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.

Whats 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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1819 W Elm Street Phoenix, AZ 85015

$590,000
3 Beds
2 Baths
1,613 SqFt
Status Active Under Contract
MLS # 6753966
Property Type Single Family Residence
Price Type --
Renovated Property with Expansive Lot, Workshop plus 3 car Garage, and Modern Updates! Welcome to this beautiful property, situated on over 1/3 acre lot, offering a rare combination of expansive outdoor space and exceptional craftsmanship. This home is a perfect blend of modern urban convenience and timeless design, making it an ideal sanctuary for homeowners seeking endless options and versatility. As you arrive, the tile roof and brick paver driveway create an inviting first impression. The property includes three RV gates for easy access and storage. Car enthusiasts will love the 5-car garage option and the detached, AC-vented workshop with water, ideal for hobbies, home business, or even a pool house! Endless possibilities with the detached space. The backyard offers a newly RENOVATED pebble-tec pool, perfect for relaxing or entertaining, with an extended patio-with viga poles providing a stylish and durable outdoor living area for year-round enjoyment. Step inside, and you'll be greeted by an abundance of natural light thanks to dual-pane windows and elegant French doors, enhancing the home's energy efficiency and adding to its overall charm. The interior has been thoughtfully updated with fresh paint and new flooring, offering a modern, move-in ready experience. The vaulted tongue and groove entrance is a show-stopping feature, highlighting the craftsman carpentry touches that give this home its distinctive character. The custom front door welcomes guests with style and sets the tone for the meticulous attention to detail found throughout the home. Additional Features: Security and privacy are paramount, and the stunning custom metal gate offers both, while also serving as a unique architectural feature. Whether you're hosting family gatherings or simply enjoying the peace and quiet of your expansive property, this home is designed to accommodate all your needs. In addition to the property's stunning features, its desirable urban location nestled near other amazing homes in Quaint Elm Street Acreages, near the heart of the Downtown Phoenix District that offers quick access to vibrant dining, entertainment, and cultural experiences. Just minutes from Sky Harbor Airport, this home provides convenience for travelers. With easy freeway access valley wide, commuting to all parts of the city and beyond is a breeze, making it the perfect home base for both work and play. This property is a rare find, offering an updated interior, expansive outdoor living spaces, and an array of functional amenities. With its huge lot, detached workshop space, 5-car garage option, newly renovated pool, and modern updates, this home has everything you need for an amazing lifestyle. Don't miss the chance to make this your forever home!

6159 E Indian School Road Unit 104 Scottsdale, AZ 85251

$590,000 - 2Br/3Ba -  for Sale in Arcadia Green Of Scottsdale Amd, Scottsdale
New
$590,000
2 Beds
2.5 Baths
1,526 SqFt
Status Active
MLS # 6760629
Property Type Townhouse
Price Type --
LOCATION, LOCATION, LOCATION!! Welcome to 6159 E Indian School Rd #104, a stunning 2-bedroom, 2.5-bath residence in the desirable Arcadia neighborhood. This private, well-appointed unit features two master suites, each with en suite bathrooms, perfect for comfort and convenience. Enjoy cozy evenings by one of the two fireplaces or relax on your back patio with Mountain views. With only 10 units in the community, experience a serene atmosphere just minutes from Old Town Scottsdale's vibrant dining and entertainment. This home boasts quality upgrades throughout, making it a true gem in the heart of Scottsdale. Don't miss your chance to make this your own!

3121 W Pima Street Phoenix, AZ 85009

$590,000
4 Beds
2 Baths
1,471 SqFt
Status Active
MLS # 6760103
Property Type Single Family Residence
Price Type --
Investment opportunity! This property has many different potential uses. Fix up the houses and flip them, or even rent them. Depending on your desired outcome, you could remove the homes and build something else on the property. This property is zoned R-3 multifamily medium density. If you are looking for your next investment opportunity, you should look at this one.

19891 W Glenrosa Avenue Litchfield Park, AZ 85340

$590,000
4 Beds
3 Baths
2,585 SqFt
Status Active
MLS # 6751846
Property Type Single Family Residence
Price Type --
**SELLER IS OFFERING UP to 35K IN CONCESSIONS** This exceptional 2019 home is a showcase of luxury and modern living, boasting top-of-the-line upgrades throughout. With 4 spacious bedrooms, 3 full bathrooms, a 3-car tandem garage, and a versatile bonus teen room, this property offers everything you could desire. The gourmet kitchen is a chef's dream, featuring pristine white cabinets with crown molding, elegant quartz countertops, a gas stove, built-in microwave, a large center island, farmhouse sink, pantry, and abundant storage. The kitchen seamlessly flows into the expansive great room, which features soaring 10-foot ceilings and a 20-foot super slider, creating a perfect harmony between indoor and outdoor living—ideal for entertaining.

21037 W Rustler Road Buckeye, AZ 85326

$590,000
4 Beds
2 Baths
2,030 SqFt
Status Active
MLS # 6737908
Property Type Single Family Residence
Price Type --
Experience charming country living while staying close to city nightlife! This stunning corner lot features a white picket fence, a welcoming front porch, and a large covered patio with an outdoor kitchen and TV area for entertaining. The open floor plan greets you with a spacious living room and a kitchen with ample cabinets, a large island, and an adjoining dining area. The split floor plan includes a main principal bedroom with a walk-in closet, dual sinks, and a private toilet, plus three spacious bedrooms and a hall bathroom. With tile flooring throughout and a well-designed layout, this lovely home is perfect for creating lasting family memories.

4304 E Megan Street Gilbert, AZ 85295

$590,000
4 Beds
3 Baths
2,127 SqFt
Status Active Under Contract
MLS # 6743248
Property Type Single Family Residence
Price Type --
PRICE REDUCED AND SELLERS OFFERING $5000 INCENTIVE TOWARDS BUYER'S CLOSING COSTS!! LOCATION, LOCATION, LOCATION!!! Here's the home you have been looking for! This turnkey home was recently updated inside & out and includes 4 bedrooms, 3 full bathrooms, an oversized lot with a pool and a 2-car garage. This meticulously maintained 2nd owner home is located in the highly sought after Ashley Heights subdivision which is conveniently located just off the 202 HWY offering easy access to shopping, restaurants, hospitals, schools and more. Upon entry, downstairs features a newly custom built-in shoe/coat rack, and an open floor plan perfect for entertaining along with a bedroom and updated full bathroom. The kitchen was updated in 2022 with new professionally refinished cabinet paint, quartz counter tops, stainless steel appliances, new enlarged kitchen island, wood-looking tile flooring throughout downstairs, and new kitchen backsplash! The kitchen opens to a tastefully updated family room with a custom built-in entertainment wall and electric fireplace. Upstairs includes the primary bedroom and 2 additional guest bedrooms which have all been updated with luxury vinyl flooring and new bathroom vanities! This home additionally features new interior paint 2023/exterior paint 2018, new baseboards, built-in doggy door, new mini-split A/C in garage, surround sound speakers in the family room, new downstairs lighting, beautiful custom accent wall in living/dining room, and a new 2023 5-ton Lennox Signature Edition 18 seer A/C & Heating unit with Pearl certification! The oversized 2023 updated backyard features a sparking pool w/new energy efficient variable-speed pool pump, gazebo w/lighting along with a mobile built-in BBQ, newly installed large synthetic turf area, an abundance of hardscape offering multiple seating areas, and a new built-in firepit. What more could you ask for?! Hurry this move-in ready home won't last long!!

2751 S Santa Anna Street Chandler, AZ 85286

$590,000
3 Beds
2 Baths
1,833 SqFt
Status Active
MLS # 6747358
Property Type Single Family Residence
Price Type --
Nestled in Clemente Ranch, this beautifully cared-for home blends charm & privacy, backing to a serene greenbelt. The renovated interior features 3 bedrooms, 2 baths, and a versatile den. An open floor plan with vaulted ceilings creates an inviting space perfect for entertaining. Thoughtful touches like built-in window seating and French doors add warmth throughout. Recent upgrades include $35K in bathroom renovations (2024), a 16 SEER AC unit (2020), and a new water heater (2023). This location offers unmatched convenience for both work and leisure. Experience the pride of ownership in every detail and see for yourself why this property is more than just a house—it's a place you'll want to call home.

16585 W Harrison Street Goodyear, AZ 85338

$590,000
5 Beds
3.5 Baths
2,764 SqFt
Status Active
MLS # 6679972
Property Type Single Family Residence
Price Type --
Sellers are VERY MOTIVATED! Lets negotiate for this dream home. Open and bright concept creates an inviting atmosphere, perfect for family and friends. The chef's kitchen is a true masterpiece, featuring new soft-close cabinets, quartz countertops, a stunning island, and top-of-the-line digital appliances backed by a 2-year warranty. With new recessed lighting illuminating every corner, culinary delights await. Throughout the entire home, new flooring adds a touch of luxury and comfort. The spacious master bedroom and oversized secondary bedrooms offer ample space for relaxation, walk-in closets and bathrooms adorned with rain showerheads and custom glass doors. 2 large living rooms. Heated pool and more This is what you would call a meticulously upgraded home which embodies modern luxury and comfort, boasting a plethora of exquisite features and thoughtful enhancements throughout. From the moment you step inside, you'll be captivated by the seamless blend of style and functionality. Upon entry, you're greeted by the warmth of new matching luxury vinyl floors that span the entirety of the home. The kitchen has been transformed into a culinary haven, featuring extended quartz countertops, an expanded island, and an abundance of upgraded cabinets with soft-closing doors. Brand new digital appliances, backed by a 2-year warranty, elevate the cooking experience, while the newly installed range hood ensures a pristine culinary environment. The main level also showcases a fully remodeled bathroom, complete with a stunning all-tile walk-in shower, rain showerhead, and sleek glass door, offering both elegance and convenience. Upstairs, the master suite beckons with its upgraded flooring and a spa-like ensuite bath featuring an extended walk-in shower, rain showerhead, and dual niche boxes. Additional upgrades in the upstairs bathroom include a new tub, retiled shower, and a niche box, ensuring both comfort and style. Throughout the home, recessed lighting illuminates each space, creating a welcoming ambiance and highlighting the exquisite craftsmanship of the upgrades. Outside, the serene backyard provides an oasis for relaxation and entertainment, offering the perfect retreat from the hustle and bustle of daily life. Not to be overlooked, the garage boasts a new door system with lifetime warranty springs, ensuring both security and peace of mind. Located in a sought-after neighborhood and meticulously crafted to perfection, this home is a true masterpiece not to be missed. Schedule your showing today and experience the epitome of modern living!

22701 E Avenida Del Valle -- Queen Creek, AZ 85142

$590,000
5 Beds
3 Baths
2,799 SqFt
Status Active
MLS # 6732380
Property Type Single Family Residence
Price Type --
Contemporary 5 bed, 3 bath house with 2,800 sqft in Queen Creek's sought-after Meridian community. Built in 2018, with updated styling throughout. Enjoy a gourmet kitchen, spacious master suite, and a low-maintenance yard. The residence also boasts a 3-car garage. Experience Arizona living at its finest with access to the 5,000 sqft community pool and quick access to Queen Creek Marketplace, top-rated schools and scenic parks. This house is also pre-wired for 16 security cameras.

3225 N Lost River Drive Camp Verde, AZ 86322

$590,000
4 Beds
3 Baths
3,640 SqFt
Status Active
MLS # 6727355
Property Type Single Family Residence
Price Type --
With a compelling offer, the seller is prepared to contribute to the buyer's interest rate buy-down or concessions. Updated 4 Bed, 3 Bath Home on 2 separate Parcels totaling over an Acre of Land. Brand New 2024 Roof. Brand New 2024 HVAC. All New LVP flooring & Fresh Carpet. Kitchen Boast New Quartz Countertops, Stainless Steel Appliances, & Tile Backsplash. Master Bedroom features Custom Walk-In shower, His & Her sinks, & Barndoor entry. New Light fixtures and Contemporary Fans throughout. Freshly Painted Inside & Out. Great for Animals or Extra Toys/RV's. Just Blocks away from the Verde River - Excellent Location!

7908 W Harmony Lane Peoria, AZ 85382

$590,000
3 Beds
2 Baths
2,005 SqFt
Status Active
MLS # 6690425
Property Type Single Family Residence
Price Type --
Single story home, 3 car garage, corner lot with Heated Pool and Spa with controls on your phone. Bright and open kitchen with white cabinets, quartz countertops, and stainless appliances. Luxury vinyl floors. Large master with vaulted ceilings, walk-in closet, dual sinks, separate shower and soaking tub. New interior paint. Guest bathroom has dual sinks. Vaulted ceilings Living Room and Family Room with a gas fireplace. HVAC 2020. Plantation Shutter. North/South Exposure. Pool heater 1.5 years ago, automation replaced and has app on your phone to control. North/South exposure

706 E Washington Street Unit 128 Phoenix, AZ 85034

$590,000
2 Beds
2.5 Baths
1,880 SqFt
Status Active
MLS # 6732346
Property Type Townhouse
Price Type --
Welcome to urban living at its finest in this modern and stylish loft in the heart of downtown Phoenix. Within walking distance of event centers, fine dining, the lightrail, and so much more, this industrial-chic loft features an open floor plan with soaring ceilings, large luxury tile floors, and big windows that flood the space with natural light. The sleek kitchen boasts stainless steel appliances, granite countertops, and plenty of cabinet space for all your culinary needs. The spacious bedrooms offer a private retreat with 2 bathrooms. Enjoy the convenience of in-unit laundry and a designated parking space as well as a secure 1 car garage. Outside, this corner unit has its own private side yard perfect for pets. The third story patio offers views of Chase Field, Phoenix skyscrapers, and perfect for enjoying our spectacular Arizona sunsets.

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