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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31381 N 130th Avenue Peoria, AZ 85383

Open House

$559,990

4 Beds

2 Baths

1,958 SqFt

Status Active

MLS # 6745460

Property Type Single Family Residence

Price Type --

The Kendrick features a quaint, covered front porch ideal for welcoming guests. Walk through the spacious foyer and gallery hall to the grand open concept dining and great room ideal for hosting and entertaining. A centralized laundry room makes access easy from any room in the home. While a dedicated office is perfect for students and hybrid workers. A back covered patio perfect for taking in the surrounding Peoria mountains and Southwest landscape is the cherry on top! Located in the highly desirable Vistancia masterplan, resident will enjoy access to the 3.5 mile Discovery Trail, and two state of the art recreation centers.

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15727 W Rimrock Street Surprise, AZ 85374

$559,950

4 Beds

2.5 Baths

3,128 SqFt

Status Active

MLS # 6698507

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOME, LARGE LOT WITH PRIVACY, GREAT LOCATION (Next to Paradise Elementary) PAID SOLAR ($50K worth), PEBBLE TECH SALTWATER POOL WITH WATERFALL. Absolutely stunning home on an oversized lot awaits you! Nearly 1/4 acre of backyard bliss, featuring a saltwater pool with a mesmerizing waterfall. A place for the kids to play basketball, zipline or jump on the trampoline. Step inside to find tile flooring throughout, even in the bedrooms. Plus, a spacious bonus room with elegant French doors adjacent to the kitchen. Entertain in style with a large formal living and dining area, crowned by a grand staircase at the entry. Large bedrooms all on the upper level. Don't wait - seize this opportunity before it's gone!!!

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2217 S 337th Avenue Tonopah, AZ 85354

$559,900

4 Beds

3.5 Baths

2,300 SqFt

Status Active Under Contract

MLS # 6648636

Property Type Single Family Residence

Price Type --

Coming Soon! A stunning, to-be-built home awaits! This brand-new 4 bed, 3 bath residence features not one but two master bedrooms and comes complete with an RV GARAGE. Set on over an acre of horse property, this split-floor plan gem offers a perfect blend of modern upgrades and convenience, all just 7 minutes from the freeway. NO HOA. Estimated build time is 4-5 months, and the buyer may have the opportunity to choose some options. Don't miss the chance to make this dream home your own! Contact us for more details and be part of the exciting build process.

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26202 S Cedarcrest Drive Sun Lakes, AZ 85248

$559,900

2 Beds

2.5 Baths

1,976 SqFt

Status Active Under Contract

MLS # 6737076

Property Type Single Family Residence

Price Type --

Welcome to this beautiful waterfront property featuring unobstructed lake views and a wonderful wraparound patio. The home offers almost 2,000 square feet with a big open great room, 2 large bedrooms, den, fireplace and wood look flooring. Well-maintained home with a newer roof, newer AC and newer dual pane windows. Sun Lakes is a highly desirable active adult community for anybody over 40. The amenities include 4 Golf Courses, Tennis, Pickle Ball, Softball, several Pools, Restaurants, a brand new Fitness Center, Craft Studios and a Library. There are dozens of special interest clubs that range from arts, dance, hiking, writing to travel. Welcome to your new home!

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3464 W Tanner Ranch Road San Tan Valley, AZ 85144

$559,900

4 Beds

3 Baths

3,511 SqFt

Status Active Under Contract

MLS # 6742669

Property Type Single Family Residence

Price Type --

$5.000 seller's credit towards buyers interest rate buy down w/ acceptable offer* Gorgeous, remodeled 4 BR, 3 BA home w/ office & extra large room that could be a craft room or man cave* Located in the very desirable San Tan Heights community* Beautifully updated, large open kitchen featuring stainless steel appliances, granite countertops, subway tile backsplash, white shaker cabinetry & recently updated fixtures* Plank tile flooring t/o entire first floor* All bathrooms have been updated w/ granite countertops, new tile* The home has been recently painted inside & out* Coffee Bar, with fridge upstairs located next to a huge master suite w/ soaking tub & separate shower* Beautiful sitting areas in front yard for evening campfires & smores, covered patio, brand new pebble sheen pool, gazebo for your grilling pleasures, grass & pavers in oversized backyard* Epoxy flooring in garage* This home is move-in ready & shows pride of ownership* Awesome neighborhood w/ new community pool, community center w/ a gym that has dumbells up to 100 lbs, acres of parks & paths* Just minutes from shopping, dining, hiking & schools* Contact listing agent regarding seller's credit towards buyers interest rate buy down*

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600 N Mariposa Drive Wickenburg, AZ 85390

$559,900

4 Beds

2 Baths

1,902 SqFt

Status Active

MLS # 6717080

Property Type Single Family Residence

Price Type --

Welcome to your new Territorial home! This remodeled home, located on ~2/3 acre corner lot offers a blend of Southwestern charm and modern convenience. Living room with panoramic views of Bradshaw Mtns to the north. Large living spaces bathed in natural light designed for both relaxation and entertainment. Beautiful and practical upgrades include custom travertine tile floors, custom (real) granite countertops, custom cabinets and totally remodeled master bath with Rohl fixtures. Kitchen boasts matching Frigidaire Gallery stainless steel appliances. For outdoor enthusiasts an RV shelter with water and electric hookups provides an ideal space to park your home on wheels or, if you prefer, your boat, motorcycles and/or ATVs. New window coverings include top of the line Hunter Douglas motorized blind, top down-bottom up front picture window shade and no-cord shades. Foam roof still under transferable warranty, new rain gutters with fun rain chains. Don't miss this opportunity to own a piece of old west Arizona! Relax in Wickenburg, the Most Western Town in Arizona, where it's easy to imagine yourself back in a slower paced time.

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1123 E Boston Court Chandler, AZ 85225

$559,900

4 Beds

2.5 Baths

1,863 SqFt

Status Active

MLS # 6752303

Property Type Single Family Residence

Price Type --

****Seller to contribute up to 2% in closing costs as allowable**** Welcome to this lovely 2-story home in the desirable Springs community in Chandler. With a spacious living area, modern kitchen, and well-appointed bedrooms upstairs, this home is perfect for comfortable living. Enjoy the wonderful amenities The Springs has to offer, including a sparkling community pool, serene community lakes and parks, perfect for relaxing and outdoor activities. This home combines comfort with a vibrant community lifestyle.

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3216 W Lynne Lane Phoenix, AZ 85041

New

$559,900

4 Beds

3.5 Baths

3,763 SqFt

Status Active

MLS # 6756619

Property Type Single Family Residence

Price Type --

Lovely, spacious 2 story home with 9' ceilings, available in a desirable, popular Phoenix subdivision. This home features 2 master suites (1 down stairs & 1 upstairs), spacious loft, oversized 2 car garage, Pebble tec swimming pool. extended back, covered patio, 2 New AC units, corner lot, and 2 living areas. Enjoying summers in the sparkling pool, and pleasant evening walks on the walking trails throughout the area. Enjoy peace of mind with a 1 year home warranty provided by the Sellers. Two New AC units installed in 2021 and 2024. Extended back patio cover has a tile roof. This home has Plenty of room for your family to enjoy and create fond memories for years to come. Conveniently located near bus lines, and a variety of restaurants, shopping and major amenities.

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15359 W Corrine Drive Surprise, AZ 85379

$559,900

3 Beds

2.5 Baths

2,198 SqFt

Status Active Under Contract

MLS # 6760801

Property Type Single Family Residence

Price Type --

Gorgeous 3-bed PLUS Office/FLEX room, 2.5-bath home, 3 car garage (SPLIT), MINI DIPPING POOL/SPA w/waterfall edge, built-in seating around gas FIREPIT, outdoor kitchen w/BBQ grill in the desirable MARLEY PARK (w/COMMUNITY POOLS, SPA, Splash pads, list goes on!)! Great curb appeal w/stone accent details, & a manicured landscape. Fabulous interior showcases a spacious open layout, featuring surround sound, a two-tone palette, recessed lighting, tons of natural light, & wood-look tile w/plush carpet. GOURMET kitchen has granite counters, mosaic tile backsplash, a pantry, a large prep island w/seating, a breakfast nook, ample cabinets w/crown molding, SS appliances w/cooktop gas & TWO wall ovens. Master Suite boasts a bay window & ensuite w/dual sinks, separate tub/shower, & walk-in closet. Take advantage of the amazing Community amenities including pools, spa, parks, playgrounds, & more. Conveniently close to schools, shopping, dining options, and quick access to 303 Fwy. What's not to like? This gem won't disappoint!

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95 W Hackberry Avenue San Tan Valley, AZ 85140

New

$559,900

3 Beds

3.5 Baths

2,591 SqFt

Status Active

MLS # 6761209

Property Type Single Family Residence

Price Type --

This beautiful home is nestled in the heart of San Tan Valley, located in the family-friendly community of Ironwood Crossing. The property features a spacious open den/office area, ideal for working from home along with a convenient private half bath. The formal dining room opens to a charming patio through double sliding glass doors, offering the perfect spot for outdoor dining or relaxation. Natural light fills the home, creating a bright and inviting atmosphere. The 3-car garage comes equipped with built-in cabinets and extra storage space, ideal for all your tools and gear. The backyard is a peaceful retreat with lush landscaping, vibrant plants, and high walls for added privacy. In Ironwood Crossing, you'll enjoy a wealth of amenities, including two pools, soccer fields, basketball courts, disc golf, and tot lots, making it perfect for families. Don't miss out on this home,see it today! Home is not a place... it's a feeling.

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7136 W Noble Prairie Way Florence, AZ 85132

New

$559,900

3 Beds

2.5 Baths

2,461 SqFt

Status Active

MLS # 6763419

Property Type Single Family Residence

Price Type --

STUNNING ENDEAVOR w/LUXURY UPGRADES! This 3-bed+den/2.5-bath home offers a perfect blend of style & function! Double slider opens to extended paver patio w/gas fireplace & lush landscaping next to Open Space! Plantation shutters,10' ceilings w/curved arches, beautiful entertainment center w/surround sound highlight the Great Room! Chef's kitchen inc. granite counters, tiled backsplash, stainless appliances, gas cooktop, butler's pantry & walk-in pantry. Primary suite has a bowed window, double sinks w/ granite counters, walk-in custom tiled shower & spacious closet. Split 2nd & 3rd bedrooms share Jack-&-Jill bath, Den w/French doors offers versatility! Additional perks: 2-CAR w/4' EXTENSION+CART garage w/storage, PREPAID SOLAR lease & TOWN OF FLORENCE BOND PAID IN FULL! **A MUST SEE HOME!

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124 S 110th Drive Avondale, AZ 85323

$559,900

4 Beds

3.5 Baths

3,435 SqFt

Status Active Under Contract

MLS # 6730097

Property Type Single Family Residence

Price Type --

Look no further! This beautiful 4BD/3.5 BA home with a rare oversized lot is the one! Great curb appeal with a manicured landscape, 3 car garage, and RV parking are just the beginning! Discover spacious dining & living areas w/tile flooring and neutral palette throughout. The kitchen consists of wood cabinetry w/crown molding, a pantry, stainless steel appliances, dual wall ovens, and an island. Double doors open up to the impressive primary bedroom, complete with soft carpeting, a nook, walk-in closet, and a full ensuite w/dual sinks. The backyard boasts an expansive covered patio, along with a concrete slab that wraps around the entire house. With two bonus rooms and a bathroom downstairs, it provides a number of options for your Buyer! New AC Units installed in 2022! It's a must-see!

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