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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5014 W Cheryl Drive Glendale, AZ 85302

$549,000

4 Beds

3 Baths

2,281 SqFt

Status Active

MLS # 6748341

Property Type Single Family Residence

Price Type --

This MOVE-IN-READY, Upgraded Faustus model qualifies for a property specific FREE $7500 GRANT! Enjoy smart home technology w/ integration for lights & front door locks. Upgrades include a gourmet kitchen w/ herringbone backsplash, 2 story atrium w/ natural light, large loft living area & downstairs flex room/bedroom w/ extra sound insulation & bath on the main level offering privacy for guests or multi-generational living. Additional features: privacy tinted energy-efficient windows, primary suite with blackout curtains & custom shower, soft-close bidet toilets, 5-filter HVAC system & 3-car garage. All appliances & window coverings are included. See Docs tab for more details before this one is gone!

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15 County Road N6194 -- St Johns, AZ 85936

$549,000

3 Beds

2 Baths

3,440 SqFt

Status Active

MLS # 6734164

Property Type Single Family Residence

Price Type --

Outstanding off grid property. 3440 sq ft, 3BD/3BA home on 40.5 fenced ac. For those wanting the freedom & security of living sustainably. Very private w/great views to north/west/east...hill on south side blocking southern view, providing weather/wind break. Fantastic 4 bay garage under home, enter/exit from all 4 directions (room for many vehicles) & includes bathroom w/shower, storage, & office/workout space. Lg master suite w/nursery/office space, wonderful leaded glass windows/doors creating rainbows inside & leading out to the 2500 sq ft, covered, wrap around entire home deck, great bathroom w/claw tub & separate walk in shower. In addition to the room off the master, there is a den/office, formal dinning room, as well as a kitchen dinning area. Pump house includes a 4 cylinder.... Isuzu diesel generator which powers well (into the Coconino Aquifer, well info under docs), home & solar sytsem when needed. Approx 4 ac around home fenced w/chain link. The fantastic deck, w/wonderful views, is pressure treated. T-111 siding, 5000 gal water holding tank, 1500 gal septic tank, 500 & 250 gal owned propane tanks, RO system in kitchen, 13 ceiling fans & 8.5' x 11 pantry/food storage room. 8 x 20 steel storage container. Large fenced garden area with it's own gravity feed water holding tank. Tractor is negotiable. 11 mi to downtown St Johns, & approx 55 mi to Show Low. Road off hwy is 4.1 mi to property, good road. Property borders BLM land

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4659 N 206th Avenue Buckeye, AZ 85396

$549,000

2 Beds

2 Baths

1,899 SqFt

Status Active

MLS # 6760376

Property Type Single Family Residence

Price Type --

Embrace the perfect blend of comfort and charm in this cozy residence nestled in the highly desirable Hazelwood Park, a 55+ adult community within Victory at Verrado. With amenities galore, this is the community to be! There are miles of hiking and biking paths, community pools, pickle ball courts, a clubhouse with weekly activities, local shopping on Main Street and so much more. Cruise over to the golf course on your pristine vintage Golf Cart, included with this home! With a price set to entice, this move in ready home features 10-foot ceilings and surround sound through out extending to your backyard patio. The thoughtful 2-bedroom, 2-bath split floor plan offers supreme privacy AND a separate den/office. Culinary enthusiasts will revel in the beautifully appointed Chef's kitchen boasting a grand island, state-of-the-art stainless steel Bosch appliances, and a 5-burning gas stove equipped with the newest Air Fryer feature, an oversized pantry to store all your culinary delights, and an abundance of cabinetryall designed for the ultimate hosting experience. Enjoy how the open concept of the Kitchen and Great Room seamlessly flow together, allowing you to truly relish in every inch of the home. The private lush backyard is accented by tasteful foliage, low maintenance turf and pavers on the extended patio to make your outdoor oasis the envy of friends and family. Retreat to the secluded primary suite with its indulgent ensuite, offering a large walk-in shower, dual sinks and a generous closet that leads to the large laundry room. This exceptional home doesn't stop there: a spacious home office with an optional shade closure ensures productivity and also serves as fantastic guest quarters. The spacious 2 car garage with epoxy floors has built-in storage and adds to the practical comforts catered to fit your lifestyle. Do not miss this opportunity to turn this house into your home. This is more than just a home-it's the key to your new chapter!

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2427 W Hearn Road Phoenix, AZ 85023

$549,000

4 Beds

3 Baths

2,344 SqFt

Status Active

MLS # 6739390

Property Type Single Family Residence

Price Type --

Beautiful tri-level home in the sought after community of Thunderbird Valley. This lovely home features 4 bedrooms, 3 bathrooms. 1 of the bedrooms would be perfect for a guest suite. This home has a gorgeous backyard with a fenced in pool and a grassy area as well as a covered patio. Great home, great price. Come take a look!

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11500 E Cochise Drive Unit 2090 Scottsdale, AZ 85259

$549,000

3 Beds

2 Baths

1,564 SqFt

Status Active

MLS # 6752809

Property Type Townhouse

Price Type --

Welcome to Scottsdale's gated community Mirage Crossing. Close to Mayo Clinic, shopping, dining & 101. ONE yr old AC- PLUS THIS IS MOST highly sought after 3 bed, 2 bath END unit with a direct entry from the garage. This upper level condo has a wide open floor plan complete with gas fireplace, built-in entertainment center, upgraded tile, and lots of natural light. Located in a very desirable resort-like community with a large heated pool and spa, BBQ grills, community/business center & fitness center.

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5656 E Harmony Avenue Mesa, AZ 85206

$549,000

4 Beds

2 Baths

2,005 SqFt

Status Active

MLS # 6752933

Property Type Single Family Residence

Price Type --

This charming home offers a perfect blend of comfort and flow, with spacious living areas and a thoughtful floor plan that caters to both relaxation and productivity. The open-concept living and dining areas are bathed in natural light, creating a warm and inviting atmosphere. The kitchen has a breakfast bar-ideal for gatherings with loved ones. The primary suite serves as a private retreat, complete with a en-suite bathroom and generous closet space. Three additional bedrooms provide flexibility for family, guests, or a hobby room, while the dedicated office space is perfect for remote work or study. Located in the tranquil community of Stonegate Estates, this home is close to schools, shopping, dining, and recreational opportunities.

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13634 N 21st Avenue Phoenix, AZ 85029

$549,000

5 Beds

3 Baths

2,281 SqFt

Status Active

MLS # 6754142

Property Type Single Family Residence

Price Type --

Spacious 5-Bedroom Home with Pool and Mother-in-Law Suite This beautifully remodeled 5-bedroom, 3-bathroom home offers the perfect blend of comfort and style. With new flooring, paint, appliances, and countertops throughout, this home feels like new. The spacious layout includes a separate mother-in-law suite with its own entrance and locks, providing privacy and flexibility. Enjoy the warm Arizona weather in your own backyard oasis, complete with a sparkling pool. Don't miss this opportunity to make this stunning home your own!

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4972 N 206th Lane Buckeye, AZ 85396

$549,000

2 Beds

2.5 Baths

1,881 SqFt

Status Active

MLS # 6761487

Property Type Single Family Residence

Price Type --

Gorgeous home at Victory at Verrado showcases great curb appeal, a tandem garage with paver driveway, and mature front yard. Inside, you'll find a dining room & a large open living room with multi-sliding glass doors that seamlessly connect the home. The single-level home features an open floor plan with a neutral palette. Cooks kitchen features gray subway tile backsplash, ample white cabinets, granite counter, and SS appliances. The owner's suite hosts an ensuite with a granite dual vanity & a walk-in closet. The bonus room works as an office or an extra bedroom. Enjoy year-round resort-style living watching the sunset while dining under the covered patio. Or gather around the gas firepit and take in the mountain views.

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10857 E Decatur Circle Mesa, AZ 85207

$549,000

4 Beds

2 Baths

2,278 SqFt

Status Active Under Contract

MLS # 6749316

Property Type Single Family Residence

Price Type --

Welcome to this Spacious 4bed/2 bath, single story home in Mesa's Adobe Estates! Nestled at the end of a peaceful cul-de-sac, this 2,278 sq ft gem sits on a generous 9,071 ft lot and features a split floor plan and 3 car garage! Kitchen is a chef's dream with gas range, quartz, SS appliances & large island. Kitchen opens to the living room with a cozy electric fireplace, 10 ft ceilings and tons of natural light. Primary suite has a separate entry to the back yard. Primary bathroom has separate shower & soaking tub with two different vanities & a large walk-in closet. Enjoy outdoor living in the private yard with a cozy fire pit, large covered patio with extended pavers and a variety of fruit trees. Property also includes a separate workshop ideal for hobbies or additional storage!

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4277 N 180th Lane Goodyear, AZ 85395

$549,000

4 Beds

3.5 Baths

3,179 SqFt

Status Active Under Contract

MLS # 6752550

Property Type Single Family Residence

Price Type --

Extended length garage, RV gate! This stunning 4-bedroom, 3.5-bathroom home boasts 3,179 square feet of living space. At the intersection of Indian School Rd & Citrus Rd, this home offers an ideal blend of luxury and convenience. Enjoy the spacious tandem garage and the convenience of an RV gate, perfect for your recreational needs. The charming front porch invites you to unwind, while the formal dining area sets the stage for elegant gatherings. An upstairs loft provides additional living space, perfect for a home office or entertainment area. With close proximity to top-rated schools, shopping, dining, and the vibrant community amenities of Goodyear. Don't miss the opportunity to make this home yours! Lender owned property, buyer to verify all facts

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971 N Florence Drive Chandler, AZ 85226

$549,000

4 Beds

2.5 Baths

2,112 SqFt

Status Active

MLS # 6761362

Property Type Single Family Residence

Price Type --

A hidden treasure nestled in the heart of the charming D'Arcy Ranch community! This exquisite residence boasts generous space and breathtaking vaulted ceilings that fill the home with natural light. Step outside to the open patio, perfect for relaxing and soaking in the Arizona weather. Inside, you'll find the perfect blend of sophistication and modern convenience, featuring advanced tech amenities like a garage door opener with a built-in camera, Tesla EV App integration, smart light switches throughout, and a smart irrigation system controlled remotely via an app. To top it off, this home is equipped with solar panels, offering an eco-friendly energy solution and substantial savings on your electricity bills.

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10757 N 74th Street Unit 1001 Scottsdale, AZ 85260

New

$549,000

2 Beds

2 Baths

1,414 SqFt

Status Active

MLS # 6761912

Property Type Townhouse

Price Type --

Charming Single Story End Unit with Attached 2-Car Garage in the Heart of Scottsdale. This beautiful home offers 2 spacious split bedrooms/ baths. Large Master suite w/ walk-in closet, separate tiled shower, dual sinks and large tub. Gourmet Chef's Kitchen boasts gorgeous Stainless Steel appliances , granite countertops, large pantry, tiled backsplash, breakfast bar that leads you to the open dining/living room. Open Floor plan with Tile and Vinyl Plank flooring throughout. Other features include plantation shutters and crown molding. Close to the 101 Freeway, shopping, dining, and all the beautiful nearby Golf Courses. Walk across the street to your favorite restaurants, shopping, and movie theater. Convenience is footsteps away!!!

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