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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2140 N White Tail Way Flagstaff, AZ 86004

$650,000

3 Beds

2 Baths

1,458 SqFt

Status Active Under Contract

MLS # 6741574

Property Type Townhouse

Price Type --

Kick back and relax in this cozy continental townhome! One of the standout features is the covered back deck, where you can relax and enjoy breathtaking views of the mature Ponderosa pines. It's the perfect spot for morning coffee or an afternoon hammock nap! This property is a peaceful retreat on a quite cul-de-sac while being just seconds from all the amenities that Bear Paw Recreational Center has to offer, including swimming, mini golf, basketball, a snack bar and more. The sizable living room is complemented by a brick fireplace, vaulted ceilings, an abundance of pine views, and natural sunlight. 3BD, 2BR, A/C, central vacuum system, and a 2 car garage for all your foremost needs. Don't wait to make this one yours!

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13399 W Tyler Trail Peoria, AZ 85383

$650,000

5 Beds

3 Baths

3,423 SqFt

Status Active

MLS # 6751314

Property Type Single Family Residence

Price Type --

Unbeatable 5 bedroom floorplan with extensive upgrades! This spacious home offers a formal living/dining, plus expansive greatroom layout at the back of the house, featuring gourmet kitchen with granite counters and staggered cabinetry, huge island with breakfast bar, dining room with bay window, and spacious living room. One bedroom and remodeled full bath downstairs, along with laundry. Enormous primary suite is upstairs along with 3rd full bath (also renovated), and 3 more bedrooms, each with walk in closets. Walnut finished plank flooring downstairs and plush carpet upstairs. Oversized premium lot with no rear neighbors. Extended back patio, grass area surrounded with curbing, rock accents, and mature plants/trees. Plenty of parking with 3 car garage and triple driveway.

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21425 N 142nd Drive Sun City West, AZ 85375

$650,000

2 Beds

2.5 Baths

2,580 SqFt

Status Active

MLS # 6702403

Property Type Single Family Residence

Price Type --

Fabulous Montecito model with 2 bedrooms, 2.5 bath & den w double doors, situated on a prime location on the 3rd hole of the Trail Ridge Golf Course, showcasing 2 separate lakes, mountain & fountain views! Enter through a private, front courtyard that opens to a spacious great room w plantation shutters, overlooking gorgeous greens & several patio areas. Open kitchen with Corian countertops, plenty of cabinets, Bosch cooktop, GE Profile appliances & separate built-in ice maker. Primary bedroom bay window, large walk-in closet, double vanity & separate shower & tub. Inside laundry w sink & updated GE washer & dryer. Half-bath for convenience. Large 2 car garage w extra golf cart garage, newer garage door opener. Water heater 2019, Two Trane units 2010. Roof underlayment #30 LB in 2010.

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4456 S Watauga Drive Gilbert, AZ 85297

$650,000

3 Beds

2 Baths

1,965 SqFt

Status Active Under Contract

MLS # 6753618

Property Type Single Family Residence

Price Type --

Discover this stunning 3-bedroom gem in Layton Lakes, featuring a 2.5-car garage, RV gate, & charming stone facade. Step inside to find tile flooring, a soothing neutral palette, & a spacious great room, complete w/ pre-wired surround sound & a cozy desk area, perfect for an office or study. Kitchen is a culinary dream w/ stainless steel appliances, ample cabinetry, a walk-in pantry, granite counters, a stylish tile backsplash, recessed lighting, & a center island w/ a breakfast bar. Retreat to the main suite, offering a private bathroom w/ dual sinks, a soothing tub, & a walk-in closet. Outside, the backyard is an oasis w/ a covered patio, built-in BBQ, fire pit, pool, & breathtaking sunset views. Don't miss the chance to experience this beautiful home! 50V outlet outside for a generator

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1713 E Mclellan Boulevard Phoenix, AZ 85016

$650,000

3 Beds

2 Baths

1,494 SqFt

Status Active

MLS # 6753397

Property Type Single Family Residence

Price Type --

Fresh on the market is this 3 bed/2 bath home located in North Central Phoenix with no HOA! Beautiful dark hardwood flooring throughout. Newer shaker cabinets, farmhouse sink, and quartz countertops in the kitchen. Then, step outside the french doors to the completely renovated backyard patio with mature grape vines and a beautiful row of bougainvillea. With a built-in fireplace and grill right under the pergola, the backyard is an entertainer's dream. Fully irrigated front and backyard, as well as an irrigated veggie garden. Very central location just a minute away from Hwy 51 and Granada Park. 10 minutes to downtown Phoenix, Scottsdale or Sky Harbor Airport. Tankless water heater and a new AC unit both installed in 2021. This home will not last long!

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5585 E Killen Loop Prescott Valley, AZ 86314

$650,000

3 Beds

3 Baths

2,168 SqFt

Status Active

MLS # 6711279

Property Type Single Family Residence

Price Type --

Gorgeous like-new Mandalay 606 floor plan home in the desirable Jasper Community. The J Club clubhouse recently opened, providing one of the most spectacular centerpieces to a community that the Prescott area has seen. This home captures magnificent views of Mingus Mountain, Glassford Hill, and the San Francisco Peaks from the beautifully landscaped backyard. Enjoy the covered patio off the great room, additional paver sitting area with firepit, artificial turf lawn, and raised garden beds, creating a peaceful sanctuary to appreciate Prescott's moderate four-season climate. Inside, the modern split floor plan has much to offer. The great room is perfect for entertaining, with the family room, kitchen, and dining area seamlessly connected. The centerpiece of the living room is a stacked stone modern linear gas fireplace with a wood mantle. The impeccably appointed eat-in kitchen features quartz countertops, a tile backsplash, a single basin sink, breakfast bar counter seating, and a walk-in pantry. Like-new stainless steel appliances, including a high-end LG fridge, will convey. Off the great room, the master suite boasts a generously sized bedroom overlooking the beautifully landscaped backyard. The master bathroom offers a walk-in shower, oval soaking tub, and a spacious walk-in closet. On the opposite side of the home, the guest suite includes a full ensuite bathroom, providing guests with their own private escape. There is also a second guest bedroom that utilizes the third full bathroom near the entry to the laundry room and garage, situated between the main living area and the third guest bedroom. The three-car tandem garage features epoxy floors and a hybrid gas/electric water heater. The garage also has a keypad entry with a camera. The property includes an owned solar system with a supplemental battery, providing relief during peak hours providing the perfect energy efficient home for any buyer.

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1685 S Marble Street Gilbert, AZ 85295

$650,000

4 Beds

2.5 Baths

2,800 SqFt

Status Active Under Contract

MLS # 6697610

Property Type Single Family Residence

Price Type --

***$20,000 PRICE REDUCTION*** This well-maintained home exudes pride of ownership with meticulous care from its sole owner. Its practical layout features spacious bedrooms and a functional open kitchen with ample cabinet space. Step outside to discover a tranquil backyard oasis complete with a sprawling covered patio. The garage features a convenient electric car charging station. Ideally situated in Gilbert's premier neighborhood, enjoy easy access to top-rated schools, popular shopping destinations, delectable dining options, and effortless freeway commutes. Plus, the neighborhood park is just steps away! This home is a must see!

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4433 E Acoma Drive Phoenix, AZ 85032

$650,000

3 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6708533

Property Type Single Family Residence

Price Type --

Interest rates as low as 3.625%! Beautiful home on a 10,000sf lot next to Scottsdale. NO HOA! Arrive through a private courtyard and enter into a big open family room that is perfect for entertaining with a fireplace and vaulted ceilings. The spacious kitchen comes with an island, pantry & french doors that open to the backyard. The primary bedroom suite features engineered wood floors and dual vanities in the bathroom. The secondary bedrooms are at the opposite end of the home for added privacy. The backyard has a covered patio, sparkling pool and artificial turf. NEW ROOF 2 YEARS AGO! NEWER AC. Great location near the Paradise Valley Mall Redevelopment with upscale shopping & dining, Sweetwater Park, Scottsdale Christian Academy & Stone Creek Golf

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3702 E Laurel Lane Phoenix, AZ 85028

$650,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6738884

Property Type Single Family Residence

Price Type --

Fabulous home in a fabulous location! This stylish mid-century modern home offers lots to enjoy inside, outside, and in the area. The backyard is perfect for the summer days and nights with a sparkling pool, new no-maintenance grass, BBQ, and picnic area. Inside you will enjoy tile flooring and new carpet, a new kitchen with quartz counter tops, new cabinetry, back splash and extra cabinet space by dining. Bathrooms have been remodeled with the mid-century style. Great storage and space in the laundry room. Minutes away from hiking, golf, shopping and dining and the new PV mall re-development. Kierland/Scottsdale Quarter and the Biltmore are just short drives away. Easy access to the 51 and 101 freeways to bring you all over the Valley easily.

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1581 E Del Rio Street Chandler, AZ 85225

$650,000

4 Beds

3 Baths

2,321 SqFt

Status Active

MLS # 6694922

Property Type Single Family Residence

Price Type --

Hidden gem nestled in a quiet neighborhood of Superstition Ranch. This gorgeous home features high flat ceiling which instantly makes this home feel more spacious and luxurious. Great layout with 4 bedrooms and 3 full baths, split floorplan with separated master suite . Skylight in formal dinning , spacious kitchen with wine cooler. Home has hard wood, carpet and tile flooring. Backyard oasis is perfect for cooling down in summer time by jumping into the pool or relax in the heated spa. New roof underlayment installed in January. Fresh painted interior and exterior. Home comes with Tesla charging station, makes life easier. Excellent schools BASIS and Legacy Traditional school (North Chandler) both just about 1 mile away. Don't miss this opportunity to own this great home!

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17320 E Pinnacle Vista Drive Rio Verde, AZ 85263

$650,000

4 Beds

2.5 Baths

2,126 SqFt

Status Active

MLS # 6731827

Property Type Single Family Residence

Price Type --

Charming Single-Story Home on Over an Acre in Beautiful Rio Verde Welcome to this delightful single-story residence, nestled on just over an acre of pristine land in Rio Verde. This property has participated in the EPCOR water solution and has been thoughtfully updated to offer both modern conveniences and timeless appeal. Recent updates enhance the home's charm and functionality, including fresh interior and exterior paint, an expanded back paver patio, new artificial turf, and a fenced-in backyard. The front and rear landscaping has been designed to enhance the home's curb appeal, creating a welcoming environment for you and your guests. The gourmet kitchen is a highlight of the home, featuring top-of-the-line GE stainless steel appliances. A brand-new GE washer and dryer have also been installed, making laundry chores a breeze. The home's 2x6 construction ensures superior energy efficiency, contributing to lower utility costs and a comfortable living environment. Through participation in EPCOR's long-term water solution the property will enjoy reliable and sustainable water service. The property is also located within the SRP service area, ensuring dependable electricity. Experience the serene lifestyle of Rio Verde with this exceptional home that seamlessly blends modern updates with sustainable living. Don't miss this opportunity to own a piece of Rio Verde's charm!

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1108 W Colter Street Phoenix, AZ 85013

$650,000

4 Beds

3 Baths

1,894 SqFt

Status Active

MLS # 6707103

Property Type Single Family Residence

Price Type --

This stunning home in the heart of Phoenix is just a few minutes from uptown phoenix where you will find great restaurants and boutique shops! New Turf has been put in! The main house offers 3 spacious bedrooms and 2 bathrooms, while the backyard features a separate Casita with a studio area, kitchenette, and bathroom. Enjoy the covered patio, swimming pool, and ample space for entertainment. Inside, find wood-like tile flooring, vaulted ceilings, neutral paint, and abundant natural light. The kitchen boasts a breakfast bar island, tile backsplash, quartz countertops, contemporary fixtures, and plenty of storage. Perfect for short or long-term rental and ideal for first-time buyers. All furniture is included in the sale of this home.

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