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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6238 W Riviera Drive Glendale, AZ 85304

$550,000

4 Beds

2.5 Baths

2,606 SqFt

Status Active

MLS # 6693577

Property Type Single Family Residence

Price Type --

Spacious 2 story home in a NO-HOA neighborhood. The large kitchen with a breakfast nook opens to the family room with fireplace. Formal dining room is open to the formal living area which boasts vaulted ceilings. Large master bedroom has his/her closets and dual sinks. Dual pane windows provide more natural lighting and efficiency. Large yard with mature trees, diving pool and a shed with electricity. New electrical panel and solar to help home run more efficiently.

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8604 N 14th Street Phoenix, AZ 85020

$550,000

4 Beds

2 Baths

1,629 SqFt

Status Active

MLS # 6722652

Property Type Single Family Residence

Price Type --

Seller's loss is your gain with this recently re-built ranch home located in desirable North Central Phoenix. Home has been extensively re-built due to fire damage. Property was taken down to the studs with new major systems and components including - Electrical (including main panel), Plumbing (all internal), Windows, Doors, Drywall, HVAC, Roof, Flooring, Cabinets, Lighting, Appliances, Interior and exterior paint. All work was performed by a licensed contractor with full City of Phoenix permits and Certificate of Occupancy (4/22/2024).

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10793 E Stirrup High Drive Dewey, AZ 86327

$550,000

4 Beds

3 Baths

2,116 SqFt

Status Active

MLS # 6723792

Property Type Single Family Residence

Price Type --

Beautifully remodeled 2 story home sits on a corner, level lot and offers 4 spacious bedrooms and 3 bathrooms in a split floor plan. Very large primary bedroom sits above the 2-car garage that includes a walk-in closet, large walk-in shower, and separate vanity area. This unique property offers 2 primary bedrooms with full on-suites. An eat-in kitchen opens up to the living room with plenty of space to enjoy your guests. From the dining room, sliding glass doors lead you to a large, covered deck that runs 1/2 the length of the home and overlooks the backyard. Low maintenance landscaping with extensive paver work, large gazebo, artificial turf and a half-court basketball court await you in the back yard. New roof also installed in 2024.

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14634 W Wethersfield Road Surprise, AZ 85379

$550,000

4 Beds

3 Baths

2,298 SqFt

Status Active

MLS # 6725415

Property Type Single Family Residence

Price Type --

This gem will surely impress you! Beautiful 4-bedroom property adorned with stone accents, a 2-car garage, and a welcoming front porch is the one! Inviting hallway ushers you to the captivating open layout, featuring tall ceilings, plantation shutters, a trending palette, and stylish tile flooring. The immaculately designed kitchen is fully equipped with an electric cooktop, double wall ovens, and a pantry. Sleek quartz counters, tile backsplash, white shaker cabinetry with crown molding, and an island with a breakfast bar elevate the space. French doors open to the sizable den! Primary retreat has plush carpeting, a private bathroom, and a walk-in closet. The home's elegance extends outdoors to the backyard with a covered patio, artificial turf, and a gazebo. Hurry! Don't miss out!

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1127 W Angus Road San Tan Valley, AZ 85143

$550,000

4 Beds

3.5 Baths

2,966 SqFt

Status Active

MLS # 6720758

Property Type Single Family Residence

Price Type --

Don't miss this beautiful model home in Circle Cross Ranch which offers almost 3,000 square feet of open-concept living space. Enjoy gleaming wood-look tile floors, wired speakers, recessed lighting, and sliding glass doors that connect the indoors with the outdoors. The stunning kitchen features tons of cabinets with crown molding, a chic mosaic backsplash, quartz counters, stainless steel appliances, a five-burner gas range, and two walk-in pantries. The spacious loft provides a separate area for upstairs entertainment. The main bedroom includes plush carpet, a private bathroom with dual sinks, and a walk-in closet. There is a second en-suite for added convenience. The 3-car garage and massive home office complete this amazing property.

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5519 N 187th Lane Litchfield Park, AZ 85340

$550,000

4 Beds

2.5 Baths

2,522 SqFt

Status Active

MLS # 6740520

Property Type Single Family Residence

Price Type --

The search is finally over! This incredible property overlooking dreamy mountain views is the one! Featuring a charming front yard, stone detailing, and 3-car garage. An inviting hallway ushers you to the immaculate open layout filled with abundant natural. The home exudes elegance with its high ceilings, neutral paint, and sleek wood-plank tile flooring. The gourmet kitchen is designed with SS appliances, granite counters, handsome wood cabinetry w/crown molding, a walk-in pantry, and a sizable island with a breakfast bar. Don't miss the practical den with a double-door entry! Unwind after a hard day's work in the main bedroom offering a full ensuite with dual vanities. Soft carpeting in all bedrooms for added comfort! The large backyard has trees, a hot tub, and a covered patio. Hurry!

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122 N Sunaire -- Mesa, AZ 85205

$550,000

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6745712

Property Type Single Family Residence

Price Type --

Discover this 3 bedroom/2.5 bath fully remodeled home located in the heart of the city. Step inside to find new tile flooring, new modern lighting, and fresh neutral color paint throughout. New white shaker kitchen is equipped with new stainless steel appliances, new quartz countertops, and new fixtures. New washer and dryer installed, bathrooms fully upgraded, new ceiling fans, and many other upgrades. Large backyard lot plus storage room/guest house. Sellers looking to sell and close quickly!

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4217 E Desert View Drive Phoenix, AZ 85044

$550,000

3 Beds

2 Baths

1,615 SqFt

Status Active

MLS # 6750443

Property Type Single Family Residence

Price Type --

Nestled in the heart of Ahwatukee, this property boasts beautiful South Mountain views & easy access to hiking & biking trails with no HOA. Perfectly suited for those with a vision, home features a spacious backyard that's ideal for entertaining or creating the backyard paradise of your dreams. The possibilities are endless with the large pool & spa & expansive lot which provides ample room for landscaping an amazing backyard, a garden, or an outdoor kitchen. Inside, the home is ready for your innovative fresh ideas. With all the right updates, this property has the potential to transform into something truly special and become a standout in the neighborhood. If you're a seasoned house remodeler or just getting started, this is an opportunity not to be missed. HOME IS BEING SOLD ''AS IS''

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18025 N 42nd Place Phoenix, AZ 85032

$550,000

3 Beds

2 Baths

1,565 SqFt

Status Active Under Contract

MLS # 6735513

Property Type Single Family Residence

Price Type --

This fantastic home is where your future memories are sure to be made. Seller has done several improvements on the home. Updates within the last 5 years include New Tankless Gas Water Heater, Remodeled Primary and Secondary bathrooms, New Luxury Vinyl Plank Flooring throughout the home, New paint, Dual Pane Tinted Windows throughout the home, Upgraded Insulation in Attic, added New Baseboards and much more! New appliances include kitchen Gas Stove, dishwasher and microwave. Front yard installed New Turf Grass and pavers. Home Features: 3 bedrooms plus bonus room, 2 baths, oversized 2 car garage, 2 RV gates. Great Area, Centrally located close to Scottsdale the 51 Fwy and 101 Fwy, Shopping & Restaurants. Move in ready a must see.

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1825 W Morten Avenue Phoenix, AZ 85021

$550,000

4 Beds

2 Baths

1,676 SqFt

Status Active

MLS # 6732745

Property Type Single Family Residence

Price Type --

Explore this beautifully remodeled 4-bedroom gem nestled on a spacious corner lot.has it all with BRAND NEW roof, windows, hot water heater, HVAC, Plumbing and more. Step inside to find wood-look flooring, vaulted ceilings, and recessed lighting, all complementing a bright great room, perfect for making cherished memories. Pristine kitchen is equipped with an abundance of white cabinetry, stainless steel appliances, a stylish tile backsplash, granite counters, and a center island with a breakfast bar. Relax in the main bedroom featuring a walk-in closet and a chic ensuite bathroom. Enjoy the additional spacious bedroom with direct backyard access. Serene backyard is highlighted by a covered patio and offers ample space for a pool or your landscaping designs. Make this your dream home

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11554 W Lone Tree Trail Peoria, AZ 85383

$550,000

3 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6647923

Property Type Single Family Residence

Price Type --

Check out this amazing home located in beautiful Vistancia. The amazing kitchen has Gas stove, dark quartz counter tops with herringbone backsplash that complements your white cabinets. This home comes with Plantation Shutters throughout along with ceiling fans in each room. Step into the large master bedroom with an amazing walk in shower with glass top to bottom, double sinks and matching quartz counter tops. This home comes with the backyard completely landscaped with lush grass and dog run area and pavers in all the right places, This home comes with PAID OFF solar keeping your electric bills down. Don't forget about our amazing community amenities with 3 swimming pools, great for entertaining family time.

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3215 E Captain Dreyfus Avenue Phoenix, AZ 85032

$550,000

5 Beds

3 Baths

1,886 SqFt

Status Active

MLS # 6746394

Property Type Single Family Residence

Price Type --

2 Primary Suites in this Fully Restored Home that was just updated from the floors to the roof. All the big things have been addressed from 2 New AC units, new roof, new tile and wood flooring throughout, updated bathrooms, brand new stainless steel appliances, cabinets and counter tops. This is a rare floor plan with large open gathering spaces and 5 bedrooms. Literally everything was redone in the rehabilitation of this Prime Property and is ready for a new home owner to take possession. Is this the right place for you? You wont know till you come and see for yourself.

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