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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21341 W Bobwhite Way Wittmann, AZ 85361

$550,000

3 Beds

2 Baths

1,622 SqFt

Status Active

MLS # 6757776

Property Type Single Family Residence

Price Type --

This 3-bedroom, 2-bathroom horse property is perfectly situated on a 1.25 acre lot. Featuring modern amenities and updates throughout, ensuring you enjoy both style and functionality. The kitchen has new SS appliances, granite counters and a spacious island. Bathrooms have been updated with granite counters and bedrooms have new flooring. The property is fully gated with automatic gate and separation. It's the perfect canvas for your horses or other livestock. There is plenty of room for stables and arena. You'll simply love the space and tranquility of country living, this property offers the ideal blend of comfort and potential.

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42148 W Corvalis Lane Maricopa, AZ 85138

$550,000

5 Beds

4 Baths

3,314 SqFt

Status Active

MLS # 6754751

Property Type Single Family Residence

Price Type --

Welcome to this beautiful luxurious 3300sf home with a casita on the main floor - perfect for multi-generational living or possible rental income. It has its own private front entry and back covered patio in the resort style backyard which boasts a heated pool built in 2020 with waterfall & private grotto, waterslide, baja-shelf, spa and gorgeous travertine decking. There are numerous upgrades including granite countertops, 9-foot ceilings, updated lighting, oversized bedrooms (all include walk-in closets), new plush carpet upstairs and new interior designer paint. There is a built-in dog kennel with A/C under the stairs for your furry friends and a built-in dog door to the outside run. Downstairs boasts beautiful plank flooring with a chef's kitchen that includes a 5-burner gas stove and double oven. The master bedroom overlooks the resort pool and comes with large jetted tub, separate shower, double sinks and modern rustic shelving in the master bath. It doesn't stop there - need a man cave or extra space to work or unwind? Check out the insulated garage with built in shelving, separate A/C and epoxy floor coating. Plenty of storage for your tools or just to relax. You don't want to miss this gem!

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7410 W Quail Avenue Glendale, AZ 85308

$550,000

4 Beds

2.5 Baths

2,269 SqFt

Status Active

MLS # 6752959

Property Type Single Family Residence

Price Type --

Nestled in the heart of Sierra Verde community, this beautiful 4 bed, 2.5 bath home offers the ideal blend of comfort and convenience and a new roof as of 2020! Located across from a lush neighborhood greenbelt park and just minutes from schools and easy freeway access. You step inside to a welcoming den which can serve as a home office, play room or living area with soaring ceilings and a view of the greenbelt, creating an inviting and airy atmosphere. The family room seamlessly flows into the eat-in kitchen, which features stainless steel appliances, updated cabinets, breakfast bar, walk-in pantry, and plenty of space for gathering. along with a convenient half bath. Pool motor only a few years old, and cool decking refinished in 2023! (click more) The light-filled primary suite boasts bay windows, dual sinks in the bathroom, and walk-in closet. Step outside to your own private backyard oasis with sparkling pool and lush grass. Do not forget about the additional bonus area off the family room! The community is filled with scenic walking and biking paths. Don't miss out on the chance to make this prime location your home!

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4413 W Box Canyon Drive Eloy, AZ 85131

$550,000

2 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6700890

Property Type Single Family Residence

Price Type --

Partially FURNISHED & STUNNING! This 2 bedroom + DEN, 2 bath home is on highly desired VIEW lot. Garage is 30 ft. deep. The backyard will wow you w/GORGEOUS water feature, firepit, pergola, landscaping lights, Travertine patio, artificial grass & large potted Palm trees. You will love this home from the gated paver courtyard to the amazing backyard & everything in-between! Kitchen has Quartz counters, 2-tone Cabinets w/knobs, roll-out shelves, tile backsplash, SS appliances, Gas range, convection oven, pendant & under cabinet lights. So many upgrades from the wood look tile flooring, Plantation shutters, tiled showers, comfort height toilets, Valet area w/upper & lower cabinets. HUGE Garage has 8ft. door, Storage Space/exercise area, Cabinets, Shelving & Epoxy Floors.

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5365 N Eager Drive Eloy, AZ 85131

$550,000

2 Beds

2.5 Baths

1,916 SqFt

Status Active

MLS # 6726253

Property Type Single Family Residence

Price Type --

SPACIOUS, AND INVITING Mandara Model the favorite model in Robson Ranch. This home is finished beautifully. Yard is complete, including walls, spacious 2 ft. extended patio & hot tub. The primary bedroom has a 2 ft extension, and your guests will love the comfortable guest suite. Home has 2.5 baths, NO CARPET - ALL BEAUTIFUL DIAGONAL LAID TILE., and a 4 ft. extended garage. This home is waiting for the fussy buyer, as it is a ''10''! From the tip top upgrades and is located in an exceptional active adult community with golf, pickleball restaurant, coffee shop with breakfast & lunch, pickleball, concerts, dance, aerobics, entertainment, leagues, bingo, trivia, bands, Karaoke, putting leagues, small plane group, community trips, and endless groups to join. NO TIME TO BE BORED HERE!!

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12388 W Hazelwood Street Avondale, AZ 85392

$550,000

5 Beds

3 Baths

3,434 SqFt

Status Active

MLS # 6760099

Property Type Single Family Residence

Price Type --

Your dream corner lot property is here! This 5-bed gem boasts a 2-car garage, an RV gate, tasteful stone accents, and a front porch! Discover an inviting living room with vaulted ceilings, a soothing palette, blinds, and wood-look flooring. The great room is perfect for relaxing evenings. Cook gourmet meals in the kitchen, equipped with wood cabinetry, recessed lighting, essential built-in appliances, a pantry, and an island with a breakfast bar. You'll also find a versatile den ideal for an office. The sizeable main bedroom offers soft carpeting, balcony access, an ensuite with dual sinks, and a walk-in closet. Enjoy a breath of fresh air and serene views on the balcony. The spacious backyard includes a covered patio, stylish pavers, and pristine artificial turf. Make this gem yours!

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4443 E Camino De Cafe -- Hereford, AZ 85615

$550,000

4 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6756980

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom, 2 bath home on .88 acres, surrounded by mountain and valley views. Home amenities include granite throughout, tile flooring throughout living spaces and in office, carpet in bedrooms. Spacious master bedroom, master bath includes soaking tub and spacious walk-in shower with rain glass. Large walk-in closet through bathroom. Kitchen includes all appliances. Each room installed with cable/internet, fiber throughout. Water softener attachment installed, gas grill attachment installed for future outdoor kitchen, and electrical outlet for jacuzzi spa. Ground mounted solar and garden shed included. Walled back yard with covered porch.

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6865 E Peralta Circle Mesa, AZ 85212

New

$550,000

4 Beds

3 Baths

2,258 SqFt

Status Active

MLS # 6762077

Property Type Single Family Residence

Price Type --

Homes within DAHLIA POINTE do not last long. Priced for a very quick sale. We are the only active home on the market. Solar will practically eliminate your montly electric obligation.. Home is vacant and ready for a smooth quick sale. Learn how you as a buyer can save thousands on this property. Our preferred lender guarantees below market rates.

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1121 E Jahns Drive Casa Grande, AZ 85122

$550,000

5 Beds

3 Baths

2,942 SqFt

Status Active

MLS # 6736963

Property Type Single Family Residence

Price Type --

Completely updated home with a built in pool and spa and 3 car garage! This spacious home has all new flooring, fresh paint and updated kitchen. Vaulted ceilings for a nice open feel. The kitchen features granite counters, gas stove and a beautiful tile backsplash. Gas fireplace. Both front and back yard are tastefully landscaped with mature plants and turf grass for easy maintenance. Cool off in the beautiful pebble tec pool with water features and a built in spa.

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1476 S Amity Lane Eagar, AZ 85925

$550,000

5 Beds

2.5 Baths

2,672 SqFt

Status Active

MLS # 6720580

Property Type Single Family Residence

Price Type --

Listing agent has vested interest in company that owns the home. Central Air, Gas Fireplace, Soft Water, Central Vac, Central Monitoring Alarm (Owned), Surround sound speakers in upstairs Living Area, Home Intercom System, massive deck with best views!

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41333 N Belfair Way Anthem, AZ 85086

$550,000

3 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6746580

Property Type Single Family Residence

Price Type --

If you are looking for a remodeled home for under the average list price in Anthem Country Club, stop right here, you have found it! With three bedrooms and two bathrooms, this home is perfect for a small family or a couple who needs room for visitors. The remodeled kitchen and bathroom, and the updated flooring ensure that the home is move-in ready. You will love the storage space in the kitchen, which includes a large pantry. The updated stainless-steel appliances, quartz countertops and natural light from both large and small windows give the kitchen and family room a fresh, bright, and cheery feel and look. This home is a private oasis within the spectacular community of Anthem Country Club which offers anything you could ask for in a Country Club setting. Two Club Houses with restaurants, two fitness centers, tennis, pickleball, bocce ball, two private heated pools and so much more. Come see for yourself, we are certain you will love it!

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1579 N Himosa Drive Casa Grande, AZ 85122

$550,000

3 Beds

2.5 Baths

2,341 SqFt

Status Active

MLS # 6757321

Property Type Single Family Residence

Price Type --

This semi custom, gorgeous home located in the heart of Casa Grande is every entertainer's dream! This beauty provides 3 bedrooms and a perfect 4th bonus room and 3 car garage. The energy efficient windows, 10 ft ceilings and high end features will definitely leave you in awe. The kitchen is delightful, boasting granite counter tops, a large island, gas stove, and a charming bar. The walk in pantry is absolutely massive. This open concept design with double sliding patio doors definitely kicks it up another notch. Walk into your grand master ensuite and you will find a large bedroom, stunning bathroom with an exquisite shower, dual sinks, and an enormous closet. The perfectly appointed covered patio looks out onto a blank canvas ready for your creation. Fall in love with this beauty today

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