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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2045 E Orange Street Tempe, AZ 85281

$555,000

6 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6730083

Property Type Single Family Residence

Price Type --

Welcome to this beautifully renovated home, boasting a brand new facade with fresh exterior paint that exudes curb appeal. Step inside to discover a large open living space, freshly painted interiors and new flooring, creating an inviting atmosphere throughout. The kitchen showcases sleek quartz countertops, new appliances including a refrigerator and electric stove. Retreat to updated bathrooms boasting new vanities, and updated shower tiling completing the luxurious feel of this home. Step into the backyard ready for limitless possibilities and an RV gate! No HOA to tell you what you can or cannot do with your home! This residence epitomizes turnkey living at its finest, come see it for yourself !

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55091 W Pima Road Maricopa, AZ 85139

$555,000

3 Beds

2.5 Baths

2,200 SqFt

Status Active

MLS # 6712647

Property Type Single Family Residence

Price Type --

Nestled amidst Maricopa's stunning BLM mountain range with hiking and biking trails, this home offers a blend of luxury and natural beauty. The 42.5' x 29.5' spanning over 1,250+sq' garage/shop accommodates automotive and hobby enthusiasts, while the spacious simple-chic interior with natural elements and tall ceilings is perfect for gatherings. Savor rural living away from the city on one of the relaxing covered porches. No HOA! This custom-built home features top-notch upgrades including 2x6 exterior walls, full OSB sheeting (not foam board), the house is wrapped (providing many benefits), Anderson windows, R-19 insulation in the exterior walls, and a steel roof ensuring quality, strength, and efficiency. Automatic security gate at the driveway entrance.

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26618 S New Town Drive Sun Lakes, AZ 85248

$555,000

3 Beds

2 Baths

1,823 SqFt

Status Active

MLS # 6745036

Property Type Single Family Residence

Price Type --

What a beautiful dream home! This 3-bed, 2-bath residence nestled in the adult Community of Sun Lakes is the one! Enter through the double doors to discover an updated spacious open floor plan that promotes a modern feel. Wood-look tile flooring, fresh neutral palette, updated light fixtures, ceiling fans add to the house's charm. Upscale kitchen includes plenty of crisp white cabinetry, stainless steel appliances, quartz counters, and an island with a breakfast bar. Check out the large main retreat, boasting plush carpet, direct outdoor access, two well-sized closets, and a pristine ensuite with a step-in shower. Secondary bedrooms provide plantation shutters. Finally, the generous-sized backyard has a covered patio perfect for entertaining! Move-in ready! What are you waiting for?

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2324 E Del Rio Drive Tempe, AZ 85282

$555,000

4 Beds

2 Baths

2,169 SqFt

Status Active Under Contract

MLS # 6725826

Property Type Single Family Residence

Price Type --

Incredible tempe location on large cul del sac lot with a pool! Discover comfort and style in this meticulously maintained 4-bedroom, 2-bathroom home that seamlessly blends modern living with timeless charm. This property offers an inviting ambiance and a host of desirable features including concrete floors, new windows with shudders, two living areas for a spacious feel, with a kitchen in between, brand new refrigerator, and access to a gas line for gas stove. Enjoy your backyard oasis featuring both desert landscaping and lawn, two raised gardening boxes with a covered patio overlooking the sparkling pool! Easy freeway access and less than 15 mins from ASU, 5 minutes from Banner and Mesa Community College!

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2511 W Queen Creek Road Unit 164 Chandler, AZ 85248

$555,000

2 Beds

2 Baths

1,466 SqFt

Status Active Under Contract

MLS # 6648361

Property Type Apartment

Price Type --

Located in the sought-after Downtown Ocotillo area. Built in 2023.This property boasts a comprehensive range of high-end amenities and upgrades designed to offer an exceptional living experience. A significant 950 square foot patio accessible from both the living room and master bedroom, offering extensive outdoor private space, which is a rare find in urban living environments. Gourmet Kitchen: Equipped with upgraded KitchenAid stainless steel appliances, white maple cabinetry, and two pantries—one with pullout shelving and another with custom shelves. The presence of quartz countertops and a spacious island enhances both its functionality and aesthetic appeal. An additional room that can serve as a den or office, featuring a Jack and Jill bathroom, providing a practical and flexible living space that can be tailored to various needs. Large laundry room complete with cabinets, shelving, and a soft water system, indicating a thoughtful consideration towards practicality and convenience in home design. High pH reverse osmosis (RO) water system is a notable feature, emphasizing the property's commitment to health and wellness. Wood-look style porcelain tiles offer a durable yet aesthetically pleasing flooring option, while upgraded light fixtures and a coat closet add to the property's luxurious feel. The inclusion of smart home security and the ButterflyMX system highlights the modern and secure living environment, catering to the increasing demand for integrated technology in residential spaces. A private gated garage and locked bike room storage suggest a high level of convenience and security for residents, addressing common urban living concerns. Proximity to restaurants, entertainment options, farmers markets, and more, underscores the appeal of urban living, with essential amenities and leisure activities within walking distance. This property appears to offer a blend of luxury, convenience, and modern amenities, making it an attractive option for those seeking a high-quality living experience in Downtown Ocotillo. With over $70,000 in upgrades, it reflects a significant investment in creating a space that is both comfortable and stylish, catering to the needs and preferences of discerning residents. Near INTEL, Price Technology Corridor, Restaurants, Shopping, Entertainment and Freeways.

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10536 W Alex Avenue Peoria, AZ 85382

$555,000

5 Beds

2.5 Baths

2,471 SqFt

Status Active Under Contract

MLS # 6701091

Property Type Single Family Residence

Price Type --

Welcome to this beautiful residence featuring a 3-car garage and a convenient RV gate in the Desert Star Community! You will be greeted by a bright, spacious open layout offering neutral tile floor, a soothing color palette, and arched doorways. The well-appointed kitchen showcases gray cabinets adorned with crown moulding, granite counters, a walk-in pantry, stainless steel appliances, recessed lighting, custom tile backsplash, and a peninsula complete with a breakfast bar. Enjoy additional living space with the charming loft! The main retreat boasts plush carpet throughout, a private bathroom with dual sinks, and a walk-in closet. The wonderful backyard with a covered patio and a sparkling swimming pool will be your new favorite spot for hosting fun parties! Don't miss out on this one!

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11928 W Daley Lane Sun City, AZ 85373

$555,000

3 Beds

2 Baths

2,346 SqFt

Status Active

MLS # 6752040

Property Type Single Family Residence

Price Type --

Welcome to the popular CROSSRIVER COMMUNITY! **CROSSRIVER IS NOT AN AGE RESTRICTED COMMUNITY, making it perfect for all ages. Steps away from a greenbelt w/walking & bike path, playground & sports courts. Fall in love with this spacious 3-bedroom PLUS DEN/FLEX floor plan designed for open concept living. Large eat-in kitchen features upgraded quartz countertops & an inviting family room area. Entertain w/separate formal dining & living room. Vacation in your private resort-style backyard while relaxing in your refreshing self-cleaning pool. Double EV charging station comes FREE w/this home. Fantastic neighborhood close to a variety of popular shopping, dining, TOP RATED schools, w/quick freeway access. MOVE-IN READY! MUST-SEE HOME! Inquire immediately before this beautiful home is gone!

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1610 W Dunlap Avenue Phoenix, AZ 85021

$555,000

3 Beds

2 Baths

1,434 SqFt

Status Active

MLS # 6744592

Property Type Single Family Residence

Price Type --

This NO HOA beautiful 3-bed, 2-bath property is completely renovated with a 2-car garage & 2 RV gates. The great room showcases a soothing palette, durable tile flooring, and sliding doors that open to the backyard for a seamless indoor-outdoor lifestyle. The kitchen is equipped with quartz counters, grey shaker cabinets with crown moulding, chic pendant and recessed lighting, stainless steel appliances, a pantry, and an island with a breakfast bar for casual meals. The main bedroom offers plush carpeting and an ensuite with dual sinks. Enjoy quiet afternoons in the backyard, featuring a covered patio, stunning mountain views, and ample space to create your dream oasis. This value won't disappoint! Welcome Home, This home won't last !! take a look at it before its gone!

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225 E Lime Court Queen Creek, AZ 85140

$555,000

2 Beds

2 Baths

1,770 SqFt

Status Active Under Contract

MLS # 6711206

Property Type Single Family Residence

Price Type --

New Price! This home sits on an elevated lot, taking advantage of amazing sunset views & San Tan mt. range, 2 split bedrms, 2 baths, & an office, with an open flr plan. (See Doc.Tab for Other Details) Chef's kitchen features white cabinets w/ under counter lighting, granite counters, breakfast bar, ceramic tile backsplash & SS applliances w/ gas cook top. There is a water softener & RO system. Baths have new granite counters & sinks. Second bedrm has a Murphy Bed. The backyd, perfect for entertaining, has a pergola, covered patio w/ power shade screen, water feature & no neighbors directly behind you. Come experience the unparalleled life style at Encanterra, a gated community offering 4 pools, spa, tennis, pickelball, 2 clubhouses as well as an 18 hole championship golf course

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19226 N 39th Way Phoenix, AZ 85050

Open House

$555,000

3 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6759804

Property Type Single Family Residence

Price Type --

Bright and beautiful home on corner lot in quiet neighborhood in excellent location! Enter in the spacious Living Room and Formal Dining Room. The kitchen has updated fixtures and is open to the Family Room and Eat-in-Kitchen. The Primary Bedroom has a walk-in closet and ensuite. Plenty of storage and closet space with additional storage and shelving in the garage. The backyard is spacious and perfect for enjoying the sunshine. Easy access to SR-51 and Loop 101 for a quick commute. Walk/Bike to Reach 11 with convenient access from the neighborhood. BRAND NEW HVAC (July 2024).

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25311 N 52nd Lane Phoenix, AZ 85083

Open House

$555,000

3 Beds

2 Baths

1,916 SqFt

Status Active

MLS # 6705341

Property Type Single Family Residence

Price Type --

Below market value!! This must see SINGLE LEVEL WITH A POOL!! Gorgeous 3 bedroom 2 bath!! Great curb appeal with a front porch. Kitchen is spacious with granite counter tops, an island with breakfast bar, Stainless steel appliances, Gas stove, gorgeous cabinets with lower having pull-out shelving and a panty. Living room and family room. Tile and carpet flooring in the right places, carpet in bedrooms and designer paint throughout. Primary bedroom features upgraded large walk in closet. Primary bathroom has double sinks and separate tub and shower. Plus a extra setting area. Backyard is an entertainers paradise with synthetic grass, extra patio slab, covered patio and pool with water feature.

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7402 W Trails Drive Glendale, AZ 85308

Open House

$555,000

4 Beds

2 Baths

2,036 SqFt

Status Active

MLS # 6756628

Property Type Single Family Residence

Price Type --

NEW A/C - This beautiful home in the highly sought-after Sierra Verde at Arrowhead Ranch offers a perfect blend of comfort and convenience. Situated adjacent to a large greenbelt with picturesque walking paths and playgrounds, this location is ideal for enjoying the outdoors. Across the way is one of the top A-Rated schools in the district, adding to the home's appeal for families. Inside, the home features a spacious kitchen and great room, complete with abundant cabinetry and a sizable double-door pantry. The kitchen island is perfect for both baking and entertaining. With 3 generous bedrooms and a large office that can easily serve as a fourth bedroom, the home provides ample space for all your needs. The backyard offers plenty of shade to enjoy all year. BBQ is plumbed to gas line. There is also an RV Gate and large side yard. Oh, storage you ask? Yes, plenty of cabinets in the garage. This is truly a special neighborhood.The sellers love this neighborhood so much, they bought another home in it!

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