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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10927 E Cholla Road Mesa, AZ 85207

$550,000

3 Beds

2 Baths

2,381 SqFt

Status Active

MLS # 6724415

Property Type Single Family Residence

Price Type --

PRICE ENHANCEMENT! Spread out & unwind in this expansive 3-BR home, the largest model in the community! The property boasts a friendly community with no HOA, giving freedom to personalize your space. The large primary bedroom suite provides a tranquil retreat and also features a bonus room addition-perfect for a home office, nursery, or additional relaxation space. A large hall closet offers ample storage for all your belongings-never run out of space! Additionally, the abundance of crawl space storage throughout the home & multiple storage sheds provides ample room for all your treasures. Step outside and create lasting memories in your private backyard oasis. Elegant French doors with a retractable screen seamlessly connect your living space to the patio, creating a perfect indoor/outdoor flow. Enjoy al fresco dining under the covered patio, complete with charming pavers. A convenient dog door in the kitchen leads directly to a dedicated dog run, perfect for your furry friend. Upgraded panel doors throughout the home add a touch of sophistication, while the new front door sconces provide a warm welcome. 17 windows bathe the home in natural light, creating a bright and cheerful atmosphere. This home truly has it all! Don't miss your chance to own this exceptional property. Schedule your showing today and envision yourself living in this beautiful oasis!

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1411 Eagle Ridge Road Prescott, AZ 86301

$550,000

3 Beds

2 Baths

1,405 SqFt

Status Active

MLS # 6739555

Property Type Single Family Residence

Price Type --

This home was comprehensively remodeled in 2022, ensuring modern comforts and high efficiency. Key updates include: *New HVAC Gas Pack ensures optimal climate control and energy efficiency. *High-Efficiency Spray Foam Insulation installed under floor for enhanced insulation and energy savings. *Commercial Grade LVT Flooring: Durable and stylish flooring and modern, easy-to-maintain tile work in both bathrooms. *Fresh Paint: Both interior and exterior freshly painted, giving the home a vibrant and clean look. *New Cabinetry and Quartz Countertops: Sleek and modern kitchen and bathroom cabinetry paired with elegant quartz countertops. Updated Fixtures: Contemporary hinges/handles/ fixtures installed throughout the home. New Appliances: State-of-the-art kitchen appliances for a modern culinary experience. *New bathtub and all new shower tile all the way to the ceiling in both bathrooms, providing a fresh, modern, and functional design.

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14867 W Windsor Avenue Goodyear, AZ 85395

$550,000

4 Beds

3 Baths

3,098 SqFt

Status Active

MLS # 6744603

Property Type Single Family Residence

Price Type --

Get ready to fall in love with this spacious 4-bedroom home boasting 3 full baths, a versatile loft (easily convertible to a 5th bedroom), and a 3-car garage. Nestled in the beautiful Rio Paseo Community in Goodyear. This gem is right in the heart of an entertainment district, surrounded by fantastic restaurants, a theatre, shopping hotspots, walk/bike paths, waterfall pond, parks, and top-notch schools. Step inside to discover a formal living and dining area, a large open kitchen featuring a breakfast bar, granite countertops, and stainless steel appliances (including a refrigerator). Downstairs you'll find a convenient bedroom with a full bath. Home is complemented by stylish touches such as stone decor on the kitchen island, a single bowl kitchen sink, new blinds and laundry room with built-in cabinets. Upstairs, you'll be greeted by 3 generously sized bedrooms, including an expansive retreat with double doors, a remodeled ensuite with a separate soaker tub and a spacious walk-in shower, double sinks, and a large walk-in closet. The backyard offers a full-length covered patio, providing ample space for your creative vision. Not to mention, several upgrades have been made between 2022 and 2023, including partial roof replacement, new flooring, water heater, water softener, AC units, upgraded kitchen, and remodeled bathrooms. Conveniently located near the I-10 and Loop 303 Freeways. This home is move-in ready and waiting for you to make it your own!

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2508 W Running Deer Trail Phoenix, AZ 85085

$550,000

4 Beds

2.5 Baths

2,206 SqFt

Status Active

MLS # 6752115

Property Type Single Family Residence

Price Type --

In the stunning Norterra Dynamite Mountain Ranch Community, a lovely single family home on an oversized lot is ready for your family. Full exterior paint, new carpet, new lighting, door handles, faucets, refreshed well maintained home. Some of the best schools and shopping in the Valley, the location could not be better. Granite countertops through-out, large designer tile, gorgeous tiled fireplace, separate tub/shower in master, huge walk-in closet, loft PLUS 3 more bedrooms! Split floor plan and stunning pie size lot. RV Gate with pavers fully surrounding pool with SPA hook-ups, palm trees, new sod, irrigation and fully fenced.

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2137 E Downing Street Mesa, AZ 85213

$550,000

3 Beds

2 Baths

2,298 SqFt

Status Active

MLS # 6709293

Property Type Single Family Residence

Price Type --

See this stunning single-level property nestled on a peaceful corner lot, in the Pine Terrace community with no HOA. Enter this inviting & spacious floor plan with approx. 2,300 sq ft of luxurious living space & 3 oversized bedrooms. The primary has 2 huge walk-in closets. The kitchen has been completely renovated, the roof replaced in 2023, some new lighting, freshly painted, custom exterior paint & the solar package is only $86.00 a month. In addition, to the breakfast bar there is a dining room, an Arizona room to feel the tranquility of the private yard, a huge living room & a family room adorned with a fireplace & built in book shelves. Amazing desert landscape surrounds this home & pool in beauty. The CUSTOM RV SHELTER & hook up is what you have been looking for. MOVE-IN Read

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7565 W Tumblewood Drive Peoria, AZ 85382

$550,000

4 Beds

2.5 Baths

2,370 SqFt

Status Active Under Contract

MLS # 6689307

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom, 2.5 bath family home with additional den/office or fourth bedroom. Single level home on a corner lot. Formal Living Room and Dining Room. Open kitchen with granite countertops, large breakfast bar with appliances. Additional family room with loads of natural light. Elevated flat ceilings with fans. Large Primary bedroom with separate access to the backyard, walk-in closet, dual sinks, separate shower and tub. Extra large laundry room with storage and sink. 3 car garage, Wood, tile and carpet flooring, water softener, no interior steps, Extended Backyard cover patio, RV parking and gates, stunning community with park and childrens playgrounds. Close to shopping, baseball field, restaurants, Frwy. A must see.

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22032 N 33rd Drive Phoenix, AZ 85027

$550,000

4 Beds

2.5 Baths

2,347 SqFt

Status Active Under Contract

MLS # 6749756

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! Terracina GEM...this one checks ALL the boxes! Tall ceilings, grand entry, abundant natural light, sparkling pool, massive 3 car garage, functional floorplan for any family! Located inside a desirable North Phoenix Neighborhood, close to Norterra and minutes from Desert Ridge too! Stunning mature landscaping. Pride of ownership SHINES here!!! No neighbors across the street in the front, and in the backyard is an oasis with a gorgeous pool to relax in, plus a patio and balcony with mountain views! Inside are easy-care floors with no carpet except for the stairs. Open living spaces with bonus room downstairs, and walk-in closets in ALL bedrooms. ** NEW ROOF 2020!** The three-car garage adds even more storage to this dream home. Make this one YOURS before someone else does!

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62 W Melody Drive Gilbert, AZ 85233

$550,000

4 Beds

2.5 Baths

2,020 SqFt

Status Active

MLS # 6724921

Property Type Single Family Residence

Price Type --

This is a fantastic home in excellent, updated condition. A++ for LOCATION. Within 2 miles you'll find Sam's, Fry's, Trader Joe's, Sprouts, Walmart, restaurants, and access to Hwy 60. Nearly everything in this home is new/newer--$40,000 kitchen with soft-close doors/drawers, pull-out shelves, slab granite, baths updated, high-quality tile/carpet, $10,000 banister to 2nd floor, new lighting, faucets. 3' of insulation in attic gives an average electric bill of $165/mo, exterior paint 2019, roof restacked 2015 w/ 30-yr underlayment, AC 2013, cul-de-sac, professionally installed turf in back yard, ultra-quiet garage door opener, garage ceiling rack storage system, newer sunscreens, extended patio. HOA super low at only $95/qtr. Great, very quiet neighborhood with friendly neighbors.

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18440 N 43rd Drive Glendale, AZ 85308

$550,000

4 Beds

2 Baths

2,653 SqFt

Status Active

MLS # 6745646

Property Type Single Family Residence

Price Type --

Bring your small business or toys!! Ample parking behind the RV gate and a pool house that could double as an office!! A message from the sellers: '' Dear buyers, we have enjoyed this home and particularly have loved the neighborhood. The golf course was just recently revamped which was a huge plus. Being close to our kids schools and amenities has been great as well! We love the pool and pool house and the huge yard. Our favorite thing to do was watch movies together in the sunken living room! To us its the perfect home for family gatherings!'' ~N & L Experience life in the newly revitalized Bellair Golf Course community, where you'll enjoy access to multiple pools, tennis courts, scenic walking trails, and playgrounds. Conveniently located near valley freeways, shopping, and ASU West campus, this home truly has something for everyone!

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22846 E Watford Drive Queen Creek, AZ 85142

$550,000

3 Beds

2 Baths

1,877 SqFt

Status Active

MLS # 6755570

Property Type Single Family Residence

Price Type --

Why wait for a new build? Sellers built their new home & family emergency forces sale. Home is only 4 months old & still under builder warranty! Immaculate home w/over $92K in upgrades. Split floorplan w/3 bd + den & 2 bathrooms. Wood-look tile in all the right places & upgraded carpet in bedrooms. Open floorplan w/9 ft ceilings. Chefs' dream kitchen w/a plethora of 42'' white shaker cabinetry, quartz countertops, huge island w/breakfast bar, upgraded Stainless steel appliances, custom backsplash, & large pantry. Owner suite w/custom shower, dual sinks w/quartz countertops & large walk-in closet. Flex room perfect for home office or kids' playroom. 2-tone paint throughout. Brand new washer, dryer and refrigerator included too! Great room w/12' sliding door that leads to fully custom landscaped backyard w/custom turf & pergola perfect to enjoy your morning coffee. Community features pool, pickleball courts, spa, BBQs, workout facility, pavilion w/fireplace & TV, rec lawn for games, & dog park too. Just minutes to Queen Creek marketplace w/shopping & dining, hiking & biking paths. Furniture available outside of escrow. Perfect for 2nd home! Seller's loss is buyer's gain. SEE UPGRADE LIST IN DOCUMENTS

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2042 E Flintlock Drive Gilbert, AZ 85298

Open House

New

$550,000

4 Beds

2 Baths

1,952 SqFt

Status Active

MLS # 6761102

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the highly sought-after Adora Trails community! Step inside to an open-concept modern kitchen featuring upgraded lighting, staggered cabinets, a new sink, gas range, and stainless steel appliances—perfect for those who love to cook and entertain. The large and bright primary bedroom offers peaceful views of the serene backyard, where you'll find a built-in BBQ and lush green landscaping, an ideal space for hosting gatherings. Living in Adora Trails means enjoying an abundance of community amenities, including a pool, community center, basketball court, playgrounds, open fields, a lake, and scenic walking and biking paths. Located within an excellent school district, this home offers both comfort and convenience in a vibrant community.

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13220 N 14th Avenue Phoenix, AZ 85029

Open House

$550,000

4 Beds

2 Baths

1,710 SqFt

Status Active

MLS # 6753475

Property Type Single Family Residence

Price Type --

Become the proud owner of this impeccably updated residence on a coveted corner lot! ( NEW A/C, NEW ROOF, NEW ELECTRIC, ETC. ) The inviting great room boasts subtle recessed lighting, a neutral palette, and attractive wood-look flooring. The cozy family room has sliding doors that lead to the backyard for seamless indoor-outdoor living. The delightful kitchen comes with quartz counters with a matching backsplash, ample shaker cabinets, stainless steel appliances, and a center island with a breakfast bar for casual dining. The well-sized main bedroom includes a private bathroom with dual sinks for added convenience. Outside, the enchanting backyard features a covered patio, pristine artificial turf, and breathtaking mountain views. Don't miss out on this fantastic gem!

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