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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25218 N 143rd Lane Surprise, AZ 85387

$559,900

5 Beds

3 Baths

2,296 SqFt

Status Active

MLS # 6721313

Property Type Single Family Residence

Price Type --

Built by Taylor Morrison - Move in ready! 5 bedrooms 3 baths with a pool. Oversized hallways, custom built kitchen with granite countertops, soft-close cabinets, luxury quartz backsplash, top of the line stainless steel appliances, washer and dryer all included with the sale. Open concept living, dining, and kitchen with large pantry. Includes a 1st floor study, primary suite with ensuite and walk-in closet, recessed lighting throughout, updated fixtures, extended patio with ramada, high quality turf, and a Pebble Tech pool.

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6516 W Tonto Drive Glendale, AZ 85308

$559,900

4 Beds

2 Baths

1,865 SqFt

Status Active

MLS # 6724766

Property Type Single Family Residence

Price Type --

Location, location, location! Freshly painted interior and exterior, newly carpeted 4 bedroom, 2 bath home in Arrowhead Ranch. The interior features vaulted ceilings and many windows, filling the home with natural light. A large open kitchen with an ample amount of 20'' maple cabinets, black appliances, a large island with seating and eat-in kitchen area perfect for a large family to gather in. Enjoy cozy evenings by the gas fireplace in the family room with wood flooring complimenting the cabinets. Step outside to an extended covered patio that overlooks a beautifully mature, tranquil landscaped backyard. Cabinets in laundry and garage. Located close to the Loop 101 for convenience, shopping and restaurants. 4 parks and lakes in a prestige neighborhood at Highlands in Arrowhead Ranch

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2438 W Shackleton Drive Anthem, AZ 85086

$559,900

4 Beds

2 Baths

2,143 SqFt

Status Active Under Contract

MLS # 6685079

Property Type Single Family Residence

Price Type --

Gorgeous home on a corner lot, 3 bedrooms plus a Den and an attached casita. Come enjoy the Anthem lifestyle Diamond canyon school walking distance . Welcome to our home you will be impressed with the entry way, new lighting that invites you into the formal living space or the Big Den. Beautiful white cabinetry in the kitchen with custom back splash, New 5 ton HVAC system Large Family Room Overlooks the beautiful pebble tech play pool. Updated pool equipment and custom Decking as well as Artificial turf make this an carefree oasis. The Primary bedroom has a separate exit to the pool area, Nice big bath with a huge walking closet. the secondary bedrooms are nice sizes . Upgraded hall bath with custom lighting. Private casita with a separate exit and HVAC. The pool has been drained and acid washed, ready for the perfect summer oasis . Please note the pool can be used as chlorine or salt water. The pool decking was created by Allied Solutions, it is a handcrafted flagstone and hand painted cool deck. No more burning feet! Please notice the new Honeywell 5 ton energy saver A/C unit for the main house. It will be with you in Warranty. Gorgeous kitchen with hand painted white cabinets and custom granite countertops and updated kitchen sink and new faucet. Upgraded lighting in the Kitchen and Baths. New carpet in the gym room and closets. The garage has new door opener and springs. AAA rated elementary school Diamond Canyon is walking distance. This perfect location offers walking paths and access to hiking and the great outdoor activities. Come enjoy everything Anthem has to offer!

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3936 E Rosemonte Drive Phoenix, AZ 85050

$559,900

3 Beds

2.5 Baths

1,924 SqFt

Status Active

MLS # 6747563

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous neighborhood! Charming location conveniently located to the SR51 for a quick trip to Downtown, Old Town, or Arcadia for endless possibilities of fun & entertainment but also with the option to take the low roads to Desert Ridge's shopping area with fun dining places. This family home has enough room for everyone with 3 bedrooms and a spacious loft upstairs . As you enter through the front door you are greeted with a positive feeling from the tall ceilings in the Great Room & lots of natural light from all the windows. The Kitchen is also fabulous with tons of cabinet & counter space featuring the coveted color scheme or light, white & bright with granite counter tops, stainless steel appliances & pull-outs for organized storage in your lower cabinets. Lots of options for dining space in this home. The room off the Kitchen has versatility for use as a formal dining area, relaxed living space or even work area. The backyard is perfect for entertaining with extra grass for a children's play area or a dog-run!

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1826 E Fairmount Avenue Phoenix, AZ 85016

$559,900

4 Beds

3 Baths

1,948 SqFt

Status Active Under Contract

MLS # 6722818

Property Type Single Family Residence

Price Type --

Welcome Home! Guest House! Vintage 1950's Charm with Modern Design! 5 Minutes from Whole Foods Market. No HOA. Open Floor Plan. Daylight Throughout. EV Car Charger. 200 Amp Electric Panel. Spray Foam Insulation at Master Bedroom. Desert Rock Garden. Sandblasted Original Concrete Masonry. New AC 2020. New Roof 2016. Energy Efficient Windows. Plumbing Lines replaced to the City Connection 2021. Designer Kitchen. Huge Backyard. The upgrades and amenities can't be beat at this price point!

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13658 W Sandridge Drive Sun City West, AZ 85375

$559,900

2 Beds

2.5 Baths

1,735 SqFt

Status Active

MLS # 6701105

Property Type Single Family Residence

Price Type --

Just reduced $10,000! Tucked away in the heart of Sun City West is a beautiful, two years young home! Single story, 2 bedrooms, 2.5 baths, and den with closet is currently being used as large formal dining room. Blinds on most windows. Two-car garage! Large, beautifully landscaped lot with lots of pavers and artificial turf. Beautiful plantings add to the ambiance on this gorgeous view overlooking the golf course, lakes and mountains. Surrounded by view fence and walls, the yard is very private. Kitchen features 42'' cabinets, granite countertops and GE SS appliances, tile and laminate flooring. Shopping, recreation center and churches are a short distance away. You will love this location!

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19781 W Exeter Boulevard Litchfield Park, AZ 85340

$559,900

3 Beds

2.5 Baths

2,129 SqFt

Status Active

MLS # 6714581

Property Type Single Family Residence

Price Type --

When Minimalist meets Elegance, It Truly does not get better than this! Feast your eyes on this Toll Brothers Beauty located in the Famous Verrado Community! This home boasts 3 generous bedrooms, a spacious Den/Office enclosed by STUNNING $20,000 Custom Steel Partition doors and 2.5 Bathrooms! The great room is welcomed by tons of natural light, but can be darkened with beautiful White Blackout Shades! The Top of the Line Chef's Gourmet Package features KitchenAid Appliances with a Large Hood and In-Island Drawer Microwave! Pristine Hydro Water Filtration System and Soap Dispenser accompany the Kitchen Sink! Beautiful Mosaic Tile backsplash catches your eye immediately! Master Bedroom suite is very roomy with dual vanity, walk in shower and Large Walk in Closet. You have NEVER seen a yard like this! The Definition of ZEN. The Custom White Stuccoed Enclosed yard features a wide variety of fruits and veggies, no more grocery shopping for your produce! The self sufficient yard includes Fruit trees including 5 mango varieties, avocado, pomegranate, peaches, lemons, limes, oranges, grape vines, bananas, Jamaican cherries!! But it doesn't stop there! It also has 2 custom raised garden beds with automatic irrigation. Currently growing brandywine tomatoes, beans, cabbage, thyme, mint, rosemary, collards, zucchini, cucumber and Carrots! WOW! Both garages are fully epoxied, the 2 car garage has an Electric Car Charger and the Single Car Garage has a Split AC Unit as well as Spray Foam insulation to keep it cool to be used as an additional work space! The entire home is equipped with a Full Filtration system including a Water Carbon Filter and Water Softener System!

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9185 N Linnet Road Casa Grande, AZ 85194

$559,900

2 Beds

2 Baths

1,608 SqFt

Status Active

MLS # 6735555

Property Type Single Family Residence

Price Type --

Nestled in a quiet neighborhood with a paved road and no HOA, this cozy cottage has been thoughtfully remodeled and is truly turnkey! Set on over 4.7 acres, this horse property is packed with character and modern upgrades. Step inside to find stunning wood and stone accents throughout, giving the home a warm and inviting feel. The layout now includes 2 full bathrooms, a spacious dining area with beautiful views of the property, and a kitchen that's perfect for entertaining. The kitchen features stainless steel appliances, abundant cabinet space, and a chiseled-edge granite island that's sure to impress. Outside, enjoy the best of country living with multiple outdoor living spaces wrapped in a paver walkway, all surrounded by a beautiful, low-maintenance desert style landscape. Large, mature trees greet you at the spacious entryways to the property. The property is fully equipped for horses with pipe corral fencing, a mare motel, a tack room, and there's even large RV/trailer covered parking. A detached 2-car garage with an electric opener adds even more convenience, with a portion of the property next to the garage boasting a well-maintained chicken coop. With its serene setting, beautiful upgrades, and ideal setup for horse enthusiasts, this home is ready for you to move in and start living your country dream!

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13827 W Banff Lane Surprise, AZ 85379

$559,900

5 Beds

3 Baths

3,435 SqFt

Status Active

MLS # 6715722

Property Type Single Family Residence

Price Type --

Step into your ideal home! This exquisite residence welcomes you with freshly painted interiors and showcases stainless steel appliances in the expansive kitchen. Revel in the convenience of a 3-car garage and bask in relaxation on the balcony, offering tranquil views of the serene neighborhood. Boasting a harmonious blend of tile and carpet flooring, along with 5 bedrooms, 3 bathrooms, and a versatile den space, this home provides ample room for every lifestyle need. Venture into the backyard, complete with a glistening pool—perfect for both entertaining guests and unwinding in the sunshine. Don't let this chance slip away—seize the opportunity to transform it into your very own slice of paradise!

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14108 W Lisbon Lane Surprise, AZ 85379

$559,900

5 Beds

3 Baths

3,675 SqFt

Status Active Under Contract

MLS # 6742027

Property Type Single Family Residence

Price Type --

Discover this HUGE beautifully remodeled 5 bed 3 bath gem nestled in the heart of Surprise. As you pull up, you'll notice a 3 car garage with extra parking in front of a RV gate that has a gigantic concrete pad that extends to the back of the property. There, you'll find a HUGE covered patio, tastefully designed low maintenance yard and a gas stub for your future BBQ. As you step inside you'll be greeted by a great room that seamlessly connects to a beautifully updated kitchen, huge family room with surround sound and a bathroom and bedroom that would be perfect for a mother-in-law setup or office. Upstairs, you'll find an oversized loft perfect for family or game nights, HUGE master bedroom with a HUGE walk in closet, 3 other bedrooms with walk in closets and a bathroom Recent updates include new interior and exterior paint, new flooring, new quartz countertops, new baseboards, tile backsplash in the kitchen, ceiling fans, fixtures, etc.. With all the space and parking, this home would make a great multi-generation setup or a perfect Family forever home. Come take a look before it's gone!

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1026 E Renee Drive Phoenix, AZ 85024

$559,900

3 Beds

2 Baths

2,220 SqFt

Status Active

MLS # 6738769

Property Type Single Family Residence

Price Type --

Brand new to the market and priced to sell! This 3 bed, 2 bath home has over 2200 sq ft with 2 large living spaces. The 2nd living space could be a large 4th bedroom, an office, or a mother-in-law suite. Over $50K was spent on the recent remodel! No HOA and situated on nearly a 1/4 of an acre with raised garden beds, a custom storage shed, RV Gate, and plenty of additional parking space for your boat, RV, or other toys. The kitchen was recently remodeled to an open concept featuring beautiful leathered granite, new stainless appliances, gorgeous tile backsplash, and new white shaker cabinets. Plus, a newer AC, new windows, and a new high-end jacuzzi were recently added. The previous owner updated the master bath, and the owner's suite features a large walk-in closet and French doors leading out to the oversized covered patio, which runs nearly the length of the home. Come see this lovely home before it sells and experience its undeniable charm. It is located in a quiet North Phoenix neighborhood just minutes away from Desert Ridge, North Scottsdale, and tons of shopping and restaurants.

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10433 E Tesla Avenue Mesa, AZ 85212

Open House

$559,900

2 Beds

2 Baths

1,694 SqFt

Status Active

MLS # 6750655

Property Type Single Family Residence

Price Type --

2bdrm/2bth home located in an active adult community. 1,694 sq ft home features an extended den, & great rm which boasts an open-concept plan with a 12' multi-slider off the nook, allowing ample natural light to flow through. The kitchen is equipped with SS appliances including a gas stove, staggered maple cabinets, granite counters, & a lg island, complemented by a W-I pantry & a laundry rm with a utility sink. Primary bath offers a raised vanity with dble sinks, W-I shower, & W-I closet adding a touch of luxury. This home has a 2 car garage, on a corner lot that backs to a common area. The extended covered patio boasts travertine overlay, gas fire pit & turf providing a low maintenance yard! Community offers pickle ball, tennis, bocci ball, a club house with workout facility & much more

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