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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2821 E Los Alamos Court Gilbert, AZ 85295

$549,900

4 Beds

2.5 Baths

1,998 SqFt

Status Active

MLS # 6726831

Property Type Single Family Residence

Price Type --

Beautiful 4-Bedroom Home with No Neighbors on Three Sides in Gilbert's The Crossings! Discover this gorgeous home on a giant 10,000 sqft lot with unmatched privacy. Adjacent to a manicured green belt, with no neighbors to the East, South, or North. Located in The Crossings, this 4-bedroom, 2.5-bathroom home features a remodeled kitchen with white cabinetry, quartz countertops, and stainless steel appliances. The first floor has wood-plank tile flooring and living quarters. Upstairs are 4 bedrooms, 2 bathrooms, and a laundry room. New windows throughout, a 2-car garage, and an RV gate with space for an extended driveway or storage. Close to schools, San Tan Mall, dining, and freeway access. Enjoy the best of Gilbert living! See documents for more information & property details! Seller is prepared to offer 2.5% in concessions, with additional terms open to negotiation to ensure a successful transaction.

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4825 N Miller Road Scottsdale, AZ 85251

$549,900

2 Beds

2 Baths

1,440 SqFt

Status Active

MLS # 6699187

Property Type Townhouse

Price Type --

PRICE REDUCED! Tucked into the heart of Scottsdale's historic district, this gorgeous 2-bedroom, 2-full bath home with OWNED SOLAR in the coveted Villa Monterey community is a true gem. Step into a light & bright sanctuary that exudes warmth & comfort. Formal dining area invites you to host intimate gatherings, while the completely updated interior ensures a seamless transition into your new haven. With over $200,000 in upgrades, every corner of this home has been meticulously crafted for your enjoyment. From the new Pella doors & windows to the upgraded circuit breaker box, no detail has been overlooked. Picture yourself cooking in the chef-inspired kitchen, relaxing in the newly installed lap pool, or unwinding in the serene ambiance of the meticulously landscaped backyard. Experience the ultimate in relaxation & convenience with a new roof, sewer line, HVAC, water heater, water softener, and moreall recently replaced for your peace of mind. With new flooring, paint & insulation throughout, this move-in ready abode is just waiting for you to make it your own. Located minutes away from Old Town Scottsdale, Spring Training facilities, shopping, restaurants, art galleries, and the renowned Talking Stick Resort, the possibilities for entertainment & adventure are endless. Explore the vibrant community, stroll along scenic walking and biking paths, or simply bask in the Arizona sunshine.

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42197 W Baccarat Drive Maricopa, AZ 85138

$549,900

2 Beds

2.5 Baths

2,589 SqFt

Status Active

MLS # 6736042

Property Type Single Family Residence

Price Type --

Exquisite home with POOL in the Award Winning Active Adult Community of Province! Immaculate remodeled home with a gorgeous gourmet kitchen including white cabinetry, granite countertops with a full granite backsplash and stainless steel appliances with a gas cooktop and double ovens. 10' ceilings throughout, plantation shutters and a multi-sliding glass door out to your backyard oasis. Completely fenced backyard with a pebble tec pool, in-floor cleaning system, mature landscaping and a huge covered patio with an extended flagstone patio offering lots of space for entertaining. Split floor plan with an oversized primary suite with separate tub/shower combo and walk in closet and a on-suite which is perfect for all your guest. Hobby room/laundry room offers ample storage with built in cabinets and a sink. Den/home office includes double doors and can be easily used as a 3rd bedroom. Garage features include epoxy floor finish, overhead storage and a new soft water system. Additional features included in this immaculate home: RO system, upgraded lighting, plantation shutters, closet built ins, rainglass shower enclosure, recirculation pump, gutters, bay window at the primary suite and a new AC condenser in 2023. Start Living the GOOD LIFE!

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7162 S Legend Court Gilbert, AZ 85298

$549,900

3 Beds

2 Baths

1,777 SqFt

Status Active

MLS # 6732865

Property Type Single Family Residence

Price Type --

*Priced for Buyer to do any upgrades wanted* Welcome to this exquisite 3-bed, 2-bath residence in the highly sought-after Seville Community! This stunning property features a desert front yard, striking stone accents, & a 2-car garage with a modern glass door. The sleek, contemporary design of this home is sure to impress! Inside, the spacious open layout is enhanced by tall ceilings, stylish light fixtures, recessed lighting, fresh paint, & gleaming wood-style flooring. The accented wall & sliding glass doors to the back patio add a touch of elegance. The stunning gourmet kitchen is fully equipped with a gas cooktop & a wine cooler. Granite counters, a mosaic tile backsplash, rich wood cabinetry, & an island with a breakfast bar elevate the space. Sizable den for a hobby space! The main retreat exudes industrial style and includes a private ensuite and a mirrored door closet for added comfort. Host memorable BBQs in the backyard, complete with a covered patio, extended pergola, pavers, and a built-in BBQ. This abode is a true gem waiting to be yours!

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13346 W Montebello Avenue Litchfield Park, AZ 85340

$549,900

3 Beds

2.5 Baths

2,432 SqFt

Status Active

MLS # 6743162

Property Type Single Family Residence

Price Type --

This beautifully maintained, single-owner home is nestled in a gated community with mature landscaping. Enter through the courtyard into an open foyer, with a den nearby. The split floorplan offers privacy, while the great room features expansive north-facing windows that fill the space with natural light. The dining area's windows add architectural charm. The primary suite includes French doors to the patio (220 outlet for a spa on the patio), The luxurious remodeled bath with a separate shower and garden tub, and a large walk-in closet. Secondary bedrooms are near a full bath, plus there's a convenient half bath. 3 Car garage supports EV charging too. The outdoor space was extended with pavers on this 10,000 ft² lot has plenty of room to entertain. More to see... Easy to maintain landscaping adorns the area and has extra outlets on the back wall for lighting. The extended height back wall adds privacy along with landscaping. Golf green for putting practice and raised beds for gardening are also available to you. This north backyard will be your second home for the outdoor living we crave. Located within walking distance to an elementary school in the Litchfield School District and close to Westgate Entertainment Center, golf courses, Desert Diamond Casino, and Estrella Community College. Owners have painted inside and out, upgraded to hardwood flooring, remodeled the bathrooms, replaced front landscaping irrigation with PVC and many other upgrades.

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3329 S Stanley Place Tempe, AZ 85282

$549,900

4 Beds

2 Baths

2,066 SqFt

Status Active

MLS # 6739524

Property Type Single Family Residence

Price Type --

Wow! This Home is Sharp! Wood Plank Tile Throughout Home, Fully Remodeled Kitchen w/ Stainless Appliances, Granite Counters & Loads of Cabinet Space. Remodeled Baths With Tile Shower & Tub Surrounds. Large Formal Living Room, Formal Dining Area, Large Media/Family Room. Loads of Storage. Absolutely Huge Lot With two RV Gates. Perfect Set Up For an ADU (Additional Dwelling Unit) Split Face Block Courtyard with Custom Iron Door Creating a Private Courtyard. Ceiling Fans, Dual Pane Windows, Custom Front Door. Wood Shutters Window Treatments. Huge Interior Laundry! Great Tempe Location Near Schools, Shopping, Freeway Access & ASU. Property Is Listed at Current Appraisal!!

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13411 W Los Bancos Drive Sun City West, AZ 85375

$549,900

3 Beds

2 Baths

2,143 SqFt

Status Active

MLS # 6741766

Property Type Single Family Residence

Price Type --

You will love this 3 bed, 2 bath home on corner lot in Corte Bella. Welcome to this spacious floor plan w/ lots of natural light, crown molding, plantation shutters, granite countertop, new carpet and paint thought-out. The eat-in kitchen has a breakfast bar, pantry, glazed cabinets & huge island. It's also open to the generous living space. The owner's suite features a large bay window, separate tub & shower, dual sinks, seated vanity & walk-in closet. The rear yard has a large, covered patio w/ relaxing views. Spacious laundry room with custom storage cabinets & oversized 2 car garage w/ attached cabinets. Located in the highly desired & gated Corte Bella community w/ golf course, sports courts, pool, fitness center, restaurant & day spa.

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26006 S Brentwood Drive Sun Lakes, AZ 85248

$549,900

3 Beds

3 Baths

2,329 SqFt

Status Active

MLS # 6752976

Property Type Single Family Residence

Price Type --

Spacious 3-bed, 3-bath + loft, 2-story home on golf course, offers stunning views of the 14th green at Cottonwood Country Club and breathtaking sunsets in the vibrant community of Sun Lakes. Enjoy most amenities of three HOA's, six restaurants/bars, golf courses, community pools, tennis, pickleball & bocce ball and multiple fitness centers (membership free in Cottonwood) + impressive entertainment calendars. Features desert landscaping, synthetic lawn, screened patio, enclosed yard with block walls and view fencing. 2-car garage & separate golf cart garage. Upstairs loft has a built-in desk/murphy bed & privacy screen - perfect for your guests! Entertainer's kitchen boasts a sink island and service buffet. Master, guest and upstairs baths are newly remodeled & upgraded windows.

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4373 E Pony Lane Gilbert, AZ 85295

$549,900

4 Beds

2.5 Baths

2,609 SqFt

Status Active

MLS # 6755927

Property Type Single Family Residence

Price Type --

Welcome to Fincher Fields at Cooley Station with this move in ready home! This home has 4-bedrooms, with 2.5 baths. This 2-story home offers 2,609 square feet of spacious living. Great floor plan with a large loft upstairs and a den downstairs. Perfect for an office or playroom. Low maintenance backyard with turf and pavers. A community pool to enjoy those hot summer days.

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2575 E Brooks Street Gilbert, AZ 85296

Open House

$549,900

3 Beds

2 Baths

1,323 SqFt

Status Active

MLS # 6758938

Property Type Single Family Residence

Price Type --

This charming home, situated on the 11th tee box of the Greenfield Lakes Golf Course, is a must-see! Boasting an open floor plan with 3 spacious bedrooms & 2 bathrooms. Located in the heart of Gilbert, it offers proximity to top-rated schools, parks, & is just minutes from San Tan Mall, 202 freeway, dining, shopping, & more. The master bedroom includes a private exit to the beautifully landscaped backyard, complete with a covered patio, sparkling swimming pool, and serene golf course views perfect for relaxing or entertaining. The kitchen provides ample cabinet space, granite countertops, & stainless steel appliances. Both bathrooms have been beautifully updated. Whether you're a first-time buyer or an investor seeking a great rental opportunity. 6 stage water system with alkaline water

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21414 N 133rd Drive Sun City West, AZ 85375

Open House

$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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2201 E Cathedral Rock Drive Phoenix, AZ 85048

Open House

$549,900

3 Beds

2 Baths

1,647 SqFt

Status Active

MLS # 6700942

Property Type Single Family Residence

Price Type --

Nestled in the serene Ahwatukee Foothills, this unique, single-story residence boasts breathtaking mountain vistas. Oriented to maximize both privacy and views, this north/south-facing 3-bedroom, 2-bathroom abode invites you into a spacious interior. The vaulted ceilings elevate your gaze, enhancing the sense of space and flooding the home with natural light through newly installed windows & carpet. The backyard is an oasis of leisure, where one can lounge under an expansive patio, inhale the fragrant citrus from the mature lemon tree, and bask in the Arizona sunshine by the fenced pebble tec pool, equipped with convenient pop-up cleaners. Culinary endeavors await in the generous eat-in kitchen, featuring sleek black electric appliances, granite countertops, and timeless oak cabinet Retreat to the spacious master bedroom, complete with modernized en-suite bathrooms (updated in 2010) and an ample walk-in closet. With an exit to the backyard from the master bath, enjoy the convenience of retreating from the pool. Anticipate the comfort of new carpeting, set for installation in 2024, and the reliability of a recently replaced water heater(2023). Guests will appreciate the refurbished hall bathroom, showcasing a tiled shower (renovated in 2010). Beyond the home, the Mountain Park Ranch community extends an array of amenities, including multiple pools, children's pools, spas, tennis courts, volleyball, pickleball, picnic areas, and playgrounds. Situated conveniently near a variety of dining options, shopping centers, golf courses, entertainment venues, parks, and within the award-winning Kyrene Elementary & Tempe High School districts, this home is a rare gem offering both tranquility and accessibility.

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