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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17720 W Cactus Flower Drive Goodyear, AZ 85338

$725,000

3 Beds

2 Baths

2,381 SqFt

Status Active

MLS # 6751911

Property Type Single Family Residence

Price Type --

WOW! What a view! Spectacular Sunrises/Sunsets and Panoramic Mountain views! Beautifully maintained home with many upgrades. (Original UDC Copper Ridge Model Home) Spacious open floor plan with vaulted ceilings - Many options for creative room utilization. Extra large meticulously manicured lot (almost 1/3 acre!) with view fencing overlooking the North Lake! This highly sought after community is nestled next to the Estrella Mountains with gorgeous views and amazing amenities including hiking/biking, golf, fishing, tennis/Pickleball, boating - Resort living at it's finest!

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9336 W Running Deer Trail Peoria, AZ 85383

$725,000

3 Beds

2.5 Baths

2,878 SqFt

Status Active

MLS # 6742667

Property Type Single Family Residence

Price Type --

This one is truly a dream located in the gated community of Pradera at West Wing Mountain! With 2878 sqft this home was completed in 2019 and boasts 3 spacious bedrooms, 2.5 luxurious bathrooms, and a versatile second primary closet that can easily be converted back to a 4th bedroom, flex space, teen room, hobby room, or playroom. The split floor plan offers privacy with secondary bedrooms sharing a Jack and Jill bathroom. This home exudes elegance. High-end finishes include custom cabinets, roll outs, wood-look tile, top-of-the-line appliances, 200 bottle wine fridge, whole home water filtration, video security system, plantation shutters, and much more. Extended glass slider opens to a stunning backyard which features a full-length covered patio, pavers, turf, fire pit and privacy hedge

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21320 N 56th Street Unit 2197 Phoenix, AZ 85054

$725,000

2 Beds

2 Baths

1,697 SqFt

Status Active

MLS # 6746388

Property Type Townhouse

Price Type --

Experience resort-style living at its finest in the luxurious Bella Monte community! This sunny, south-facing second-floor gem offers 2 bedrooms plus a den and 2 full baths. The warmth of this home embraces you as soon as you step onto the front balcony and enter the open, inviting space. The open-concept design features a spacious family room, a well-appointed kitchen with updated counters, backsplash, and flooring, and a large rear balcony—ideal for hosting gatherings, big or small. The two split bedrooms, each with its own walk-in closet, provide the perfect retreat after a day of enjoying all this community has to offer. The fully updated baths add a touch of luxury, making every day feel like a spa day. Additional perks of this lovely unit include a full-size (not tandem) 2-car garage, a first-floor storage closet, balconies on both the north and south sides, and a large storage closet in the laundry room. Plus, you're just a few blocks from Desert Ridge, City North, and easy access to highways 101 and 51. Go to our website for more information Seller is willing to sell unit -fully furnished.

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3798 E Latham Court Gilbert, AZ 85297

$725,000

4 Beds

3 Baths

3,070 SqFt

Status Active

MLS # 6661352

Property Type Single Family Residence

Price Type --

Final Price Reduction! Former Model Home, Original Owner, Pride of Ownership, Look No Further! Located on a Cul De Sac Street with N/S Exposure in the Wonderful Community of Coronado Ranch. This Property includes many upgrades including Granite Countertops, 2 Fireplaces, Upgraded Flooring, Stair Railing, Cabinets, Tile, Fixtures, Vaulted Ceilings, Paint, Large Master Bedroom with Walk in Closet, Kitchen with Walk in Pantry, Breakfast Nook, Dining Room, Family Room, French Doors, Surround Sound, Window Treatments and so many more. Home has Oversized 3 Car Garage and Courtyard with plenty of room for parking or for the kids to play. Outstanding Opportunity to Own this Wonderful Home!

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9320 E Hillery Way Scottsdale, AZ 85260

$725,000

3 Beds

2 Baths

1,844 SqFt

Status Active Under Contract

MLS # 6725149

Property Type Single Family Residence

Price Type --

Great location! Beautiful DR Horton built home. Architecturally interesting layout, many upgrades including 20'' porcelain tile, upgraded maple kitchen cabinets, granite countertops, Kraus sink, extra insulation added in ceiling and ductwork sealed for added efficiency. Covered patio, private pool, low maintenance artificial turf make it easy to enjoy outdoor living. Minutes to Scottsdale Airpark & Kierland area for work, shopping, dining

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518 S Pueblo Street Gilbert, AZ 85233

$725,000

4 Beds

3 Baths

2,758 SqFt

Status Active

MLS # 6755017

Property Type Single Family Residence

Price Type --

Don't miss this former UDC model home on the water in the desirable Lago Estancia community in the heart of Gilbert! This well maintained 4-bedroom, 3-bathroom home, with a versatile downstairs den that can serve as a 5th bedroom or office, sits on a large lot featuring a beautiful pool with a waterfall and an elevated pad perfect for patio furniture or a BBQ setup. The master suite offers breathtaking lagoon views from its private balcony, a full bath with a separate tub and shower, and his-and-her closets. The lower-level bedroom is ideal as a home office, complete with built-in cabinetry. Additional features include cozy gas fireplace in the family room, updated triple-pane argon gas windows, cabinets, counters, whole house filter, and PEX plumbing. Enjoy relaxing waterfront living wit unique waterside walking paths while being just minutes from Downtown Gilbert, SanTan Village's shopping and dining, and only 20 miles from Phoenix Sky Harbor Airport. This home offers the perfect blend of luxury, convenience, and beautiful views, right on the water! A+ Schools, public and charter in all directions.

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1704 S Rochester Drive Gilbert, AZ 85295

$725,000

4 Beds

3.5 Baths

3,308 SqFt

Status Active

MLS # 6712825

Property Type Single Family Residence

Price Type --

This home has everything today's buyer is looking for! Work from home? Multi-generation? Need multiple living areas? No problem-4 bedrooms & huge loft upstairs plus den(possible 5th bedroom) & formal dining room/office/bar downstairs+ open concept kitchen & family room. Island kitchen w/granite counters & full height backsplash, gas cooktop, wall oven & convection microwave, walk in pantry. Spacious family room w/gas fireplace & dramatic rock wall. Private backyard w/covered patio & just the right amount of space! Primary en suite bedroom w/dual vanities, soaking tub, step in shower, double closet. 3 additional bedrooms(one is a 2nd en suite w/attached full bath), loft,& full bath. Prime Lyon's Gate Gilbert location with 3 community pools, & many restaurants, shopping, Cosmo's Dog Park, The Epicenter.

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14201 N 55th Drive Glendale, AZ 85306

$725,000

5 Beds

2 Baths

2,162 SqFt

Status Active

MLS # 6690449

Property Type Single Family Residence

Price Type --

Fully Upgraded!! Single story home on HUGE LOT!! 5 Bedroom 2 Bath with 2 RV Gates. Home fully remodeled and in the heart of Glendale. NO HOA!!! This home features a split floor plan with new roof, new AC Unit, new cabinets, new paint, new tile flooring throughout the home, new granite countertops, new windows, tile backsplash, all new electrical & plumbing fixtures, new water heater, epoxy flooring in garage and patio., custom bathroom showers with exquisite designs. Backyard features nice Private Diving Pool with large covered patio and cool decking. and mature trees. Potential for AIRBNB and short term rentals. MUST SEE!!

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4418 E Lone Cactus Drive Phoenix, AZ 85050

$725,000

3 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6713457

Property Type Single Family Residence

Price Type --

WELCOME TO YOUR DREAM HOME in the heart of Desert Ridge. Custom solid cabinetry throughout, this home screams quality craftsmanship. Stunning quartz countertops and hardwood flooring, with 6'' baseboards, add the finishing touches to this elegantly designed home. The Large Primary Suite has a spa-like bathroom with a free standing soaker tub and shower. Down the hall, two additional bedrooms and full bath as well as a separate room that could be used as an office, den or even a 4th bedroom. Don't miss out on this 1,962 sq ft home which is so close to all that Desert Ridge has to offer. Minutes from the 101, 51 and 17 highways. Tenant in place until the end of August but may move out earlier

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4426 E Phelps Road Phoenix, AZ 85032

$725,000

4 Beds

2 Baths

2,057 SqFt

Status Active

MLS # 6737047

Property Type Single Family Residence

Price Type --

This beautiful north Phoenix home boasts 4 beds, 2 baths, a 2 car garage and RV parking all on a quiet north/south oversized lot. Owner has taken great care and done tons of updates like white custom kitchen cabinets, ss appliances, granite counters, hardwood floors, tile backsplash, LED can lights, two tone paint, 2' wood blinds, custom lights, etc. Bedrooms are good sized and equally updated with granite counters, tile tub and shower surrounds, custom fixtures, and ceiling fans. Back yard has huge grassy play area, large covered patio, awesome gazebo, and corner lot w/RV/Boat/Car access so great for people who have toys they want to store. No HOA either so

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21523 N 72nd Avenue Glendale, AZ 85308

$725,000

5 Beds

3 Baths

3,128 SqFt

Status Active

MLS # 6753093

Property Type Single Family Residence

Price Type --

Move-in ready 5 bedroom, 3 bathroom home in the highly sought-after Sierra Verde Community of Glendale offers both comfort and style. Step inside to find a formal dining and living area, complete with a cozy 2-way fireplace and elegant plantation shutters, all beneath stunning vaulted ceilings that create an open and airy feel. The kitchen is a chef's delight, featuring a stainless steel appliance package, granite countertops, abundant cabinet space, and a pantry for all your storage needs. The master bedroom serves as a private retreat with its luxurious amenities, including double sinks, a separate shower and soaking tub, and a spacious walk-in closet. Sitting on a large lot with mature trees, the backyard is perfect for outdoor living, featuring a sparkling pool and a covered patio... ...for relaxing or entertaining. Additional highlights include a 3-car garage, RV gate, and plenty of space for storage or recreational toys. The home also boasts several recent upgrades, ensuring peace of mind for years to come: a brand new AC unit installed in 2021, a beautifully remodeled upstairs bathroom completed in 2024, a new pool filter added in 2024, and a full roof replacement in 2018. Get a private tour today!

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49903 N 26th Avenue New River, AZ 85087

$725,000

5 Beds

3 Baths

3,608 SqFt

Status Active

MLS # 6693713

Property Type Single Family Residence

Price Type --

Welcome to this Exceptional 5 Bedroom, 3 Bath Custom Home nestled on a little over an acre in the Scenic New River community. This Home has Breathtaking Views, along with combining comfort, and equestrian amenities, making it a dream home for both families and horse enthusiasts alike. Interior Features include a Large Great Room & Family Room, perfect for entertaining guests or relaxing with family. High ceilings, large windows, gorgeous wood beams, and a cozy fireplace create an inviting atmosphere. The spacious kitchen is a chef's delight, featuring Stainless Steel Appliances, ample cabinet space, and a large island w/Beautiful Countertops. Two Bedrooms can also be used as MultiGenerational Living as they are adjoining rooms. One can be a Family Room & the Other a Bedroom. So many options. Exterior Amenities include a 3 Car Garage, RV Gate, RV Parking, and an area for your Horses with 4 Stalls. This expansive outdoor area is perfect for enjoying the stunning views, whether you're relaxing on the patio, or watching the sunset, the outdoor space offers endless possibilities.

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