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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1116 W Courtney Lane Tempe, AZ 85284

$745,000

4 Beds

3 Baths

2,578 SqFt

Status Active

MLS # 6735488

Property Type Single Family Residence

Price Type --

$10,000 Buyer Concessions! Beautifully maintained North/South 4 BEDROOM 3 BATH 3 CAR GARAGE with RV GATE with 39 foot driveway on LARGE LOT in desirable SIERRA TEMPE! Split 4th Bedroom/Bath*Gas Heating/Hot Water(SWG)*Big Ticket Items-Roof & Multi-Zone A/C-have been replaced * INCLUDED with home: 2024 Upgraded Whirlpool Refrigerator, Upgraded Samsung W/D , ASG Security System and Clear Concepts soft water system (exterior spigots also plumbed with soft water) ** Quick access to I-10 & 202 Freeways, Sky Harbor Airport, Chandler Fashion Mall, 2 Outlet Malls & shopping of every kind! Variety of Restaurants too! A few minute drive to 8th Largest Park in US-South Mountain Park(16,000 acres)which offers 58 miles of hiking/biking! Kyrene School District. Campbell Community Park a short walk.

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2740 Dillon Boulevard Chino Valley, AZ 86323

$745,000

3 Beds

2.5 Baths

2,150 SqFt

Status Active

MLS # 6657252

Property Type Single Family Residence

Price Type --

REDUCED! 3-bedroom 2.5 bath new build home in Beautiful Chino Valley. Only 20-minute drive to Prescott. This model named The Orchard has a livable split floor plan and is 2150 SF. There is a 2 car, side entry garage plus a large RV garage with a 240 RV 50-amp outlet, both are insulated, & temperature controlled with electric door openers. The lot is 1.007 acres with a fenced rear yard. Upgrades include a garage service door, a beautiful colorizing upgrade, Sonoma Maple 42'' kitchen cabinetry with granite tops, crown molding plus added laundry cabinets. There is a door between the Owners suite bedroom and the laundry room. See floorplan on Docs tab. Come see this beautiful home

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1911 E Olive Court Gilbert, AZ 85234

$745,000

3 Beds

3 Baths

2,886 SqFt

Status Active

MLS # 6704501

Property Type Single Family Residence

Price Type --

BACK ON THE MARKET! Buyers failed to fund. $20K BELOW APRAISD VALU This beautiful 3 bedrm home was built with your family in mind! Nestled in a quaint cul de sac in Sonoma Ranch, just walking dist. from the Elem School. Extrmly lg back yard offers plenty of possibilities for the kids & they'll spend countless hours in the newly resurfaced pool with new cool deck and a new variable speed pump all redone in 2023. Enjoy the cool evenings and beautiful sunrises on the lg balcony directly off your master bedroom. The master also boasts dual walk-in closets! The loft area upstairs makes for a fun hang-out/study area for the kids and the fmly room has a cozy gas fireplace for those cool holiday evenings! The 3 car garage offers lots of storage and the chef will appreciate the gas kit appliances

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2585 N 165th Drive Goodyear, AZ 85395

$745,000

2 Beds

2.5 Baths

2,363 SqFt

Status Active

MLS # 6726587

Property Type Single Family Residence

Price Type --

WOW! I Could Live Here!? Yes, Indeed. The Stunning Mirador Floor Plan, Impeccably Maintained, Updated, and Upgraded, Over-Looking a Spacious Common Area in PebbleCreek, The New Standard for 55+ Communities. The Upgrades are far too many to mention here. See the list in the Documents Section of the MLS. This luxurious Home on a Large Corner Lot is Perfect for Entertaining. 14 OWNED SOLAR Panels, 22 PRE-PAID LEASE SOLAR Panels, Lots of Extras. 2 Bedrm, 2.5 Bath, Den, Upgraded Kitchen Cabinets, R/O Water System, Extd Garage, Golf Cart Garage, Extd Patio. Motorized Sun Shade, Solar Tubes, Thermostatically Controlled Attic Exhaust Vent, Electronic Air Cleaners, Water Softener, Blackout Shades, Built-in Outdoor Kitchen, Garage Floor Coating, 3 HVAC Zones, Countless More Upgrades. Don't Miss it

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19619 N 69th Avenue Glendale, AZ 85308

$745,000

5 Beds

3 Baths

3,065 SqFt

Status Active

MLS # 6726139

Property Type Single Family Residence

Price Type --

ON GOLF COURSE W/POOL... DOCTORS/EMPLOYEES AT ARROWHEAD/PHX CHILDREN'S HOSP...WALK ONLY 3-4 BLOCKS TO/FM WORK. AMAZING 5 BR, 3 BA, HOME ON 12TH HOLE OF ARROWHEAD CC GOLF COURSE. PEBBLE-TEC, DIVING POOL & SPA.PLANTATION SHUTTERS, GRANITE COUNTER TOPS & BACK-SPLASHES, UPGRADED GE APPLIANCES, 18'' DIAGONAL TILE & WOOD FLOORING, DEEP DOUBLE SINK(2016),10 X 12 COVERED BALCONY OFF MBR, GROUND FLOOR COVERED PATIO ENTIRE LENGTH OF HOME W/BACKYARD BBQ & BAR AS WELL AS BUILT IN SEATING,CUSTOM WROUGHT IRON ARTWORK RAILING (ONE OF A KIND-$6000),DUAL PANE CUSTOM FRENCH DOORS TO BACK PATIO ($4000), FLOOR TO CEILING STUCCO FINISHED FIREPLACE W/MANTEL & HEARTH ELECTRIC),OUTDOOR LIGHTING,CAM LIGHTING ON ENTIRE BOTTOM FLOOR,TUSCAN CHANDELIERS, 3 CAR GARAGE,MIST SYSTEM, AUTO DRIP & WATER SYSTEM.

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6826 E Monterey Way Scottsdale, AZ 85251

$745,000

3 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6733512

Property Type Single Family Residence

Price Type --

Looking for a 3 bedroom, 2 bathroom with a den located in South Scottsdale? Look no further! Charming single level home features a spacious open floor plan, new floors in the living room area, fresh interior paint, new light fixtures with plenty of natural light! Spacious bedrooms with ample closet space, den, dining area, over-sized laundry room and flex space for office. Enjoy the private and peaceful backyard. Covered patio with mature landscaping. A perfect gathering spot for friends and family. Close to Old Town shopping, ASU and Scottsdale Fashion Square.

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Flagstaff AZ 86005

$744,999

3 Beds

2.5 Baths

2,309 SqFt

Status Active Under Contract

MLS # 6747800

Property Type Townhouse

Price Type --

You dream of relaxing in your Flagstaff greatroom, cooking in your open kitchen and lounging on your deck, surrounded by gorgeous, mature ponderosa pines. You would love to feel like you are in a beautiful, private forest, listening to the breeze and the birds, yet easily enjoying all of the amenities of city life in walking or biking distance. Ideally, your dream come true is lock and leave. This townhome is the quintessential end unit, lock and leave mountain paradise. Enjoy the spacious, open floorplan, 10' ceilings, large private primary suite on the lower level with an executive bathroom, welcoming warm-tone finishes, central air, and yes, the location backing forested green space. And! It's offered fully furnished turnkey. We even include your toothbrush! STRs permitted!

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11175 N Luckenbach Street Surprise, AZ 85388

$744,995

3 Beds

3 Baths

2,354 SqFt

Status Active

MLS # 6646968

Property Type Single Family Residence

Price Type --

This brand new Skybrook model is waiting for your family! Bring them out to Sterling Grove Golf and Country Club to discover the difference. This three bedroom three full bath home is ready for you to make it your own The enormous kitchen boasts name-brand appliances, upgraded countertops, and ample cabinet space. The casual dining area is the centerpiece of the first floor, with connectivity to the kitchen and beautiful views of the rear yard. A short walk, or golf cart ride away, you can enjoy all of the amenities Sterling Grove offers. With a resort style pool that rivals most hotels, two restaurants, workout facility, full service spa and more, Living in Sterling Grove is the lifestyle you've been looking for.

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2038 W Desert Forest Trail Phoenix, AZ 85085

$744,990

3 Beds

2 Baths

2,189 SqFt

Status Active

MLS # 6699404

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. Move-in ready, the elegant Barletta single-story home faces a park and features an open floor plan with 3 bedrooms, 2 baths, a den, and a bonus room. The Owner's Suite has a luxurious walk-in shower. The chef's kitchen boasts a gas cooktop, linen-painted cabinets, quartz countertops, and a slider to a covered patio. Upgrades include stylish tile, carpet, an enhanced electrical package, and professionally designed desert landscaping. Enjoy comfort and convenience in this beautiful home.

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926 W Grand Caymen Drive Gilbert, AZ 85233

$744,900

5 Beds

3 Baths

2,526 SqFt

Status Active

MLS # 6730489

Property Type Single Family Residence

Price Type --

This beautiful property is located in the popular community of THE ISLANDS. This neighborhood is highly desirable because it is one of the few lake communities in Arizona. We think you will enjoy the spacious, bright and open floor plan. The oversized backyard, patio, pool and spa are perfect for entertaining. The best part is the kitchen and bathrooms are highly upgraded. Our favorite features are all of the natural light, brick fireplace, vaulted ceilings, 3-car garage and cul-de-sac lot. This home is 100% move-in-ready. This property has only had two owners and is very well cared for and loved. The Islands amenities include basketball courts, sand volleyball, bocce ball court, community dock, 30-acres of grass, 74-acres of lakes, facility rental, exercise track, playground, ramadas and special events. The location of this property is EVERYTHING! We think you will LOVE living in the Town of Gilbert right around the corner from DOWNTOWN GILBERT, not far from the new GILBERT REGIONAL PARK and only a short distance away from the SANTAN VILLAGE MALL. You will have endless options for shopping, dining, and entertainment.

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27232 N 74th Lane Peoria, AZ 85383

$744,605

5 Beds

3 Baths

2,837 SqFt

Status Active

MLS # 6729498

Property Type Single Family Residence

Price Type --

September completion! This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Stork' floorplan features 5 full bedrooms plus a game room and a multipurpose room, 3 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology.

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9231 W Bent Tree Drive Peoria, AZ 85383

$744,500

4 Beds

3.5 Baths

2,990 SqFt

Status Active

MLS # 6742238

Property Type Single Family Residence

Price Type --

Looking for a large lot to enjoy, entertain & park your toys, this home has it all! One of the largest lots in Cibola Vista, over $65k invested in landscaping & hardscaping including double RV gate w/slab for your boat/pop up/extra parking/toys. Enjoy cooking under pergola in outdoor kitchen, relax beneath curved custom covered paver patio, commercial grade misting system, fire pit & water feature. Ample space to add a pool. Paid Off/Owned Solar system keeps electric bills low! Inside, owner's suite is downstairs & features 2 walk-in closets, separate tub/shower, granite vanity w dual sinks, all with upgraded tile surrounds. Spacious kitchen has granite counters, decorative backsplash, gas range w contemporary vent hood, lots of cabinets & double pantry. Kitchen open to family rm. with beautifully designed media wall perfect for large screen TV, with speakers added to family rm, dining & outdoor patio for enhanced audio enjoyment. 4 bdrm/3.5 ba home includes downstairs flex rm & upstairs loft/game rm with separate reading/homework space. Upstairs bedrooms have mountain views. Formal dining rm, spacious laundry, 3 car side entry garage & extra long driveway. Easy access to TSMC, premier shopping/restaurants/schools/medical facilities/ hiking trails, Paloma Park, Loop 303 & Lake Pleasant!

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