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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1726 N Whittier Drive Phoenix, AZ 85006

New

$550,000

3 Beds

1 Bath

1,214 SqFt

Status Active

MLS # 6750179

Property Type Single Family Residence

Price Type --

Great opportunity in Coronado East! Stellar location near freeways, employers, Phoenix hotspots and Scottsdale. This very liveable, spacious 3 bedroom 1 bath home of 1214 sf exudes vintage charm with the benefit of many updates. In addition there is a 500+ sf guesthouse with laundry room and storage. A brand new roof on both buildings was installed in June of 2024, new exterior and interior paint at same time, updated baths, updated kitchens in recent years. newer minisplit in guesthouse, new furnishings, most recent guesthouse rental income of $1800.mo. Very deep, double driveway , ample parking. Optional parking gate.

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27524 N Montana Drive Rio Verde, AZ 85263

New

$550,000

2 Beds

2 Baths

1,730 SqFt

Status Active

MLS # 6751350

Property Type Townhouse

Price Type --

Beautiful turnkey townhome in the gated community of Tonto Verde. Located in a quiet cul-de-sac, backing to the beautiful driving range and a short walk to the clubhouse and its amenities. Great room style living with fireplace and walls of windows taking in the backyard views and gorgeous sunsets. Split floor plan with 2 large bedrooms and 2 full baths. Primary bedroom with access to the spacious patio and primary bath with dual vanities, tub, walk in shower and walk in closet. Kitchen with center island and cooktop, breakfast counter and dining that is open to the lush landscaping with floor to ceiling windows. New Interior paint 2024, New roof in 2022, New HVAC in 2020, New Hot water heater in 2022 and New Washer/Dryer in 2020. Oversized 2.5 car garage with golf cart access

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16203 W Hilton Avenue Goodyear, AZ 85338

$550,000

4 Beds

2.5 Baths

2,973 SqFt

Status Active Under Contract

MLS # 6693863

Property Type Single Family Residence

Price Type --

++NEW ROOF++ !Incredible 4-bed, 2.5-bath property in a prestigious location across the Sarival Village Park #1! 3-car sided garage, excellent curb appeal, and low-care front yard are the beginning. Inside, you'll find ample living spaces for entertaining and an equipped kitchen for the family chef. The backyard is the perfect area for relaxing evenings after a busy day. Seize this opportunity!

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330 S Farmer Avenue Unit 106 Tempe, AZ 85281

$550,000

3 Beds

3 Baths

1,565 SqFt

Status Active

MLS # 6759259

Property Type Townhouse

Price Type --

Welcome to the popular Millstone luxury townhouse community in Tempe, Arizona. This 3 bedroom, 3 bathroom urban style tri-level brownstone with attached two car garage, viewing balconies, and access to community amenities is perfect for the bustling downtown Tempe lifestyle. Enjoy upgraded finishes including granite countertops, luxury vinyl plank flooring throughout, an included stainless steel appliance package with washer and dryer, and newly updated bathrooms for you and your guests. With a spacious greatroom floorplan and two balconies providing views and fresh air, your ability to entertain inside and out flows seamlessly. Just steps from shopping, restaurants, theater, outdoor activities, and the night life in Tempe, Arizona plus the benefit of a home base with heated community... ...pool and spa - this is truly modern living. With Arizona State University and many amazing Arizona employers located just minutes from your front door, this is the perfect opportunity for a year round resident, urban traveler, or income generating portfolio.

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608 W 16th Street Tempe, AZ 85281

$550,000

3 Beds

2.5 Baths

1,823 SqFt

Status Active Under Contract

MLS # 6744704

Property Type Single Family Residence

Price Type --

Prime location one mile from ASU and Tempe H.S., close to Mill Avenue shops and restaurants of downtown Tempe. Walk 3 blocks to Clark Park with heated swimming pool, community center, basketball, volleyball, baseball field, tot lot, community garden and farmer's market. This block construction home with solid roof and lots of storage is located in a quiet neighborhood on an oversized lot with tons of patio and backyard space. Shade trees, newer HVAC, dual pane vinyl windows and ceiling fans throughout keep energy bills low. Inside are two living spaces. Laundry and half bathroom are off the great room, which has separate office nook. Bathrooms and kitchen backsplash have been redone in beautiful, durable Mexican tile. All appliances and patio furniture convey. Property sold as-is.

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929 S Rochester -- Mesa, AZ 85206

$550,000

2 Beds

2 Baths

2,066 SqFt

Status Active

MLS # 6753184

Property Type Single Family Residence

Price Type --

Location, Location, Location, this home sits at the junction of 6 fairways with endless views. Beautifully remodeled home with all the right touches. New roof 202, new windows and shutters for natural light and views, wood laminate flooring thru-out, designer two tone paint, LED can lights and fixtures. Your kitchen features SS LG Thin Q appliances including washer and dryer, whole house water treatment system, quartz countertops, granite sink, butlers pantry with sink and additional storage. Enjoy the stunning golf course views from your great room, kitchen and patio. The views continue past the golf course to Red Mountain and the Superstitions. Rochester's Bar/Grill and Pro shop is only a few steps away to meet your new friends for lunch. Sunland Village offers all the amenities you would expect in an active adult living for only $650 a year HOA fee: Pickleball, Softball league, Tennis, Exercise room, Pool's, Spa's, Billiards, Wood Shops, BINGO, clubs and groups for all interest. The East valley and surrounding area offers: Shopping, Walking, Hiking, Biking, Lakes and Salt River Recreation areas and more. Sunland Village is the place to call home. *seller concessions available

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14402 N 45th Street Phoenix, AZ 85032

New

$550,000

4 Beds

2 Baths

1,937 SqFt

Status Active Under Contract

MLS # 6761524

Property Type Single Family Residence

Price Type --

Charming property with great location in Shadowridge is ready to move in! Discover a traditional curb appeal with a desert front yard and a 2 car garage. The clean & neat interior boasts tile flooring, fresh paint, upgraded light fixtures, and a dining that opens to the living room. The functional layout promotes a sense of openness & greater traffic flow. The large great room has a fireplace & outdoor access. The kitchen features recessed lighting, wood cabinets, built-in appliances, and a peninsula with breakfast bar. The primary bedroom hosts a walk-in closet, a door to the backyard, and a bathroom. The huge backyard offers a covered patio & a pool. With some TLC, this space can be transformed into an Oasis! What's not to like? Add your personal touches & make this house your home!

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44049 W Palo Nuez Street Maricopa, AZ 85138

$550,000

3 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6751432

Property Type Single Family Residence

Price Type --

Elegance, luxury, and practicality combine in this one-of-a-kind home. THE ONLY HOME IN MARICOPA WITH A POOL AND RV GARAGE. The curb appeal is off the charts with a paved driveway, cozy courtyard, and LARGE 45' RV GARAGE. Spacious floor plan with open kitchen concept boasting beautiful granite countertops, oversized pantry, and huge island, all overlooking a great room and backyard. Large primary bedroom with roomy bathroom featuring dual vanities and walk-in shower, but it's the backyard that will capture your attention; mature backyard complete with lots of artificial grass for the little ones, oversized pergola, and REFRESHING SWIMMING POOL for those hot AZ afternoons or weekends with friends. Never pay for RV storage again; come by and look and make this beautiful home yours.

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1227 E Campus Drive Tempe, AZ 85282

$550,000

4 Beds

2 Baths

2,396 SqFt

Status Active

MLS # 6755315

Property Type Single Family Residence

Price Type --

Welcome to this fantastic 4 bedroom, 2 bathroom property in Tempe! NEW interior & exterior paint, water heater, carpet, bathroom countertops, and all ceiling fans. The addition could be turned into a 5th bedroom. The 2-car garage and extended driveway will greet you upon arrival. Discover an inviting soft carpet, plantation shutters, neutral tile flooring, and a soothing palette throughout. The Galley eat-in kitchen boasts a wall oven, built-in appliances, a convenient pantry, and ample wood cabinetry. The primary bedroom features a walk-in closet and a private bathroom for added comfort. You will find a charming backyard offering a covered patio that is great for dining alfresco and relaxing after a long day! Located just a few minutes away from parks, markets, and more.

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1509 W Lawrence Road Phoenix, AZ 85015

$550,000

4 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6748333

Property Type Single Family Residence

Price Type --

Welcome to your newly remodeled home in Central Phoenix! A TRUE 4 bedroom home with tons of storage and closet space! Featuring a brand-new kitchen w/ SS appliances, custom coffee nook and bar area w/ brand new wine-fridge & quartz countertops. Fully remodeled, luxurious bathrooms. New carpet and new LVP flooring throughout. Brand-new & very pretty light fixtures & ceiling fans. Fresh paint inside & out. All new baseboards & interior doors. New smart doorbell, 1-yr old water heater, french doors and only a 2 yr old AC! Primary bedroom has a private backyard exit, too! The huge yard w/ a covered patio is perfect for pets, off road toys and plenty of space for a future pool! PLUS, RV parking & No HOA! Great nearby amenities include: Uptown Farmers Market, Murphy Bridle Path, Bookmans, Luci's, Black Rock Coffee, Sprouts, Petsmart Dog Park, PV Golf Course + more! Easy access to I-17, the light rail & Downtown Phx, too! Just minutes away from the future Metrocenter revamp, which the Phoenix City Council voted to spend $850M to turn into a walkable village containing 150,000 square feet of commercial, retail and restaurant space! Jump on the I-17 for easy access to the TSMC and tech corridor in N Phoenix or cruise to the light rail and head downtown for a concert or to Tempe for an ASU game Don't miss out! Homes rarely come for sale at this price point in this area!

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5364 E Ford Circle Mesa, AZ 85215

New

$550,000

2 Beds

2 Baths

1,775 SqFt

Status Active

MLS # 6761174

Property Type Single Family Residence

Price Type --

There is nothing else like this on the market. This custom home was built with incredible detail from architecture to convenience. Not only is it energy efficient but it has a stunning yet practical floorplan and somehow manages to both impress and make you feel at home. Home is very lightly lived in and in immaculate shape as you will see upon walking up the paver driveway past the oversized 2 car garage PLUS golf cart garage! The garage itself has THREE distinct storage closets built in! There is not an inch of space not accounted for. Interior features colors and finishes selected by interior designers along with soft close and dove tail cabinetry, exclusive lighting packages, and oversized bedrooms. Private office as well! Community has all the entertainment/activities you could need!

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1207 W Seascape Court Gilbert, AZ 85233

$550,000

3 Beds

2 Baths

1,673 SqFt

Status Active Under Contract

MLS # 6747747

Property Type Single Family Residence

Price Type --

Now on the market! Beautiful solar home on a private cul-de-sac! This updated home features an RV gate, sweet curb appeal, and a 2-car garage with an extended driveway. Some of the recent updates include a new roof, water heater, water softener, windows & sliders, fresh paint, wood-look flooring throughout, remodeled bathrooms, and many more custom touches that you will need to see for yourself! You will be amazed by the thoughtful attention to every detail! Rich cabinetry, stainless appliances, neutral, soothing color pallet and 2-way fireplace will welcome you home every day. You will love the pie-shaped backyard featuring a covered patio, a new gazebo, and a pool/spa combo, which includes a new pump and filter. Check it out today...you won't be disappointed!

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