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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13608 N 41st Place Phoenix, AZ 85032

$549,000

4 Beds

2 Baths

1,472 SqFt

Status Active Under Contract

MLS # 6750258

Property Type Single Family Residence

Price Type --

Welcome home to your stunning 4 bedroom/2 bath home had new paint, flooring, appliances and water heater plus remodeled kitchen and baths in 2021! New Roof & AC in 2021! The spacious great room with sliding door adjacent to the amazing kitchen where you will find an on trend stainless hood and designer cabinets .Primary bedroom has a cozy fireplace, en suite bath featuring floor to ceiling tiled walk in shower and the same designer cabinets! 3 additional bedrooms and a beautifully updated hall bath complete the interior of this home. Once you walk in the backyard oasis you will never want to leave. Cool down in the amazing pool and a above Jacuzzi. The beautiful turf where you can relax. ALL FURNITURE CONVEY WITH FULL PRICE OFFER. THATS DOWN TO THE UTENSILS. This house has it ALL!

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2202 E Osborn Road Phoenix, AZ 85016

$549,000

4 Beds

2 Baths

1,915 SqFt

Status Active

MLS # 6761246

Property Type Single Family Residence

Price Type --

This home is an amazing investor deal! 4 bedrooms and 2 bathrooms! Split floor plan! Large backyard and 2 wide RV gates! Side RV gate is a roller gate with access to 22nd St! Centrally located - only minutes to Biltmore and Arcadia for restaurants, shopping and entertainment! Remodeled homes in the area with similar sq footage are selling for $800K+!

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6830 S Crystal Way Chandler, AZ 85249

$549,000

3 Beds

2.5 Baths

2,127 SqFt

Status Active

MLS # 6756812

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after Sun Groves Community of Chandler! This stunning 3-bedroom, 2.5-bath property features a private wing including a bedroom, full bathroom, and a separate living area ideal for guests, in-laws, or teenagers . AIso includes a spacious office and countless upgrades. Enjoy energy savings with prepaid solar and a brand new High Efficiency HVAC Unit installed in 2023. Step into luxury with a newly remodeled bathroom that includes a walk-in shower. The home also boasts a tankless hot water heater, filtered water softening system, and sleek new Energy Efficient Samsung Appliances. Outdoors, relax on the screened-in back patio overlooking a large corner lot with beautifully maintained artificial turf. Custom exterior holiday lighting in the front to set the perfect ambiance year-round. Don't miss this gem!

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18359 W Eva Street Waddell, AZ 85355

$549,000

6 Beds

3 Baths

2,689 SqFt

Status Active

MLS # 6760519

Property Type Single Family Residence

Price Type --

Original owner. one is almost complete redone and upgraded. Walk into a large spacious Living room A great room area which includes Dining area , Family room and kitchen. Also a mother in law suite or a master bedroom downstairs. Upstairs 5 bedrooms including a master bedroom and bath. a large RV area with double gates to store all your toys. a relaxing back yard with pavers and green turf. also a fire pit .

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26556 W Cat Balue Drive Buckeye, AZ 85396

$549,000

2 Beds

2.5 Baths

2,556 SqFt

Status Active

MLS # 6745365

Property Type Single Family Residence

Price Type --

This 2-bed, 2.5-bath, 2-den Journey model is a wonderful way to complement the vibrant 55+ Sun City Festival lifestyle. The north-facing backyard offers a relaxing space with block wall fencing for privacy, refreshing waterfall feature, a pergola for extra shade and lush landscaping with artificial turf. Inside the upgrades include plantation shutters, remote shade on the patio door, gas fireplace, French doors on a den, surround sound audio, and a private guest suite with bath. The kitchen features Zinfandel-colored cabinets with rollout trays, SS refrigerator, a gas cooktop, large granite island, and large walk-in pantry. The Owner's bath includes a beautiful walk-in shower and dual vanities. The two-car garage is insulated and includes built-in cabinets and a separate golf cart garage.

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7157 E Rancho Vista Drive Unit 4011 Scottsdale, AZ 85251

$549,000

1 Bed

1.5 Baths

952 SqFt

Status Active

MLS # 6751470

Property Type Apartment

Price Type --

Beautiful one bedroom plus den at award winning Optima Camelview Village. Very private unit in a prime location across from Fashion Square Mall. Optima Camelview Village offers concierge, 24,000 SF gym, 1 indoor, 2 outdoor pools, racquetball and basketball courts, a restaurant and much more.

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4561 E Westchester Drive Chandler, AZ 85249

$549,000

4 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6755496

Property Type Single Family Residence

Price Type --

Gorgeous single-level home in Sun Groves! Attractive curb appeal and conveniently located near parks, schools, and shopping. Excellent floorplan with guest/kids bedrooms in one hallway split from the primary bedroom. Large open kitchen/family room ensures the cook won't miss any action at family gatherings. Living/dining room in the front of the home gives another option for entertaining space. Kitchen features include island, built-in microwave, plenty of cabinets, and walk-in pantry. Vaulted ceilings. This house boasts 4 bedrooms! Primary bedroom has suite with dual vanities and separate tub and shower. Spacious backyard, covered patio, and screen door. Tankless hot water heater, water softener, side door exit, 2 car garage. Sun Groves is known for its welcoming family-friendly atmosphere, well-maintained community playgrounds, scenic surroundings and highly-rated Chandler schools. Easy access to San Tan Mall, Gila River Resort & Casino, downtown Chandler & Gilbert. Come fall in love with this neighborhood and home!

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8 W Rawhide Avenue Gilbert, AZ 85233

$549,000

3 Beds

2 Baths

2,182 SqFt

Status Active Under Contract

MLS # 6753496

Property Type Single Family Residence

Price Type --

Located in the heart of downtown Gilbert, this no HOA, 3 bedroom, 2 bathroom home features modern wood-look flooring, upgraded bathrooms and kitchen complete with quartz countertops, slate-finish appliances and an extra large kitchen island. The spacious primary suite boasts an extra large walk-in closet. The garage has been converted into a bonus room with 2 separate entrances, perfect for an additional guest suite, game/theater room, home-based business, etc. Let your imagination soar! This home sits on a large lot and has a 30 foot sliding RV gate with easy access to the pool-sized backyard. Imagine being able to walk to all your favorite shops and restaurants anytime you want!

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471 N Skunk Hollow Lane Payson, AZ 85541

$549,000

3 Beds

2 Baths

2,407 SqFt

Status Active

MLS # 6725288

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat nestled near the East Verde River! This picturesque cabin offers the perfect blend of comfort and nature, ideal for both relaxation and adventure. As you approach, you're greeted by a spacious covered deck that invites you to unwind and enjoy the serene views of the surrounding landscape. Step inside to discover a charming interior featuring three bedrooms and two bathrooms, ensuring ample space for family and guests. The large great room boasts a striking stone fireplace and large windows that flood the space with natural light, creating a cozy atmosphere year-round. The kitchen is well-appointed with modern amenities, making meal preparation a delight. A highlight of the home is the generous master bedroom complete with a walk-in closet, ...CLICK ''MORE'' providing a private sanctuary after a day of outdoor activities. Venture downstairs to find additional living space including a living room area with a fireplace, a convenient bar for entertaining, and a pool table for friendly games and gatherings. Two more bedrooms downstairs offer flexibility for accommodating guests or creating a separate living area. Outside, the fenced backyard features a covered patio perfect for alfresco dining or simply soaking in the tranquility of the surroundings. A large walk-in storage area ensures you have plenty of space to store outdoor gear and equipment. Surrounded by the natural beauty of the East Verde River area, this home is not only a retreat but also a popular short-term rental, offering potential income opportunities. Whether you're hiking along the nearby trails or fishing in the river, this location provides endless opportunities to explore and enjoy the outdoors. This move-in ready cabin promises a lifestyle of comfort and convenience in one of Arizona's most scenic areas...The Rim Country. Don't miss your chance to own this exceptional property where every day feels like a vacation. Start living your mountain getaway dreams! Furniture is negotiable outside of escrow.

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21159 N Redington Point Drive Surprise, AZ 85387

$549,000

2 Beds

2 Baths

2,075 SqFt

Status Active

MLS # 6749258

Property Type Single Family Residence

Price Type --

Nicely updated Sierra model w/ upgrades in all of the right places! Great curb appeal w/ pavered driveway, courtyard & faux stone. Travertine tile & wood laminate flooring t/o. Open great room concept. Updated kitchen w/ quartz counter tops, breakfast bar, gas cook top w/ left griddle & power boil for large cookware, microwave/convection oven, kitchen island, skylights & eating area extended w/ bay window. Spacious primary suite has bay window, separate door to back patio, updated bathroom w/ tiled snail shower, stone back splash, walk-in closet & skylight. 2nd bedroom & guest bath. Den w/ plantation shutters. Inside laundry w/ cabinets & sink. 2.5 car garage w/ cabinets. Water heater in 2024. HVAC in 2018. Water softener 2023. Relax & enjoy your extended back patio w/ knee wall.

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6318 N 19th Street Phoenix, AZ 85016

$549,000

2 Beds

2 Baths

1,210 SqFt

Status Active

MLS # 6744794

Property Type Single Family Residence

Price Type --

Don't miss this opportunity to own a charming patio home in a tranquil community. This meticulously maintained 2-bedroom, 2-bathroom home features custom upgrades throughout, including a newly updated sewer line, new roof, remodeled bathrooms, and a new refrigerator that will convey with the home. The lovely kitchen boasts granite countertops, pull-out shelves and a modern design, while the spacious great room with an attached dining area is perfect for entertaining. Enjoy views of Piestewa Peak & the convenience of being close to the 51 Freeway, the Biltmore, restaurants, shopping, Granada Park, and the Mt View Precinct Police Station for added peace of mind. Community amenities include a sparkling pool and a charming park. Hurry as this exceptional home will not last long!

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36855 S Rincon Road Wickenburg, AZ 85390

New

$549,000

2 Beds

1.5 Baths

1,740 SqFt

Status Active

MLS # 6762676

Property Type Single Family Residence

Price Type --

Don't miss the chance to own this exceptional home nestled at the top of the canyon, offering breathtaking views and unparalleled seclusion adjacent to BLM land. Designed to harmonize with the surrounding desert landscape, this unique Earth Home sitting on 8 acres is partially covered by earth keeping it cool during those hot summer days. Bring the horses along too. There is ample flat space for a small barn and pens with RV hookups close by. This home is perfect for those who appreciate nature and desire a serene lifestyle. With a little TLC, you can transform this gem into your dream getaway. Act fast—properties like this don't last long!

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