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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17780 W Canto Bonito Lane Surprise, AZ 85387

$560,000

2 Beds

2 Baths

2,019 SqFt

Status Active

MLS # 6721721

Property Type Single Family Residence

Price Type --

Your ideal home awaits in the vibrant 45+ community of The Grand. This meticulously maintained Sierra model blends luxury and functionality. Updated in 2019, it features laminate plank flooring and tile in the bathrooms and laundry. The kitchen offers granite countertops, a glass backsplash, a center island, Maytag SS appliances, recessed lighting, and bay windows overlooking the courtyard. The oversized primary bedroom boasts bay windows, a walk-in closet, and a tiled shower with a frameless glass door. Enjoy a split guest bedroom, spacious den, new 2024 HVAC, and North/South exposure. Relax in your private courtyard and explore all The Grand has to offer!

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877 W Oxbow Trail Payson, AZ 85541

$560,000

3 Beds

2 Baths

1,513 SqFt

Status Active

MLS # 6726127

Property Type Manufactured Home

Price Type --

Embrace the tranquility of this rural haven, this 3-bedroom, 2-bathroom home is ideal for outdoor enthusiasts and nature lovers. Bring your side-by-sides and horses to explore the numerous scenic trails in the area. Nestled on 1.35 acres, this property offers breathtaking views from every angle, providing a sense of peace and serenity. Enjoy the 20x20 shop that is equipped with heating, cooling, and cable TV. Experience the priceless views of Milk Ranch Point and the Rim, right from your doorstep. You're just a convenient 10-minute drive to town, making it so you can enjoy the best of both worlds with easy access to shopping, dining, and other amenities. Don't miss this unique opportunity to own a piece of paradise. Experience the perfect blend of rural charm and modern convenience.

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15035 S 178th Drive Goodyear, AZ 85338

$560,000

3 Beds

2 Baths

2,124 SqFt

Status Active

MLS # 6731532

Property Type Single Family Residence

Price Type --

Welcome to your stunning new 3-bedroom, 2-bathroom home in the sought-after Estrella Mountain at Vidrio by Landsea. This High Performance Home offers breathtaking mountain views and a chef's kitchen with endless counter space, walk-in pantry, 42'' Dusk shaker cabinets, hexagon backsplash, stainless steel appliances, and white quartz countertops. With 9ft ceilings and plenty of windows, the home is filled with natural light, creating a bright and airy atmosphere. Modern design touches and the latest in-home technology ensure a stylish and efficient living experience. Don't miss out - this gem won't be on the market for long!

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4173 E Cholla Canyon Drive Phoenix, AZ 85044

$560,000

4 Beds

3 Baths

2,050 SqFt

Status Active

MLS # 6759443

Property Type Single Family Residence

Price Type --

Welcome to your charming 4-bedroom, 2.75-bath home in the highly desirable Mountain Park Ranch neighborhood! This inviting residence features all-new interior paint and boasts a formal living and dining area, a spacious family room, and an eat-in kitchen with a bay window and stainless steel appliances. The convenient downstairs bedroom and remodeled bath with a walk-in shower add to the home's functionality. Upstairs, you'll find the master suite with French doors, a large walk-in closet, and two additional bedrooms. Enjoy tile flooring downstairs and laminate flooring upstairs, along with ceiling fans throughout for added comfort. Step outside to your private, cozy backyard, complete with a refreshing pool (new pump), new synthetic turf, and an extended Moroccan-style covered patio with misters, perfect for relaxing or entertaining. Breathtaking views of South Mountain surround you, and you're located in the highly accredited Kyrene School District. Mountain Park Ranch offers fantastic amenities, including hiking, biking, tennis, pickleball, volleyball, and basketball. Plus, you're just minutes away from great shopping at Trader Joe's, Starbucks, Phoenix Premium Outlet, Chandler Fashion Center, and Wildhorse Resort & Casino, which features golf, casual, and fine dining. Don't miss your opportunity to make this wonderful home yours!

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3346 N Hogan Drive Goodyear, AZ 85395

$560,000

2 Beds

2 Baths

1,914 SqFt

Status Active

MLS # 6731229

Property Type Single Family Residence

Price Type --

Very well-maintained Topaz model. Formal dining and living room. Spacious eat in kitchen. The main bedroom has exit to patio. Main bath has double sinks, tub and shower, larger walk-in closet. Hall bath offers walk in shower, Plantation shutters, laundry room with lots of storage. Owned solar. Golf course lot with and excellent view of the White Tank Mountains. Remote roll down screens on edge on patio. Large extended patio. close to shopping and restaurants, fitness center, pickle ball, pool and so much more. Don't let this one get away

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8345 E Oak Street Scottsdale, AZ 85257

$560,000

3 Beds

2 Baths

1,305 SqFt

Status Active

MLS # 6751765

Property Type Single Family Residence

Price Type --

Come check out this lovely remodeled home in Old Town Scottsdale! Cosmetic and functional updates throughout with a beautiful real grass backyard! Updates include a new roof in 2022, upgraded electrical system, new water main, new drainage system, fresh interior and exterior paint, new flooring throughout, renovated bathrooms, dual-pane windows and doors, updated paneled wall. Added Bonus you can jump on the Scottsdale Trolley right across the street! It's free to ride and will take you to numerous set locations. From Dr.s Appts, to school, into town and more! Come see what this beautiful home has to offer!!

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4833 W Dublin Court Chandler, AZ 85226

New

$560,000

4 Beds

2.5 Baths

1,860 SqFt

Status Active

MLS # 6763069

Property Type Single Family Residence

Price Type --

Fantastic location for this cozy 4 bedroom, 2.5 bath home in the heart of Chandler! The spacious formal living and dining greet you upon entry and the kitchen is conveniently open to the family room with the breakfast nook overlooking the sparking pool in the back yard. A cute powder room and the laundry room complete the downstairs living. Upstairs you will find a nicely appointed primary suite at the back of the home complete with a luxurious primary bath, including separate vanities, potty closet and generously sized walk in closet. Three more bedrooms and a wonderful secondary bathroom with a tub/shower combo round out this thoughtfully designed abode ! Come see your next home today!

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2405 E Alameda Drive Tempe, AZ 85282

New

$560,000

3 Beds

2 Baths

1,560 SqFt

Status Active

MLS # 6763280

Property Type Single Family Residence

Price Type --

This attractive home offers 3 bedrooms, 2 bathrooms, a 2-car garage, and NO HOA! The seller has made significant updates, including removing a wall to transform the sunken living room into an open floor plan with a fireplace. The kitchen features modern grey cabinets, exquisite granite countertops, a black stone backsplash, black stainless-steel refrigerator and gas stove. The secondary bathroom has been renovated with a new tiled shower and a vanity topped with granite and a glass sink. The house has an expansive covered patio stretching from the side to the back, alongside a sizeable storage shed. The spacious diving pool has been renovated with Pebble Tec and outfitted with a new variable-speed pump, along with additional blocks added to the fence for enhanced privacy. Further upgrades consist of an AC unit that is only three years old, an attic fully insulated with blown-in material for greater energy efficiency, and a garage floor coated with epoxy. The front yard is landscaped with xeriscaping for low maintenance. The pool table is included if the Buyer wishes. Conveniently located near restaurants, shopping, and freeways.

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44560 W Copper Trail Maricopa, AZ 85139

$560,000

4 Beds

2.5 Baths

3,054 SqFt

Status Active

MLS # 6707658

Property Type Single Family Residence

Price Type --

Resort living at its finest in Maricopa. Located in the Cobblestone Farms neighborhood. The expansive interior shines with natural light, creating a welcoming ambiance throughout. Enter through a custom iron door where a chef's kitchen awaits, boasting top-tier appliances, perfect for culinary enthusiasts & entertaining guests alike. This luxurious home offers 4 spacious bedrooms, including a magnificent owner's retreat with a owners bath including a full tiled shower, freestanding tub and custom sinks. Retreat to the spacious bedrooms, each with a walk in closet. You will also find a separate den & loft, providing versatile spaces for work & play. Outside, the meticulously landscaped backyard features a sparkling pool with a water fall, a hot tub & large covered patio, ideal for enjoying Arizona's stunning sunsets. Lush green grass and palm trees makes this a home a private oasis. Parking is never an issue with the convenience of an extra parking slab and RV Gate, providing ample space for vehicles & storage. Additional features of this remarkable property include a low maintenance front yard and exterior stone features. This is a rare find that offers the perfect blend of luxury & comfort. Don't miss the opportunity to own this remarkable property. Your new home has been lovingly cared for, allowing you to move right in & start creating memories.

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3226 W Morse Drive Anthem, AZ 85086

$560,000

3 Beds

2 Baths

1,622 SqFt

Status Active Under Contract

MLS # 6737989

Property Type Single Family Residence

Price Type --

Get ready to fall in love with this move-in ready gem in the heart of Anthem! With fresh, paint both inside and out, brand new flooring underfoot, and a shiny new roof overhead, this home is practically begging for you to unpack your bags and make it your own. Step into this charming single-story beauty and discover 3 cozy bedrooms and 2 baths that are perfect for any lifestyle. The spacious living area invites you to relax and unwind, while the open kitchen with a delightful breakfast nook is ready for your culinary adventures. Don't forget the laundry room - no more hauling baskets up and down stairs! But wait, there's more! Imagine hosting summer soirées by your recently remodeled private swimming pool and hot tub. It's your personal oasis for relaxation and fun.

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2940 N Brighton -- Mesa, AZ 85207

$560,000

4 Beds

2 Baths

1,769 SqFt

Status Active

MLS # 6756129

Property Type Single Family Residence

Price Type --

THIS IS THE ONE! Nestled on a corner lot in the highly desirable community of Las Sendas. This 4 bedroom, 2 bath home is fully handicap friendly with wheelchair access. Enjoy the stereo system with surround sound, with individual volume control. Tile throughout the entire house, new appliances, screens, new paint, shelves in the gage, new screens and window coverings, led lights, new upgraded backyard and landscaping, and much more - all done within the last 3 months! It's also walking distance to private and public schools. The community of Las Sendas offers great amenities including pools, park, splash pad, golf course, pickle ball and tennis courts, and miles of hiking and biking trails. Located just minutes to the 202 freeway and close to main airports. YOUR DREAM HOME AWAITS!

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344 W Century Avenue Gilbert, AZ 85233

$560,000

4 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6729732

Property Type Single Family Residence

Price Type --

PRICED TO SELL! SELLER IS OFFERING $10,000 TOWARDS CLOSING COSTS/RATE BUY DOWN WITH FULL ASKING PRICE OFFER DON'T MISS OUT! Discover your future paradise in Gilbert, where this completely remodeled home awaits with unparalleled craftsmanship and modern elegance. Step inside to find brand new stainless steel appliances complementing sleek white shaker cabinets and luxury flooring throughout. Bathrooms are transformed into spa-like retreats with top-of-the-line tile and custom storage in showers and tubs. Outside, enjoy updated front and backyard spaces featuring artificial turf, pavers, and custom board and batten siding along the entire exterior. Located near downtown Gilbert and free from HOA restrictions, this home offers both convenience and tranquility in a beautiful community setting

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