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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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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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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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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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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25315 S 198th Place Queen Creek, AZ 85142

$549,000

2 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6755568

Property Type Manufactured Home

Price Type --

50,000 Cash Back at Closing! Huge end of cul-de-sac lot in queen creek offers many amenities such as; Smart RV Gate, 3 RV garage, Horse Stables, Electric Car Lift, Chicken Coop, Two Storage Sheds. After a long day enjoying your little farm retreat into this lovely 2 bed 2 bath home. Enjoy Queen Creek living with all the little perks from bidets - too cat and dog doors, this home has it all. New flooring to be professionally installed throughout entire home as soon as occupants have vacated. Near Fat Cats and Horseshoe Park and Equestrian center Minutes from Queen Creek Marketplace and Schnepf Farms.

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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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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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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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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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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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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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