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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3010 W Glenhaven Drive Phoenix, AZ 85045

$553,900

3 Beds

2 Baths

1,894 SqFt

Status Active Under Contract

MLS # 6686758

Property Type Single Family Residence

Price Type --

ROOF REPLACEMENT 2024! AC Compressor replaced 2024! Kitchen cabinets professionally refinished June 2024! Mountain views. Foothills Reserve. 3 spacious bd + den/office w/ built-in desk & Murphy bed! No steps! Wood plank ceramic tile floor throughout home w/ porcelain tile in bathrooms installed in 2023. w/ fresh beautiful interior paint. Kitchen features stainless steel appliances, white cabinets, granite counters, walk-in pantry & island bar stool seating. Primary bedroom, custom walk in closet, soothing spa like bath w/ garden tub, separate shower, & dual sinks. Enjoy amazing AZ weather in your serene yard. Top rated Kyrene Schools offers a personalized educational journey for every student, renowned for its commitment to academic excellence. Active Lifestyle trails galore. covered patio, impeccably groomed landscape, & side yard w/ gazebo. $65,000 in upgrades in 2023 include natural grass w/ sprinklers, gazebo w/ mister, pavers. landscape lighting w/ timers in the front & back, fire pit, 6 Ficus trees, 5 Bougainvillea, 3 bushes & 1 Citrus tree. Front yard upgrades include rock, deeper dry creeks, Ficus Tree, 12 bushes, lighting system on timer for landscape. Seller is offering $3,000 in closing costs. Home Warranty with Old Republic in place until February 2025. Epoxy style floor in garage, new remote, cell-based garage door opener system. Kyrene school district! Close to 202 freeway, Ahwatukee dining & shopping, South mountain hiking trails & so much more.

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2102 W Kuralt Drive Anthem, AZ 85086

$553,900

5 Beds

3 Baths

2,143 SqFt

Status Active Under Contract

MLS # 6740759

Property Type Single Family Residence

Price Type --

Fabulous single story home with separate entrance Casita (for multi-generational living, or spectacular office) in a lovely, quiet neighborhood! You'll love the gorgeous curb appeal with a gated courtyard. Light, bright open floor plan. Inside find 18'' ceramic tile floors, new carpet in bedrooms, plantation shutters and neutral color designer paint. Kitchen is open to family room with huge kitchen island, corian countertops, upgraded maple cabinets, huge pantry, stainless steel appliances. Primary features en-suite bathroom with remodeled custom walk-in shower, walk-in closet, designer window coverings and easy access door to patio. NEW A/C, sunscreens, & new Water Heater! Solar lease only $79.65 per month! WHAT A DEAL! Lease started 9/2012. Exterior boasts extended paver patio, low maintenance synthetic grass, plumbed gas pipe, and lush mature landscaping. Finished garage features extended cabinets for storage, sink, water softener and R/O. Close to Diamond Canyon Elementary, grassy parks, play parks and splash pad! Anthem Parkside Amenities include 16-acre park with catch-release lake, Pickleball, gym, skatepark, baseball, softball, tennis, over 37 pocket parks, hiking/biking trails, soccer fields, bocce ball, and so much more!

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22514 N Sonora Lane Sun City West, AZ 85375

$553,500

3 Beds

2 Baths

2,246 SqFt

Status Active

MLS # 6708249

Property Type Single Family Residence

Price Type --

Enjoy fabulous Sunsets and Views from this lovely home sitting on the 11th hole of Desert Trails Golf Course.--step inside the home featuring 3 bedrooms plus a den on a split floor plan. The master bedroom is large and expansive with a bay window, a remodeled master bath with dual sinks on a tall vanity, a walk-in shower, and new marble flooring. The kitchen boasts a large island with breakfast bar overlooking the family room. Granite countertops with custom backsplash and gas range surrounded by abundant cabinets and pantry. Crown molding throughout the home, new carpet, wood flooring w/plantation shutters on most of the windows. The guest bathroom has been remodeled with a new tiled tub/shower. 9.57 kw Solar System with assumable loan by buyer. Solar Monthly Payment $173.31 per month.

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17014 W Poinsettia Drive Surprise, AZ 85388

$553,443

3 Beds

2.5 Baths

2,379 SqFt

Status Active

MLS # 6723512

Property Type Single Family Residence

Price Type --

MLS#6723512 Ready Now! The 45-RM2 at Paradisi Almeria features a 1-story floor plan with 2,379 sq. ft. of living space. It includes 3 bedrooms, 2.5 bathrooms, a 3-car tandem garage, and a flex room. As you enter the foyer, you'll pass the secondary bedrooms and the flex room. Proceeding further, you'll find an open kitchen, gathering room, and casual dining area, creating an inviting space perfect for family time or entertaining guests. The owner's suite boasts dual vanities in the bathroom and a spacious walk-in closet. Structural options include: gourmet kitchen, 12' multi slide glass door, garage service door, paver driveway and entry, gas stub for BBQ. Design upgrades include: plank tile flooring in all the right places, painted white cabinets, quartz countertops.

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2389 W Spaulding Avenue Apache Junction, AZ 85120

New

$553,300

4 Beds

3 Baths

2,273 SqFt

Status Active

MLS # 6761575

Property Type Single Family Residence

Price Type --

3 car garage!! The Courtland floorplan offers a spacious and well-designed single-level living experience, encompassing 2,273 square feet. You are welcomed into an open-concept living area that seamlessly connects the kitchen, dining, and family rooms. The kitchen is a chef's delight, equipped with modern gas appliances, ample counter space, and a large island that serves as the heart of the home, ideal for meal preparation and casual dining. The adjacent dining area provides ample space for family meals and entertaining guests, while the family room is perfect for relaxation and gatherings. This community features resort like amenities including a large pool, splashpad, park & clubhouse with fitness center!

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5533 N 193rd Avenue Litchfield Park, AZ 85340

Open House

$553,160

3 Beds

2.5 Baths

2,617 SqFt

Status Active

MLS # 6753529

Property Type Single Family Residence

Price Type --

COMPLETED QUICK MOVE IN HOME! SELLER IS OFFERING CLOSING COST AND RATE BUYDOWN SPECIALS! Beautiful open floor plan with 3 bedrooms, 2.5 baths, Flex Room & 3 car tandem garage on an oversized lot. Ceilings are 10' and all interior Doors are 8'! Beautiful Kitchen with Staggered Painted Kitchen cabinets, Stainless Steel appliances w gas, Wood plank tile throughout the home except for the bedrooms. Beautiful Quartz counter tops in the kitchen, walk in tiled Shower in Master with separate his and her vanities. Guest rooms are large, and one has a walk-in closet. Wonderful flex room for that home office or den. Come make this home yours.

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2268 E Ebony Drive Chandler, AZ 85286

$553,000

4 Beds

2 Baths

1,871 SqFt

Status Active

MLS # 6749423

Property Type Single Family Residence

Price Type --

Welcome to this fantastic 4-bedroom residence in Chandler! The inviting open floor plan will impress you with decor paint, tile and faux wood flooring, and tons of natural light. The updated kitchen features beautiful white cabinetry with crown molding, stainless appliances, pantry, mosaic tile backsplash, granite counters and a large island with breakfast bar. The split primary bedroom offers privacy plus an upgraded ensuite with dual sinks, tiled shower, soaking tub, plus a huge walk-in closet. The hall bath has also been updated and features dual sinks and has been updated. French doors lead to the spacious backyard which offers a pergola with a built-in BBQ, large covered patio, and shade trees for relaxing or entertaining. Location is idea and close to shopping and great restaurants

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427 Leisure World -- Mesa, AZ 85206

$553,000

3 Beds

2 Baths

2,751 SqFt

Status Active

MLS # 6682029

Property Type Single Family Residence

Price Type --

Home ON THE LAKE with so many features! Ask lisitng agent about seller concessions. Easy to Show. NEW ROOF with warranty 2023. NEW HVAC with warranty 12/2023. Cherry wood cabinets with crown moulding, Stainless Steel Appliances & reverse osmosis. A CHEF'S DREAM KITCHEN! Finished AZ Room with BRAND NEW A/C unit & wetbar inclluding granite countertops,Crown moulding throughout, Hardwood flooring where it really counts, Bay window in the kitchen with window seat, extensive travertine tile in both bathrooms w/Cherry wood vanities and granite tops. Office w/ built-in shelving and desks in 3rd bedroom. Epoxy sealed, extended length 2.5 car, AIR CONDITIONED garage with utlility sink. Too much to list! 36 holes of golf, Dog Park, pickleball, tennis courts and more!.

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1445 W Saddle Run Apache Junction, AZ 85120

$552,990

4 Beds

2 Baths

2,137 SqFt

Status Active

MLS # 6750783

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Barletta floor plan offers a refined single-story design with four bedrooms and a generous flex space, ideal for an office, TV room, or study. It comes with beautifully landscaped front yard and will be ready for move-in by October or November 2024. Enjoy proximity to community parks, grocery stores, and a variety of restaurants.

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56003 N Vulture Mine Road Wickenburg, AZ 85390

$552,900

3 Beds

3 Baths

2,248 SqFt

Status Active Under Contract

MLS # 6657277

Property Type Single Family Residence

Price Type --

Experience luxury living in this custom home with breathtaking views. Majestic picture windows frame the scenery, while custom cabinets adorn the open floor plan. The Jack and Jill Master Suite offers convenience, and patio access enhances each bedroom. The kitchen boasts a charming nook, complemented by a formal dining in great rm. Enjoy the seamless flow of tile floors throughout. Verandas on all sides create a tranquil ambiance. This ranch-style retreat is ideal for horse enthusiasts, offering ample space for friends to join and relish the serene surroundings. Benefit from owned solar, a 3-year-old water heater, and a 2-year-old garage door, completing this dream home package.

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8681 E Latham Street Scottsdale, AZ 85257

$552,500

3 Beds

2 Baths

1,775 SqFt

Status Active

MLS # 6755413

Property Type Townhouse

Price Type --

Welcome to this beautifully rehabbed 3-bedroom, 2-bath home in South Scottsdale. Modern updates throughout, including fresh paint and new flooring. Garage converted to a spacious third bedroom. Serene master suite with a charming mini backyard. Large backyard with low-maintenance artificial turf. Ideal location near Apache Park, Old Town Scottsdale, and Tempe Marketplace. Don't miss out on this turn-key property!

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3890 E Gold Mountain Avenue San Tan Valley, AZ 85143

$552,395

4 Beds

2.5 Baths

2,737 SqFt

Status Active

MLS # 6749011

Property Type Single Family Residence

Price Type --

Lovely new 4-bedroom home in Bella Vista Farms. The spacious home offers designer selections throughout, north/south exposure, and so much more. Some highlights of the interior include an open floor plan, a Gourmet kitchen with a gas cooktop, Aristokraft Painted White Cabinets, and wood-like plank tile floors. The split bedroom plan includes large secondary bedrooms. The home sits on a pool size homesite and features a spacious 3-car tandem garage, a soft water loop, and access to the community amenities including a pool, playground, basketball court, and volleyball court. The community utilities are Mesa Gas, EPCOR, and Rural Metro.

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