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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2103 E Daley Lane Phoenix, AZ 85024

Open House

$550,000

3 Beds

2 Baths

1,600 SqFt

Status Active

MLS # 6747377

Property Type Single Family Residence

Price Type --

Welcome to this move-in ready 3-bedroom, 2-bath single-level home in Mountain Gate! The updated kitchen, renovated 2 years ago, features refaced white cabinets, granite tile countertops, and stainless steel appliances, overlooking the spacious family room. The primary suite offers a large walk-in closet, double vessel sinks, and a beautifully tiled walk-in shower. Hall bathroom offers a tub/shower, updated cabinets and granite countertop. Recent upgrades include a new roof underlayment in 2018, a new AC unit in 2021, and a resurfaced pool 4 years ago. The exterior was freshly repainted in 2024. Enjoy a private backyard with a large covered patio, pool, and above-ground spa. Conveniently located near the 101 and 51, with easy access to shopping and dining at Desert Ridge.

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3215 E Capitan Dreyfus Avenue Phoenix, AZ 85032

Open House

$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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7464 W Lone Cactus Drive Glendale, AZ 85308

Open House

$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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23244 N 120th Lane Sun City, AZ 85373

Open House

$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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24 County Road 3153 -- Vernon, AZ 85940

$549,999

3 Beds

2 Baths

2,160 SqFt

Status Active

MLS # 6760518

Property Type Manufactured Home

Price Type --

Looking for an affordable modern-day Ranch on 5 acres in the White Mountains? Consider this well-maintained ranch-style 3-bed/2-bath, 2,160 sq ft. triple-wide manufactured home on 5 acres fully fenced, covered with 100+ Juniper/Pine trees set off with a Ranch-Style entrance, only minutes from the National Forest, accessible on well-maintained roads, making it the ideal horse/prepper property with no HOA's, just 25 minutes from Show Low. Property features include: an oversized Steel/Hanger building 30' X 60' with partial living quarters inside, a fully enclosed two-story barn structure 21' X 33' for RV storage, two storage sheds, and two full-size carports—major landscaping with fenced-in areas, separate enclosed/covered dog area w/direct access from the home, large garden area, large steel fire pit area, and a roundabout driveway. That's just the beginning. This home features a covered front deck, a recently replaced roof, an open kitchen floor plan featuring a center island with new countertops/appliances/workstation sink, a large separate dining area, Great Room style living room with a pellet stove for efficient heating, a split-bedroom master suite that includes an oversized closet with two-doors allowing access from the bath or bedroom, Dual-pane windows, vaulted ceilings, a full-size utility room, forced Heating and Air Conditioning (new), a large back storage area, and an abundance of cabinets providing plenty of storage space. Also included is the Starlink hardware for fast Internet.

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26540 N 68th Drive Peoria, AZ 85383

$549,999

3 Beds

2 Baths

1,873 SqFt

Status Active

MLS # 6757611

Property Type Single Family Residence

Price Type --

DON'T MISS ONE OF THE LARGEST LOTS IN TERRAMAR! Pride of ownership is evident throughout this beautifully maintained home in the heart of the sought-after Terramar community. Owned by the original owners, this home has been meticulously cared for and thoughtfully updated. The home boasts one of the largest lots in the neighborhood, offering ample outdoor space to entertain or relax. Enjoy the sparkling pool, cozy fire pit, and spacious yard - perfect for gatherings or quiet evenings. Key features in the home include a newer AC unit, ensuring comfort in the warmest months, and a remodeled kitchen complete with granite countertops, a double oven, and a modern design perfect for home chefs. Fresh new interior paint gives the entire home a refreshed and inviting feel. Inside, the original 2nd and 3rd bedrooms were combined to create a second primary suite, offering flexibility and space. If needed, this can be easily reconverted to its original 2nd and 3rd bedroom layout. The fourth bedroom is also generously sized, providing plenty of room for family or guests. The primary suite features a large walk-in closet and an updated bathroom. The home also includes a gas fireplace in the living room, perfect for cozy evenings. Gorgeous mountain views can be enjoyed from both the front and back yards, and the location is unbeatable, close to excellent shopping, dining, and top-rated schools. Don't miss this rare opportunity to own a home with so much space, charm, and modern updates in Terramar! Reach out today.

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20308 E Broadmoor Trail Queen Creek, AZ 85142

$549,999

4 Beds

2.5 Baths

1,959 SqFt

Status Active

MLS # 6754366

Property Type Single Family Residence

Price Type --

Move-In Ready! This beautiful 4-bedroom, 2.5-bathroom home is waiting for you! Enjoy low-maintenance landscaping, a 2-car garage, and a welcoming front porch. Inside, you'll find an open-concept living and dining area with elegant wood-look tile flooring and a designer color palette. The fabulous kitchen features shaker cabinets with ample counter space, a pantry, pendant lighting, and a prep island with a breakfast bar. Upgraded tile and quartz countertops add a touch of luxury. The primary bedroom boasts soft carpet, direct outdoor access, a walk-in closet, and a private ensuite with dual sinks. Double doors lead to a cozy den, perfect for an office or reading nook. The lovely backyard includes a covered patio and artificial turf, making it a true oasis. Don't miss out on this amazin

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14686 S Country Club Way Arizona City, AZ 85123

New

$549,999

3 Beds

2 Baths

2,027 SqFt

Status Active

MLS # 6763659

Property Type Single Family Residence

Price Type --

It is hard to list all the improvements made by the present owners in the last 7 years, but you can experience same luxurious living in this stunning, recently painted in and out 3 bedroom, 2 bathroom home with breathtaking curb appeal. While taking in the mountains in the distance, you will make your way (admiring palms, saguaros, flowering bushes, and cacti) to the hand-made gate, and the newly installed paved patio leading you to the main entrance. You will see the old fashioned speak-easy door and find yourself inside your new home with same, tiled floor throughout. Gourmet kitchen is featuring new granite island, counter, and one piece backsplash (same granite in both bathrooms, and outdoor kitchen,) upgraded cabinets (with extra row and antique glass,) all SS appliances with new stove, pull out cabinet shelves. The split floor plan includes upscale main suite, lavish master bathroom where everything was rebuilt: the shower (moving the wall and liquidating the garden tub,) the double sinks, the hardware. There is a professional wardrobe, too. A luminating bay window in the bedroom has a new glass, like all the windows in the house. The inside also has two guest bedrooms, a wash room, and an extra room which can serve as a library, office, dining room, or 4th bedroom (adding the closet.) There is also a huge living room that the owners divide into living and dining area. A family room is by the kitchen. Next, you will step outside to your resort-style backyard with a sparkling pool and spa, oversized yard, all rocked, with an RV gate, and three sheds. His and Her sheds are insulated, electrified, sheet-rocked, and tiled. The third one serves as storage. All are secured to the cement pads. There are also citrus trees producing grapefruits, oranges and lemons. This custom home has a lot of amazing features including TRIPLE pane windows (Symington,) PLANTATION shutters on all of them, CROWN MOLDING with hand made corbels throughout the house. The house sits on the #16th hole on the GOLF course, and has a block fence for added privacy. No HOA, this elegant, and very practical property is a dream come true.

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503 E Taylor Street Tempe, AZ 85288

$549,999

5 Beds

2 Baths

1,768 SqFt

Status Active

MLS # 6760216

Property Type Single Family Residence

Price Type --

Beautiful 5 Bedroom, 2 Bath home + Den in Papago Manor! The kitchen boasts granite countertops and a tile backsplash with wonderful open concept to the Living Room. There is one bedroom on the main level with its own entrance to the garage. As you go downstairs, you're greeted with the primary bedroom with ensuite bathroom, office (den), and laundry room with washer & dryer. Take the stairs to the top floor, where you'll find a bathroom and 3 bedrooms for your family and guests. Located in North Tempe, Central to some of the best Hiking, Shops and Restaurants AZ has to offer, you'll be minutes away from ASU, Tempe Marketplace, Mill Ave, Old Town Scottsdale, and Scottsdale Fashion Square! Corner lot, unique home has space for everyone!

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19782 W San Miguel Avenue Litchfield Park, AZ 85340

$549,999

4 Beds

3 Baths

1,813 SqFt

Status Active

MLS # 6700670

Property Type Single Family Residence

Price Type --

SIMPLY IMMACULATE OPEN CONCEPT SINGLE LEVEL HOME IN BEAUTIFUL SEASONS AT CANYON VIEWS!!! COME HOME TO THIS EXQUISITELY LAID OUT FLOORPLAN AND START LIVING THE NEXT CHAPTER OF YOUR STORY. BEAUTIFULLY MAINTAINED HOME WITH BRAND NEW INTERIOR PAINT THROUGHOUT (AGREEABLE GRAY:) TASTEFUL WOOD-LOOK TILE FLOORS, CLEAN QUARTZ COUNTERTOPS, SUBWAY TILE BACKSPLASH, BEAUTIFUL STAINLESS STEEL APPLIANCES AND SPACIOUS 3 CAR GARAGE. UPSCALE PAVER DRIVEWAY, RV GATE AND IMMENSE 9000 SQFT LOT WITH VIEWS OF THE WHITE TANK MOUNTAINS AND THE VALLEY BELOW. LOT IS LARGE ENOUGH TO HAVE A POOL, LAWN, OUTDOOR LIVING SPACE AND STILL HAVE ROOM FOR YOUR RV, BOAT, WORK TRAILER OR TOYS! DON'T WAIT TO SEE THIS HOME, IT WILL GO QUICKLY!

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3935 E Rough Rider Road Unit 1207 Phoenix, AZ 85050

$549,999

3 Beds

3 Baths

2,063 SqFt

Status Active

MLS # 6676858

Property Type Apartment

Price Type --

Welcome to resort-style living in The Villages at Aviano! This stunning 3-bedroom, 3-bathroom townhome showcases the sought-after Sovanna floor plan with only a handful available in the community. The main level features an open-concept living area, perfect for entertaining guests or relaxing with family. The kitchen boasts SS appliances, granite countertops, and ample cabinet space. The primary bedroom is a true retreat, complete with a bonus room and ensuite bathroom featuring dual sinks, a soaking tub, and a separate shower. The split floor plan offers another private primary suite. Outside, enjoy the sunshine from your private balcony or take advantage of the community amenities, including a community pool, playground, and lush green spaces. Additionally, residents have access to the main Aviano amenities, such as a fitness center, clubhouse, community trails, and tennis and basketball courts. Conveniently located near Desert Ridge with shopping, dining, and quick freeway access. Don't miss out on this rare opportunity!

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3948 W Salter Drive Glendale, AZ 85308

$549,999

4 Beds

4.5 Baths

3,590 SqFt

Status Active Under Contract

MLS # 6742601

Property Type Single Family Residence

Price Type --

***PRICED TO MOVE, BELOW recently appraised value*** Only 15 minutes from Mayo Clinic and TSMC, you will find this stunning 4-bed, 4.5-bath home with its primary suite on the main floor. The spacious living room is filled with natural light. The updated kitchen features granite countertops, a gas stove, an island, a breakfast bar, ample cabinet space, a built-in microwave, a newer refrigerator, & a 2024 dishwasher. The RARE Arizona basement features a theater room with a built-in projecting screen. The 2 bedrooms in basement each have en-suite baths, offering privacy and comfort. Enjoy easy-maintenance turf in the backyard with a Ramada for outdoor entertainment. The epoxy-coated garage floor and added storage enhance functionality.

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