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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14244 W Indianola Avenue Goodyear, AZ 85395

$600,000

5 Beds

3 Baths

2,635 SqFt

Status Active

MLS # 6744581

Property Type Single Family Residence

Price Type --

On the first floor, you'll find a versatile bedroom with a private exit and a full bathroom, ideal for guests or multi-generational living. Kitchen features quartz counter tops, refinished cabinetry and stainless steel appliances. The formal living leads to a grand staircase, taking you upstairs to 3 generously sized bedrooms and an impressive master suite, complete with two walk-in closets and an en-suite bathroom. The backyard features pavers, low-maintenance turf, and a sparkling swimming pool—perfect for staying cool during the hot summers. Situated in a prime location near community parks, top-rated schools, shopping, dining, and with easy access to I-10 and the Loop 303, this home is a must-see!

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19700 N 76th Street Unit 1136 Scottsdale, AZ 85255

$600,000

2 Beds

2 Baths

1,863 SqFt

Status Active

MLS # 6758728

Property Type Apartment

Price Type --

Ground floor end unit in a great location near one of the community pools. Near guest parking in a quiet cul de sac. Perfect set up for full time residents, winter visitors, or long-term rental. Close to all the amenities of DC Ranch, Kierland and the Scottsdale Quarter. Adjacent to the Grayhawk Golf Course and a short drive to TPC Scottsdale. Furnishings can be purchased separately.

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306 N Nevada Way Gilbert, AZ 85233

New

$600,000

3 Beds

2 Baths

1,868 SqFt

Status Active

MLS # 6760244

Property Type Single Family Residence

Price Type --

What a Great Location! One house away from the Community Park and Backing to McQueen Park and Activity Center. This Single Level Home includes 3 Bedroom Plus a Den/Office and 2 Full Bathrooms. The Vaulted Ceilings and Architectural Arches and Niches really Open Up the Floorplan and make the House Feel Much Bigger. The Kitchen Opens up to the Living Room, has Lots of Counter Space and a Breakfast Bar. The Primary Suite is Split from the other Two Bedrooms and Includes a Vaulted Ceiling, Two Sinks, Walk-in Shower, Roman Tub and Large Walk-in Closet. Both Sliding Patio Doors have been Upgraded by Anderson Window and Doors. The Backyard Includes a Covered Patio, Open Patio Area and Synthetic Grass. The Garage has Epoxy Floors and Built-in Cabinets.

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33395 N 132nd Drive Peoria, AZ 85383

$600,000

4 Beds

2.5 Baths

1,940 SqFt

Status Active

MLS # 6748045

Property Type Single Family Residence

Price Type --

MOVE IN NOW! Welcome to your brand NEW HOME in Villages at Vistancia, North Peoria. With a premium oversized lot and a north-facing view, you are surrounded by the natural beauty of the Sonoran desert and the mountains. Step inside this elegant Shiloh Model by Beazer Homes. 1942 sq.ft. of living space, 4 BED + 2.5 BATHS + 2 CAR Garage with a Double RV Gate! Open concept main living area with classic herringbone-natural wood look porcelain tile floors, 12' great room double sliding doors, LED recessed canned lighting, oil rubbed bronze fixtures and hardware, upgraded designer wood shutters, blinds, trim, and doors throughout. The open-concept kitchen features beveled edge warm-tone granite countertops and an island, rich walnut cabinets, under-cabinet lighting,... stylish smoked glass pendant lighting, stainless steel Whirlpool appliances with double ovens, and a pantry for all your storage needs. Spacious master suite with wood shutter and can-lighting, master bath features porcelain tile floors, executive height granite vanity, double sinks, oil rubbed bronze fixtures, large walk-in shower with dark trim, and a walk-in closet. 3 additional bedrooms, a full bathroom, and a convenient powder room offer plenty of space throughout the home. Pre-wired for cameras, security flood lights, electric car, solar, and ceiling fans. Step out back and enjoy the scenic mountain views, bring your decorating ideas, and create your perfect Arizona oasis on this premium oversized lot. Neighborhood mountain views, close proximity to 303 freeway access, 20 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. Full list of updates available.

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4628 W Hasan Drive Laveen, AZ 85339

$600,000

5 Beds

2.5 Baths

3,331 SqFt

Status Active

MLS # 6734170

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Laveen, Arizona! This stunning property boasts 5 spacious bedrooms and 2.5 bathrooms, providing ample space for comfortable living. As you step inside, you'll be greeted by sleek tile flooring throughout the main floor, creating a seamless flow from room to room. The kitchen is a chef's paradise with beautiful wooden cabinets, granite countertops, and stainless steel appliances, making meal prep a breeze. Up the grand staircase, you'll find a spacious loft/game room/theater room, perfect for entertaining guests or enjoying family movie nights. The master bedroom is a true sanctuary with a large walk-in closet and an ensuite bathroom featuring dual sinks, a separate soaking tub, and a walk-in shower, providing the ultimate in relaxation.

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812 W Cooley Drive Gilbert, AZ 85233

$600,000

4 Beds

2 Baths

2,051 SqFt

Status Active Under Contract

MLS # 6750880

Property Type Single Family Residence

Price Type --

Beautifully remodeled home in Cooper Ranch, features a new eat-in kitchen including new white shaker cabinets, white quartz countertops, stainless steel appliances, a gas range, and a large island with a breakfast bar that opens up to the spacious family room that features high vaulted ceilings and built in modern shelving. The en suite master bathroom was also fully remodeled with a huge walk-in shower and new floating vanities. The 4th bedroom has double doors and built in storage- perfect for an office! There is also a formal dining space. The home has new flooring throughout, an interior laundry room, a newer AC unit and a paved extended covered patio, private pool and artificial turf in the back with no neighbors behind, 3 car garage, new paint inside and out!

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220 N Nielson Street Gilbert, AZ 85234

$600,000

5 Beds

3 Baths

2,357 SqFt

Status Active

MLS # 6751130

Property Type Single Family Residence

Price Type --

Step into this inviting home, where the journey begins in the bright and airy living room, bathed in natural light streaming through the sliding door. The heart of the home is the beautifully designed kitchen, where stunning walnut cabinets, sleek stainless-steel appliances, and a versatile movable island create the perfect space for cooking and entertaining. As you explore further, you'll find the floors are a tasteful mix of travertine tile, engineered hardwood, and other quality materials, all contributing to the home's elegance. Descending four steps, you'll discover two additional bedrooms, a den or potential theater room, and a full bath—ideal for guests or a private retreat. Ascend to the second story to find two more bedrooms sharing a full bath, along with the tranquil master suite, complete with its own bath for ultimate relaxation. Stepping outside, the property continues to impress with a sparkling pool, an outdoor barbecue area, and an upgraded AC unit installed in 2020, ensuring year-round comfort. The garage offers convenience with a new door and opener, while significant updates like roof plywood replacement, enhanced insulation, and a newly dual-pane windows throughout the home ensure energy efficiency and comfort. Every corner of this home blends modern updates with thoughtful design, creating a perfect balance of style and comfort. PLEASE ADD TO THE CONTRACT: ITEMS THAT DO NOT CONVEY: Outdoor Security Cameras, refrigerator in the garage.

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18137 W Canyon Lane Goodyear, AZ 85338

$600,000

4 Beds

3 Baths

2,825 SqFt

Status Active

MLS # 6716112

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 3-bath residence is the one you've been waiting for! Discover a welcoming living room with high ceilings, a neutral palette, and attractive wood-look flooring. The family room features an inviting fireplace for intimate gatherings. The kitchen is equipped with granite counters, ample wood cabinetry, recessed lighting, stainless steel appliances, a pantry, and a peninsula with a breakfast bar for casual dining. You'll also find TWO versatile lofts ideal for leisure or work. The main bedroom is complete with vaulted ceilings, a cozy sitting nook, and an ensuite with dual sinks. Enjoy spectacular sunsets in the backyard, which includes a covered patio, natural turf, and a refreshing pool. Make this gem yours today!

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1431 E Wood Street Phoenix, AZ 85040

$600,000

5 Beds

4 Baths

2,136 SqFt

Status Active

MLS # 6738358

Property Type Single Family Residence

Price Type --

Beautifully remodeled property with R-4 multi family residential zoning on HUGE 19,996 sq ft LOT - Endless Potential! Offering immense flexibility, this property is perfect for investors or developers looking to maximize their return, with the potential to build multiple units or houses. Modern upgrades and high- quality finishes throughout the main house. Don't miss this rare opportunity to own a versatile property with significant development potential here in Phoenix.

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3926 S Bridal Vail Drive Gilbert, AZ 85297

$600,000

3 Beds

2 Baths

1,844 SqFt

Status Active Under Contract

MLS # 6750427

Property Type Single Family Residence

Price Type --

This BEAUTIFULLY UPDATED single-story home, located in the heart of SAN TAN RANCH, features a SPARKLING PEBBLE TEC POOL and a SPACIOUS 3-CAR GARAGE. With 3 bedrooms and an open den that could serve as a formal dining room, the layout is both versatile and inviting. VAULTED CEILINGS and large windows flood the space with natural light, complemented by FRESHLY PAINTED INTERIORS. The kitchen boasts a LARGE island breakfast bar, a GAS STOVE, pantry, and STUNNING GRANITE COUNTERTOPS with contemporary faucets. Discover UPDATED FLOORING and a cozy GAS FIREPLACE. The property includes an RV GATE, a LARGE SIDE YARD for additional parking, and a pad for a shed. Enjoy the convenience of NEARBY SHOPPING AND DINING, along with a low monthly HOA. This home is exceptionally clean and MOVE-IN READY. This home is exceptionally clean and MOVE-IN READY.

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11225 E Ramblewood Circle Mesa, AZ 85212

$600,000

4 Beds

2.5 Baths

2,836 SqFt

Status Active

MLS # 6748022

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning residence features 4 spacious bedrooms, perfect for family living or hosting guests. The heart of the home boasts a kitchen with new countertops and fixtures that elevate both style and functionality. Gather in the expansive downstairs area, ideal for entertaining and creating lasting memories. Upstairs, the loft offers a versatile space that can be tailored to your needs—whether as a cozy den, play area, or home office. Step outside to your private oasis, where a sparkling pool awaits, providing a perfect retreat for relaxation and fun. With its thoughtful layout and impressive amenities, this home combines comfort and elegance seamlessly. Don't miss your chance to own this exceptional property!

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11265 E Watering Hole Street Sierra Vista, AZ 85635

$600,000

3 Beds

3 Baths

1,882 SqFt

Status Active

MLS # 6717957

Property Type Single Family Residence

Price Type --

COMPLETE OFF THE GRID 1880 SF 3 bdrm 3 bath two-story home. The house is brilliantly designed for passive solar gain through hundreds of windows on the south side of the home. On the north side there is covered parking for 4 vehicles. Conveniently located between Bisbee and Sierra Vista, the home is surrounded by vacant 40 acre parcels and State land. All new kitchen appliances, counters, wiring and plumbing. Brand Downstairs features brick flooring throughout, 2 bedrooms with lofts and hand-crafted ladders. One bedroom comes with an exterior door. There are 2 bathrooms downstairs, one with a tub and travertine tile shower. Propane tank is owned and full. The exterior rock work in retaining walls and custom-built bookcases are reflective of the skill and care that went into the home's creation. As in the rest of the house the emphasis is on the majestic 360 views-- hence the solar gain windows. Upstairs is the master bedroom and bath. A completely redone bathroom features; 24 X 12 ceramic tiles, custom bathtub and separate shower. The large master offers views that mesmerize, and the star gazing is surreal. Not by accident, the subdivision is designed with light pollution in mind for astronomical pursuits and of course horses. 5 STRAND BARBED WIRE FENCE SURROUNDS THE 40 ACRES. The $35,000 solar system is an EG4 and will serve all your electrical needs. Recent mini-split AC-Heat unit was installed. The registered well 55-546933 hits water at 151 feet, the well is drilled to 350 feet. Newer washer/dryer are conveniently located. A 1999 Ram pick-up goes with the property if wanted. A nesting pair of Screech Owls visit the carport in the early summer to raise their owlets. Tame and fun to watch!

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