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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7227 W Corrine Drive Peoria, AZ 85381

$575,000

5 Beds

3 Baths

2,720 SqFt

Status Active

MLS # 6759230

Property Type Single Family Residence

Price Type --

Don't miss out on this stunning 5-bedroom, 3-bath home with a 3-car garage in Peoria! One great feature is that there's no HOA. Upstairs, you'll discover the main living area and kitchen, filled with natural light and accented by beautiful oak wood floors. The kitchen offers elegant brown granite countertops, crisp white cabinetry, stainless steel appliances, and a view overlooking the backyard. The lower level provides a spacious bonus room, ideal for entertaining. Outside, the backyard offers mature trees for added privacy, a sparkling pool, and plenty of space on the side of the home for your larger toys.

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432 S Marina Street Prescott, AZ 86303

$575,000

3 Beds

2 Baths

2,325 SqFt

Status Active

MLS # 6744960

Property Type Single Family Residence

Price Type --

Seize the Opportunity to Live in Historic Downtown Prescott. This charming vintage home, built in 1924 and zoned for Multi-Family use, offers multiple possibilities and is just 3 blocks from the iconic Courthouse Square in the heart of Prescott. Enjoy panoramic views stretching from Thumb Butte to Granite Mountain and the twinkling Prescott city lights. Step inside to the living room, where large picture windows highlight the stunning views and nostalgic wood floors evoke the charm of yesteryear. A built-in bookshelf wall separates the living room from the renovated kitchen, which features granite countertops, a double-basin porcelain sink, stainless steel appliances including a smooth-top electric range and dishwasher, under-cabinet lighting & pantry cabinets that add modern convenience. The entry level also boasts 2 bedrooms and 1 full bathroom. One bedroom has parquet floors, while the other features wood floors and a single French door leading to the backyard. The entire upper level is dedicated to the master suite, complete with a bathroom featuring a tiled counter and walk-in shower, a den/office with wood floors, and the master bedroom with an original built-in chest of drawers. The basement offers versatile space, ideal for a hobby room, playroom, workshop, or storage. The property also includes a greenhouse, perfect for those with a green thumb, and a front courtyard corner where you can enjoy your morning coffee. Unwind with a glass of wine on the deck as the sun sets, or relax on the paver patio and savor summer fruits from the peach tree and grapevines. With ample space in the backyard to build a garage or workshop, this property combines historic charm with modern amenities and endless possibilities. Don't miss your chance to own a piece of Prescott's history.

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7031 W Morrow Drive Glendale, AZ 85308

$575,000

3 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6759901

Property Type Single Family Residence

Price Type --

This 3-bedroom home with a blue pool in Arrowhead Ranch exudes charm and comfort! A grassy front yard, 2-car garage, brick veneer, and code entry box in the front door are just the beginning. Discover an open layout with all-new double-pane windows and doors, vaulted ceilings, sunny bay windows, and a two-way fireplace. The kitchen offers stainless steel appliances, plenty of honey oak cabinets, granite counters, and tile backsplash. The main bedroom features backyard access, a fireplace, and a lavish bathroom with a jetted tub, glass enclosure shower, dual sinks, and a walk-in closet. In the backyard, you'll find a swimming pool with a heater and chiller, green grass, two covered patios, and a pool house with a/c. Plus, the roof is only 3 years old! You won't be disappointed!

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1580 Calle Simpatico Drive Wickenburg, AZ 85390

New

$575,000

3 Beds

2 Baths

2,004 SqFt

Status Active

MLS # 6761470

Property Type Single Family Residence

Price Type --

This PRISTINE CUSTOM ''JEB'' home is located in the desirable PUEBLO CASSANDRA Village, where luxury meets comfort and security featuring a HEATED POOL and spa to enjoy year-round ARIZONA living. Step through the front door to be wowed by vaulted ceilings, open floorplan, plantation shutters, ambiance lighting, a gorgeous chandelier and a cozy gas fireplace. Not a detail left behind in the kitchen with stainless appliances, beveled edge GRANITE countertops, spacious island, and extensive Knotty-Alder soft touch CUSTOM cabinetry. Hide-a-way to the PRIMARY SUITE through PRIVATE DOUBLE ENTRY doors complete with a HUGE walk-in closet and separate exit to the expansive COVERED PATIO surrounded by a stucco finished wall. WOW! This EXQUISIT home with resort living is IN WICKENBURG!

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4115 S 75th Drive Phoenix, AZ 85043

$575,000

4 Beds

2 Baths

2,170 SqFt

Status Active

MLS # 6733896

Property Type Single Family Residence

Price Type --

Come take a look at this amazing home. It could be YOUR New Home Sweet Home. It is a corner lot with an oversize lot and huge backyard. You will appreciate the great curb appeal and attractive landscaping when you pull up. It has a split floor plan with 3 spacious secondary bedrooms on one side of the home and the primary bed on the other. Your new kitchen offers a breakfast bar, granite countertops, tile backsplash, and a ton of cabinet storage space. You will spend a lot of time in the oasis of a backyard which has covered patio, dog run, covered gazebo with built in BBQ, sparkling swimming pool, RV Parking, and a ton of room to play and entertain. You don't want to miss out on this amazing home so hurry and come take a look! You will love it.

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1228 E Wesleyan Drive Tempe, AZ 85282

$575,000

3 Beds

2 Baths

1,486 SqFt

Status Active

MLS # 6758491

Property Type Single Family Residence

Price Type --

Prime Tempe Location! This stylish 3-bedroom, 2-bathroom home with 2-car garage is just minutes from ASU and the freeways. The kitchen boasts sleek stainless steel appliances, granite countertops, and seamlessly flows into the dining area. Enjoy the additional living space in the separate living room which opens to the backyard. Recently updated with new flooring installed in 2024, this home features a distinctive and modern look. The backyard is perfect for entertaining, with a covered patio, misting system and a refreshing diving pool. The property is situated among single-story homes, offering added privacy. New roof. No HOA. Come see it today!

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5607 N 87th Drive Glendale, AZ 85305

$575,000

3 Beds

2.5 Baths

2,391 SqFt

Status Active

MLS # 6741595

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning property boasts a crisp curb appeal with a stacked stone elevation and a hand-laid paver driveway. As you enter, you'll be greeted by a light and bright open floor plan, complete with tile and plush carpet flooring throughout. The kitchen is a chef's delight, featuring quartz countertops, shaker white cabinets, and a stainless steel appliance package that includes a gas range. Enjoy breakfast at the island from the breakfast bar or in the cozy eat-in kitchen dining area, which both are complemented by designer lighting fixtures. Need some extra space? Use the media desk as your coffee bar or butler pantry! This home also offers plenty of room for relaxation with its massive primary bedroom and spa-like bathroom featuring dual sinks and a raised vanity. Plus, there's an additional den/office downstairs with a half bathroom - perfect for working from home. Upstairs you'll find even more living space in the loft flex room - use it as an additional entertainment area or create your own personal escape when you just need to get away. Laundry will be a breeze in the convenient upstairs laundry room. Out back, the large covered patio offers breathtaking views of the mountains, making it the perfect spot for outdoor entertaining. Gather with friends for conversation under the custom wood pergola or play games on the lush green grass landscaping. Not only is this home beautiful inside and out, but it also features energy efficient amenities such as ceiling fans, recessed lighting, low-e windows and insulation to keep utility costs low. But wait...there's more! This community has fantastic amenities including heated pool, playgrounds for kids to play, expansive greenbelts with a large covered ramada for picnics, walking paths and basketball courts to stay active all year round. Located just minutes from the Westgate Entertainment District and State Farm Stadium, experience a lifestyle with endless dining, shopping and entertainment options. Don't miss out on this amazing opportunity to call this house your HOME sweet HOME!

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4307 E Wildcat Drive Cave Creek, AZ 85331

New

$575,000

3 Beds

2 Baths

1,588 SqFt

Status Active

MLS # 6757781

Property Type Single Family Residence

Price Type --

Welcome to this highly sought-after 3-bedroom, 2-bath home in the beautiful Tatum Ranch community! Inside, you'll find a bright, airy interior with soaring vaulted ceilings and stunning arched passageways, complemented by a stylish built-in media center. The contemporary kitchen is a chef's dream, featuring elegant granite countertops, stainless steel appliances, and a spacious pantry. Unwind in the luxurious master suite, complete with double sinks, a large walk-in shower, and a soothing soaking tub. Step outside to your personal oasis, featuring a sparkling pebble-tec pool with a captivating boulder water feature. The covered patio is perfect for outdoor entertaining, while the easy-care landscaping allows you to relax and enjoy. Located within walking distance of scenic hiking trails and Desert Willow Park, which features a large playground, basketball courts, and sports fields, this home is ideal for an active lifestyle. You'll also find a variety of dining and shopping options just minutes away at Tatum Ranch Center. Don't miss out on this incredible opportunity!

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2232 E Blanche Drive Phoenix, AZ 85022

$575,000

4 Beds

2 Baths

1,826 SqFt

Status Active

MLS # 6736754

Property Type Single Family Residence

Price Type --

Stunning move-in ready 4-Bedroom, 2-Bathroom Home in beautiful North Phoenix with NO HOA! Welcome to this tastefully updated, turn-key residence in a quiet North Phoenix neighborhood. This home boasts four spacious bedrooms and two modern bathrooms, mountain views, offering comfort and convenience. Enjoy a fresh, contemporary interior with stylish finishes throughout. Perfectly situated close to hiking at Lookout Mountain, shopping, dining, and close freeway access, this home combines practicality with a taste of luxury. Close to Costco, Sprouts, Aldi and more! Don't miss out on this exceptional opportunity!

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4502 N Meadow Way Pine, AZ 85544

$575,000

3 Beds

2 Baths

2,005 SqFt

Status Active Under Contract

MLS # 6750463

Property Type Single Family Residence

Price Type --

Custom cabin with exceptional architecture and unique details. Enjoy custom wood finishes, travertine floors, and copper railings. Features include a spacious loft with vaulted ceilings, a master suite with a walk-in closet, dual sinks, and a custom shower. The second bedroom includes dual closets and a walk-in. The kitchen boasts an eat-in area, granite countertops, and all appliances. The large laundry room offers a washer, dryer, and full storage closet. Additional amenities include an extended one-car garage, cobblestone-covered back patio, and partially shaded front and side patios. All this in The Portal 2 Gated Community.

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7940 E Camelback Road Unit 608 Scottsdale, AZ 85251

$575,000

3 Beds

2.5 Baths

2,130 SqFt

Status Active

MLS # 6752357

Property Type Apartment

Price Type --

BREATHTAKING SUNRISE VIEWS from every room in this very unique, fully unobstructed view, 3 bed, 2.5 bath high rise condo in Scottsdale Shadows, a golf and recreational community that is loaded with amenities! This unit boasts the rare in-unit laundry AND the coveted TWO GARAGE PARKING SPACES that very few units own. Features include corian countertops, upgraded cabinetry, upgraded lighting and plumbing fixtures t/o, dual master bedrooms, each with their own walk-in closet, upgraded dual pane windows t/o, and the centerpiece of the home, a 30 foot long double balcony with floor to ceiling glass dual pane sliders with incredible East-facing mountain views. Unit also includes a separate storage closet on the same floor just steps away. Furniture is available on a separate bill of sale.

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2849 N Heritage Street Buckeye, AZ 85396

$575,000

5 Beds

3.5 Baths

2,975 SqFt

Status Active

MLS # 6724962

Property Type Single Family Residence

Price Type --

Exceptional housing opportunity in the sought-after Verrado community! This nearly 3000 sq. ft. property features 4 bedrooms and a loft. It includes a rare 440 sq. ft. casita with a private entrance—ideal for extra rental income. The main house boasts durable wood and tile flooring, a well-appointed kitchen with granite countertops and brand new stainless steel appliances. The master suite offers a garden tub, separate shower, private toilet room, and walk-in closet. Fully paid-off solar panels reduce energy costs. Currently rented until May 2025, ensuring immediate rental income. The newly renovated casita adds tremendous value to this home. Don't miss this turn-key investment in Verrado!

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