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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23027 E Rosa Road Queen Creek, AZ 85142

$550,000

4 Beds

2 Baths

1,993 SqFt

Status Active

MLS # 6712448

Property Type Single Family Residence

Price Type --

Assumable Loan w/ 2.625% Interest! 2021 Build, like new in a prime Queen Creek Location! Single Level 4 bed 2 bath home. Wood-like tile throughout, open floor plan. The kitchen is open to the family room & features white shaker cabinets, quartz counters, stainless steel appliances, farm sink & over-sized island w/ pendant lighting. Primary suite is split from the secondary bedrooms & includes a huge walk-in closet, the primary bathroom includes dual sinks & an over-sized shower. Resort style back yard that is beautifully landscaped. Walking distance to A+ Schools & Parks.

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18749 W San Miguel Avenue Litchfield Park, AZ 85340

$550,000

6 Beds

4 Baths

3,159 SqFt

Status Active

MLS # 6755053

Property Type Single Family Residence

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This is the home you've been waiting for! Practically brand new and nestled in a fully developed neighborhood, this stunning property is close to top-rated schools, community parks, and all the conveniences you need. The owners have meticulously cared for this home, as evidenced by the beautiful landscaping and inviting covered front porch. Step inside to a thoughtfully designed floor plan, featuring a welcoming foyer with a stylish feature wall and a mudroom just off the oversized tandem 3-stall garage. The main floor includes a guest bedroom with a full bath, plus a luxurious primary suite with dual sinks, a soaking tub, glass-enclosed shower, and a spacious walk-in closet. The open-concept kitchen and living area is ideal for entertaining, with a large quartz island, tiled backsplash, gas cooktop with hood, stainless steel appliances, and a walk-in pantry. Upstairs, a cozy loft offers versatile space for a playroom or mancave, along with four additional bedrooms, two of which are connected by a convenient Jack-and-Jill bath. Step outside to enjoy the extended covered patio, perfect for relaxing or hosting gatherings. The freshly poured concrete extends the patio space, wrapping around the corner. The backyard features lush, irrigated grass, fruit trees, a garden, and plenty of open space to enjoy. This home is truly a must-see!

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7464 W Lone Cactus Drive Glendale, AZ 85308

$550,000

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6756154

Property Type Single Family Residence

Price Type --

This beautifully newly renovated 3-bed, 2-bath home is located in a highly coveted neighborhood known for desirable schools, nearby access to beautiful nature trails, and convenient commuting via the 101 freeway. Every room has been thoughtfully updated, showcasing bright, modern finishes throughout. The fully renovated kitchen and bathrooms, new flooring, refreshed backyard, and added garage storage create a move-in-ready space. Already located close to an abundance of shopping, dining, and recreational option. This one is sure to go fast—don't miss your opportunity to make it home!

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38397 N Nuevo Laredo Lane San Tan Valley, AZ 85140

$550,000

5 Beds

2.5 Baths

3,543 SqFt

Status Active

MLS # 6694375

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS offering $5,000 in closing costs to buyer. Become the proud owner of this 5-bedroom, 2.5-bath residence in Laredo Ranch! You're greeted by a spacious 3-car garage, an extended driveway, a convenient RV gate, and a meticulously maintained yard. Discover a welcoming living room with soaring ceilings, a neutral palette, blinds for privacy, and plush carpeting. The inviting great room includes a wet bar for intimate moments with loved ones. The impeccable kitchen features ample wood cabinetry, built-in appliances, efficient recessed lighting, a pantry, and an island with a breakfast bar for casual dining. The large main bedroom offers an ensuite with dual sinks, a jetted tub for relaxing soaks, and a walk-in closet. Venture outside to the backyard, boasting a covered patio, stylish pavers, low-maintenance artificial turf, a warm fire pit, and a charming gazebo for outdoor dining. Desirable location directly in front of the Community park and playground. Make this gem yours!

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9665 E Nido Avenue Mesa, AZ 85209

$550,000

4 Beds

2.5 Baths

2,376 SqFt

Status Active

MLS # 6740036

Property Type Single Family Residence

Price Type --

Property Highlights:. Experience the luxury of living in a community known for its outstanding golf amenities and picturesque surroundings.Retreat to the expansive primary suite, featuring cathedral ceilings, a private bath, and a large walk-in closet. The main floor is designed for both comfort and style, featuring 10-foot ceilings, an updated kitchen and bath. The large family, living, and dining rooms provide ample space for both everyday living and entertaining. The home boasts several recent improvements including a new 3.5-ton AC unit, updated landscaping, a built-in natural gas grill and new kitchen appliances, including a microwave oven and refrigerator. A 3-car garage with built-in cabinets offers ample storage for all your toys and essentials.

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612 W Flintlock Way Chandler, AZ 85286

$550,000

4 Beds

3.5 Baths

2,060 SqFt

Status Active

MLS # 6677507

Property Type Single Family Residence

Price Type --

THIS HOME IS ELIGIBLE FOR 1.75% CREDIT from PREFERRED LENDER that can be used towards closing costs or rate buy-down, (*available for those that qualify*) This delightful home offers a perfect blend of comfort, style and convenience in the sought-after gated community of Haven! This beauty has a 2-car garage, & a cozy front porch. As you step inside to the second floor, you're greeted by an inviting living space adorned with natural light streaming through the large windows. The open floor plan seamlessly connects the living room to the kitchen, making it ideal for both everyday living and entertaining guests. The spotless eat-in kitchen includes SS appliances, enormous island, pendant lighting, granite counters, beautiful wood cabinetry, & an island with a breakfast ba Continue onto the third level & find a main retreat featuring a full ensuite with dual sinks, a separate tub/shower, & a walk-in closet. The guest's quarter has a separate entrance & a private bathroom. Enjoy relaxing on the airy balcony or under the covered patio in the perfectly sized backyard! Easy access to a beautiful Community pool and fitness center! This fabulous abode will not disappoint!

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9815 E Brown Road Mesa, AZ 85207

$550,000

4 Beds

2 Baths

2,176 SqFt

Status Active

MLS # 6750531

Property Type Manufactured Home

Price Type --

Beautiful, extremely well-kept home in North Mesa. This 2,176 sq foot home sits on over 1 acre of land and has 4 bedrooms, 2 baths and plenty of outside storage. No HOA, lots of room for your RV, campers and toys. Enjoy views of the Superstition Mountains as you sit on your extended back patio. New A/C unit in 2020 and new roof in 2017. Wonderful open concept with split floorplan. Kitchen has been updated with granite countertops and new flooring in kitchen and dining room in 2020. This wonderful home is MOVE IN READY so come and see it for yourself!

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4533 N 93rd Glen Phoenix, AZ 85037

$550,000

4 Beds

3 Baths

2,590 SqFt

Status Active

MLS # 6656309

Property Type Single Family Residence

Price Type --

Embark on a journey to explore the captivating charm of this stunning 4-bedroom home, where an inviting open floor plan seamlessly integrates with a versatile semi-open den, perfect for a home office or creative studio. Step inside to discover the warm allure of wood-look flooring and a spacious great room, designed for both lively social gatherings and cherished family moments. The delightful kitchen is a focal point, featuring pristine white cabinets, stainless steel appliances, a pantry, granite countertops, subway tile backsplash, and a center island with a breakfast bar. Unwind in the tranquil main bedroom, complete with a trendy barn door that leads to a luxurious ensuite boasting dual vanities, a makeup table, and a generous walk-in closet. Outside, the expansive backyard beckons with a covered patio, paver seating areas, and low-maintenance artificial turf, providing the perfect setting for relaxation and outdoor enjoyment. This home is a true gem waiting to become yours, promising a lifestyle of comfort, style, and endless possibilities!

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23244 N 120th Lane Sun City, AZ 85373

$550,000

4 Beds

2.5 Baths

2,663 SqFt

Status Active

MLS # 6711781

Property Type Single Family Residence

Price Type --

Appraisal came back at $585k!! Instant equity when you walk into this home! This beautiful home is a true gem, featuring 4 bedrooms and 3 bathrooms, perfect for families or those who love to entertain. Conveniently located to grocery stores and restaurants. Upon entering, you'll be captivated by the open and airy layout, with a spacious living area . The kitchen is equipped plenty of counter space, and an island, making it a delightful space for cooking and gathering. The primary suite has its own ensuite bathroom and ample closet space. The additional bedrooms are generously sized, offering versatility for guests, a home office, or a hobby room. One of the highlights of this property is the brand-new pool in the backyard, perfect for cooling off during hot Arizona summers or hosting memorable poolside gatherings. The landscaped yard is designed for low maintenance, giving you more time to enjoy the outdoor space. Don't miss the chance to own this exceptional home. Come and discover the perfect blend of comfort, style, and convenience!

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11417 W Nadine Way Peoria, AZ 85383

$550,000

4 Beds

3 Baths

2,199 SqFt

Status Active

MLS # 6754535

Property Type Single Family Residence

Price Type --

PRISTINE on Nadine! Worry free living and all of the modern conveniences of a new build, including a gourmet gas cooktop, designer tiled backsplash, modern quartz countertops, and a center island in the open great room that's perfect for gatherings; while abundant storage including two pantries, two coat closets, and a spacious walk-in closet ensures everything has its place. Upgraded easy care backyard featuring gas fire pit, artificial turf, and elegant pavers. Nestled in a beautiful neighborhood, this home is part of a vibrant community with top-tier amenities, including clubhouse, 3 pools, tennis, pickle ball and basketball courts, game room and 3.5 mile linear park. The only thing needed in this turnkey home: you to complete it!

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11410 N 32nd Place Phoenix, AZ 85028

$550,000

4 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6755468

Property Type Single Family Residence

Price Type --

This beautifully remodeled home is a perfect blend of modern luxury and comfort, sitting on an expansive corner lot. The interior boasts sleek tile flooring throughout, while the fully upgraded bathrooms feature elegant shaker vanities and designer finishes. The heart of the home is the chef's kitchen, complete with an oversized island, white shaker cabinetry, and striking granite countertops, perfectly complemented by high-end KitchenAid appliances. Step outside into your private backyard oasis. The spacious covered patio is finished with stylish tile, ideal for outdoor entertaining. Towering trees provide plenty of shade, making it a great space for kids and pets to play freely! This home is move-in ready and offers an unmatched combination of style, space, and convenience. Don't miss the opportunity to make it yours!

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21161 N 98th Drive Peoria, AZ 85382

$550,000

4 Beds

2 Baths

2,134 SqFt

Status Active

MLS # 6739057

Property Type Single Family Residence

Price Type --

Welcome to 21161 N 98th Dr, a beautifully maintained residence that perfectly blends comfort and style. This lovely home boasts 3 spacious bedrooms, good sized office that can be used for a 4th bedroom and 2 bathrooms and rare 3 car garage making it ideal for families or those who love to entertain. As you step inside, you'll be greeted by an open-concept living area filled with natural light, plantation shutters, featuring elegant wood flooring and contemporary finishes. The gourmet kitchen is a chef's dream, equipped with stainless steel appliances, ample cabinetry, and a generous island for meal prep and casual dining. Property located walking distance to school land public library. Step outside to your private backyard oasis, perfect for outdoor gatherings or simply unwinding after a long day. Located in a desirable neighborhood, this home offers convenient access to local parks, shopping, dining, and walking distance to schools and library. Don't miss your chance to make this beautiful property your own! This home is a must-see and won't last long on the market!

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