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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7926 W Medlock Drive Glendale, AZ 85303

$649,000

4 Beds

2.5 Baths

3,185 SqFt

Status Active

MLS # 6730583

Property Type Single Family Residence

Price Type --

Adorable 3185 square feet 2-story home with 4 bedrooms, 2.5 bathrooms, large den, loft and a 2 car garage. Additional flex-room downstairs could be used for extra storage or an office. Plantation shutters. Spacious owner's suite with walk-in closet. Quartz kitchen countertops and backsplash. Equipped with stainless steel appliances. Classic shaker style cabinets. Low-maintenance landscaping. Convenience location- close to Westgate, easy access to the 101 and I-10.

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3721 E Catalina Drive Phoenix, AZ 85018

$649,000

3 Beds

2.5 Baths

1,977 SqFt

Status Active

MLS # 6751178

Property Type Townhouse

Price Type --

This stunning 3-bedroom, 2.5-bath townhome, built in 2019, is located in the highly sought-after Arcadia neighborhood within a gated community. The home features a spacious 2-car garage and beautiful wood plank tile flooring throughout the first floor. The modern kitchen boasts elegant grey cabinets, quartz countertops, stainless steel appliances, and a convenient island with seating. Upstairs, you'll find a large loft, perfect for a home office or additional living space. The expansive master suite is filled with natural light and includes a luxurious master bath with a double vanity and a walk-in shower. Outside, enjoy the small private yard with pavers and low-maintenance artificial turf—ideal for relaxation. Additionally, this home comes equipped with a water softener and an alarm system, adding to your comfort and peace of mind.

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41519 N Panther Creek Trail Anthem, AZ 85086

$649,000

2 Beds

2 Baths

2,182 SqFt

Status Active Under Contract

MLS # 6732792

Property Type Single Family Residence

Price Type --

Enjoy your morning coffee while watching the sun rise over Daisy Mt. or golfers from your peaceful back yard. Home is on #10 Persimmon golf course. Desirable open concept Peregrine model with large great room, office, guest bedroom, full bathroom. Oversized primary bedroom with access to the back yard. Full ensuite with HIS and HER vanities, separate tub and shower. Walk in closet. Plantation shutters. Neutral colors. Pavers in the back yard, with built in BBQ, Come and enjoy the amenities Anthem has to offer. Two clubhouses, 2 golf course, two fitness centers, two pools, tennis courts, pickleball, bocce ball, social clubs...too much fun!

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13600 N Fountain Hills Boulevard Unit 903 Fountain Hills, AZ 85268

$649,000

3 Beds

3 Baths

2,196 SqFt

Status Active

MLS # 6699821

Property Type Townhouse

Price Type --

Welcome to your dream home nestled in the gated community of La Strada, offering not just a residence, but a lifestyle. This meticulously crafted abode boasts 3 bedrooms and 3 bathrooms spread across a spacious 2196 square feet. Upon entering, you'll be greeted by breathtaking mountain views that serve as the backdrop to your everyday life. The home exudes elegance and modernity with remodeled bathrooms and kitchen featuring updated cabinets, luxurious Quartz countertops and no-fingerprint stainless steel appliances that elevate your culinary experience. The 2-car epoxy floor garage not only provides ample space for your vehicles but also offers convenient storage solutions. Inside, the living space is adorned with updated flooring and an inviting electric fireplace, perfect for cozy... evenings with loved ones. The primary suite is a sanctuary unto itself, boasting a huge rain glass shower and no-slip oversized tile, along with meticulous organized closets featuring built-in storage solutions. For the connoisseur, a built-in wine refrigerator awaits, while the custom coffee bar ensures your mornings are off to a delightful start. The kitchen features a sleek graphite sink, adding a touch of sophistication to your culinary endeavors. Entertaining is a breeze with a powder room showcasing a custom driftwood countertop and vessel sink. Additionally, the she-shed offers versatile space that can be transformed into an office, fitness area, or craft space, catering to our every need. Beyond the confines of your home, the gated community of La Strada offers resort-style amenities, including a pool. Centrally located, you're just a short walk or drive away from shopping, restaurants, and the famous fountain, allowing you to indulge in the vibrant lifestyle this community has to offer.

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15221 N Clubgate Drive Unit 1150 Scottsdale, AZ 85254

$649,000

2 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6754338

Property Type Apartment

Price Type --

*Seller Concessions Available* Short-term rentals allowed. Experience the warmth of this charming fully updated, first-floor, 2-bedroom unit in Kierland Greens. Inside, enjoy a welcoming vibe with wood-look tile floors, a soothing palette, and a bright living/dining area enhanced by a cozy gas fireplace. Hone your culinary skills in the sleek kitchen equipped with stainless steel appliances, recessed lighting, granite counters, mosaic tile backsplash, a pantry, and a breakfast bar. Retreat to the serene primary suite, boasting a walk-in closet and a private bath with dual sinks and a standalone tub. Relax under the covered patio, perfect for sipping your favorite beverage. This unit also features a 2-car garage. Within this gated community, enjoy the pool, spa, and fitness center.

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4227 E Rancho Tierra Drive Cave Creek, AZ 85331

$649,000

4 Beds

2 Baths

2,186 SqFt

Status Active Under Contract

MLS # 6747262

Property Type Single Family Residence

Price Type --

Welcome to your new home in the beautiful community of Tatum Ranch! This single level, 4 bedroom, 2 bath, 3 car garage home is so charming. The same owner since 1999, and the pride of ownership shows. Step inside to the spacious and inviting floor plan. The living room/formal dining is the perfect place to entertain your guests. Have your coffee at the breakfast nook, while overlooking your south facing yard that backs up to natural open space. The primary suite has dual sinks, a walk-in closet, tub and shower. The Trane AC Unit is only 4 years old, and has a transferable warranty through 2030! Cave Creek has parks, hiking, dining, and lots of shopping! So close to downtown Carefree, Desert Ridge, and North Scottsdale. Just minutes from the 101 & I17. Don't let this one get away!!!

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4755 W Morin Road Mcneal, AZ 85617

$649,000

3 Beds

2 Baths

2,142 SqFt

Status Active

MLS # 6731687

Property Type Single Family Residence

Price Type --

Take a look at this charming ranch-style home situated on over 90 acres of expansive land ideal for horses & livestock! Discover 3 bedrooms, 2 bathrooms, & spacious basement for additional living space & storage. Living room, formal dining, & office/den provide plenty of options for relaxation & entertaining. Custom kitchen appliances, fireplace, wood-burning stove, custom woodworking, & built-in bookshelves add character & functionality. Outside are added benefits of covered parking, a workshop, barn, storage shed, & 3 wells (2 private,1 irrigation). 5 raised garden beds invite gardening enthusiasts. Whether you're looking to expand your agricultural or livestock endeavors, or seeking a tranquil retreat, this property offers a blend of rural lifestyle, serenity, & modern convenience.

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5819 N 88th Lane Glendale, AZ 85305

$649,000

5 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6727934

Property Type Single Family Residence

Price Type --

*SELLER'S CREDIT UP TO 2% OF TOTAL PURCHASE PRICE TOWARDS BUYER'S CLOSING COSTS OR BUY DOWN* Move-in Ready!! Perfect for large family or in-laws. Clean and fresh home with upgrades throughout. Massive open floor plan with entertainment in mind. Luxury kitchen with white cabinetry, granite countertops, large island, stainless appliances, upgraded tile flooring and pantry opens to the massive family room with plantation shutters throughout. Owner's suite, guest bedroom w/ensuite and den on main floor. Three spacious bedrooms upstairs with a large loft. Calming neutral palate and central vacuum system throughout. Tankless water heater, sink and EV charger in garage. New maintenance free back & front yards with pavers and artificial turf. Wait no longer--your dream home awaits!! Just moments away from the Glendale sports and entertainment district.

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202 S Sunset Pass Payson, AZ 85541

$649,000

3 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6748539

Property Type Single Family Residence

Price Type --

BRAND NEW - UNDER CONSTRUCTION Dream Home on the Rim in Payson - surrounded by gorgeous custom homes and less than 7 min from Renowned Golf Club at Chaparral Pines & The Rim Club, less than a mile from Safeway grocery store and convenient shopping, dining, gas & bank. Buyers able to select Cabinet Color, Granite Color, Interior & Exterior Paint and Flooring if under contract before install. Not much around here under $700K so hurry - estimated time of completion 12/01/2024- just in time to enjoy for the winter! Additional Photos of this home will be posted as it progresses. Buyer to verify all facts & figures.

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235 W Liberty Lane Payson, AZ 85541

$649,000

3 Beds

2 Baths

1,378 SqFt

Status Active

MLS # 6751212

Property Type Single Family Residence

Price Type --

Rural living but close to town amenities! Suburban ranchette features 3.75 acres fenced and cross fenced for horses and other live stock. Fenced organic garden area and orchard. Numerous storage buildings, fenced chicken compound with coup, tack shed, large craft/work shed, oversized two car garage. Private well on property, plus an interest in Community well. Round pen set up with walker.

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255 E Thurber Road Wickenburg, AZ 85390

$649,000

3 Beds

2 Baths

1,864 SqFt

Status Active

MLS # 6674765

Property Type Single Family Residence

Price Type --

Welcome to your own slice of paradise in the heart of Wickenburg, Arizona! Perched atop a hill on nearly 2 acres of picturesque land, this stunning Santa Barbara style home offers unparalleled views of the Hassayampa River and the surrounding mountains. Step inside this recently remodeled oasis and prepare to be dazzled by its elegant charm and modern amenities. Brand new roof in 2024!! The spacious living areas feature vaulted ceilings with exposed beams, and wood fireplace, creating an airy and inviting atmosphere. Beautiful tile floors and granite countertops add a touch of luxury to the open-concept kitchen, which boasts updated appliances and ample space for entertaining. With multiple bedrooms and bathrooms, including a separate guest quarters or hobby room, there's plenty of room for family and friends to relax and unwind. And when it's time to escape the Arizona heat, you'll love cooling off in the refreshing pool while taking in the breathtaking sunset views. But the beauty of this property doesn't end thereoutside, you'll discover desert landscaping and expansive outdoor living spaces perfect for enjoying the stunning 360-degree vistas. Whether you're lounging on the patio, gardening in the backyard, or tinkering in the workshop, every moment spent here is sure to be filled with tranquility and serenity.

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5141 W Topeka Drive Glendale, AZ 85308

$649,000

5 Beds

3 Baths

2,658 SqFt

Status Active Under Contract

MLS # 6742693

Property Type Single Family Residence

Price Type --

Newly updated home in the Carmel Cove 3 neighborhood. No HOA!!! RV Gate and 66 FT of RV parking with hookups! Popular two story spacious floorplan. New countertops, paint and fresh carpet throughout. Vaulted ceilings, 5th bedroom downstairs with full bath. Upstairs Primary bedroom with its own private balcony. N/S exposure, Cul-de-sac, oversized lot with Pebble Tec pool, plus a 3-car garage.

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