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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5535 W Marconi Avenue Glendale, AZ 85306

$549,000

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6744493

Property Type Single Family Residence

Price Type --

Beautifully remodeled 4 bedroom/2 bath split floorplan with huge 1/3-acre lot and new block wall. 1,980 sf includes gorgeous entertaining kitchen with 11x6 Quartzite slab island, new stainless steel appliances, unique central 11 ft. bar with Leathered Granite countertops and open to living/family rooms. New Vinyl Plank flooring! New baths! New dual pane Low E windows! New doors! New roof and A/C 2022! Too many 'NEWS' to mention. Over $120,000 invested! Huge 17'x6' laundry room. N/S facing, 2 car garage, NO HOA! RV parking! Fireplace! Fresh exterior paint! The backyard is a blank canvas for all your dreams! Walking distance to Tierra Buena Park - a 5 acre park with tons of amenities. Walk to Canyon Elementary. Close to 101 Fwy/Arrowhead Mall. Welcome home to Sunburst Farms!!

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27052 W Oraibi Drive Buckeye, AZ 85396

$549,000

2 Beds

2 Baths

2,099 SqFt

Status Active Under Contract

MLS # 6692947

Property Type Single Family Residence

Price Type --

Step inside this inviting modern farmhouse-style Pursuit model home, ideally situated in Sun City Festival! As you enter, the painted white wood accent walls in the foyer and great room create a warm and welcoming atmosphere, complemented by beautiful, engineered wood floors that flow throughout the living space. Large windows adorned with white wood shutters fill the home with natural light, accentuating the airy and open layout. The thoughtfully designed kitchen features dark wood cabinets with some glass fronts, sleek granite countertops, and premium stainless-steel appliances, makes for a chef's delight and a focal point for gatherings. The primary suite is a peaceful retreat with a luxurious bathroom with a large walk-in shower for ultimate relaxation. The additional bedroom Step inside this inviting modern farmhouse-style Pursuit model home, ideally situated in Sun City Festival! As you enter, the painted white wood accent walls in the foyer and great room create a warm and welcoming atmosphere, complemented by beautiful, engineered wood floors that flow throughout the living space. Large windows adorned with white wood shutters fill the home with natural light, accentuating the airy and open layout. The thoughtfully designed kitchen features dark wood cabinets with some glass fronts, sleek granite countertops, and premium stainless-steel appliances, makes for a chef's delight and a focal point for gatherings. The primary suite is a peaceful retreat with a luxurious bathroom with a large walk-in shower for ultimate relaxation. The additional bedroom offers ample space for guests or family. Additionally, a flex room allows space for a home office or hobbies. Step outside through the two sliding doors, one in the great room and the other in the primary suite, to discover a landscaped private backyard oasis. Whether hosting gatherings or enjoying quiet evenings under the stars, the brick patio and pergola offer the perfect setting amidst lush greenery. This home is more than just a place to live - it's a sanctuary where modern comfort meets timeless charm. Don't miss the opportunity to make this your own private haven.

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13066 W Steed Ridge Peoria, AZ 85383

Open House

$549,000

2 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6749947

Property Type Single Family Residence

Price Type --

Welcome to this exceptionally well-maintained home in the sought- after Vistancia Adult Community! This immaculate property boasts an inviting open floor plan, featuring a surround sound system, a cozy gas fireplace, and seamless integration with the kitchen area. The kitchen is a chef's delight, equipped with stunning granite countertops, cherry cabinets, a walk-in pantry, and newer appliances, including a refrigerator, dishwasher, and osmosis water system. The primary bedroom is generously sized with elegant wood tile floors, a spacious en-suite bathroom, and a walk-in closet complete with built- in cabinets and a heat lamp. Step outside to a peaceful, private backyard that's easy to maintain, perfect for relaxing or entertaining. A bonus, new washer & dryer are included.

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15130 W Home Run Drive Surprise, AZ 85374

Open House

$549,000

2 Beds

2 Baths

2,010 SqFt

Status Active

MLS # 6685699

Property Type Single Family Residence

Price Type --

CLEAN & PRISTINE, SPLIT BEDROOM BORGATA, ELEGANT PLANTATION SHUTTERS, CROWN MOULDING, GRANITE KITCHEN COUNTERS WITH MATCHING BACK SPLASH, PREFERRED GAS RANGE AND OVERSIZED NEUTRAL TILE. GREAT ROOM IS COMPLETE WITH MEDIA WALL & SURROUND SOUND. LARGE OFFICE/DEN EXTENDED 4 FEET. MASTER EXTENDED 4 FEET AND HAS BAY WINDOW, DOOR TO BACK PATIO AND DUAL SINKS. NATURAL FLAGSTONE IN COURTYARD. FOR BEAUTY & EASE OF CLEANING EXPANDED PATIO HAS BEEN COATED WITH KOOL DECK EPOXY COATING. THE FOOD PREP AREA IS SPECIFICALLY DESIGNED FOR GAS BBQ GRILL. THE GAS FIRE PIT CREATES THE PERFECT SETTING FOR ENTERTAINING FAMILY AND FRIENDS. LAUNDRY ROOM HAS OVER HEAD CABINETS, FRONT LOAD LG WASHER & DRYER ON PEDISTALS. GARAGE EXTENDED 4 FT, HAS CABINETS & OVERHEAD STORAGE. LEMON, LIME & ORANGE TREES

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293 N Crosscreek Drive Chandler, AZ 85225

Open House

$549,000

3 Beds

2 Baths

1,842 SqFt

Status Active

MLS # 6746251

Property Type Single Family Residence

Price Type --

Single Level home on Corner Lot with Amazing unique split floor plan that has Den & Flex space in addition to the 3 bedrooms! Stop and admire the curb appeal with this paver driveway and stacked stone on the home's facade and enter into this beautiful home with 9ft ceilings! Upon entry there is a double door den to your left with doors closing for privacy making it a great office option. Down the hall opens to a light and bright kitchen with Espresso Brown Cabinetry, Granite counters, stainless steel appliances and tons of seating at the island. Open concept living has a dining room and living room that opens to the back patio with generous sliders to the covered area. Flex space is an open room found between 2 guest bedrooms and shared bath with double sinks and tub/shower combo. Split main bedroom with large area for king sized bed and ensuite with dual vanity, separate shower and tub and private toilet closet. Main bedroom also has large walk in closet. This home has enclosed back yard with dog door leading to dog run with additional block wall and tall gate door. The covered patio has surround sound prewired for speakers and ready for you to entertain. Outlets are installed above the front eves for all of the extra holiday lighting you can dream up. This is the largest single level floor plan in the community and ready for its new owners!

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6441 S Roosevelt Street Tempe, AZ 85283

Open House

$549,000

3 Beds

2 Baths

1,797 SqFt

Status Active

MLS # 6737382

Property Type Single Family Residence

Price Type --

So many upgrades in this beautiful home located in a quiet community with no HOA and walking distance to Celaya Park! Just freshly painted. Pride of ownership. Kitchen remodelled in 2023 with tons of cabinet space, extended island and new flooring; windows and patio door replaced in 2022, newer AC, roof is 10 years old, bamboo flooring in the living room and bedrooms; electrical upgrades including subpanel; new automatic blinds, remodeled bathrooms. Newer patio roof. Pool just got a new liner (July 2024), comes with a warranty! Don't miss out on this amazing home.

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6730 W Gelding Lane Coolidge, AZ 85128

$548,999

4 Beds

3 Baths

2,007 SqFt

Status Active

MLS # 6716832

Property Type Single Family Residence

Price Type --

Stunning semi-custom home with impressive features throughout. The large entryway welcomes you into the spacious open floor plan perfect for entertaining. The gourmet kitchen boasts granite countertops, stainless steel appliances, and a large center island. Retreat to either of the two primary suites, both featuring luxurious ensuites. Enjoy the breathtaking mountain views from the covered patio and sprawling backyard, complete acreage fully blocked in. This private oasis is also perfect for horse lovers with its spacious acreage and on-site amenities. Don't miss out on this one-of-a-kind property with no HOA fees and plenty of room for all your toys and hobbies with 2-RV Hook ups and 1 Cleanout. *** 4 MILES FROM THE i10, OUTSIDE OF COOLIDGE PROPER, NEARBY SHOPPING *** This a turnkey horse property complete with two 12 x 12 covered stalls and a 12 x 24 tack room, or storage for toys. Don't miss out on this one-of-a-kind property with no HOA fees and plenty of room for all your toys and hobbies with 2- 50 amp RV Hook up, water and 1 clean out. Casa Grande's premier shopping mall (The Promenade) is only 4 miles away and I-10 is only 4 miles away also, giving you easy access to both Phoenix and Tucson. Central Arizona College is 1 mile away.

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5026 W Cheryl Drive Glendale, AZ 85302

$548,951

4 Beds

3 Baths

2,177 SqFt

Status Active

MLS # 6752432

Property Type Single Family Residence

Price Type --

Located in North Central Glendale, convenient to everything!! Gorgeous open plan with bedroom & full bathroom downstairs!! Wonderful kitchen includes tons of cabinets, LARGE ISLAND, and walk-in pantry for all the space required to live comfortably!! Plus, a grand primary suite with optional walk-in super shower ILO standard at primary bath. Second-floor laundry room with cabinets. Two-tone interior paint. Mission stair railing upstairs and downstairs. 8' garage doors. Designer finishes include: 42'' Benton White Cabinets with black hardware. Kitchen comes with subway tile back-splash, ''Black Mist Honed'' granite counters & ''Glen Arbor Grey'' 6x26 tile floors!!! Home is Move-in Ready!! Ask us about our special financing promotions!!

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4647 W Pelotazo Way San Tan Valley, AZ 85144

$548,900

4 Beds

3 Baths

2,123 SqFt

Status Active Under Contract

MLS # 6710961

Property Type Single Family Residence

Price Type --

The heart of the home is the beautifully upgraded backyard, a true oasis featuring a solar-heated pool. Imagine relaxing under the Arizona sun, taking a refreshing dip in the pool, or hosting unforgettable gatherings with friends and family in this private outdoor sanctuary. Moutain views to take in as well. 4-bedroom 3 bath spacious floorplan. Close to schools and shopping. Don't let this one get away.

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13403 W Cabrillo Drive Sun City West, AZ 85375

$548,550

2 Beds

2 Baths

2,335 SqFt

Status Active

MLS # 6665100

Property Type Single Family Residence

Price Type --

Freshly painted interior! Gorgeous home boasting 2 bedrooms, a den, 2 bathrooms in the desirable CORTE BELLA! As you approach the home you will love the gated courtyard and immaculate landscape. The open floor plan is well designed with a dining room, living room, and great room. The kitchen offers beautiful upgrades featuring a peninsula island with a breakfast bar, elegant cabinetry with crown moulding, and wall appliances. The great room is open with plenty of natural light. The primary suite is over sized with a ceiling fan and a lavish ensuite bathroom featuring a seperate shower and soaking tub, dual sink vanity, and a walk-in closet. The backyard is easy to care for! Do not miss out on this home! Corte Bella offers an abundance of amenities to suit every lifestyle. Enjoy the 18-hole Kemper-Sports Owned golf course offering breathtaking views of green fairways, lakes, and mountains. Cool off in the full Olympic-size pool or heat up in a well-equipped gym with saunas for various classes like yoga, dance, and much more. Whether you are seeking a full-time AZ residence or a winter get-away this home is perfect!

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4802 S Duffy -- Mesa, AZ 85212

$548,500

3 Beds

2 Baths

1,789 SqFt

Status Active

MLS # 6747128

Property Type Single Family Residence

Price Type --

WOW NOW Reduced +$5000 in concessions offered! Come see your stunning dream home located in Eastmark. Gourmet kitchen with brand new stainless steel appliances, quartz countertops, a massive walk-in pantry & upgraded cabinets. Includes motorized Roman shades, providing blackout coverage in all bedrooms. A spacious den is ideal for working from home, while a versatile flex bedroom has internet connections, and a solid core door. Enjoy the upgraded carpet and stylish tile flooring throughout the high traffic areas. The master suite features a huge walk-in closet! The garage has a convenient man door & an EV charger. Step outside to a LOW maintenance & landscaped backyard with upgraded pet-friendly turf, a dog run, a covered patio with upgraded pavers.

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1431 W Canary Way Chandler, AZ 85286

$548,500

4 Beds

2 Baths

1,833 SqFt

Status Active Under Contract

MLS # 6741303

Property Type Single Family Residence

Price Type --

SELLER IS UNDER CONTRACT WITH NEXT HOME AND WILL ENTERTAIN ALL OFFERS. A MUST SEE 4 BEDROOM (3 BEDROOMS PLUS AN OFFICE THAT CAN BE EASILY TURNED INTO A 4TH) HOME WHICH OPENS UP TO A BACKYARD PARADISE. PLAYPOOL, BUILT-IN COVERED BBQ, AND BEAUTIFUL DESERT LANDSCAPING (FRONT/BACK) WITH N/S EXPOSURE ARE JUST A FEW OF THE HIGHLIGHTS. THIS HOME HAS BEEN INCREDIBLY MAINTAINED INCLUDING A NEW HVAC UNIT (2023) AND WATER HEATER. OPEN FLOORPLAN IS GREAT FOR ENTERTAINING AND SURE TO IMPRESS ANY OF YOUR BUYERS. ALSO HAS RV GATE FOR BOAT/RV. GREAT LOCATION NEAR PARKS, SCHOOLS (ELEMENTARY & JR HIGH), INTEL, FREEWAYS AND OCOTILLO GOLF COURSE.

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