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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4223 W Bart Drive Chandler, AZ 85226

$725,000

4 Beds

2 Baths

2,188 SqFt

Status Active

MLS # 6746934

Property Type Single Family Residence

Price Type --

Premier location of Park Promenade within walking distance to two schools and Desert Breeze Park. Lovely 4 bedroom home with sparkling pool with water feature and removable pool fence and artificial turf in the backyard. Several updates and upgrades have been made over the years-see list below. Plantation shutters in formal living and dining, sunscreens recently installed on south and west windows, artificial stone counters installed in kitchen and bathrooms and much more. To see in person is to appreciate! Murphy bed does not convey. Sellers say no school buses drive by their home as bus traffic goes along Desert Breeze Parkway.

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6924 E Mighty Saguaro Way Scottsdale, AZ 85266

$725,000

2 Beds

2 Baths

1,726 SqFt

Status Active Under Contract

MLS # 6673524

Property Type Single Family Residence

Price Type --

Charming two bedroom home perfectly situated in desirable guard gated Terravita is now available for you to call HOME! Enjoy the soaring ceilings, walls of windows, newer appliances and fresh updates throughout. This home truly showcases easy living with a delightful floorplan featuring well sized bedrooms both with walk in closets. The oversized covered back patio offers privacy and near zero maintenance landscaping. While many updates have been made there are still great opportunities for you to create your dream home in Terravita!

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961 E Lamplighter Lane Tempe, AZ 85283

$725,000

5 Beds

3 Baths

2,808 SqFt

Status Active

MLS # 6727130

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully remodeled 5-bedroom, 3-bathroom gem, with one bedroom and bathroom downstairs, is in the desirable The Lakes subdivision. The spacious kitchen boasts ample cabinets and a perfect view of the family room, ideal for everyday living and entertaining. Formal dining and living rooms offer elegance and comfort, while the family room serves as a cozy retreat. Abundant natural light floods the space. Upstairs, find 3 additional bedrooms, the main bedroom, and a stunning balcony with partial lake views.Walk out the front door to a beautiful lake inlet and dock where you can picnic, feed ducks, paddle board, boat/sail, canoe, and more! The lake is stocked year-round with various species of fish, and there are plenty of turtles, too. CHECK OUT THE STREET VIEW TO SEE THE CLOSE PROXIMITY TO THE LAKE! The recently renovated clubhouse offers year round activities and clubs for children AND adults, affordable rentals for the lakefront clubhouse (inside and out), a gym, and more! Don't miss your chance to experience luxury lakeside living! Professional photos will be uploaded soon

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3421 N 16th Avenue Phoenix, AZ 85015

$725,000

3 Beds

2 Baths

1,737 SqFt

Status Active

MLS # 6730122

Property Type Single Family Residence

Price Type --

Welcome to this enchanting home nestled in the heart of the highly sought-after Encanto District. This delightful residence is brimming with charm and ready to welcome your family. From the moment you step inside, you'll be captivated by the warm, inviting atmosphere and the seamless blend of modern amenities with classic touches. The spacious, light-filled living areas are perfect for both everyday living and entertaining. The updated kitchen boasts stainless steel appliances and ample counter space The showstopper of this home is the incredible backyard. Spend your weekends in this private oasis, with lush landscaping, a patio perfect for dining al fresco, and plenty of space for kids to play. Don't miss your chance! *UPGRADES include Owned solar, new pool and deck, turf, and new RO*

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7180 E Kierland Boulevard Unit 404 Scottsdale, AZ 85254

$725,000

1 Bed

1 Bath

773 SqFt

Status Active

MLS # 6724430

Property Type Apartment

Price Type --

Experience luxury living in this exquisite 1- bed, 1-bath unit at Optima Kierland. This residence offers the perfect blend of elegance and comfort. The spacious open-concept living area is ideal for entertaining guests, while expansive windows frame breathtaking views of the surrounding landscape. Indulge in resort-style amenities and stay fit in the state-of-the-art fitness center. Relax and rejuvenate in the rooftop pool, spa, sauna, or steam room. Take a refreshing dip in the cold plunge or engage in friendly competition on the pickleball & basketball courts. The business center and conference room provide spaces for work or meetings. In addition to luxury amenities, you'll find yourself just steps away from the remarkable dining and shopping at Kierland Commons & Scottsdale Quarters.

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15817 W Bonitos Drive Goodyear, AZ 85395

$725,000

4 Beds

3.5 Baths

2,875 SqFt

Status Active

MLS # 6723677

Property Type Single Family Residence

Price Type --

Gorgeous single level, 4 bedroom, 3 car garage TW Lewis home located in a gated community with an ensuite guest quarters and a heated pool! Great floorplan with a courtyard entry, primary bedroom split from the secondary bedrooms, 4th bedroom has it's own bath. Nice sized back yard w/travertine pavers, large covered patio, spa, firepit, covered & HEATED pool! Kitchen features maple 42'' staggered cabinets, granite, stainless steel appliances including 5 burner gas range. Additional features: HVAC's new 2021 shutters t/o, cabinets in laundry room, Tesla Charger in garage, upgraded light fixtures, 3rd garage set up as a full gym that can convey to the buyer. Primary bedroom large w/ exit to backyard, tiled garden tub, walk in shower & dual sinks. Home was only used as 2nd home approx 8 week

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16747 W Wildflower Drive Surprise, AZ 85387

$725,000

4 Beds

2.5 Baths

2,446 SqFt

Status Active

MLS # 6727654

Property Type Single Family Residence

Price Type --

Amazing opportunity to own this custom home situated on a 1 acre lot. Built in 2018 this single level home has been gently lived in. A split floor plan featuring 4 bedrooms and 2.5 baths. The kitchen boasts crisp white cabinetry, quartz countertops with coordinating subway tile and stainless appliances. This opens to the dining space and great room making it ideal for entertaining or casual family living. The dining space and the great room have sliders which open to the backyard. The primary bedroom is spacious and features a spa-like bath complete with a large walk-in shower with custom tile, a garden style tub, dual vanities, and an amazing walk-in closet! Three other bedrooms are also generous in size and each have walk-in closets and share a full size bathroom. A powder room off the hallway is convenient for guests. The laundry room is perfect in size and has a utility sink. The home features wood plank tile throughout along with modern lighting and raised panel interior doors. You will enjoy your evenings under your covered patio with extensive pavers while the kids or dogs run and play on the artificial turf. Plenty of room here for horses or to create your dream backyard with room for a pool and an outdoor kitchen. The sellers will even gift you with solar paid by them IN FULL at closing! This will save on your utiliity bills for years to come! Come enjoy the good life where it is quiet, but not far from shopping, dining, and freeway access.

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16112 E Carmel Drive Fountain Hills, AZ 85268

$725,000

3 Beds

2 Baths

1,545 SqFt

Status Active

MLS # 6712563

Property Type Single Family Residence

Price Type --

REDUCED PRICE! MOTIVATED SELLER OPEN TO OFFERS! VIEWS THAT TAKE YOUR BREATH AWAY! This stunning fully renovated home offers an open floor plan ideal for entertaining, brand new cabinets, gleaming stainless steel appliances, and an electric fireplace that creates a warm and inviting atmosphere. Step outside to your private oasis featuring a sparkling pebble tec pool and breathtaking mountain vistas. LUXURY AWAITS! Elegant tile and marble floors flow throughout complemented by gorgeous quartz countertops, brand new doors, windows, and insulation ensure ultimate comfort and efficiency. Enjoy the brand new 2 car garage and then unwind on the new patio deck taking in the endless mountain views. Freshly painted throughout. This move-in-ready masterpiece is waiting for you! A beautiful pergola adds a touch of sophistication to the home's exterior, while brand new epoxy floors elevate the functionality of the garage.

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1854 W San Angelo Street Gilbert, AZ 85233

$725,000

4 Beds

3 Baths

3,273 SqFt

Status Active

MLS # 6714078

Property Type Single Family Residence

Price Type --

Step into luxury with this rare gem now on the market! Nestled within the exclusive El Dorado Lakes Golf Community in Gilbert, this stunning 2-story home offers unparalleled views of the lush golf course. From the moment you enter, the grandeur of the formal living and dining room will captivate you. Prepare to be awestruck by the updated kitchen, seamlessly flowing into an expansive family room designed for comfort and style.The thoughtfully designed floor plan includes two bedrooms on the main level and two upstairs. The master suite is a true retreat, featuring an en-suite that can easily transform into an office, nursery, workout room or even a fifth bedroom. Step out onto the private balcony and savor breathtaking golf-course vistas. This premium lot spans over 9,000 sq.ft., offering a sparkling pool and a verdant grassy area, perfect for outdoor entertaining and relaxation. Don't miss this opportunity to own a slice of paradise in one of Gilbert's most coveted communities!

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7175 E Aloe Vera Drive Scottsdale, AZ 85266

$725,000

2 Beds

2 Baths

1,671 SqFt

Status Active

MLS # 6722114

Property Type Single Family Residence

Price Type --

Premium cul-de-sac lot offers privacy and views of desert open space. Resort style amenities including: Clubhouse, Dining, Fitness Center, Pool, Tennis Courts, Pickleball and Desert Pavilion (Community Center. Spacious Great Room floor plan with 2 Bedrooms, Den/Office, Gas Fireplace and 2 Bathrooms. Kitchen features stainless steel appliances and granite countertops. Primary suite is complemented by a walk-in closet, dual vanities, granite countertops and separate shower and tub. Secondary bedroom with walk-in closet and granite countertops in 2nd bathroom. Laundry room with cabinets. Interior and exterior of the home was painted in June of 2024. Energy saving home with Solar Panels.

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2573 E Carob Drive Gilbert, AZ 85298

$725,000

5 Beds

3.5 Baths

2,961 SqFt

Status Active Under Contract

MLS # 6661900

Property Type Single Family Residence

Price Type --

Magnificent corner lot home w/OWNED SOLAR in highly desired Freeman Farms community can now be yours! Main house offers 4 bedrooms + office & 2.5 bathrooms, while the attached casita w/separate entrance has 1 large bedroom, closet, & full bathroom. Highlights include: tile flooring throughout, plantation shutters, gourmet kitchen w/large granite island, SS Monogram gas stove w/warming lights, whole house water filtration system, oversized bedrooms, & epoxy garage flooring. Enjoy the serene gated front courtyard, addt'l paved driveway w/RV gate, plus, lush backyard boasting an extended covered patio, large grassy area, shed, garden plot, & beautiful mature landscaping w/multiple fruit bearing trees. And did I mention OWNED SOLAR PANELS- saving you hundreds of dollars each & every month! This is PRIME GILBERT location minutes away from Gilbert Regional Park, San Tan Mall, multiple hospitals, countless restaurants, shopping, entertainment, A+ rated Gilbert schools, and so much more! Please see the HOME FEATURES list to view ALL that is included in this amazing home you can make your own. Hurry and inquire today before it's too late!

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4326 N 25th Street Unit 109 Phoenix, AZ 85016

$725,000

3 Beds

2.5 Baths

1,904 SqFt

Status Active Under Contract

MLS # 6732696

Property Type Townhouse

Price Type --

A rare listing in the fantastic Biltmore Lofts, a 12-unit gated community in the heart of Phoenix. This corner unit is light and bright featuring 16' ceilings, stout concrete/steel staircase, commercial grade windows and an additional balcony. Kitchen features include GE Monogram SS appliances, wine fridge, custom soft close cabinetry and black granite countertops. The Main bedroom has massive North-facing windows and motorized remote shades for just the right lighting. Ample sized secondary bedrooms too. All bedrooms have Brazilian Pecan flooring, ceiling fans and closet organizers. The Condo has a Control 4 smart home system for entertaining in multiple outdoor spaces which showcase the sweeping city and mountain views for those vivid AZ sunrises and sunsets. Or spend the afternoon at the private community pool. Garage features Sleek frosted garage doors, Epoxy Garage Floors, Modern Heavy duty, garage cabinets and water softener. Minutes from shopping, dining, entertainment and amenities. Urban Living and feel...This is Home!

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