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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3449 S Joshua Tree Lane Gilbert, AZ 85297

$585,000

3 Beds

2 Baths

2,136 SqFt

Status Active

MLS # 6724315

Property Type Single Family Residence

Price Type --

REDUCED $10K so bring your floaties and make a splash to this move-in ready, 3BR+den. 2BA, 3CG Fulton home in San Tan Ranch! Pool w/rock waterfall, spillover spa and no one behind you. Fresh paint, new carpet, blinds and fans t/o. Two living spaces, plus den/dining room (or convert to a bedroom). Gas FP, dramatic arches and niches. Kitchen w/ SS app (fridge included), gas cooking, sharp backsplash and counter tops. Split floorplan. Primary BR ensuite with French door exit, tiled shower, walk-in closet and new comfort height toilets in both baths. Guest BRs also offer walk-in closets. Laundry with sink, cabinets and W/D that stay. Epoxy floor, cabinets and pull-down ladder to attic in garage. Soft water too. Community sport courts, playgrounds, parks with 202 fwy and so much more nearby!

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4551 W Geronimo Street Chandler, AZ 85226

$585,000

4 Beds

2 Baths

1,988 SqFt

Status Active

MLS # 6727637

Property Type Single Family Residence

Price Type --

Prime location! Pool! Owned solar & pool solar! No HOA! Conveniently located in the highly sought after 85226 zip code of Chandler, you are sure to love this gem! Upon arrival you are greeted by beautiful desert landscaping & a 3 car garage for all your storage needs. Inside you will find vaulted ceilings, a neutral palette, & a cozy fireplace. The kitchen includes granite counters, recessed lighting, SS appliances, a pantry, & an island W/ breakfast bar. 1 of the 4 bedrooms is an optional den with french doors, a built-in desk, & spacious closet. The main bedroom offers direct backyard access, an ensuite with dual sinks, & a walk-in closet. The backyard is your own private refreshing oasis complete w/ large covered patio, spa, & sparkling pool w/ recently updated pool equipment.

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3329 S Stanley Place Tempe, AZ 85282

$585,000

4 Beds

2 Baths

2,066 SqFt

Status Active

MLS # 6739524

Property Type Single Family Residence

Price Type --

Wow! This Home is Sharp! Wood Plank Tile Throughout Home, Fully Remodeled Kitchen w/ Stainless Appliances, Granite Counters & Loads of Cabinet Space. Remodeled Baths With Tile Shower & Tub Surrounds. Large Formal Living Room, Formal Dining Area, Large Media/Family Room. Loads of Storage. Absolutely Huge Lot With two RV Gates. Perfect Set Up For an ADU (Additional Dwelling Unit) Split Face Block Courtyard with Custom Iron Door Creating a Private Courtyard. Ceiling Fans, Dual Pane Windows, Custom Front Door. Wood Shutters Window Treatments. Huge Interior Laundry! Great Tempe Location Near Schools, Shopping, Freeway Access & ASU. Property Is Listed at Current Appraisal!!

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3406 E Libby Street Phoenix, AZ 85032

$585,000

3 Beds

2 Baths

1,560 SqFt

Status Active

MLS # 6717614

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated three-bedroom, two-bath home nestled in a prime location backing directly onto a beautiful golf course. This open-concept floorplan boasts a bright and spacious layout, The kitchen flows seamlessly into the living and dining areas, ideal for entertaining. Step outside to your private oasis which features a view fence that showcases the golf course, a large putting green, and a chipping area, perfect for golf enthusiasts. Enjoy evenings by the firepit, soaking in the serene surroundings of AZ. Best of all, there's NO HOA, offering you unparalleled freedom and flexibility.

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7217 E Osage Avenue Mesa, AZ 85212

$585,000

4 Beds

4 Baths

2,260 SqFt

Status Active Under Contract

MLS # 6726028

Property Type Single Family Residence

Price Type --

This home is a 4 Beds, 3.5 Baths, 2 car garage with a Mother in law suite as the 4th bedroom located in the Mother in Law suite. The Mother in law suite is located on first floor with its own bedroom, bathroom, laundry hookups, kitchen & living room. The other 3 bedrooms are located on 2nd level with a full size washer and dryer included in sale. All kitchen appliances in both the main kitchen and mother in law kitchen remain with home. The home has artificial grass in the front and backyard. The kitchen has granite countertops & all appliances remain with home. Home has a water softener system that will stay with the home. This home is located in the popular Morrison Ranch community of Mesa.

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31020 N 42nd Way Cave Creek, AZ 85331

$585,000

3 Beds

2 Baths

1,857 SqFt

Status Active

MLS # 6732311

Property Type Single Family Residence

Price Type --

Great opportunity to live in Tatum Ranch at the right price! Barely lived in home has been lovingly maintained over the years. Open and inviting floorplan with elevated entrance. Separate formal living room perfect for his or her space, media room, or kids area. Open great room with kitchen island and large family room area complete with built-ins. Split floorplan with two bedrooms, bathroom, and laundry room separate from master bedroom with large bathroom and walk-in closet. Enter your backyard complete with sparkling pool and water feature, mature landscaping, and automatic watering system. Pool resurfaced in 2024 and a new variable speed pump installed in 2023. Two car garage with extra shelving for storage. All three mounted TV's convey along with decorative vase in family room Tatum Ranch is a perfect community for those looking to live a little outside the hustle and bustle of Phoenix, but still enjoy plenty of close amenities such as restaurants, shopping, golf courses, and hiking. Desert living at its finest!

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5100 E Rancho Paloma Drive Unit 2077 Cave Creek, AZ 85331

$585,000

2 Beds

2 Baths

1,990 SqFt

Status Active

MLS # 6673934

Property Type Apartment

Price Type --

MOTIVATED SELLER -OPEN TO RATE BUYDOWN! Experience the ease of condo living! This like new property is perfect for a primary or second home. A perfect pied-a-terre if you travel to the city for business frequently. Expansive, open layout provides multiple design opportunities. Kitchen with island, Tiled-to-the-Ceiling backsplash, LG Refrigerator that pops out those perfect round ice spheres and a spacious patio make entertaining delightful. Bedrooms are split for privacy, with the guest room enjoying an en-suite bath. The primary bedroom carries off a king bed, large nightstands & still has room for seating. The primary bath has a light, bright ambience with upgraded LED Lighting. Walk in Shower, dual sinks, and extra storage - nd just beyond is the walk-in closet of your dreams. Punctuated with encaustic tile in the laundry and entry, with custom window coverings throughout, this stylish home needs nothing. Schonbek modern crystal pendant lighting, Modern Forms kwall sconce and ceiling fans are all in place. Enjoy the mountain views from the living and dining room, sunsets and sunrises from the patio, overlooking the central common grounds and pool. Patio is oriented for maximum shade. This location is quiet, away from traffic noise. it's a short walk to enjoy the spa, pool or workout facility. Just steps to your private, 2 car garage. What are you waiting for? The Mirror in Guest Bath doesn't convey, but like styles can be found online. Washer and Dryer negotiable. Listing Agent is a friend of Seller. Also available as rental under MLS 6720915

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935 E Denton Lane Phoenix, AZ 85014

$585,000

3 Beds

2 Baths

1,206 SqFt

Status Active

MLS # 6719574

Property Type Single Family Residence

Price Type --

Welcome home to this charming gem located in the highly sought-after north central Phoenix corridor. This fabulous cul-de-sac home reveals 3 bedrooms, 2 bathrooms a single car garage along with a separate storage/utility room. The kitchen offers stainless steel appliances, granite counter tops and timeless wood cabinets. Come relax and enjoy the spacious covered patio with the perfect atmosphere for entertaining. The open backyard allows plenty of room to expand or play. This stunning property offers a lifestyle surrounded by top notch dining, exciting nightlife and fantastic shopping Don't miss out on this one!

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14041 W Monte Vista Road Goodyear, AZ 85395

$584,999

3 Beds

2.5 Baths

2,342 SqFt

Status Active

MLS # 6746730

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in the highly desirable, gated Vistas at Palm Valley, a vibrant golf course community with fantastic amenities, including a pool, playgrounds, sports courts, and scenic walking trails. Plus, you're just minutes from great restaurants and shops. This home offers excellent curb appeal with charming stone accents, a 3-car garage, and a gated courtyard. Step inside to an open floor plan with tall ceilings and windows, luxury vinyl plank flooring, and tons of natural light! The chef's kitchen is a dream: gas cooktop, wall oven, quartz countertops, subway tile backsplash, recessed and pendant lighting, and a large island with breakfast bar seating. See more.. The owner's retreat is a peaceful sanctuary with a spa-like ensuite featuring double vanities, walk-in shower, freestanding bathtub, and a big walk-in closet. The expansive backyard includes a covered patio, pergola, and low-maintenance artificial turf, perfect for entertaining!

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6713 W Valley View Drive Laveen, AZ 85339

$584,999

4 Beds

3 Baths

2,048 SqFt

Status Active

MLS # 6670796

Property Type Single Family Residence

Price Type --

Highly desired Jubilee floorplan on the LARGEST LOT w/resort style backyard can now be yours! Built in 2022, this gorgeous single story offers 4 bedrooms, teen/bonus room, 3 bathrooms, spacious open floorplan, ceramic wood plank flooring, Chef's kitchen w/granite countertops, apron sink, huge island, 5 burner gas stove, W/I pantry, fan/blinds throughout, designer light fixtures & window treatments, oversized bedrooms, & epoxy flooring in garage. Then step outside to the serene mountain views & your resort style backyard featuring extended covered patio w/pavers, travertine tiling around the gorgeous pebbletec pool w/Baja shelf, water feature, & lights. You will also enjoy the mutliple paved areas for seating, turf & grassy areas, and the luscious grapefruit, lemon, lime, & orange trees. Owners have put in well over $130K in upgrades after the home was built. You cannot get a new build with this large of a lot & mountain views, completed backyard w/pool, AND all the high-end interior finishings for under $600K. This is a once in a lifetime deal, hurry before it's gone!

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17580 W Running Deer Trail Surprise, AZ 85387

$584,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6699992

Property Type Single Family Residence

Price Type --

Explore this impressive Darius home, ready for an August move-in. Included features: an inviting covered entry; a spacious great room; a quiet study; an open dining area; a gourmet kitchen offering a double oven, quartz countertops, 42'' cabinets, a center island and a pantry; a lavish primary suite showcasing a generous walk-in closet and a private bath with double sinks and cultured marble countertops; a convenient laundry; a large living room; a covered patio and a 3-car garage. This home also offers additional windows, ceiling fan prewiring and stone tile flooring in select rooms as well as airy 10' ceilings throughout.

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35658 N Lodestone Drive San Tan Valley, AZ 85144

$584,995

3 Beds

2.5 Baths

2,129 SqFt

Status Active

MLS # 6729118

Property Type Single Family Residence

Price Type --

This designer appointed contemporary home design has no backing neighbors and is available for a quick move-in! This home offers a fully upgraded Kitchen Aid appliance package, marble slate shaker cabinets throughout, quartz countertops in the kitchen and primary bathroom, striking hexagon backsplash, floor to ceiling tiling in the primary shower, and even more. You won't want to miss these mountain views from the 9' multi-panel pocket sliding door accessible from the great room. Move into your dream home with the entire home designed by our professional designer team!

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