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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8821 S 47th Place Phoenix, AZ 85044

$579,000

4 Beds

3 Baths

2,195 SqFt

Status Active

MLS # 6745563

Property Type Townhouse

Price Type --

A rare opportunity for totally updated residence w/ views in mountainside resort, gated community! Amazing 4 bed, 3 bath residence in Pointe South Mtn/ AZ Grande in Ahwatukee haven! Two master bedrooms/ two large bedrooms perfect for large family or multi generational living. Upstairs bedrooms have balconies. Downstairs master with outdoor access. Updates from 2024 include modern interior color palette (2023 colors of the year), ext paint, two luxurious tiled rain showers, SS appliances, granite counters in kitchen/ downstairs baths, new light fixtures, new plumbing fixtures, all new flooring (wood plank tile and carpet), feature wall, roof updated, new landscape design featuring artificial grass and nightscape. The joy of your own piece of resort living, totally updated!

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25024 S Stoney Lake Drive Sun Lakes, AZ 85248

$579,000

2 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6750372

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 2-bed, 2-bath Plus Office/Den residence on a coveted corner lot! The exterior boasts a striking stone facade, a 2.5-car garage, and a tasteful paver driveway. The inviting living room showcases vaulted ceilings, a soothing palette, and plush carpeting throughout. The eat-in kitchen comes with granite counters, ample wood cabinetry with crown molding, built-in appliances, a center island, and a serving window with a breakfast bar for casual dining. The cozy main bedroom offers direct backyard access, an en suite with dual sinks, and a walk-in closet. Venture outside to find a covered patio for al fresco dining, a relaxing spa, and a low-maintenance desert landscape. Don't miss out on this fantastic opportunity! HVAC - 2 Units- Replaced in 2021, Hot water heater replaced 2021, Exterior Painted 2023, New Drip system - valves & timer replaced 2023. Exterior Stone work & Pavers done in 2023. New SPA Hot Tub 2024 Hard wired Security System. Reverse Osmosis.

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1509 E Peach Tree Drive Chandler, AZ 85249

$579,000

3 Beds

2 Baths

2,250 SqFt

Status Active

MLS # 6757886

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeously redone 3BR 2BA home in the vibrant active adult community of Sunbird CC. A charming courtyard greets you. Enter a large living/dining area with wood look tile throughout. The stunning kitchen boasts granite counters, crisp white cupboards, bar and newer SS appliances. Large family room with access to the relaxing patio and backyard. Bonus art studio den just off the family room. Enjoy the active adult resort lifestyle with golf, pool, tennis and pickleball. Plus, restaurant, bar and loads of entertainment!

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8305 W Pioneer Street Tolleson, AZ 85353

$579,000

5 Beds

3 Baths

3,244 SqFt

Status Active

MLS # 6756752

Property Type Single Family Residence

Price Type --

Make yourself at home in this beautiful 5-bedroom haven with a 3-car garage in Tolleson! Large living & dining room and the desirable great room are meticulously designed for relaxation and entertaining. High vaulted ceilings, plantation shutters, and wood-look tile flooring add to the overall appeal. Open-concept kitchen boasts ample white shaker cabinets, a pantry, tile counters & backsplash, a center island with a breakfast bar, and stainless steel appliances. You'll also have a den/office and a cozy loft ideal for a reading nook. HUGE main retreat provides double door entry, media niches, an ensuite with dual sinks, and a walk-in closet. Surely to impress with the wonderful backyard equipped with a covered patio, gazebo, and a refreshing pool for endless summer fun. Don't miss it!

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233 E Angela Drive Phoenix, AZ 85022

$579,000

3 Beds

2 Baths

1,808 SqFt

Status Active

MLS # 6774515

Property Type Single Family Residence

Price Type --

This charming home features three bedrooms and two bathrooms, providing ample space for family or guests. The updated kitchen boasts modern amenities, making meal preparation a joy. All the windows are energy-efficient low-E windows, complemented by new doors throughout the home. Two of the bedrooms are particularly spacious, with the master bedroom offering a large walk-in closet for plenty of storage. The master bathroom includes a beautifully tiled walk-in shower, adding a touch of luxury. For those who work from home, there's a dedicated office space, perfect for productivity. The family room is a cozy retreat, complete with vaulted ceilings and a warm fireplace for those chilly evenings. Step outside to a backyard oasis, where a sparkling pool invites relaxation. The expansive covered patio offers a fantastic space for outdoor living and entertaining, with a lush grass area and a paver front entry adding curb appeal. Additionally, art lighting highlights your favorite pieces, and a large laundry/storage room adds functionality to the home.

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9101 E Nacoma Drive Sun Lakes, AZ 85248

$579,000

3 Beds

2 Baths

2,252 SqFt

Status Active Under Contract

MLS # 6750314

Property Type Single Family Residence

Price Type --

UPDATED Extended Palacia Plus Model w/ Energy Efficient (Solar) & NEWER HVAC in the GATED, ADULT COMMUNITY of Oakwood. Featuring NEW FLOORING & GRANITE COUNTERTOPS with an OPEN kitchen & TONS of Storage. Completely REMODELED Primary Bath. Vaulted ceilings in the great room makes space feel much larger. Also wired for stereo system. New VERY Bright can lights throughout & new dimmers & ceiling fans. 2 sliding glass doors which all give great natural light to the home. The 2.5 car garage has tons of storage. The RV electric hookup is also a nice feature. Don't miss this AMAZING opportunity in Sun Lakes w/ Guarded gate entry for more security and all of its amenities including golf, tennis, pickle ball, pools, fitness center, clubs, social activities, restaurants & so much more!

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2511 W Queen Creek Road Unit 425 Chandler, AZ 85248

$579,000

3 Beds

3 Baths

1,584 SqFt

Status Active

MLS # 6755740

Property Type Apartment

Price Type --

Experience true luxury living in this stunning 2-bedroom, 3-bathroom loft-style residence located in the prestigious Cays Downtown. Boasting one of the best floor plans in the entire subdivision, this spacious and stylish home offers an open, modern layout with soaring ceilings, abundant natural light, and high-end finishes throughout. Loft used as 3rd room with murphy bed. Each bedroom features its own en-suite bathroom for ultimate privacy and comfort, while the third bathroom provides added convenience for guests. The sleek, contemporary design complements the vibrant downtown lifestyle, with easy access to upscale dining, shopping, and entertainment. Whether you're relaxing in the expansive living spaces or enjoying the urban energy of downtown, this home is the perfect blend of sophistication and convenience. Don't miss your chance to live in one of the most sought-after addresses at The Cays Downtown!

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21263 W Sycamore Drive Buckeye, AZ 85396

$578,999

4 Beds

2 Baths

1,903 SqFt

Status Active

MLS # 6775817

Property Type Single Family Residence

Price Type --

Welcome to this beautifully designed 4 bedroom, 2 bathroom home located in the heart of Buckeye's highly sought after Verrado community. This home features an inviting open floor plan with soaring ceilings and plenty of natural light. The gourmet kitchen is perfect for the modern chef, offering granite countertops, matching appliances, a large island, and plenty of cabinet space. It flows seamlessly into the living and dining areas, making it perfect for entertaining. Step outside to enjoy the beautifully landscaped large low maintenance backyard, complete with a covered patio, perfect for outdoor dining and relaxing. Situated in the vibrant Verrado community, you'll have access to incredible amenities such as parks, community pools and spa, children's playground, walking trails, golf courses, and a bustling Main Street with shops and restaurants that is walking distance from the property! Top-rated schools and easy access to major freeways make this location unbeatable! Don't miss out on the chance to live in this highly desirable neighborhood! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $591/month in year 1 and $303/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.

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16062 W Alameda Road Surprise, AZ 85387

$578,960

4 Beds

3.5 Baths

2,674 SqFt

Status Active

MLS # 6729568

Property Type Single Family Residence

Price Type --

MOVE IN READY, BRIGHT GREAT ROOM PLAN , QUICK CLOSE!! 4 BEDROOM PLUS LOFT, 3.5 BATH , 9'CEILINGS, GOURMET KITCHEN LAYOUT, UPGRADE CABINETS , GRANITE KITCHEN TOPS, SPA SHOWER, TILED FLOORING. 2'WHITE BLINDS, CEILING FANS, FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTSAND SO MUCH MORE.

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3726 E Rochelle Circle Mesa, AZ 85215

$578,950

3 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6749729

Property Type Single Family Residence

Price Type --

This is a to be built home being offered at Base Price plus lot premium. Price includes a nice standard feature package and an option allowance to be used at the Design Studio to personalize the home to your tastes. Features include a heavy iron front door, 2x6 ext. framing, dual pane vinyl windows, Carrier gas furnace and AC. Price includes ceramic tile in select areas. Choice of interior door styles, iron front door styles plus choice of door hardware and bathroom fixture colors. 10' interior ceilings, front porch and rear patio included! Much more. Front view picture is of an artists rendering, pics are of a upgraded former model home. Final price is determined by any other options or upgrades added by buyer at the Design Studio. Taxes are estimated. 2025 completion

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8572 W Palo Verde Avenue Peoria, AZ 85345

$578,900

5 Beds

2 Baths

2,196 SqFt

Status Active

MLS # 6731165

Property Type Single Family Residence

Price Type --

Welcome to your next business opportunity! This spacious 5 beds, 2 baths home with a sprinkler system is ideal for starting or expanding a group home business. Previously licensed for a 10-bed behavior group home, it offers ample room for residents with its professionally converted garage adding extra space. Located in a prime area with easy access to local amenities and healthcare facilities, Its turnkey nature allows for business operations, offering significant growth potential and profitability.

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9236 E Sector Drive Mesa, AZ 85212

$578,814

4 Beds

3 Baths

2,410 SqFt

Status Active

MLS # 6778595

Property Type Single Family Residence

Price Type --

MOVE IN READY HOME! This WILSON plan features a Deluxe Gourmet Kitchen with a 36'' gas cooktop and a wall mounted gas range. This home features white cabinets with polished nickel pulls throughout, zinc quartz countertop and Santorini 4x12 backsplash with Oregon Rovere 8x36 wood-tile flooring throughout downstairs. One of the most popular floorplans for a reason, the Wilson is the perfect home for hosting visiting guests in the downstairs bedroom with full bath, have a designated office downstairs and a second living room in the upstairs loft where the rest of the family can hang out!

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