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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2436 E Balsam Drive Chandler, AZ 85286

Open House

$758,000

3 Beds

3 Baths

2,531 SqFt

Status Active

MLS # 6727649

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautifully maintained home with fresh neutral paint throughout, creating a classy ambiance. The kitchen is equipped with stainless steel appliances and a stylish island. The primary bedroom features a large walk-in closet and an en suite bathroom with double sinks, a separate tub, and a shower, blending taste with functionality. Step into the backyard to enjoy a covered patio, perfect for outdoor dining, and a private in-ground pool, the focal point of the fully fenced yard offering security. Recent flooring upgrades seamlessly blend traditional charm indoors. This home offers modern living with comfort, beauty, and style. Discover your home sweet home right here!

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3031 E Vermont Drive Gilbert, AZ 85295

$757,500

3 Beds

2 Baths

2,289 SqFt

Status Active

MLS # 6718530

Property Type Single Family Residence

Price Type --

Price Reduction! Beautifully upgraded 3 bedrooms/2 bath home with a den. This stunning single-story home in coveted West Chaparral Estates. The open split floor plan features numerous upgrades, creating an immaculate and turnkey space. The large family room seamlessly connects to the kitchen, which boasts beautiful granite countertops, an island with a breakfast bar, and a separate dining area. Plenty of cabinets and counter space, and stainless steel appliances with a spacious pantry. Storage abounds, including a 3-car garage. Spacious master suite includes a huge walk-in closet & a gorgeous open master bath. The finished garage floor adds a polished touch. The oasis backyard features a sparkling pool with an auto-timed multi colored light that can be set to come at dusk new pool pump 2023. Recently painted inside and out. Maticulasly maintained.

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7206 W Gambit Trail Peoria, AZ 85383

$756,990

3 Beds

2.5 Baths

2,510 SqFt

Status Active

MLS # 6663369

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Ready for immediate move-in, this Parklane residence boasts a chef's kitchen with granite countertops, stainless steel appliances, and a generous pantry. Enhanced with upgraded flooring throughout, the home features a master bathroom with a luxurious glass walk-in shower.

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103 E Atacama Lane Queen Creek, AZ 85140

$756,900

2 Beds

2.5 Baths

2,123 SqFt

Status Active

MLS # 6737932

Property Type Single Family Residence

Price Type --

Discover the popular Captivate model located in the gated community of Encanterra Country Club. This impeccably maintained home is situated on a peaceful corner lot with convenient access to both Clubhouses. Enter through the inviting gated courtyard and step into a designer-built home that boasts neutral tones, plank tile flooring and elegant custom shutters throughout. The open room floor plan is perfect for entertaining, featuring a spacious living area with surround sound, a gas fireplace, and a niche wall. The dream kitchen includes upgraded white cabinetry, granite countertops, a stainless steel appliance package, and a large center island. Step out back and enjoy the well maintained yard. Built in BBQ, expanded stone pavers and mature trees. Make this home yours today!

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1422 S Apache Drive Chandler, AZ 85286

$755,000

5 Beds

3 Baths

3,290 SqFt

Status Active

MLS # 6747006

Property Type Single Family Residence

Price Type --

Your dream home awaits in Carrizal Community! This 5-bed, 3-bath home with a bonus room features a 3-car garage, mature landscaping, and a cozy porch. Inside, enjoy a bright living room, formal dining, and a family room with pre-wired surround sound and a fireplace. The kitchen offers granite counters, white cabinets, a center island, and stainless steel appliances, refrigerator, washer and dryer. The upstairs loft and large bonus room are perfect for a spacious office or homeschool room. The main bedroom boasts vaulted ceilings, wood-look flooring, and a walk-in closet. The backyard is an oasis with a pool, easy-to-set-up fencing, and view fencing that opens to a common area with mature vegetation. Located in a quiet neighborhood with easy access to Loop 202, this home is a must-see! Offering a covered patio, grassy area, and a refreshing pool. A deal like this won't disappoint!

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7629 S Los Feliz Drive Tempe, AZ 85284

$755,000

3 Beds

2 Baths

1,997 SqFt

Status Active Under Contract

MLS # 6751102

Property Type Single Family Residence

Price Type --

This captivating property is bound to WOW you! Wide open floorplan with an abundance of natural light & lots of options in which to furnish it. Modern charm meets convenience in this fully updated single-family home with high vaulted ceiling. Entertain in style with a gourmet kitchen and spacious island boost to a GREAT ROOM floorplan. Enjoy working from home in the Office/Den looking over the pool. Isolated primary bedroom with full bathroom includes dual sinks, large shower and free-standing soaking tub. Beautiful ''wood-like'' plank flooring throughout. Enjoy Artificial turf and freshly resurfaced pool in the backyard. Quick access to the 101, the 60, the I-10, the 202, Chandler Fashion, and a 15 minute ride to ASU, Downtown Phoenix and Old Town Scottsdale.

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501 E Desert Hills Estate Drive Phoenix, AZ 85086

New

$755,000

3 Beds

2 Baths

1,933 SqFt

Status Active

MLS # 6760740

Property Type Single Family Residence

Price Type --

This beautifully remodeled 3-bedroom, 2-bathroom residence boasts 1,933 sq ft of modern living space on a spacious .83-acre corner lot w/NO HOA. Step inside to discover a bright, open floor plan with a fully updated Kitchen with stylish quartz countertops, vinyl flooring, appliances including an electric range stove, fridge, dishwasher & built-in microwave. Enjoy the convenience of a wine fridge and relax knowing that the brand-new A/C & heating system will keep you comfortable year-round. This property is an equestrian enthusiast's paradise! With horse stalls, a corral, two RV gates,2 sheds, there's plenty of room for your animals, trailers and toys! Enjoy the tranquility of country living close to amenities. Don't miss out on this rare opportunity & make this stunning property your own

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9922 W Jessie Lane Peoria, AZ 85383

New

$755,000

4 Beds

2.5 Baths

2,422 SqFt

Status Active

MLS # 6759928

Property Type Single Family Residence

Price Type --

Your next home is here! This perfect property at Sunset Ranch next to the highly desirable Meadows Community in North Peoria offers great curb appeal, easily manicured landscaping, a 3 car garage AND RV gate/parking. The impressive interior boasts a spacious open layout with separate living & dining areas, den with double barn doors that could be an extra bedroom or an office, tall ceilings with crown moulding, wood-look plank tile flooring, soft carpet, and neutral paint throughout. The kitchen features staggered cabinets with more crown moulding, matching appliances, ample counters and an island with breakfast bar. The large owner's suite has outdoor access, seating area, and an ensuite with dual porcelain vessel sinks, a separate tub & shower, and a walk-in closet. The entertainer's backyard is comprised of an extended covered patio, a built-in eat-in bar, attached pergola, year-round lush green lawn and a crystal blue pool. Cap all those features off with neighborhood amenities, including a pickleball courts, playgrounds, walking paths and more! Hurry and make an offer, this home won't last!!

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9532 W Fossil Creek Road Pine, AZ 85544

$755,000

3 Beds

2 Baths

1,872 SqFt

Status Active

MLS # 6728737

Property Type Single Family Residence

Price Type --

Beautifully cabin just finished in 2023 with 3 bedrooms 2 bath and over-sized garage. Trex decking and LP smart siding makes gives a beautiful finish while keep maintenance at a minimum. Covered patios on both front and back. Open floor plan with kitchen/great room as well as exposed heavy timber trusses make it an entertainer dream. Split floor plan with walk-in shower and his and her closets. This property is ready to go and needs nothing!!!

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3082 E Jade Court Chandler, AZ 85286

$755,000

3 Beds

2.5 Baths

2,487 SqFt

Status Active

MLS # 6671689

Property Type Single Family Residence

Price Type --

Discover this Gem in the Highly Coveted Subdivision of Layton Lakes! Move-in Ready, & situated on a Cul de Sac Street, it features 3BR, 2.5BA+Den+a Bonus Room/Game Rm & Great Room Open Concept Living! Many interior upgrades & a Sparkling Pebble Finish Pool w/Cool Decking, New Pool Pump 2024 & an Expanded Covered Patio! Wood-look Tile throughout, Wish-List Kitchen w/all the touches: Huge Center Island, Breakfast Area, Gorgeous Granite, upscale GE Monogram S/S Appliances; 5-Burner Recessed Gas Cooktop, S/S Range Hood, Expansive Cabinetry w/Crown Molding, End Caps & Roll Outs, Large Walk-in Pantry. Spacious MBTH w/Large, Walk-in Travertine Rain Shower & HUGE Walk-in Closet! BRs 2&3 w/Large Closets! Ideal Chandler Location! Home's Interior just Freshly Painted a Beautiful Neutral Color!

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4812 E Aire Libre Avenue Scottsdale, AZ 85254

$755,000

3 Beds

2 Baths

1,850 SqFt

Status Active Under Contract

MLS # 6679982

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning, newly renovated property boasts exquisite features that will make you fall in love with it at first sight. As you step through the iron and glass front door, you'll be greeted by a spacious, open-concept living area, complete with luxury vinyl plank flooring finished with gorgeous white 4.5-inch standard baseboards. Imagine yourself cooking in the beautifully designed kitchen, which comes fully equipped with all-new stainless steel appliances, highlighted by an induction top range and pot filler. White quartz marble countertops and a 5'X9' island combine functionality and elegance while the shaker cabinets and pantry allow for ample storage space. As you make your way through the home, you'll notice the natural light brightness due to the abundance of windows. In the great room, you will find a modern fireplace with a cement hearth, perfect for cozy nights in. The primary bathroom is a true oasis, with white penny tile flooring throughout. The rainfall showerhead provides an elegant and luxurious way to wash away the stress of the day, while the adjacent stand-alone tub offers an indulgent soak in a spa-like atmosphere. His and hers sinks with motion sensor-activated lighting add a touch of luxury, and the separate toilet closet ensures privacy. The large walk-in closet provides generous space for all your belongings. The third bedroom is versatile and can be used as an office space, with its iron and glass French doors providing both functionality and aesthetic appeal. As you step into the spacious 3-car garage, you'll notice the plentiful cabinet storage. The workbench is perfect for anyone who wants to be handy around the house and make it easy to take on any project. The expansive yard space is an outdoor enthusiast's dream, with 15'X30' artificial turf and a vegetable garden perfect for growing your own produce. The 50-gallon compost bin is an additional bonus, and the dog door provides your furry friend with easy access to the backyard. With it's large lot, there's even enough yard space to add a pickleball court as well! When you want to get outside and stretch your legs, the secluded and gated Tatum Square Park is only a 5 minute walk down the street. This home is truly a must-see and is waiting for you to make it your own. Don't miss out on this incredible opportunity to own a piece of paradise!

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22444 E Orchard Lane Queen Creek, AZ 85142

$754,990

4 Beds

3 Baths

3,220 SqFt

Status Active

MLS # 6690240

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Enchantment series resides within the sought-after Harvest community, nestled in its own gated enclave. Positioned conveniently opposite swimming pools, a catch-and-release lake, and a park, it offers a serene retreat away from the hustle and bustle yet remains close to shopping and entertainment amenities. The spacious kitchen, complete with an island and pantry, caters perfectly to entertaining or unwinding. Located next to open space at end of the street. Don't let this opportunity pass you by.

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