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.

Whats 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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19314 S 208th Place Queen Creek, AZ 85142

$561,000
3 Beds
2.5 Baths
2,185 SqFt
Status Active
MLS # 6751638
Property Type Single Family Residence
Price Type --
Welcome to this beautiful & immaculate Gateway Quarter home. Attractive paver driveway, and charming covered front porch with perfect view of landscaped walking trails across the street. Inside a den/office could be 4th bedroom, and the very open great room & kitchen are perfect for Gatherings of loved ones. Recessed lighting, and durable tile flooring. Gorgeous kitchen w/ crown molding on cabinets, granite countertops, stainless steel appliances,gas cook top, a walk-in pantry, and an island with a breakfast bar for casual dining. The main bedroom offers soft carpeting, an en suite with dual sinks, and an enormous walk-in closet. Low maintenance backyard showcases a large covered patio, artificial turf, gravel and pavers. Bonus inside storage room, and epoxy flooring in garage. Perfect location, Just blocks away from Costco, Aldi, Target, so many restaurants, and a huge tranquil nursery to stroll through.

633 S Golden Key Street Gilbert, AZ 85233

$561,000 - 3Br/2Ba -  for Sale in Whisper Glen Amd Lot 80-130 Tr A-c, Gilbert
Open House
$561,000
3 Beds
2 Baths
1,877 SqFt
Status Active
MLS # 6749682
Property Type Single Family Residence
Price Type --
Discover your perfect home in the heart of Gilbert! This beautiful 3-bedroom, 2-bath home is situated on a corner lot with refreshing pool spa for those hot days and its heated for those cold nights. New water heater (2024), new pool heater/cooler (2023), new RO Water system and water softener (2021). Seller offering concession for Roof replacement or will replace before closing. Close to top-rated schools, parks, shopping, and dining—everything you need is just minutes away. Come see this beauty today~

1344 W Via De Olivos Drive San Tan Valley, AZ 85140

$560,193
2 Beds
2.5 Baths
2,149 SqFt
Status Active
MLS # 6755716
Property Type Single Family Residence
Price Type --
MLS#6755716 October Completion! Nestled within the vibrant 55+ active lifestyle community of Ovation at Meridian, the Sunrise floor plan offers an expansive 2,149 sq. ft. of thoughtfully designed living space. This spacious single-story home, the largest in the Inspiration Series, features 2 bedrooms, each with its own ensuite bathroom, 2.5 baths, a versatile flex room, and a 2-car garage. The heart of the home is the open-concept kitchen and gathering room, ideal for both everyday living and entertaining. This home is designed to impress at every turn. Structural options include 12' multi-slide door, and garage service door.

17470 E Hiding Horse Lane Dewey, AZ 86327

$560,000
3 Beds
2 Baths
1,311 SqFt
Status Active
MLS # 6624342
Property Type Single Family Residence
Price Type --
Privacy Parcel and a Very Well Built Brand New sitebuilt House on Over 2 Pristine Acres! Awesome Granite Kitchen! House is Stucco with the Color throughout. Acres of Room for Your Big Shop or RV Garage! Primary Bedroom Fits King Bed! Primary Bathroom has Dual Sink/luxury Vanity, Dual Medicine Cabinets, and Primary bathroom connects to the Walk in Closet. Primary Shower is Walk-In and Tiled Floor to Ceiling (Desirable Pebble Shower Floor) w/ Glass Shower Doors Shampoo Shelf and Window all wrapped in tile! House and Even the Entire Over Sized 2 Car Garage is Spray Foam(a high Insulation Factor/Superb R-Value) . Big Slider to the Massive Exterior Covered Concrete Porch Features a Designer Pine Ceiling. Area for BBQ and Outdoor Living with Great Temps here! State Land Near By! This is It!!!

921 E Becker Lane Phoenix, AZ 85020

$560,000
3 Beds
3 Baths
1,925 SqFt
Status Active
MLS # 6747960
Property Type Single Family Residence
Price Type --
ELEGANCE STYLE CONVENIENCE Discover the seamless blend between modern and classic in this Phoenix home. Featuring breathtaking mountain views from the 2nd story master balcony, this stunning home offers a sprawling pie-shaped backyard. Inside, inviting living space with vaulted ceilings and a choice of master bedroom on either the lower or upper floor. Enjoy the warmth of hardwood flooring and tile. Gather around the Saltillo accented beehive fireplace in the great room. The kitchen shines with white cabinets, granite countertops, new appliances including dishwasher, stove, microwave and even our very own wine fridge. Cul de sac lot surrounded by well maintained homes and yards. Nestled into seclusion yet close to all conveniences include the Hilton Tapatio Cliffs resort

21150 N 68th Drive Glendale, AZ 85308

$560,000
3 Beds
2 Baths
1,779 SqFt
Status Active Under Contract
MLS # 6748810
Property Type Single Family Residence
Price Type --
Stunning 3 bed/2 bath home WITH a Den/Office in the heart of Arrowhead Ranch. You'll love the open floor plan, vaulted ceilings and lots of natural light. The beautifully remodeled kitchen features Quartz countertops, stainless steel appliances, and an island which opens up into the family room. Neutral colors, elegant light fixtures and tasteful decor add to the cozy atmosphere. Step outside to entertain or relax on the extended covered patio by the fire, take a dip in the play pool or spa, or light up the barbecue. Leased Solar Panels will help you save on utility bills with a low monthly payment. This lovely home is located near lakes and trails around the community as well as close proximity to Thunderbird Conservation Park, Arrowhead Mall, P-83 Shopping , Dining and Entertainment. Are you a baseball fan or do you love to hit a round of golf? You'll find nearby golf courses and Peoria Sports Complex a few miles away to catch a Padres/Mariners game in the Spring. With easy access to the Loop 101, you can zip around town in no time! Welcome home to Sienna at Arrowhead Ranch!

4389 E Selena Drive Phoenix, AZ 85050

$560,000
3 Beds
2.5 Baths
1,602 SqFt
Status Active
MLS # 6754150
Property Type Single Family Residence
Price Type --
A remodeled single family home situated in a gated community with a community pool, basketball court, a walking path, and BBQ's. Conveniently located near Desert Ridge, with easy access to freeways. This home features white shaker kitchen cabinets, granite counter tops, and a stainless steel appliance package (new dishwasher 2022) Laminate flooring is throughout the home. Bedrooms have been updated with neutral paint colors, window shutters, and ceiling fans. Upstairs laundry with a full size washer/dryer (new 2023) Bathrooms have been upgraded with granite counters, and the primary bathroom features a walk-in shower and walk-in closet. Paved side yard makes for low maintenance living, New A/C in 2022. Exterior paint in 2020. Water heater in 2018. 2 car garage and north/south exposure.

10253 E Pantera Avenue Mesa, AZ 85212

$560,000
3 Beds
2 Baths
1,883 SqFt
Status Active Under Contract
MLS # 6748264
Property Type Single Family Residence
Price Type --
Welcome to this charming 3-bedroom home in Santa Rita Ranch, featuring a 3-car garage and an RV gate. Inside, a bright, open floor plan radiates comfort with a soothing palette and wood-look floors throughout. Expansive great room flows seamlessly into a gourmet kitchen equipped with stainless steel appliances, pristine white cabinetry, granite counters, recessed lighting, a walk-in pantry, and an island with a breakfast bar. Relax in the main suite, complete with a stylish barn door leading to the gorgeously remodeled bathroom with dual sinks and a spacious walk-in closet. The versatile third bedroom is ideal as an office. Enjoy the functionality of garage-attached cabinets. Outside, a covered patio, firepit and refreshing pool await, set in a yard perfect for lively gatherings.

3240 W Black Oak Loop Show Low, AZ 85901

$560,000
3 Beds
2 Baths
1,550 SqFt
Status Active
MLS # 6677802
Property Type Townhouse
Price Type --
Move in ready, lock and leave golf villa in Torreon now on the market. This villa provides 3 bedrooms, 2 bathrooms, detached 1 car garage and views of the tremendous tall pines that surround the villa for privacy. Upon walking in you'll love the simplicity of the décor and the cozy feel in the atmosphere. Open/split floor plan offers a spacious and private space for friends and family to enjoy. The covered deck and patio add the perfect areas for relaxing and taking in the fresh mountain air. This one of a kind villa needs to be on your list as it won't last long.

3829 W Thunderbird Road Phoenix, AZ 85053

$560,000
6 Beds
3 Baths
2,450 SqFt
Status Active
MLS # 6718858
Property Type Single Family Residence
Price Type --
Lease Details: Monthly lease of $3,588. Tenant pays their own electric; landlord pays water/sewer/trash (~$85/month). Welcome to Thunderbird, where luxury meets functionality! Elevate your living experience with our top-of-the-line appliance offerings, meticulously curated to enhance every corner of your dream home. ✨ **Heat Pumps (Refrigerated Air + Heater)** x2 Enjoy year-round comfort with efficient heating and cooling solutions. Our heat pumps ensure optimal climate control, keeping you cozy in winter and cool in summer. ✨ **¾ Ton Mini Split for Casitas (Bedroom #6)** Tailored comfort for your personal retreat. This mini-split system provides targeted climate control, perfect for creating a peaceful sanctuary in Bedroom #6. See Additional information below < Discover this SFH being remodeled < Welcome to Thunderbird, where luxury meets functionality! Elevate your living experience with our top-of-the-line appliance offerings, meticulously curated to enhance every corner of your dream home. ( **Heat Pumps (Refrigerated Air + Heater)** x2 Enjoy year-round comfort with efficient heating and cooling solutions. Our heat pumps ensure optimal climate control, keeping you cozy in winter and cool in summer. ( **¾ Ton Mini Split for Casitas (Bedroom #6)** Tailored comfort for your personal retreat. This mini-split system provides targeted climate control, perfect for creating a peaceful sanctuary in Bedroom #6. ( **Instant Water Heater/Tankless Natural Gas** Experience endless hot water on demand. Our tankless water heater combines efficiency with convenience, ensuring you never run out of hot water during those long showers. ( **Washer / Dryer** Effortless laundry days await with our high-capacity washer and dryer duo. Designed to handle large loads efficiently, they're your partners in keeping clothes fresh and clean. ( **Two Refrigerators (French Doors x2)** Double the storage, double the convenience! Our French door refrigerators offer ample space and advanced cooling technology to preserve your groceries at their best. ( **Garbage Disposal + Dishwasher + Over the Range Microwave + Stove (Electric)** Create culinary masterpieces in your gourmet kitchen. Our suite of appliances includes a powerful garbage disposal, a sleek dishwasher for effortless cleanup, an over-the-range microwave for quick meals, and an electric stove for precision cooking. ( **Huge Backyard, Spacious Living Room, and Eat-In Kitchen** Entertain with ease in your expansive living room and enjoy family meals in the inviting eat-in kitchen. The heart of your home awaits unforgettable gatherings and cherished memories. Transform your lifestyle with Thunderbird's exclusive appliance collection. Each piece is chosen to complement the luxury and functionality Thunderbird homes are renowned for. Embrace a new standard of livingwhere every detail is designed to exceed your expectations. <á **Live. Thrive. Thunderbird.** <á

1112 E Winged Foot Drive Chandler, AZ 85249

$560,000
3 Beds
2 Baths
2,333 SqFt
Status Active
MLS # 6747831
Property Type Single Family Residence
Price Type --
Super cute home in southeast Chandler ready for you to make your own. This functional and spacious floorplan offers easy living in the highly desirable community of Sunfield in Chandler. This spacious home features large living spaces, three bedrooms and two baths. The master suite looks to the desert inspired backyard. There is also a lovely covered patio for you relax and unwind on. If you are looking for a active 55+ community .. you will love all the amenities - tennis, pickleball, golf, social clubs, dining and so much more! Welcome home!

2330 W Myrtle Drive Chandler, AZ 85248

$560,000
3 Beds
2 Baths
1,442 SqFt
Status Active Under Contract
MLS # 6748145
Property Type Single Family Residence
Price Type --
Location, Lifestyle and Luxury! This home offers it all! Fresh paint & brand new carpet, updated kitchen and baths. All in the amazing Ocotillo Lakes community offering water activities, golf, pickleball, tennis, walking trails and playgrounds. Close to freeways & large area employers, shopping & restaurants! Top rated schools! Updated flooring and brand new carpet throughout, Stunning upgraded Kitchen includes quartz, SS appliances, timeless white cabinets and breakfast bar. upgraded Lighting and fans throughout! Bathrooms are nicely updated, too with tiled shower and separate vanities w/ walk in closet in the primary suite! Soaring ceilings, plantation shutters all in an open, split floorplan, too! Private backyard w/ pool, grass area & covered patio! HVAC 2019, roof 2016!

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