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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47616 N 23rd Drive New River, AZ 85087

$739,900
3 Beds
2.5 Baths
1,959 SqFt
Status Active
MLS # 6708351
Property Type Single Family Residence
Price Type --
Brand New Extraordinary Custom Spec is now complete. This is the last gorgeous home being offered that is part of this fantastic culdusac w paved 23rd Dr and panoramic Mountain views. Master is split with huge walk in shower, his & her closets, Large soaker tub. Garage is HUGE w over 1550 sq ft, Mini-split & 1/2 bath, 50 amp service & big enough for 6 cars. Come relax on the back patio while enjoying the breathtaking views of Tonto National Forest & New River Mesa. Inside is open & bright. Large open kitchen has stainless appliance package, kitchen island w bar covered in quartz. Spray foam insulation thru-out, 4 part shared well, brand new septic, Builders 2 year warranty.

3799 W Starlight Drive Happy Jack, AZ 86024

$739,900
4 Beds
3 Baths
2,436 SqFt
Status Active
MLS # 6757402
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat in Happy Jack, Arizona, where this stunning property offers the perfect blend of luxury and natural beauty. Situated on 1.77 acres of lush land that borders the greenbelt, this fully remodeled home boasts 4 bedrooms, 3 bathrooms, and an oversized 3-car garage, ensuring ample space for both relaxation and recreation. Step inside to discover an inviting open floor plan flooded with natural light from large sunny windows, creating a warm and welcoming ambiance throughout. The focal point of the great room is a custom stone fireplace, perfect for cozying up on chilly evenings. Custom wood ceilings, along with interior T & G ceilings, add rustic charm and warmth throughout the home. The spacious master suite features a luxurious master bathroom with a double custom vanity and large walk-in closet. Luxury vinyl waterproof flooring flows seamlessly throughout the home, providing both durability and style. The heart of the home is the kitchen, featuring a custom stone island with a built-in wine rack. A farmhouse sink adds charm and functionality to the space, while new stainless steel appliances complete the modern amenities. With tons of storage and a flowing floor plan, entertaining family and friends is a breeze. Outside, a large covered deck overlooks the lower open patio area, providing the perfect space for outdoor gatherings. Well-constructed fencing encloses the backyard for privacy and security, while tall pines dot the property, creating a picturesque backdrop for enjoying the serene mountain surroundings. Best of all, horses are allowed, allowing you to fully embrace the equestrian lifestyle amidst the beauty of Happy Jack. Don't miss your chance to own this exquisite property-- and start living the mountain retreat lifestyle you've always dreamed of.

18148 S Via Loma Del Venado -- Vail, AZ 85641

$739,900 - 4Br/3Ba -  for Sale in S29 T17s R16e, Vail
New
$739,900
4 Beds
2.5 Baths
2,363 SqFt
Status Active
MLS # 6760338
Property Type Single Family Residence
Price Type --
Dreaming of a horse property? This stunning 5-acre estate offers 360-degree views of the city, mountains, and a scenic canyon that backs up to the property. Perfect for families and horse lovers alike, this split-level home features a spacious primary bedroom, luxurious en suite bath with a shower and clawfoot tub, and office/den on the upper level, with three bedrooms on the lower level. The great room boasts a beautiful stone and wood fireplace, while the updated kitchen shines with granite countertops, a one-of-a-kind artistic desert scene backsplash, new appliances, a tall breakfast bar, and a gas stove cooktop. With the gorgeous Sonoran desert views that draw you outside, you'll love the back patio for entertaining with a built-in BBQ, and open spaces that look upon the horse arena with a tack room, and a hay barn, plus the handy RV/trailer storage to fully equip you for the equestrian lifestyle. The oversized 4-car garage is a mechanic's dream, it's complete with steel beams, a workspace, and a handy half bath. This property is a rare find and won't last long.

7301 E Garfield Street Scottsdale, AZ 85257

$739,900
3 Beds
2 Baths
1,865 SqFt
Status Active
MLS # 6753555
Property Type Single Family Residence
Price Type --
Welcome to this stunning fully renovated single-story home located in Old Town Scottsdale, boasting a generous 1,865sqft of living space. Nestled on a spacious lot, offering an inviting oasis completed with turf and a sparkling POOL finished with new pebble. Step inside to discover a true no expenses spared fully renovated DESIGNER GRADE interior with a NEW kitchen, NEW flooring, NEW tiled showers, NEW quartz countertops, NEW appliances, NEW windows, and much more. The open floor plan creates a seamless flow throughout, allowing for effortless entertaining and comfortable living. Easy access to the 101 freeway and very centrally located, ensuring all the benefits Old Town has to offer. A tasteful home, in an incredible location, with No HOA; the only thing this home is missing is you!

10248 W Bent Tree Drive Peoria, AZ 85383

$739,900
4 Beds
2.5 Baths
2,602 SqFt
Status Active
MLS # 6721758
Property Type Single Family Residence
Price Type --
HUGE savings, almost $300 per month with OWNED SOLAR! That's equivalent to nearly a 3/4% reduction in interest rate (assuming 80% loan amount). Welcome to Northlands Passage in North Peoria, best value for the money in the area, where the skies are bigger and the sunset glow fills the sky with radiant pink, yellow, orange and purple hues. Step outside every morning and view the beautiful Calderwood Butte out your front door and back patio, plus with the trail head right down the street you'll get the full enjoyment of this very special home in a very special community. Step inside this modern and move-in-ready Bradshaw Model by Taylor Morrison, with 2605 sq.ft. of interior living space, 4 BEDS + 2.5 BATHS and a 4 CAR Garage. Open concept main living with a crisp neutral color pallet... gray wood look porcelain tile floors, can lighting, surround sound, white trim, blinds and doors. Upgraded light fixtures with sleek industrial-inspired style ceiling light/fans and hammered aqua glass pendant lighting. Separate 3 & 2 panel patio access doors, giving you a smooth transition between your indoor and outdoor living space for those beautiful Arizona days and nights. Kitchen features light granite countertops and island, contrasting espresso cabinets, clear pendant lighting, stainless steel GE Cafe appliance package with hood and a walk-in pantry for all your storage needs. Step into your master suite, light and bright with full master bath, featuring granite counters with double sinks, espresso vanity, garden tub, stand up shower, separate toilet room and walk in closet. 3 additional bedrooms( 2 w/walk-in closets) and full bathroom give you plenty of space, flexibility or privacy within your home. Open both sliding doors, step outside, take a deep breath and enjoy the beautiful view. With an extensive paved patio area and walkway, green space, and a beautifully landscaped back wall w/water and electric connections in place for a future fountain or water feature. Gas has also been extended to the backyard paver area for a built-in BBQ/outdoor kitchen, SOLAR will be paid off at closing. There truly is nothing to do except move in and live your absolute best life. Neighborhood mountain views and trails, close proximity to 303 freeway access, 10 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. A list of updates, APS and floor-plan are available in the documents tab.

2112 S 168th Drive Goodyear, AZ 85338

$739,900
5 Beds
3 Baths
4,223 SqFt
Status Active
MLS # 6753507
Property Type Single Family Residence
Price Type --
BRAND NEW CARPET AND FRESH INTERIOR PAINT! SPECTACULAR 5 BEDROOM 3 BATH HOME WITH A POOL AND 3 CAR GARAGE ON A HUGE 13,985SF LOT BACKING TO A COMMON AREA! FEATURES INCLUDE PLANTATION SHUTTERS T/O, NEWER EXT. PAINT, VERY OPEN/AIRY GREAT ROOM FLOOR PLAN WITH 10 FT CEILINGS, GORGEOUS STAIR RAILING AND WIDE STAIRCASE, HUGE KITCHEN WITH GRANITE AND RAISED PANEL CHERRY CABINETS, STAINLESS APPLIANCES WITH GAS COOK TOP & FRIG, R/O, WALK IN PANTRY, LOTS OF LARGE TILE, HUGE LAUNDRY WITH FRIG, WASHER/DRYER, SINK AND LOTS OF CABINETS, SURROUND SOUND SPEAKERS, TONS OF INTERIOR STORAGE, RV GATE, EXTRA LARGE GARAGE AND MORE! ALL BEDROOMS ARE EXTRA LARGE WITH WALK IN CLOSETS. THERE'S ALSO 2 LARGE STORAGE CLOSETS AND PLENTY OF STORAGE IN A CLOSET UNDER THE STAIRS. 1 BEDROOM AND FULL BATH DOWNSTAIRS THE BEAUTIFUL BACKYARD FEATURES A FENCED PEBBLE-TEC POOL WITH WATER FEATURE, PLENTY OF SYNTHETIC GRASS, FENCED DOG RUN WITH DOGGY DOOR AND GARAGE ACCESS, LARGE COVERED PATIO AND TONS OF SPACE FOR THE KIDS TO RUN AROUND! CANYON TRAILS IS A BEAUTIFUL COMMUNITY WITH LOTS OF PARKS AND PLAYGROUNDS!

13220 W Beverly Road Goodyear, AZ 85338

$739,900
4 Beds
2.5 Baths
2,117 SqFt
Status Active Under Contract
MLS # 6735494
Property Type Single Family Residence
Price Type --
OWNED SOLAR PANELS TO BE PAID OFF BY SELLER AT CLOSING. Your desert retreat awaits! Nestled along the Estrella Mountains, this newly renovated home sits on just over an acre boasting 4 bedrooms, 2.5 bathrooms, 10ft ceilings, a chef's kitchen with high end finishes and breathtaking mountain views. It is surrounded by natural desert landscaping and has a sprawling evergreen turf lawn in the backyard with plenty of room for a pool, outdoor kitchen, etc. The possibilities are endless! Enjoy the mesmerizing Arizona sunset and take in the city lights from the generously sized balcony. All of this with NO HOA and close proximity to Estrella Mountain Regional Park, Phoenix Raceway, and Goodyear Ballpark.

10337 E Brown Road Mesa, AZ 85207

$739,500
3 Beds
2 Baths
2,238 SqFt
Status Active
MLS # 6756063
Property Type Single Family Residence
Price Type --
HORSE PROPERTY! Welcome to this expansive 3-bedroom, 2-bathroom ranch-style home in Mesa, sitting on over an acre of land! With 2,238 sq. ft. of living space and a total lot area of 46,623 sq. ft., this property is perfect for those seeking space, privacy, and versatility. As you enter, you'll notice the tile flooring throughout the house, adding durability and a cohesive look. The spacious living and dining areas provide ample room for gatherings and family time. The kitchen features a convenient island and plenty of cabinets, making it ideal for cooking and storage. The bedrooms are generously sized, with the primary suite offering a walk-in closet and a bathroom with double sinks for added comfort. There's also an indoor laundry hookup for your convenience. The exterior boasts a huge covered patio, ideal for outdoor entertaining or relaxing in the shade. The roof was updated in 2016, and the brand-new A/C unit ensures the home stays cool year-round. The water heater was replaced in 2023, giving you peace of mind. This property is a horse lover's dream, featuring a stable and corral with plenty of space for riding or caring for animals. An additional garage and shed provide extra storage, and with over an acre of land, there's ample room for expansion or customization. There's also potential to convert part of the home into a separate apartment, creating opportunities for rental income or multi-generational living. The motivated seller is ready to make a deal, so don't miss out on this fantastic opportunity to own a spacious, versatile property in a great Mesa location.

20977 E Macaw Drive Queen Creek, AZ 85142

$739,500
5 Beds
4.5 Baths
3,078 SqFt
Status Active
MLS # 6744356
Property Type Single Family Residence
Price Type --
This spacious, single-level home on large lot is move-in ready! Perfect for family or entertaining, the open great room and kitchen feature sliding glass wall, large island & breakfast bar, stainless appliances, including new fridge & beverage center (July '24), recessed lighting, walk-in pantry, and plenty of cabinetry. The primary retreat has dual vanities, soaking tub, separate shower, and walk-in closet. Secondary primary suite and 3 additional bedrooms offer flexibility. The large laundry room and 3-car garages offer storage. Backyard with covered patio is the perfect place to enjoy the Arizona lifestyle with pavers, turf, and fire pit. Ceiling fans throughout and new carpet (July '24). Close to community park with playground and easy access to freeways, shopping, and dining.

316 E El Camino Drive Phoenix, AZ 85020

$739,500
3 Beds
3 Baths
1,927 SqFt
Status Active
MLS # 6735486
Property Type Single Family Residence
Price Type --
Welcome to your charming oasis in North Central Village! This fully remodeled, 3-bedroom, 3-bathroom home embodies contemporary elegance with a touch of classic charm. Upon entering, you are greeted by an inviting living space, featuring LVP floors flowing seamlessly into the kitchen with stainless steel appliances. The master suite boasts a spa-like en-suite and walk-in closet. Plus, a casita provides additional space for visitors or a home office. Step outside into your own private paradise: a beautifully landscaped yard complete with a sparkling pool. Conveniently located near top-rated schools, parks, and shopping centers, this home offers the perfect blend of suburban tranquility and urban accessibility. Don't miss the opportunity to make this exquisite property your new home!

19913 W Marshall Avenue Litchfield Park, AZ 85340

$739,374
3 Beds
2.5 Baths
2,793 SqFt
Status Active
MLS # 6747322
Property Type Single Family Residence
Price Type --
his open-concept, 2,773 square foot home has the perfect amount of space to in all the right places and is located on a N/S 9,100 square foot homesite with no neighbors directly behind and an 8' double gate. 3 bedrooms + study + retreat. 4 car tandem garage provides much desired storage space. The extended covered patio gives you extra room for outdoor entertainment and backyard is large enough for a pool. Gourmet kitchen with gas cooktop, upgraded cabinets and countertops with custom backsplash, upgraded flooring; 2X6 CONSTRUCTION; NEW HOME WARRANTY.

9761 W Sands Drive Peoria, AZ 85383

$739,350
4 Beds
3.5 Baths
3,286 SqFt
Status Active
MLS # 6749875
Property Type Single Family Residence
Price Type --
Rare Find in the Meadows ** 4 Bed + Den + Loft + Office area +3.5 bath + Pool w Fountain Feature+3 Car Garage +Private lot with No Homes Behind ***Walking Distance to Community Heated Pool/Spa/Pickleball Court**Pavered Drive**Epoxy floor Garage (Tandum Stall 36'L x 10'10'' W, Stall #2 19' L X 8'10'' W) Kitchen w Extended Counter/Island Slab + Pendant Lights**Stainless Gas Stove, Built-In Microwave and Large Pantry**mounted tv's convey (den, kitchen,bedrms) ** Master Suite Downstairs w Walk-in Closet, Dual Vanities, Amazing Tiled Shower w Dual Shower Heads/Large Tub too! **Ceramic Tile flooring Downstairs including Master Bedroom**Built in Cabinets at Laundry**Carpets Professionally Cleaned**Upstairs has Storage Closet/Craft room**Pavered Back Patio w Gas Plumb for Firepit**Super Clean

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