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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5128 E Roberta Drive Cave Creek, AZ 85331

$579,500

3 Beds

2.5 Baths

1,943 SqFt

Status Active

MLS # 6720024

Property Type Single Family Residence

Price Type --

Great value for this Tatum Ranch Gem. Discover your dream home on this private corner lot with breathtaking mountain views! This meticulously remodeled gem boasts a modern interior featuring sleek new cabinets, luxurious quartzite countertops, and elegant engineered hardwood floors. Indulge in spa-like retreats with the completely updated bathrooms. Brand new stainless steel appliances, fresh paint, and plush turf in the backyard complete this turnkey masterpiece. Enjoy peace of mind with a 4-year-old A/C system. Perfectly located near shopping, dining, and major freeways for ultimate convenience. Don't miss this opportunity!

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16026 W Alameda Road Surprise, AZ 85387

$579,178

4 Beds

3.5 Baths

2,674 SqFt

Status Active

MLS # 6649950

Property Type Single Family Residence

Price Type --

MOVE IN READY, BRIGHT GREAT ROOM PLAN , QUICK CLOSE!! 4 BEDROOM PLUS LOFT, 3.5 BATH , 9'CEILINGS, GOURMET KITCHEN LAYOUT, UPGRADE CABINETS , GRANITE KITCHEN TOPS, SPA SHOWER, TILED FLOORING. 2'WHITE BLINDS, CEILING FANS, FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTSAND SO MUCH MORE.

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Show Low AZ 85901

$579,000

3 Beds

3 Baths

2,065 SqFt

Status Active

MLS # 6716176

Property Type Single Family Residence

Price Type --

Gorgeous New Home on the Fairway! You will love the open concept floor plan conveying furnished. Offering beautiful laminate flooring, 11ft granite kitchen Island, lg pantry, 8ft interior doors, stone gas FP, Master BR w/sitting area/office, granite in both baths, Trex decking, fenced, landscaped & more.

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5403 Gray Wolf Drive Lakeside, AZ 85929

$579,000

3 Beds

2 Baths

1,634 SqFt

Status Active Under Contract

MLS # 6742666

Property Type Single Family Residence

Price Type --

Imagine yourself nestled in the serene pine woods, just minutes from the calm waters of Show Low Lake. The invigorating scent of pine fills the air as you unwind on your front porch, soaking in breathtaking sunsets and the surrounding natural beauty. Mornings here are a delight—savor your coffee on the back porch as the wind whispers through the towering pine trees. This brand-new home, completed in June 2024, offers a perfect blend of comfort and relaxation, having been only lightly lived in. Step inside to a spacious open floor plan that seamlessly connects the kitchen, dining, and living area, where your eyes are immediately drawn to the stunning cedar ceiling. Picture cozy Lakeside nights by the fireplace, wrapped in the warmth of this inviting space. The kitchen is a chef's dream, featuring LG appliances, a gas stovetop, and abundant natural light. The charming brick backsplash complements the elegant white quartz countertops, and the kitchen island includes an additional sink for convenience. A spacious walk-in pantry provides ample storage for all your essentials. The primary suite is a true sanctuary, adorned with stylish barn doors that lead to a spa-like bathroom. The large walk-in closet provides ample space for all your clothing and more. On the opposite side of the home, two additional bedrooms offer their own views of the majestic pine trees. The oversized two-car garage offers plenty of room for your vehicles and extra toys and there is also a 240-volt outlet. The home is only minutes to shopping and a nearby hospital. Explore and enjoy the countless features of this beautiful home in Lakeside, Arizona.

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6075 E Knolls Way Cave Creek, AZ 85331

Open House

$579,000

2 Beds

2.5 Baths

1,516 SqFt

Status Active

MLS # 6735884

Property Type Townhouse

Price Type --

Excellent value in the heart of Cave Creek! Beautifully maintained and updated, this 2 bedroom, 2.5 bath townhome has an open floor plan with lots of natural light and no steps! The spacious kitchen features granite counters, stainless appliances and a gas range. Southwest architecture with high ceilings adds to the charm. There is abundant storage with high end, cedar lined garage built-ins. Finished garage floor and soft water installed. There is a south facing patio, perfect for winter sun. The Knolls features a lovely community pool and spa and is conveniently located near shopping, dining and fun entertainment venues. Enjoy nearby hiking, riding and nature preserves with miles of trails. Discover the beauty of Cave Creek.

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17679 E Chevelon Canyon Circle Rio Verde, AZ 85263

$579,000

2 Beds

2 Baths

1,343 SqFt

Status Active

MLS # 6748939

Property Type Single Family Residence

Price Type --

BEST PRICED HOME IN THE COMMUNITY!!! This BEAUTIFULLY UPGRADED Resort Collection Home with covered private terrace in the heart of coveted Trilogy at Verde River exemplifies classic Arizona Living! Spacious, OPEN yet efficient floor plan features 2 beds/ 2 baths and a separate smart space desk area in the great room. The unique location is adjacent to NATURAL OPEN SPACE for seemless indoor/outdoor living. Elegant finishes throughout! Kitchen offers gourmet appliances, upgraded cabinets and sleek countertops. This stunning home offers upgraded wood look tile flooring, custom shutters, motorized sunscreens and a lot more. The new interior is bright and features today's favorite finishes. Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

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9632 E Olla Avenue Mesa, AZ 85212

$579,000

4 Beds

2 Baths

2,308 SqFt

Status Active

MLS # 6730708

Property Type Single Family Residence

Price Type --

Your Dream Home Awaits! This spectacular property is a blend of modern upgrades and comfortable living, featuring 4 spacious bedrooms and 2 well-appointed bathrooms. It's a must-see! Exterior & Pool: Step into your private oasis with a meticulously maintained pool, showcasing a new speed pump, floor pop-ups, and a new pool filter. The PebbleTech resurfacing and fiber optic lighting create a stunning ambiance for evening swims. Freshly painted in 2022, the home's exterior offers a modern and inviting look. Interior. Upgrades: Inside, you'll be impressed by new tile and carpet flooring throughout and fresh interior paint. The primary bathroom has been exquisitely remodeled with a new shower and cabinet, providing a luxurious retreat. Enjoy year-round comfort with newer AC units The home is equipped with newer AC units (installed in 2020) and a new thermostat to keep you comfortable year-round. All appliances are included, making this home move-in ready. Additional Features: A new roof was installed in 2021, ensuring durability and peace of mind. The garage is outfitted with a utility door and storage racks for added convenience. The property also includes an RV gate, a backyard shed, and a parking slab, providing ample space for storage and parking. Elegant French doors add a touch of sophistication and easy access to the outdoor spaces. Location: This home is perfectly situated with no neighbors behind and is surrounded by single-level homes, offering privacy and tranquility. It is conveniently located near schools and major highways (LOOP 202 & US 60), making commutes and travel a breeze. Don't miss the opportunity to make this exquisite property your new home. Experience all the wonderful features this home has to offer!

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1470 N St Paul Drive Gilbert, AZ 85234

$579,000

4 Beds

2.5 Baths

2,267 SqFt

Status Active

MLS # 6754187

Property Type Single Family Residence

Price Type --

This stunning, upgraded Gilbert gem is everything you've been waiting for. With a spacious floor plan featuring 4 bedrooms, 2.5 bathrooms, and a versatile loft, this home is designed for comfort and style. The kitchen is a showstopper with sparkling granite countertops, stainless steel appliances, and a large island. Step outside to your private backyard oasis, ideal for entertaining! Enjoy the low-maintenance artificial turf and dive into the heated, sparkling pool all year round. Upstairs, retreat to the expansive primary suite, enjoy the loft which offers extra living space, alongside three additional bedrooms. Location is everything and you're situated across from a beautiful green space, just minutes from the highway and Banner Hospital, providing easy access to all of Gilbert!

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20221 N 31st Street Phoenix, AZ 85050

$579,000

5 Beds

3 Baths

2,177 SqFt

Status Active

MLS # 6749488

Property Type Single Family Residence

Price Type --

Immaculate 5-Bedroom, 3-Bath Move-In Ready Home with Fresh Updates, and Backyard Paradise. Discover the perfect blend of modern luxury and convenience. This newly painted 5-bedroom, 3-bathroom home is move-in ready and packed with features that make it an exceptional find. With two brand-new AC units installed in May 2024, you'll enjoy year-round comfort in this energy-efficient, beautifully upgraded property. Step inside to find a bright, open layout with plenty of space to entertain. The living room is prewired for a large TV, ready for your home theater setup—perfect for movie nights or watching the big game in style. The home also features a remodeled master bathroom and new flooring upstairs, adding a touch of luxury at every turn. The wardrobe in the upstairs guest room conveys with the property, offering added convenience. Outside, the backyard oasis awaits, featuring a charming pergola and fruit trees that create the perfect setting for outdoor gatherings or peaceful evenings at home. Location couldn't be betterCostco is less than a mile away, and you're just minutes from Desert Ridge Marketplace for shopping, dining, and entertainment. Plus, with easy access to Loop 101 and SR-51, commuting anywhere in Phoenix is a breeze. This stunning home checks all the boxes: space, style, comfort, and a prime location. Don't miss this incredible opportunityschedule your showing today before it's gone!

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1734 W Banff Lane Phoenix, AZ 85023

$579,000

3 Beds

2 Baths

1,754 SqFt

Status Active

MLS # 6745566

Property Type Single Family Residence

Price Type --

Discover the allure of this turnkey single-story residence with no HOA! Double doors reveal an immaculately designed open layout enhanced with vaulted ceilings, recessed lighting t/out, plantation shutters, a bay window, calming color schemes, and stylish tile flooring. The heart of this home is the impeccable kitchen, outfitted with sleek stainless steel appliances, granite counters, tile backsplash, and chocolate brown cabinetry. The primary retreat is a sanctuary, highlighting a double-door entry, a walk-in closet, a sophisticated ensuite with dual sinks, a step-in glass shower, and outdoor access. The entertainer's backyard invites you to relax and have fun with a covered patio, artificial turf, and a refreshing pool ready to enjoy. This gem is move-in ready!

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1904 S Dexter -- Mesa, AZ 85209

$579,000

3 Beds

2 Baths

2,233 SqFt

Status Active

MLS # 6752553

Property Type Single Family Residence

Price Type --

NEW ROOF SEPT 2024! Amazing floor plan with great flow, 3 huge bedrooms plus over-sized den can easily convert and 2 full baths. Immense primary suite and all secondary bedrooms and den are much larger than the norm. No carpet in the home. Washer/Dryer &Refrigerator convey. Storage galore, neutral interior walls, and large lot with producing Citrus trees. Access to the Community Pool and Tennis Courts is exclusive to Sierra Ranch II residents. Home has been lightly updated and is priced to reflect. New Exterior Paint 2021, Patio Resealed 2021, Carrier R410a Refrigerant HVAC regularly maintained, Newer Water Heater and Soft Water System. Well Maintained Home in a highly desirable community with easy access to the 202 and US 60. Great schools and plenty of shopping just around the corner.

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26990 W Burnett Road Buckeye, AZ 85396

$579,000

2 Beds

2 Baths

1,961 SqFt

Status Active

MLS # 6760185

Property Type Single Family Residence

Price Type --

Delightful 2-bedroom residence on a golf course lot! Be greeted by a 3-car garage, an impeccably designed front yard, & courtyard entry. The inviting family room boasts high ceilings, recessed lighting, a built-in media center, & surround sound speakers. Enjoy gourmet meals in the eat-in kitchen featuring granite counters, staggered cabinets w/crown moulding, stylish backsplash, pendant lighting, built-in appliances, a pantry, built in wine rack & an island w/breakfast bar. The primary bedroom offers an ensuite w/double sinks & walk-in closet. Den with French doors. Spend quiet afternoons in the enchanting backyard boasting a covered patio w/travertine tiles, a built-in BBQ w/dry bar, a warm firepit w/sitting areas, low-maintenance artificial turf & serene golf course views.

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