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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1638 E Earll Drive Phoenix, AZ 85016

$589,000
2 Beds
2 Baths
2,258 SqFt
Status Active
MLS # 6689365
Property Type Single Family Residence
Price Type --
HOT NEW PRICE!! Step into a piece of history with this stunning 1930's gem nestled in the charming Earll Place historic district. This delightful property boasts two distinct living spaces, ensuring flexibility & privacy for all occupants. The upstairs unit exudes classic charm with refinished hardwood flooring, a spacious & luminous kitchen featuring granite countertops, ample cabinet space, and modern stainless steel appliances. Enjoy meals in the elegant formal dining room or unwind in the cozy Arizona room, bathed in natural light. Downstairs, discover a fully remodeled separate unit with its own gorgeous kitchen, bedroom, bathroom, and separate laundry facilities. Bright & inviting, this space offers endless possibilities for guests, renters, or even as a home office or studio. Whether you're seeking a serene retreat or an investment opportunity, this unique property has it all. With no HOA fees to worry about, you're free to make this house your own. Plus, its prime location puts you just moments away from downtown attractions, shopping destinations, great restaurants, sporting events, cultural hubs, & easy freeway access.

4234 E Creosote Drive Cave Creek, AZ 85331

$589,000
3 Beds
2.5 Baths
1,906 SqFt
Status Active Under Contract
MLS # 6722583
Property Type Single Family Residence
Price Type --
Welcome to this stunning, freshly painted, and newly remodeled home in the highly sought-after Tatum Ranch community! This property boasts numerous upgrades, including wood flooring throughout, a gourmet kitchen with granite countertops, stainless steel appliances, and upgraded fans and light fixtures. The upstairs split floor plan features an oversized master suite with a spacious bedroom, walk-in closet, deck/patio, and a large bath with a separate shower, tub, toilet room, and double vanity sink. On the opposite wing, you'll find two additional guest bedrooms with step-in closets, new lighting fixtures, and a fully updated bathroom. The open living area, with a great room off the kitchen, is perfect for entertaining. Outside, enjoy the sparkling large pool, heated spa, and breathtaking

1178 E Sabino Drive Chandler, AZ 85286

$589,000
3 Beds
3.5 Baths
2,239 SqFt
Status Active
MLS # 6687681
Property Type Single Family Residence
Price Type --
Low interest rate assumable loan to a veteran!. Just steps from the beautiful community pool and Tumbleweed Park and Rec Center. Bright, airy and open is the best description for this home. An island , breakfast bar and large pantry highlight the entertainer's kitchen with Stainless Steel Appliances. A sizable walk in closet, large private bath and dual sinks show off the primary bedroom. Located very close to shopping, schools and the freeway access.

9316 W Pontiac Drive Peoria, AZ 85382

$589,000
4 Beds
2 Baths
2,100 SqFt
Status Active
MLS # 6747534
Property Type Single Family Residence
Price Type --
Make yourself at home in this beautiful property nestled on a coveted corner lot! With a 4-bed, 2-bath, and 3-car garage, this residence offers charm & convenience. The immaculately designed interior boasts spacious living areas with expansive windows, excellent for hosting & entertaining. The home exudes elegance with its tall ceilings, soothing paint, recessed lighting, and wood-style vinyl flooring. Impeccable kitchen is fully equipped with quartz counters, ample white cabinetry, recessed lighting, a handy pantry, and an island with a breakfast bar. Retreat to the main suite, offering a full ensuite and a walk-in closet. The tranquil backyard invites you to relax and have fun with a covered patio, a fire pit, & a refreshing pool ready to enjoy. This value will not disappoint

43524 N Hudson Trail New River, AZ 85087

$589,000
4 Beds
3 Baths
2,565 SqFt
Status Active
MLS # 6746471
Property Type Single Family Residence
Price Type --
Discover this beautifully maintained, barely lived-in home, offering 3BR, 3BA and an oversized den that can easily be converted into a 4BR or a luxurious second master suite with a sitting area and private bath. The spacious open-concept living area flows effortlessly into a gourmet kitchen, featuring a large chef's island, upgraded staggered cabinets, granite countertops, stainless steel appliances, ample pantry space, and a generously sized laundry room. The low-maintenance backyard is perfect for family gatherings and outdoor relaxation. Situated in a charming, close-knit community, you'll enjoy scenic hiking trails, breathtaking mountain views, and the convenience of being within walking distance to Great Hearts Elementary School. Easy access to Anthem's many amenities!

4155 E Muirfield Court Gilbert, AZ 85298

$589,000
3 Beds
3 Baths
2,020 SqFt
Status Active
MLS # 6699850
Property Type Single Family Residence
Price Type --
Welcome Home!!! This gorgeous 3 bedroom 3 bath gated community home at the desirable Seville in Gilbert is in a fantastic location. Close to restaurants, shopping, schools, parks & multiple golf courses to enjoy. You'll love the layout of this open concept floor plan. Your kitchen offers tiled counter tops, white appliances, an island/breakfast bar for extra prep & storage, as well as an abundant amount of crown molding cabinetry for organization. Your spacious master suite offers a plethora of natural light, a walk in closet, dual vanity, along with a roll in shower to utilize & direct access to your backyard oasis. This cul de sac home also offers an A/C unit installed in 2022, new irrigation, a new ''whisper quite'' garage door opener, plantation shutters, a 2.5 car garage with cabinets for extra storage & organization & a backyard oasis that includes a covered patio, mature landscaping, a built in bbq & a sparkling heated pebble tech pool to enjoy all year round. Your gated master planned community offers walking paths throughout Seville, 4 parks for the little ones, & an array of activities to do at the Seville golf & country club which include: Golfing on the course or testing your swing using the golf simulator, dining out, enjoying the sport zone, get the heart going at the state of the art work out facility or enjoy the day by the water park or pools. This gem in the desert is a Great Buy & a Must See!!!

4215 W Palace Station Road New River, AZ 85087

$589,000
4 Beds
2.5 Baths
2,729 SqFt
Status Active
MLS # 6741607
Property Type Single Family Residence
Price Type --
Just Re-Priced!!!! One of our most popular models the Columbus is now available for sale and is ready for a new owner! 4 bed, 2.5 bath Lennar Smart Home with upgrades in all the right places. Private backyard setting with lush green grass, block wall and no homes behind. Chef's kitchen boasts HUGE island with additional seating, quartz countertops, stainless steel appliances and walk-in pantry. Spilt upstairs primary bedroom with a resort style full bath, and a large walk in closet. Loft is perfect for an office or bonus room! Each room is generously sized & offers ample room for everyone to enjoy their own space. Shared bathroom upstairs for the secondary bedrooms. Take advantage of the amazing Anthem community amenities, including community center, pools, parks and more!

2007 E Flintlock Drive Gilbert, AZ 85298

$589,000
4 Beds
3 Baths
2,120 SqFt
Status Active Under Contract
MLS # 6730965
Property Type Single Family Residence
Price Type --
Welcome home! This spacious 4-bedroom + den, 3 full bathroom residence offers a luxurious living experience in a prime location. With a perfect blend of modern upgrades, this N/S facing home offers generously sized bedrooms & includes brand new carpet in the 3 secondary bedrooms, while the primary suite features tile flooring, slider to your backyard, separate tub/shower, & a large walk-in closet. The upgraded kitchen is a chef's delight, equipped w/ a gas range, butler's pantry, upgraded cabinets & granite countertops. Custom barn doors add unique functionality, allowing you to enclose the den or front bedroom & bathroom. Second set of custom barn doors allow you to close off the front half of the house making this a perfect space for work from home, teen area or mother in law space. Situated on a larger lot, this home backs to a green belt, offering serene views and a peaceful setting. The lush backyard with grass provides ample space for family activities and entertaining. Energy efficiency is a key feature, with a paid-in-full solar lease ensuring significant savings on utility bills. Additional conveniences include a double gate & an exterior garage door, enhancing accessibility and functionality. This home is move in ready & comes w/ the washer/dryer & refrigerator! Adora Trails is not just a neighborhood; it's a vibrant community w/ a plethora of amenities. Residents enjoy walking trails, a clubhouse w/ a full gym & studio room where live classes are taught. A kitchen and meeting rooms are also available for use. There are many parks throughout & an on site elementary school. The pool features lap lanes, a wading area w/ splash pad & is heated during the winter months allowing year round swimming. The community hosts numerous events, fostering a strong sense of camaraderie among neighbors. Come see why so many are calling Adora Trails home.

2504 N Papago Drive Tempe, AZ 85288

$589,000
4 Beds
3 Baths
2,042 SqFt
Status Active
MLS # 6740391
Property Type Single Family Residence
Price Type --
Papago Mountain views! Fully renovated 4 bed 3 bath home in a quiet neighborhood. Amazing central location, just a short drive away from the airport, downtown Scottsdale, ASU, Papago Park and more. No HOA! NEW $50k solar panels paid off by seller at closing!

9101 E Nacoma Drive Sun Lakes, AZ 85248

$589,000 - 3Br/2Ba -  for Sale in Sun Lakes Unit Thirty-five Phase 1, Sun Lakes
Open House
$589,000
3 Beds
2 Baths
2,252 SqFt
Status Active
MLS # 6750314
Property Type Single Family Residence
Price Type --
UPDATED Extended Palacia Plus Model w/ Energy Efficient (Solar) & NEWER HVAC in the GATED, ADULT COMMUNITY of Oakwood. Featuring NEW FLOORING & GRANITE COUNTERTOPS with an OPEN kitchen & TONS of Storage. Completely REMODELED Primary Bath. Vaulted ceilings in the great room makes space feel much larger. Also wired for stereo system. New VERY Bright can lights throughout & new dimmers & ceiling fans. 2 sliding glass doors which all give great natural light to the home. The 2.5 car garage has tons of storage. The RV electric hookup is also a nice feature. Don't miss this AMAZING opportunity in Sun Lakes w/ Guarded gate entry for more security and all of its amenities including golf, tennis, pickle ball, pools, fitness center, clubs, social activities, restaurants & so much more!

1478 E Aspen Avenue Gilbert, AZ 85234

$588,999
4 Beds
2 Baths
2,175 SqFt
Status Active
MLS # 6726839
Property Type Single Family Residence
Price Type --
POOL TABLE & POOL TABLE ACCESSORIES convey with the home, providing endless entertainment for your guests. Step into this stunning 4-bedroom, 2-bath home, boasting 2,175 sqft of pure delight. From the moment you arrive, you'll be captivated by its charm and functionality. The backyard is an oasis of relaxation and entertainment, featuring an updated pool complete with a basketball hoop and volleyball net—perfect for hosting unforgettable gatherings. The mature trees provide privacy and ample shade, making it a serene retreat for family and friends. Inside, the fun continues with a dedicated pool table/game room, ideal for game nights and creating lasting memories. The POOL TABLE & ACCESSORIES convey with the home, providing endless entertainment for your guests. The...click cont for more The unique swinging gate entry to the kitchen adds a playful touch and serves as a practical baby or dog gate. The vaulted ceilings amplify the sense of space and light throughout the home. The primary bedroom is a sanctuary of comfort, offering dual sinks and a large walk-in closet. This retreat is enhanced with the inclusion of the primary bedroom bed, entertainment set with fireplace, and a stylish bird painting. Additionally, the adjacent room has been converted into a second giant walk-in closet, complete with a skinny mirror that adds both functionality and elegance to the space. This area can easily be transformed back into a standard bedroom or serve as a convenient nursery with direct access. Recent upgrades ensure peace of mind and efficiency, including a new dishwasher, AC and heat pump, a resurfaced pebbletech pool, updated kitchen with refinished cabinets, new hardware, microwave, and stove/cooktop. The home also features reverse osmosis, updated bathrooms, a new water heater, and a new garage door opener. Living here means you're not just getting a home, but also access to a vibrant community full of dining, entertainment, and unique experiences. Enjoy all that Gilbert has to offer from this convenient and desirable location. Joe's Real BBQ, a beloved local eatery, serves up delicious, slow-cooked barbecue in a charming, rustic setting. Postino East, a popular wine cafe, offers a cozy atmosphere with a great selection of wines and delicious bruschettas. Downtown Gilbert (Heritage District) is just a short drive away, bustling with dining, shopping, and entertainment optionsa perfect spot for an evening out. For a fun and interactive experience, Topgolf Gilbert offers golf games, food, and drinks in a high-tech driving range setting. The Riparian Preserve at Water Ranch is a haven for nature lovers, offering trails, bird-watching opportunities, and a serene environment for outdoor activities. Freestone Park, a large park featuring a lake, athletic fields, playgrounds, and even a miniature train, is great for family outings. Don't miss out on this incredible opportunity to own a beautiful home that comes with a washer, dryer, two refrigerators, POOL TABLE AND ALL ACCESSORIES, and a wonderful floor plan in the heart of Gilbert.

8300 E Vía De Ventura Boulevard Unit 1015 Scottsdale, AZ 85258

$588,900 - 2Br/2Ba -  for Sale in Lakeside Villas Of Scottsdale, Scottsdale
Open House
$588,900
2 Beds
2 Baths
1,442 SqFt
Status Active
MLS # 6750386
Property Type Townhouse
Price Type --
Come see this move in ready condo in gated Lakeside Villas at McCormick Ranch! This home wood plank tile flooring plantation shutters and upgraded lighting fixtures and fans throughout. The living room has a reclaimed wood detail fireplace and high ceilings with lots of natural light. The kitchen features soft close cabinets and drawers, Quartz countertops and new stainless steel appliances. New Quartz countertops in the bathrooms as well. The primary bedroom has an ensuite bathroom and spacious walk in closet. Inside laundry and a singel car detached garage. Community amenities include pool/spa, walking/biking path and lake views. Close to lots of shopping, fine dining, golf and easy freeway access. Must see

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