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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1427 W Golden Ore Pass Apache Junction, AZ 85120

$595,490

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6745337

Property Type Single Family Residence

Price Type --

Welcome to Blossom Rock! The east valley's newest master planned community. With views of the Superstition Mountains and a wealth of amenities currently in the making including three community parks, dozens of neighborhood parks, a community school, miles of trails, beautiful lakes, and indoor and outdoor gathering spaces all meant to serve as the backdrop of the calendar of signature events and annual celebrations currently being created.

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21411 W Meadowbrook Avenue Buckeye, AZ 85396

$595,439

3 Beds

2 Baths

1,804 SqFt

Status Active

MLS # 6757403

Property Type Single Family Residence

Price Type --

UNDER CONSTRUCTION-MOVE IN BEFORE CHRISTMAS! This charming 3-bedroom, 2-bath home in the gated community of Highlands Verrado is beautifully upgraded. With the latest interior design finishes, it feels like a model home. Highlights include quartz countertops throughout, tile to the ceiling in the bathroom showers, and a gourmet kitchen. The large, private lot offers ample space for a pool, and the neighborhood is perfectly situated at the base of the stunning White Tank Mountains. Don't miss your chance to call this exceptional location home!

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14940 N 56th Drive Glendale, AZ 85306

$595,420

3 Beds

2.5 Baths

1,812 SqFt

Status Active

MLS # 6699963

Property Type Single Family Residence

Price Type --

3 Bedroom + Den, 2.5 Bath, 2 Car Garage. KITCHEN: 42'' uppers, Flagstone Birch cabinets, White Knight granite counters, Gas GE Profile stainless steel Gourmet appliances. Walk in Shower w/ pony wall in primary bath FLOORING: 6'' x 36'' Gray Wood-look tile, upgraded carpet and pad. Much more!

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4323 S 123rd Avenue Avondale, AZ 85323

$595,027

3 Beds

2.5 Baths

2,272 SqFt

Status Active

MLS # 6755317

Property Type Single Family Residence

Price Type --

Complete and move in ready; NEW single level w/3 beds, 2.5 baths, study and flexible retreat area w/3 car side by side garage; gorgeous model kitchen with modern, white stacked cabinets to the ceiling, pull out drawers at the bottom, stainless GE appliances w/6 burner gas cooktop, pot filler & custom tile backasplash; kitchen opens to family room with views of HUGE 68' BACKYARD with no neighbors behind you & extended covered patio; large secondary rooms; owner's retreat w/huge bath showcasing dual sinks, walk in tiled super shower w/second showerhead (raincan); upgraded pad/carpet, tile and wall paint throughout; Blinds installed; water soften; extensive new home warranty & 2x6 construction.

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972 E Mulberry Place -- Chandler, AZ 85286

$595,000

3 Beds

2 Baths

1,292 SqFt

Status Active

MLS # 6638746

Property Type Single Family Residence

Price Type --

Charming 3 bedroom and 2 bath home in new Chandler community. Hamilton Landing includes 36 single level homes each with their own front porch, private driveway for 2 vehicles and a single car garage and a small, pet friendly rear yard. Each home has 10' flat ceilings, white cabinets, luxury vinyl plank flooring in every room, two tone paint, beautiful wood trim around windows and doors and granite/quartz countertops in the kitchen and baths. The community includes a dog park with a covered ramada. These homes will be ready for occupancy between March and June of 2024. All photos are of a similar home completed in a previous community.

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Show Low AZ 85901

$595,000

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6731512

Property Type Single Family Residence

Price Type --

Your search is over for the Perfect Getaway Cabin in the Pines! Formal Model so has beautiful finishes throughout. This beauty conveys furnished so you can immediately come relax & enjoy the White Mountains. Nestled in the Tall Pines on apx .53 of an acre on a corner lot, landscaped & fenced. WOW! Call for more details...

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28409 N 451st Avenue Wickenburg, AZ 85390

$595,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6685093

Property Type Manufactured Home

Price Type --

Amazing off the grid Santa Fe style house located on 30 acres!! This beautiful 2016 manufactured home has great living spaces with tons of natural light, neutral colors, modern appliances, walk-in pantry and spacious rooms. Private well! The solar is owned outright and has batteries and a generator. The home also has propane gas for heating and cooking. Sitting on a hill it offers unparalleled views!! Also comes with covered corrals, tack room and storage area and entire property is fenced. This home is also listed with only 10 acres, at reduced price. See the semi-private remarks for details.

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7459 E Osage Avenue Mesa, AZ 85212

$595,000

5 Beds

3 Baths

2,572 SqFt

Status Active

MLS # 6749629

Property Type Single Family Residence

Price Type --

Your dream home is here and it's ready to impress! This fabulous 5-bedroom, 3-bath beauty comes with a 2-car garage and a charming brick exterior that's all about curb appeal. Imagine sipping your morning coffee on the inviting front porch, then stepping inside to a stylish living room with updated flooring that flows seamlessly throughout the entire home—yes, including all the bedrooms and stairs! The spacious great room is a showstopper with its soaring ceilings, modern recessed lighting, and sliding doors that open up to a backyard oasis—perfect for those indoor-outdoor vibes. Cooking will be a joy in the delightful kitchen, featuring sparkling granite counters, crisp white cabinetry with crown molding, shiny stainless steel appliances, a pantry, and a center island with a breakfast bar for easy, casual meals. Upstairs, you'll find a versatile loft that's ready for whatever you needwhether it's relaxation, play, or work. The main bedroom is your personal retreat, complete with a luxe ensuite featuring dual sinks and a generous walk-in closet. And don't forget the cherry on top: a fantastic outdoor putting green! Perfect your golf game or just enjoy a bit of fun in your private backyard. This home isn't just a place to live; it's a place to thrive and play!

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40937 N Majesty Way Anthem, AZ 85086

$595,000

4 Beds

2.5 Baths

2,469 SqFt

Status Active Under Contract

MLS # 6750370

Property Type Single Family Residence

Price Type --

*VA ASSUMABLE LOAN AT 3%. LEASED SOLAR PAID OFF.* Location is everything! This home is settled in a quiet neighborhood with a trail entrance right next door connecting you to 13 miles of lush desert trails, 2 parks within a 5-minute trail walk, and the K-8 elementary school is just blocks away. Not to mention the one-of-a-kind comraderie and sense of community this neighborhood offers. This spacious ''Tradition'' floor plan is coveted for it's vaulted ceilings throughout the living space, and fluid layout perfect for hosting and family-time. The large kitchen island, pantry, and wall of cabinets creates the ultimate culinary experience. Conveniently located on the main floor, the extra large primary suite has private backyard access and a large walk in closet. Maintaining privacy, the 3 additional bedrooms and full bathroom are located upstairs. With the 3-car garage, overhead garage storage, multiple walk in closets, custom built-in bookcases, storage under the stairs, and an RV-gate, this property provides all the storage a family could need! This property is on a premium lot where you can enjoy the beautifully designed and low-maintenance backyard with synthetic grass, pavers, a large extended covered patio, and a view fence showing off stunning desert scenery and colorful sunsets!

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706 E Washington Street Unit 105 Phoenix, AZ 85034

$595,000

2 Beds

2 Baths

1,876 SqFt

Status Active

MLS # 6686087

Property Type Townhouse

Price Type --

Are you a sports fan? Want to live closer to work, college or the airport in downtown Phoenix? This is your chance! This townhouse is in the heart of it all! Just a few minutes away from Chase Stadium sporting events, museums, fine dining, light rail and more. This home consists of 2 bedrooms, 2.5 baths and 2 car tandem garage. At 1,876 sf townhome has unique side yard for pets - rare find in the downtown area. The home has 20' ceilings, large loft and a balcony outside Master bedroom with exceptional views of the city. The kitchen boasts upgraded cabinets with beautiful hardware, stainless steel appliances and separate laundry room. THIS IS A RARE FIND!

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6401 W Campbell Avenue Phoenix, AZ 85033

$595,000

8 Beds

2.5 Baths

2,460 SqFt

Status Active

MLS # 6743583

Property Type Single Family Residence

Price Type --

Take a look at this remodel home with new appliances, A/C, Windows, doors, bathrooms vanities and much more. This property consists of three separate living spaces. Two of 3 bedrooms and 1 bathroom and two bedrooms and 1 bathroom. Each unit has its own private entrance and separate back yard for each unit. This is good opportunity for someone that would like to generate some income that will pay for the mortgage and possible have some cash flow. Seller has two prospective tenants paying $2,200 a month for each unit.

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9632 E Twinkle Circle Mesa, AZ 85212

$595,000

4 Beds

3 Baths

1,944 SqFt

Status Active

MLS # 6759320

Property Type Single Family Residence

Price Type --

Welcome to a rare gem in Cadence! This light and bright open floor plan home is not your builder basic property and offers many updates including: premium lot location, private pool, custom built-in outdoor kitchen with gas BBQ and beverage refrigerator, and a gas line stub for your future outdoor fireplace to enjoy under the stars. Other upgrades include the large gourmet kitchen, featuring stainless steel appliances, quartz countertops, a chic backsplash, and elegant pendant lighting over the large island perfect for entertaining. Upgrades continue into the bathrooms, where you'll find quartz countertops and clean white cabinetry and framed mirrors. The large primary suite is a peaceful retreat with a luxurious feel, thanks to the meticulously designed primary bathroom complete with Welcome to a rare gem in Cadence! This light and bright open floor plan home is not your builder basic property and offers many upgrades including: premium lot location, private pool, custom built-in outdoor kitchen with gas BBQ and beverage refrigerator, and a gas line stub for your future outdoor fireplace to enjoy under the stars. Other upgrades include: Neutral wood tile floors flow throughout the home, a large gourmet kitchen, featuring stainless steel appliances, quartz countertops, a chic backsplash, and elegant pendant lighting over the large island, perfect for entertaining. Upgrades continue into the bathrooms, where you'll find quartz countertops and clean white cabinetry and framed mirrors. The home is plumbed for soft water, has overhead garage storage, and a tankless hot water heater. Cadence is known for their 2 pools and waterpark, dog runs and dog wash, fitness center and game rooms, multiple parks and more. Welcome home!

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