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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49947 N 26th Avenue New River, AZ 85087

$637,777

3 Beds

2 Baths

1,784 SqFt

Status Active

MLS # 6739056

Property Type Single Family Residence

Price Type --

360 VIEWS! This charming home sits atop a mountain on a HUGE 1.4-acre corner lot, offering unmatched scenery & privacy. Providing 3 beds, 2 baths, & a 2-car garage. Bright & light interior showcases carpet & Saltillo tile flooring t/out and vaulted ceilings that add to the airy feel. Discover the living/dining room and a cozy family room w/fireplace! The kitchen features SS appliances, oak cabinetry, a pantry, & a garden window. Primary bedroom boasts French doors to the back and an ensuite with dual sinks, a separate tub/shower, & a walk-in closet. Relax under the back full-length covered patio while enjoying the unobstructed vistas! Want MORE? Bring your toys, RVs, horses, & other animals—this property has plenty of space! What a GEM!

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6749 S Newberry Road Tempe, AZ 85283

$637,500

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6751360

Property Type Single Family Residence

Price Type --

BEAUTIFUL APPROX 2000SF 4 BEDROOM 2 BATH 2 CAR+RV GATE WITH POOL AND MULTI USE POOL HOUSE * BRAND NEW ROOF* NEW QUARTZ COUNTERS IN BOTH BATHS AND KITCHEN WITH TILED BACKSPLASH* NEW 48' TILE FLOORING THROUGHOUT* NEW FIXTURES*NEW LIGHTING*FANS**NEW PAINT IN AND OUT*SHAKER STYLE CABINETS*NEW STOVE*PLANTATION SHUTTERS IN LIVING AND PRIMARY BEDROOM*LOW E DUAL PANE WINDOWS*LARGE OPEN FLOOR PLAN*SPLIT PRIMARY BEDROOM*HUGE LAUNDRY ROOM *RV GATE*17X8 POOL HOUSE/WORKSHOP/STORAGE WITH ELECTRICITY*VARIABLE POOL PUMP*FILTER JUST SERVICED*EASY CARE YARDS*LARGE COVERED PATIO*PRIVATE FRONT COURTYARD*SURROUNDED BY HIGHLY RATED SOUGHT AFTER SCHOOLS * AGRESSIVELY PRICED 4/2/2/POOL IN THIS AREA*(same model recently sold at 645k)

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2134 E Sesame Street Tempe, AZ 85283

$637,500

3 Beds

2 Baths

1,628 SqFt

Status Active

MLS # 6740674

Property Type Single Family Residence

Price Type --

Come check out this charming 3 bedroom 2 bath single level in Tempe. Centrally located Near the 101 and 60, Only 12 minuets away from ASU. Walk in your front door to new luxury vinyl plank flooring though out, neutral fresh paint, An amazing kitchen with all new white shaker cabinetry with soft close, quartz countertops, featuring stainless steel appliances. Completely remodeled bathrooms. Backyard features a pool surrounded with natural grass and a covered patio. Home is a short drive by Chandler mall, Mesa river view and Tempe marketplace. come see this amazing luxury remodel!

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5100 E Rancho Paloma Drive Unit 2025 Cave Creek, AZ 85331

$637,000

2 Beds

2 Baths

2,074 SqFt

Status Active Under Contract

MLS # 6659458

Property Type Townhouse

Price Type --

Enjoy ultimate luxury in the gated and exclusive community of Rancho North, surrounded by the Sonoran Desert and breathtaking mountain views. Pride of ownership exudes from every detail of this 2 bedroom 2 bath home which also includes a den/office and a 2 car garage. A few of the many upgrades include custom mosaic tile flooring, wood look tile, copper tin ceiling tile accent wall, raised bathroom vanities, granite counters in both bathrooms, cherry cabinets and quartz tops in the laundry room. The kitchen is the center of the home and features 42''cherry cabinets, granite counters, soft close cabinet doors and drawers and a large island overlooking the great room. Views, views, views from every window in the great room and kitchen! Unwind with a glass of wine and savor your panoramic desert views from the expansive covered patio. Rancho North offers proximity to top-notch shopping, golf courses, hiking trails, horseback riding, and an abundance of outdoor activities, making it an ideal haven for those desiring both convenience and scenic surroundings. The maintenance free lifestyle is complete with a community pool, spa, fitness center, BBQ gas grills, and a picnic gazebo with a fire pit.

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10921 W Harrison Street Avondale, AZ 85323

$637,000

5 Beds

3 Baths

3,137 SqFt

Status Active

MLS # 6725891

Property Type Single Family Residence

Price Type --

Beautiful,Spacious Home in immaculate condition w/ FIVE bedrooms, 3 bath, & a loft, offers comfort, style & convenience. Modern kitchen boasts granite countertops, stainless steel appliances, generous cabinet space & a pantry. Luxurious Master suite offers picturesque mountain views, an en-suite bathroom featuring dual sinks & a huge walk-in closet. Step out to a private backyard w/ a covered patio & low-maintenance turf yard perfect for entertaining. Offers 1st floor bedroom & bath & conveniently located near I-10, Loop 101, shopping, & golf courses. Community has amenities such as a basketball court, sand volleyball court, playgrounds & barbecue areas. Home has first floor guest bedroom and 4 more upstairs with high pile carpet, 2nd floor laundry room & lots of storage throughout.

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2212 W Chisum Trail Phoenix, AZ 85085

$636,990

4 Beds

3 Baths

2,618 SqFt

Status Active

MLS # 6736378

Property Type Single Family Residence

Price Type --

**This is a to be built listing, this home is ready for personalization and can be built on your choice of homesite. This is an advertisement of our base price for this elevation** Welcome to Ashton Woods at Union Park at Norterra - community blends the timeless charm of historic neighborhoods with the vibrancy of in-town living. Ownership in Union Park includes access to The Post with a family and kid's pool, playgrounds, parks, basketball, pickle ball courts and event lawns. Ashton Woods at Union Park is conveniently located to major employment, the 17 and 101 freeways, and within walking distance to the shopping and entertainment destination, Norterra. The classic downtown feel of this neighborhood is truly one-of-a-kindwhich features outstanding community amenities, convenient access to the 17 freeway and shopping. The open concept Pinnacle plan highly sought after as it features a full bedroom and bathroom downstairs. The plan includes 4 bedrooms, 3 baths and a spacious loft. There is still time to design and personalize your finishes and structural features including a 12' 4-panel sliding glass door, walk in primary shower, bedroom 5 at loft and so much more! This home includes an open concept kitchen with granite countertops, 42'' upper cabinets, and stainless steel appliances with a gas range. Amazing spa like primary suite with dual vanities, separate water closet and ample linen storage. This floorplan features sizable secondary bedrooms, laundry upstairs and comes standard with with 9' ceilings on both floors, front yard landscaping maintained by the HOA, paver driveway, and much more! Energy Star home for remarkable comfort, energy efficiency and environmental sustainability!

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848 W Flatiron Trail Apache Junction, AZ 85120

$636,990

4 Beds

3.5 Baths

2,664 SqFt

Status Active

MLS # 6750683

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. This elegant single-story Parklane floor plan features four bedrooms and a spacious flex area, perfect for use as an office, TV room, or study. The home includes front yard landscaping and will be move-in ready by October. Conveniently located near community parks, grocery stores, and dining options.

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16978 W Canterbury Drive Surprise, AZ 85388

$636,461

3 Beds

3.5 Baths

2,870 SqFt

Status Active

MLS # 6728478

Property Type Single Family Residence

Price Type --

MLS #6728478 March Completion! Discover The Shire, a single-story floor plan in Paradisi Venture II. This home offers 2,870 sq. ft. with 3 bedrooms, 3.5 bathrooms, a 3-car split garage, and a study. Each bedroom has its own en suite bathroom, providing separate spaces for kids and guests. The open layout of the gathering room, kitchen, and dining room forms the heart of the home, perfect for hosting gatherings or family game nights. Create lasting memories, whether it's a cookout with friends or quality time with family. The owner's suite includes a spacious walk-in closet, split vanities, and a generous shower. Structural options include: interior door at laundry, gas line for future outdoor kitchen, garage service door, and chef's kitchen.

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20941 E Via Del Sol Street Queen Creek, AZ 85142

$636,237

4 Beds

3 Baths

2,537 SqFt

Status Active

MLS # 6736382

Property Type Single Family Residence

Price Type --

WOW - PRICE REDUCED $7,500. IN ADDITION, SELLER CONSESSION AVAILABLE TOWARDS CLOSING COSTS OR RATE BUYDOWN with Rates as Low as 3.875% on this Quick Move-In Home When Financing Thru Builders Preferred Lender(s). Beautiful Cul-de-sac Home Located close to Queen Creek Market Place Shopping, Dining & Entertainment with Community Parks, Tot Lots, BBQ's, Basketball Courts, Soccer Field and Just Steps to the 8-Mile Walking Trail. All Appliances Including Stainless Refrigerator, Stainless Gas Cooktop, Dbl Wall Ovens, Microwave, Dishwasher, White Washer/Dryer. Too Many Beautiful Upgrades to List Here. Primary & Two Secondary Bedrooms Upstairs. One Secondary Bedroom and Full Bath Downstairs. Don't Wait, Come See This Home Today

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17218 N Melissa Lane Surprise, AZ 85374

$636,000

3 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6740344

Property Type Single Family Residence

Price Type --

Beautiful 3-bedroom home + office/den or possible 4th bedroom in Kingswood Park Surprise! Excellent curb appeal, an inviting porch, a low-maintenance landscape, and a 2-car garage is everything you've been looking for. The stunning backyard is a true Oasis with its blue pool & spa. Brand NEW pool equipment was installed in 2023. The delightful interior boasts vaulted ceilings, plantation shutters, freshly painted walls (2024), new door hardware (2024), and herringbone pattern tile flooring. The spacious living areas are perfect for entertaining. The fabulous kitchen showcases updated white cabinetry (2024), sleek granite counters, stylish tile backsplash, SS appliances, an island w/a breakfast bar, and a large walk-in pantry. The family room features a new, built-in entertainment center with an 86'' LG TV! Double doors open to a generous-sized owner's suite with backyard access, an ensuite with dual sinks, beautiful remodeled shower & a walk-in closet. What's not to like? Act now!

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10441 E Cinnabar Avenue Scottsdale, AZ 85258

Open House

$636,000

3 Beds

2.5 Baths

2,000 SqFt

Status Active

MLS # 6752750

Property Type Single Family Residence

Price Type --

** TWO MASTER SUITES ** NEW FLOORING ** CUSTOM SHUTTERS ** This meticulously maintained single level patio home in the heart of Scottsdale Ranch 55+ adult community has everything you need. It is equipped with 2 master suites, each with spacious bathrooms that have walk-in showers (one with an independent soaking tub), and a third bedroom and half guest bath. Is closet space important to you? Get ready because one of the master suites comes equipped with FIVE closets! The vaulted ceilings host a sky light that fills the home with natural light! Your kitchen comes with stainless steel appliances and rich wood cabinetry. Storage is plentiful with built in cabinets in both the expansive laundry room & 2 car garage! The roof is just 8 years young, and the carpet was replaced in July of 2024. This home is all one level with no interior steps. Take a stroll through the community while you are here to experience all that Scottsdale Ranch has to offer! From the heated community pool & spa, to the tennis courts & racket ball club. From the gorgeous lakes to the breathtaking parks. From the golf club to the clubhouse activities. There is no shortage of things to do, people to meet, and places to see here at Scottsdale Ranch!

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2121 W Sonoran Desert Drive Unit 45 Phoenix, AZ 85085

$635,995

2 Beds

2.5 Baths

1,854 SqFt

Status Active

MLS # 6728641

Property Type Townhouse

Price Type --

This beautifully crafted villa offers 1,854 square feet, 2 primary suites, and 2.5 baths. Tall windows in the great room allow for an abundance of natural light. Designer-appointed features throughout. Contemporary neutral paint colors throughout makes this home ready for you to add your personal touches. Explore everything this exceptional villa has to offer

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