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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4008 E Cholla Canyon Drive Phoenix, AZ 85044

$559,000

4 Beds

2 Baths

2,098 SqFt

Status Active Under Contract

MLS # 6732455

Property Type Single Family Residence

Price Type --

** ACCEPTED OFFER 9-21**THIS GORGEOUS HOUSE IS FULLY UPGRADED INCLUDING NEW PAINT, NEW CARPET AND TILE, NEW BLINDS, NEW CEILING FANS, NEW MIRRORS IN THE BATHROOM AND LIGHT FIXTURES, NEW BATH AND KITCHEN FAUCETS, NEW HARDWARE, NEW TOILETS, NEW APPLIANCES EXCEPT THE REFRIGERATOR WHICH IS ONE YEAR OLD, NEW A/C, NEW ROOF, ALL NEW LANDSCAPING WITH NEW IRRIGATION, NEW GARAGE DOOR AND THE LIST GOES ON!

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4449 W Keating Circle Glendale, AZ 85308

$559,000

4 Beds

2 Baths

2,038 SqFt

Status Active

MLS # 6744003

Property Type Single Family Residence

Price Type --

Here is your chance to own a GORGEOUS home completely renovated in 2024. Located in Bellair, one of Glendale's most desirable communities, on a large premium Cul-de-sac lot (over 1/4 acre), this beautiful single-level home boasts 4 bedrooms, 2 bathrooms, & over 2000sf of living space. Updated with luxurious finishes - You will not find a more stylish home in a great neighborhood under $600k. Entering through a covered entry highlighted with large wooden double doors, you'll notice the brand new floors across this open floorplan. Your eye is drawn across the great room to the tastefully remodeled kitchen featuring stunning quartz countertops, marble backsplash, new stainless appliances and new cabinets. Roomy master suite has walk in closet and bathroom that exudes modern luxury... The bathroom is equipped with attractive subway tile, quartz counters, modern black hardware and bluetooth-enabled speakers. Down the hall you'll find three spacious guest rooms, with private closets, and sharing an upgraded guest bathroom featuring the same amenities as the master aside from the walk-in shower. The home also offers a cozy living room with wood-burning fireplace, and an open family room tucked in its own corner of the house. The home has a 2-car garage, plus RV gate on the side. A large covered patio with built-in storage overlooks the expansive backyard - graded and ready to be made into your private oasis. Incredible neighborhood with frequent community events - the home is situated within walking distance from the Golf Course and clubhouse, pool, and pickleball. Don't miss the opportunity to make this home your own!

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20410 W Shadow Street Buckeye, AZ 85396

$559,000

4 Beds

2.5 Baths

2,474 SqFt

Status Active

MLS # 6710545

Property Type Single Family Residence

Price Type --

Very Verrado home now available! This community was built on tree lined streets front porch sitting while you over look a grass field with your kids, pets or neighbors playing a game right off the front porch. This home is all that! enjoy 8 months of weather on the front porch or find comfort in a meticulously maintained property with 4 beds 2.5 baths and a loft! Master bedroom is located downstairs providing cool summers and easy access. Shutters and custom trim cover the windows adding style and privacy, a fresh and clean kitchen await. located right across from Woods park, walking distance to main st and walking distance to high school. come check out this VERY VERRADO front porch dream of a property!

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933 S Parkcrest Street Gilbert, AZ 85296

$559,000

3 Beds

2 Baths

1,967 SqFt

Status Active

MLS # 6744655

Property Type Single Family Residence

Price Type --

PRICE REDUCTION! Now is the time to buy your home in Gilbert! Easy living all on one level, this 3 bedroom with a den (or 4th bedroom) is in a golf course community yet on a private lot. Low maintenance landscaping with some raised beds for gardening. The large kitchen includes newer stainless steel appliances, a breakfast area and an island with great flow into the dining room perfect for entertaining. The split bedroom floorplan is great for those who work from home, having guests or children. Awesome location close to the 202, San Tan Mall and all that has to offer, a plethora of restaurants entertainment. New HVAC 2023

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2664 E Sherri Drive Gilbert, AZ 85296

$559,000

4 Beds

3 Baths

1,796 SqFt

Status Active

MLS # 6749540

Property Type Single Family Residence

Price Type --

Discover the allure of this immaculate 4 bed 3 bath two-story home now available in Greenfield Lakes! ! It has been fully remodeled with a pleasing color palette and is ready for you! You'll love the generous living room enhanced with soaring vaulted ceilings, recessed lighting, freshly painted walls throughout, expansive windows, and wood-style flooring. The gourmet eat-in kitchen features sleek new stainless appliances, recessed lighting, quartz counters, and white cabinetry. Guest baths have new vanities, mirrors and fixtures. Venture upstairs to find the grand main suite offering soft carpeting, dual walk-in closets and a pristine ensuite with dual sinks and a glass tile shower. New fixtures as well in the main suite. The tranquil backyard invites you to relax and have fun with a covered patio and a refreshing pool. New Pebble sheen finish and new pool equipment. The front of the home displays stone accents, a 2-car garage, and an extended driveway. Don't let this one get away! This gem is move-in ready

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2513 W Darrow Street Phoenix, AZ 85041

$559,000

4 Beds

2.5 Baths

3,399 SqFt

Status Active Under Contract

MLS # 6746712

Property Type Single Family Residence

Price Type --

Spacious 4bedroom/ 2.5 bath property features open-concept design perfect for modern living. The master bedroom is conveniently located downstairs, offering added privacy and accessibility. Situated on a large lot with a backyard overlooks stunning mountain views, this home provides a peaceful retreat with plenty of outdoor space.

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2460 S Apache Drive Chandler, AZ 85286

$559,000

4 Beds

2.5 Baths

1,975 SqFt

Status Active

MLS # 6727216

Property Type Single Family Residence

Price Type --

GREAT PRICE! This charming 4 bedroom and 2.5 bathrooms, is nestled in the heart of Chandler, a community celebrated for its parks, top-rated schools, and great dining. The kitchen offers access to each room on the main floor and the living areas are perfect for cozy family gatherings! The master suite offers a bright ensuite bathroom and a walk-in closet. Outside offering a covered patio ideal for al fresco dining, low-maintenance landscaping, and a refreshing pool! Close to major freeways, conveniently located near shopping, dining, and Chandler Fashion Center.

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17378 W Pima Street Goodyear, AZ 85338

$559,000

5 Beds

3 Baths

2,999 SqFt

Status Active

MLS # 6738856

Property Type Single Family Residence

Price Type --

Seller Open to Negotiations of Buyer Concessions! Why wait for new construction? This fully updated 5-bedroom, 3-bathroom home in Goodyear, AZ offers all the modern upgrades you've been searching for! With a new roof (2023) and HVAC system (2014), this home provides peace of mind and modern comfort. The beautifully updated kitchen features sleek quartz countertops, while all bathrooms have been tastefully remodeled for a contemporary feel. Step outside to your private backyard oasis, complete with a sparkling pool and waterfall, newly redone cool decking, a safety gate, and low-maintenance astroturf grass—perfect for families. A downstairs bedroom and full bath make it ideal for guests or multi-generational living. The freshly painted interior and exterior brighten the space, and the 3-car garage provides plenty of room for storage and hobbies. Located in a family-friendly neighborhood with top-rated schools and parks nearby, this home is the perfect blend of style, space, and convenience. This move-in-ready home stands out with its fully upgraded featuresdon't miss out on this incredible opportunity!

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4938 N 78th Street Scottsdale, AZ 85251

$559,000

2 Beds

2 Baths

1,440 SqFt

Status Active Under Contract

MLS # 6742425

Property Type Townhouse

Price Type --

Townhome nestled in the heart of Scottsdale's Historic District and within the picturesque 55+ adult community of Villa Monterey, Enjoy modern comfort with historic charm within a hidden enclave of quaint streets, nearby walking and bike paths, shopping and restaurants. Step into the home and appreciate the open floorplan, natural light and backyard views. Kitchen features S/S appliances, new refrigerator, breakfast bar and shaker cabinets. Polished tile flooring & new wood grain laminate in bedrooms. Bedrooms are split, new AC unit in 2022. Enjoy the seamless transition between indoor/outdoor living through the spacious sliding doors which lead to your covered patio overlooking several citrus trees and maintenance free landscaping. The community offers heated pool and spa, clubhouse, fitness facility and picnic area. Convenience meets luxury as this home is within walking distance to Scottsdale Fashion Square, The Waterfront, Old Town Scottsdale and Scottsdale's legendary greenbelt. Make this home your new primary residence or vacation villa!

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9709 E Mountain View Road Unit 2703 Scottsdale, AZ 85258

Open House

$559,000

2 Beds

2.5 Baths

1,914 SqFt

Status Active

MLS # 6642840

Property Type Apartment

Price Type --

New Trane AC just installed!! This spacious and unique home offers great value with plenty of square footage. It is located on a private cul-de-sac with a beautiful fountain and features two master suites on a split floor-plan. The very private rooftop deck provides stunning 360-degree views of the mountains and sunsets, while the large front deck is perfect for entertaining guests. The garage has ample storage space and there is also a tandem carport. Make instant friends as this active community offers more than just tennis with clubhouse, fitness room, pools, tennis, Pickleball, a private pond and on site EV charging staions. Furniture can be included at no extra cost, with some personal items excluded. This is a centrally located and well-appointed home in a desirable community.

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1342 W Bartlett Way Chandler, AZ 85248

Open House

$559,000

3 Beds

2 Baths

1,807 SqFt

Status Active

MLS # 6715261

Property Type Single Family Residence

Price Type --

Ready to Move In, New Paint, Remodeled Kitchen and Bathrooms This enchanting 3-bedroom residence features a lush green front yard and a bright, airy interior with vaulted ceilings. The large living room, with its stone-accented two-way fireplace and new marble accent wall, overlooks the great room, perfect for lively entertainment. The formal dining room is ideal for hosting guests. The modern kitchen remodel offers new granite countertops, all new appliances, and a breakfast bar. The resurfaced and painted kitchen cabinets add a fresh, contemporary touch. WiFi switches and smart outlets are installed throughout the home. Latest 2023 Upgrades include: Whole house painting, new durable carpets in bedrooms, new whole house smart electrical outlets and fixtures (lights and ceiling fans), new water softener and RO system, new granite countertops in kitchen and bathrooms, new sinks and toilets in bathrooms, new marble accent wall around fireplace, all new appliances in kitchen and new modern Kohler walk-in shower.

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1734 W Banff Lane Phoenix, AZ 85023

Open House

$559,000

3 Beds

2 Baths

1,754 SqFt

Status Active

MLS # 6746175

Property Type Single Family Residence

Price Type --

Discover the allure of this turnkey single-story residence with no HOA! Double doors reveal an immaculately designed open layout enhanced with vaulted ceilings, recessed lighting t/out, plantation shutters, a bay window, calming color schemes, and stylish tile flooring. The heart of this home is the impeccable kitchen, outfitted with sleek stainless steel appliances, granite counters, tile backsplash, and chocolate brown cabinetry. The primary retreat is a sanctuary, highlighting a double-door entry, a walk-in closet, a sophisticated ensuite with dual sinks, a step-in glass shower, and outdoor access. The entertainer's backyard invites you to relax and have fun with a covered patio, artificial turf, and a refreshing pool ready to enjoy. This gem is move-in ready!

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