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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8894 W Garnet Mountain Drive Casa Grande, AZ 85194

$699,900
4 Beds
2 Baths
2,353 SqFt
Status Active
MLS # 6739670
Property Type Single Family Residence
Price Type --
Wow! Gently lived in, single story, 2 year old, 4 bedroom house with a beautifully landscaped yard on 1+ acre on private lot in Casa Grande. Low HOA fee. Mountain views - even has a putting green and hot tub. No carpet, large kitchen, open concept, double slider in great room with views of the mountains & back yard, split floor plan with sizable bedrooms and dual sinks in both bathrooms. Modern color schemes and tile flooring perfect for pets or kids! 4 car garage with storage units and an RV gate with driveway to the gate and behind the gate - great for toy storage. If you're looking for a large home with lots of space, come see this today! Conveniently located to Freeway and Casa Grande mod-cons. VA assumable loan too!

10139 E Bergeron Avenue Mesa, AZ 85212

$699,900
3 Beds
2.5 Baths
2,425 SqFt
Status Active
MLS # 6750605
Property Type Single Family Residence
Price Type --
Welcome to your new home in the heart of Eastmark! This beauty is on a N/S lot and boasts a spacious, open floor plan w/3 bedrooms plus a den. The gourmet kitchen is a true standout, feat. a large island/breakfast bar perfect for casual meals or entertaining. You'll love the quartz countertops, sleek tile backsplash, & abundance of white shaker cabinets, all topped off w/crown molding. beautiful stainless steel appliances, incl. a gas cooktop, double ovens, & a built in micro. Plus, the soft water & R/O systems. Step outside & you'll find your very own backyard oasis. The covered patio is wired w/speakers, a pebble-tec pool w/an oversized second step & water feature. There is also a synthetic grass area & gazebo. 10-foot ceilings, plantation shutters, & surround sound t/o. 3 car garage & storage racks and a service door adds even more convenience to this incredible home. All this and the award winning Eastmark community. More than a place to live, Eastmark is a community built on rich connections and creativity. It's also a place to evolve. Eastmark is defined by its diverse residents who work together to co-create this special place where neighbors not only know each other, but are personally and emotionally connected to each other and to our community. Living here truly is the mark of something special. Eastmark Community Center Community fun is seriously cool at Eastmark. The Bus Stop at The 'Mark is a one-of-a-kind, resident-only community center featuring a retrofitted bus for seating. It's the place to be with a wide variety of family friendly games - Shuffle Board, Skee Ball, Foos Ball, Pool Tables, plus a giant Scrabble Wall, Toddler Play Area and cozy spots for lounging. As if that wasn't enough entertainment, the Community Life team also offers activities including BINGO, Free Throw Tournaments, and Story Time. An 18 hole disc golf course, skate park, the orange monster at one of the playgrounds, That's the purpose of Eastmark's Orange Monster. Designed by kids for kids, this unique climbing park is the ultimate urban playground. Spray, Run, & Giggle at Eastmark Splash Pad You have to work hard not to enjoy Eastmark's public splash pad. Kids have a blast cooling off, and parents have fun catching up with neighbors and friends. The view from Palm Plaza isn't bad either. That may be why Arizona Foothills Magazine named it one of The Valley's Best Splash Pads. Eastmark Community Pool Just outside the Bus Stop is our Community Pool. At 4,000+ square feet, this pool feels more like a private resort-style amenity - no reservations needed. For the kiddos, there's a smaller 560 square foot toddler pool. Make a day of it for your family and grill up some food to share under the shade sails.

5634 S Outrigger Road Tempe, AZ 85283

$699,900
4 Beds
2.5 Baths
2,310 SqFt
Status Active Under Contract
MLS # 6741115
Property Type Single Family Residence
Price Type --
Fully remodeled home nestled within the serene neighborhood of the Tempe Lakes Community. This 4 bed, 2.5 bath home with vaulted ceilings, exposed beams, is sure to leave buyers in awe! No detail has been overlooked, top to bottom, inside and out. Well-sized living and dining areas, fully updated kitchen, with brand new stainless appliances, quartz countertops, trend-forward cabinetry and fixtures. Primary bedroom and bath with dual vanity and walk in shower downstairs. Three large bedrooms and full bath upstairs. Additional 1/2 bath downstairs as well. Hard to beat location, close distance to dining and entertainment! Easy freeway access!

3981 N 155th Avenue Goodyear, AZ 85395

$699,900 - 4Br/3Ba -  for Sale in Pebblecreek Unit Nine, Goodyear
New
$699,900
4 Beds
3 Baths
3,401 SqFt
Status Active
MLS # 6755011
Property Type Single Family Residence
Price Type --
Fully remodeled home coming on market 9/16/24

14039 S 33rd Way Phoenix, AZ 85044

$699,900
4 Beds
2 Baths
2,347 SqFt
Status Active Under Contract
MLS # 6745639
Property Type Single Family Residence
Price Type --
Pristine Home In An Exclusive Neighborhood. Located in a Private Cul De Sac With Large Yard With Pool And RV Gate. This Home Features A Large Living Area With An Open Den With Closet That Can Be Used As A Fourth Bedroom. The Kitchen Has Granite Counters, Wonderful Cabinets, And Breakfast Nook All Open To The Separate Family Room With Fireplace. The Primary Bedroom Has Doors Leading To Covered Patio, Pool And Large Yard. And Bathroom Has Custom Tile Shower, Tub Deck And Double Vanities With Granite Slab Counters. Great Two Garage Opens To An Airconditioned Fifth Bonus Room For Office, Exercise Room, Hobby Or Extra Bedroom With Two Windows An Wood Shutters Like The Rest Of This Home. Roof Has Been Replaced And Newer AC Unit. Amazing Location And Great Condition.

22917 N 71st Drive Glendale, AZ 85310

$699,900
4 Beds
3 Baths
2,887 SqFt
Status Active
MLS # 6758356
Property Type Single Family Residence
Price Type --
This stunning 5-bedroom, 3-bath property sits on an expansive corner lot in one of the most desirable neighborhoods in Glendale. Boasting a fantastic backyard oasis, this home is made for outdoor living and entertaining with a sparkling pool, large covered patio, and plenty of grassy area for kids or pets to play. The RV gate provides added convenience for parking your toys, making it perfect for adventurous Arizona living. Inside, you'll find a spacious and versatile layout with plenty of room for family and guests. Whether you're relaxing in the bright, airy living spaces or enjoying the sun in the private backyard, this house truly has it all. Don't miss this rare opportunity to own a home that blends luxury, comfort, and the best of Arizona's indoor-outdoor lifestyle.

2204 W Blaylock Drive Phoenix, AZ 85085

$699,900 - 4Br/3Ba -  for Sale in Valley Vista Parcel A Amd, Phoenix
New
$699,900
4 Beds
2.5 Baths
2,927 SqFt
Status Active
MLS # 6759120
Property Type Single Family Residence
Price Type --
Priced to sell in Valley Vista! This beautiful 4-bed, 2.5-bath with 3 car oversized garage home on a generously sized corner lot in Valley Vista is on the market and priced to sell - below area comps! Tastefully finished with plantation shutters, designer paint, and wood & tile flooring throughout. The spacious living/dining area features soaring ceilings, while the open family room includes surround sound, a media center, projector, and theater screen, perfect for family entertainment! The gourmet kitchen boasts granite countertops, mosaic backsplash, walk-in pantry, and center island. Upstairs, the primary suite offers a spacious bedroom, a spa like bath, including his and her sinks, separate tub/shower, and a walk-in closet. The back yard offers a nicely sized covered patio and a blank canvas with ample space for a pool or whatever you can envision. Let your imagination run wild, the possibilities are endless! The oversized garage offers 2 electric car chargers for ease and efficiency. Conveniently located to lots of dining and shopping options and TSMC. This home is ready and waiting for a new family to make it their own and is the perfect opportunity to get into the Valley Vista below comps!

7037 N 11th Drive Phoenix, AZ 85021

$699,900 - 3Br/3Ba -  for Sale in Manor North, Phoenix
New
$699,900
3 Beds
3 Baths
2,761 SqFt
Status Active
MLS # 6759247
Property Type Townhouse
Price Type --
RARE FIND with MID-CENTURY CHARM * This Quiet Hidden Gem boasts 3BR 3Ba 2G located in a peaceful cul-de-sac community of 12 homes offering a unique blend of privacy and 2,761 interior space. This home is attached at garage only, adjacent to the Greenbelt with a side yard entrance to an over 7,800 sf lot. The largest lot in this subdivision. Enter through a private gated courtyard entrance showcasing an outdoor sanctuary. The front door from this courtyard oasis opens onto a landing with a solid wood entry door, flanked by side light window panels. Upon entering the front foyer, you're greeted by a skylight above a cornered mirrored wall, expanding the space that introduces you to the bedroom wing on the left and the eat-in kitchen to the right with a long gallery hall. . . The spacious eat-in kitchen boasts solid oak cabinetry, deep cabinets and shelves, with ample storage, including a large walk-in pantry. It features a built-in wall oven, built-in microwave, and both a center island and peninsula island, providing abundant counter space and a lighted tray ceiling, adding a touch of elegance and warmth. The breakfast nook is beautifully illuminated by natural light from sliding doors that lead to the front courtyard, complete with floor to ceiling custom built-in shelf case. The spacious Primary suite offers luxury with sliding door exit to front courtyard, 2 closets, one is walk-in while the other is lengthy and mirrored in the dressing area. The ensuite bath is light and bright with 2 skylights, dual sinks, sunken tub & private toilet room. The third bedroom (split), currently used as a library/den with an attached office, is perfect for multigenerational living or a mother-in-law suite. It has its own exit to the covered back patio, entrance from the garage, and a 3/4 bath. The office can also be converted into a spacious walk-in closet, providing endless possibilities for this guest suite space. The living room features near floor-to-ceiling custom windows, framing picturesque views of the lush backyard and filling the space with natural light. A central French door provides easy access to the outdoors, inviting you to step into the serene surroundings. The formal dining room is enhanced by a stunning 10ft high tray ceiling, illuminated with soft lighting, creating a grand yet intimate atmosphere. Together, these rooms provide a perfect balance of grandeur and charm, ideal for both everyday living and elegant entertaining. The private backyard features a block fenced lot surrounded by lush grass, mature shade & citrus tree, a storage unit, and the only property with alley access. This home is brimming with custom features and has been meticulously maintained by its original owner. Wood accent trim throughout and custom triple and dual pane wood-framed windows, in excellent condition, ensuring energy-efficiency and quiet living. HVAC units replaced in 2015 and 2017. Foam roof replaced in 2016. Patio Roof replaced Sept 2024. Home features inside laundry, water softener and whole house water filtration system. Ample storage throughout the home. HOA is self-managed. Monthly Fee covers cable, internet, Greenbelt & Main entrance maintenance and street maintenance. The home is well-maintained and ready to be enjoyed as-is, with only cosmetic updates needed to suit your personal style. The primary improvement required is replacing the carpet and interior paint, allowing you the flexibility to move in comfortably and update the space to your liking over time. Fantastic Uptown Phoenix location. Quick and easy freeway access. Minutes to downtown shops, dining and entertainment. This home is truly a must-see to fully appreciate its charm and potential. Don't miss this one - See it Today!

4169 E Sagebrush Street Gilbert, AZ 85296

$699,900 - 5Br/3Ba -  for Sale in Warner Meadow, Gilbert
New
$699,900
5 Beds
3 Baths
1,951 SqFt
Status Active
MLS # 6759522
Property Type Single Family Residence
Price Type --
No waiting to build! Rare opportunity to own a 5 bedroom new build home with pool and completed backyard in prime Gilbert location. Warner Meadows, adjacent to Morrison Ranch features a community pool, kids play areas, parks, and more for the entire family! Showcasing an open concept floor plan, quartz countertops, stainless steel appliances, a gas range, ample kitchen storage, a spacious living room and more! The oversized primary bedroom suite includes a double vanity, walk-in shower and plenty of closet space. Step into the backyard and enjoy a covered patio, recently built play pool and an artificial grass landscape for easy maintenance. Minutes from multiple parks, shopping, restaurants, entertainment and the 202 freeway, this house won't stay on the market long!

18570 W Cathedral Rock Drive Goodyear, AZ 85338

$699,900
3 Beds
2.5 Baths
2,602 SqFt
Status Active
MLS # 6745612
Property Type Single Family Residence
Price Type --
Discover this stunning luxury single-story home, to be built appx 5-6 months, in an exclusive all single-story community. Huge backyard for future pool. Amazing 60' wide residence features 3 bedrooms, 2.5 bathrooms, a versatile study or media room, and a spacious 3-car tandem garage with a pavered driveway. The elegant, chef-inspired kitchen boasts a gas cooktop, wall oven/microwave, quartz countertops, 42'' upper cabinets, and opens to a spacious great room with a 20' multi-slide door, perfect for seamless indoor-outdoor living. The primary suite offers a zero-step entry shower, a huge walk-in closet with direct access to the laundry room. Energy efficiency is prioritized with spray foam insulation in the attic and exterior walls, plus a tankless water heater. Photos not subject property

3117 W Casitas Del Rio Drive Phoenix, AZ 85027

$699,900
4 Beds
2.5 Baths
2,637 SqFt
Status Active
MLS # 6750322
Property Type Single Family Residence
Price Type --
Check out this beautifully maintained and updated home in North Phoenix. Property has an office addition along with a giant walk in closet off the primary bath. Also an added 1/2 bath not available from the builder. Owners added a swimming pool in 2017, upgraded the HVAC and serviced annually. Kitchen appliances and countertops upgraded in 2021. Easy maintenance yard caps off a perfect home. Community walkable to City of Phoenix Paseo Highland Park with tons of free amenities and community center to the West and hiking areas to the east.

4446 W Hower Road Phoenix, AZ 85086

$699,900
6 Beds
3 Baths
2,821 SqFt
Status Active
MLS # 6716037
Property Type Single Family Residence
Price Type --
Gorgeous shabby chic farmhouse fabulous with six bedrooms and three full bathrooms! One bedroom with walk-in closet and bathroom downstairs for multi generational living. Relax in your private backyard oasis with a sparkling blue pool, covered patio, easy care synthetic grass, with an extended brick paver patio. Beautifully adorned with new wood like ceramic tile, six inch baseboards, decorative niches, and picture windows with natural light streaming through. Bright open center family hub kitchen features stainless appliances, quartz counters, an abundance of white cabinets, and pantry. The primary suite includes a sitting area, walk in closet & a relaxing spa like bath. Convenient to shopping and dining! Amazing Anthem amenities: 16 acre park, gym, lap pool, waterslides, pickleball... catch-release lake, tennis, baseball, basketball and so much more!

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