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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7617 N 13th Street Phoenix, AZ 85020

$675,000

4 Beds

2 Baths

2,664 SqFt

Status Active

MLS # 6709676

Property Type Single Family Residence

Price Type --

Welcome to your dream home in one of the most desirable neighborhoods of North Phoenix! 3/2+den, PREFERRED LENDER TO BUY DOWN INTEREST AT NO COST TO BUYER! this stunningly remodeled residence offers the perfect blend of luxury and convenience. Step inside to discover over 2,600 sq/ft of meticulously designed living space. This home is basically brand new!! With new a/c unit, including duct work. electrical wires,and panel, new plumbing, flooring, cabinets, bathrooms, Kitchen, Everything!! The expansive Great Room is an entertainer's paradise, featuring an open layout that seamlessly connects to the modern kitchen and dining area. Every inch of this home has been thoughtfully remodeled with exceptional attention to detail. From the premium finishes to the stylish fixtures.

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309 E Silver Creek Road Gilbert, AZ 85296

$675,000

4 Beds

2 Baths

2,362 SqFt

Status Active

MLS # 6744237

Property Type Single Family Residence

Price Type --

Spacious and updated 4 bedroom, 2 bath cul-de-sac home on 1/3 of an acre lot near downtown Gilbert with a pool. This home was recently remodeled and walking distance to downtown Gilbert! Very spacious house and lot and has two RV gates, one with an electrical RV connection. Large backyard with mature trees, irrigated grass areas, and a pool. Proximity to the 60 and 202 makes any commuting easy. No HOA so bring your toys! This home had upgrades in 2022 that includes tile bathroom, new flooring, and paint throughout. Enjoy shady afternoons on the large back porch and private backyard.

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10744 W Briles Road Peoria, AZ 85383

$675,000

3 Beds

2.5 Baths

2,512 SqFt

Status Active

MLS # 6747063

Property Type Single Family Residence

Price Type --

This gorgeous home with a sparkling POOL is move in ready & fully upgraded! Gourmet kitchen w/ white cabinets, stainless steel appliances, 5 burner gas range w/ hood, wine fridge, large pantry & granite counters. Tandem garage 48' long to fit your SUV, boat, etc. Great floor plan w/ den (or bedroom) or could change to a formal living in front, large great room, soaring vaulted ceilings bringing natural light throughout the whole home. The powder room downstairs can easily have a shower added. Plumbing already installed. Upstairs is open loft, two large bedrooms and the primary suite. Backyard features sparkling pool and covered patio w/ low maintenance turf that has sprinkler system to keep it cool for your kids/pets. Across the street from the park.

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12702 W Sierra Vista Drive Glendale, AZ 85307

$675,000

4 Beds

3 Baths

2,910 SqFt

Status Active

MLS # 6715753

Property Type Single Family Residence

Price Type --

Welcome to this meticulously designed Julia plan by Richmond American Homes. This home offers 4-bedrooms, 3-bathrooms, perfectly situated near the Westgate Entertainment District, Cardinals Stadium, Desert Diamond Casino, and Park West shopping. Recently constructed in 2022, this residence boasts a spacious family room, an open floor plan, and impressive 10-foot ceilings. Pamper yourself in the upgraded master shower and enjoy the convenience of center-meet sliding doors opening to an expansive patio. This home is equipped with upgraded lighting, elegant wood tile floors, energy-efficient solar panels, and more, ensuring a lifestyle of modern living.

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18547 W Oregon Avenue Litchfield Park, AZ 85340

$675,000

4 Beds

2.5 Baths

2,988 SqFt

Status Active

MLS # 6704866

Property Type Single Family Residence

Price Type --

FREE 2-1 BUYDOWN IN THIS RV FRIENDLY COMMUNITY!! Charming and very gently lived in 4 bedroom, 2.5 bath home. This bright and inviting floorplan offers updated faux barn wood plank style tile flooring throughout the entire first floor, a beautifully updated kitchen complete with butler's pantry and upgraded stainless steel appliances, upgraded french door overlooking the lush green back yard, upstairs offers a spacious laundry room for convenience, 3 generously sized guest rooms and a very large master retreat with spacious en suite and his and hers walk in closets. But wait, there's more, also featuring a 3 car tandem garage, RV gate and parking, storage shed, 11,000+sqft lot, large covered patio, fire pit and garden area, this home truly offers something for everyone....don't miss out

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20329 E Bronco Drive Queen Creek, AZ 85142

$675,000

5 Beds

3 Baths

2,778 SqFt

Status Active

MLS # 6748755

Property Type Single Family Residence

Price Type --

Gorgeous custom home in the sought after Horse community of Will Rogers Equestrian Ranch.This 5 bedroom, 3 bath + an office has a large great room with a split floor plan. The Kitchen has new appliances and sink with a generous island, that can fit the whole family. The freshly painted interior has two primary bedrooms with en suites. The other three bedrooms are spacious and inviting. The laundry room is large with built in shelves for storage. Not only does the home have a 3 car garage, it also has a new RV gate. Two new A/C units were installed in March. This unique community boast an equestrian center with 4 stall barns,4 turn out pens, 2 round pens and 2 250X150 arenas and a Community pool, sport courts and instant access to QC wash trails. Community RV and boat storage too!!

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176 N Honeysuckle Lane Gilbert, AZ 85234

$675,000

4 Beds

2 Baths

2,109 SqFt

Status Active

MLS # 6753160

Property Type Single Family Residence

Price Type --

Rare find! Located in beautiful Park Grove Estates. Minutes from downtown Gilbert. This 4 bedroom 2 bath home features an upgraded kitchen, vaulted ceilings-light and bright feeling home. Huge lot, over 13,000sqft. Large pool with a built in spa, mature trees... Newer roof, newer windows and exterior paint.R RV gate. Lots to see!

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4390 N Enchanted Circle Pine, AZ 85544

$675,000

4 Beds

3 Baths

1,956 SqFt

Status Active

MLS # 6712320

Property Type Single Family Residence

Price Type --

This stunning house offers expansive views and an array of high-end features--perfect for comfortable living and entertaining. The mostly single-level layout includes 4 bedrooms and 3 baths--4th bedroom doubles as a versatile recreation room . The entryway provides easy access, welcoming you into a space adorned with beautiful wood flooring throughout. The upgraded kitchen and bathrooms boast modern finishes and high-quality fixtres. Enjoy cozy evenings by the wood-burning fireplace in the spacious living area, designed with a split floor plan to maximize privacy and convenience. The large covered front deck is ideal for outdoor relaxation and gatherings, while the oversized 2-car garage provides ample space for vehicles and storage. Nested in a gated HOA subdivision, this home This home benefits from a water and sewer provider and has underground utilities. Furniture remains with sale at no additional cost to Buyer. Master bedroom bed, mattress, bed frame headboard, televisions do not convey

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19625 W Pinchot Drive Buckeye, AZ 85396

$675,000

4 Beds

2.5 Baths

2,656 SqFt

Status Active

MLS # 6752283

Property Type Single Family Residence

Price Type --

Be prepared to be amazed by this Willowleaf model that is a spacious 4 bedroom, 2.5 bath home. There is an upstairs loft, additional downstairs flex space and a tandem 3 car garage. The gourmet kitchen features 42'' espresso cabinetry, quartz counter tops, stainless steel appliances, gas cooktop, wall oven and an oversized island overlooking the spacious great room making this an entertainers dream! Upstairs there is a large loft, 4 bedrooms, 2 bathrooms, and convenient 2nd floor laundry. The garage is a 3-car tandem that is just under 38 feet deep. Gorgeous mountain view backyard with pool with water feature, synthetic grass, and a paved ramada area to enjoy the Arizona sunsets.

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3012 E Beryl Avenue Phoenix, AZ 85028

$675,000

3 Beds

2 Baths

1,600 SqFt

Status Active

MLS # 6689947

Property Type Single Family Residence

Price Type --

***PRICED $55K BELOW APPRAISED VALUE*** Your very own renovated, redesigned and reimagined home in the highly sought after Sheaborhood area of North Phoenix with No HOA on nearly a quarter acre! This home features an open concept, a fully renovated kitchen that rivals those in million dollar homes and a primary suite that will have you feeling like the spa is in your very own home. It features a BRAND NEW ROOF all the way down to the sheathing, NEW WIRING, NEW PLUMBING, NEW HOT WATER HEATER and NEW WINDOWS, so you can have peace of mind that all your major items are already taken care of. Both bathrooms and the primary suite have been generously extended, while the living area was beautifully opened, making this home perfect for those craving a modern living experience in an established neighborhood. This property is nestled on nearly a quarter acre lot on a quiet street in close knit, deeply adored community. Upon driving up to the home, you'll be welcomed by a freshly painted exterior with an impressive walkway leading you to your luxurious and oversized front door. When entering the home, you will find a bright, spacious great room complete with a large island and brand new slider. On the west wing of the home, you will find three generously sized bedrooms, a huge guest bathroom with an extended vanity and dual sinks, a spacious primary suite and a custom primary shower that rivals those in million dollar new builds. This home has an extended laundry room, which is a rare find in this neighborhood and is sure to appease every modern buyer. The backyard has MOUNTAIN VIEWS, tasteful landscaping, upgraded, modern gravel and luxurious turf.

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16308 E Links Drive Fountain Hills, AZ 85268

$675,000

2 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6680908

Property Type Townhouse

Price Type --

Furnished! Well Cared For Single Level Condo at Balera at Firerock Featuring 2 Bedrooms + Den/Office with Full Size Business Desk That Converts To Queen Sized Murphy Bed, 2 Bathrooms, Gourmet Kitchen with Granite Counters, Island, Newer Appliances and Separate Dining Area. Kitchen Open To Cozy Living Room with Gas Fireplace, Faux Wood Plank & Tile Flooring & Vaulted Ceilings. Spacious Primary Bedroom with Vaulted Ceilings - Main Bath Featuring Soaking Tub, Walk-In Shower, Dual Sinks & Walk-In Closet. Split Floor Plan Guest Bedroom With Access To Guest Bathroom with Walk-In Shower. Upgrades: AC (2020) - Water Heater (2017) - Water Softener (2020) - Washer/Dryer (2021) - Kitchen Appliances (2022) - Patio Drop Shade (2022). Enjoy The Community Pool, Fitness Center & Spa With Amazing Mountain Views Overlooking Firerock Country Club.

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1151 S Sandstone Street Gilbert, AZ 85296

$675,000

4 Beds

3 Baths

2,740 SqFt

Status Active Under Contract

MLS # 6680141

Property Type Single Family Residence

Price Type --

Looking for a pool home w/ golf course view? This gorgeous 4 bed + den, 3 bath residence is nestled on a premium cul-de-sac lot right next to the Community's golf course & featuring sparking private pool, a lush lawn, 2 car garage, and paver walkway! Inside you will find a spacious dining & living area w/soft carpet in all the right places and designer palette throughout. The large family room boasts a wall niche and a fireplace to keep you warm during the winter months! Hone your cooking skills in this gorgeous kitchen, comprised of ample cabinetry along w/a pantry, granite counters & backsplash, stainless steel appliances, an island complete w/a breakfast bar, and breakfast nook. The primary bedroom showcases a lovely bay window, a walk-in closet, and a lavish ensuite w/dual sinks. Don't forget about the cozy den w/elegant wood-look flooring, perfect for an office! Also including a wonderful backyard w/a covered patio, view fence, and a fire pit, this home simply has it all! Act now before it's gone!

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