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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3638 E Andre Avenue Gilbert, AZ 85298

$624,900

4 Beds

3 Baths

2,410 SqFt

Status Active Under Contract

MLS # 6698553

Property Type Single Family Residence

Price Type --

Experience luxury living at the prestigious Seville Golf and Country Club! This 4-bedroom, 3-bath home includes a main floor bedroom and bath, ideal for guests or multi-generational living. Features a modern kitchen with espresso cabinets, stainless steel appliances, and granite countertops. Luxury vinyl tile flooring and plush carpet grace the floors, complemented by designer paint throughout, window coverings, and ceiling fans. 3-car tandem garage and MASSIVE lot with a large NEWLY RESURFACED pebble tech pool, lush grass, firepit, and BBQ area. Within walking distance to the elementary school and near downtown Gilbert and the San tan Village Mall. Don't miss out on this gem in the highly desirable Chandler School District where residents also have the option to indulge in Seville's golf and sports club memberships

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4620 E Matt Dillon Trail Cave Creek, AZ 85331

$624,900

4 Beds

3 Baths

2,132 SqFt

Status Active Under Contract

MLS # 6705287

Property Type Single Family Residence

Price Type --

Welcome to this charming two-story home nestled w/in the gated community of Dove Valley Ranch. Boasting 4 beds & 3 baths, this residence offers spacious living areas ideal for comfortable living. The main level features a well-appointed kitchen w/ ample cabinet space, seamlessly flowing into the adjoining dining area & cozy family room, perfect for entertaining guests or enjoying family gatherings. Upstairs, retreat to the private master suite w/ a luxurious ensuite bathroom & walk-in closet, providing a serene oasis for relaxation. Three additional bedrooms offer versatility for guest accommodations home office space. Backyard oasis awaits, providing a tranquil escape low maintenance landscaping & a covered patio. W/ access to community amenities including a basketball court, parks, & walking trails, this home offers the perfect blend of comfort, convenience, & resort-style living. Don't miss the opportunity to make this Dove Valley Ranch gem your own!

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7179 W Surrey Avenue Peoria, AZ 85381

$624,900

5 Beds

3 Baths

3,081 SqFt

Status Active

MLS # 6725104

Property Type Single Family Residence

Price Type --

Welcome to this stunning 5 bedroom, 3 bath home in the heart of Peoria. Featuring a 3-car garage and a sparkling pool, this residence offers luxurious living with an open floor plan that invites natural light through high ceilings and large windows. The modern kitchen is equipped with ample counter and cabinet space, perfect for meal preparation along with a huge island. The master suite is a retreat with its private bath featuring double sinks, a separate walk-in shower, and a soaking tub. The backyard is huge with lots of space and a sparkling pool, ideal for outdoor activities and entertaining. Conveniently located near schools, parks, shopping, and dining, this home is perfect for comfortable living.

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3021 S Fairway Drive Tempe, AZ 85282

$624,900

4 Beds

3 Baths

2,810 SqFt

Status Active Under Contract

MLS # 6751972

Property Type Single Family Residence

Price Type --

Spacious custom block home on a large 12,497 sq. ft. lot in desirable Shalimar Estates, located on a quaint, well-kept street. This 4-bedroom, 2.5-bath home features a pool and a detached structure. Detached structure has power and air-conditioning—ideal for an ADU, workshop, home gym, office, guest house, or pool casita. Key upgrades include a tile roof (2018), Pebble-tech pool resurfacing (2020), garage motor (2024), and hot water heater (2020). Additional perks: gas range, 16x8 TuffShed with power, expanded driveways, RV gates and parking with power, and no HOA! This FIXER-UPPER has great bones and is an incredible value in one of North Tempe's best neighborhoods! AS-IS Sale with ample upside.

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4690 Sidekick Drive Wickenburg, AZ 85390

Open House

$624,900

2 Beds

2.5 Baths

2,080 SqFt

Status Active

MLS # 6748703

Property Type Single Family Residence

Price Type --

Nestled in picturesque Wickenburg Ranch, on a corner lot, this exquisite home offers a perfect blend of modern amenities and serene desert living, with an open floor plan; featuring 2 spacious bedrooms, 2.5 well-appointed bathrooms, with sizeable den/office space. The upgraded kitchen has a large island with ample seating, state-of-the-art appliances, and extended counter space and cabinets. Custom shutters adorn the windows providing both privacy and an elegant touch to the home's interior. Indoor outdoor stereo speakers. A fully fenced yard where the backyard is perfect for both relaxation and entertaining with beautiful desert landscaping and a sparkling pool to create a tranquil retreat. This home is a true gem in Wickenburg Ranch, offering a lifestyle of comfort, convenience

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108 W Villa Rita Drive Phoenix, AZ 85023

Open House

$624,900

5 Beds

3.5 Baths

2,336 SqFt

Status Active

MLS # 6753499

Property Type Single Family Residence

Price Type --

Come see this FURNISHED 5 bedroom, 3.5 bath REMODELED home located in a quiet North Phoenix neighborhood . This home is nearly 2400 sq ft and features 2 Master Bedrooms both with ensuite bathrooms, perfect for a large family, multi-generational families or an Airbnb. No HOA. The home is currently a successful Airbnb with amazing reviews. Beautiful pool in the backyard features a built in table. The garage is oversized for additional storage or a home gym. Home is centrally located just min away from the 101 Freeway for an easy commute.

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19414 N 7th Way Phoenix, AZ 85024

Open House

$624,900

3 Beds

2 Baths

1,548 SqFt

Status Active

MLS # 6742404

Property Type Single Family Residence

Price Type --

Luxury meets location with this stunning property on a premium lot in one of Phoenix's most convenient and desired locations. This is a one of a kind masterpiece nestled in a quiet cul-de-sac with a HUGE grassed yard, RV Gate with RV parking and no HOA. EXTENSIVE upgrades include newer roof, newer AC unit, paint, brand new windows, water heater, water purification system, flooring, lighting, appliances & plumbing fixtures, epoxy garage floor, with rich, high end finishes throughout. Tons of storage, and the backyard is perfect for entertaining on your large, very private, covered back patio. Ready for a pool, RV garage, shop, or addition. This little gem is absolutely loaded. Close to top rated schools, shopping, dining, parks, & all freeways.

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3182 E Pineapple Road San Tan Valley, AZ 85143

$624,875

4 Beds

3.5 Baths

3,265 SqFt

Status Active

MLS # 6739150

Property Type Single Family Residence

Price Type --

Better Than New! This home shows just like a model home, built in 2023 this stunning residence offers tons of upgrades and a private pool with finished backyard. Boasting 4 bedrooms, 3.5 bathrooms, a flex space, loft and seperate den, this amazing home offers ample space for all your needs. Save yourself the time, money and headaches. The 3 car garage plus tandem garage ensures plenty of room for cars, toys or more storage. Don't miss out on this move in ready gem with a private pool. Come see for yourself how much space and all the upgrades this home has to offer!

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25742 N 103rd Drive Peoria, AZ 85383

New

$624,500

3 Beds

2 Baths

2,172 SqFt

Status Active

MLS # 6760450

Property Type Single Family Residence

Price Type --

Amazing View lot with all the incredible features you dream of! To start, you enter into this home with soaring 10-foot ceilings, then into the large open kitchen with an entertainers Granite countertop, stainless appliances, 16 Inch tile throughout, gas fireplace, large family room, extended covered back patio looking out over the horizon and awesome mountain views! Split floorplan with very private master Suite with exit onto the patio, Garage is extended with a service door leading to an RV parking area and RV gates. This is a well sought after community in the Peoria public school district, and only a few miles of Several National Acclaimed Charter Schools. Easy access to loop 303-I-10 AND the 101. This home is a MUST SEE!! Don't miss your opportunity 2 Own this one!

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1912 W Kinfield Trail Phoenix, AZ 85085

$624,500

3 Beds

2.5 Baths

2,354 SqFt

Status Active

MLS # 6753045

Property Type Townhouse

Price Type --

Located in PINNACLE AT UNION PARK, Phoenix, AZ 85085, this stunning 3-bedroom, 2.5-bathroom, 2-level townhome with a 2-car garage offers the perfect blend of style and functionality. The open-concept design seamlessly connects the living, dining, and kitchen areas, ideal for entertaining and everyday living. Disappearing doors create a seamless indoor-outdoor living experience, leading to a private patio with breathtaking mountain views. Upstairs, you'll find three spacious bedrooms, each with walk-in closets for ample storage. The luxurious primary suite features a spa-like bathroom, offering a peaceful retreat. The crowning feature is the expansive rooftop deck, perfect for relaxing, entertaining, or enjoying stunning panoramic views. This home combines modern design with an unbeatable location. Community amenities include a clubhouse with a heated pool and spa, fitness facilities, and playgrounds. Close to shopping and dining, this is the best of Union Park livingdon't miss out! Seller is motivated! Offering a $5000 credit.

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10662 S 297th Avenue Palo Verde, AZ 85343

$624,500

4 Beds

3.5 Baths

2,312 SqFt

Status Active Under Contract

MLS # 6666832

Property Type Single Family Residence

Price Type --

Perfect opportunity to own a brand new home on an acre!!! With 4 bedrooms, 3.5 bath, on a spacious acre that is irrigated and has NO HOA to limit your creativity. This home offers an open and inviting space ready for your personal touch. This is an ideal home for family activities, live stock, gardening and outdoor fun... Setting the stage for a lifetime of memories! **Choose your own flooring, cabinets and tile options with no builder mark ups! **

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17946 E Joven Court Gold Canyon, AZ 85118

Open House

$624,500

4 Beds

3 Baths

2,706 SqFt

Status Active

MLS # 6751132

Property Type Single Family Residence

Price Type --

Enjoy your own private retreat with Beautiful HEATED POOL/SPA, Putting Green, Extended Covered Patio and Fire Pit! The beautiful Open Kitchen is a cooks delight with Granite Countertops, Island with Breakfast Bar, 42'' Maple Cabinets, Stainless Steel Appliances, Double Ovens and Walk-in Pantry, all overlooking the bright open Family Room. There is also a beautiful Formal Dining/Living Room with Cherry Stained Wood Floors. Open Den with wall of bookcases. Spacious primary en suite is split from the other 3 bedrooms, with cherry stained wood floors and boasts a large walk-in closet, and bathroom with a separate tub/shower, 2 vanities and private toilet room. And don't forget it has AN EXTENDED 3 CAR GARAGE WITH PLENTY OF STORAGE CABINETS AND EPOXY FINISHED FLOORS!! Don't Miss this AMAZING HOME!!

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