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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5745 S 129th Avenue Tolleson, AZ 85353

$650,000
3 Beds
2 Baths
1,563 SqFt
Status Active
MLS # 6624504
Property Type Single Family Residence
Price Type --
Beautiful horse property with 6 horse stalls available, 3/4 of an acre of land, square shaped lot, and irrigation rights. The home also features tile throughout the home (no carpet) and granite countertops in the kitchen and bathrooms! A new AC was installed in 2022 and a new roof was installed in 2021. The property also features multiple entrances for vehicles, a storage shed, and mature trees. The home has been recently painted, interior and exterior. The kitchen also has a gas hook up for a gas range. Come check out this amazing opportunity and see all the potential this property has!

15999 W Montana De Oro Drive Surprise, AZ 85387

$650,000
4 Beds
3 Baths
2,515 SqFt
Status Active
MLS # 6747387
Property Type Single Family Residence
Price Type --
Gorgeous Home in Escalante For Sale that's better than new! The home has over $100,000 in upgrades all the way throughout, starting with the exterior that has charming curb appeal, front yard landscaping with lighting and irrigation, extra wide driveway pavers for additional parking, and additional pavers to the gate and beyond perfect for RV's, boats, toys, you name it! The interior has been completely upgraded as well, featuring soaring 10ft ceilings, 8ft doors, and a split floor plan that feels airy and bright! Notice the neutral wood look tile flooring and paint that go with any color! The kitchen is a chef's kitchen with massive island, 4-inch granite countertops, Upgraded GE Café Stainless Steel Appliances, custom drawers throughout, under cabinet lighting, and more! For gas cooking enthusiasts, it's stubbed and ready, too! The kitchen opens to the spacious family room, perfect for family time or entertaining, and features the 16 foot atrium sliding doors, giving that indoor-outdoor feel! The master bedroom is large, and boasts a resort style ensuite with raised countertops, double sinks, and a super-shower with two shower heads and granite bench, plus a massive walk-in closet! The additional bedrooms are spacious as well, and the secondary bathrooms have been equally upgraded. If that's not all, you'll love the flex space that could make for a perfect office, workout room, or craft space, the 3 car tandem garage with epoxy flooring, tankless water heater, spacious laundry room with stainless steel sink, and all the upgraded lighting and fans throughout! The backyard is your blank canvas, with plenty of space for a pool. Builder incentives are nice, but this house has it all, plus builder warranties, and with no build time! Escalante is a vibrant and family-friendly neighborhood renowned for its exceptional amenities and outdoor lifestyle. Nestled within this community are charming tree-lined streets that provide a serene backdrop to everyday living. Residents enjoy easy access to scenic hiking trails that invite exploration and adventure right at their doorstep. The neighborhood boasts a state-of-the-art aquatic center, perfect for relaxation and recreation. With eight select parks featuring ramadas, basketball courts, pickleball courts, and bocce ball courts, there's no shortage of recreational options. For disc golf enthusiasts, an 18-hole course offers a fun challenge, while a thrilling zip line provides endless enjoyment for kids. Escalante seamlessly blends active living with relaxation, making it an ideal place to call home. Welcome home!

39931 N Wisdom Way Anthem, AZ 85086

$650,000
4 Beds
4 Baths
3,366 SqFt
Status Active
MLS # 6737778
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Anthem! This spacious gem is located on a peaceful cul-de-sac and features 4 bedrooms and 4 bathrooms. The home includes a 2-car garage, a cozy front porch, and a beautifully landscaped yard. Inside, you'll find a bright and inviting interior with designer colors and wood-look flooring throughout. The large living and dining room combo, along with the welcoming family room, both feature dramatic high ceilings and clerestory windows that flood the space with natural light. The impressive kitchen is equipped with stainless steel appliances, granite tile countertops and backsplash, recessed lighting, a built-in desk, and ample espresso cabinetry with crown molding. The main bedroom is conveniently located downstairs and offers a double-door entry and direct access to the backyard. Its ensuite bathroom includes dual sinks, a separate tub and shower, and a walk-in closet. If you love entertaining, the backyard is perfect for you! It features a covered patio, a charming fireplace, a built-in BBQ, and a sparkling pool for year-round enjoyment. You'll also have access to Anthem's incredible community amenities, including a fitness center, pool, tennis and pickleball courts, a waterpark, and much more. Conveniently located near I-17, shopping, schools, and restaurants, this home is truly a gem! Living in Anthem means being part of a vibrant community surrounded by natural beauty and exceptional amenities. Enjoy a gym, workout facilities, rock climbing, various sports courts, heated lap pools, water parks, walking and biking trails, hiking paths, sand volleyball courts, a skate and bike park, basketball courts, fishing ponds, a community train park, splash pads, playgrounds, baseball and soccer fields, tennis courts, and pickleball courtseverything you need for an active lifestyle. Plus, with frequent community events like concerts and festivals, there's always something exciting happening. Don't miss your chance to own this fabulous home in Anthem!

21545 S Camas Way Florence, AZ 85132

$650,000
2 Beds
2 Baths
1,971 SqFt
Status Active
MLS # 6737943
Property Type Single Family Residence
Price Type --
Magical Property! This beautiful rustic home is built with burnt adobe and is set on 10 acres adorned with majestic saguaros. There are views for miles, a wrap-around porch that you can sit and observe the local wildlife, and marvel at breathtaking views and spectacular sunsets. This home has stunning floors, gorgeous architecture features such as arched windows and doorways. The cozy the living room has a wood plank ceiling, exposed wood beams, a wood burning fireplace as well as a wood burning stove. The bathrooms even have lots of details you don't want to miss right down to the bronze faucets and designer towel bars. Come and explore the beauty of your next home.

18534 E Alfalfa Court Queen Creek, AZ 85142

$650,000
4 Beds
2 Baths
2,218 SqFt
Status Active Under Contract
MLS # 6734700
Property Type Single Family Residence
Price Type --
Enjoy resort-style living in this spacious 4 bedroom, 2 bath home. With ample room, it's perfect for relaxing and entertaining. Imagine yourself surrounded by luxury amenities, just steps away from a tranquil getaway right at home. The single level home has great room with split plan. The eat in both kitchen offers gas range, stainless appliances, kitchen island and pantry. Step into the backyard to your private resort - including sparkling heated pool, spa, outdoor fireplace, built-in bbq, pergola, and putting green. Other extras: NEWER AC, Shutters throughout, ceiling fans, 3 car split garage with storage cabinets. Community has parks, ramadas, BBQs, volleyball and basketball courts.

7030 N Barbados Place Phoenix, AZ 85021

$650,000
3 Beds
2 Baths
1,898 SqFt
Status Active Under Contract
MLS # 6738314
Property Type Townhouse
Price Type --
Modern single-level in North Central Phoenix with abundant natural light, a stunning courtyard filled with greenery, timeless brick pavers, and an oversized entry gate. Beautifully upgraded home boasting $50,000 in enhancements, including an office addition, roof with warranty, updated water heater, and HVAC system. Barbados Place offers sparkling community pool close by.

8419 W Tonto Lane Peoria, AZ 85382

$650,000
2 Beds
2 Baths
2,318 SqFt
Status Active
MLS # 6739624
Property Type Single Family Residence
Price Type --
This is spacious 2318 sq ft Santa Barbara Model! Featuring two bedrooms, two baths, and a three-car garage, this home is designed for comfort and style. The large master bath has a separate shower & tub w/ double sinks, and generous closet. Entertain in the formal living and dining rooms, separated by a chic dry bar wall, or relax in the cozy den. The expansive kitchen includes a sizable island and ample cabinet space for all your culinary adventures. Roof is only FIVE YEARS & A/C is FOUR YEARS OLD! Enjoy the serene pool/spa and koi pond, or admire the unique cactus garden from inside. The garage offers plenty of shelving, ensuring ample storage. With brand new carpet in the living area. Carpeted bedrooms, tile elsewhere, & LARGE laundry/craft room with abundant cabinetry, this home is perfect for anyone seeking both elegance and functionality. Plus, enjoy peace of mind with a brand new water heater.

6502 N Central Avenue Phoenix, AZ 85012

$650,000
3 Beds
2 Baths
1,880 SqFt
Status Active
MLS # 6740787
Property Type Apartment
Price Type --
Welcome to the PENTHOUSE of the iconic OLYMPUS on the Murphy Bridle Path in the ''North Central'' neighborhood of Phoenix. Built in 1964, this mid-century beauty boasts incredibly spacious rooms, large windows & two patios with mountain and downtown views! The primary suite features a walk-in closet and spacious bath with double sinks, incredible original tile and vanity and mountain views!The second bedroom features double w/in closets and...mountain views!The third bedroom/den has a door to one of the patio/balconies. The great room is...well, great with ...yes, mountain views! The balcony/decks have hundreds of square feet of space to enjoy our Sept-June weather! Secure covered parking for 2 cars is included along with additional storage.Walk to some of Phoenix's finest eateries too!

48040 N 15th Avenue New River, AZ 85087

$650,000
4 Beds
2 Baths
2,291 SqFt
Status Active
MLS # 6750671
Property Type Single Family Residence
Price Type --
PRIVATE WELL on over 2 plus acres on paved roads. Multiple gates and fenced property. This charming home has it all. Home sits back from road which offers privacy in all directions. Split floorplan, large open living area and cozy fireplace. Access to add fireplace to large primary bedroom. Beautiful new floors throughout. Storage galore. Enjoy the serenity on the extended front porch surrounded by the natural beauty of the desert. Design your guest house, workshop or hobby room in the detached 532 sq ft stone building. Detached 2 car garage. Horses, ATV, RV - you can have it all! Minutes to Outlets North Phoenix and I-17. Shopping and restaurants close while still living the rural lifestyle!

13812 W Parada Drive Sun City West, AZ 85375

$650,000
3 Beds
3 Baths
2,543 SqFt
Status Active
MLS # 6749644
Property Type Single Family Residence
Price Type --
Must see this spacious, upgraded property on the 11th hole of Deer Valley Country Club! This light-filled home is updated with new flooring, tall baseboards, water softener, new water heater, solar tubes, plantation shutters, and the roof underlayment! The grand double door entryway leads to a formal living/dining space with SPECTACULAR view. Eat-in kitchen updates include NEW cabinets, granite & appliances. Both downstairs baths have new cabinets & beautiful showers! A huge primary suite upstairs has a walk-in closet & spectacular bathroom. Two bedrooms plus den are on the first floor, as well as a laundry room w/ storage, and lovely Arizona room to enjoy your GOLF COURSE VIEWS! Coveted 2.5 CAR GARAGE! Don't miss your chance to own the best of AZ living!

5351 Starlight Drive Happy Jack, AZ 86024

$650,000 - 2Br/2Ba -  for Sale in Blue Ridge Estates 2, Happy Jack
New
$650,000
2 Beds
2 Baths
1,930 SqFt
Status Active
MLS # 6760456
Property Type Single Family Residence
Price Type --
Welcome to your peaceful mountain getaway nestled in the tall pines of Happy Jack, AZ. Your new log cabin invites you to a life of rustic charm blended perfectly with modern conveniences. Enjoy peaceful walks and privacy in this fantastic community—no dirt roads to contend with and tall pines surround your cabin with a gate that opens to acres of national forest. Located on .84 of an acre, your new mountain home has high-end and artistic upgrades in all the right places. Escape the summer heat or imagine your holiday season watching the snowfall while warmly curling up with loved ones with the ambiance of your floor-to-ceiling stack-stone fireplace. This area is known for its majestic elk and wildlife. Enjoy birdwatching, squirrel watching, or the mighty elk and deer that travel through the forest floor. As you arrive, a 12-foot wide concrete driveway guides you to the entrance. Walkways and stair landings are gold-toned flagstones. This newly upgraded flagstone, sourced directly from Ashfork, AZ, extends its elegance from the walkways to the full masonry fireplace inside and out. Your home is crafted from 8 x 12 milled Eastern white pine square logs, with hand-hewn exterior finish on both logs and siding, your home embodies the timeless beauty of a classic log cabin, giving character to both your home and the detached two-car garage. Step inside, where the open-plan downstairs living area flows seamlessly between the kitchen, dining area, and living roombathed in natural light from Anderson windows. French doors open onto the northside deck, blending indoor and outdoor living, while the wrap-around front porch and screened porch on the east side offer perfect spaces for relaxation, enjoying a rainy day, or curled up with a book. Inside, the natural beauty of hickory wood flooring complements the warmth of tongue-and-groove ceilings. The uplighting ceiling fans cast a soft glow on the rustic wood and creates an inviting feel. The downstairs also includes a guest bedroom, a full bathroom, and a utility room with washer and dryer. A cozy home office nook under the stairs provides a quiet workspace, and a southside door connects the utility room to the detached garage via a walkway with steps to access the front and back yard. Upstairs, your spacious master bedroom offers privacy and comfort, complete with an en-suite bathroom. The loft area overlooks the living space below and serves as a cozy family room or extra sleeping space with a hide-a-bed sofa, perfect for guests. What truly sets this home apart are its custom artistic details. Hand-forged ironwork by the renowned Scottsdale Art Factory adorns the fireplace screen, which is iron and has two doors, an expanded metal grate, and a built-up tree center with intricate winter branches. The home also boasts a beautifully crafted loft railing with wrought iron bannister accentsrailing and exterior light fixtures from Scottsdale Art Factory. All of this is in addition to the majestic Northwest cedar front door with handcrafted iron pulls adds a grand, welcoming touch. Beyond its beauty, your home is equipped with modern conveniences: a newly installed Mighty Max water softener, a Rinnai tankless propane water heater, and premium appliances, including a Jenn-Air pro-style stove, Samsung French door refrigerator, and Bosch dishwasher. Your entire home is recently refreshed, with new stain finishes on the exterior logs and decks, and freshly painted cabin and garage doors. Every inch of 5351 Starlight Dr is thoughtfully designed for your comfort, from quiet mornings on the wrap-around porch to hosting loved ones in the open living area. Whether retreating to your private master suite or enjoying the cozy ambiance of the full masonry fireplace, your home is ready for you to move in.

1718 S Aaron -- Mesa, AZ 85209

$650,000
3 Beds
2 Baths
1,705 SqFt
Status Active
MLS # 6753748
Property Type Single Family Residence
Price Type --
COME TOUR this Eclectic Modern-Spanish style home designed with exquisite charm at every glance. The Superstition Mountains are framed in the striking picture window of this Completely Remodeled home. ALL NEW ANDERSON WINDOWS, Cabinets, High-end Fixtures, Bosch appliances and an Electrolux drink refrigerator, LG washer/dryer, Tile wood look flooring throughout, Quartzite kitchen counters with honed granite counters in both bathrooms, Paint, HVAC (2022), NEW Roof and exterior paint. No Expense Spared. This charming home has 3 OVERSIZED Bedrooms, and 2 FULLY REMODELED baths. LOW maintenance landscaping. The backyard boasts a HUGE full length covered patio for entertaining along with a Pebbletec POOL, fruit trees and mature trees backing the home for a quaint and private experience.

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