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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21037 E Via De Arboles -- Queen Creek, AZ 85142

$719,500

3 Beds

2 Baths

2,638 SqFt

Status Active

MLS # 6722641

Property Type Single Family Residence

Price Type --

Seller offering buyer concessions!!! Over $100,000 in recent updates & New variable speed A/C! Mountains nearby for hiking and biking! ASSUMABLE w/qualifying low interest rate loan! 10' ceilings & 8' doors, Rolling glass wall to Custom Arizona Room w/Gas Fireplace with TV incl! Formal LR & DR, amazing kitchen w/huge breakfast bar & breakfast room! Refrigerator, washer & dryer are included! Beautiful turf yard w/pebble-tec pool, raised patio for seating plus planters & lemon trees.. See attached list of upgrades in photos to appreciate everything this home has to offer. 240V outlet added for your EV charger. North/South cul-de-sac location faces planned elem school parcel. Great home just won ''Best of Tour''! Near shopping, restaurants & school

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1842 N Kachina -- Mesa, AZ 85203

$719,500

6 Beds

3 Baths

3,245 SqFt

Status Active

MLS # 6719483

Property Type Single Family Residence

Price Type --

Beautiful Home located in the highly desired North East Mesa, Mountain View High School neighborhood. Your Opportunity to own 3245 square feet, two-story home with six bedrooms, three bathrooms, two car garage and a refreshing backyard pool. Formal living room, family room, loft, and open great room with a cozy fireplace. Remodeled kitchen with stainless steel appliances, double wall, ovens, shaker cabinets, granite countertops, center island, glass tile backsplash, huge walk-in pantry, inside laundry room with sink and storage shelves and cabinets. Great functional layout with primary bedroom on first level with walk-in closet, along with three other bedrooms and full bathroom, two more bedrooms upstairs, for guests or home office, another full bathroom and large loft family room. Two car Garage with Built-in storage shelving. Extended driveway for extra parking, and two RV gates. Covered back patio with enclosed storage room. Beautiful sparkling Swimming Pool recently resurfaced in pebble sheen. Engineered hardwood flooring, travertine tile, and plush carpet in all the bedrooms. Ample closets and storage in all the bedrooms and hallways. Dual pane windows throughout home. New roof and AC in 2020, easy access to the 202. No HOA.

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1420 N Wickiup Road Apache Junction, AZ 85119

$719,000

3 Beds

2 Baths

1,786 SqFt

Status Active

MLS # 6756486

Property Type Single Family Residence

Price Type --

Equestrian Paradise in Apache Junction Nestled between the legendary Superstition and Goldfield Mountains, welcome to your perfect 2.5-acre retreat in the heart of the Valley's most equine-friendly town—Apache Junction. This level, square lot offers breathtaking views in every direction and all the space you need for a true cowboy lifestyle. This sturdy block-constructed home has been beautifully remodeled with a spacious kitchen flowing seamlessly into the great room, featuring updated flooring, lighting, and fixtures. The large primary suite is designed with comfort in mind with his-and-hers closets. The A/C unit has been replaced with a massive, energy-efficient system designed for zone heating and cooling. Best of all, it's large enough to comfortably support an addition to the home, giving you the flexibility to expand if needed. Equestrians, this property is ready for you! With over $20,000 invested in custom stalls and a massive pen and turnout area, you'll find two 16x24 covered stalls, a large round pen with premium sand and dirt and plenty of room for your horses and toys. From your backyard, ride through rural neighborhoods to nearby trails, bars, and shops, this is truly a horse lover's dream! Additional features include a private well (never used by the current owner) and city water, ensuring you have ample water supply. The utility room off the garage is ducted with A/C, making it a versatile space for extra living, work, or storage year-round. The property also has orange and olive trees, adding a touch of charm. Recent updates: Roof replaced in 2019, water heater in 2019, ring security camera installed, and a brand-new septic system replaced in 2024. Bring your horses, toys, and sense of adventurethis property is ready for you to make it your own!

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6433 S Mesa Vista Circle Gold Canyon, AZ 85118

$719,000

4 Beds

2.5 Baths

3,153 SqFt

Status Active Under Contract

MLS # 6733653

Property Type Single Family Residence

Price Type --

Welcome to your dream home, a truly exceptional semi-custom residence situated on over 1/3 acre of elevated land at the foothills of the stunning Superstition Mountains. This exquisite property perfectly blends luxury, comfort, and breathtaking views, offering an unparalleled living experience. Step inside to discover elegant Versailles tumbled travertine flooring that spans the entire home, setting a tone of sophistication and style. The open and airy floor plan is bathed in natural light, thanks to all new windows and high-end top-down, bottom-up window treatments. The heart of this home is the expansive kitchen, featuring solid granite countertops, roll-out shelving, a center island, and newer stainless steel appliances. This culinary haven flows seamlessly into a spacious great room with a cozy fireplace, all overlooking the spectacular resort-style backyard. The primary suite is a luxurious retreat, complete with a private exit door and a lavish ensuite bathroom. Indulge in the massive walk-in shower, soak in the soaker tub, enjoy dual sinks, and revel in the generous wardrobe space. With four bedrooms in total, this home offers a versatile in-law suite with its own bedroom, full bath, and an open area that can be easily closed off for additional privacy, making it perfect for guests and family. The backyard is a private paradise, featuring an elevated pool, lush landscaping, a putting green, fireplace, and BBQ area. Enjoy the full extended stamped concrete patio and two large side yards, one of which includes an organic raised garden - perfect for garden enthusiasts. The impeccable extended 3-car garage is ready for all your toys, complete with epoxy flooring, ample storage, and a workbench. This home also boasts newer HVAC systems, a water heater, water softener, fresh interior/exterior paint, and so much more. The exterior of this home is equally impressive, with synthetic stucco and a stone front courtyard leading to a grand entrance. All that's left to do is move in and start enjoying the custom resort lifestyle you've always dreamed of. Don't miss this incredible opportunity - your dream home awaits!

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514 S Marina Drive Gilbert, AZ 85233

$719,000

3 Beds

3.5 Baths

2,425 SqFt

Status Active

MLS # 6755706

Property Type Single Family Residence

Price Type --

Spectacular gated Waterfront home in The Falls. Stylishly updated beautiful wood flooring, custom paint,. The Primary bedroom downstairs w/ ensuite has Glass sliding doors opening to tranquil water oasis. The Kitchen features new granite counters w/ travertine backsplash. 50'' wide counter for plenty of workspace & extends to breakfast bar, stainless Sub Zero fridge, 5 burner Stainless gas stove, Bosch dishwasher. Eat-in kitchen w/view of lovely courtyard.Primary.Upstairs you will find a Large open loft Plus a 2nd primary w/ ensuite bath & balcony looking over emerald water. A 3rd bedroom & bath complete the upstairs.Shady patio & grass area at waters edge.Perfect for relaxing & watching ducks, geese & turtle in water. Or enjoy the Private Community Pool / Spa Located on The Main Lak

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14450 N Thompson Peak Parkway Unit 115 Scottsdale, AZ 85260

$719,000

2 Beds

2.5 Baths

1,564 SqFt

Status Active

MLS # 6731029

Property Type Townhouse

Price Type --

ARCHITECTURALLY EXTRORDINAIRE 2BR + LOFT TOWNHOME with 2 CAR GARAGE and DOWNSTAIRS MASTER! HUGE LOFT! Fantastic LOCATION! ALL NEW EVERYTHING! NEW HVAC, ALL NEW LG APPLIANCES, including Dishwasher, Refrigerator, Gas Cooktop, Oven & Microwave, Disposal, Range Exhaust Fan, Washer,Dryer & Hot Water Heater. NEW DESIGNER PAINT THROUGHOUT, including heightened Baseboards, NEW COUNTERTOPS, SINKS and FAUCETS, Undercounter lighting in kitchen, New Ceiling Fans w Remote controls, New Cool LED Lighting Ceiling Strip in Garage, GUARDIAN GARAGE FLOORS, New Garage Door Opener, NEW GARAGE DOOR, all new elec switches & outlets, all LED Interior Can Lighting, 2 Patios, Community Pool, ETC!!

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4301 E Desert Marigold Drive Cave Creek, AZ 85331

$719,000

3 Beds

2 Baths

2,029 SqFt

Status Active

MLS # 6756055

Property Type Single Family Residence

Price Type --

PRICED TO SELL FAST. Beautiful Tatum Ranch home on one of the largest lots in the neighborhood. Prime location situated at the end of a cul-de-sac that is walking distance to Desert Willow elementary school. Bright and open floor plan with 12 ft + ceilings. This home is an entertainers dream with large pool and cascading spa, sunken Tiki bar with a grill and tv. The perfect place to enjoy the AZ sunshine. Plenty of space in the yard for kids or pets. Also has an RV gate leading to a large paved area for additional parking if needed. Numerous upgrades in 2021-2022 include full roof replacement, two bathroom full showers and sinks, marble look ceramic floor tiles in kitchen and master suite, quartz kitchen countertops, dish-washer, carpet in two bedrooms and walk-in closet, pool filter and pump motor, 52 ceiling fans with LED lights and remote control in all rooms, and more. Low maintenance landscaping with programmable irrigation system.

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42608 N 46th Avenue New River, AZ 85087

$719,000

4 Beds

3 Baths

3,432 SqFt

Status Active

MLS # 6752428

Property Type Single Family Residence

Price Type --

Delightful Anthem West Beauty !Ready to move in. One owner home. Many upgrades and recent changes. Spacious 3 car garage with new cabinets, epoxy floor, garage door openers and electrical panel. Plantation shutters throughout home. Outside and inside repainted recently. Pool resurfaced and retiled this year. 2 air conditioners installed in last 2 years. Soft water system stays. New shed stays. Kitchen island recently remodeled. Ready to move in. Close to lots of employment, TSMC (chip plant) and the 303 freeway

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3080 E Desert Broom Place Chandler, AZ 85286

$719,000

4 Beds

2.5 Baths

2,258 SqFt

Status Active

MLS # 6744951

Property Type Single Family Residence

Price Type --

This gorgeous SINGLE LEVEL DeLeon floorplan home in desirable Layton Lakes. It features 4 large bedrooms, open den, 2.5 baths, 10ft ceilings, kitchen island, and 3 car garage on a culdesac lot. Stunning plank tile flooring-everywhere except the bedrooms. Gourmet kitchen with high-end expresso cabinets with 42'' uppers, upgraded granite counters in kitchen, stainless Frigidaire appliances including gas range! Speaker prewires in great rm and primary bedroom including the back patio! Swim spa and artificial turf in back. Great Chandler location in spectacular Layton Lakes with tennis courts, splash pad, walking trails, acres of parks!

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12030 N Lamont Drive Fountain Hills, AZ 85268

$719,000

3 Beds

2 Baths

1,904 SqFt

Status Active Under Contract

MLS # 6745767

Property Type Single Family Residence

Price Type --

Experience breathtaking views and stunning sunsets from this beautiful home! Nestled on a spacious lot, the outdoor oasis features a sparkling play pool and an extended covered patio with ceiling fans, perfect for relaxing and entertaining. Inside, the open family room boasts a cozy fireplace and a bright, airy ambiance. The master suite is a true retreat, offering a private exit to the patio, a walk-in closet, a garden tub, and a separate shower. Additional bedrooms include clever storage solutions beneath charming window seats. The oversized garage is equipped with built-in cabinets for added convenience, and the all-electric system ensures energy-efficient living with low utility bills.

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18938 W Luke Avenue Litchfield Park, AZ 85340

$719,000

3 Beds

2.5 Baths

2,675 SqFt

Status Active

MLS # 6753710

Property Type Single Family Residence

Price Type --

Experience luxury living in this exquisite single-level David Weekly home, ideally situated in a serene neighborhood with the White Tank Mountains as a breathtaking backdrop. Your private oasis awaits with a beautifully landscaped backyard featuring a sparkling pool and generous space for outdoor gatherings. The neighborhood, exclusively comprised of single-level homes, offers the utmost in privacy. The gourmet kitchen is a culinary delight, featuring sleek quartz countertops with glass tile backsplash, stainlesss appliances, abundant storage, and a convenient breakfast bar with pendant lighting for casual meals. The spacious owner's suite includes a large walk-in shower and walk-in closet, offering comfort and style. Extended covered patio, 3 car garage & this home is in impeccable shape

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148 Circulo Vespucci -- Tubac, AZ 85646

$719,000

2 Beds

2.5 Baths

2,529 SqFt

Status Active

MLS # 6705269

Property Type Single Family Residence

Price Type --

Spectacular home in the exclusive Tubac neighborhood of Santiago del Barrio. Enter through the inviting front courtyard. Once inside, you'll find an open floor plan with a huge great room that features a kiva fireplace, a formal dining area and an ample kitchen with gorgeous cabinetry, granite countertops & breakfast nook area. Indoor design captures the essence of the southwest architecture with carved wood pillars, exposed beams & custom tile work. This lovely home offers 2 bedrooms plus a den that could be a 3rd bedroom, a huge laundry room, an oversized 3 car garage (double & single) with utility sink & side door. There is plenty of parking in front and side of the house. Walk or bike to the village of Tubac,its restaurants,shops and galleries!

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