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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28713 N 201st Avenue Wittmann, AZ 85361

$685,000

3 Beds

2 Baths

1,761 SqFt

Status Active

MLS # 6688569

Property Type Single Family Residence

Price Type --

3% SELLER CONCESSIONS! Welcome to your dream equestrian oasis! This newly constructed home on 1-acre horse property offers the perfect blend of luxury and functionality. Located just 15 minutes from Surprise and 25 minutes from Wickenburg. Step inside to discover modern vinyl plank flooring, a gourmet kitchen equipped with top-of-the-line appliances, and spacious living areas ideal for entertaining. Outside, your equine companions will love the two horse pens complete with shades for comfort. With all the bells and whistles included, this brand-new build truly has it all. Don't miss out on the opportunity to make this stunning property your own!

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657 S Buenagua Road Payson, AZ 85541

$685,000

2 Beds

2.5 Baths

1,335 SqFt

Status Active

MLS # 6752167

Property Type Single Family Residence

Price Type --

Enjoy cabin life in the desirable Kohls Ranch community with this furnished 2 bedroom, 2.5 bath cabin with a large loft and fireplace! Separate entrance on the first level opens to a studio cabin apartment with one bedroom and bathroom that can be used as guest quarters and/or extra rental income possibilities. The 2nd level main cabin provides a full bedroom, walk-in closet, 1.5 bathrooms, laundry room and a LOFT with additional beds! Double lot has fruit trees (cherry, peach, and apple), a child treehouse, deck, shed, and a private ''quad road'' to drive to the deck and main cabin level from main road. Come see this cherished cabin and envision the memories you can make for yourself.

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40617 N Laurel Valley Way Anthem, AZ 85086

$685,000

3 Beds

2.5 Baths

2,663 SqFt

Status Active Under Contract

MLS # 6745485

Property Type Single Family Residence

Price Type --

Your Majesties, you are home. This majesty floorplan boasts almost 2700 sq. ft. and with 3 bedrooms, a den and 2.5 bathrooms you will find spacious rooms throughout. Truly so appealing with 3 car garages, RV gates. courtyard entry, private pool, ramada and raised garden area on a 10000 sq. ft. lot. Updated flooring in most areas and priced to allow the buyer to improve the bedrooms with their choice of flooring. Love, love, love the timeless hickory cabinetry, double oven range, granite countertops, stainless steel appliances too of course. Let's talk about efficiency: new windows with solo zone sun shield (blue glass) and a new slider as well as reasonably priced Tesla solar lease so you can enjoy this home without high electrical costs, we can provide electric costs. See more All bathrooms have been updated with showers, toilets and more, new blinds, lots of hardscape and oversized side yard with RV gate. RO and Soft water systems, new ducts, HVAC unit and heating system in 2014, our owner loves their home, but family calls! Did we mention the location is within the award-winning master planned community of Anthem? This resort style community features: a 64 acre park/ part playground and part small town; catch and release fishing lake/ 4 acres of fabulous fishing; Daisy Mountain Railroad/ where everyone can enjoy a ride in the park; tennis courts & Pickleball courts for a friendly match; full court indoor and outdoor basketball/ for team sports or a pickup game; kids skate park/ for the adventurous; walking paths/ to take in a little nature; acres of softball, volleyball and soccer fields/ for your enjoyment; picnic areas/ for those holidays; and a recently updated state of the art skateboard roller court. There is also a community center which offers: an Olympic pool with lap lanes and diving tank; water park with a 400,000-gallon splash bucket, 24-foot tower with two water slides, water playground and tot pool; three-story rock-climbing wall; and a state-of-the-art fitness center. So much fun to have!

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15835 W Desert Mirage Drive Surprise, AZ 85379

$685,000

4 Beds

2.5 Baths

3,905 SqFt

Status Active

MLS # 6754114

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4 bedroom, 3 bathroom home, with 3 spacious loft areas and an array of luxurious features. Step inside to find gorgeous tile flooring throughout the entire first floor, soaring ceilings, elegant light fixtures and ceiling fans, and a cozy fireplace perfect for relaxation. The primary bedroom is conveniently located downstairs includes an updated en-suite bathroom and huge closet. The kitchen is spacious and features stainless steel appliances, cooktop, micro/oven, ample cabinet and countertop space and a large center island, perfect for entertaining. Upstairs enjoy new carpeting throughout entire 2nd floor, and enjoy the 3 spacious loft areas, the balcony offers a picturesque view of the backyard, grass and pool area. Hidden Room, see if you can find it?

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6858 E Portia Street Mesa, AZ 85207

$685,000

4 Beds

2.5 Baths

2,229 SqFt

Status Active Under Contract

MLS # 6734165

Property Type Single Family Residence

Price Type --

Welcome home to this stunning 4 bed, 2.5 bath retreat in the prestigious Las Sendas community! Impeccably upgraded with new tile flooring, beautiful kitchen, and shutters throughout, this turn-key oasis boasts a heated pool with a swim-up bar, perfect for entertaining. Enjoy culinary delights with the built-in BBQ and unwind by the fire pit or covered balcony while taking in breathtaking views of Red Mountain. Las Sendas Community amenities include multiple pools, spas, basketball, tennis, bocce and pickleball courts, walking trails, golf course, restaurant and A+ rated schools. Professional photos coming soon!

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4414 S Terrace Road Tempe, AZ 85282

New

$685,000

3 Beds

2 Baths

2,057 SqFt

Status Active

MLS # 6760235

Property Type Single Family Residence

Price Type --

A polished gem in Tempe! Fully remodeled with modern high-end finishes, expansive kitchen and split floor plan. Large double doors welcome you into the light and bright open concept. A spacious living room, designer dining space, and a beautiful entry mudroom. Brand new kitchen includes shaker cabinets, premium quartz countertops, SS appliances, and a walk-in pantry. A dream primary bedroom with an oversized walk-in closet, en suite bathroom offering a modern double sink vanity and large luxurious shower. Indoor laundry room. Relax in the backyard with an updated tile patio and sparkling pool. NEW roof, water heater, flooring, interior/exterior paint, and more! Dual pane windows throughout. Cul-de-sac and no HOA. Only one owner prior to remodel. Wonderful central location! Don't miss out!

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2312 W Muirfield Drive Anthem, AZ 85086

$685,000

2 Beds

2 Baths

2,064 SqFt

Status Active

MLS # 6756691

Property Type Single Family Residence

Price Type --

Live the Anthem Country Club Lifestyle! From golf to pickleball to dinner at the Clubhouse - life is to be enjoyed at Anthem! This 2 bedroom plus den/office, 2 bath home is situated on a coveted golf course lot with stunning mountain views. The backyard is newly designed with relaxing entertaining spaces, pavers & easy-care turf! The great room begs for guests! The kitchen has been beautifully updated with today's taste - including lighting, wine cooler, stainless appliances, oversized sink & faucet. Upscale French doors to the front patio were added for ease of living. Coffee or wine anyone? Primary suite offers a private exit to the back patio, plantation shutters & large walk-in closet. Feel pampered in the updated primary bath - newly tiled, large glassed shower, fresh cabinetry, counters, lighting & hardware. Guest suite & bath have lovely updates as well! The den/office area is open, light & bright. Other recent updates include bedroom carpet, additional attic insulation, newer water heater, newer sliders in living area & primary bedroom, 5 additional window replacements, ceiling fans & more! Perfect primary home or 2nd residence. No neighbors to the west and across from the home - privacy abounds!

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22342 W Hilton Avenue Buckeye, AZ 85326

$685,000

3 Beds

2 Baths

1,790 SqFt

Status Active

MLS # 6734151

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom 2 bath custom home on a spacious acre lot with mountain views. NO HOA! Detached workshop with two 10'x 14' garage doors and plenty of indoor storage, covered RV parking with a 30 amp outlet, detached 4 car covered carport, livestock pen with shavings pit and much more. Private pool, natural desert landscaping front and back with mature trees and artificial grass. Living room with masonry fireplace, dining room, and an eat in kitchen. Newer A/C unit. RV gates front and back of home. Conveniently located just minutes from the I-10. Very quite neighborhood just minutes from all amenities. A very rare find in the west valley.

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13616 W San Miguel Avenue Litchfield Park, AZ 85340

$685,000

5 Beds

3 Baths

3,477 SqFt

Status Active

MLS # 6749851

Property Type Single Family Residence

Price Type --

IT IS RARE TO FIND A SPACIOUS HOME WITH 5 BEDROOMS, 3 BATHROOMS, AND 3CAR-GARAGE. FIRST IMPRESSION WITH A GRAND ENTRANCE VOLUMN CEILING, A FORMAL DINING ROOM AND LIVING ROOM UP FRONT, A LARGE HALLWAY LEADING TO THE NICELY UPGRADED KITCHEN WITH GRANITE COUNTERTOP, STAINLESS STEEL APPLIANCES, WALK-IN PANTRY. THE KITCHEN IS OPEN TO A HUGE FAMILY ROOM WITH SLIDING GLASS TO THE BEAUTIFUL PRIVATE POOL FOR YOUR HOT SUMMER DAYS. UPSTAIR HAS A HUGE LOFT AREA WITH ADDITIONAL TWO BEDROOMS AND A BATH. THE OVER SIZE MASTER BEDROOM WITH SEPARATE TUB/SHOWER, A HUGE WALK-IN CLOSET, AND A PRIVATE BACONNY. COME TO CHECK OUT THIS BEAUTIFUL HOME TODAY!

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8441 E Culver Street Mesa, AZ 85207

$685,000

3 Beds

2 Baths

1,962 SqFt

Status Active Under Contract

MLS # 6748570

Property Type Single Family Residence

Price Type --

Welcome to a stunning oasis nestled on a generous 1/2 acre corner lot. This move-in ready home boasts 3 spacious bedrooms and 2 bathrooms, providing the perfect blend of comfort and style. As you enter, you'll be captivated by the abundant natural light flooding through the oversized windows, highlighting the high ceilings and open layout. The expansive living spaces are perfect for entertaining or simply enjoying quiet evenings with family. The kitchen features modern appliances and ample counter space. Retreat to the master suite, where you can unwind on your private patio. The master bedroom is complete with a generous walk-in closet and an en-suite bathroom with a soaking tub and walk in shower. Unwind on the front patio while taking in the views. Step out back into your private paradise, where a covered patio invites you to relax and enjoy the outdoors. The fenced backyard provides a safe haven for pets or children to play, while the stunning swimming pool and offer the perfect escape on warm Arizona days. With an attached garage for convenience and ample room for RV and all your toys. This property truly has it all.

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14421 N Prickly Pear Court Fountain Hills, AZ 85268

$685,000

3 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6738052

Property Type Single Family Residence

Price Type --

Price reduced! Welcome to this beautiful home located in the highly sought-after golf community of Sunridge Canyon!, This is a true 3 bedroom home (all have closets). Tucked away against a backdrop of open space, this property offers a peaceful escape. and views of the Town of Fountain Hills and very close to the Golf Course . HVAC new 2018/Nothing to do but move in and enjoy life in beautiful Fountain Hills. This single level home offers a formal dining room / kitchen with breakfast bar and breakfast room overlooking the yard / 3 Full bedrooms one is set up from a perfect office/den Nice location allows for e-z access to all community amenities including Golden Eagle Park/Pickle Ball courts and more/ just a short drive to shops and restaurants

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4924 W Boston Street Chandler, AZ 85226

$685,000

4 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6738908

Property Type Single Family Residence

Price Type --

Pride of ownership shows in this immaculate single-level home situated on a HUGE, 13,482 sf. lot. Located within the highly coveted Kyrene School District, this 4 bedroom, 2 bathroom open floor plan features a beautifully updated kitchen with quartz waterfall island, new white shaker cabinets, and spacious pantry. Additional improvements include newly replaced energy efficient windows, fresh white interior paint, and an updated primary bathroom. The generous backyard offers low-maintenance turf, jacuzzi, citrus trees, covered patio with insulation, and additional land to add the pool or pickleball court of your dreams. This central location keeps you close to major freeways, Intel, Downtown Chandler dining & entertainment, and premier shopping at Chandler Fashion Center.

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