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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9622 S 51st Street Phoenix, AZ 85044

Open House

$559,900

3 Beds

2 Baths

1,788 SqFt

Status Active

MLS # 6740192

Property Type Single Family Residence

Price Type --

Welcome to your oasis in Ahwatukee—a slice of the Arizona Grand Resort right at home! Located in the vibrant Ahwatukee Foothills, this luxurious and comfortable residence offers the ultimate Arizona lifestyle. Step into an open-concept living space filled with natural light, featuring modern and Spanish finishes. The gourmet kitchen boasts sleek granite countertops, high end Bosh appliances, Induction Range, and ample cabinetry—a chef's delight. The spacious living room, with its cozy fireplace, is perfect for entertaining or relaxing. The primary suite is a true retreat, with a newly remodeled ensuite bathroom featuring a spa-like shower, soaking tub, dual vanities, and a walk-in closet. Additional bedrooms are generously sized, providing ample space for family or guests. Meticulously situated on the Arizona Grande Golf Course Hole #9, the backyard oasis offers golf course views - highlighting lush landscaping, and a covered patioperfect for Arizona's sunny days and starry nights. Located in a friendly and private community, this home is just minutes from four community pools, spas, the Arizona Grand Resort, and is located near the base of prestigious South Mountain Preserve. The area features over 100 miles of trails designed for hiking, mountain biking, and horseback riding.Also hosting top-rated schools, beautiful parks, and popular spots like The Melting Pot, RA Sushi Bar Restaurant, Costco, Starbucks, and Safeway. Shopping and travel are a breeze with abundant shopping options within a 3-mile radius, Phoenix Sky Harbor Airport just 15 minutes away, and easy access to I-10 for seamless commutes to downtown Phoenix and beyond. Don't miss the chance to make this exquisite home your own. Experience the best of Phoenix living!

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823 W Blue Ridge Drive San Tan Valley, AZ 85140

$559,800

5 Beds

3 Baths

3,390 SqFt

Status Active

MLS # 6738876

Property Type Single Family Residence

Price Type --

Lowest Price per Sq Foot in the neighborhood! This spacious 5 bedroom property includes a full bedroom/bathroom suite on the ground floor, perfect for multi-generational living. Enjoy enormous amounts of storage, great local amenities, access to healthcare, shopping, and valuable environmentally friendly upgrades to save you $$ including OWNED SOLAR providing 13.94 kilowatts of power with 34 panels installed on the roof. This house is across the street from a K-12 school so you will never have to go through driveline again. Queen Creek Olive Mill, Schnepf Farms, The Pork Shop, Ironwood Hospital, Encanterra, a new Sprouts, and numerous other amenities & services are all within 1/2 mile to 3 miles. Kitchen features include shaker cabinets w/granite countertops, upgraded hand hammered copper kitchen sink, stainless appliances, refrigerator with dual ice makers, and large walk in pantry. There are 16 extra upper & lower cabinets extending into the casual dining space. Paired with the formal dining and cafe area, this home is ideal for parties & family/friend gatherings. Upstairs you'll discover a large owner's suite with standing shower and large walk in closet, a huge loft for a second family room or game room, 3 additional bedrooms with large walk in closets & shared split bathroom with dual sinks. The laundry room with utility sink upstairs provides convenience. Don't forget to check out the 3 bay garage with extra appliance outlets. North/South lot orientation, and 16,000 pounds of fresh landscape rock complete the package.

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5330 W Jackalope Lane Laveen, AZ 85339

$559,530

4 Beds

3 Baths

2,214 SqFt

Status Active

MLS # 6732836

Property Type Single Family Residence

Price Type --

MLS#6732836 October Completion! Experience modern luxury in the all-new Hudson model at Tierra Montana Encore. This stunning 4-bedroom, 3-bath home with a 2-car garage welcomes you with an elegant paver front porch. Step inside to discover a spacious open floor plan that seamlessly integrates the heart of the home. The kitchen, featuring pristine white quartz countertops and a gas cooktop with a single oven, caters to both culinary enthusiasts and everyday convenience. Relax in the generously designed living space, which offers both style and functionality. Retreat to the primary suite, complete with an ensuite bath and ample closet space for a peaceful escape. Three additional bedrooms and well-appointed bathrooms ensure comfort for both family and guests. Design options include: Signature Canvas Collection - Manuscript.

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2533 E Vista Bonita Drive Phoenix, AZ 85024

$559,500

3 Beds

2 Baths

1,460 SqFt

Status Active

MLS # 6752128

Property Type Single Family Residence

Price Type --

Great Family home in perfect central location with ease of access to the whole valley. This 3 bedroom, 2 bath home is well cared for and has nice upgrades recently done to the kitchen and bathrooms. Vaulted ceilings create a spacious environment for your living room and master bedroom. Beautiful flooring throughout with tile and new wood floors. New AC in 2017. New floors in 2021, New kitchen and bathrooms in 2023. 3 miles to Desert Ridge Marketplace. 2 miles to Costco. Come take a look at this gem before it is gone!

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17862 W Hedgehog Place Surprise, AZ 85387

$559,500

4 Beds

2.5 Baths

2,379 SqFt

Status Active

MLS # 6696233

Property Type Single Family Residence

Price Type --

*PRICED TO SELL!* Welcome home! Desired to own this beautiful residence in Desert Oasis! Den can easily be CONVERTED TO A BEDROOM! This value offers a 2-car garage, stone accents, and a low-care desert landscape. You'll love the thoughtfully designed interior boasting an open den ideal for an office or study and the perfectly flowing great room complemented by wide sliding glass doors leading to the back patio. Open-concept kitchen displays plenty of cabinetry with crown moulding, built-in appliances, quartz counters, and a center island with a breakfast bar. Discover the impeccable primary retreat showcasing plush carpet in all the right places, an ensuite with dual sinks, and a walk-in closet. With its covered patio, the large backyard is the perfect spot for unwinding after an exhausting day. This one-of-a-kind gem!

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14424 N 41st Court Phoenix, AZ 85032

$559,500

3 Beds

2 Baths

1,400 SqFt

Status Active

MLS # 6725145

Property Type Single Family Residence

Price Type --

Fully renovated & ready to move in property on a premium corner lot at Paradise Valley Oasis! This amazing home offers a large front yard with a no-fuss desert design and a 2-car garage. Discover an open concept with spacious living areas that merge seamlessly, promoting a greater traffic flow. This immaculate interior boasts new features throughout; recessed lighting, ceiling fans, soft paint, wood-look tile flooring, energy efficient windows, and contemporary LED fixtures. The brand-new kitchen showcases sophisticated white cabinetry, sleek quartz counters, new SS appliances, and an island with breakfast seating. The primary suite has a closet and an impeccable bathroom with a new sink vanity & a floor-to-ceiling tiled shower. Secondary bedrooms have closets w/ modern barn-style doors. In the massive backyard, you'll find endless potential to get creative & make it your own. Unbeatable location! Near schools, markets, restaurants, parks, shopping, and easy access to Fwys. What is not to like? Make an offer today!

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5314 W Hartford Avenue Glendale, AZ 85308

$559,500

4 Beds

2.5 Baths

2,054 SqFt

Status Active

MLS # 6756019

Property Type Single Family Residence

Price Type --

Owned Solar, a sparkling pebble tech pool AND fully renovated?! This home is a true gem. This renovated home has a gorgeous kitchen with custom cabinetry and countertops, new stainless steel appliances and an island. The entire home has brand new luxury vinyl plank flooring and carpet throughout. Upstairs, you will find all of the bedrooms AND a loft! Upon opening the double doors to the master suite, you will find plenty of space to relax. The master bath features a separate shower and bathtub as well as a dual vanity. Imagine your days relaxing by the pool in your spacious backyard and barbecuing under your covered patio. This home is ready for you!

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33002 N Pebble Creek Drive San Tan Valley, AZ 85143

Open House

$559,500

4 Beds

3 Baths

3,293 SqFt

Status Active

MLS # 6742840

Property Type Single Family Residence

Price Type --

Awesome two-story property ready to go! Fall in love with the manicured landscaping, 3-car tandem garage, and sweet curb appeal. The immaculate interior has pre-wired surround sound, ample living spaces with endless entertainment possibilities, sizable bedrooms, and an updated A/C unit for convenience. The open-concept kitchen features new stainless steel oven refrigerator and dishwasher, an island with a breakfast bar, granite counters, plenty of cabinets, and a walk-in pantry. In the oversized main retreat, you'll find a walk-in closet and a private bathroom for added comfort. Discover a serene backyard boasting a grassy area, covered patio, and sparkling blue pool. Electrical hookup also available for detached hot tub. Don't let this opportunity slip away!

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26191 S 228th Street Queen Creek, AZ 85142

$559,222

3 Beds

2.5 Baths

1,956 SqFt

Status Active

MLS # 6743326

Property Type Single Family Residence

Price Type --

This home offers 1954 sq ft, 3 bedrooms, 2.5 baths, enclosed study, and 2 car garage. Professionally designed with gourmet kitchen includ GE appliances and refrigerator, upgraded plank tile flooring, and finishes through out. Our homes include 10 ft ceilings, 2x6 construction, and amazing warranty service. Make new friends in the highly desirable community of Harvest, offering 2 pools, catch and release fishing, parks, splash pads, and walking trails.

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12406 W Cougar Drive Sun City West, AZ 85375

$559,000

3 Beds

2 Baths

2,864 SqFt

Status Active

MLS # 6701498

Property Type Single Family Residence

Price Type --

Discover the allure of this charming single-story sanctuary! Captivating front yard featuring a 2 car garage, enclosed patio, & manicures desert landscape with irrigation and accent lighting. Inside, the comfortable living/dining showcases bay windows. The spacious family room enjoys wood-look tile flooring, high ceilings, & arcadia door to the backyard, perfect for merging indoor & outdoor activities. End your gatherings in the centrally located formal dining room w/modern light fixtures. You'll love the meticulously designed kitchen that includes recessed lights, shaker cabinets, mosaic backsplash, granite counters, & skylights. Additional den, next to the family room, ideal for a game or crafting room. The bonus room can be used as a guest bedroom or office. The main bedroom boasts tile floors, bay windows, a sitting area, walk-in closet, & lavish ensuite. Be dazzled by the large outstanding backyard and enjoy the relaxing covered patio, extended seating areas, delightful landscaping, paver pathways, stone features, iron fencing & wonderful views of the 18th hole of Stardust Golf Course. This gem won't last for long!

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8728 E Pampa Avenue Mesa, AZ 85212

$559,000

4 Beds

2 Baths

2,105 SqFt

Status Active

MLS # 6749366

Property Type Single Family Residence

Price Type --

Welcome to your stunning home in East Mesa, perfectly situated in a prime location on a corner lot with convenient access to freeways, top-notch restaurants, excellent Gilbert schools, and a variety of shopping options. This home has a just be given a fresh coat of interior paint and new carpet. The Primary Bathroom has been completely remodeled from top to bottom and is absolutely gorgeous with walk in shower! This home has a great floor plan with large open kitchen, gas appliances, and massive living/dining room. There is also a surveillance system with a monitor that conveys.

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116 N 3rd Street Tombstone, AZ 85638

$559,000

3 Beds

3 Baths

1,404 SqFt

Status Active

MLS # 6746565

Property Type Single Family Residence

Price Type --

INVESTORS WELCOME!! THIS HOME HAS 3 - 1 BEDROOM UNITS FULLY FURNISHED FOR SHORT OR LONG TERM RENTAL OR PERSONAL LIVING PURPOSES. VERY COMFORTABLE RANCH STYLE HOME IN ''THE TOWN TOO TOUGH TO DIE''! QUIET STREET, WALK 3 BLOCKS TO ALL THE FUN IN ALLEN STREET! COVERED RV PARKING IS AN ADDITIONAL BONUS OR INCOME PRODUCING BENEFIT! OFF STREET PARKING AVAILABLE FOR GUESTS. WATCH THE BIRDS & ANIMAL PARADE JUST A STONE'S THROW FROM THE GORGEOUS GAZEBO WITH ''FIRE PIT/GRILL'' IN THE BACK YARD. LOWER LIVING SPACE COMES WITH ACCESS TO A MINE AND POSSIBLE GHOST.

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