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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1137 E Fairfield Street Mesa, AZ 85203

$550,000

4 Beds

2 Baths

2,182 SqFt

Status Active

MLS # 6754170

Property Type Single Family Residence

Price Type --

This charming house has been beautifully updated with new flooring, new cabinets, and quartz countertops and modernized kitchen! It features separate family and living rooms with a beautiful beehive fireplace. Lots of room inside this house! The large corner lot offers a spacious backyard and a detached garage that could be converted into an ADU or workshop. There's also an RV gate for convenient parking of boats trailers or RV's. One of the best features of this home is the owned solar panels. This means that the new buyer can benefit from lower electric bills, making this home even more energy-efficient and cost-effective. Don't miss out on this opportunity

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22341 W Dove Valley Road Wittmann, AZ 85361

$550,000

5 Beds

3 Baths

3,516 SqFt

Status Active

MLS # 6743514

Property Type Single Family Residence

Price Type --

🔉 Investor special! Investment property situated on 2.5 acres. Property features 5 bedrooms 3 full baths, full finished basement, over 3,500 sqft. Tons of potential ready for its next owner!!!

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10325 W Windsor Avenue Avondale, AZ 85392

$550,000

3 Beds

3 Baths

3,329 SqFt

Status Active

MLS # 6715276

Property Type Single Family Residence

Price Type --

BEAUTIFUL SANTA BARBARA MODEL THAT SHOWS PRIDE OF OWNERSHIP! THIS HOME FEATURES : FRONT PORCH* PLANTATION SHUTTERS* DEN WITH A CLOSET THAT CAN EASILY BE CONVERTED TO A BEDROOM* GORGEOUS KITCHEN WITH ISLAND, FRENCH DOOR REFRIGERATOR(SS APPLIANCES PURCHASED IN 2023),LOTS OF CABINETS AND COUNTER SPACE,BUILT IN DESK, MASSIVE BUTLER PANTRY* BREAKFAST ROOM* OVERSIZED PRIMARY SUITE WITH DOUBLE SINKS, SEPARATE SHOWER AND TUB AND WALK IN CLOSET* WIDE STAIRWAY TO BEDROOMS AND LOFT, JACK AND JILL BATHROOM* NEWER A/C (2019 & 2022)* PROGRAMMABLE THERMOSTAT* 3 CAR TANDEM GARAGE * RAIN GUTTERS* BACKYARD HAS EXTENDED COVERED PATIO WITH INSET LIGHTING OVERLOOKING SOUTH MOUNTAIN WITH A CONCRETE WALKWAY TO SEATING AREA TO ENJOY THE TRANQUIL EVENINGS. EASY ACCESS TO 101, I10. CLOSE TO BANNER HOSPITAL , COSTCO,SHOPPING AND ENTERTAINMENT. BACKS UP TO CUSTOM ONE ACRE LOTS. CALL FOR APPOINTMENT TO SHOW.

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15720 S 182nd Avenue Goodyear, AZ 85338

$550,000

4 Beds

3 Baths

1,991 SqFt

Status Active

MLS # 6712500

Property Type Single Family Residence

Price Type --

Are you looking for a like-NEW home with a dreamy interior layout filled with over $100,000 in upgrades, state of the art community amenities, and a private-quiet corner lot? This 2022 single-level Toll Brothers masterpiece is something special! The Chapin (Farmhouse Elevation) split floor plan is the epitome of grand single-level living. Featuring the open kitchen with a gas stove, quartz countertops, 10 ft ceilings, water softener, and reverse osmosis are just some of the upgrades in this beautiful home. The dedicated office space with gorgeous barn doors provides versatility for all! The stunning 12x8 multi-panel pocket sliding door leads you out to your low-maintenance backyard with surrounding mountain views. The list goes on!!! Located in the Superior Master Planned Community of Estrella Mountain Ranch, you'll find the resort-like amenities such as the Residence Clubs with tasty restaurants, top notch fitness centers, splash pads, community pools, and plenty of outdoor events year round. This community is a true Arizona paradise featuring mature palm trees surrounding the North & South Lake, StarSplash Waterpark, and more than 65 miles of trails to explore the great outdoors. Estrella Mountain Ranch also includes water activities at the Yacht Club providing opportunities for kayaking, paddle boating, sailboating, and catch & release fishing. Not to mention the recreational activities including pickleball, basketball, tennis, sand volleyball, and highly ranked golf at the Troon managed Golf Club of Estrella. This is not just a home, this is a lifestyle to one of Arizona's best master planned communities!

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1615 W Palm Lane Phoenix, AZ 85007

$550,000

3 Beds

2 Baths

1,238 SqFt

Status Active

MLS # 6697232

Property Type Single Family Residence

Price Type --

This peaceful 3 bedroom, 2 bathroom home in historic Fairview Place is within walking distance to the fairgrounds with the benefit of no street parking for events protecting neighborhood traffic. The home was remodeled in 2020: new Kitchen, 2 New Bathrooms, Newer windows, all new lighting and plumbing fixtures. Since 2020, sellers have added new pavers and landscaping as well as created a covered patio space to enjoy the beautiful AZ weather. This home is close to everything downtown including, sporting events, concerts, state fair, parks, restaurants and museums. This neighborhood has it all!

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14916 W Piccadilly Road Goodyear, AZ 85395

$550,000

3 Beds

2 Baths

2,962 SqFt

Status Active

MLS # 6622880

Property Type Single Family Residence

Price Type --

$60,000 BELOW RECENT COMP. see MLS#6608783 Welcome to luxury living of Goodyear, nestled within the prestigious guard-gated community of PebbleCreek! As you enter, you're greeted with soaring ceilings in the grand foyer. The Cambria plan revolves around a spacious great room with vaulted ceilings, bar area, chef's kitchen with granite counters, large breakfast area flowing seamlessly to the outdoors. The primary suite is accompanied by a relaxing sitting room, walk-in shower, make-up with a dual sink vanity. This home is ready for your touch! Lastly, step out back to a covered patio and a professionally landscaped low maintenance backyard. The community offers golfing, restaurants, social clubs, fitness center, indoor/outdoor pools, tennis, trails and so much more!

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2323 N Central Avenue Unit 1002 Phoenix, AZ 85004

$550,000

2 Beds

2 Baths

1,398 SqFt

Status Active

MLS # 6739045

Property Type Apartment

Price Type --

Amazing opportunity to reside in a Historic landmark in Midtown. Upgrades include windows in all room (which is a HUGE Upgrade). Other upgrades include kitchen (all of it) hall bathroom, flooring in the entire unit. Available for Immediate Occupancy. Totally remodeled high rise condo facing South with great views of Downtown, South Mountain and Heard Museum. Light Rail Station just outside the front door of Bldg. Beautifully remodeled kitchen with all new custom cabinets, granite counters and stainless steel appliances. Floor plan has been opened up into a Great Room floor plan with den off the living room. Master bedroom has been enlarged for comfort with sitting area. Master bath is remodeled with custom vanity, counter tops and Classy Closet.

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18508 W Galveston Street Goodyear, AZ 85338

$550,000

4 Beds

2.5 Baths

2,313 SqFt

Status Active

MLS # 6752272

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 4 bedroom, 2.5 bathroom home offers the perfect blend of style and functionality, with its open floor plan concept and spacious living area that flows seamlessly into the modern kitchen, creating an ideal space for entertaining or simply relaxing with family. Split Floor plan and a dedicated office provides a quiet retreat for work or study. Tile throughout main living area, quartz countertops in kitchen, 9+ foot ceilings and white cabinetry throughout. The covered patio invites you to enjoy the outdoors year-round. The low-maintenance landscaping ensures you have more time to enjoy the things you love. Don't miss out on this perfect blend of comfort and convenience! Three additional bedrooms offer plenty of space for family, guests, or a home office. The two other bathrooms are tastefully designed with modern fixtures and finishes. The backyard is perfect for outdoor entertaining, with a covered patio, ample lawn space, beautiful pavers, and common area directly behind the home. This home includes a two-car garage, energy-efficient windows, central heating and cooling, and smart home features. Situated in a desirable neighborhood, close to schools, shopping, and dining, with easy access to major highways.

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2939 W Plum Hollow Drive Anthem, AZ 85086

$550,000

3 Beds

3 Baths

1,957 SqFt

Status Active

MLS # 6738833

Property Type Single Family Residence

Price Type --

Nestled in the guarded and private Anthem Country Club, this lovely 3 bedroom and 3 bath home features a 216 sq. ft. Casita and a 1,741 sq. ft. main house with two bedrooms plus a den. The secondary bathroom boasts an upgraded shower, while the primary suite offers double sinks, a separate tub and shower, and a walk-in closet. Hardwood floors adorn the bedrooms and den, and ceiling fans are installed throughout. The kitchen is equipped with stainless appliances, including a gas range and microwave, and skylights brighten both the master bedroom and kitchen. Additional amenities include a laundry room with gas and electric hookups, a two-car garage, and a low-maintenance backyard with no rear neighbors, making it an easy lock-and-leave property. See more info about the community... Residents of Anthem Country Club enjoy a luxurious lifestyle with resort-style amenities. Professionally managed by Club Corp, members get reciprocal privileges around the world. The club features two 18-hole golf courses (Golf membership not included) and two member restaurants. Fitness enthusiasts will appreciate the two state-of-the-art gyms, two pools, two spas, and several tennis courts. All surrounded by stunning mountain and golf course views. This guarded community offers an unbeatable combination of location and luxury, making it a must-see for those seeking a an elevated lifestyle.

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2944 N Meadow Lane Avondale, AZ 85392

$550,000

5 Beds

3.5 Baths

3,630 SqFt

Status Active

MLS # 6741750

Property Type Single Family Residence

Price Type --

Garden Lakes Basement Home!! Discover your next home in the Garden Lakes community of Avondale, AZ. A true oasis in the desert landscape, Garden Lakes offers its residents the opportunity to boat, fish or just take in the view. This two-story residence with a basement boasts 5 bedrooms, 3.5 baths, and a 3-car tandem garage, situated on a desirable corner lot. With over 3000 sq. ft. of living space, the interior features granite countertops, a primary suite on the main floor with a Jacuzzi tub, and a wet bar in the basement. Recent upgrades include a new roll comp patio roof, newer tile roof with warranty, exterior paint, and AC units all replaced within the last 5 years. Ideally located near I-10 and 101 freeways, this home offers space, comfort, and convenience.

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36843 W Indian School Road Tonopah, AZ 85354

$550,000

4 Beds

2.5 Baths

2,969 SqFt

Status Active

MLS # 6694104

Property Type Single Family Residence

Price Type --

Wow, fantastic opportunity to own a residence with 2,969 SqFt of construction on a 1.1-acre lot! The impeccable interior boasts a warm palette, neutral tile flooring, recessed lighting, tall ceilings, and a sizable den ideal for an office or a formal living room. The bright & ample great room promotes a greater traffic flow & maximizes space. This open floor design makes entertaining a bliss! The kitchen features white shaker cabinetry, granite countertops, stainless steel appliances, a pantry, and an island with a breakfast bar. The primary bedroom has a full ensuite with a step-in shower, a jetted tub, a dual sink vanity, and a walk-in closet. The vast exterior offers endless landscaping potential to get creative, with room for RVs, a pool, & space for horses to roam. Take a tour today!

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2303 S 337th Avenue Tonopah, AZ 85354

$550,000

4 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6683338

Property Type Single Family Residence

Price Type --

Coming Soon! A stunning, to-be-built home awaits! This brand-new 4 bed, 3 bath residence features not one but two master bedrooms and comes complete with an RV garage . Set on over an acre of horse property, this split-floor plan gem offers a perfect blend of modern upgrades and convenience, all just 7 minutes from the freeway. NO HOA. Estimated build time is 4-5 months, and the buyer may have the opportunity to choose some options. Don't miss the chance to make this dream home your own! Contact us for more details and be part of the exciting build process.

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