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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1225 E San Angelo Avenue Gilbert, AZ 85234

$557,900

4 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6736782

Property Type Single Family Residence

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Discover your dream oasis in the heart of Gilbert with this stunning move-in ready 4-bedroom, 2-bathroom POOL home, nestled in a serene neighborhood with NO HOA! Step inside and be greeted by a spacious living room, featuring soaring vaulted ceilings and oversized windows that bathe the space in natural light. This highly sought-after floor plan boasts a welcoming great room, seamlessly connecting an open kitchen and a cozy family room adorned with a beautiful fireplace—perfect for entertaining and everyday living. Recent updates include fresh interior paint, meticulously manicured landscaping, essential roof repairs, a brand-new stainless steel dishwasher, and a revitalized pool that's been drained, acid-washed, and freshly filled. Don't miss this opportunity to live in a beautifully updated home that effortlessly blends comfort, style, and functionality. Come see it today and let your next chapter begin!

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20038 N 38th Lane Glendale, AZ 85308

$557,500

4 Beds

2 Baths

1,813 SqFt

Status Active

MLS # 6744170

Property Type Single Family Residence

Price Type --

This beautifully renovated 4-bedroom, 2-bathroom property seamlessly blends modern upgrades with classic charm, offering a comfortable and stylish living space perfect for families and entertainers alike. The open-concept layout welcomes you with abundant natural light, enhancing the warm and inviting atmosphere. The fully updated kitchen features sleek marble stone countertops, stainless steel appliances, and custom cabinetry, ideal for the home chef. Unwind in the master suite, complete with a private, spa-like bathroom boasting a double vanity, walk-in shower, and elegant finishes. Three additional bedrooms provide ample space for family, guests, or a home office. Step outside to your private backyard retreat. The sparkling pool, surrounded by lush landscaping, turf and a spacious patio with mister system, creates the perfect setting for summer gatherings or peaceful relaxation. Located near the desirable Deer Valley area, this home offers convenient access to top-rated schools, shopping, dining, and outdoor recreation. Enjoy the best of suburban living while being just a short drive from city amenities. This move-in-ready home is a rare find in a sought-after neighborhood

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1043 E Sahuaro Drive Phoenix, AZ 85020

$557,000

3 Beds

2 Baths

1,765 SqFt

Status Active

MLS # 6698284

Property Type Single Family Residence

Price Type --

Discover your dream home nestled in the serene Pointe Tapatio Community. This charming 3-bedroom, 2-bathroom residence offers a perfect blend of comfort and style, featuring a cozy fireplace, modern stainless steel appliances, and a spacious 2-car garage. Situated on a peaceful cul-de-sac, the property boasts a lush grass back yard and an inviting backyard patio, ideal for relaxation or entertaining. Residents enjoy access to a community pool, enhancing the allure of this delightful home. With proximity to top-rated schools, recreational spots like North Mountain Park, and shopping at Hatcher Village Shopping Center, this location is unbeatable. Embrace the opportunity to create lasting memories in a home designed for a lifestyle of convenience and leisure.

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14560 N 87th Drive Peoria, AZ 85381

$557,000

3 Beds

2.5 Baths

1,783 SqFt

Status Active Under Contract

MLS # 6725258

Property Type Single Family Residence

Price Type --

Discover unparalleled waterfront living with this stunning property, offering breathtaking sunsets and serene water views. This exceptional home boasts a gourmet kitchen that's a chef's dream, featuring upgraded stainless steel appliances and elegant quartz countertops. Perfectly designed for both everyday living and entertaining, the open floor plan enhances the indoor-outdoor connection, allowing you to savor tranquil waterside moments and vibrant sunset skies. Whether you seek a primary residence or a luxurious second home, this property promises a lifestyle of comfort, sophistication, and natural beauty. Don't miss this rare opportunity to own a slice of paradise.

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1015 E Concorda Drive Tempe, AZ 85282

$557,000

3 Beds

2 Baths

1,581 SqFt

Status Active

MLS # 6693533

Property Type Single Family Residence

Price Type --

Recently remodeled with all the updated, stylish amenities. Open floor plan with living, dining and family room. Quartz counters, large island, gray cabinets, marble backsplash, door to the backyard. New flooring, fresh paint. Easy maintenance inside and out. Excellent central location and 1 mile to ASU. Close to waterfront, downtown Tempe, all major freeways and short miles to downtown Scottsdale. Perfect for investment and for personal home. Popular schools and close to Meyer Park. All furnishings available for purchase. Turn key and ready for your new life!

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26439 S 231st Way Queen Creek, AZ 85142

$556,200

3 Beds

2 Baths

2,105 SqFt

Status Active

MLS # 6673352

Property Type Single Family Residence

Price Type --

This is a brand new Quick Start Home under construction in Queen Creek, with a Ranch elevation. 3 bed, 2 bath, plus den. Stainless Steel Gourmet Whirlpool kitchen appliances include 36'' gas cooktop and chimney hood, microwave, built-in oven, and dishwasher. White cabinets, tile backsplash and wood look tile floors. Move in anticipated for Aug/Sept. Please ask about our special financing incentives!

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9279 W Mine Trail Peoria, AZ 85383

$556,000

4 Beds

2 Baths

2,337 SqFt

Status Active

MLS # 6725940

Property Type Single Family Residence

Price Type --

Welcome home to this stunning 4 bedroom, cul-de-sac lot located in the prime North Peoria location. Curb appeal is enhanced by stone front accents and mature landscape. Upgraded shutters throughout provide light and bright interior. Expansive kitchen with a center island overlooking the family room is great for entertaining or warm family gatherings. Cozy up in the master bedroom by enjoying your nightly soak with a jet massage bath. Backyard oasis includes an extended paved patio area, with numerous fruit trees and paved side yard walkway. The car enthusiast will love the 3 car garage with built in cabinets and work area with a door exiting to the side yard.

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28430 N 51st Street Cave Creek, AZ 85331

$555,995

3 Beds

2.5 Baths

1,710 SqFt

Status Active

MLS # 6758424

Property Type Single Family Residence

Price Type --

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9859 W Potter Drive Peoria, AZ 85382

$555,900

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6748059

Property Type Single Family Residence

Price Type --

Welcome to your beautiful, corner lot home located in the highly popular Parkridge community. This gorgeous home features an updated kitchen with new quartz countertops, matching stainless steel appliances with built-in microwave, freshly painted cabinets, a large island with breakfast bar, and high vaulted ceilings. The primary suite features a double door entry, vaulted ceilings, bay window, a full bath with dual sinks, a separate tub and shower set up, and spacious walk-in closet. The backyard features a sparkling dive pool, an entertaining area with an outdoor fireplace, and covered patio. This one is move-in ready.

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20931 E Via Del Sol Street Queen Creek, AZ 85142

Open House

$555,541

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6754262

Property Type Single Family Residence

Price Type --

SELLER CONSESSION AVAILABLE ON THIS QUICK MOVE-IN NEW CONSTRUCTION HOME! Located Close to Queen Creek Marketplace Shopping, Dining & Entertainment, this Community has Parks, Tot Lots, BBQ's, Basketball Courts, Soccer Field and is just steps to the 8-Mile Walking Trail. This Beautiful Home is located in the Cul-de-sac and has the upgrades your clients are looking for: All Appliances Including Stainless Refrigerator, White Washer & Dryer, Stainless Gas Cooktop with Double Wall Ovens, Beautiful Cabinetry w/Hardware, Plank Tile Flooring, Quartz Kitchen Countertops, Front yard landscaping and so much more! Backyard is large enough for a future pool. We are in Close-Out with a limited number of homes remaining. Don't Wait, Come See This Home Today!

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15314 W Camino Estrella Drive Surprise, AZ 85374

$555,000

3 Beds

2 Baths

2,298 SqFt

Status Active

MLS # 6686902

Property Type Single Family Residence

Price Type --

Furnished entertainer's dream home! This spacious home boasts an open layout w/vaulted ceilings. Gather around the cozy gas fireplace in the expansive Great Room w/plantation shutters. The kitchen is a chef's delight, featuring cherry cabinets w/crown, Corian counters & backsplash, pull-out drawers, abundant counter space + bkfst bar & table area. Retreat to the primary suite with a bay window, double sinks, closet organizers, tub, & shower. Den offers a built-in desk & shelves for a perfect work or craft space. Crown molding in many rooms. Step outside onto your large patio with BBQ kitchen, epoxy coating & a pony wall for added privacy. Plus, there's a charming front courtyard for additional outdoor enjoyment & sunset views. Garage w/cabinets, wkbnch & golf cart pkg. Fenced yard

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16143 W Charlotte Drive Surprise, AZ 85387

$555,000

3 Beds

3 Baths

2,160 SqFt

Status Active

MLS # 6752054

Property Type Single Family Residence

Price Type --

his brand new Fulton home, known for its quality and stunning designs, is ready for move-in! Featuring over $75K in premium upgrades, this bright and spacious great room plan includes 3 bedrooms, a den, and 3 bathrooms. Enjoy 9' ceilings, a gourmet kitchen with upgraded cabinets, granite countertops, and a custom backsplash. The split floor plan includes a large primary bedroom with a luxurious spa super shower in the primary bath, and elegant wood-look tile flooring throughout. Additional features include 2'' white blinds, ceiling fans, fully landscaped front and backyards, and a 3-car tandem garage. Situated in front of the park with a paver entry. his Energy Star certified home with Indoor airPLUS certification is conveniently close to the community pool, picnic area, tot lots, basketball and pickleball courts, and more. See Document for all upgrades.

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