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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1716 N Alpine Meadows Lane Unit 1405 Prescott, AZ 86303

$560,000

2 Beds

2 Baths

1,687 SqFt

Status Active

MLS # 6707897

Property Type Townhouse

Price Type --

Looking for a weekend getaway, a full-time residence or how about a turnkey, then look no further than this highly sought after, gated entrance to Alpine Meadows Condo community, located within the beautiful and serene Hassayampa Village. This home has been meticulously well taken care of, the owners have upgraded the big-ticket items, so you don't have too; with a new HVAC, a new HOT WATER HEATER, all new APPLIANCES, GARAGE FLOOR has been epoxied, making clean-up easy, 2 car garage with an EV CHARGING STATION for your electric vehicle and so much more (details under documents). The ROOF was replaced by the HOA in 2023. The home and carpeting were recently professionally cleaned, so all you need to do, is move-in. Enjoy the stunning views of Thumb Butte off the private balcony. This spacious one-level 1687 sq. ft., 2BR/2BA + a flex room, with its own private elevator for just a touch of luxury or take the stairs. Enjoy the 9 ft ceilings, great natural lighting, and a gas fireplace for those chilly Prescott nights. Large master bedroom, with room for a sitting area, views of the breathtaking, private Capital Canyon Golf Club fairway greens, designed by Tom Weiskopf and managed by Troon Prive'.

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25226 N 131st Drive Peoria, AZ 85383

$560,000

3 Beds

2.5 Baths

2,254 SqFt

Status Active

MLS # 6738818

Property Type Single Family Residence

Price Type --

Welcome to The Views at Rancho Cabrillo! This is a new build home by Scott Communities. This one is the 4412 plan with 3 bedrooms plus den and 2.5 bathrooms. Includes gourmet kitchen featuring double ovens, microwave drawer, and gas cooktop. Beautiful white shaker cabinets and white quartz countertops. Great room layout with an eat-in kitchen. Large covered patio. Come out and see this home and beautiful north Peoria community!

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6346 W Sharyn Road Pine, AZ 85544

$560,000

3 Beds

3 Baths

2,340 SqFt

Status Active Under Contract

MLS # 6709587

Property Type Single Family Residence

Price Type --

This charming house sits on a generous 0.46A lot, offering plenty of space and privacy. As you approach, you are greeted by a picturesque exterior with a two-car garage that includes a convenient workshop room for projects or extra storage. Stepping inside you are greeted by a spacious living area, inviting and perfect for relaxing evenings or entertaining guests. The heart of the home, the kitchen, is a chef's dream with its ample size. A pantry ensures plenty of storage space for all your culinary essentials. The master bedroom has a feeling of comfort boasting generous proportions and a spacious closet. One of the highlights of the property is the wonderful back deck. It is the perfect spot for morning coffee, afternoon tee

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16087 W Desert Hills Drive Surprise, AZ 85379

$560,000

3 Beds

2 Baths

2,219 SqFt

Status Active Under Contract

MLS # 6741051

Property Type Single Family Residence

Price Type --

Unlock the door to your dream home, featuring an expansive 1300 sq ft RV garage that will thrill hobbyists and car enthusiasts alike. Imagine the possibilities for your projects and passions in this incredible space. Step inside to an elegantly designed split floorplan that greets you with warmth and style. The kitchen is a chef's paradise, with sparkling granite countertops, rich espresso cabinets, and top-of-the-line stainless steel appliances. Retreat to the primary suite, where luxury awaits. Revel in the spacious walk-in closet and indulge in the stunning, large walk-in shower. This isn't just a house; it's the beginning of your next chapter. Experience the perfect blend of comfort, style, and functionality. Call now before it's gone!

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19024 W Solano Drive Litchfield Park, AZ 85340

$560,000

3 Beds

2.5 Baths

2,227 SqFt

Status Active

MLS # 6692969

Property Type Single Family Residence

Price Type --

*ASSUMABLE CONVENTIONAL LOAN WITH 3.125%* *Home also comes partially furnished* Contact for details! So many upgrades & decorator touches through out this beautiful home! Great room plan w/wallpaper accent wall, extra can lighting, wood tile flooring & open to kitchen. Gourmet kitchen w/marble backsplash, upgraded pendent lighting, gas cooktop + separate wall oven, white shaker cabinets w/hardware & walk in closet. Powder room has wallpaper & upgraded mirror with a ''Paris feel''. Master bath has tiled tub & shower. Office at the front of the home has upgraded lighting & window treatments. Backyard is an entertainers dream w/custom brick gas fireplace w/ gas lanterns, adjustable aluminum awning, artificial turf, low maintenance plants/trees & travertine decking.

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9622 W Whispering Wind Drive Peoria, AZ 85383

$560,000

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6751479

Property Type Single Family Residence

Price Type --

Coveted North Peoria Location! This Lovingly Cared for 3 Bedroom, 2 Bath, 4' Extended 2 Car Garage Home shows like New! Entry with Tray Ceiling, Gleaming Tile Flooring and Crisp Light Color Palette. Open Concept Kitchen boasts Upgraded White Cabinets, Upgraded Granite Counters, Stainless Steel Appliances, Gas Range, Generous Island and Pantry. Beautiful Tile Flooring in all the Living Areas. Upgraded Window Coverings, Carpeting. Primary Bedroom includes a Large Bay Area Extension. Primary Bath comprises of Upgraded Granite Counters, Dual Sinks, Large Walk In Shower, Soaking Tub and Sizable Walk In Closet. Central Vacuum System, Soft Water System, Cabinets and Sink in Laundry. Built In Natural Gas BBQ, Paver Patio and Artificial Turf round out the backyard. Near Shopping and Lake Pleasant!

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2942 S Sierra Heights Mesa, AZ 85212

$560,000

5 Beds

3 Baths

2,724 SqFt

Status Active

MLS # 6728300

Property Type Single Family Residence

Price Type --

This beautiful home in Skyline Park is move-in ready for your client! The backyard is an entertainer's paradise with a pebble-tech pool featuring a water slide, waterfall, and grotto, plus a pergola for shaded relaxation. The spacious kitchen boasts a granite island & countertops, stainless steel appliances, and a gas range. Additional highlights include a versatile downstairs suite with a full bath, ideal for guests or a home office, as well as an RV gate and a large side yard parking slab for extra toys. The home is conveniently located near community park, just under a mile from the 202 & 60 freeways and within the highly rated Gilbert School District. Nearby shopping, dining, and golf courses add to the appeal, creating an ideal setting for both entertaining and everyday living!

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8146 N 17th Drive Phoenix, AZ 85021

$560,000

4 Beds

2 Baths

1,681 SqFt

Status Active

MLS # 6700215

Property Type Single Family Residence

Price Type --

NEW CARPET AND NEW PAINT! Tucked away in a quiet neighborhood, this 4 bed, 2 bath home is ready for a new owner to give it their personal touch. Property has mature landscaping with a large backyard that is ready for a shop, casita, or ADU. NO HOA This neighborhood is a tight-knit community with neighbors who have owned since the 80s so homes don't come available often. Great for students to attend Sunnyslope high school or GCU! Most of the home is original. The roof was replaced in 2011, HVAC system was replaced around 2015, and the plumbing was updated in 2016. Customize the home as you wish over time. Oven and intercom system do not work.

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6771 W Bronco Trail Peoria, AZ 85383

$560,000

3 Beds

2.5 Baths

2,101 SqFt

Status Active

MLS # 6733455

Property Type Single Family Residence

Price Type --

This beautiful three bedroom 2.5 bath formal living room open family room to the kitchen. This home will not last, beautiful subdivision on Terra Marr. This home comes as an upstairs loft. Home was recently painted outside and inside. Also has new carpet throughout the home. This home is priced below market value.

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17246 W Diana Avenue Waddell, AZ 85355

$560,000

3 Beds

2.5 Baths

2,016 SqFt

Status Active Under Contract

MLS # 6742795

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning single-level gem, built in 2023, offers modern luxury and convenience in one perfect package. Boasting 3 spacious bedrooms and 2.5 beautifully appointed bathrooms, this home features elegant plank tile flooring throughout, with cozy carpets in the bedrooms. Step into the heart of the home—the expansive great room that seamlessly flows into a chef's paradise kitchen. Equipped with extended cabinets, a walk-in pantry, and top-of-the-line appliances including an LG ProBake Convection w/ Air Fry oven / microwave combo. Relax and unwind in your private primary suite, complete with a walk-in tiled shower and a freestanding bathtub, perfect for soaking away the day's stress. The primary closet includes the very popular direct access to the laundry room that also exits to the hallway. The nicely sized additional bedrooms are thoughtfully designed to ensure comfort and privacy for all. The large lot includes an RV gate, providing ample space for your recreational vehicles, and a brand new sparkling pool w/ a ten year warranty awaits your enjoyment. Host summer gatherings or enjoy serene evenings on your covered patio, surrounded by your beautifully landscaped backyard. Last but not least your future home has a 2 car garage that includes cabinets and an EV plug for charging your electric car. Located close to major transportation routes and a variety of new shopping options, this home combines modern living with ultimate convenience. Don't miss out on this exceptional opportunity.

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2964 E Franklin Avenue Gilbert, AZ 85295

$560,000

3 Beds

2.5 Baths

2,159 SqFt

Status Active

MLS # 6749172

Property Type Single Family Residence

Price Type --

This beautiful 3-bedroom, 2.5-bathroom home is located in the highly sought-after Lyons Gate neighborhood. The home features a spacious upstairs loft with a private balcony, perfect for relaxing or enjoying your morning coffee. The interior boasts a light and airy color scheme that enhances the open floor plan, while the well-equipped kitchen is a chef's delight with stainless steel appliances and ample counter space. The idyllic backyard offers a peaceful retreat for outdoor entertaining or family activities. Lyons Gate is a fantastic community with amenities including a recreation room, multiple pools, and play areas, making it ideal for families. The neighborhood is conveniently close to shopping, dining, and A-rated schools, ensuring that everything you need is just minutes away

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2526 N 11th Street Phoenix, AZ 85006

$560,000

3 Beds

2 Baths

1,242 SqFt

Status Active

MLS # 6729488

Property Type Single Family Residence

Price Type --

Immerse yourself in the artistic soul of downtown Phoenix with this charming 3-bedroom, 2-bath residence, situated in the heart of the Coronado Historic District. Celebrated for its eclectic mix of classic bungalows and modern architecture, the district is a canvas of history painted with contemporary strokes. The local art scene mirrors the community's creative spirit, infusing the neighborhood with a unique cultural vibrancy. The home itself is a masterpiece of living art, boasting a backyard oasis with vibrant Arizona themed murals and tasteful outdoor decor that invites inspiration. Just steps away from an array of museums, eateries, nightlife, and cultural events, this home is not just a place to live—it's a space to experience the art of Arizona living. STR opportunity. New Roof.

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