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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9021 W Wild Turkey Lane Strawberry, AZ 85544

$550,000

3 Beds

1.5 Baths

1,100 SqFt

Status Active

MLS # 6724129

Property Type Single Family Residence

Price Type --

Bring your horses! Bring your toys! Bring your RV & camper! Bring your pets! Bring your family & friends! Plenty of room for everything on this .47 acre property. Enjoy as much outside living space as inside space. This 3 bedroom home exudes charm, character and the sense of being in a mountain cabin. Nestle among the tall pines, the 1100 sq ft deck is the perfect place to gather family & friends. The deck includes 220W electrical for the addition of a hot tub. To top it off, there is a fenced area for your furry friends. This cabin has been lovingly maintained and upgraded with the following: Underground utilities with a new electrical panel, newer HVAC with upgraded and insulated ductwork, entire house is insulated underneath, tankless water heater, deck flooring is designed to be fireproof and maintenance free. The carport has ample space for toys, storage or could be converted to a workshop. This cabin is turnkey and waiting for you.

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5449 W Chuck Box Road Laveen, AZ 85339

$550,000

3 Beds

2 Baths

1,991 SqFt

Status Active

MLS # 6752134

Property Type Single Family Residence

Price Type --

A stunning residence in the serene community of Laveen, AZ. As you step inside, you are greeted by an open-concept living space with abundant natural light and high ceilings, creating an inviting and airy atmosphere. The gourmet kitchen is a chef's delight, featuring sleek countertops and ample cabinet space. The master suite is a private sanctuary, complete with a spacious walk-in closet and a luxurious en-suite bathroom with dual vanities and a spa-like shower. Two additional well-sized bedrooms provide plenty of space for family or guests. A large den that is currently being used as a bedroom with custom barn door. This home is located, near Estrella Global Academy, loop 202, and tons of stores and dining areas. Loaded with tons of Upgrades, tour today to see!!

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13846 W Figueroa Drive Sun City West, AZ 85375

New

$550,000

2 Beds

2 Baths

1,837 SqFt

Status Active

MLS # 6762510

Property Type Single Family Residence

Price Type --

A Corte Bella Beauty! The San Ysidro! A wide paver path is your first peak of home. Wow! Gorgeous tile flooring is throughout the open floor plan. The large Kitchen has an island with lots of counter space. There's room for cooking and gathering! Living room and Dining room share a wall of windows for a light and inviting space. The covered patio is tranquil & pretty with lots of pavers. What a lovely place to sit with morning coffee and greet the day. The Den, with double doors, is off the Living room. The Primary Bedroom boasts plenty of room and the en suite bath has double sinks and a spacious countertop with storage. The huge walk- in closet has built in drawers and shelves. It is a dream! The second Bedroom & Bath make this home a perfect fit! Welcome home to beautiful Corte Bella!!

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10595 S Cave Primrose Court Vail, AZ 85641

$550,000

4 Beds

2.5 Baths

2,868 SqFt

Status Active

MLS # 6759390

Property Type Single Family Residence

Price Type --

GORGEOUS Loma Alta Estates Custom home situated on almost 1/2AC. 2868sf 4 BD 3 BA w/ oversized 3 car/gar. Spacious & inviting formal living room/dining room areas PLUS a family room. Perfect ENTERTAINING home, For the CULINARY ENTHUSIAST a HUGE island kitchen featuring beautiful granite counters and tons of cabinet space for storage. High ceilings allowing for an OPEN & BRIGHT living experience. Large covered back patio to enjoy the stunning AZ Sunset, Sunrise & Mountain VIEWS. Block fenced back yard with the side yard separately fenced, perfect as a dog run or garden area. HUGE back yard w/ Double gate and plenty of space to bring your FUN RECREATIONAL toys or trailers and plenty of space for a pool too. Award wining Vail School District. MUST SEE HOME!

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329 E Vaughn Avenue Gilbert, AZ 85234

$550,000

3 Beds

2 Baths

1,707 SqFt

Status Active Under Contract

MLS # 6747167

Property Type Single Family Residence

Price Type --

Must See- this beautiful home in Downtown Gilbert! Enter to find the HUGE living & dining room paired with a delightful fireplace and sliding glass doors to the back patio. New flooring throughout, high vaulted ceilings, fresh soft paint, stylish light fixtures, and ceiling fans add to the gem's appeal. Kitchen has new stainless steel appliances, quartz counters, plenty of cabinetry, a breakfast bar, and a breakfast nook with a bay window. Large main retreat boasts plush carpet, a mirrored door closet, plantation shutters, a pristine ensuite with dual sinks, and a walk-in tub. One of the secondary bedrooms has outdoor access. Serene backyard, with its extended covered patio and stunning lake views, is the perfect spot for memorable gatherings. Fantastic Community Pool and amenities await.

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12036 S 45th Street Phoenix, AZ 85044

$550,000

3 Beds

2 Baths

1,741 SqFt

Status Active Under Contract

MLS # 6744550

Property Type Single Family Residence

Price Type --

Located in the desirable Center Court of Ahwatukee, this beautifully updated single-story home showcases modern elegance. Over the last 2 years, the home has been upgraded with new lighting fixtures, cabinets, and flooring, as well as fresh paint inside and out. The oversized kitchen island with waterfall countertops, wine fridge, and all-new stainless steel Whirlpool Gallery appliances add a touch of luxury. The split floor plan provides privacy, while the low-maintenance landscaping and artificial grass make outdoor living easy. Minutes from top-rated schools, Ahwatukee Golf Course, local dining favorites such as Hillside Cafe, Zipp's & Philly's Easy access to 1-10 Freeway and 202 San Tan Mountain Freeway.

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130 Comanche Street Flagstaff, AZ 86005

$550,000

3 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6718841

Property Type Single Family Residence

Price Type --

Welcome to your mountain retreat in the serene community of Mountainaire, nestled amidst Flagstaff's breathtaking ponderosa pine forest! This charming single-family home offers the perfect blend of comfort, style, and natural beauty. As you step inside, you're greeted by the warmth of newly painted interiors (as well as new plush carpeting upstairs) in the 1800 square feet of living space. The inviting living room beckons with its cozy wood stove fireplace, creating the ideal ambiance for chilly evenings or gatherings with loved ones. The heart of the home is the spacious kitchen, boasting elegant granite countertops, sleek stainless steel appliances, and a convenient kitchen island perfect for meal preparation or casual dining. A separate pantry and laundry room provide additional storage and functionality. With three bedrooms and two bathrooms, including custom-tiled tub/shower combinations, this home offers comfort and convenience for both residents and guests. Enjoy the tranquility of the surrounding forest from the upper and lower level decks, ideal for morning coffee or evening relaxation. Notable features include 2 faux wood blinds adorning all windows, ensuring privacy and style throughout the home. Outside, discover a practical storage shed with a loft area, offering ample space for tools, outdoor gear, or hobbies. Situated just blocks away from the forest and hiking trails, this property is a nature lover's dream. Whether you're seeking a primary residence, a second home, or an investment opportunity through Airbnb, this rare find offers endless possibilities. Don't miss your chance to own a piece of Flagstaff's coveted mountain lifestyle. Come see this home today and envision yourself calling this mountain retreat home! Owner/Agent.

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621 E Las Puertas Lane Queen Creek, AZ 85140

$550,000

3 Beds

2 Baths

1,770 SqFt

Status Active

MLS # 6687961

Property Type Single Family Residence

Price Type --

Brand new turf, brick pavers and epoxied patio installed in backyard. Garage floor has also been epoxied. New laundry room cabinets and blinds throughout the house have also been installed! Nestled in the embrace of the San Tan Mountains, this resort community offers the best of Greater Phoenix within easy reach, alongside a wealth of amenities right at your fingertips. Guard gates resort style community. The prestigious La Casa clubs curate a resort-style living experience, boasting dining venues, event spaces, pools, a spa, and a variety of sports courts including pickleball, along with a championship 18-hole golf course. Step into this exceptional property, meticulously crafted in 2023, showcasing the coveted Cannes floor plan set on a premium lot The kitchen is a culinary haven, boasting upgraded cabinetry, stunning granite countertops, stainless steel appliances including a refrigerator, gas stove, and more. The primary bedroom offers a serene retreat with its private bathroom, dual sinks, fully tiled walk-in shower, and spacious walk-in closet. Positioned for privacy, the secondary bedrooms are strategically separated from the primary bedroom by the impressive great room. Embrace outdoor living on the covered patio, a perfect spot for relaxation and enjoying the mountain views. This community also offers tennis, Bocci Ball, a fitness center and has a Post Office.

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10881 W Carlota Lane Sun City, AZ 85373

$550,000

4 Beds

3 Baths

2,602 SqFt

Status Active

MLS # 6749966

Property Type Single Family Residence

Price Type --

Welcome home to Deer Valley Ranch! Not Age Restricted & No HOA! This spacious 4-bed, 3-bath gem sits on a corner lot with perfect North/South exposure, providing abundant natural light throughout the 2602 square feet. Complete with 2 RV gates & RV parking, RV plug, water hook up, & sewer cleanout. This home is ideal for outdoor enthusiasts. The leased solar system ensures energy efficiency, cozy fireplace in the family room & newer AC units add to your year-round comfort. Notable features include tastefully updated bathrooms, wood-look tile flooring, & an oversized patio off the primary bedroom. The convenient guest suite downstairs adds versatility to your living space. Just 30 minutes from Lake Pleasant, this location is a paradise for water lovers. Original Owners & Pride of Ownership.

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17302 E Oro Grande Drive Fountain Hills, AZ 85268

$550,000

3 Beds

2 Baths

1,493 SqFt

Status Active

MLS # 6750848

Property Type Single Family Residence

Price Type --

A beautiful, well-kept home in a highly sought after areas of Fountain Hills. The inside has been very nicely updated. Enjoy the family area with beautiful flooring and a fireplace. The master bathroom has been redone to be handicap friendly. Enjoy spectacular mountain views from your kitchen window, the master bdrm and the patio/Arizona room. You can even see four peaks from the huge backyard. The landscaping is done. The back is on a partial watering system. There are native Desert Willows that thrive even in drought and cold and Meyer Lemon Trees. There is no HOA. There is an RV gate and lots of room out back for an RV, boat or whatever you like. The home is in a highly rated school district with plenty of shopping nearby. You won't be disappoint

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1274 S Palm Street Gilbert, AZ 85296

$550,000

5 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6749677

Property Type Single Family Residence

Price Type --

Welcome to this move-in ready, centrally located, single-level home in Gilbert! Just minutes away from Downtown Gilbert, featuring top-notch restaurants, where you'll find a family-friendly environment. This home features soaring ceilings, neutral colors throughout, with plenty of storage closets! The eat-in kitchen is equipped with butcher block countertops, center island, breakfast bar, and a plethora of custom cabinets. The primary suite offers picture windows, a walk-in closet, and a fully remodeled bathroom with a double sink vanity, soaking tub, and a separate shower. Second bathroom has been remodeled to add a modern touch. Enjoy peace of mind with brand new windows and a new AC unit. With five bedrooms, this home has plenty of space for everyone! The backyard is perfect for entertaining, featuring a covered patio, lush green grass, and mature landscaping. Assumable FHA Loan available at 3.75%

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2918 N 17th Avenue Phoenix, AZ 85015

$550,000

3 Beds

3 Baths

1,880 SqFt

Status Active

MLS # 6752177

Property Type Single Family Residence

Price Type --

Check out this beautiful, cozy mid-century home in Encanto Terrace! All the suburban neighborhood vibes in the heart of the city, this home is a perfect retreat for all lifestyles. This 2BR/2BA (1584 sf) home features a detached 1BR/1BA casita (282 sf) with tons of potential for whatever you need. The home underwent a massive renovation in 2013 so major items have already been updated for you like new sewer lines, electrical, plumbing, roof and new insulation, AC and ductwork and modern cosmetic finishes like 12 x24 tile flooring, quartz countertops, cherry cabinets, SS appliances, dual pane windows and more. The home is energy efficient (75 HERS), and the perfect combination of peaceful sanctuary and urban lifestyle!

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