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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2808 W Roosevelt Drive San Tan Valley, AZ 85144

$569,212

4 Beds

3 Baths

2,392 SqFt

Status Active

MLS # 6756188

Property Type Single Family Residence

Price Type --

Fall in love with this ranch-style residence now awaiting its new owners! Discover the charm of the incredible interior, boasting a formal living room and a captivating open layout. You'll love its high ceilings, trending palette, decorative ceiling fan, lovely light chandelier, graceful archways, and sleek wood-plank tile flooring. The gourmet kitchen is fully equipped with granite counters, recessed & pendant lighting, beautiful wood cabinetry with crown molding, a walk-in pantry, and an island with a breakfast bar. Romantic main retreat has soft carpeting, a full ensuite, and a walk-in closet. The large backyard is great for outdoor gatherings and relaxation and comes with a covered patio, artificial turf, and a children's playground. Don't miss out!

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48611 N 6th Avenue New River, AZ 85087

$569,000

3 Beds

2 Baths

1,900 SqFt

Status Active Under Contract

MLS # 6635808

Property Type Single Family Residence

Price Type --

*GPS Warning-See written directions* Brand new beautiful 3-bedroom home in north New River with great mountain views! No HOA restrictions, making it ideal for horse enthusiast, those with recreational toys, and many other rural activities. The home showcases contemporary elegance with granite countertops, stylish grey cabinets, and a spacious island. Primary bathroom features tiled walk-in shower. Fully finished and move-in-ready, this residence is a modern haven. Share a well with two others for a reliable water supply. Live the rural dream in this thoughtfully designed home—your escape to tranquility starts here!

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1867 S Seton Avenue Gilbert, AZ 85295

$569,000

4 Beds

2 Baths

2,085 SqFt

Status Active

MLS # 6760671

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Beautiful single story turn key home sits on a corner lot in much sought after Lyon's Gate! Fabulous floor plan invites spacious living w/ 4 bed/2 bath, family, & large living & dining rooms. 18'' Tile in all the right places. Brand new carpet in the bedrooms & lots of natural light. The family room opens to the kitchen & allows conversation easily among family & friends. Kitchen boasts SS appliances & generous amount of gorgeous upgraded cherry cabinets, granite counters, & breakfast bar. Primary bedroom has ensuite w/ double sinks, a large closet, separate toilet room, a walk-in shower, & deep soaking tub. Extended double car garage. Covered patio & brand new turf so no watering required ! Community pools, basketball, tennis courts and club house. Come & See!

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8377 W Vogel Avenue Peoria, AZ 85345

$569,000

4 Beds

2.5 Baths

2,945 SqFt

Status Active

MLS # 6759969

Property Type Single Family Residence

Price Type --

Beautiful pool & spa home in private gated community in Peoria! Near Cardinals stadium and Glendale entertainment district. Enter through the beautiful metal security door. NEW windows throughout. Custom color palette, new flooring downstairs. New downstairs AC unit in 2022. Open kitchen with center island breakfast bar, granite counters, and stainless steel appliances. Updated 1/2 bath downstairs. Large loft upstairs with projector and theater seats. Primary bathroom offers separate vanities, large shower, stand alone tub and spacious walk in closet! Pool and Jacuzzi with full technology cell phone commands. Resort style backyard features a covered patio with extended pavers and new turf and plenty of room for entertaining. 3 car tandem garage and RV gate with space for RV Parking!

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6065 E Red Bird Lane San Tan Valley, AZ 85140

$569,000

3 Beds

2 Baths

1,513 SqFt

Status Active Under Contract

MLS # 6745735

Property Type Single Family Residence

Price Type --

What a rare opportunity to own this beautiful ranch-style home nestled on a HUGE 1.1-acre lot! This fully fenced property offers 3 beds, 2 baths, RV gates, & a 2-car garage and driveway. Home exudes modern style with tons of natural light, neutral paint, & wood-look tile w/carpet in bedrooms. You'll LOVE the seamless design of an open layout, made bright & airy by vaulted ceilings! Main bedroom boasts a walk-in closet & an ensuite. Need space for relaxing? The front porch & back-covered patio await you! The expansive backyard also provides a dog run w/lush lawn. Bring your toys, RVs, horses, & other animals—this property has plenty of space! What a GEM! Lock this home in with our exclusive MTR Special Finance Program through our preferred lender. Reach out for more information.

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22807 E Stacey Road Queen Creek, AZ 85142

$569,000

3 Beds

2 Baths

1,956 SqFt

Status Active

MLS # 6758518

Property Type Single Family Residence

Price Type --

This open concept layout offers 3 bedrooms, private study, 2 baths, ample storage with a spacious utility room and two car garage. Enjoy sought after selections hand-picked by our expert designers; 12-foot slider leading you to the extended covered patio, signature ''super shower'' with upgraded tile to the ceiling in owners retreat, gourmet kitchen, stainless steel appliances with built in gas range, two tone shaker cabinets complimented by quartz countertops, and stunning kitchen backsplash. This beautiful home is situated on a desirable South Back home site. 2X6 CONSTRUCTION; NEW HOME WARRANTY.

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3715 E Camden Pass Rimrock, AZ 86335

$569,000

3 Beds

2 Baths

2,224 SqFt

Status Active

MLS # 6754466

Property Type Single Family Residence

Price Type --

Welcome to Beaver Creek Preserves! Brand New, Never Lived in home built in 2023 boasting mountain views. 30 minutes south of Sedona, this community blends seamlessly with the natural landscape around you, with the Northern Arizona feel. Gated community complete with walking trails through the serene environment, community clubhouse, pool, tennis courts, and work-out facility. The Crystal model features 3 bedrooms, 2 bathrooms, a great room with an eat-in kitchen and walk-in pantry. Dual sink vanity in the primary bathroom, greeted with a barn sliding door and a huge walk-in closet. You have the modern sleek finishes while still getting the rustic charm of Northern Arizona!

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2833 E Oriole Drive Sierra Vista, AZ 85635

$569,000

5 Beds

3 Baths

3,298 SqFt

Status Active

MLS # 6734191

Property Type Single Family Residence

Price Type --

Here comes your dream home! Beautifully updated Gem with an almost 1 acre lot and 3,300 sqft of Living Space. Discover the epitome of modern comfort and luxury in this carefully remodeled 5-bed, 3-bath home nestled in the center of Sierra Vista. Boasting an expansive Arizona room, great room, and living room, this residence offers spaciousness and versatility. Step inside to find a meticulously renovated interior adorned with top-of-the-line upgrades, including granite countertops, Sherwin Williams paint finishes, new HVAC system and more. The chef-inspired kitchen features sleek cabinetry, brand new Samsung stainless steel appliances, and ample counter space, making meal preparation a joy. Outside, the enormous backyard beckons with endless possibilities for outdoor living and recreation

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2321 W Hedgehog Place Phoenix, AZ 85085

$569,000

4 Beds

2 Baths

2,313 SqFt

Status Active Under Contract

MLS # 6748936

Property Type Single Family Residence

Price Type --

Pride of ownership shines in this stunning 4-bedroom, 2 bath home nestled in the desirable Dynamite Mountain Ranch community. From the moment you arrive, you'll be captivated by the charming curb appeal and meticulously maintained exterior. Inside you'll find 4 generously sized bedrooms and ample kitchen space. Outside, enjoy your own backyard paradise! The yard is designed for relaxation and outdoor fun

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2655 E Estrella Street Gilbert, AZ 85296

$569,000

4 Beds

2 Baths

1,917 SqFt

Status Active

MLS # 6725471

Property Type Single Family Residence

Price Type --

BACK ON MARKET WITH A BRAND NEW ROOF AND HVAC - This beautiful home is in the Greenfield Lakes Golf Course Community in Gilbert, AZ! Minutes from San Tan Village, offering great shopping, dining, Top Golf, and the unique Agritopia. This property features high ceilings, elegant flooring, and ceiling fans throughout. Enjoy a spacious, low-maintenance front yard with artificial grass and a generous backyard. The large eat-in kitchen, with a breakfast bar and open layout, is perfect for gatherings. The 3-car garage includes built-in cabinets and an additional laundry room. Stainless steel appliances, washer, and dryer are included. Located in the highly sought-after Gilbert School District, this home is near the community park playground.

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2527 W Brookhart Way Phoenix, AZ 85085

$569,000

3 Beds

2.5 Baths

2,446 SqFt

Status Active

MLS # 6736947

Property Type Single Family Residence

Price Type --

Wake up to beautiful mountain views from the primary suite of your new home, where convenience meets natural beauty! There are 3 spacious bedrooms upstairs and an office conveniently located downstairs—perfect for work-from-home days or a hobby space. Don't forget the fantastic pool out back complete with a calming water feature. There's easy access to the AZ Canal Trail System, Deem Hills Rec Area, and the Sonoran Nature Preserve. On the filp-side you're close to shopping and entertainment with the Norterra Entertainment District just two miles away. Dive in, relax, and enjoy the sunny side of life in this wonderful home!

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4141 E Giara Street San Tan Valley, AZ 85140

$569,000

5 Beds

3 Baths

2,605 SqFt

Status Active Under Contract

MLS # 6748232

Property Type Single Family Residence

Price Type --

This beautiful home is a gem within the Archer Meadows community. The manicured front yard offers a maintenance-free landscape, with a 30' paver driveway extension perfect for RV parking. Yes an RVGate you can actually use! The front entry features a custom iron security door to enjoy Arizona winter weather. Inside you'll find wood plank tile and luxury vinyl plank flooring throughout. The kitchen features a gourmet gas range with expansive quartz countertops. With 5 bedrooms and 3 full bathrooms this home has plenty of space for everyone to be comfortable. The primary suite includes a large walk in closet complete with a wall-to-wall organization system. The finished garage has polyurethane flooring and a ceiling-mount tote storage system as well as prewired 60 & 80 amp ready for outlets The backyard is an entertainers dream with an expanded travertine patio, privacy screen partially enclosing the 8 person spa situated under a gorgeous pergola, a fully fenced salt water pool with in-ground cleaning system, and 5 raised garden beds for all plant lovers! The upgraded pet turf will keep your pets paws cool even in the summer and keeps the entire yard ready to host any and all gatherings. Enjoy one of many community playground, walking paths, fitness center, disc golf courses and more as this community has countless amenities. 2 miles from the new Vineyard Town Center with shopping, dining, & entertainment.

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