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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27537 N 174th Street Rio Verde, AZ 85263

Open House

$549,900

3 Beds

2 Baths

1,637 SqFt

Status Active

MLS # 6726013

Property Type Single Family Residence

Price Type --

Well cared for home with stunning view of Four Peaks to the east/northeast. Matching tile throughout home. Huge fenced backyard. Fencing is no climb horse fence. Horses ok. Remote and quiet neighborhood. Note: original builder installed appliances replaced with updated refrigerator, microwave, and dishwasher which has a heating element so you're not waiting on hot water coming from your water heater.

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3907 N 143rd Lane Goodyear, AZ 85395

$549,777

5 Beds

3 Baths

2,635 SqFt

Status Active

MLS # 6746826

Property Type Single Family Residence

Price Type --

This upgraded and well-maintained gem located just outside of the Wigwam within walking distance of Western Sky and Millennium boasts a gourmet REMODELED KITCHEN with GRANITE COUNTERTOPS & ISLAND, custom backsplash, white SHAKER CABINETS, STAINLESS STEEL APPLIANCES, & recessed lighting. Enormous Primary bedroom showcasing HIS & HERS WALK-IN CLOSETS, vaulted ceilings, and REMODELED BATHROOM with tile walk-in shower, dual vanities, and upgraded flooring/lighting/fixtures. Downstairs bedroom & FULLY REMODELED BATHROOM is perfect for short & long term guests. SPACIOUS LOFT perfect for a playroom, man cave, theater, or extra office space. EPOXY GARAGE FLOORS. This home is perfect! Large covered patio overlooking lush green grass perfect for kids & pets plus a hot tub to relax after a long day

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18509 W Maui Lane Surprise, AZ 85388

$549,750

4 Beds

2 Baths

2,527 SqFt

Status Active Under Contract

MLS # 6753626

Property Type Single Family Residence

Price Type --

Welcome to 18509 W Maui Ln, a meticulously maintained residence in the heart of Surprise. This home stands out with a wealth of recent updates and luxurious features, reflecting the pride and joy the owners have put into making it a true haven. Step inside to find fresh new paint and beautiful luxury vinyl plank flooring throughout. The open, airy feel is accentuated by vaulted ceilings and a thoughtfully designed double master setup, perfect for versatile living. The kitchen and bathrooms are newly renovated with elegant granite countertops, sleek vanities, and modern toilets. With 2-year-old appliances and a water heater also newly updated, this home promises both style and functionality. The backyard is a private oasis, completely transformed to offer the ultimate in relaxation and entertainment. Dive into the shimmering pool, relax under the stylish pergola, or enjoy the beauty of travertine tiles. The artificial turf ensures a lush green space year-round, while the large storage shed provides ample room for your outdoor needs. For car enthusiasts, the 3-car garage is a standout feature, featuring durable epoxy flooring and offering plenty of space for vehicles and storage. The property also includes a cutting-edge solar system with 42 owned panels, enhancing energy efficiency and reducing utility costs. The front yard has been beautifully landscaped, enhancing the home's curb appeal and setting the tone for what's inside. Every detail of this home has been carefully considered, showcasing the owners' pride and joy in creating a perfect living space. Don't miss the chance to own this move-in-ready gem with all the modern amenities and thoughtful upgrades you could wish for. Experience the best of Surprise living!

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26027 W Ponderosa Lane Buckeye, AZ 85396

$549,700

2 Beds

2.5 Baths

2,578 SqFt

Status Active Under Contract

MLS # 6724783

Property Type Single Family Residence

Price Type --

PRICE REDUCED TO SELL!! LOOK AT THE COMPARABLES! The curb appeal and paved entrance lead you to an open concept floor plan w/contemporary flooring & designer lighting throughout. The spacious gathering room showcases a custom media wall, large dining area & an open flex space. The chef's kitchen is complete w/expresso cabinets, upgraded granite, custom backsplash, organized pantry & huge island w/seating. Den can be used for office or hobbies. The owner's suite features adjoining bath w/marble surround shower & counters. Inviting guest room has a private full bath. The garage has storage cabinets & a whole house water filtration system. Enjoy outdoor living on your extended travertine tile patio w/pergola, overlooking your very private, beautifully landscaped yard w/custom water feature.

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6401 W Marcy Way Pine, AZ 85544

$549,500

2 Beds

2 Baths

1,536 SqFt

Status Active

MLS # 6743369

Property Type Single Family Residence

Price Type --

Opportunity in Strawberry Mtn Shadows II to own this beautiful house. 2 bd, 2 bath, beautiful wood accents. Great room has great looking vaulted wood ceilings Kitchen has island and newer appliances. View of the Rim and Strawberry Mountain, Garage is a handyman delight--room for a workshop, circular drive and room for RV parking. Front and back decks, dog run

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3204 E Wild Drive San Tan Valley, AZ 85143

$549,500

4 Beds

3 Baths

2,284 SqFt

Status Active Under Contract

MLS # 6747958

Property Type Single Family Residence

Price Type --

Why wait for new when you can enjoy this great home - priced under appraisal! This beautiful 4 bed, 2.75 bath residence now is on the market! Discover spacious dining & living areas w/elegant wood-look tile flooring, modern light fixtures, & neutral palette throughout. The fabulous kitchen is comprised of ample cabinetry w/quartz counters, a pantry, stainless steel appliances, & an island complete w/ breakfast bar. You'll love the primary bedroom, boasting luxury carpet, a walk-in closet, super shower in the private ensuite & dual sinks. Enjoy this resort backyard w/ large covered patio, artificial turf, a putting green, & a sparkling blue pool & spa. Your new home is waiting for you so act now before it is gone!

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1810 S 162nd Lane Goodyear, AZ 85338

$549,500

4 Beds

3 Baths

2,959 SqFt

Status Active

MLS # 6760860

Property Type Single Family Residence

Price Type --

This STUNNING 4-bedroom, 3.5-bathroom home spans 2,959 square feet, offering a luxurious and open split floor plan perfect for modern living. The spacious kitchen boasts elegant spice maple cabinetry, gleaming granite countertops, and stainless steel appliances, ideal for both everyday meals and entertaining. A walk-in pantry provides ample storage, and the combination of tile and wood flooring adds sophistication throughout the home. The primary suite is a true retreat, featuring a luxurious bath with a double vanity, a separate tub, and a shower. Bedroom 2 enjoys an adjoining bath, while Bedrooms 3 and 4 conveniently share a Jack-and-Jill bathroom, ensuring privacy and comfort for all. The home also includes a versatile den/ office space, perfect for working from home or relaxing. 3car The 3-car tandem garage provides plenty of room for vehicles and storage. Step outside to a beautifully landscaped, low-maintenance backyard with synthetic grass and a sparkling pool, creating a serene space to unwind. Ideally located close to shopping, freeway access (303 and I-10), and just minutes from downtown Phoenix, this home offers both convenience and luxury living.

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8580 W Brown Street Peoria, AZ 85345

$549,500

4 Beds

3 Baths

2,874 SqFt

Status Active

MLS # 6758303

Property Type Single Family Residence

Price Type --

**UNMATCHED VALUE** Spacious Downstairs Living Spaces & Kitchen + Den & Bathroom w/Shower! Interior Features include Tile Flooring, Plantation Shutters, Stainless Appliances, Food Pantry, Kitchen Island Storage, Ceiling Fans, Laundry Room w/Cabinets, Nest Thermostats, Large Master w/Walk-in Closet, Dual Sinks & Separate Tub/Shower. Fridge, Washer & Dryer convey too! Outside you'll find RV Gate w/Fenced Area behind, Pebble-Finish Deep Swimming Pool w/Stacked Stone Wall & Water Feature + Lounge Shelf w/Umbrella Sleeve, Fire Feature, Gas Stub ready for expansion, Lots of Paver Hardscape, Turf Dog Run, Gutters & more. Two New Trane 17-Seer A/C Units installed last year. Close to Historic Downtown Peoria w/Shops, Eateries & Seasonal Events + Loop 101 Freeway & Grand Avenue close for Commuting. 42-inch upper cabinets in the kitchen, multiple pet doors leading to the exterior with one of them to the fenced and turfed dog run, triple garage (tandem) with built-in cabinets, hanging storage racks and epoxy-coated floor, patio has ceiling fan + TV.

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17238 N 47th Street Phoenix, AZ 85032

$549,500

3 Beds

2.5 Baths

1,880 SqFt

Status Active

MLS # 6689815

Property Type Single Family Residence

Price Type --

Spacious 3-bedroom, 2.5-bathroom home located in the highly desirable Tatum Lane community of Northeast Phoenix. Enjoy the benefits of a newer AC unit and exterior paint, both updated in 2019, along with a new water heater installed in 2024. The bright and airy living room boasts soaring ceilings and plenty of natural light. The kitchen is well-equipped with lots of cabinet space, extensive counter space, a pantry, and a breakfast bar ideal for gatherings. Upstairs, the primary suite offers a serene retreat with an attached ensuite and dual vanities. Additionally, you'll find two more bedrooms and a flexible loft space to suit your needs. Set on a deep lot, this home is conveniently located near Paradise Valley Park and offers easy access to Loop 101 and 51 Freeways. The home is situated on a deep lot, close to Paradise Valley Park and conveniently near Loop 101 and 51 Freeways for easy commuting and access to everything Northeast Phoenix has to offer.

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8681 E Latham Street Scottsdale, AZ 85257

$549,500

3 Beds

2 Baths

1,775 SqFt

Status Active

MLS # 6755413

Property Type Townhouse

Price Type --

Welcome to this beautifully rehabbed 3-bedroom, 2-bath home in South Scottsdale. Modern updates throughout, including fresh paint and new flooring. Garage converted to a spacious third bedroom. Serene master suite with a charming mini backyard. Large backyard with low-maintenance artificial turf. Ideal location near Apache Park, Old Town Scottsdale, and Tempe Marketplace. Don't miss out on this turn-key property!

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10624 N 7th Place Phoenix, AZ 85020

Open House

$549,500

3 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6733153

Property Type Single Family Residence

Price Type --

Explore this beautifully updated home with a new electrical panel installed in January 2024 and a low-cost solar lease until 2037! Recent upgrades include new kitchen appliances and a tankless water heater added in April 2023. The property features an EV outlet and a fully renovated pool and spa with new equipment completed in 2017-18. The Arizona room has been upgraded with stucco walls and new screens. Enjoy remodeled bathrooms, new flooring throughout, enhanced lighting with solar tubes, and upgraded ceiling fans. Google Home thermostat and popcorn ceiling removed for comfort. Privacy is ensured with a raised backyard wall. HOA includes water, premium Cox services, and community pool access. Driveway fits 2 cars, not common in this community. Home has the details you are looking for

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8653 E Royal Palm Road Unit 2005 Scottsdale, AZ 85258

Open House

$549,500

3 Beds

2 Baths

1,490 SqFt

Status Active

MLS # 6731507

Property Type Townhouse

Price Type --

Gated Subdivison upper level unit with 2 bedrooms and 2 baths plus office!. Direct entry from your 1 car attached garage. Master bedroom with king bed, walk-in closet and a walk-in shower, 2nd bedroom with queen bed. Eat-in kitchen, light and bright with stainless steel appliances, spacious formal dining seats 6. Relax and enjoy the patio which looks out to a serene green area with trees, patio table seats 6. Full size washer and dryer. Community pool, clubhouse/rec. room.

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