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.

Whats 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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12761 W Parkway Lane Avondale, AZ 85323

$549,900
4 Beds
3.5 Baths
2,942 SqFt
Status Active
MLS # 6714596
Property Type Single Family Residence
Price Type --
QUICK MOVE-IN HOME!! ASK ABOUT OUR BELOW MARKET FINANCING! Gas Kitchen Appliances, 42'' Upgraded Cabinets, Upgraded Quartz Countertops Premium Luxury Vinyl Flooring, Upgraded Carpet in bedrooms & loft, 8' Interior Doors and Gas Drop-in Backyard. With its impressive square footage and thoughtful layout, this residence provides an ideal setting for both family living and entertaining guests. Don't miss the opportunity to make this impeccable home your own and experience the epitome of modern luxury living! N/S facing lot with views of the Estrella Mountains!

3117 E Escuda Road Phoenix, AZ 85050

$549,900
3 Beds
2 Baths
1,509 SqFt
Status Active
MLS # 6759246
Property Type Single Family Residence
Price Type --
Completely renovated turn key offering. PERFECT location for Hwy 101, 51, & 17. Desert Ridge, City North, Scottsdale Promenade, Scottsdale Quarter, Kierland & more!! Words can not express the value of this home.

175 N Holly Road Globe, AZ 85501

$549,900
4 Beds
2.5 Baths
2,177 SqFt
Status Active
MLS # 6737307
Property Type Single Family Residence
Price Type --
This is a new home!! This spacious home is newly constructed home by one of Globe's premier builder. This home is a definite must see!! There are 4 large bedrooms and 2.5 bathrooms. The master bedroom is on the main level and has separate soaking tub and walk-in shower, a great walk-in closet and custom cabinetry. Also on the main level, you'll love the open concept with a great kitchen with plenty of counter space, soft close cabinets, and quartz countertops. The kitchen opens up into the dining room and living area that is perfect for entertaining. There is also a 1/2 bath downstairs. Upstairs you'll find 3 more bedrooms, all good sized, and another full bathroom.

7533 W Julie Drive Glendale, AZ 85308

$549,900
3 Beds
2 Baths
2,093 SqFt
Status Active
MLS # 6759418
Property Type Single Family Residence
Price Type --
Welcome to this beautifully remodeled lake-view property, offering a bright and open concept that's perfect for modern living. Nestled on a large north-south corner lot. The kitchen has been completely revamped with custom white shaker soft-close cabinets, gorgeous quartz countertops, and stainless steel appliances. Newer Roof, New flooring throughout the home adds to its fresh and contemporary feel. Both bathrooms feature double marble sinks & upgraded hardware, enhancing the home's luxury and comfort. The split floor plan ensures spacious bedrooms, each equipped with ceiling fans for added comfort.Step outside to discover your own entertainer's paradise. You'll love living in this community and close to everything. Click on more to see more information. The large covered patio with ceiling fans transitions to a charming pergola-covered seating area, perfect for enjoying lake views and cozening up around a firepit to roast marshmallows. The professionally landscaped backyard offers ample space, including room for an RV gate. Located in a neighborhood with award-winning schools and close to all amenities, this home combines convenience with luxury. This home is a must see to really feel the upgrades and how big this lot is. Cozy fireplace for those cool Arizona night. Service door to backyard, water softener & sink in the garage. Great Schools and close to everything. FEATURES Fully private Arrowhead Ranch Country Club in the neighborhood with 36 hole golf course. Open split floor plan 2 Car Garage Larger corner lot Double gate, large side yard 2,093 sq.ft. 3 Bedroom 2 Bath LVP flooring throughout New sunscreens UPGRADES Newer roof Full kitchen remodel All floors leveled LVP flooring installed 5yr AC maintenance plan with Precision Air & Plumbing (transferable) Lyons Roofing ROC#205554 Ï Double layer#40SBS modified under layment with 20+/- overlapping throughout Ï Raised wood batten system for air flow Ï Vented Birdstop Ï 5rib valley metal Ï New eave metal detail Ï New roof to wall metal flashings and counter flashings Ï New primary & secondary metal flashing for pipes and exhaust vents Ï New hip and ridge enclosures Ï 20 year manufacture & workmanship warranty, transferable upon inspection Ï Patio roof replaced UPKEEP PROS LLC ROC#326092 Ï Add peninsula countertop Ï Custom white shaker soft-close cabinets Ï Quartz countertops Demo 3D4 wall separating dining room, kitchen, living and family rooms. Ï New AC lines run for kitchen, dining, living and family rooms. FLOORING PROFESSIONALS ROC#242763 Ï Removed carpet and tile Ï ALL floors leveled using Mapei Ultraplan 1 plus Ï Shaw Endura Plus Lighthouse LVP flooring Top-selling style Endura Plus is perfect for those wanting a durable luxury vinyl floor with unrivaled value. Rich hues, combined with beveled edges and realistic embossing embody the tried-and-true character of real hardwood. Endura is 100% waterproof for a beautiful, high-performing floor and features Soft Silence® acoustical pad for noise reduction and added comfort. This is the place you'll want to call home.

2116 E Colgate Drive Tempe, AZ 85283

$549,900
3 Beds
2 Baths
1,792 SqFt
Status Active
MLS # 6761298
Property Type Single Family Residence
Price Type --
Lovely home in the sought after Knoell Tempe community! Spacious 3 bedroom, 2 bathroom home with open floor plan. Enter into the large formal living room great for entertaining, then step into the nice kitchen with all appliances included ,plenty of cabinets space and breakfast nook with formal dining space. Large family room, great room style has view of sparkling pool. Spacious bedrooms make this home feel bigger. Master suite with dual sinks and walk in shower. The 2 car garage was converted to a massive laundry/utility room perfect for additional storage. The exterior was newly painted. Backyard has a HUGE covered patio updated with vinyl railing and cover to enjoy the outdoors and chill in the pool. This home has lots to offer, come and see!

17881 W Verdin Road Goodyear, AZ 85338

$549,900
3 Beds
2 Baths
1,961 SqFt
Status Active
MLS # 6757323
Property Type Single Family Residence
Price Type --
UPGRADED HOME THAT IS SITUATED ON A PREMIUM VIEW LOT WITH TRIPLE GARAGE, A DEN AND A LARGE POOL. Upgrades include a feature wall in the Living Room, custom fireplace, NEWER APPLIANCES, upgraded cabinetry/hardware, gorgeous tile, granite counters, HEATED POOL WITH BUILT-IN SEATING/TABLE, BAJA STEP and IN-GROUND CLEANING SYSTEM, custom Pergola, mature landscaping and much more. An abundance of windows brighten the home as well as having pleasant views. This beautiful home BACKS AND SIDES ON TO A WASH WITH VIEWS of Bougainvillea Park and the playground across the street. Enjoy the privacy this homesite offers as well as gorgeous sunsets. This desirable location is next to the park and CLOSE TO THE PRESIDIO RESIDENTS CLUB. This spacious (always family-owned) home can close quickly if desired.

3935 E Rough Rider Road Unit 1246 Phoenix, AZ 85050

$549,900
2 Beds
2 Baths
1,797 SqFt
Status Active
MLS # 6756175
Property Type Townhouse
Price Type --
Beautiful townhome in the gated 'Villages at Aviano' is now available. This popular 'Lucca' floorplan by Toll Brothers is a well maintained move-in ready home in the perfect Desert Ridge location. The large kitchen is fitted with new SS appliances, & opens to the great room. Two bedrooms + den off the primary bedroom. Two balconies and a plethora of windows let in natural light from all sides. New flooring means no carpet here! Fresh neutral paint throughout the entire home. Built in surround sound, w/ ceiling speakers in the primary bedroom and bathroom. The 2.5 car garage has commercial grade epoxy floors, a workbench, and TONS of storage. Beautiful iron security front door, water treatment system and more upgrades throughout! Endless amenities available at the Aviano community center. Aviano community includes 15 Playgrounds, Community Trails, 3 Basketball Courts, Putting Green, Resort Style Pool, 2 Tennis Courts,16,000 Square Foot Clubhouse, Private Rental Spaces, Meeting Spaces, Fitness Center, (Cardio Room, Weight Room, Movement Studio, Stretch Room, Locker Rooms), Great Room/Lounge, Billiards Table, Coffee Bar, Prep Kitchen.

416 S Agassiz Street Flagstaff, AZ 86001

$549,900
3 Beds
2 Baths
1,331 SqFt
Status Active
MLS # 6745252
Property Type Single Family Residence
Price Type --
Location! Location! Location! Perfect oversized lot that was originally 2 lots. Near downtown Flagstaff and 1 block from NAU. 3 bed / 2 bath finished ready to move in. Great investment property. High rents. Owners prepared it for Child. Child changed schools. Their loss your gain.

13239 W Copperleaf Lane Peoria, AZ 85383

$549,900
3 Beds
2 Baths
2,010 SqFt
Status Active Under Contract
MLS # 6746221
Property Type Single Family Residence
Price Type --
This excellent turnkey home is ready for you to make your own! This 3 bed + den, 2 bath home is perfectly located in a cul-de sac and adjacent to the Foothills pool and sun dial. Situated on a slight N/S exposure view lot, this home offers both views and privacy! This home features wood look tile, custom built-in desk and storage and enclosed den with French doors. Both bathrooms were updated in 2018/2020, the primary bath features a gorgeous soaking tub and a spa like shower. Fine finishes such as custom lighting and ceiling fans throughout the home. The kitchen is equipped with SS appliances and mahogany colored shaker cabinets. The low maintenance backyard features synthetic grass & travertine pavers making this home a great lock and leave! Rated the top master planned community several years in a row, Vistancia Village offers a lifestyle that includes pickleball, golf, 3 swimming pools, trails, parks, clubs and classes for all interests and a large offering of community events! Perfectly situated off the 303 freeway, enjoy access to shopping and dining.

13629 S 176th Drive Goodyear, AZ 85338

$549,900
3 Beds
2 Baths
1,844 SqFt
Status Active
MLS # 6736918
Property Type Single Family Residence
Price Type --
This stunning property is the perfect blend of luxury and convenience. With a beautifully landscaped courtyard entrance and a backyard oasis featuring a heated pool, spa, fire pit, and outdoor kitchen with bar & BBQ grill, this home is ideal for entertaining or simply relaxing in style. The open concept floor plan includes a spacious great room, gourmet kitchen with granite countertops, and a private master suite. This home offers the ultimate in resort-style living. Enjoy all the amenities of the Estrella community, including hiking and biking trails, two lakes for recreation, access to community centers with pools and workout facilities, golf course, sport courts, private parks with scenic walking paths, and much more!

41758 W Cribbage Road Maricopa, AZ 85138

$549,900
3 Beds
2.5 Baths
2,485 SqFt
Status Active
MLS # 6756759
Property Type Single Family Residence
Price Type --
Gorgeous, fully furnished home on the greenbelt in the Award Winning Active Adult Community of Province! This modern, great room floor plan with three full bedrooms plus den and two and a half baths is move in ready! Multi-sliding glass door out to your extended travertine patio with wonderful space for entertaining with a completely fenced yard and hot tub! 10' ceilings throughout with walk in closets in every bedroom. The kitchen is spectacular with white cabinetry, granite countertops, stainless steel appliances with double ovens, gas cooktop and tons of cabinets for storage. The owner's suite has a bay window and a magnificent bathroom with a huge walk in shower and his and her vanities. The laundry room also has lots of built in cabinetry for more storage. Welcome Home!

21414 N 133rd Drive Sun City West, AZ 85375

$549,900
3 Beds
2 Baths
2,504 SqFt
Status Active
MLS # 6753657
Property Type Single Family Residence
Price Type --
Beautiful expanded Jacaranda model reflects true pride of ownership on huge Cul de Sac lot. Kitchen includes updated appliances, granite counters, breakfast rm, breakfast bar & pantry. Family rm w/vaulted ceiling overlooks enclosed lanai & patio. Primary suite w/walk-in closet, private bath w/double sinks & roll-in shower, plus built-in vanity. 2 spacious guest bedrooms & updated guest bath. Solid surface flooring throughout w/laminate flooring installed in the last 4 yrs. Lg Inside Laundry. Consistent window treatments throughout w/custom shades in lanai. Covered patio that is contoured across the back of the house. Beautiful mature landscaping. New windows in 2021, new roof 2024, new HVAC 2019. Garage w/att. cabinets, golf cart garage w/work bench. PLUS MUCH MORE! A MUST SEE!

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