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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280 S Evergreen Road Unit 1333 Tempe, AZ 85288

$585,000
4 Beds
4 Baths
1,853 SqFt
Status Active
MLS # 6693190
Property Type Townhouse
Price Type --
Very rare 4 bedroom, 3.5-bathroom townhouse in Villagio at Tempe offers a spacious and versatile layout, perfect for families , investment or for those who value extra room for guests or home offices. The LARGEST floor plan at 1853SF. 2-car garage adds convenience and storage space. Its rarity within the community, with the last 4-bedroom hitting the market three years ago, highlights its desirability and potential for investment or long-term residency. Owners replaced the areas with rugs and installed Luxury vinyl flooring, freshly painted , new window blinds.

40924 W Wade Drive Maricopa, AZ 85138

$585,000
5 Beds
4.5 Baths
3,649 SqFt
Status Active
MLS # 6682430
Property Type Single Family Residence
Price Type --
Your dream home is here! This beautiful 5-bedroom, 4.5-bath plus den home has amazing views of the lake whether you're out side in the backyard or upstairs. relaxing on the balcony, this home has been highly upgraded with new paint inside and out and marble tile flooring throughout the entire home with all new 4'' baseboards, Your greeted by a spacious living room with soaring high ceilings, The great room is an inviting space for cozy evenings with loved ones. The kitchen is equipped with granite counters, ample cabinetry with crown molding, recessed lighting, SS appliances, a pantry, and a two-tier peninsula with a breakfast bar. The bonus room is suited for an office or a get away space . The main bedroom is complete with 2 closets, dual sinks and sliding doors that open to a balcony The bedroom downstairs has an ensuite and a bedroom upstairs also has an ensuite. This gives flexibility and privacy for many family members. The backyard features a covered patio, low-maintenance artificial turf, and a sparkling pool for cooling down on hot summer days. Make this gem yours!

26001 S Greencastle Drive Sun Lakes, AZ 85248

$585,000
2 Beds
2 Baths
2,122 SqFt
Status Active
MLS # 6722629
Property Type Single Family Residence
Price Type --
This is the house you've been waiting for in the beautiful Cottonwood Palo Verde golf community phase II of Sun Lakes. The location is perfect, right between the walking paths of the multiple lake system and the clubhouse, tennis/pickle ball courts and pro shop. The popular Zuni model is move in ready from top to bottom, the price reflects the extensive comprehensive upgrades to all aspects of the home. New A/C in 2023, New Hot Water Heater 8/24, new roof and skylights 2023 (please see docs page) You enter through a beautiful pergola covered courtyard to enjoy your morning coffee. Vaulted ceilings greet you upon entering the bright open feeling throughout the living area. Two master suites provide privacy for guests and both bathrooms are updated and remodeled. The den is perfect for an office or additional entertaining area. Both the master and the den have access to the professionally landscaped backyard. The totally private and serene backyard oasis is perfect for entertaining under the pergola covered patios. Plant lovers will appreciate the greenery of the backyard along with the climate controlled commercial grade glass enclosed sunroom which also provides ample additional living space indoors while giving the feeling of being outside. This model also comes with an extended garage, and yes, it is Air Conditioned too, providing additional climate controlled storage. Along with the sunroom, the garage and storage area have been fully insulated. Not only has this house been completely remodeled, all systems have been updated from roof, windows, electrical, lighting, bathrooms, flooring, paint, kitchen, appliances, A/C, water heater, etc., and work has been completed by licensed contractors, all you have to do is move in and enjoy all this home and community has to offer. Right inside the new gate leading into the backyard is a pad with electrical to store and charge your golf cart. This home has ample storage throughout, is bright airy and pristine and absolutely move in ready with no detail ignored, a rare find. When talking about details of the home, even the air ducts have been cleaned, sterilized and sealed to provide a healthy comfortable living atmosphere with an air purifier, UV light, and surge protector installed on the AC unit, please see DOCS page. This home is not a flip and has been lovingly updated with quality in mind over a three year period of time.

3230 E Larkspur Drive Phoenix, AZ 85032

$585,000
3 Beds
2 Baths
1,883 SqFt
Status Active
MLS # 6696130
Property Type Single Family Residence
Price Type --
Unleash your desert dreams in this North Phoenix gem! This unique 3BR/2BA block home rests on a sprawling 10,000+ sq ft lot near Hwy 51. Step into your own backyard paradise boasting a refreshing diving pool, relaxing pagona, and ample RV parking - all with the freedom of NO HOA restrictions! Soothing water features weave throughout the property, culminating in a front patio oasis complete with a cascading waterfall, a fire feature for cozy nights, and a built-in bar for entertaining. This property offers endless possibilities to craft your ideal desert escape. Don't miss this chance to transform this unique residence into your own personal oasis!

13438 N 18th Lane Phoenix, AZ 85029

$585,000
5 Beds
3.5 Baths
2,879 SqFt
Status Active
MLS # 6737109
Property Type Single Family Residence
Price Type --
Welcome to this stunning 5-bedroom, 3.5-bathroom home, perfectly situated on a large cul-de-sac lot in the desirable Moon Valley Gardens. This home has been beautifully remodeled to offer modern luxury and comfort. The loft features a cozy two-way fireplace that connects to the spacious master bedroom, creating a warm and inviting atmosphere. The large master bedroom also offers a private exit to the balcony, perfect for enjoying serene mountain views. The master bathroom boasts dual sinks, a separate tub, and a shower, providing a spa-like retreat. The kitchen has been fully upgraded with newly painted cabinets, countertops, and appliances, offering ample counter space and storage for all your culinary needs. (see more) Throughout the home, you will find new fans, lights, and flooring, along with fresh interior paint. Enjoy the sparkling diving pool and expansive backyard, perfect for entertaining and relaxation. Additional features include an RV gate and parking, providing convenience for your recreational vehicles. With no HOA, you have the freedom to personalize your space. Conveniently located in a sought-after neighborhood, this home is close to hiking trails, top-rated schools, shopping centers, and great dining options.

5627 S 225th Avenue Buckeye, AZ 85326

$585,000
3 Beds
2 Baths
1,540 SqFt
Status Active
MLS # 6671742
Property Type Single Family Residence
Price Type --
STUNNING HORSE PROPERTY WITH SWEEPING MOUNTAIN VIEWS! Set on 1.2 acres, this charming 3-bed, 2-bath single-level home is a dream for horse enthusiasts & nature lovers alike. The property features four fully covered 16 x 16 stalls & secure front pasture fencing with no-climb wire—perfect for your equine companions. Step inside to discover a blend of modern upgrades & timeless comfort, including a new AC system installed in 2019, a master bath renovation in 2020, & an inviting custom tile shower in the guest bath. The extended back patio, completed in 2022, offers a perfect spot to unwind and soak in the panoramic views of the White Tank Mountains. Ready for your personal touch, it offers endless possibilities for those seeking a tranquil retreat with easy access to nearby amenities. Ready for your personal touch, it offers endless possibilities for those seeking a tranquil retreat with easy access to nearby amenities.

10980 Clear Water -- Goodyear, AZ 85338

$585,000
3 Beds
2.5 Baths
2,151 SqFt
Status Active
MLS # 6691190
Property Type Single Family Residence
Price Type --
LAKEFRONT LIVING AT ITS FINEST!! Exit the private back yard gate of this beautiful South Lake home to walk the lake path, compete with friends on the pickle ball courts, play tennis, volleyball, basketball and take the kids (or grandkids) to the park to play..just steps away! You can also simply sit back and enjoy your morning quiet times on your private patio, shaded by trees with gorgeous waterfront views! Inside the spacious, down stairs master bedroom you have large bay windows to view the lake and a patio door. Also on the first floor are a family room, dining room, eat in kitchen and great room. Upstairs you will find 2 spacious bedrooms, a bathroom and a loft (or LAKEROOM due to its large picture window overlooking...you guessed it, THE LAKE) perfect for an office.

13215 N 30th Place Phoenix, AZ 85032

$585,000
3 Beds
2 Baths
2,017 SqFt
Status Active
MLS # 6741305
Property Type Single Family Residence
Price Type --
Beautiful updated single level with diving pool is ready for a new owner. Nice open floorplan with formal living room, formal dining room, large great room with wood burning fireplace and a chefs delight for a kitchen. Newer rich wood grain cabinets, granite counters, center island,self closing drawers, and stainless appliances. The primary suite features remodeled bath and separate entrance to the pool out back. good size bedrooms- *3rd bedroom was designed to be two separate bedrooms, so double the size. AC was replaced in 2016, and a complete new roof (tear-off and extra sheathing) in July of 2024, newer double pane windows with blinds. Great location to Hwy 51/101 and shops/theaters close by.

13950 E Henderson Road Dewey, AZ 86327

$585,000
3 Beds
2.5 Baths
2,100 SqFt
Status Active
MLS # 6725110
Property Type Manufactured Home
Price Type --
3 bed 2.5 Bath 2100sf house on 2.18 acres, with large luxury workshop and barn. Turn-key and move-in ready property, with extensive upgrades Approx 1000sf (36x30ft) luxury 3-stall barn with easy-clean interior, fully air conditioned & heated. Insulated with durable closed cell spray foam (R-18). tack room, hot+cold running water with 50-gallon electric water heater, LED lighting throughout. Industrial pressure washer and slot drains in the quartz epoxy floor to make cleanup a breeze. Separate hay barn with automatic lighting & electrical outlets. Four 12x24 outdoor pens with hose-down concrete floors, fenced turnouts & automatic Ritchie waterers. Contoured concrete raceway/alleyway for easy pressure washing and good drainage. Secured by 6' high perimeter fence. Hurry Call for a Tour Today Cameras for every stall to easily check on things. Approx 1500sf (35x45ft) Turnkey luxury Sound Proof workshop with 10x35' office and 3-phase power, fully air conditioned, heated & soundproofed. 100A electrical service. Approx 6000sf+ concrete apron front & rear for storage. Modern very bright LED lighting throughout. Automatic 16ft wide insulated garage door & manual 8ft wide secondary garage door. Central compressed air & dust extraction, safely hidden away in soundproof mechanical room behind building. Electrical outlets everywhere. 3-phase power with preinstalled sub panel. Ready to go for a CNC machine or other large equipment. 6 of open cell spray foam insulation in walls (R-21), 8 in ceiling (R-28). Approx 2000sf house with updated kitchen, huge home theater in lounge with 12ft wide projection screen, upgraded lighting & gigabit networking throughout. Prewired for Whole-home audio with high end ceiling speakers in every room. Gorgeous granite countertop in kitchen with island, 4-ring induction cooktop, built in oven and microwave, and large counter-depth Samsung fridge/freezer. Upgraded high efficiency variable speed Trane heat pump air conditioning. Cellular blinds in every room. Automatic light switches and recessed LED downlights throughout. professional CCTV system with coverage throughout property, dedicated server rack closet and gigabit internet available through Sparklight, fiber optic network and Wifi coverage across entire property. Battery backup throughout. 22kw Standby generator with owned 500 gallon propane tank, battery backups for all critical infrastructure. 200 amp electrical service from APS. 10KW of solar on roof of workshop. generates approx 60-70KWh/day, enough to offset almost entire electric bill. compacted gravel & crushed rock yard covering for resistance to flooding and mud, 30 diameter culvert runs across most of property to provide flood drainage. Extensive rock rip-rap around workshop for erosion resistance. Automatic electric gate with PIN code pad and remote openers. Night-vision CCTV cameras at entrance. approx 85x75 concrete pad, minus 35x45ft workshop = 6375sf concrete pad - approx 1575sf workshop

90 Ponderosa Drive Mormon Lake, AZ 86038

$585,000
3 Beds
2 Baths
1,120 SqFt
Status Active
MLS # 6721100
Property Type Single Family Residence
Price Type --
What an absolutely unbelievable one-of-a-kind, off-the-grid, three bedroom and two bath cabin in Stoneman Lake. Overlooking the lake and filled with character and charm, this is the perfect getaway in the perfect setting. On nearly an acre, you'll have the privacy you crave with views to die for. The expansive wraparound covered porch has plenty of room for entertaining with summer temperatures in the mid to low 80's. Inside, the main living area is centered around a cozy rock-faced wood fireplace. The kitchen has a beautiful antique replica stove that catches your eye the moment you walk in. Wood and vinyl plank flooring, metal roof, fruit trees, and the list goes on. Better yet, everything is included. Furniture, furnishings, bedding, towels, dishes, yard tools and all shed items too.

12454 N 177th Drive Surprise, AZ 85388

$585,000
5 Beds
3 Baths
3,290 SqFt
Status Active Under Contract
MLS # 6709828
Property Type Single Family Residence
Price Type --
RECENT seller updates, freshly NEW interior paint (2024), NEW carpet throughout (2024), recently added saltwater pool (2022), new irrigation lines June 2024. Welcome to your beautifully updated home in Surprise! This spacious 5-bedroom, 3-bathroom home spans 3,290 sq. ft. and includes a versatile den, perfect for a home office, workout room or extra guest room. Enjoy the modern comforts of new tile flooring in the dining area and energy-efficient triple pane windows. The first floor features a convenient full bathroom (2021) & a bedroom, ideal for guests or multigenerational living. The kitchen is a chef's delight with two pantries and modern appliances making meal prep a breeze. Can lighting throughout the home, along with vaulted ceilings and large windows keep the home feeling light and bright! Upstairs, unwind in the luxurious primary suite boasting an updated bathroom (2 walk-in closet) with a trendy barn door that also includes a light w/ heater and fan. Additionally, one of the upstairs guest bathrooms features a tub and dual sinks, adding to the home's appeal. Step outside to enjoy the recently added pool (2022), perfect for Arizona's sunny days. Pool also features a KatchaKid Safety Net (purchased in 2023) to provide an additional safety feature for your family and friends! The property also benefits from a low-maintenance yard including grass AND artificial turf (artificial turf installed 4/2024) and is situated near community amenities like parks and playgrounds, offering plenty of outdoor activities for everyone. Updated 220 Electrical in the garage! Surprise School Boundaries recently changed bringing the new school much closer to this home at Sunset Hills! This home is a perfect blend of comfort and convenience ready for you to make it your own with your family!

2221 E Mountain Lion Lane Overgaard, AZ 85933

$585,000
3 Beds
2 Baths
1,729 SqFt
Status Active
MLS # 6711074
Property Type Single Family Residence
Price Type --
This mountain retreat is more than just a home; it's a sanctuary where luxury seamlessly merges with nature, providing an idyllic escape from the everyday hustle. Perfect for both full-time living & weekend getaways, this property is nestled on a 1.01-acre lot adorned with a rich variety of trees, including tall Ponderosa pines, Pinion, Juniper, & cedar. The expansive front & back decks, along with the fire pit area, offer numerous spaces for relaxation & entertaining. Inside, you'll find a welcoming open floor plan highlighted by vaulted ceilings & a striking rock gas fireplace. The layout includes three bedrooms, two baths, and a loft with a Murphy bed, ensuring ample space & comfort. Additional features include a 2.5-car attached garage & a NEW new roof. This retreat comes furnished.

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