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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18194 N 59th Lane Glendale, AZ 85308

$560,000

4 Beds

3 Baths

2,336 SqFt

Status Active

MLS # 6693069

Property Type Single Family Residence

Price Type --

NO HOA! Welcome home to this tri-level oasis with a private pool and no HOA. Nestled in the heart of North Glendale this home is on an oversized, cul-de-sac lot on the corner, this 4 bedroom 3 bathroom house has it all! Recently added RV gate allows you to store all your toys. The interior offers a tri-level experience with open living spaces for all your needs. There is a full bedroom and recently updated bathroom on the bottom level. In the kitchen you'll find an open concept with granite counter tops and plenty of storage. Step outside into your private backyard retreat and enjoy the sparkling pool perfect for the Arizona heat! Home is located conveniently near all your shopping and restaurant needs as well as close to major freeways. Come see this home before it's gone!

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2005 N Los Arboles Court Chandler, AZ 85224

Open House

$560,000

3 Beds

2 Baths

1,986 SqFt

Status Active

MLS # 6758183

Property Type Single Family Residence

Price Type --

Location, location, location! Delightful mid-century home sits on a peaceful cul-de-sac in a well-established Chandler neighborhood. The house overflows with charm & functionality, offering a nostalgic curb appeal with a remodeled, modern interior! Discover an open floor plan with tall ceilings, crown moulding, recessed lighting, wood plank tile flooring, and spacious living & dining that flow together seamlessly. The immaculate white kitchen showcases shaker cabinets, granite counters, SS appliances, and a service window. The huge family room is made bright & airy by vaulted ceilings, promoting a sense of openness & greater traffic flow; the cozy fireplace adds warmth to the ambiance, while the sliding glass doors connect the indoor with the outdoor living. The large primary suite has a sitting area, a walk-in closet, and a pristine bathroom with a dual granite vanity. The large backyard desert oasis features multiple seating areas, a fire pit, a pool, and a spa. If entertaining is on your mind, this wonderful home is the one! Restaurants, markets, and shopping surround this beauty. Easy access to major roads and a short commute to both Downtown Chandler & Gilbert. What's not to like? Act now!

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22459 E Calle De Flores -- Queen Creek, AZ 85142

Open House

New

$560,000

4 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6761841

Property Type Single Family Residence

Price Type --

Perfectly situated in the highly sought after family friendly community of Meridian in Queen Creek, you'll find this stunning 4 bedroom, 2 bath home which boasts luxurious upgrades and amenities. This home features an open layout, perfect for entertaining, with high ceilings and plenty of natural light streaming in from the three sliding glass doors leading in the beautiful backyard with your own pool, citrus trees, & view fence, with no neighbors directly behind! Inside, enjoy the gourmet kitchen with stainless steel appliances, granite countertops, walk in pantry and convenient island/breakfast bar. The primary suite features upgraded bathroom with a walk in shower and a comfortable soaking tub. The remaining bedrooms are spacious and inviting with a shared bathroom

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4648 W Del Rio Street Chandler, AZ 85226

Open House

$560,000

3 Beds

2.5 Baths

1,730 SqFt

Status Active

MLS # 6757827

Property Type Single Family Residence

Price Type --

Welcome home to this delightful 3-bed, 2.5-bath property conveniently located near restaurants, Parks, & Shopping! Wonderful curb appeal showcasing a manicured desert landscape & a 2-car garage. Stunning vaulted ceilings, wood luxury vinyl, & stylish light fixtures are some of the features that you will love about the interior. Be greeted by the living/dining room w/an inviting fireplace. The kitchen provides plenty of shaker cabinets, built-in stainless appliances, a pantry, charming tile backsplash, & durable quartz counters. Upstairs, the main bedroom enjoys bountiful natural light & an ensuite w/dual sinks, a soaking tub w separate shower, & a walk-in closet. Host memorable gatherings in the perfectly sized backyard featuring a relaxing covered patio. Don't miss this opportunit

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1748 W Stanford Avenue Gilbert, AZ 85233

Open House

New

$560,000

3 Beds

2 Baths

1,571 SqFt

Status Active

MLS # 6762230

Property Type Single Family Residence

Price Type --

Wow check out this gorgeous and move in ready 3 bedroom, 2 bath home in the established Gilbert golf community of El Dorado Lakes! This corner lot is almost 10,000 sqft and is in a prime location right on the golf course! So many new improvements done in 2023 including a BRAND NEW ROOF, new interior paint, and new blinds and roller shades throughout. The kitchen has also been recently updated with gorgeous quartz counters, recessed lighting, RO under sink water system as well as a partial remodel to open the kitchen up to the great room. All 3 bedrooms and closets have new LVP vinyl flooring which means no carpet! The large primary suite has a separate exit to the backyard, an attached bathroom w/a new bathroom vanity and a walk in closet. The massive backyard features a covered patio that spans the full length of the home, new landscaping and irrigation, citrus trees and a view fence to enjoy the incredible golf course!

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9536 E Travertine Avenue Mesa, AZ 85212

Open House

$560,000

3 Beds

2.5 Baths

2,184 SqFt

Status Active

MLS # 6752702

Property Type Single Family Residence

Price Type --

Welcome home! You will love this spacious, open concept home with large living/dining space and a gorgeous custom fireplace. Beautiful gourmet kitchen with huge island, upgraded granite counters and Espresso cabinets. Kitchen includes the upgraded GE Cafe series appliances. Extra-large walk-in pantry leading to more storage under stairs. Amazing mudroom with built-ins off the garage entry. Additional living/loft space and bedrooms located upstairs where the spacious, open concept continues. Beautifully maintained home with lots of additional touches including custom accent walls and a sliding barn door in the master. Don't forget the low maintenance landscaping and artificial grass in your backyard escape with covered patio. This Cadence community has hard to find amenities with three resort style pools including water-park style slides, fitness center, tennis courts, and parks just to name a few. Come experience this beautiful Cadence home for yourself. We can't wait to share it with you!

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14320 W Acapulco Lane Surprise, AZ 85379

Open House

$560,000

5 Beds

3 Baths

3,527 SqFt

Status Active

MLS # 6716007

Property Type Single Family Residence

Price Type --

Incredible 5-bed, 3-bath residence now available! Be delighted by the exquisite curb appeal, 3-car garage, and RV gate. The light & bright interior has a formal living room, a semi-open den, and a family room with a cozy fireplace. Brand new Carpet and Paint throughout. Create delicious meals in the eat-in kitchen showcasing built-in appliances, a center island, granite counters, a pantry, and ample cabinets. Discover a sizable loft ideal for a reading nook! The primary bedroom features a full bathroom with a walk-in closet for added comfort. Don't miss out on the media room and the downstairs bedroom and bathroom ideal for guests! Out the back, spend relaxing evenings under the covered patio or the paved seating area. Take advantage of this opportunity!

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1324 E Frances Lane Gilbert, AZ 85295

Open House

$560,000

4 Beds

2.5 Baths

2,457 SqFt

Status Active

MLS # 6746275

Property Type Single Family Residence

Price Type --

MOVE-IN READY WITH COUNTLESS UPGRADES! This home features 2 newer AC units, a newer water heater and water softener. It has been beautifully upgraded with new tile flooring, a stone-covered 2-way gas fireplace, updated bathrooms, recently painted interior, newer appliances, upgraded landscaping lighting, a dog run and even a Tesla charger! The home is just minutes from both Downtown Chandler and Downtown Gilbert, providing a wonderful lifestyle with plenty of dining and activities nearby. Each bedroom has their OWN WALK-IN CLOSET and the primary suite has TWO walk-in closets!! Upon entering, you'll be welcomed by a huge living room and your 2-way fireplace. In the kitchen, you'll find a waterfall island, newer stainless-steel appliances and a gorgeous new sink. In the primary suite, you'll be welcomed by many windows, new paint and a private balcony overlooking the trees. The primary suite bathroom features a dual-vanity, soaking tub, shower and private toilet room. For your convenience, the laundry room is upstairs with all of the bedrooms! This home is just 1 street away from the large community park with a jungle gym. Make this Gilbert home your's today!

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12530 W Skylark Drive Sun City West, AZ 85375

Open House

$560,000

2 Beds

2 Baths

2,124 SqFt

Status Active

MLS # 6714129

Property Type Single Family Residence

Price Type --

****This home will be off market as of 9-30-24. All serious offers need to be submitted prior to then.**** Nestled perfectly on a serene golf course lot, this stunning home offers a perfect blend of style, comfort, and luxury—plus, you won't have to worry about stray golf balls! Bathed in natural light from two large skylights, the open floor plan creates an inviting space designed for easy, breezy living. With ceiling fans in every room, you'll always stay cool and comfortable. For the DIY enthusiast or fitness buff, the bonus room next to the two-car garage is a versatile space ready for your workshop, home gym, or extra storage needs. It's decked out with custom cabinetry, a washer, and a dryer. The garage itself is a masterpiece of organization, with sleek epoxy floors, built-in storage, and overhead racks to keep everything neat and within reach. At the heart of the home, you'll find a chef's paradisea beautifully designed L-shaped kitchen with stainless steel appliances, soft-close drawers, a dual sink, and a generous pantry. It flows seamlessly into the open living area, making entertaining a breeze. Elegant tile flooring runs through the main living spaces, while plush carpet in the bedrooms adds a cozy touch. Stylish 2-inch wood blinds throughout offer a dash of sophistication and privacy. Step outside through French doors into your personal backyard oasis. The extended patio, shaded by a pergola and sunshades, overlooks lush synthetic turf and a sparkling heated pool with massage jets and a waterfallperfect for hosting gatherings or simply unwinding. The primary bedroom is a true retreat, featuring custom California Closets, a spacious walk-in closet, and a spa-like en-suite bathroom with a walk-in shower and adjustable showerhead. Both bathrooms have been beautifully updated with sleek vanities, modern fixtures, and new toilets. Need flexibility? The second bedroom offers a built-in Murphy bed, ideal for guests or a home office. This energy-efficient home is powered by SUNRUN solar panels, keeping your energy costs low with a fixed monthly lease of just $253 for the next 15 yearssustainable living at its finest. Additional highlights include: Water softener Newer water heater and AC (just 5 years old) Security door for added peace of mind Fresh interior and exterior paint Living room with wall-to-wall built-ins for audio/video and décor Fruit trees in the backyard for a fresh touch of nature

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20438 W White Rock Road Buckeye, AZ 85396

Open House

$560,000

4 Beds

3 Baths

2,587 SqFt

Status Active

MLS # 6732735

Property Type Single Family Residence

Price Type --

One of Verrado's most popular floorplans! Great curb appeal & on a premium lot across from Beverly Park. Gourmet kitchen with granite countertops, stainless appliances, gas cooktop, hood, wall ovens & giant pantry. Huge master suite with bay window, separate shower & garden tub & large walk-in closet. Formal living & dining rooms w/private courtyard. Refrigerator, washer & dryer convey. Beautiful gas fireplace with stone accents. Oversized tile throughout entire home. Water softener. Large, covered front & backyard patios. 3 car tandem garage with additional storage room. Enjoy the amazing Verrado amenities which include community pools, workout facility, golf course & clubhouse, lighted walking trails, hiking & biking paths, excelling schools, charming downtown area with... restaurants, grocery store & much more!

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4609 E Valley View Drive Phoenix, AZ 85044

$559,999

3 Beds

3 Baths

1,733 SqFt

Status Active

MLS # 6731903

Property Type Townhouse

Price Type --

This 3-bedroom townhome in Pointe South Mountain is the one for you! Excellent location on a private cul-de-sac with awesome mountain views. Split floor plan boasting vaulted ceiling in the sunken living room, multiple mirrored walls, Italian marble floors in kitchen, living room and bathrooms with wood flooring in the right areas, custom paint finishes, and a beehive fireplace in the family room. Plus, a sizable Arizona room with French doors! The eat-in kitchen has Corian counters, a breakfast bar, built-in appliances, a ceiling fan, and plenty of cabinetry. The main bedroom is split, offering outside access, a walk-in closet, and a bathroom with dual sinks. 2-car garage, built-in cabinets and a kitchenette. Host fun backyard gatherings, including a built-in BBQ and a blue pool. Hurry!

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14146 N 135th Drive Surprise, AZ 85379

$559,999

5 Beds

3 Baths

3,065 SqFt

Status Active Under Contract

MLS # 6719865

Property Type Single Family Residence

Price Type --

Welcome home!!! This property has just had $$$$ spent on making this your dream home! Located in the very desirable community of Litchfield Manor. New interior paint throughout and LVP Floors downstairs. Very open and bright kitchen with gorgeous Quartz countertops and new SS Appliances. Step out onto the large back patio and see the crystal clear pool w/color changing light and newly painted Cool deck - feels like you just stepped into a fabulous backyard oasis, excellent for entertaining! Walk upstairs to see the brand new carpet in bedrooms and all the right places. Huge Primary bedroom w/Gorgeous ensuite with newly tiled shower and glass surround. An Excellent added feature are the Solar panels that will keep your electric bills low year-round. Don't wait, Come take a look today!

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