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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18861 E Blue Sky Drive Rio Verde, AZ 85263

$639,900
2 Beds
2 Baths
1,380 SqFt
Status Active
MLS # 6702241
Property Type Single Family Residence
Price Type --
This home is beautiful! Located in the highly sought after, Tonto Verde Country Club-Gated Community (2 Courses). Home features: 12-foot ceilings, impressive (Iron) front entry door, SS appliances, white cabinets and granite counter tops throughout home, large island w/ a breakfast bar, farm sink, open kitchen/dining and living room, split bedrooms, light paint colors, beautiful tile floors, additional storage (laundry room) and even parking for your Golf Cart! The backyard boasts a large travertine (Paver'd) patio, newly installed patio sunshade, a view fence overlooking the golf course. A true Arizona lifestyle, the backyard is beautifully landscaped and is close to Tonto National Forest. Move right in and enjoy! TURN-KEY! Quick close possible.

3409 W Wander Road New River, AZ 85087

$639,900
3 Beds
3 Baths
2,320 SqFt
Status Active
MLS # 6733235
Property Type Single Family Residence
Price Type --
Discover the serenity in this exquisite ranch property, set on over 1.6 acres of pristine land. This wonderful home features 3 spacious bedrooms & 3 bathrooms. Unwind in your private pool or spend quality time in the expansive, bonus room—ideal for hobbies, entertainment, or even additional bedrooms. Horse enthusiasts will appreciate the dedicated corral & stalls, while everyone can revel in the breathtaking panoramic views. The heart of this home is the generous kitchen, designed for gatherings & culinary creativity. Convenience is key, w a circle driveway providing easy access & ample parking. Located just a mile or two off the 17, you'll enjoy the proximity without the noise. Additional features include private well w large storage tank, RV parking, & plenty of space to explore.

14904 N 56th Drive Glendale, AZ 85306

$639,900
4 Beds
3 Baths
2,288 SqFt
Status Active
MLS # 6699889
Property Type Single Family Residence
Price Type --
4 Bedroom + Loft, 3 Baths, 2 Car Garage. KITCHEN: Benton Birch Natural cabinets, Quartz Denali countertops in kitchen, Gas GE Gourmet appliances, Tile backsplash. FLOORING: 6'' x 24'' Wood-look tile, upgraded carpet and pad., mission stair rail Surround sound in great room and loft. Washer dryer and refrigerator

23095 S 230th Street Queen Creek, AZ 85142

$639,900
4 Beds
3 Baths
2,799 SqFt
Status Active
MLS # 6741650
Property Type Single Family Residence
Price Type --
Look no further! This home is gorgeous and spacious all throughout! As soon as you walk to the front entry, you are welcomed with a beautiful custom iron security door. Upon entering, you will notice the beautiful entryway, 10 foot high ceilings, 8ft interior doors throughout, staggered tile throughout in all main walkway areas, and breathtaking huge kitchen. The kitchen features a large island with double the cabinet space on both sides, 42in upper cabinets, quartz counters, tiled backsplash, dual ovens, walk-in pantry, updated new chandelier over dining table, & stainless steel appliances. The split floor-plan is the perfect set-up with a teen/bonus room on one side as well! Master bedroom features 2 walk-in closets, a huge full bathroom with an elegant stand alone tub, & large shower. Recessed lighting in every room! The large laundry room is to die for and it includes a built-in sink and much cabinet space for storage. The huge garage is a 3 car-tandem with epoxy coated floors, and can fit all your toys and full size pick-up truck. R/O and Soft Water System is owned and included with the sale too! Both the front and back of home have added walkway pavers, including a new gazebo with pavers out back and synthetic grass. Back patio has pre-wired ethernet & coax cables with 2 outlets and TV mount for your backyard entertainment! Did I mention the very private backyard that backs up to your neighborhood greenbelt and only single level homes on sides? Other updates include all new interior carpets installed in 2021, new interior paint, new front and back exterior paint, rain gutters, and fiber optic internet available to box. This home does not dissapoint!!

10260 E White Feather Lane Unit 2003 Scottsdale, AZ 85262

$639,900
2 Beds
2 Baths
1,381 SqFt
Status Active
MLS # 6591799
Property Type Townhouse
Price Type --
Gorgeous mountain and golf course view from this 2 bd townhome in the coveted Troon Ridge gated community. Excellent quality in the upgraded rich cabinetry with granite tops and nicely appointed kitchen. Split bedroom layout perfect for guests or office, ample great room with space for large dining table and hutch. Bright and clean this property has been a single owner home and very lightly used. A convenient way to sojourn in the desert surrounded by green golf fairways, mountain vistas, abundant desert landscape and the unique rocky boulder formations specific to Troon. This private gated hidden community has a heated pool, spa, workout facility, tennis clubhouse, plus easy access to Troon North Golf. Close to 101 and the plentiful Scottsdale amenities, restaurants & shopping

491 W Marlin Place Chandler, AZ 85286

$639,900
3 Beds
2 Baths
2,131 SqFt
Status Active
MLS # 6647882
Property Type Single Family Residence
Price Type --
Great corner lot home located in South Chandler. This open 3bd/2ba plus a 3-car garage. Be greeted by the warm ambiance of wood floors and the grandeur of vaulted ceilings, leading you into a dining/living area. Wood shutters throughout. The Office/Den is complete with built-in cabinets and desks that makes it ideal for those that work remotely. The great room enchants with wall niches. Culinary enthusiasts will adore the kitchen, featuring espresso-stained cabinets, stainless steel appliances, a stone backsplash, glossy counters, and a center island with a breakfast bar. Retreat to the main bedroom, a sanctuary with a private bathroom, dual sinks, a soothing tub, and a walk-in closet. Private backyard offers refreshing pool with water feature. Removable pool fence included Outside, unwind under the covered patio or take a dip in the refreshing pool. This gem is the perfect setting for creating lasting memories. Don't miss out on this exceptional home!

17691 W Cottonwood Lane Goodyear, AZ 85338

$639,900
3 Beds
3 Baths
2,202 SqFt
Status Active
MLS # 6722226
Property Type Single Family Residence
Price Type --
Welcome Home!!! This gorgeous 3 bedroom 3 bath home with a Casita at the desirable 55+ active community of CantaMia/Province at Estrella Mountain Ranch in in a fantastic location. Close to restaurants, shopping, parks & golfing at the Golf Club of Estrella. As soon as you step into this gated community home, you can see the pride of ownership with all that has been done. This elegant kitchen offers granite counter tops, a large island/breakfast bar for extra prep & storage, black appliances, filtered water, a pantry, full height travertine backsplashes & stunning crown molding cabinetry. Your spacious master suite offers a plethora of natural light from your bay windows, a walk in closet, dual vanity, a walk in shower & soaking tub to enjoy, as well as direct access to your backyard oasis . This gated community home also offers paid for solar (owned/no lease), upgraded ceiling fans & lighting, a casista with a full bathroom, a neutral paint scheme with accent walls, a den/office area to utilize, a 2 car garage with a water softener & central vacuum system, as well as a backyard oasis that includes a large covered patio, extended travertine pavers, mature desert landscaping & a sparkling heated pool to enjoy all year round. Your community at CantaMia has so much to offer to it residents. There is a state of the art fitness center with massage & spa rooms, an indoor & outdoor pool, a billiards room, library, lounge, numerous crafts & workshops, a cyber cafe & a demonstration kitchen, a dog park, as well as outdoor activities such as: pickleball, bocce ball, horseshoes & tennis courts are available at Estrella. This gem in the desert is a Great Buy & a Must See!!! **Furniture is available on a separate bill of sale.

1391 N Alexis Drive Gilbert, AZ 85234

$639,900
3 Beds
2 Baths
2,108 SqFt
Status Active
MLS # 6737857
Property Type Single Family Residence
Price Type --
Welcome to 1391 North Alexis Drive where curb appeal greets you when arriving at this beautiful, updated home on a corner lot (with a neighbor only on one side!). Every smart buyer is sure to appreciate that the driveway is shaded by a Texas Mountain Laurel and the front windows and yard are shaded by a gigantic Texas Ebony Tree. This home is well-landscaped in the front and backyard with mature shrubs and palms. Now, step inside and fall in ''house-love''! This home features a spacious split floor plan with the primary bedroom to the right upon entering, and the other bedrooms at the opposite end of the house, with a ton of amazing features in between, including a home office! Sky-high vaulted ceilings and an abundance of natural light can be found throughout this home, and the light colored wood like tile flooring perfectly compliments the cool color palette. Are you seeking a spacious living room that can accommodate gigantic sofas or sectionals and a flatscreen TV with views of your backyard oasis? Picture yourself entertaining in this crisp kitchen with stainless steel appliances including a double oven and brand new dishwasher, overlooking a sizable formal dining room and unique home bar. There's so much to enjoy! Down the hall, you'll find the linen closet and two secondary bedrooms which are about equal in size and share a full bath. The home office overlooks the entryway to the home so you can keep an eye on things while you WFH, OR convert it easily into bedroom #4. The primary bedroom has more views of that backyard oasis, and can accommodate sizable bedroom furniture. There's a private en suite bathroom with separate shower and tub, two sinks, a LARGE capacity walk-in closet. There's even more fun to be found out back in the U-shaped backyard where you can have it all! Enjoy your covered patio while you gaze beyond the walls at your neighborhood scenery with soaring palms and views of lush leafy trees, take a dip in your sparkling pool, entertain outdoors with the massive island and built in grill, and have peace of mind knowing that your dogs or other pets are safe with their own gated area with newer gravel and turf. The Superstition Meadows neighborhoods have such a great sense of community, host holiday events, and boast many original owners and so many friendly faces. THIS is the place you'll want to call home for years to come, so get ready to plant some roots on Alexis Dr!

7822 W Donald Drive Peoria, AZ 85383

$639,900 - 4Br/3Ba -  for Sale in Fletcher Heights Phase 2b-1 And 2b-2, Peoria
Open House
$639,900
4 Beds
3 Baths
2,512 SqFt
Status Active
MLS # 6744560
Property Type Single Family Residence
Price Type --
WELCOME HOME to this beautifully updated home in the highly desired Fletcher Heights Community. This stunning home features numerous modern upgrades and thoughtful details throughout, making it the perfect blend of comfort and style. Newer carpet and luxury vinyl plank (LVP) flooring throughout the entire home. Enjoy a partially remodeled kitchen, updated in 2024. New lighting fixtures and recessed canned lighting create a warm and freshly painted interior complemented by new 5 ½'' baseboards for a crisp, finished look. Convenient full bathroom on the main floor. The downstairs den can serve as a guest suite or home office, with a full bath adjacent. Modern ceiling fans and updated doorknobs/hardware throughout the home. A stylish barn door adds character and functionality to the laundry area. Bathrooms have been tastefully updated in 2024 with modern finishes. The front yard features low-maintenance rock landscaping and artificial turf. Relax in your sparkling pool with a newer pool pump and filter, perfect for those hot summer days. 22O volt plug installed outside for a future hot tub/jacuzzi if desired. Situated on a large lot with picturesque mountain views. The Fletcher Heights community, has easy access to restaurants, shopping, freeways, and more. This home offers the perfect combination of modern amenities, beautiful design, and a convenient location. Don't miss out on this incredible opportunity!

920 E Mitchell Dr Drive Unit 102 Phoenix, AZ 85014

$639,900 - 3Br/3Ba -  for Sale in Mitchell Lofts Condominium, Phoenix
Open House
$639,900
3 Beds
2.5 Baths
2,212 SqFt
Status Active
MLS # 6722414
Property Type Townhouse
Price Type --
Jaw dropping modern townhouse in prime location of Phoenix. This townhouse offers you 2200 sq ft of real estate heaven. 3 bedrooms, 2.5 bath, and 2 car garage. Vaulted ceilings in living room with an open kitchen concept. Unit has a rooftop deck thats accessible by a spiral staircase off the great room balcony. Master bedroom has an amazing ensuite that includes dual vanity, walk in shower w/ separate tub. Kitchen includes granite countertops, ss appliances, wine fridge, custom paint through out, store front windows with coverings, ceramic tile through out main floor and luxury plank vinyl flooring on lower level. Lower level includes 2 bedrooms, full bathroom and family room. This Place will not disappoint!

22908 N Las Vegas Drive Sun City West, AZ 85375

$639,900 - 3Br/2Ba -  for Sale in Sun City West Unit 57, Sun City West
Open House
$639,900
3 Beds
2 Baths
2,145 SqFt
Status Active
MLS # 6739579
Property Type Single Family Residence
Price Type --
REDUCED!! Welcome to this exceptional Lakeside model featuring three bedrooms and a spacious 2.5-car garage. Ideal for owners with full-size trucks, this home boasts stacked stone accents trimming the front, along with a pergola and a covered back patio. Numerous updates throughout provide modern convenience. Additional amenities include an extra refrigerator in the garage and an owned solar system. Positioned along the 5th hole of the Desert Trails golf course, this residence is nestled within Sun City West, renowned for its nine golf courses, four recreation centers, and numerous pickleball courts.

10545 E Hawk Avenue Mesa, AZ 85212

$639,890
4 Beds
3.5 Baths
2,975 SqFt
Status Active Under Contract
MLS # 6688652
Property Type Single Family Residence
Price Type --
PRICED BELOW COMPS!! Instant equity!! *Ask about seller concessions!* You must see this STUNNING home in Eastmark! This inviting and expansive floor plan is crafted for boundless opportunities, featuring modern color schemes, striking designer accent walls, and numerous upgrades throughout. This exquisite home features 4 bedrooms, 3.5 bathrooms, an office/den AND a loft as well as both a 2-car garage and another single-car garage. The private master suite on the lower level elevates the sense of luxury within the home. The kitchen stands out with its sleek light-colored cabinets, high-end stainless steel Whirlpool appliances, spacious island, walk-in butler's pantry, and a quaint breakfast nook, all flowing seamlessly into the family room for the ultimate gathering space... A massive 17-foot sliding door in the family room reveals a beautifully landscaped backyard with both a pomegranate and grapefruit tree. This backyard offers privacy with no back neighbors and an ideal indoor/outdoor living ambiance. Among the numerous upgrades are in-ceiling surround sound, a comprehensive home water softener, a central vacuum system, automated roller shades, custom-built entryway storage, epoxy-coated flooring in the single-car garage, external security cameras, and the home is plumbed for both a gas cooktop in the kitchen and gas bbq in the backyard. Moreover, the Eastmark community offers unparalleled fun at the community center which is exclusive to residents. It's filled with kid and family-friendly activities such as Shuffle Board, Skee Ball, Foosball, and Pool Tables, along with a massive Scrabble Wall, a toddler play zone, and relaxing loungers by the community pool, complemented by the adjacent Award-Winning Handlebar Diner. But the entertainment options at Eastmark extend beyond the community center. The Community Life team organizes a vibrant array of events, including holiday parties, sports tournaments, story times, and various clubs to suit every interest. Adventure further unfurls at the Eastmark Great Park, a playground of excitement with a Splash Pad, Community Pool, Event Pavilion, the iconic Orange Monster Climbing Playground, an 18-hole Disc Golf Course, Sand Volleyball courts, and so much more, all set within a community that boasts award-winning schools within walking distance. Eastmark is a community designed for boundless fun, engagement, and exploration. *NEW water heater-2023 *A/C unit serviced 2024, new capacitor

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