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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823 Sycamore Lane Chino Valley, AZ 86323

$579,000

3 Beds

2 Baths

1,554 SqFt

Status Active

MLS # 6748043

Property Type Single Family Residence

Price Type --

This meticulously maintained home in central Chino Valley offers something for everyone, blending comfort, convenience, and style. Located just minutes from Chino Valley's main commercial areas and a short drive from Prescott and Prescott Valley, this home's prime location is ideal. Upon entering, you're greeted by a spacious great room featuring a vaulted ceiling, ceiling fan, and a striking 3-sided gas fireplace. The luxury vinyl plank and tile flooring throughout adds to the home's elegance. The adjacent kitchen is a chef's dream, boasting solid surface countertops, abundant cabinetry, a corner pantry, and a large skylight that floods the space with natural light. The dining room, perfect for hosting meals, offers direct access to the charming rear patio, making entertaining a breeze. Designed with a sought-after split floor plan, the large master suite features vaulted ceilings and direct access to the back patio. The master bath is equally impressive with a spacious walk-in closet, garden tub, dual vanities, and a walk-in shower with grab bars. On the opposite side of the home, two sizable guest bedrooms and a full bath are privately situated off the great room, ensuring comfort and privacy for all. The pristine exterior is equally inviting, with a massive screened-in covered patio perfect for year-round entertaining. This space includes a fabulous hot tub that conveys with the property. The home also offers abundant RV parking, with two separate water, sewer, and power hookup locations. Both the front and rear yards are beautifully landscaped and low-maintenance. The front patio boasts views of Granite Mountain, while the large, flat backyard serves as an excellent starting point for any outdoor hobby. The oversized 3-car garage provides ample parking and storage, complemented by an additional high-quality Tuff Shed on the property. Recent updates include substantial repairs and upgrades to the septic system, a thorough revamp of the drainage and rain gutters, new luxury vinyl plank flooring, steam cleaning and sealing of tile areas, a significant tune-up of the hot tub's hardware, and several new high-quality windows.

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10138 W Illini Street Tolleson, AZ 85353

$579,000

5 Beds

3 Baths

3,323 SqFt

Status Active

MLS # 6742120

Property Type Single Family Residence

Price Type --

Beautiful property that features inviting gated pool, gas BBQ with gas firepit, long drive way and 3 car garage. Interior is in great shape with added fire sprinkler system for extra safety, large open kitchen to family room, remodeled bathrooms and good sized loft.

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420 N Leoma Lane Chandler, AZ 85225

$579,000

3 Beds

2 Baths

1,743 SqFt

Status Active

MLS # 6739243

Property Type Single Family Residence

Price Type --

Bright, open, spacious floorplan! Lovely neutral paint throughout, VAULTED ceilings in every room, LOTS of big, bright windows with faux wood blinds, tile flooring with carpeted bedrooms, BEAUTIFUL, larger, garden like backyard with play pool and built in BBQ. This house has such good energy. Oh... and NO HOA! 🙂 ***Some items in house and yards may be purchased on a separate bill of sale***

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4608 N Desert Stream Way Litchfield Park, AZ 85340

$579,000

3 Beds

2 Baths

1,897 SqFt

Status Active Under Contract

MLS # 6743815

Property Type Single Family Residence

Price Type --

Welcome to Litchfield Greens! This beautifully remodeled 3-bedroom, 2-bathroom home is perfectly situated on the neighborhood lake. The heart of this home is the completely renovated kitchen, designed with the chef in mind. It boasts quartz countertops, brand-new cabinetry, a chef-grade hood vent, and high-end stainless steel appliances, including a microwave drawer. New paint and stunning luxury vinyl plank (LVP) flooring that flows through the open-concept living area. The living room features an updated fireplace and new lighting fixtures that add a modern touch. Both bathrooms have been fully updated to include brand new showers and a garden tub in the primary bath, the new vanities and fixtures. Step outside and take in the breathtaking views of the lake from your backyard.

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3033 E Millbrae Lane Gilbert, AZ 85234

$579,000

4 Beds

3 Baths

2,146 SqFt

Status Active

MLS # 6726711

Property Type Single Family Residence

Price Type --

MOVE-IN-READY!!! LOTS of CHARM & CHARACTER EVERYWHERE!!! This home is a MUST SEE!!! Full Bedroom & Bathroom DOWNSTAIRS!!! Upon entry, you're wowed by VAULTED CEILINGS, along with two separate living areas, a STUNNING KITCHEN overlooking the main living space, making this the PERFECT HUB OF THE HOME!!! Spend some time outback in your Sparkling POOL, or relax in tub HOT TUB, cook out in your BUILT-IN-BBQ, or even enjoy your very own PUTTING GREEN!!! This backyard is an Entertainer's Dream!!! Workbench area in garage, along with LOTS OF STORAGE!!! This home has it all!!! Home is steps away from a FANTASTIC park with playground area and Basketball courts!! Don't miss out on this one!!!

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5917 E Fox Circle Mesa, AZ 85205

$579,000

4 Beds

2.5 Baths

2,265 SqFt

Status Active Under Contract

MLS # 6731518

Property Type Single Family Residence

Price Type --

MOVE IN READY HOUSE! This house was completely remodeled in 2023. ALL NEW PAINT...both INSIDE AND OUT...NEW FLOORING. The kitchen boasts NEW SHAKER STYLE CABINETS with SOFT CLOSE DRAWERS, white GRANITE COUNTERTOPS, state of the art STAINLESS STEELE APPLIANCES and lots of STORAGE in the PANTRY. New beautiful shower in the master bathroom, WALK IN CLOSET, NEW BATHROOM COUNTERS, NEW AC and COOLER/HEATER for the POOL and JACUZZI. Come see it today!

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25024 S Stoney Lake Drive Sun Lakes, AZ 85248

$579,000

2 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6750372

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 2-bed, 2-bath Plus Office/Den residence on a coveted corner lot! The exterior boasts a striking stone facade, a 2.5-car garage, and a tasteful paver driveway. The inviting living room showcases vaulted ceilings, a soothing palette, and plush carpeting throughout. The eat-in kitchen comes with granite counters, ample wood cabinetry with crown molding, built-in appliances, a center island, and a serving window with a breakfast bar for casual dining. The cozy main bedroom offers direct backyard access, an en suite with dual sinks, and a walk-in closet. Venture outside to find a covered patio for al fresco dining, a relaxing spa, and a low-maintenance desert landscape. Don't miss out on this fantastic opportunity! HVAC - 2 Units- Replaced in 2021, Hot water heater replaced 2021, Exterior Painted 2023, New Drip system - valves & timer replaced 2023. Exterior Stone work & Pavers done in 2023. New SPA Hot Tub 2024 Hard wired Security System. Reverse Osmosis.

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15221 N Clubgate Drive Unit 2125 Scottsdale, AZ 85254

$579,000

2 Beds

2 Baths

1,340 SqFt

Status Active

MLS # 6710994

Property Type Apartment

Price Type --

''HUGE PRICE DROP, TAKE ADVANTAGE OF THIS GREAT DEAL. INTEREST RATES ARE FALLING JUMP ON THIS ONE''. THIS UNIT HAS GREAT POTENTIAL. MAKE IT YOUR OWN. BEST PRICED UNIT IN THE COMPLEX. THIS TWO BEDROOM IS IN A GREAT GATED COMPLEX WITH EASY ACCESS TO KIERLAND COMMONS AND ALL IT HAS TO OFFER. WALK TO GOLF COURSE OR ENJOY A CASUAL DAY AT THE POOL. RESORT STYLE LIVING WITH EVERY AMENITY ONE COULD ASK FOR. MAKE THIS YOUR NEW HOME OR WINTER PARADISE. NEW REFRIGERATOR, WATER HEATER AND GARAGE DOOR OPENER.

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5070 W Cortez Street Glendale, AZ 85304

$579,000

3 Beds

2.5 Baths

2,118 SqFt

Status Active

MLS # 6697720

Property Type Single Family Residence

Price Type --

This stunningly upgraded practically new home boasts 3 spacious bedrooms, a versatile Flex/Office/Den, and 2.5 baths. The beautiful kitchen has Quartz countertops, 42'' White shaker cabinets with brushed nickel pulls, a stainless steel sink & stainless steel appliances- refrigerator included!Enjoy the high ceilings, brand new interior paint, beautiful ceramic plank tile flooring, and plush carpeting throughout. The master suite features a luxuriously upgraded tiled walk-in shower, glass shower door, a freestanding soaking tub, dual sinks, and a spacious walk-in closet. Additionally, there's an Office/Den with stylish sliding barn doors, water softener, old-world paver stone driveways, a fully landscaped front & back yard with green turf area. Seller will include 12 months of paid HOA.

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8762 E Posada Avenue Mesa, AZ 85212

$579,000

4 Beds

2 Baths

2,516 SqFt

Status Active

MLS # 6732222

Property Type Single Family Residence

Price Type --

Highly sought-after MOVE-IN READY single level home with 4 spacious bedrooms and 2 full bathrooms! The open kitchen features a large island, granite counters, tile backsplash, and stainlesss steel appliances- perfect for hosting gatherings with family and friends. The walk-in pantry provides ample storage space for all your kitchen essentials. Outside you will find a private pool with a waterfall feature and pergola, perfect for outdoor entertaining and relaxation. The primary bedroom is spacious with a bathroom that offers dual sinks, separate shower/bathtub, and a large walk-in closet. A new AC was installed this year, so you don't have to worry about the heat. Quick access to 202 & 60 freeways! Don't miss out on the chance to make this house your home! Gilbert Schools/Mesa taxes

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1326 W Juanita Avenue Mesa, AZ 85202

$579,000

4 Beds

3 Baths

2,278 SqFt

Status Active

MLS # 6729599

Property Type Single Family Residence

Price Type --

Incredible opportunity for investors looking to secure a property with tenant and lease already in place!!! Gorgeous updated 4 bed/3bath sits on a large lush lot. Updated kitchen with stainless steel appliances. Separate office/den/sunroom adjacent to family room with separate sliding doors to backyard. One bedroom downstairs with bathroom, with remaining 3 upstairs. Lots of updates and great potential for investment property!!!

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2409 W Acoma Drive Phoenix, AZ 85023

$579,000

4 Beds

3 Baths

2,557 SqFt

Status Active

MLS # 6746657

Property Type Single Family Residence

Price Type --

Beautifully maintained, energy-efficient home features owned solar panels, RV gate + parking, a charming front yard & inviting entry to start. Step inside to travertine & wood floors stretching across an open layout w/ vaulted ceilings. Additional upgrades include plantation shutters throughout, an open & spacious kitchen equipped w/ stainless steel appliances, granite counters, tile backsplash, breakfast bar & a whole house water filtration system. The spacious main suite boasts its own fireplace, sitting/office area, direct backyard access, & a private bathroom featuring dual sinks + a walk-in closet. The large laundry room has built-in cabinets & a utility sink. This is one of the largest single stories in the neighborhood that has 2 en suites. Pool has motorized safety cover. Outside, the sizable backyard boasts a covered patio, two sheds, a spa, refreshing pool, and ample space for lively barbecues. Don't miss this delightful haven!

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