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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934 E 8th Street Mesa, AZ 85203

New

$559,000

4 Beds

3 Baths

1,992 SqFt

Status Active

MLS # 6762171

Property Type Single Family Residence

Price Type --

This beautiful remodeled home is a must see and features 4 bedrooms, 3 baths, updated kitchen with white shake cabinets, granite counters, stainless steel appliances, gas range, stainless steel hood vent, upgraded baseboards, laminate flooring through out, upgraded bathrooms with ceramic surrounds, granite countertops, under-mount sinks, double pane windows, barn door closet doors thru out. 4th bedroom has separate entrance for a perfect guest quarters. House is situated on oversized N/S lot, with sparking play pool, gazebo with built in smoker, garden area, and plenty of room for entertainment. Great location to schools, shopping, and highways.

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33575 N Dove Lakes Drive Unit 2028 Cave Creek, AZ 85331

$559,000

3 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6750727

Property Type Apartment

Price Type --

This beautiful condo offers 3 spacious bedrooms & 2 bathrooms, including a stunning custom tile shower & a large private balcony to enjoy the AZ weather. As a truly turn-key corner unit, overlooking 1 of 2 serene community pools w/ the 2 fitness centers nearby, a 2-car garage & private driveway, this could be ideal for seasonal residents to enjoy & potentially rent out (30-day minimum) when not in town. The open-concept living space includes a nook for a desk & an elegant modern gas fireplace as the focal point. Newer stainless-steel appliances, granite counters, newer washer & dryer, and fresh interior paint. Quick access to Dove Valley Ranch Golf Course, grocery stores, and the town of Cave Creek. Perfect for those seeking an updated, low-maintenance lifestyle in a prime location!

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2517 E Highland Street Mesa, AZ 85213

$559,000

3 Beds

2 Baths

1,872 SqFt

Status Active

MLS # 6756519

Property Type Single Family Residence

Price Type --

No HOA Neighborhood. Convenient Mesa Location. This home has been Updated/Upgraded. New ROOF. POOL! New Carpet in the bedrooms. Home Features 3 Bedrooms, 2 Bathrooms & a Den! Kitchen and bathrooms have been updated. Main Bath has a door leading out to the backyard. The large Eat In Kitchen has Granite Counter Tops and plenty of cabinets. Family Room right off the kitchen which leads out to the covered patio and POOL. Formal Living room. Separate Laundry Room. Backyard has an RV gate and pad to park toys. Two car garage. Seller is offering $5000 in concessions. Walking Distance to schools. Close to the 202, 60 and 101. Close to Sky Harbor, ASU, Golf, Hiking, Tempe Marketplace, Mesa Riverview, dining, shopping, Cubs spring training. Must See Today.

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30384 N 128th Lane Peoria, AZ 85383

$559,000

5 Beds

3 Baths

2,253 SqFt

Status Active

MLS # 6760191

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Vistancia Village! Displaying a 2-car garage, RV gate, & a cozy front porch. Discover a pleasing interior that has been tastefully renewed, featuring plantation shutters, custom paint, wood-look tile flooring, & soaring ceilings in the large living/dining room. You'll love to host lively get-togethers in the harmonious great room w/sliding glass doors to the back patio. Open-concept kitchen offers recessed lighting, abundant cabinetry, a pantry, SS appliances, tile backsplash, an island, & granite counters. Be impressed by the main retreat, complete w/a private balcony, plush carpet, an ensuite w/dual sinks, an enclosed glass shower, & a walk-in closet. Serene backyard provides a relaxing covered patio & tons of space for all your fun gatherings. Don't miss!

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4034 N Ranier -- Mesa, AZ 85215

$559,000

3 Beds

2 Baths

1,717 SqFt

Status Active

MLS # 6757131

Property Type Single Family Residence

Price Type --

WOW! A Complete REMODEL in Red Mountain Ranch! This FABULOUS Interior features NEW WOOD LIKE FLOORING & BASEBOARDS, NEW INTERIOR/EXTERIOR PAINT, Vaulted Ceilings, Plantation Shutters Throughout, Beautifully Appointed KITCHEN INCLUDES NEW SHAKER CABINETS AND QUARTZ COUNTERTOPS, SS Appliances, And NEW Recessed Kitchen Lighting ADDED! NEW Tile Wrap on Fireplace at the center of the large living & dining room. NEW CUSTOM Entertainment & SHELVING UNIT IN LIVING Room. BOTH BATHROOMS FULLY REMODELED, Master Suite Offers Outdoor Access, An Ensuite With Dual Sinks, NEW CABINETS AND Two Spacious GUEST ROOMS! NEW ROOF 2020 & AC IN 2019, And NEW WATER HEATER IN 24'! YOU WILL LOVE THE RESORT STYLE BACKYARD for Entertaining! Comes with an enticing POOL W/ AMAZING MOUNTAIN VIEWS AND SUNSETS!

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3941 W Salter Drive Glendale, AZ 85308

$559,000

3 Beds

2.5 Baths

1,975 SqFt

Status Active

MLS # 6756371

Property Type Single Family Residence

Price Type --

PRIME LOCATION with OWNED SOLAR! Spacious 3-Car Garage! Discover this stunning two-story home that perfectly blends style, functionality, and location! Situated in a highly sought-after area, this property is a gem that offers both convenience and comfort. The home boasts an open floor plan with a versatile flex space on the main floor, ideal for an office, formal living room, or whatever suits your lifestyle. Upstairs, you'll find a cozy loft, three spacious bedrooms, two full bathrooms, and a large laundry room for added convenience. The master suite is a private retreat with dual sinks, a generous linen closet, and a thoughtfully designed layout. The heart of the home is the upgraded kitchen, featuring a central island, beautiful staggered Maple Smoke cabinets with crown molding, and sleek granite countertops. Perfect for entertaining and everyday living! Step outside to the backyard, complete with a covered patio, offering a great space for relaxation or hosting gatherings. The garage also opens to the backyard for easy moving. The yard is also an ideal play area for children. Additional upgrades include premium carpet, ceramic tile flooring, and must-have appliances - the washer, dryer, RO system, water softener, and refrigerator are all included! With owned solar panels, you'll enjoy energy efficiency and cost savings. This home is move-in ready and won't last long at this price! A perfect fit for families looking for a great community and modern living. Don't miss out!

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43154 N Outer Banks Drive Anthem, AZ 85086

$559,000

4 Beds

2 Baths

2,153 SqFt

Status Active

MLS # 6753584

Property Type Single Family Residence

Price Type --

Discover this stunning Tuscan-style home, featuring 3 bedrooms plus a den and breathtaking mountain views. Designed with elegance and comfort in mind, this residence offers a formal living room and dining room, perfect for entertaining, while the spacious great-room provides a welcoming space for everyday family living. The home showcases luxurious travertine flooring throughout, complemented by granite countertops and a travertine and marble backsplash in the kitchen, creating a seamless blend of style and sophistication. You'll love the location of this home as it is close to dining, shopping and entertainment not to mention the community pools, parks and clubhouse that are waiting just for you.

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1970 W Ringo Road Wickenburg, AZ 85390

New

$559,000

2 Beds

2 Baths

2,117 SqFt

Status Active

MLS # 6763167

Property Type Single Family Residence

Price Type --

No age restriction,small gated enclave of 14 homes located in Wickenburg Country Club estates. Northwestern Maricopa County, this golf course community boasts scenic mountain views and quick access to attractions like Vulture Peak and the 700-acre Hassayampa River Preserve. Beautiful newer home, located in the serene and private, minutes from the charming downtown and shopping area. home features two bedrooms, an office or dining area. Primary bedroom /bathroom. Covered back patio facing the golf course AND mountain views. Offers granite counters, stainless steel appliances, shaker style white cabinetry with soft close doors, Designer hardware, seperate laundry Room, an energy-efficient 14-seer HVAC, Dual pane low-E windows, and R-38 Cathedral Attic insulation.

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25413 W Pueblo Avenue Buckeye, AZ 85326

$559,000

3 Beds

2 Baths

1,747 SqFt

Status Active

MLS # 6697259

Property Type Single Family Residence

Price Type --

Discover comfort and opportunity with this charming 3 bed, 2 bath home in Northwood Park. On a spacious 1-acre lot, this property offers endless possibilities for building a pool, keeping horses, and storing all your toys and RVs. The cozy dining and living area features wood-look tile flooring, high ceilings, and a neutral palette. The practical kitchen provides ample cabinet and counter space, a pantry, and stainless steel appliances. Unwind in the comfortable primary bedroom with soft carpet, a bay window, a walk-in closet, and a private ensuite with dual sinks. The expansive backyard has irrigation rights, to ensure a reliable source of water for landscaping, gardening, and any agricultural activities, even in dry seasons.

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19584 W San Miguel Avenue Litchfield Park, AZ 85340

$559,000

3 Beds

2.5 Baths

2,757 SqFt

Status Active

MLS # 6728120

Property Type Single Family Residence

Price Type --

Seller is open to Buyer Concessions with an appropriate offer. Popular Pulte Homes Parklane floor plan sits on a premium 8,335 sq. ft. lot that backs to common area with mountain views! This amazing 2,757 sq ft home features an upgraded corner sliding glass door in the great room, 3 bedrooms, 2.5 baths plus a large den and bonus room (easily converted to bedroom 4!). The chef's kitchen has upgraded cabinets, granite counters, under-mount SS sink, Whirlpool stainless steel gas appliance package with 6 burner cooktop and wall ovens, walk-in pantry, large island with breakfast bar and pendant light prewire. The owner's suite is spacious with a bay window extension and the owner's suite bath features a floor to ceiling glass walk-in shower with tile and rain shower head, dual sinks and a large walk-in closet. Secondary bedrooms are split with walk-in closets and share bath 2 with tub/shower combo. Additional features include 9 ft ceilings, upgraded 8 ft interior doors, generous LED canned lighting throughout, custom interior paint, surround sound prewire in the great room and bonus room, gas stub to dryer and at rear patio for future BBQ, oversized rear covered patio, whole house filtration system, pre-plumb for sink in the laundry room and Pulte Smart Home features: structured wiring panel, RG-6 TV, Cat-6 data cables and Cat 6 Data Wireless Access Point (WAP). This is an Energy Star Home with a 55 HERS rating, 2 - 15 SEER HVAC units with 3-wireless/programmable t-stats, tankless/gas water heater, blown-in cellulose insulation and low-E, dual pane, vinyl frame windows. This home is two and a half years old and still carries Pulte Homes' 5-year leak protection and 10-year structural warranties.

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4250 S Hohokam Drive Sierra Vista, AZ 85650

$559,000

3 Beds

2 Baths

3,497 SqFt

Status Active Under Contract

MLS # 6680161

Property Type Single Family Residence

Price Type --

Priced to sell! You won't want to miss this well-maintained home. NO HOA! One acre lot, over 3400 sqft & this home has 3 bedrooms, 2bath, plus a den, with 3 car garage, HUGE bonus room, extra family room, Formal dining room, Kitchen remodeled in 2024, Lazy Susan & pull-out cabinet drawer, backsplash, new stove, new vinyl flooring, Bay windows & plantation shutters, wood pellets fireplace, gutters throughout the home, extra-large laundry room w/ laundry sink. Water softener owned, interior & exterior freshly painted, RV gate, 50amp RV Electrical plug, and RV parking, circle driveway, & storage shed, garden area, many fruits trees in back, Persimmon, Pear, Lemon, Peach, Plum, and much more. This home is conveniently located & it is a quick drive to Fort Huachuca. Call for personalized tour

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31834 N 124th Drive Peoria, AZ 85383

$559,000

5 Beds

3 Baths

3,088 SqFt

Status Active Under Contract

MLS # 6715127

Property Type Single Family Residence

Price Type --

Check out all the upgrades!! On amazing lot! 5 bedroom, 2.5 car garage. See features and benefits for full list of upgrades! Close to the beautiful Mystic Clubhouse! Gorgeous view lot with merging trails literally in your backyard, Full front yard and backyard landscaping complete with pet turf (stays cooler and easier cleanup), set up space to add spool later and bbq area, Sunscreens installed on north and south windows, Chef kitchen, with 42'' upper cabinets upgraded stainless steel cafe smart appliances that can be controlled with app on phone (dishwasher and oven) , quartz counter tops throughout! Just to name a few upgrades! (See documents tab for complete list of upgrades) Seller to have professionally cleaned upon closing

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