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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10835 E Tesla Avenue Mesa, AZ 85212

$670,000
3 Beds
2.5 Baths
2,462 SqFt
Status Active
MLS # 6737188
Property Type Single Family Residence
Price Type --
MUST SEE TODAY! Gorgeous property in the growing La Mira! This home offers excellent curb appeal with a low-care front yard, a 2-car garage, and an RV gate. The interior boasts a large open concept with tall ceilings, ceramic tile flooring, plush carpet, and abundant natural lighting. The fabulous white kitchen showcases staggered cabinets, SS appliances, granite counters, a large island with breakfast bar, and a walk-in pantry. The split owner's suite allows great privacy, and its immaculate bathroom with a huge dual vanity & an oversized shower makes it a perfect retreat to unwind after a long day. The secondary bedrooms share a Jack & Jill bathroom. Additionally, you'll find 2 dens, one perfect for an office & a larger one for a game/entertainment center. Discover a spacious backyard with covered patio and artificial turf, making an ideal spot for fun & entertaining. This fabulous community features a lush park with playground and a pool. What's not to like? Hurry to see this amazing residence before it's too late!

11445 E Paloma Avenue Mesa, AZ 85212

$670,000
4 Beds
2.5 Baths
2,951 SqFt
Status Active
MLS # 6756927
Property Type Single Family Residence
Price Type --
Amazing mountain views the master bedroom, loft, and front porch. This stunning home is recently remodeled with quartz kitchen counter tops, large 24x48 tiles throughout the first floor, LVP flooring on stairs and loft, carpet in all bedrooms, fresh paint inside and outside, and epoxy garage floors. This house features 4 BR, 2.5 baths, plus a den and loft. Two story ceiling in family room. Well-manicured backyard with pebble tech play pool & flagstone flooring outside covered patio area. Surround sound with built-in speakers. Truly a great neighborhood in Gilbert school district.

3407 E Glacier Place Chandler, AZ 85249

$670,000
4 Beds
2 Baths
2,121 SqFt
Status Active
MLS # 6738533
Property Type Single Family Residence
Price Type --
Ready to move in. Exceptional single level 4 bedrooms 2 baths & Spacious 3 car garage home in popular gated community of Quail Springs in Chandler. Formal living & Dining room Updated Kitchen with Island overlooking the great room. Wired for surround sound. Kitchen cabinets and stunning granite countertops installed in 2024. Stainless Steel appliances The Refrigerator & Microwave replaced in 2023. Double Ovens Washer & Dryer installed in 2022 are included. Laundry room cabinet & Sink. Tile floor in kitchen baths and all traffic areas. Main bath with separate tub and shower. Walk-in closet with custom shelves. Comfort height dual sinks. Water Softener. RO System. Tankless water heater. Security System Borders common area with access to walking trail. Community offers large grass area and children playground Close to schools dining shopping and Citrus Vista Park. Come take a Look.

2600 S Holguin Way Chandler, AZ 85286

$670,000
5 Beds
3 Baths
2,350 SqFt
Status Active
MLS # 6747525
Property Type Single Family Residence
Price Type --
Welcome to this spacious 5 bedroom, 3 bathroom house located in the desirable Carino Estates neighborhood of Chandler, AZ. This home features a private swimming pool, perfect for enjoying the warm Arizona weather. With an air conditioning system to keep you cool during the hot summer months, a private backyard for outdoor entertaining, and a 2 car garage for convenient parking, this house has everything you need. One of the bedrooms is located on the bottom floor, providing added convenience and flexibility. Don't miss out on the opportunity to rent this beautiful 5 bedroom, 3 bathroom house in south Chandler.

10918 E San Tan Boulevard Sun Lakes, AZ 85248

$670,000 - 2Br/2Ba -  for Sale in Palo Verde, Sun Lakes
New
$670,000
2 Beds
2 Baths
1,912 SqFt
Status Active
MLS # 6758871
Property Type Single Family Residence
Price Type --
Lovely custom Palacia floor plan on golf course in Palo Verde. 18th FAIRWAY! Come into this spacious open concept. Great for entertaining. The great room includes the living room, formal dining room and kitchen. The kitchen is a chef's dream- large granite island, stainless steel appliances, plenty of cabinets. 2 Bedrooms, 2 baths. Spacious Primary Suite features separate sitting area . Ideal for an office. Primary bath features 2 vanities, large walk in closet. Guest bedroom has walk in closet. Laundry room including washer and dryer and cabinet space. 2 car garage and golf cart garage. Enjoy the large screened in patio or exterior covered patio overlooking the desert landscaping and golf course. A MUST SEE!

24077 N 160th Avenue Surprise, AZ 85387

$670,000
5 Beds
4.5 Baths
3,445 SqFt
Status Active Under Contract
MLS # 6709090
Property Type Single Family Residence
Price Type --
Amazing 5BR/4.5BA new build Fulton home Surprise! Close to community amenities, freeway entrance and more!

2821 W Libby Street Phoenix, AZ 85053

$670,000
5 Beds
3 Baths
2,636 SqFt
Status Active
MLS # 6713274
Property Type Single Family Residence
Price Type --
Welcome to your dream home, a one-of-a-kind custom-built masterpiece that exudes elegance and sophistication. Built in 2019, this is the newest two-story house on the block, featuring a grand entry with a stunning wood door that sets the tone for the luxury within. This exceptional residence offers unparalleled luxury and modern amenities, ensuring a lifestyle of comfort and convenience. With five generously sized bedrooms, there's ample space for family, guests, or even a home office. Each bedroom is designed to provide maximum comfort and privacy, complemented by three beautifully appointed full bathrooms with high-end fixtures and finishes, offering a spa-like retreat for your daily routine.The heart of the home features custom cabinets and top-of-the-line stainless steel appliances, perfect for the home chef. Granite countertops add a touch of elegance to the kitchen's open layout, which is ideal for entertaining and family gatherings. The living spaces are adorned with stunning wood floors, and the grand wood staircase adds warmth and charm to the interior. Vaulted ceilings create an airy and spacious ambiance, while double wide patio glass doors seamlessly connect the indoors with the outdoor living areas. For those with a passion for travel, the RV gate provides convenient storage and access for your recreational vehicles, making it easy to embark on your next adventure. The home is equipped with two high-efficiency air conditioning units, ensuring comfort throughout the year. Energy-efficient windows by Milgard and foam insulation enhance the home's sustainability and energy savings. Recessed lighting throughout the home provides a modern touch and brightens every corner. The garage features an 8-foot door with extended height, perfect for larger vehicles. Additionally, the oversized water heater ensures that you'll never run out of hot water. The extended back patio is perfect for outdoor living and entertaining, complete with electrical wiring for up to three ceiling fans. The backyard also features a full-size shed for extra storage and is enclosed by a block stucco wall for added privacy and security. The home also boasts a comprehensive salt water filtration system for clean and healthy living. The exterior of this custom-built gem boasts a stylish stucco finish, adding to its unique architectural design. Every detail of this home has been thoughtfully designed to offer the utmost in modern living. From the open-concept living spaces to the high-quality materials used throughout, this home is the epitome of luxury. This property is not just a house; it's a lifestyle. Don't miss the opportunity to own this extraordinary home that combines unique design, luxurious features, and modern amenities. Schedule a private tour today and experience the beauty and elegance of this exceptional property.

16074 W Cortez Street Surprise, AZ 85379

$670,000
4 Beds
3.5 Baths
3,348 SqFt
Status Active
MLS # 6691064
Property Type Single Family Residence
Price Type --
***Motivated Seller*** Gorgeous two-story home nestled in the highly desirable community of Greer Ranch with indoor-outdoor resort-style living. As you walk through the courtyard with mature landscaping you will enjoy its timeless beauty. This spacious 4 bedrooms/3.5 bathrooms with 1 bedroom & 1.5 bath located downstairs flows seamlessly from room to room. Large master suite, master bath vanity has granite counter tops with double sinks, separate shower, relax while soaking in the large garden tub. Nice size master walk-in closet will check all your boxes! A cozy family room with new carpet. Gorgeous eat-in-kitchen is fit for entertaining and features granite counter tops, island for extra prep & storage, stainless steel appliances, gas stove/oven, R/O drinking water system. Head upstairs to a large loft, master suite & bath, 2 bedrooms & second bath also with granite counter tops. Ceiling fans throughout. Resort-style desert oasis backyard features covered patio, travertine decking throughout the back yard, sparkling saltwater pool that includes a water feature and electric heating /cooling system to help with the colder nights and warmer days, and lighting to give it that amazing ambiance. Gorillas' basketball hoop with concrete court. 3 car extended garage with a 2/1 split. Gated dog run with dog door. This home also includes automated smart home switches and paid solar system to help with energy cost. This home is ideally located less than a few minutes from Route 303, premier dining, shopping, entertainment and much more. This home is truly a must see! Don't miss your chance to own this distinctive home and start making heart warm memories with your friends and family!

8725 E Arlington Road Scottsdale, AZ 85250

$670,000
3 Beds
2 Baths
1,320 SqFt
Status Active
MLS # 6713310
Property Type Single Family Residence
Price Type --
Discover your new home with no HOA centrally located in Scottsdale close to Old Town, Fashion Square and the Talking Stick entertainment district. This home boasts new low E windows, fresh paint, updated kitchen and bathrooms that exude quality with every detail. Enjoy your backyard's diving pool, spa, putting green and giant covered patio. All appliances including refrigerator, washer and dryer are included in the sale. Your clients will not be disappointed!

1734 E Samuel Drive Phoenix, AZ 85024

$670,000
4 Beds
2 Baths
2,452 SqFt
Status Active Under Contract
MLS # 6678064
Property Type Single Family Residence
Price Type --
Motivated Seller offering 2% concessions with full price offer. Step into comfort with this stunning 4-bed, 2-bath haven nestled in the heart of Phoenix. As you enter the foyer, you'll be greeted by an inviting ambiance that flows seamlessly into the spacious family room, perfect for cozy nights in or entertaining guests. Enjoy the open kitchen with modern appliances, and ample storage space, making meal prep a breeze. The adjacent dining room provides an elegant setting for hosting memorable gatherings with loved ones. Escape to your private retreat in the generously sized backyard, where you can unwind under the Arizona sun. Plus, outdoor enthusiasts will love the proximity to scenic trails.

688 W Ebony Way Chandler, AZ 85248

$670,000
3 Beds
2 Baths
2,157 SqFt
Status Active
MLS # 6716664
Property Type Single Family Residence
Price Type --
PRICE REDUCED!!! LOCATION! LOCATION! **NEW GRANITE COUNTERS in the KITCHEN and BATHROOMS!! *** All the CABINETS have been freshly painted! This beautiful home has 3 bdrms/2 bths with DEN can convert to extra bdrm. A spacious 3-car garage. The floor plan features a cozy family room, formal dining area, and formal living room. 5 Blink cameras and an alarm system that coveys with the home. Other recent upgrades- new A/C, with all new duct system in 2021, a new gas hot water heater 2023, and fresh paint both inside and out, including inside the garage! The backyard is a beautifully landscaped oasis with a stunning pool, perfect for relaxation and entertaining. This move-in-ready home is just waiting for you to make it your own!

14200 W Village Parkway Unit 2045 Litchfield Park, AZ 85340

$670,000
3 Beds
2.5 Baths
2,049 SqFt
Status Active Under Contract
MLS # 6671868
Property Type Single Family Residence
Price Type --
This Cachet at the Wigwam home on a cul-de-sac lot w/ 2car + additional golf cart garage offers privacy and tranquility. Whether you're starting your day with a leisurely stroll or hitting the golf course, there's something for everyone. Gated community includes workout facility, pool & hot tub. Split floor plan with two master suites, Office w/French doors, 2.5 baths. Living room is a bright space with upgraded double sliding doors, seamlessly extending your living area. Kitchen is a chef's dream, with a breakfast bar, gas stovetop, large island, wall ovens, micro/convection oven, granite countertops. Backyard is perfect for outdoor entertaining with 2 patios & extended pergola.

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