scenic hiking and biking trails, this home combines luxury living with the best of neighborhood amenities.

17178 W Wildwood Street Surprise, AZ 85388

$740,000
4 Beds
3.5 Baths
2,223 SqFt
Status Active
MLS # 6750662
Property Type Single Family Residence
Price Type --
**Welcome Home!** Discover easy living in this beautifully maintained, single-story residence nestled in the heart of Surprise, close to the prestigious Sterling Grove community. This charming home boasts a spacious open floor plan with abundant natural light, creating an inviting atmosphere perfect for entertaining. The gourmet kitchen features modern appliances, ample counter space, and a breakfast bar that opens to the dining and living areas. Retreat to the primary suite, complete with a walk-in closet and an ensuite bath for ultimate relaxation. Enjoy Arizona's sunny days in the private, low-maintenance backyard—perfect for outdoor gatherings or quiet evenings under the stars. **The Ultimate Lock-and-Leave Lifestyle!** With its low-maintenance design, this home is ideal for those seeking a hassle-free, lock-and-leave lifestyle. Situated in luxurious Sterling Grove, residents have easy access to world-class amenities including a championship golf course, state-of-the-art fitness center, resort-style pools, tennis and pickleball courts, and walking trails. Plus, you're just minutes away from top-rated schools, shopping, dining, and entertainment. Don't miss the chance to make this easy-living, single-story gem your dream home in one of Surprise's most sought-after areas!

23494 N 167th Lane Surprise, AZ 85387

$740,000
5 Beds
3 Baths
2,848 SqFt
Status Active
MLS # 6670550
Property Type Single Family Residence
Price Type --
Prepare to meet your forever home! This stunning corner lot residence is conveniently situated across from Asante Community Park, offering an ideal family-friendly setting. Unwind in your custom sparkling pool, designed with your utmost comfort in mind, featuring both heating and cooling systems for year-round enjoyment. With over 2,800 sqft you are given plenty of opportunity to create everlasting memories with your loved ones. Discover a hidden treasure within the home, a secret workshop integrated with the fifth bedroom, delivering an undeniable 'wow-factor'. You are not going to want to skip this home!

49011 N 7th Avenue New River, AZ 85087

$740,000
6 Beds
3 Baths
2,758 SqFt
Status Active
MLS # 6735916
Property Type Single Family Residence
Price Type --
Looking for income potential? 2 distinct residences, both offering private patios and unlimited space. Or...keep your family/parents/kids close! If you've grown tired of looking at all the same territorial style homes, this is your beautiful chunk of turquoise in that boring desert of houses! Homesteaders, are you looking for that vintage, farm house style that is also multigenerational? Your search is over! Perfectly situated on a little over an acre of land, everything about this home was made with great thought to detail for optimal space usage while capturing phenomenal mountain views. Main home, 1727 sq ft, is three bedrooms, 1.75 bathrooms, wood flooring in living room, dining, office & hall, large laundry/mud room/pantry plus private entrance gym or bonus room. Permitted Second residence, 1032 sq ft, is three bedrooms, 3/4 bath with custom walk-in shower. Chevron Butcher Block counter, stained concrete floors finish the farm house theme. Both homes are equipped with an RO system. Parking will be a breeze with all the designated parking areas for your family/friend gatherings. All of the extras that make both of these homes both classic and cowboy chic! From the covered patios to the free standing deck and outdoor BBQ & bar area,every detail was designed to embrace your gatherings. Privacy fenced storage areas, 3 sheds, works shop and a huge 34X24 garage completes this rare find. Lush desert landscaping for easy maintenance, No HOA's so bring those toys and horses. Get out the city and embrace peace and endless star gazing again, Welcome Home!

11884 W Grant Street Avondale, AZ 85323

$740,000
6 Beds
2.5 Baths
4,039 SqFt
Status Active
MLS # 6726187
Property Type Single Family Residence
Price Type --
Gorgeous remodeled home w/ amazing Chef's Kitchen! Fabulous appliance package including a SUBZERO refrigerator, WOLF Steam oven for cooking quickly while locking in moisture, WOLF induction cooktop, COVE dishwasher, & SUBZERO wine cooler. Quartz counters & custom cabinets. Entire home has been updated including flooring, interior paint, new baths w/ quartz counters & tile in 2022. Gorgeous oversized pie shaped yard w/ RV gate & slab, new salt water pool system & beautiful tropical oasis, mature trees including lime, oro blanco grapefruit, lemon, avocado, blood orange, apricot, pomegranate, banana plant, passion fruit & garden area all on drip. Smart thermostat system w/ A/C units just serviced. Great floor plan w/ main bedroom upstairs. Great closets. This home is fantastic & read Misting system. Powder room can convert to full bath and there is an area upstairs for another hall bath if buyer needs this. Don't miss the mini refridge in the kitchen with cabinet panels. Minutes from Nascar raceway and Cardinals stadium.

2417 E Yucca Street Phoenix, AZ 85028

$740,000
4 Beds
2 Baths
2,628 SqFt
Status Active
MLS # 6707413
Property Type Single Family Residence
Price Type --
Fabulous opportunity at a terrific location! Your own TLC will update this property - a little bit of fix up will go a long way! This home has 4 spacious bedrooms, a great room and formal living room, 2 dining areas and plenty of storage. The flooring style includes engineered walnut wood floors, carpet and title. The kitchen cabinets were refaced and are in good condition. The dual pane windows are in good condition. The backyard has 2 patio spaces, a pool with a 1yr old multi speed pump, a privacy wall between neighbors and beautiful mature vegetation. No HOA; close to everything; mountain views - just to name a few benefits.

3846 S Big Sky Trail Flagstaff, AZ 86005

$740,000
4 Beds
2.5 Baths
1,860 SqFt
Status Active Under Contract
MLS # 6751111
Property Type Single Family Residence
Price Type --
Discover Flagstaff living at its finest in this meticulously maintained, custom-built single-owner home nestled within the coveted Ponderosa Trails community. Enjoy the privacy of the cul-de-sac location and the immediate convenience of the greenbelt and trails right out your doorstep. You will love all of the outdoor entertainment spaces, highlighted by an expansive multi-level deck, front and back flagstone patios, a built-in chiminea, and a custom-built table, ideal for hosting gatherings or simply relaxing in the trees. Inside, you'll find a well-appointed interior that's been lovingly cared for over the years. With three bedrooms upstairs and an additional bedroom on the main floor, this traditional floor plan will remain timeless for years to come. With its prime location and exceptional features, this home is a rare find. Don't miss this opportunity to make it yours!

4698 Eagle Nest Court Pinetop-lakeside, AZ 85929

$740,000
3 Beds
2.5 Baths
2,481 SqFt
Status Active
MLS # 6713517
Property Type Single Family Residence
Price Type --
Luxury Waterfront property with best view in the neighborhood ** Brand New Roof ** Beautiful log sided home surrounded by tall pines ** Oversized picture windows and large deck overlooks the pond & streams flowing directly behind ** 3 bedrms split + DEN **Tongue & groove ceiling in the great room ** Granite counters ** upgraded cabinetry ** Gorgeous stone fireplace ** Split bedrooms with oversized primary suite ** large walk-in closet ** en-suite bathroom ** dual sinks ** jetted soaker tub ** oversized walk-in shower ** 3 private decks - 2 in back plus large front deck off the entry ** private cul-de-sac location. See features in more remarks: Luxury Waterfront property with best view in the neighborhood ** Brand New Roof ** Beautiful log sided home surrounded by tall pines ** Oversized picture windows and large deck overlooks the pond & streams flowing directly behind ** 3 bedrms split + DEN **Tongue & groove ceiling in the great room ** Granite counters ** upgraded cabinetry ** Gorgeous stone fireplace ** Split bedrooms with oversized primary suite ** large walk-in closet ** en-suite bathroom ** dual sinks ** jetted soaker tub ** oversized walk-in shower ** 3 private decks - 2 in back plus large front deck off the entry ** private cul-de-sac location. See features in more remarks: ADDITIONAL FEATURES: COMMUNITY: * Gated Community with streams throughout community, 7 ponds with walking trails HOME FEATURES: 3 bedrooms - split - Plus Den **NEW ROOF 5/2024** Pre-wired for Alarm system Water softener Floor outlets in den and great room for center room lighting needs Recessed lighting throughout Secondary bathroom is a split bathroom with shower and toilet for privacy Rain shower glass shower Recently painted interior walls with Sherwin Williams paint 2 large, covered patio deck with stained floors front & back + master deck Rain Gutters in all the right spots Energy Efficient home Tankless water heater Dual pane windows Bedrooms/Den with ceiling Fans with light Kits most rooms have dimming lights Wood blinds on All windows and French Doors Picture windows KITCHEN: Separate beverage refrigerator in kitchen Upgraded lite kitchen cabinets with lazy susan and roll out shelves Built in wine rack Highly upgraded cabinetry Beautiful granite countertops MASTER/PRIMARY BEDROOM: Walk-in shower Double sink vanity. Medicine Cabinet Private Covered Patio Deck from the Master Bedroom Heated Lamps at the Shower Entry for those cold winter days Enclosed toilet for privacy Jacuzzi Tub with beautiful Raindrop windows. Large Walk-in Master Closet with high/low clothes rods and shoe shelves. GARAGE: Painted/finished garage. LiftMaster Garage Door Opener Garage Service Door LAUNDRY: Laundry Room with Cabinets over Washer/Dryer laundry sink with lower cabinets and upper cabinets and clothes rod Enclosed Supply Closet WHITE MOUNTAIN LIVING: 4 Seasons - cool summers! 40 lakes 600 miles of rivers and streams Extensive hiking, biking trails Horseback riding Quad riding Winter skiing at Sunrise Ski Resort Fishing in lakes and streams throughout 7 Golf courses - 3 public courses Craft Shows Hot air Balloon festivals Music Festivals Car shows Antique stores Coffee shops Home decor stores

3102 N 35th Street Phoenix, AZ 85018

$740,000
4 Beds
2 Baths
1,688 SqFt
Status Active
MLS # 6706486
Property Type Single Family Residence
Price Type --
PRICE DROP!! Motivated seller! This property offers an open floor plan, formal dining room with ceiling fan and fireplace, a very spacious living room area, and contemporary touches everywhere you look. Your new kitchen has granite countertops and backsplash, stainless steel appliances, modern cabinets with tons of storage space, stainless steel appliances, and island with breakfast bar. It's a split floor plan with the primary bedroom on one side of the home and three large secondary bedrooms on the other side. Your time will be spent relaxing and entertaining in the backyard that has a sparkling pool, above ground spa, golf putting green, and a covered patio. One look is all you need to fall in love with this amazing home.

2910 W Adventure Drive Anthem, AZ 85086

$740,000 - 4Br/3Ba -  for Sale in Anthem Unit 17, Anthem
Open House
$740,000
4 Beds
2.5 Baths
2,738 SqFt
Status Active
MLS # 6747955
Property Type Single Family Residence
Price Type --
Seller may consider buyer concessions if made in an offer. Welcome to this stunning property, featuring a neutral color scheme that complements the cozy fireplace. The kitchen is a chef's dream, with an accent backsplash and center island. The primary bedroom is a relaxing retreat, offering a walk-in closet, double closets, and an en-suite bathroom with a separate tub and shower, plus double sinks. Three car garage for your toys. Step outside to a covered patio overlooking a private in-ground pool, built in bbq and includes a putting green too and fenced in backyard. This property offers a unique blend of comfort and sophistication. Come visit Anthem, planned community full of parks, trails and community centers and pools.

13480 N 103rd Place Scottsdale, AZ 85260

$739,999
4 Beds
3 Baths
2,114 SqFt
Status Active
MLS # 6737752
Property Type Single Family Residence
Price Type --
There's a reason so many people want to move to Scottsdale, Arizona. The community of Mountainview Ranch is located just minutes from the McDowell Mountains, the Scottsdale Airport, Ancala Country Club, Scottsdale Country Club, Kierland & so much more. This four bedroom home features vaulted ceilings & beautiful tile & wood flooring throughout. There's two separate living areas, providing plenty of room for everyone to relax & entertain. The kitchen has a gas stovetop, an island, & storage. Downstairs you'll also find one of the bedrooms & a full bathroom. The spacious owner's suite has a separate shower & soaking tub, double vanities, & a spacious walk in closet. Out back you'll discover a relaxing water feature & beautiful vegetation such as rose bushes & a pomegranate tree. Don't miss out on the opportunity to own an incredible house like this in Scottsdale, Arizona. Welcome home!

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