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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34214 W Sahuaro Street Tonopah, AZ 85354

$575,000

4 Beds

2.5 Baths

2,336 SqFt

Status Active

MLS # 6672281

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Sitting on a 2-acre lot, offering endless possibilities for expansion or additional structures such as a second home or workshop. This home has 4 bedrooms and 2.5 bathrooms. Beautiful kitchen with granite counter tops and open spaces to the living and dining rooms. The master bedroom offers a walk-in shower, private toilet room and a walk-in closet. A beautiful, covered patio and irrigation system was installed on all the plants in the backyard. The house is equipped with ready fast satellite internet. Completely move-in ready. With no HOA restrictions, BRING YOUR HORSES, TOYS, RV'S, ETC!! This home features upgraded foam insulation, Nest smart home thermostat, Trane A/C unit, the 220-volt setup is perfect for a workshop or welding equipment.

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3125 W Whitman Drive Anthem, AZ 85086

$575,000

4 Beds

2 Baths

1,890 SqFt

Status Active

MLS # 6758961

Property Type Single Family Residence

Price Type --

RARE CORNER LOT OPPORTUNITY in ANTHEM Parkside offers a unique lot in that it is adjacent to the grass common area AND no home in front. The N & S sun exposure makes this desirable for the hot summer months. The upgrades and meticulous condition this place has been kept in will provide an easy move in ready opportunity. 3 CAR garage, 6 person Dr. Wellness spa, water feature, built in BBQ with a view fence and so much more! The ultimate entertaining space for friends and family. THIS oasis extends its backyard presence into the MASTER bedroom with NEW Dual pane sliding glass Arcadia doors. If you are someone who appreciates attention to detail, consideration for lower sun exposure, and a more private lot while getting the amenities an HOA community has to offer this could be your match

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2609 E Saddlebrook Road Gilbert, AZ 85298

$575,000

4 Beds

2 Baths

2,044 SqFt

Status Active

MLS # 6743923

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and convenience in this stunning single-level home located in the highly sought-after Adora Trails Community. This beautiful residence features an open-concept kitchen that seamlessly flows into the family room, boasting elegant 42'' cabinets and modern stainless steel appliances. The split floorplan ensures privacy and space, while the expansive grassy backyard and covered patio offer the ideal setting for outdoor gatherings and relaxation. Living in Adora Trails means enjoying over 12 miles of scenic walking trails, a serene catch-and-release fishing lake, and multiple playgrounds and greenbelts. The community also offers a large center equipped with a kitchen, outdoor basketball court, lounge areas, fitness center, and ... a refreshing pool. With close proximity to San Tan Village shopping mall and top-rated Chandler Unified District Schools, Adora Trails truly offers everything you need to call it home. Don't miss the opportunity to make this exceptional property yours!

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8143 W Salter Drive Peoria, AZ 85382

$575,000

5 Beds

3 Baths

2,465 SqFt

Status Active

MLS # 6751158

Property Type Single Family Residence

Price Type --

Freshly painted Ext/Int 4BR,2BA, 2CG located in well developed Fletcher Heights neighborhood, new stainless steel stove and dishwasher. Very bright and spacious floor plan with high ceiling. Spacious kitchen over look the family room. Laminate flooring thru out the house. Ceiling fan in every room for your comfort. Low maintenance front with desert landscaping. Large backyard with a swimming pool for your family enjoyment in the summer time, low maintenance desert landscaping with artificial grass . Formal dining and living room. Very large Owner bedroom with double sink, separate tub and shower and a large walking closet. Close to shopping, schools, park, restaurant and easy access to loop 101

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1526 E Shannon Street Gilbert, AZ 85295

$575,000

4 Beds

4.5 Baths

2,173 SqFt

Status Active Under Contract

MLS # 6745193

Property Type Single Family Residence

Price Type --

This is the opportunity you have been waiting for! Top to bottom move in ready featuring 3 Bedrooms + Casita & 4.5 Bathrooms in the heart of Gilbert and one of the best communities in the Valley. Tastefully designed with 42'' white cabinetry, high end appliances, fixtures, huge sliders out to the patio, and the cherry on top, Casita with Separate mini-split for heating and cooling-perfect for a home office or guest suite. The primary suite has a private balcony, walk in closet, and luxurious bathroom! Spacious open concept main living area, and just steps to the community pool and park. Conveniently located in the thriving Gilbert area that is full of award winning schools, restaurants and shopping.

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13357 W Mayberry Trail Peoria, AZ 85383

$575,000

2 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6743221

Property Type Single Family Residence

Price Type --

Very livable, Charming 2 bedroom, 2 bath plus Den home in the highly desirable Adult community of Trilogy in North Peoria! This special home has great curb appeal. Step inside to a nice open den space and split front bedroom. Initing living/dining and kitchen area where you will find a large seating island, granite counter tops, Clean white cabinets and stainless appliances. Primary bedroom with ensuite bath featuring dual vanities, beautiful step in shower and walk in closet. Wonderful outdoor living with large covered patio overlooking a beautifully landscaped yard with extensive use of pavers and artificial turf. Trilogy offers the very best of retirement living in Arizona - community pools, fitness centers, golf, tennis, pickleball and loads of classes and clubs!

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1121 N Winthrop Circle Mesa, AZ 85213

$575,000

4 Beds

2.5 Baths

2,073 SqFt

Status Active

MLS # 6740745

Property Type Single Family Residence

Price Type --

No HOA! Assumable loan at 2.5%! This charming 4 bedroom, 2.5 bath (plus a den) single level home is a true reflection of care. The open floor plan seamlessly transitions from room to room, showcasing unique and tasteful accents throughout. The flooring features subtle southwest colors in tile and engineered wood. Step outside to the oversized backyard with a sparkling pool and generous open space accessible through the RV gate. Ample storage area for ATV's, boats, and more. Experience the best of north Mesa living with no H.O.A. fees. Within walking distance to schools. Don't miss out on this incredible opportunity!

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17830 W Columbine Drive Surprise, AZ 85388

$575,000

5 Beds

3.5 Baths

3,799 SqFt

Status Active

MLS # 6699865

Property Type Single Family Residence

Price Type --

As you step into this home you will see pride of ownership throughout. With upgrades through out the down stairs. This sprawling 5-bed, 3.5-bath with a 4-car tandem garage 39'x19'. This home boasts charm and functionality throughout. There is a large office downstairs that is ideal for remote work. The farmhouse kitchen exudes warmth, with the living area off the kitchen. The large living room has a built-in fireplace with shelves and a cabinet with a large remote animal door. Walking upstairs, you see that a large loft offers endless possibilities. An RV gate on the side of the house leads to a great backyard space. The backyard is also plumbed for a gas grill. This is a must-see home in the West Valley.

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6208 W Grandview Road Glendale, AZ 85306

$575,000

4 Beds

2.5 Baths

2,330 SqFt

Status Active

MLS # 6755708

Property Type Single Family Residence

Price Type --

Bring the family and the pets! Beautiful 4 bed, 2.5 bath, 2-car home in Glendale's Brandywyne community! Park like backyard with refinished pool, RV gate, fire pit and sitting areas. Bright and open with large bay windows front and back and tile flooring throughout! Kitchen features granite counter tops, stainless appliances and a walk in pantry. Large living areas with high ceilings, classic brick fireplace and access to covered patio and landscaped backyard with your own private pool with removable fencing! Primary bedroom located upstairs is complete with large tub, dual vanity, and walk-in closet! New A/C, upgraded electrical panel and upgraded insulation. recent hot water heater and energy efficient solar panels with a very affordable lease... Yes... You can afford to crank that AC!

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17654 W Desert Lane Surprise, AZ 85388

$575,000

4 Beds

2.5 Baths

3,755 SqFt

Status Active Under Contract

MLS # 6700258

Property Type Single Family Residence

Price Type --

Indulge in luxury living at its finest in this stunning Surprise Farms residence! This 4 bedroom residence spread across two spacious stories boasts a perfect blend of spaciousness & comfort, offering an ideal retreat for families seeking the epitome of modern living. Upstairs, retreat to the expansive master suite with a massive walk-in closet & a spa-like en-suite featuring a separate tub & shower. Entertain to your heart's content in the expansive game room, perfect for hosting unforgettable gatherings. The main floor features a versatile room, perfectly suited for a home office or guest suite, accompanied by a conveniently located bathroom, catering to every need with ease. Step outside to your private oasis & enjoy endless outdoor fun, beating the Arizona heat in your own backyard!

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2788 S Betty Street Gilbert, AZ 85295

$575,000

4 Beds

3 Baths

2,067 SqFt

Status Active Under Contract

MLS # 6712917

Property Type Single Family Residence

Price Type --

Stunning most popular ever, Fulton Homes Floorplan that is a 4/3 with all appliances in great location with community pool. Easy care yard, stainless appliances, granite counters, ceiling fans and much more! Come and see me today!

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26210 N Hackberry Drive Phoenix, AZ 85083

$575,000

4 Beds

2 Baths

1,883 SqFt

Status Active Under Contract

MLS # 6709192

Property Type Single Family Residence

Price Type --

STETSON HILLS in North Phoenix, this single-level, 4bd/2ba home offers numerous exceptional features. Enjoy mountain views from both front and backyard, along with a natural desert wash directly behind the residence and situated on a private dead end street. This home has undergone significant COSTLY UPDATES such as a 5-ton HVAC system with a 18 SEER rating, completely new duct work, underlayment fully replaced, luxury vinyl plank flooring, SS appliances, fresh neutral interior paint, new water heater, updated guest bathroom, interior hardware and fixtures updated, living room surround sound, ceiling fans, backyard pavers and gas firepit, turf, gravel replaced, new irrigation auto timer, patio sun shade. Additionally, a water softener system and R/O has been added to enhance the homeowners experience. Further, Stetson Hills offers hiking trails, shops, supermarkets, schools, communal playgrounds, lots of green spaces and walking paths, close to the freeway. Don't miss an opportunity to own a meticulously cared for home in this dynamic community.

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