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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2 N County Road N2147 -- Alpine, AZ 85920

$580,000
3 Beds
3 Baths
1,955 SqFt
Status Active
MLS # 6757547
Property Type Single Family Residence
Price Type --
Bring your family and horses home to this beautiful, well appointed, tri-level log home. Tucked back in the woods, this secluded gem sits upon 4.34 acres with 3 state of the art horse corrals nestled under the home. Entertain with family and friends on the large porch as you watch the wildlife in the yard. Garage has been converted to walk out basement with French doors, kitchenette, perfect for a game room or separate living quarters bedroom & bathroom. The upstairs loft has a nice size bedroom with bath. Enter the main floor to the kitchen with Jenn-Air gas stove, great room, bedroom, bathroom and separate office/study. Great room boasts ceiling height windows for a lovely view of the trees. Bring your family and horses home to this beautiful, well appointed, tri-level log home. Tucked back in the woods, this secluded gem sits upon 4.34 acres with 3 state of the art horse corrals nestled under the home. Entertain with family and friends on the large porch as you watch the wildlife in the yard. Garage has been converted to walk out basement with French doors, kitchenette, perfect for a game room or separate living quarters bedroom & bathroom. The upstairs loft has a nice size bedroom with bath. Enter the main floor to the kitchen with Jenn-Air gas stove, great room, bedroom, bathroom and separate office/study. Great room boasts ceiling height windows for a lovely view of the trees. Behind the home has flat area that would be perfect for a horse corral or plenty of other toys. The details in this home are very rustic and would make for perfect year round or seasonal living. The circular drive allows for horse trailers or toys to turn around with ease. Home is well equipped for horses. Also would be a great opportunity for a short term rental. Come and see the home at the end of the trail. ONE ACRE HAS BEEN SURVEYED & REMOVED/PRICE REDUCED.

17416 E Windstone Trail Rio Verde, AZ 85263

$580,000
4 Beds
2 Baths
2,331 SqFt
Status Active
MLS # 6487563
Property Type Single Family Residence
Price Type --
HOME IS COMPLETE AND MOVE IN READY NEW BUILD ON AN ACRE AND A QUARTER LOT WITH BREATHTAKING MOUNTAIN VIEWS. THIS 4 BEDROOM HOME HAS 2331 SQFT, OPEN KITCHEN WITH UPGRADED CABINETS, ISLAND, GRANITE COUNTERS, STAINLESS STEEL APPLIANCES, DOUBLE OVENS, 36'' COOKTOP, CUSTOM EXHAUST HOOD, MICROWAVE, FARMER SINK AND A WALK IN PANTRY. GREAT ROOM WITH FIREPLACE. MASTER BEDROOM HAS A LARGE WALK IN CLOSET, 36'' HIGH VANITY WITH DUAL SINKS AND GRANITE TOPS, SEPARATE TUB/SHOWER WITH TILE SURROUNDS. EXTRA LARGE LAUNDRY ROOM WITH DEEP SINK. UPGRA

17424 E Windstone Trail Rio Verde, AZ 85263

$580,000
4 Beds
2 Baths
2,311 SqFt
Status Active
MLS # 6487578
Property Type Single Family Residence
Price Type --
NEW BUILD ON AN ACRE AND A QUARTER LOT WITH BREATHTAKING MOUNTAIN VIEWS. THIS 4 BEDROOM HOME HAS 2311 SQFT, OPEN KITCHEN WITH UPGRADED CABINETS, ISLAND, GRANITE COUNTERS, STAINLESS STEEL APPLIANCES, DOUBLE OVENS, 36'' COOKTOP, CUSTOM EXHAUST HOOD, MICROWAVE, FARMER SINK AND A WALK IN PANTRY. GREAT ROOM WITH FIREPLACE. MASTER BEDROOM HAS A LARGE WALK IN CLOSET, 36'' HIGH VANITY WITH DUAL SINKS AND GRANITE TOPS, SEPARATE TUB/SHOWER WITH TILE SURROUNDS. EXTRA LARGE LAUNDRY ROOM WITH DEEP SINK. UPGRA

17408 E Windstone Trail Rio Verde, AZ 85263

$580,000
4 Beds
2 Baths
2,311 SqFt
Status Active
MLS # 6487552
Property Type Single Family Residence
Price Type --
HOME IS COMPLETE AND MOVE IN READY NEW BUILD ON AN ACRE AND A QUARTER LOT WITH BREATHTAKING MOUNTAIN VIEWS. S THIS 4 BEDROOM HOME HAS 2311 SQFT, OPEN KITCHEN WITH UPGRADED CABINETS, ISLAND, GRANITE COUNTERS, STAINLESS STEEL APPLIANCES, DOUBLE OVENS, 36'' COOKTOP, CUSTOM EXHAUST HOOD, MICROWAVE, FARMER SINK AND A WALK IN PANTRY. GREAT ROOM WITH FIREPLACE. MASTER BEDROOM HAS A LARGE WALK IN CLOSET, 36'' HIGH VANITY WITH DUAL SINKS AND GRANITE TOPS, SEPARATE TUB/SHOWER WITH TILE SURROUNDS. EXTRA LARGE LAUNDRY ROOM WITH DEEP SINK. UPG

17437 E Cascalote Drive Rio Verde, AZ 85263

$580,000
4 Beds
2 Baths
2,331 SqFt
Status Active
MLS # 6487582
Property Type Single Family Residence
Price Type --
NEW BUILD ON AN ACRE AND A QUARTER LOT WITH BREATHTAKING MOUNTAIN VIEWS. THIS 4 BEDROOM HOME HAS 2331 SQFT, OPEN KITCHEN WITH UPGRADED CABINETS, ISLAND, GRANITE COUNTERS, STAINLESS STEEL APPLIANCES, DOUBLE OVENS, 36'' COOKTOP, CUSTOM EXHAUST HOOD, MICROWAVE, FARMER SINK AND A WALK IN PANTRY. GREAT ROOM WITH FIREPLACE. MASTER BEDROOM HAS A LARGE WALK IN CLOSET, 36'' HIGH VANITY WITH DUAL SINKS AND GRANITE TOPS, SEPARATE TUB/SHOWER WITH TILE SURROUNDS. EXTRA LARGE LAUNDRY ROOM WITH DEEP SINK. UPGRA

7557 E Sierra Morena Circle Mesa, AZ 85207

$580,000
3 Beds
2 Baths
1,571 SqFt
Status Active
MLS # 6756011
Property Type Single Family Residence
Price Type --
Who's ready for one of the nicest homes in NE Mesa? This lovely ranch-style home is nestled in the master planned & GATED COMMUNITY of Las Sendas, a world-class golf resort community in the foothills of NE Mesa. This 3 bedroom, 2 bathroom home is a perfect blend of COMFORT, STYLE and LUXURY. Enjoy an OPEN CONCEPT great room and remodeled kitchen, bathed in natural light. The QUARTZ countertops in the kitchen gleam under the soft glow of the lights, and ample STORAGE will help you keep your home well organized. The SPLIT BEDROOMS offer privacy and a serene space for rest and rejuvenation, each one a cozy retreat. The MASTER ENSUITE is a sanctuary of relaxation, featuring a remodeled bathroom with walk-in shower, soaking tub & 2 sinks, perfect for unwinding after a long day...(click more) Step outside to your private oasis, with easy-care artificial turf putting green on an oversized cul-de-sac yard and a covered patio perfect for alfresco dining, or simply enjoying a cup of coffee in the morning. This home is more than just a place to live; it's an easy-living, luxury LIFESTYLE. As a resident of Las Sendas, you'll have access to sophisticated community AMENITIES including additional POOLS, spas, PICKLEBALL, tennis courts and many parks. Experience the joy of living in a community that offers a perfect balance of active lifestyle and serene living. Whether you're an avid golfer, a nature lover, or someone who appreciates the finer things in life, this home at 7557 E Sierra Morena Circle is the perfect place for you. Don't miss this opportunity to own a piece of paradise in Mesa, Arizona. Come today and experience the magic of this home for yourself. Per Sellers, these are items replaced or improved and the corresponding dates: HVAC - 4 Ton 16 Seer, March 2015 Home windows - (Dual Pane 270 Low-E Glass) March 2024 Electric water heater - Nov. 2010 Floors - Tile floors throughout - bathrooms, living space, kitchen, hallways - Sept. 2013 Floors - Tile floors all bedrooms - Sept. 2018 Garage cabinets - June 2018 Paint - Exterior of house and back wall - October 2022 Master and second bathroom remodel - Sept. 2013 Kitchen remodel - Oct. 2018 Landscaping - Putting green, Irrigation, Rock (river rock, 1 rock, ¼ minus) - May 2022

18531 W Thistle Landing Drive Goodyear, AZ 85338

$580,000 - 4Br/3Ba -  for Sale in Estrella Parcel 9.8, Goodyear
New
$580,000
4 Beds
3 Baths
2,593 SqFt
Status Active
MLS # 6761534
Property Type Single Family Residence
Price Type --
Tucked within the breathtaking Estrella Mountain Ranch, this Next Gen home seamlessly blends privacy, elegance, and modern living. Situated on a private lot with serene views of a peaceful common area, this home offers a rare opportunity for multigenerational living with two homes under one roof. Thoughtfully designed, this Lennar® Next Gen model includes a separate suite complete with its own entrance, kitchen, living room, bedroom, and bathroom—ideal for extended family, guests, or even a private office. The possibilities are limitless! Located in the expansive 20,000-acre master-planned community of Estrella in Goodyear, residents are welcomed into a lifestyle defined by natural beauty and world-class amenities. Estrella features over 500 acres of parks and open space including 72 acres of lakes for boating and fishing. Residents enjoy exclusive access to the Starpointe Residents Club, two fitness centers, a refreshing water park, and miles of scenic hiking trails and bike paths. Sports enthusiasts can take advantage of basketball, volleyball, pickleball, and tennis courts. For golf lovers, the nearby Jack Nicklaus-designed championship course at The Golf Club of Estrella is a dream come true. And for those seeking relaxation, Estrella's resort-inspired atmosphere, surrounded by the Sierra Estrella Mountains and the Sonoran Desert Valley, offers a peaceful retreat just 17 miles from downtown Phoenix. This home offers more than just a place to liveit opens the door to the unrivaled lifestyle Estrella Mountain Ranch is known for. This community truly has something for everyone.

20627 W Luke Avenue Buckeye, AZ 85396

$580,000
2 Beds
2 Baths
1,577 SqFt
Status Active
MLS # 6752899
Property Type Single Family Residence
Price Type --
Discover this charming 1,577 sq. ft. Single story home located in the vibrant Victory District of Verrado, a premier 55+ active adult community. This beautifully designed residence features 2 spacious bedrooms, a versatile den perfect for a home office and 2 modern bathrooms. With a layout that emphasizes comfort and functionality, you'll enjoy open-concept living areas, stylish finishes, and access to the community's extensive amenities, including golf courses, pickle ball, tennis courts, pools, walking trails, and social clubs. Ideal for those seeking an active, engaging lifestyle in a welcoming neighborhood.

5616 S Warren -- Mesa, AZ 85212

$580,000
3 Beds
3 Baths
1,940 SqFt
Status Active
MLS # 6756006
Property Type Single Family Residence
Price Type --
Beautiful 3 bed, 3 bath upgraded home on a corner lot with a private POOL! This is a NextGen home that features an attached private suite with its own entrance, kitchenette, living room, bedroom, and bathroom. The main home features 2 beds, 2 baths with a great room concept, split floor plan, vaulted ceilings & tons of natural light. The kitchen features white cabinetry, all stainless steel appliances, granite countertops & large pantry. Your backyard oasis features a dog run, play pool with baha shelf and water feature! With beautiful pavers and turf it's perfect for entertaining family and friends. Located in the highly sought after community of Cadence at Gateway, which has a fitness center, game room, community pools, spa & waterslide! So much more, you've got to see it for yourself.

15170 W Corrine Drive Surprise, AZ 85379

$580,000
5 Beds
3.5 Baths
2,928 SqFt
Status Active Under Contract
MLS # 6746709
Property Type Single Family Residence
Price Type --
This stunning home in the highly desirable Marley Park neighborhood combines charm, functionality, and energy efficiency with owned solar. The quintessential Marley Park front porch, accented with stone and a picturesque sidewalk, leads to a spacious interior designed for modern living. The primary suite is conveniently located on the first floor, featuring a luxurious bathroom with upgraded tile shower and bath surround, frameless glass shower door, dual sinks with granite counters, and two separate walk-in closets. Upstairs, four spacious bedrooms provide ample room for everyone, with two sharing a Jack-and-Jill bathroom and the other two enjoying a hall bathroom. Three of these bedrooms feature walk-in closets, ensuring plenty of storage space. The main living areas are adorned with white wooden shutters and beautiful flooring, with no carpetjust tile and high-quality wood-look laminate. The heart of the home, the kitchen, is a chef's dream with a large island, custom pendant lighting, quartz counters, white cabinets, a custom tile backsplash, and stainless steel appliances. A butler's pantry adds extra storage and convenience, complete with additional cabinets, a spacious food pantry, and a separate beverage refrigerator. A large den/office/bonus room near the front door offers flexibility for various uses, while the built-in organization nook with shelves, hooks, and a sliding barn door keeps clutter hidden. The laundry room, also located downstairs, features extra storage cabinets, a quartz counter, utility sink, and an additional storage closet. The home's powder room has been tastefully updated with a new vanity, mirror, and fresh paint. The backyard is a true oasis, featuring a heated pool with a pebble finish, custom LED resort lighting, and a tranquil water feature. The travertine pool surround and stone planter lined with mature ficus trees offer both beauty and privacy. Additionally, the side yard is equipped with artificial turf, perfect for pets. The home's 3-car tandem garage, with spotless epoxy flooring, built-in cabinets, and an overhead storage rack, along with an extra-long driveway, ensures ample parking and storage. With owned solar, this home offers energy efficiency to match its exceptional style. All of this located in the amazing community of Marley Park, featuring three community pools and 21 unique parks connected by an Arbor Walk and within walking distance to schools.

19591 W Lincoln Street Buckeye, AZ 85326

$580,000
4 Beds
2.5 Baths
3,428 SqFt
Status Active
MLS # 6748422
Property Type Single Family Residence
Price Type --
This beautifully upgraded home is the one you've been looking for! Step inside to be greeted by an expansive interior, where soaring ceilings and a calming, contemporary color scheme create a serene ambiance. The sleek tile flooring and modern recessed lighting enhance the sophisticated atmosphere. The kitchen is a true chef's delight, featuring ample cabinetry with elegant crown molding, luxurious quartz countertops, and state-of-the-art stainless steel appliances. The large island, with its breakfast bar, serves as the centerpiece of this culinary haven, complemented by a walk-in pantry that offers plenty of storage. Upstairs, a versatile loft space is ideal for a home office, media room, or play area. The primary suite is a sanctuary of comfort, bathed in natural light and offering a pristine ensuite with dual vanities and a spacious walk-in closet. The impressive outdoor space is designed for entertaining. The extended patio provides a perfect setting for gatherings, whether for a quiet evening or a lively celebration. This is a rare opportunity to own a truly exceptional home, don't miss out!

9038 W Orchid Lane Peoria, AZ 85345

$580,000
4 Beds
2.5 Baths
2,437 SqFt
Status Active
MLS # 6738790
Property Type Single Family Residence
Price Type --
Discover this beautifully maintained single-story home nestled in a gated community on a quiet Cul-De-Sac. The kitchen is a chef's dream with granite countertops, a large island adorned with pendant lights, a gas cooktop, stainless steel appliances, and LED lighting, all complemented by high ceilings. The split floor plan includes a versatile flex room, perfect for a home office or playroom. The luxurious primary bathroom boasts a soaking tub and a spacious frosted glass tiled shower, alongside a generous walk-in closet. The tandem 3-car garage provides ample storage space. Enjoy the low-maintenance backyard, complete with artificial turf, a dog run, an RV gate, a kids' play structure. Plus, there are no two-story homes behind the property, ensuring privacy. Conveniently located, close to The Westgate Entertainment Complex! This home offers both tranquility and entertainment at your doorstep.

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