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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1145 E Fern Drive Phoenix, AZ 85014

$589,900

3 Beds

2 Baths

1,531 SqFt

Status Active

MLS # 6751820

Property Type Single Family Residence

Price Type --

Welcome to this inviting North Central Phoenix home in the highly sought-after Madison School District. This beautiful 3-bedroom, 2-bath residence boasts a spacious 1,531 sq. ft. of living space, including a versatile den perfect for a home office or additional living area. Situated on a large, irrigated corner lot, this home offers a serene escape with a covered patio, ideal for outdoor relaxation and entertaining. Recently updated, the property features all-new roofs installed in 2022 and a fully remodeled kitchen completed in 2023, ensuring modern convenience and style. The home was re-plumbed, including the sewer line, and mostly rewired in 2023, providing peace of mind for years to come. Also installed in 2023, enjoy the elegance of new laminate flooring, adding a touch of contemporary flair to the home's classic charm. Built with a double layer of bricks and plaster interior walls, this home offers excellent insulation, keeping you comfortable year-round. Just minutes away from shopping, entertainment, and restaurants, you'll have everything you need right at your doorstep. Don't miss the chance to make this delightful North Central Phoenix gem your own!

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1400 E Orchid Lane Gilbert, AZ 85296

$589,900

5 Beds

3 Baths

2,237 SqFt

Status Active

MLS # 6751890

Property Type Single Family Residence

Price Type --

Welcome to your dream home located in the highly sought-after golf course subdivision. As you step inside, you will be greeted with warm and inviting neutral colors and new flooring/carpet throughout. The spacious family room with a cozy fireplace is the perfect spot to unwind after a long day. Designed with your comfort in mind, this meticulously maintained home offers 4 generous sized bedrooms and a den, providing plenty of space for everyone in the family. Prepare to be amazed by the completely remodeled chef's kitchen featuring brand new cabinets and stunning quartz countertops. With ample cabinet and counter space this kitchen is ideal for hosting dinner parties or simply cooking up a homemade meal. This home has been recently upgraded with new exterior and interior paint, as well as a new vanity in the lower-level bathroom. And for the icing on the cake, a brand new A/C unit has been installed, ensuring comfortable living all year round. But that's not all, as you step outside, you'll find a large and private backyard with a covered patio, perfect for summer barbecues and gatherings with friends and family. Don't miss the opportunity to make this house your new home and experience the perfect combination of comfort, convenience, and style. Trust us, you won't want to leave!

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1124 S Sycamore Circle Unit 1 Payson, AZ 85541

$589,900

3 Beds

2 Baths

1,650 SqFt

Status Active

MLS # 6700921

Property Type Single Family Residence

Price Type --

New custom build to be completed in approx. 90 days

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20610 W Stone Hill Road Buckeye, AZ 85396

$589,900

4 Beds

3 Baths

2,422 SqFt

Status Active

MLS # 6755661

Property Type Single Family Residence

Price Type --

Step into the ultimate lifestyle upgrade with this meticulously maintained, move-in ready Meritage home, perfectly situated in the highly sought-after Master Planned Community of Verrado! This 4-bedroom, 3-bath ENERGY EFFICIENT beauty isn't just a home—it's your ticket to luxurious, carefree living. With average electric bills at just $140 a month, you can keep the home at a cool 75 degrees during the day and 74 at night, all year long. Designed for easy living and vibrant entertaining, the split floorplan features a spacious open-concept great room, kitchen, and dining area at the heart of the home—perfect for hosting family gatherings or lively dinner parties. An oversized flex room provides endless possibilities, whether you envision a game room with a pool table or a grand formal dining area. Storage is a dream in this home, with two of the secondary bedrooms boasting walk-in closets, ample cabinetry in the laundry room, a handy butler's pantry, and a 3-car tandem garage offering plenty of space for your hobbies and gear. Step outside into your own personal oasis where low-maintenance artificial turf, mature trees, and lush landscaping set the scene for ultimate relaxation. Extended paver seating areas make it easy to enjoy Arizona's incredible weather, whether you're basking in the sun during the cooler months or hosting outdoor gatherings with friends and family. Life in Verrado is all about connection, adventure, and enjoying the finer thingsthis home brings all of that to your doorstep! The community of Verrado, which is nestled at the base of the White Tank Mountains, offers a truly unique living experience that blends small-town charm with modern conveniences. Imagine waking up to stunning mountain views, enjoying tree-lined streets, and having over 70 parks and 21 miles of hiking and biking trails right outside your door. The community is designed for connection, with front porches and wide sidewalks encouraging friendly neighborly interactions. Furthermore, at the heart of Verrado, the vibrant Main Street district offers cozy coffee shops, trendy restaurants, and boutique shopping, all just a stroll away. From community events like farmers markets and outdoor concerts to top-rated schools and a championship golf course, Verrado caters to every stage of life. Whether you're soaking up the Arizona sunshine by the pool or enjoying a scenic sunset hike, life in Verrado is all about savoring the beauty of the outdoors and embracing an active, connected lifestyle.

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17392 W Grant Street Goodyear, AZ 85338

$589,900

4 Beds

3.5 Baths

3,148 SqFt

Status Active

MLS # 6753144

Property Type Single Family Residence

Price Type --

Welcome to your new home in Canyon Trails! It's a 4-bedroom, 3.5 bath, 3148 sf single-level home on an oversized corner lot with a 3-car tandem garage and RV gate! Enter through the charming courtyard that leads into a home rich with character. Enjoy a spacious open floor-plan with natural light pouring through the windows, neutral custom paint throughout, and a blend of tile and wood-look floors. The large kitchen shines with stainless steel appliances, wall ovens, tons of cabinetry for extra storage, granite countertops, and a large center island with a breakfast bar. Get a good night's sleep in the main suite, featuring backyard access, a sitting area, and a private bathroom with dual vanities, a soaking tub, walk in shower, and walk-in closet. 3 additional bedrooms, including another en-suite, plus a versatile den offers office potential towards the front of the home. Out back you'll find a low maintenance yard with a screened-in patio and Ramada ready for cooler temps! Easy access to major freeways, shopping, dining and Spring Training Games at Goodyear Ballpark. Don't miss out!

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39724 N Rolling Green Way Anthem, AZ 85086

$589,900

4 Beds

2.5 Baths

2,815 SqFt

Status Active

MLS # 6744991

Property Type Single Family Residence

Price Type --

Stunning 4-bedroom, 2.5-bath home is located in the highly sought-after Anthem Parkside community! Boasting a detached 240 sq. ft. casita with a private entrance - perfect for guests, a home office, or a gym. Inside, you'll find stylish tile flooring with plush carpeting in all the right places. The large primary bedroom features an ensuite bathroom with double sinks and ample closet space. A versatile loft area offers additional living space or a playroom. The 2-car garage provides plenty of storage, and the home is part of a vibrant community with top-notch amenities including parks, pools, and trails. Located in the heart of Anthem, this home offers both comfort and convenience.

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3247 N Loma Vista Mesa, AZ 85213

$589,900

4 Beds

3 Baths

2,404 SqFt

Status Active Under Contract

MLS # 6755058

Property Type Single Family Residence

Price Type --

This spacious 4-bedroom, 3-bath home boasts fresh interior paint and a modern, open layout. The kitchen, featuring stainless steel appliances including a microwave, range, and dishwasher, flows seamlessly into the family living area, making it perfect for entertaining. A large kitchen island adds extra prep space and storage. The guest room is conveniently located downstairs, while the upstairs hosts the primary bedroom, two additional bedrooms, and a versatile loft area, offering plenty of space for family and guests.

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18150 W Las Cruces Drive Goodyear, AZ 85338

$589,900

3 Beds

2 Baths

2,671 SqFt

Status Active

MLS # 6716584

Property Type Single Family Residence

Price Type --

What a wonderful home with incredible pool & spa located in the resort style community of Estrella MTN Ranch! Marvelous interior offers two way fireplace in family room and great room, 3 bed, 2 bath, bar, and fabulous media/theater room perfect to entertain your guests. You'll love the huge kitchen equipped with black appliances, plethora of cabinets, granite counters, and center island. The roomy master suite has a private exit to backyard and a lavish bath with double sinks, makeup vanity, Garden tub, glass shower, & large walk-in closet with custom built ins. Serene over sized lot, premium backyard is great for gatherings with its blue Heated pool, relaxing spa, lovely covered patio, and personal putting green with Turf (Low maintenance). Absolute Entertainers Delight! Theater room Has 110 Screen, Risers, & soundboard insulated ROOM with Equipped surround sound throughout the home with all of the goodies. MUST see pictures & please review document tab to see additional Estrella & home Amenities. Premium Mountain views! Walking distance to North & South Lake as well as MTN Trails. Superior Floor plan design with exceptional finishes providing beauty & comfort with Amenities of much higher priced homes. Surrounded by majestic mountains and wide-open desert vistas, life in Estrella is a masterpiece of harmonious balance dynamic, yet serene- offering something for everyone no matter what stage of life. Backyard oasis with putting green. Freshly painted exterior in 2023 and newer painted interior. HVAC is 2 yrs old and has a 15-yr transferable warranty. A resort-inspired lifestyle with state-of-the-art amenities awaits.

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10439 W Cashman Drive Peoria, AZ 85383

$589,900

5 Beds

3 Baths

3,098 SqFt

Status Active

MLS # 6732281

Property Type Single Family Residence

Price Type --

5BR/3BA WITH 3,098 SF LOCATED IN THE GORGEOUS COMMUNITY OF CASA DEL REY AT CAMINO A LAGO! GOURMET KITCHEN WITH UPGRADED CABINETS, PANTRY, BREAKFAST BAR & GRANITE COUTERTOPS. NEWER PAINT & LVT FLOORING THROUGHOUT HOME. SEPARATE LIVING & DINING AREA PROVIDES PLENTY OF SPACE TO RELAX. STONE FIREPLACE IN THE LIVING ROOM MAKES THIS THE FAVORITE GATHERING PLACE FOR ENTERTAINING. LARGE PRIMARY SUITE WITH SITTING AREA, DOUBLE VANITY, GLASS SHOWER & SEPARATE SOAKING TUB. ONE GUEST BEDROOM & FULL BATH DOWNSTAIRS. ELECTRIC VEHICLE NEMA 14-50 AVAILABLE IN GARAGE. BOTH AC UNITS PURCHASED JAN 2021 W/10 YR WARRANTY. WATER HEATER PURCHASED JUN 2021. GUTTERS INSTALLED WITH BIRD/PIGEON PROTECTION WIRE ON EVES. SUN SCREENS INCLUDED ON WINDOWS. EASY ACCESS TO LAKE PLEASANT, SHOPPING, RESTAURANTS & SCHOOLS.

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3903 S Juniper Street Tempe, AZ 85282

$589,900

4 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6751894

Property Type Single Family Residence

Price Type --

Beautifully Remodeled 4-Bedroom Home in Prime Tempe Location! Welcome to 3903 S. Juniper St., Tempe, AZ! This stunning single-level home on a spacious corner lot offers 4 bedrooms and 2 fully remodeled bathrooms, providing the perfect blend of comfort and style. The open floor plan is enhanced by fresh paint, new carpet, and luxury vinyl flooring throughout. The kitchen features stainless steel appliances, including a refrigerator, dishwasher, stove, and microwave. The remodeled bathrooms showcase new vanities, modern lighting, upgraded faucets, and updated tub/shower setups with brand-new toilets. Washer/dryer included for your convenience. Located in a desirable neighborhood near Arizona State University, this home offers easy access to the 60/101/202. Newer A/C & Roof! Ready to go!

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10533 E Neville Avenue Mesa, AZ 85209

$589,900

4 Beds

2.5 Baths

2,449 SqFt

Status Active Under Contract

MLS # 6744774

Property Type Single Family Residence

Price Type --

Welcome to Mulberry!!! Sit and relax on your front porch while watching your kids play at the beautiful green space and park, directly across the street! Beautifully upgraded kitchen cabinets, large kitchen island and wood look tile. Upstairs you'll find all 4 bedrooms and a loft area perfect for the kids' tv/play room. This gorgeous home has so many designer touches and a backyard and pool built for family memories. This awesome neighborhood has amenities galore! A resort style pool, parks, tennis courts, community center, etc! Once you experience the community of Mulberry you'll never want to leave!

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4941 Saddle Blanket Circle Happy Jack, AZ 86024

$589,900

3 Beds

2 Baths

1,531 SqFt

Status Active

MLS # 6682510

Property Type Single Family Residence

Price Type --

Are you ready to escape the heat and bring your horses with? This is the home for you. Almost an acre and a half with great corrals, tack shed ,horse wash area, and so much more. This beautiful log sided cabin/home is decorated for the horse lover and comes completely furnished. It has been taken care of and is filled with love , perfect for a permanent home or weekend or summer home. Get your horses out of the heat, take them for some amazing forest rides with our great riding group up here. This is a must see ''mini ranch''. 3 bedroom/2bath cozy but with enough room for your guests. Come see it now. Sit in your front yard and watch the elk graze on the beautiful grass or sit in the back barbuque area and watch as your horses play.in the 60 x 120' ft corrals. Must see in person.

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