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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10722 E Tallahassee Avenue Mesa, AZ 85212

$579,900

2 Beds

2 Baths

1,637 SqFt

Status Active Under Contract

MLS # 6725089

Property Type Single Family Residence

Price Type --

ENCORE, Active Adult Living at its best! Nicely appointed Charleston model, offering a split great room plan with 2 bedrooms, 2 baths, and den. Two tone paint and wood look tile throughout except bedrooms. Kitchen offers upgraded cabinets, upgraded granite counters, large island with seating, stainless steel GE Cafe appliances including a gas stove, sensor goose neck faucet, pendant lights and walk-in pantry. Large laundry room with utility sink. The multi-slider looks out onto the lush landscape, extended covered patio with travertine overlay and sparkling pool with pebble sheen finish, pop up cleaning system and stacked stone water feature. Encore has an award winning club house with workout facility, bocci ball, tennis & pickle ball courts and much much more!.

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20581 N Enchantment Pass Maricopa, AZ 85138

$579,900

4 Beds

3 Baths

2,528 SqFt

Status Active

MLS # 6650676

Property Type Single Family Residence

Price Type --

Stunning home located in the highly desirable Province adult community! Original owners who have taken immaculate care of this home. This is a split floor plan and is one of the very few built with a separate entry guest house / casita room. Located across the street from a greenbelt with a beautiful open floor plan and no neighbors behind. Entertainers kitchen with granite countertops and S/S appliances. Home features newly painted inside and out, shutters throughout, upgraded doors, large laundry / utility room, upgraded installation. Home has two large AC units with three zones to control heating and cooling. Backyard is professionally designed with private patio are with pavers, fire pit, beautifully landscaped with a newly private spa - 2 years old.

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18150 W Las Cruces Drive Goodyear, AZ 85338

$579,900

3 Beds

2 Baths

2,671 SqFt

Status Active

MLS # 6716584

Property Type Single Family Residence

Price Type --

What a wonderful home with incredible pool & spa located in the resort style community of Estrella MTN Ranch! Marvelous interior offers two way fireplace in family room and great room, 3 bed, 2 bath, bar, and fabulous media/theater room perfect to entertain your guests. You'll love the huge kitchen equipped with black appliances, plethora of cabinets, granite counters, and center island. The roomy master suite has a private exit to backyard and a lavish bath with double sinks, makeup vanity, Garden tub, glass shower, & large walk-in closet with custom built ins. Serene over sized lot, premium backyard is great for gatherings with its blue Heated pool, relaxing spa, lovely covered patio, and personal putting green with Turf (Low maintenance). Absolute Entertainers Delight! Theater room Has 110 Screen, Risers, & soundboard insulated ROOM with Equipped surround sound throughout the home with all of the goodies. MUST see pictures & please review document tab to see additional Estrella & home Amenities. Premium Mountain views! Walking distance to North & South Lake as well as MTN Trails. Superior Floor plan design with exceptional finishes providing beauty & comfort with Amenities of much higher priced homes. Surrounded by majestic mountains and wide-open desert vistas, life in Estrella is a masterpiece of harmonious balance dynamic, yet serene- offering something for everyone no matter what stage of life. Backyard oasis with putting green. Freshly painted exterior in 2023 and newer painted interior. HVAC is 2 yrs old and has a 15-yr transferable warranty. A resort-inspired lifestyle with state-of-the-art amenities awaits.

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1327 E Granada Street Mesa, AZ 85203

$579,900

4 Beds

3 Baths

2,334 SqFt

Status Active Under Contract

MLS # 6726853

Property Type Single Family Residence

Price Type --

Gorgeous 4 bedroom 3 bath home. Elegant entry with Vaulted ceilings and Gorgeous Crystal Chandelier's opens to Living and Dining rooms. Continue on to Large kitchen with quartz counter tops, tile back splash large pantry area and upgraded appliances all refurbished in 2021. Cozy family room with fireplace. Wood Floors and White shutters throughout Living, family & dinning rooms. Each of the 3 Baths have beautiful cabinets with quartz counter tops. The upstairs hall bath ,also, includes new bathtub, shower surround and tile floors, updated August 2024. Air Conditioner and Heat Pump new in 2018. Roof replaced 2017. It's an Immaculate home ready for New Owner's!

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12035 W Red Hawk Drive Peoria, AZ 85383

$579,900

2 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6686277

Property Type Townhouse

Price Type --

Pristine Cachet townhome located in the highly desired Blackstone community, quietly nestled in a private court. Former model home w/ spacious floorpan offering 2 large bedrooms, 3 full baths, high-end upgrades throughout to incl designer slate flooring, built-in shelving, (3) gas fireplaces for the stunning AZ nights, custom iron front screen door, prvt study w/ built-in desk, plus a gourmet kitchen w/ cabinets & granite. The family room has many windows for natural light, beautiful french doors that lead to the prvt backyard. Elegant spa/pool combo paired w/ a relaxing water feature, covered patio, side yard surrounded by mature trees enhanced w/ a prvt front courtyard & fireplace. Large 2-car garage equipped w/ AC, built-in cabinets & upgraded concrete driveway. Int & Ext just painted.

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500 E Encinas Avenue Gilbert, AZ 85234

$579,900

3 Beds

2 Baths

1,886 SqFt

Status Active

MLS # 6690432

Property Type Single Family Residence

Price Type --

This charming home is ideally situated just a few blocks from the vibrant heart of downtown Gilbert's heritage district, offering easy access to bustling nightlife, cozy coffee shops, delightful breakfast spots, and the local VFW. Additionally, the area is rapidly growing with an array of new shops and stores. Nestled within a welcoming community, this property boasts a large lot complete with a pristine swimming pool and enjoys north-south exposure. It has been meticulously maintained by the same owners for more than twenty years. Inside, you'll find a formal dining room, an eat-in kitchen with a breakfast bar, and a great room featuring a wood-burning fireplace—all designed to warm the heart. Adding to its appeal, the home includes a spacious 31 x 16 addition currently set up as a dual home office with built-in desks. The generously sized bedrooms are located on the east side of the home, while both bathrooms and the kitchen have been updated over time. As an added bonus, all the ceiling fans in the home are top notch. Many with remotes and they are a great accent! Just a short walk away lies a community park with a children's play area and ample space for family and pets to enjoy. Having been a beloved family home where a lifetime of memories was created, the owners are now ready to pass it on to someone new. This house is a must-see, offering you the chance to make it your next home.

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4226 S Hassett -- Mesa, AZ 85212

$579,900

5 Beds

3 Baths

3,120 SqFt

Status Active Under Contract

MLS # 6742372

Property Type Single Family Residence

Price Type --

This spacious home touting 5 large bedrooms, a possible 6th and 3 bathrooms with over 3100 square feet of living space is an absolute amazingly-priced gem. Walk-in closets in all bedrooms and an extra loft area provide ample space for the whole family. RV gate opening to the large backyard. This close-to quarter acre property has so much to offer!

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4990 E Colonial Drive Chandler, AZ 85249

$579,900

4 Beds

2 Baths

2,208 SqFt

Status Active

MLS # 6747868

Property Type Single Family Residence

Price Type --

Move-In Ready! Remodeled kitchen with new quartz counters, Updated bathrooms with quartz counters, fresh paint, and new carpet! Single level over 2,200 SqFt, a true 4 Bedroom, 2 Bathrooms and a 3 car garage! Primary suite features double door entry, double sinks, separate tub and shower with a large walk in closet. Some extra luxury features worth mentioning are 9 foot ceilings, a gas stove, LED lighting throughout, and this premium lot with Mountain Views! No Homes Behind You or on one side - You have PRIVACY! Beautiful Water Feature and Firepit in a Professionally Landscaped Backyard! Pavered Front Courtyard & Back Covered Patio & much more! Easy Access to Major Freeways and Great Shopping and Great Schools! You're going to Love this home!

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12687 W Paradise Lane Surprise, AZ 85378

$579,900

4 Beds

3 Baths

2,683 SqFt

Status Active

MLS # 6597550

Property Type Single Family Residence

Price Type --

Exquisite 4-bedroom, 3-bath NEW Construction home boasting custom flooring and paint! Gourmet kitchen adorned with quartz counters, new stainless-steel appliances, and walk-in pantry, The master suite offers space and luxury in the master bath. Bedrooms are generously sized, with an additional on-suite. Enjoy gatherings in the spacious great room, featuring pre-wired TV's and Cameras. The house is energy-efficient with a multitude of features including foam insulated 2x6 walls, attic and LED recessed lighting throughout. A perfect blend of style and functionality awaits in this stunning property and entertainer's haven. For a complete list of upgrades and energy saving features see the document table on this listing.

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296 W Burtons Lane Tonto Basin, AZ 85553

$579,900

3 Beds

3 Baths

2,240 SqFt

Status Active

MLS # 6695245

Property Type Single Family Residence

Price Type --

Nestled amidst the serene landscape of Tonto Basin, this exquisite property at 296 W Burtons Lane offers a unique blend of luxury and tranquility. Spanning over 6.14 acres of pristine land, you're guaranteed privacy with no possibility of neighbors building close by. The estate boasts a fully-equipped RV hookup, perfect for the adventurous at heart. The grounds are a horticultural delight with multiple fruit trees dotting the landscape, providing both shade and bounty. The residence itself offers phenomenal views of Mount Ord, Four Peaks, and Picture Mountain, ensuring a picturesque backdrop to your daily life. Inside, the home welcomes you with a totally remodeled kitchen, featuring Brazilian granite countertops, a spacious walk-in pantry, and all new appliances. The property also includes horse stalls, catering to equestrian enthusiasts. Also, the brand-new bridges across Tonto Creek to be finished in June.

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17392 W Grant Street Goodyear, AZ 85338

$579,900

4 Beds

3.5 Baths

3,148 SqFt

Status Active

MLS # 6753144

Property Type Single Family Residence

Price Type --

Welcome to your new home in Canyon Trails! It's a 4-bedroom, 3.5 bath, 3148 sf single-level home on an oversized corner lot with a 3-car tandem garage and RV gate! Enter through the charming courtyard that leads into a home rich with character. Enjoy a spacious open floor-plan with natural light pouring through the windows, neutral custom paint throughout, and a blend of tile and wood-look floors. The large kitchen shines with stainless steel appliances, wall ovens, tons of cabinetry for extra storage, granite countertops, and a large center island with a breakfast bar. Get a good night's sleep in the main suite, featuring backyard access, a sitting area, and a private bathroom with dual vanities, a soaking tub, walk in shower, and walk-in closet. 3 additional bedrooms, including another en-suite, plus a versatile den offers office potential towards the front of the home. Out back you'll find a low maintenance yard with a screened-in patio and Ramada ready for cooler temps! Easy access to major freeways, shopping, dining and Spring Training Games at Goodyear Ballpark. Don't miss out!

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13442 W Blackstone Lane Peoria, AZ 85383

$579,900

2 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6624856

Property Type Single Family Residence

Price Type --

Like NEW 2021 Built '' Vibrant Situated on an OVERSIZED Lot with N/S Exposure in Award Winning Trilogy at Vistancia. TREMENDOUS Curb Appeal with Mature Lush Desert Landscape, Stone Accent and PAVER Driveway. Backyard with Putting Green .Inside includes Neutral Palette , ALL Tile Flooring along with 9FT Ceilings and Window Treatments T/0. Beautiful Kitchen with Large Granite Island , Designer Backsplash. and Rich Dark Cabinetry. Primary BR with LARGE Closet . BR 2 is Split with South Exposure . Bath 2 with Soaking Tub. Gorgeous Den with Built Ins and French Doors - Would make a Great 3rd BR. Backyard with Expanded Covered Patio , Travertine & Putting Green . Smart Space for extra storage or Office. This Home is in Terrific Condition . Sellers are MOTIVATED . Home is available TURNKEY

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