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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3329 N 17th Drive Phoenix, AZ 85015

$550,000

3 Beds

2 Baths

1,366 SqFt

Status Active

MLS # 6753452

Property Type Single Family Residence

Price Type --

Come see this charming, mid-century 3BR/2BA, natural brick home in the designated North Encanto Historical District of Phoenix! You will feel right at home tucked into your new cozy neighborhood while also enjoying the many restaurants, parks, golf courses, sporting events, and shopping offered in the heart of the city. The home has been well maintained by a single owner with numerous upgrades and remodels throughout! It is located on a spacious lot with an intimate backyard garden area that is delightful for entertaining and beyond that is plenty of space for a pool and other outdoor accommodations. The property includes a long driveway that can accommodate three cars with an additional two vehicle carport with attached spacious storage room/workshop. Utility upgrades include a new sewer line to the house, electrical wiring upgrades, upgraded irrigation lines and valves (on timers), and renovated water supply lines. Interior upgrades include updated kitchen with a gas stovetop and double ovens as well as updated bathrooms with double corian sinks while the home, overall, has been well loved and maintained.

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516 W Port Royale Lane Phoenix, AZ 85023

$550,000

3 Beds

2 Baths

1,938 SqFt

Status Active

MLS # 6756421

Property Type Single Family Residence

Price Type --

This hidden gem is a refuge from the city. It has three bedrooms, 2 baths, 1938 sq ft with beautiful bamboo wood flooring, freshly painted inside and out. The formal living and family room share a grand fireplace. The kitchen has slate counter tops, stainless-steel appliances, breakfast bar and a breakfast nook with new plank ceramic flooring in the family room, kitchen and nook. The large master bedroom with private backyard entrance has an en-suite with 2 sinks and a walk-in closet. The oversized covered patio has a built-in BBQ for entertaining. Bath and HVAC were updated in 2021, and the roof in 2022. Sunset North is like living in a park with large greenbelts and 2 pools. Great location with easy on and off of the I-17 and close to Moon Valley Park. Near hiking and biking trails. Seller will pay the first 3 months of the sellers monthly HOA fees.

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41115 N Eagle Trail Anthem, AZ 85086

$550,000

3 Beds

2 Baths

1,622 SqFt

Status Active

MLS # 6725626

Property Type Single Family Residence

Price Type --

WHAT ARE YOU WAITING FOR?? Home is in pristine condition., New Appliances & Plantation Shutters thru/out. Roof replaced in 2021. 2023-New HVAC & air filtration systems still have warranty services for the next year!. The kitchen is updated with refinished cabinets, granite counters, & granite composite sink. There is a breakfast bar & an eat-in dining nook in the kitchen plus a pantry. Beautiful wood-look tile floors with carpet in bedrooms only. The great room has a gas fireplace & sliding doors to backyard with an epoxy patio slab. Enjoy the hot tub on private back patio. There are three bedrooms & two full baths. Great storage in the three car garage. Backyard is large enough for a pool. Many community amenities included in HOA. This place is fully ''decked out'' and move-in ready.

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9426 S 47th Place Phoenix, AZ 85044

$550,000

3 Beds

2 Baths

1,686 SqFt

Status Active

MLS # 6756999

Property Type Townhouse

Price Type --

Lovely single level 3-bed, 2-bath residence located in a private community surrounded by the Arizona Grand Resort golf course and South Mountain Preserve. Enjoy easy access to hiking trails, beautiful views and four community pools. This unique townhouse is detached with no shared walls. Featuring Spanish finishes with vaulted ceilings filled with natural light, a cozy bee-hive fireplace, large primary suite and a charming atrium. The large private backyard was designed with low-maintenance landscaping, ideal for relaxing and hosting gatherings. Located in the Ahwatukee Foothills just minutes from freeways, Phoenix Sky Harbor Airport, downtown Phoenix, shopping and dining.

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13532 N 141st Drive Surprise, AZ 85379

$550,000

4 Beds

3 Baths

2,309 SqFt

Status Active

MLS # 6758796

Property Type Single Family Residence

Price Type --

Wow! ASSUMABLE VA LOAN AT 3.8 % ! Open only to Veterans. Must be Pre-screened. Come see this like-new energy-efficient home with a SUPER large lot. The open & bright great room & kitchen allow you to entertain in style. The beautiful 42'' white cabinets, dark quartz countertops, fawn carpet with 8''x 24'' light wood-pattern tile & gourmet kitchen are part of the upgraded Premier package. 3 full baths provide ample room for guests to stay. Known for its energy-efficient features, this home helps you live a healthier & quieter lifestyle while saving you thousands of $$$ on utility bills. Living at Homestead at Marley Park, you will love swimming at the community pool, playing on the sports court & BBQ-ing in the outdoor kitchen area. Near the 303 Fwy, Prasada Shopping Ctr & Spring Training. This beautiful 4 bedroom home is a 5 minute drive to the popular Prasada Shopping Center, which includes Costco, Home Goods, Total Wine and Coopers Hawk to name a few. The Texas Rangers and Kansas City Royals spring training grounds are also a 5 minute drive away, which is situated next to the beautiful Surprise Park. EOS Gym, is a 2 minute walk and AMC theater and Uptown Bowling Alley are across the street. The large lot provides ample room for entertaining to include a covered patio and a Bocci Ball court.

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3730 W Memorial Drive Phoenix, AZ 85086

$550,000

5 Beds

3 Baths

2,168 SqFt

Status Active

MLS # 6754352

Property Type Single Family Residence

Price Type --

With understated elegance & the perfect 5 bdrm family home, this property is located in a very friendly neighborhood of the highly sought after Anthem community. This lovely abode is located within walking dist.to a very well maintained park & close to numerous shopping centers, boutiques, delicious dining along with all the wonderful amenities Anthem has to offer: workout facilities, tennis, pickleball, swimming, waterpark, walking paths and community parks. It boasts a very popular and attractive floor plan with open vaulted ceilings with 2 bdrms downstairs and 3 bdrms upstairs. The back yard is extremely private, relaxing, has a large patio area, a privacy wall and a very cozy fire pit with bench seating. Easy to maintain landscaping. Come & build your cherished family memories here!

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20121 N 76th Street Unit 2051 Scottsdale, AZ 85255

$550,000

2 Beds

2 Baths

1,322 SqFt

Status Active

MLS # 6730200

Property Type Apartment

Price Type --

RARELY AVAILABLE remodeled single-level, 2-bedroom, 2-bathroom luxury condo. No neighbors below! Located within prestigious Vintage at Grayhawk, a gated community in the heart of Grayhawk. Well-maintained residence blends modern elegance with/ easy living. Abundant windows offer a light-filled, welcoming experience. Open flr plan w/ spacious kitchen, granite countertops & stainless steel appliances. The adjacent living area features a custom stacked stone gas fireplace, dining & covered balcony & offering a serene outdoor experience ideal for enjoying AZ's breathtaking sunsets. Minutes away from golf, dining, shopping, 101 FWY, walking & biking trails. Come make this your new home in North Scottsdale!

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2120 W Tobias Way San Tan Valley, AZ 85144

$550,000

3 Beds

2 Baths

1,733 SqFt

Status Active

MLS # 6752930

Property Type Single Family Residence

Price Type --

Meticulously maintained, this home shines with clean, fresh, and vibrant charm. It may be purchased FULLY FURNISHED to the right buyer. The spacious open floor plan and cozy den offer room to relax, while the backyard invites year-round enjoyment. Cool off in the sparkling pool during summer or unwind in the warm spa as winter sets in. With OWNED SOLAR providing energy savings all year long, this home offers both comfort and efficiency. Every detail has been thoughtfully crafted to create the perfect space, at the perfect price. Your ideal retreat awaits!

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3899 E Longhorn Street San Tan Valley, AZ 85140

$550,000

5 Beds

2.5 Baths

3,288 SqFt

Status Active

MLS # 6745300

Property Type Single Family Residence

Price Type --

Great move in ready home!! Large open floor plan with nice sized bedrooms, large loft and tons of storage space. The well laid out kitchen has a butler's pantry, cherry cabinets with crown molding, large/functional island, granite countertops all overlooking the large living room. Ceiling fans throughout, 20 inch tile, a 3 car tandem garage and a recently renovated back yard with maintenance free turf and a salt water pool This home has what your buyers are looking for!

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4301 E Bluefield Avenue Phoenix, AZ 85032

$550,000

4 Beds

2 Baths

2,250 SqFt

Status Active

MLS # 6755030

Property Type Single Family Residence

Price Type --

Vaulted ceilings, open floorplan, new kitchen cabinets & countertops, new flooring, new carpet, restrooms are new, and fresh paint in and out.

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2712 S Yucca -- Mesa, AZ 85202

$550,000

3 Beds

2.5 Baths

2,204 SqFt

Status Active

MLS # 6740434

Property Type Single Family Residence

Price Type --

Amazing home located in the wonderful community of Dobson Ranch. Great curb appeal featuring lush desert landscaping, artificial grass and a mini putting green! This 3 bedroom, 2.5 bathroom home offers bright and inviting living spaces with Travertine flooring throughout, 2 bedrooms with wood flooring. Open kitchen features an island with a breakfast bar and a sizeable eat-in area. Amazing backyard boasts a covered patio, newly built/installed gazebo with seating area and privacy fencing. Not to mention the sparkling pool with flagstone surround, your very own private oasis!

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2626 E Jacinto Circle Mesa, AZ 85204

$550,000

4 Beds

2 Baths

1,893 SqFt

Status Active Under Contract

MLS # 6747318

Property Type Single Family Residence

Price Type --

This is one of the most unique homes you will find in all of Mesa in this price range. It's a mid century modern mixed with a little modern farm house design. So much attention to detail! Main living area is spacious and features tall ceilings with beautiful exposed natural wood beams. The kitchen opens to the family room, and highlights the quartz slab counters, stainless farm house sink, custom made shelving and one of the coolest looking floors you will ever see! Huge walk in pantry, laundry room with cabinets and its own counter. Master suite bath has a resort spa feel, and large walk in closet. Large lot that overlooks the greenbelt park, and tall brick fences give the added privacy. One of the best school districts - Gilbert Public Schools! Great location close to freeway access, neighborhood Walmart, Trader Joes, and much much more. All the downtown Gilbert dining is less than 5 minutes away.

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