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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9459 E Sector Drive Mesa, AZ 85212

$574,990

4 Beds

3 Baths

2,668 SqFt

Status Active

MLS # 6722439

Property Type Single Family Residence

Price Type --

This two-story Verbena plan in Eastmark is a single-family home that boasts 8 foot doors, 4 spacious bedrooms, 3 baths and family-friendly loft space. Upon entering into this home, you'll see a full bedroom and bath on the first floor. Move into the great room with huge family room, kitchen with island, and dining area. This home is finished with the Harmony Premium collection which boasts Stainless Steel gas appliances, side by side fridge, quartz countertops, and white shaker cabinets with a huge center island perfect for pulling up a stool for morning pancakes. The great room is truly grand letting in a ton of light but easily transitions you outdoors onto the covered patio. The upstairs loft is a perfect place for a home office or childrens play area. This amazing home will This two-story Verbena plan in Eastmark is a single-family home that boasts 8 foot doors, 4 spacious bedrooms, 3 baths and family-friendly loft space. Upon entering into this home, you'll see a full bedroom and bath on the first floor. Move into the great room with huge family room, kitchen with island, and dining area. This home is finished with the Harmony Premium collection which boasts Stainless Steel gas appliances, side by side fridge, quartz countertops, and white shaker cabinets with a huge center island perfect for pulling up a stool for morning pancakes. The great room is truly grand letting in a ton of light but easily transitions you outdoors onto the covered patio. The upstairs loft is a perfect place for a home office or childrens play area. This amazing home will also come with front pavers, blinds, washer, dryer, and a garage motor. Living in Eastmark will have you and your family enjoying eveyday.

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7024 S Sipapu Court Gold Canyon, AZ 85118

$574,900

3 Beds

2 Baths

1,610 SqFt

Status Active

MLS # 6750611

Property Type Single Family Residence

Price Type --

Incredible updated home on over ¼ acre with resort style yard backs up to open desert & has MTN views! Home remodeled in 2020! Kitchen includes quartz counters, refinished cabinets, backsplash, stainless steel appliances & breakfast bar! New interior/exterior paint, wood laminate flooring & all light fixtures/fans. Master bed/bath remodeled 2020 w/ walk in tiled shower, new plumbing fixtures, double doors open to outside paradise. Hall bath remodeled 2020! NEW AC 2022! Great room/Master bed fireplaces! Backyard oasis has solar heated pebbletec pool with waterfall, spa conveys, built in BBQ, outdoor fireplace, pergola, large patio. Gold Canyon has some of the most beautiful views in AZ. This large 12,300+ SF cul-de-sac lot backs up to open desert. No neighbors behind! This home is amazing! Other features or additional info; New sun screens, mature trees, heated pool, 32 inch TV on patio conveys as well, walking bridge in front yard, large walkin master closet, both bathrooms have water saving toilets, new wine fridge, skylights, newer Samsung front loading washer and dryer convey, pool shower, enclosed pool & pump! Roof was just recoated and serviced in 2024! GARAGE can fit a full size crew cab truck. Garage also has new hot water heater, garage sink, epoxy floors, service door, storage racks/cabinets

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11433 E Peterson Avenue Mesa, AZ 85212

$574,900

5 Beds

2.5 Baths

2,951 SqFt

Status Active

MLS # 6735195

Property Type Single Family Residence

Price Type --

Beautiful, Spacious 2 story pool home with Oversized 3 car garage and desert landscaped around. Meridian Pointe is a great community for all ages. This area is close to shopping, restaurants, coffee houses, hospitals, and schools but yet set off the main streets so enjoyable for peace and quiet too. Enjoy the Pebble Tec pool with a waterfall as you entertainin the outdoor BBQ island featuring Sunsetter automatic shades providing for enjoyment. Open flowing floorplan with formal living and dining rooms. Eat in kitchen and large vaulted ceiling to 2nd floor family room with fireplace. Central air with 2 units. Large Master with separate tub and shower, large walk in closet with built ins. This home is a MUST SEE.

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4406 W Jacaranda Drive Eloy, AZ 85131

$574,900

2 Beds

2.5 Baths

2,228 SqFt

Status Active

MLS # 6738858

Property Type Single Family Residence

Price Type --

You will love this Partially Furnished, HIGHLY UPGRADED MIRAMONTE on VIEW LOT! Built in 2022. This 2 bedroom, 2.5 bath + den & 3 car garage is a GORGEOUS. Kitchen features Quartz countertops, backsplash, staggered cabinets w/pulls, RO, SS appliances, wall oven/microwave, gas cooktop, SS hood, Blanco granite sink, under cabinet & pendant lights. Master has tiled walk-in shower & granite vanities. Guests will love the spacious & private guest room w/en-suite bathroom & tiled walk-in shower. Upgrades include wood flooring, 8 ft doors, tall baseboards & sliding windows in great room. Guys will love the separate single garage w/bump & work bench. Step out back to the professionally landscaped backyard on view lot w/extended paver patio, pergola, firepit, artificial grass & open views!

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520 S Roosevelt Street Unit 1009 Tempe, AZ 85281

$574,900

2 Beds

2.5 Baths

1,483 SqFt

Status Active

MLS # 6743200

Property Type Apartment

Price Type --

Tempe Urban Living, now ''Skye 15 Lofts'', nestled within the Riverside-Sunset Neighborhood just west of Mill Avenue in Downtown Tempe, is truly an architectural gem. Designed by the Baldinger Studio, this large 2 bed, 2.5 bath loft shares a common modern DNA: open floor plans, exposed block construction, Rooftop Terraces, urban Backyard w/synthetic grass, and European style cabinetry. But most importantly, they share modern minimalist architecture that is unique not only to Downtown Tempe, but to the entire Valley of the Sun. This dwelling is walking distance to the Metro light rail, Tempe Town Lake, Mill Ave Streetcar, Whole Foods Marketplace, Mill Avenue with tons of shops and restaurants, ASU and everything else downtown Tempe has to offer!

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22241 E Calle De Flores Street Queen Creek, AZ 85142

$574,900

3 Beds

2 Baths

1,708 SqFt

Status Active

MLS # 6759423

Property Type Single Family Residence

Price Type --

This single level gorgeous Arizona golf course home has it all! 3 bdrm + office. Split floor plan. 2 full baths w/ double sinks. Recently remodeled w/ many designer features. 2021 heated pool and spa w/ Intellicenter & modern travertine decking. Covered patio, perfect for relaxing all day! BACKS TO GOLF COURSE & you can watch Schnepf Farms fireworks from the backyard! 2021 full Trane AC/Furnace. 2020 water heater & kitchen appliances. Amazing location close to everything in Queen Creek.

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9812 E Pampa Avenue Mesa, AZ 85212

$574,900

5 Beds

2 Baths

2,472 SqFt

Status Active

MLS # 6752414

Property Type Single Family Residence

Price Type --

This 5 bedroom single level home is ready for new owners! With an oversized guest quarters/living space this property is perfect for multi generational living or an oversized office/game room. Equipped with NEW AC Units and a bright open floor plan you will love the layout of this well cared for home. The kitchen has a large island, tons of cabinet space and a large dining table for gathering. With a walk in pantry and oversized laundry there's plenty of room for storage. The oversized 3 car garage is air conditioned and has plenty of room for a workshop or gym. In the backyard you'll find a covered patio, garden with citrus and pomegranates, a water retention system and irrigation, as well as chicken coop! With quick freeway access you will love this location!

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225 E Mclellan Road Mesa, AZ 85201

$574,900

3 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6746273

Property Type Single Family Residence

Price Type --

Do not miss this charming 3-bedroom 2 bath upgraded home. This is one of the best lots in the sub-division. Wonderful corner lot with greenbelt across the street. Your entry leads to a spacious great room with 10-foot ceilings and windows looking out to your resort style backyard. The kitchen has been highly upgraded with beautiful cabinets, massive island and quartz counters. Enjoy a breakfast room as well as a large breakfast bar. Your master suite has a walk-in shower, dble vanity, water closet and a large walk-in closet. Both secondary bedrooms are good sized and share a bathroom. Large backyard with a sparkling Pebble Tech pool and lots of privacy from this corner lot. Whole house filtration system and solar. Custom Wood Blinds Throughout.

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3474 N Hogan Drive Goodyear, AZ 85395

$574,900

2 Beds

3 Baths

2,215 SqFt

Status Active Under Contract

MLS # 6688330

Property Type Single Family Residence

Price Type --

THIS IS ONE AMAZING HOME.....BEAUTIFULLY APPOINTED TOPAZ MODEL WITH LARGE ADDITION(2021), OWNED SOLAR(2016) & GOLF COURSE LOT WITH MOUNTAIN VIEWS.....MOVE RIGHT IN & ENJOY THE AMAZING SUNSETS FROM YOUR WEST FACING BACKYARD...Oversized Backyard Large Enough For Pool, Hot Tub, & Any Of Your Favorites! Extended Paver Brick Patio That Looks Brand New! MUST SEE THIS BACKYARD...DREAM LOCATION & VIEW.... Neutral Tone Tile & Carpet Flooring & Wall Paint! Updated Light Fixtures & Lots Of Canned Lighting! Large Owner's Bedroom With Private Bath! Large Addition Added On In 2021 In Front Of The Property Extending 2nd Bedroom & Adding A Beautiful 3rd Bath, Large Closet, & Large Bar Area For A Small Refrigerator, Microwave, & Coffee Pot.. Addition Would Make A Great Casita Just Needs Entrance To The Outside Which Can Easily Be Put In! This 3 Bathroom & Large 2 Bedroom Home Would Be A Perfect Fit For A Related Or In-Law Use! Each Bedroom Features Individual MiniSplit For Additional Comfort! The Garage Has Been Customized With New Grey Cabinetry, New Epoxy Floor Coating, & Aluminum Diamond Plating Garage Walls! Call To See This Home Right Away As This One Will Be Gone Quick... All This Located In The Scottsdale Of The West ... Pebble Creek Resort Community!! Offering 3 18-Hole Golf Courses, 40+ Pickleball & Tennis Courts, 3 Outdoor & 1 Indoor Pool, Theatre, Art Center, & So Much More!

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2317 W Calle Marita Drive Phoenix, AZ 85085

$574,900

4 Beds

3 Baths

2,537 SqFt

Status Active

MLS # 6712770

Property Type Single Family Residence

Price Type --

THIS BEAUTIFUL NORTH PHOENIX HOME WON'T DISAPPOINT IN A QUIET CUL DE SAC OF THE SONORAN FOOTHILLS NEIGHBORHOOD. SPACIOUS 4 BEDROOM 3 BATHROOM FLOORPLAN HAS IT ALL WITH A FULL BEDROOM AND BATH DOWNSTAIRS. GORGEOUS KITCHEN WITH GRANITE COUNTERS, DESIGNER CABINETS AND NEWER STAINLESS STEEL APPLIANCES. UPSTAIRS LOFT FOR OFFICE OR PLAY ROOM. UPGRADED LUXRY VINYL WOOD FLOORS THROUGHOUT UPSTAIRS WITH NEUTRAL PAINT PALETTE AND NEW FIXTURES. OVERSIZED 2 CAR GARAGE WITH STORAGE AND EPOXY FLOORING. LOW MAINTENANCE FRONT AND BACK YARD WITH PLENTY OF ROOM FOR KIDS AND ENTERTAINING. WITHIN WALKING DISTANCE TO SONORAN FOOTHILLS SCHOOL, THE COMMUNITY CENTER WITH POOL, TENNIS COURTS, PICKLE BALL, BASKETBALL COURTS, SAND VOLLEYBALL, DOG PARKS, SPLASH PAD AND HIKING TRAILS. MINUTES FROM FREEWAYS, SHOPPING AND ALL NORTERRA HAS TO OFFER.

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1618 E Greenway Street Mesa, AZ 85203

$574,900

3 Beds

2 Baths

2,326 SqFt

Status Active

MLS # 6741820

Property Type Single Family Residence

Price Type --

This stunning home features a complete remodel with raised ceilings, newer wood-look tile flooring, and an open floor plan. NO HOA. The home boasts two fireplaces, adding warmth and charm. The kitchen offers a timeless and clean look with white cabinets and butcher block countertops, while a custom kitchen island adds valuable counter space and storage. Recent upgrades include a new roof, HVAC duct work, and new windows, ensuring comfort and energy efficiency. New driveways and walkways enhance curb appeal and accessibility. An additional driveway with an RV gate provides easy access to the huge backyard, perfect for recreational vehicles or additional parking. This opens up possibilities for outdoor activities. With a sparkling pool and a new oversized custom pergola.

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7813 E Dallas Street Mesa, AZ 85207

$574,900

4 Beds

2 Baths

1,932 SqFt

Status Active

MLS # 6751946

Property Type Single Family Residence

Price Type --

Welcome to your next home. This home features separate living and family rooms, open kitchen with breakfast bar, newer appliances, gas range, slide out drawers and breakfast nook. Vaulted ceilings though out, large master suite w/walk-in closet and walk-in shower. 3 car garage with all new openers, cabinets and new water heater. Beautiful recently resurfaced pebble tech pool with all new equipment. RV gate, lots of parking space, excellently landscaped front yard, Great schools, parks, shopping, commuting and NO HOA!

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