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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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.

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.

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

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.

1514 E Diamond Street Phoenix, AZ 85006

$585,000
4 Beds
3 Baths
1,766 SqFt
Status Active
MLS # 6730147
Property Type Single Family Residence
Price Type --
Check out this CHARMING, VINTAGE, ADOBE, home located in the exciting North Garfield HISTORIC DISTRICT! Thanks to a large ensuite and ARIZONA ROOM addition this home is quite LARGE compared to neighboring homes (1,776 SF). Additionally this home features a fully detached casita/GUEST HOUSE with kitchenette, bathroom, and it's own HVAC unit, making it perfect to use for your favorite in-laws or to supplement the mortgage with a tenant... Step inside the main house and you will find tasteful upgrades that perfectly accentuate all of the historic charm that this home has to offer. ORIGINAL DETAILS INCLUDE; coved ceilings, wooden front door w/ hardware, mail slot, milk door, and hutch. And to top this all off, the home comes with OWNED SOLAR! AVG. electricity bill is $65/Mo!

1639 E Redfield Road Gilbert, AZ 85234

$585,000
4 Beds
2 Baths
1,820 SqFt
Status Active
MLS # 6750971
Property Type Single Family Residence
Price Type --
ALL ELECTRIC ZERO UTILTY BILLS . MONTHLY REBATE FROM SRP Never have another utility bill again and save thousands of dollars each year! Top of the line Tesla solar system that is paid for at closing. You have full coverage day and night with the included Powerwall batteries. The home is in an excellent quiet neighborhood. It's close to shopping, dining, and freeway access. Brand new high end LED lighting, ceiling fans, wood flooring, and carpet installed. The house has had every room completely repainted. Home also includes a brand new high efficiency pool pump, AC unit, and full stainless steel suite of energy efficient LG major appliances! The kitchen is spacious with granite countertops. Updated spare bathroom is like a spa. Cathedra The home is located in an excellent Gilbert location close to shopping dining and freeway access. New flooring throughout. The south facing patio overlooks the sparkling blue pool and lush tropical landscaping. The main bathroom is amazing and brand new; included are high end fixtures and marble surfaces throughout. The kitchen is spacious with granite counters and new stainless steel, high efficiency appliances. Cathedral ceilings in all rooms make the home feel spacious and roomy. The interior has been freshly painted throughout.

4335 N Holly Drive Pine, AZ 85544

$585,000
3 Beds
2 Baths
1,508 SqFt
Status Active
MLS # 6674878
Property Type Single Family Residence
Price Type --
Welcome to this gorgeous 3 bed, 2 bath, 1508 square foot cabin in lovely Pine, Arizona. Situated on a 15K lot, this property features a wraparound porch, mountain views, an enclosed yard, gorgeous wood vaulted ceilings, and plenty of space to spread out and watch all the wildlife this area boasts. Whether you love hiking or fishing or exploring the charming town of Pine just 100 miles north of Phoenix, this home has everything you need for a weekend getaway or a primary residence.

3100 E Colonial Place Chandler, AZ 85249

$585,000
3 Beds
2 Baths
2,170 SqFt
Status Active Under Contract
MLS # 6713353
Property Type Single Family Residence
Price Type --
This home has a cost saving energy efficient ''pre-paid'' solar system and features an open floor plan with a freshly painted interior with 3 bedrooms, an open den, living room/dining room, crown molding, extended garage with epoxy floor, expansive open concept family room with vaulted ceiling and sky lights that provide an abundance of natural light making this home feel light and airy, an entertainment nook and surround sound. The kitchen has freshly painted cabinets, corian counters and stainless steel appliances, that give it a modern and updated look. Both bathrooms also have freshly painted cabinets, new faucets and jetted tub in the master! But the features don't stop there. The backyard is all about enjoyment, with a built-in BBQ, heated pebble tec pool with spa, and a putting green. Perfect for year-round enjoyment, relaxing after a long day, or hosting summer BBQs with friends and family. And if you're a golf enthusiast, you'll love the prime location next to Lone Tree Golf Course. For all the extra great features of this house be sure to view the ''Extended Features List'' under the documents tab. The neighborhood park has a heated pool, children's covered play area/pavilion, half basketball court and large grass area to enjoy.

18432 W Williams Road Surprise, AZ 85387

$585,000
3 Beds
2 Baths
2,048 SqFt
Status Active
MLS # 6756755
Property Type Single Family Residence
Price Type --
Discover this exceptional home featuring a spacious, air-conditioned RV garage and additional RV or boat parking behind the RV gate. Perfect for outdoor enthusiasts! Inside, you'll find a stunning 3-bedroom, 2-bathroom layout with 2,048 sqft of living space, including a versatile flex room. The gourmet kitchen boasts wall ovens and ample cabinetry, seamlessly flowing into a living area with a custom fireplace. Enjoy upgraded tile throughout the home for a modern touch. The backyard is a true oasis, showcasing a sparkling pool with a water wall, travertine flooring, and easy-maintenance artificial turf. Experience the perfect blend of comfort and style in this remarkable property. Don't miss your chance to make it yours!

2398 W Arroyo Way San Tan Valley, AZ 85144

$585,000
4 Beds
2.5 Baths
2,535 SqFt
Status Active
MLS # 6707047
Property Type Single Family Residence
Price Type --
Beautiful single family home featured in popular community ''Morning Sun Farms' located in Queen Creek, AZ. This highly preferred [single level] home incorporates a subtle balance of contemporary finishes with a modern design. The home features 4 bedrooms, +Den/5th bedroom, 2.5 bath(s), 2,534 sq ft open concept floor plan, nicely appointed kitchen w/ granite countertops, large [eat-in] island, dual ovens, gas cooking, raised panel cabinetry, ss appliances, and walk-in pantry. Also, this home features large great room space, 9ft+ ceilings, tile flooring, modern plumbing/lighting fixtures [fans], dual pane [low-e] windows, 2'' wood faux blinds, designated dining space, and a dedicated master retreat featuring a spacious sleeping quarters, separate shower/tub, dual sinks, and large walk-in. closet. Lastly, the home features a 3-car tandem garage w/ new epoxy floors & built-in storage cabinets, and a private [resort style] backyard equipped with covered patio space, sparkling heated pool, built in BBQ [w/ dedicated gas line], mature landscaping, and separate RV gate --perfect for entertaining guests & family. Morning Sun Farms offers residents plenty of walking & bike paths, green spaces, and is just minutes away from great shopping, restaurants, and entertainment.

14823 W Edgemont Avenue Goodyear, AZ 85395

$585,000
4 Beds
3 Baths
3,098 SqFt
Status Active Under Contract
MLS # 6685457
Property Type Single Family Residence
Price Type --
Brand new roof as of July 2024. Discover the exquisite charm and comfort of this turn-key home with a dream floorplan and a backyard paradise. Freshly painted, with two versatile bonus rooms and four bedrooms, including a downstairs guest suite. New carpets in bedrooms. Indulge in the Pebbletec pool, the gazebo with a bar and a firepit, or the shaded patio. Admire the spacious great room and kitchen with a fireplace, an island, ovens, and a microwave. Escape to the primary suite with a tub, a shower, and a closet. Smart thermostats, fans, windows, garage, RV gate. Prime location. RO system, recirculation pump and soft water system convey.

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