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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631 W Mary Patricia Drive Payson, AZ 85541

$546,000

2 Beds

1.5 Baths

1,366 SqFt

Status Active Under Contract

MLS # 6752165

Property Type Single Family Residence

Price Type --

You need a place to Get Away... some place to unwind & relax. You are in luck, because here is an Incredibly Rare opportunity & it won't cost a million. Own a waterfront cabin with flowing water 365 days a year in AZ. Trout and Perch are stocked up river. Yes, you can fish in your own backyard,... or watch the grandchildren fish. Maybe canoe/kayak a bit or take your sweetheart for an old fashioned rowboat ride. Spend some quiet time watching the leaves fall in autumn, or the snow during the Christmas season. Before you let your dog out in the morning, it is smart to check outside to see if an elk or deer have jumped into your fenced yard to try to get to those apples on the tree or carrots in the garden. This home has a cozy living room warmed by a wood burning fireplace,... a wood-burning fireplace,... a handy kitchen, a dining room with views of the river, two private bedrooms, and a sleeping loft for four more. Head to the earth-cooled basement and enjoy the family movie room, or use the workshop area or retrieve some preserves from the storage room. The 500+ sq ft. basement area is accessible from the outside and inside the house. This home, fully furnished for your convenience and comfort, includes fishing poles. It is Air B N B ready and well booked because who doesn't need a little time away from the Valley's heat, noise, and stress? You and your family deserve a place to ESCAPE! Private water company... no well hassles. Great internet/Wi-Fi is available, so you can bring your work... if you must. Cell service in this area is off the WIFI, so you must meet your Realtor before you tour this special get-a-way.

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19366 W San Juan Avenue Litchfield Park, AZ 85340

New

$545,990

3 Beds

2 Baths

1,893 SqFt

Status Active

MLS # 6763496

Property Type Single Family Residence

Price Type --

Top-quality craftsmanship, innovative energy efficiency and unparalleled elegance. Design your ideal home office, family game parlor, or a refined lounge in the cheerful study. The spare bedrooms present plenty of closet space and endless personalization potential. The Owner's Retreat showcases a scenic backyard view, an expansive walk-in closet, and a luxurious en suite bathroom with a spacious walk-in super shower. Enjoy a book and your favorite beverage from the comfort of your covered patio. Open-concept living and dining area with both a 12' sliding door at the family room and a 8' sliding door at the dining area. The chef's kitchen features a corner pantry & tons of upgrades. 2x6 construction and extensive NEW HOME WARRANTY.

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18950 W Stella Avenue Waddell, AZ 85355

Open House

$545,990

3 Beds

2.5 Baths

2,229 SqFt

Status Active

MLS # 6745702

Property Type Single Family Residence

Price Type --

The beautiful Irwin floorplan has a 3-car tandem garage, 3 bedrooms and two and a half bathrooms. 9' ceilings, wood plank style tile floorings throughout the home, 8' interior doors, gourmet kitchen package, kitchen tile backsplash and huge island makes this home the perfect spot to entertain! This home is built zero energy ready with spray foam insulation, 2 x 6 construction and 85% offset solar system included giving you a HERS rating in the single digits! This home is ready now!

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10439 E Medina Avenue Mesa, AZ 85209

New

$545,900

3 Beds

2 Baths

1,944 SqFt

Status Active

MLS # 6762012

Property Type Single Family Residence

Price Type --

Welcome Home to this beautiful 3 bed 2 bath in Villages of Eastridge! With its 3-car garage, w/cabinets and RV gate. Inside, you'll find a desirable open floor plan that promotes a greater traffic flow and maximizes space, excellent for entertaining. Discover wood-like tile flooring paired with tons of natural lighting. Immaculate kitchen boasts recessed lighting, abundant honey oak cabinetry, a prep island w/a breakfast bar, SS appliances, a pantry, granite counters, and a bay window in the dining area.The split bedroom floor plan is ideal for privacy! Enjoy a large backyard that won't disappoint, equipped w/a covered patio, gazebo, storage shed, and a refreshing pool perfect for year-round enjoyment. Don't miss!

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10298 W Morgan Court Casa Grande, AZ 85194

$545,900

3 Beds

2 Baths

1,859 SqFt

Status Active

MLS # 6757978

Property Type Single Family Residence

Price Type --

Newer home, Adobe-style exterior. Upgraded Steel awnings on front exterior. Front yard landscaping. Tile plank flooring throughout the entire home, no carpet. Offers 0.471 acre, completely fenced with a drive-through gate/ RV gate to the back. Located in Chaparral Estates, nice large lots and beautiful homes. Within 20 minutes of shopping, grocery stores, and restaurants. Offers 3-car garage. The primary bedroom and bathroom have dual sinks and a large closet. The home is pre-plumbed for a water softener. Includes Kitchen appliances. Separate laundry room with additional storage. Energy Efficient Lennox Electric Heat Pump & Split System,14 SEER with Honeywell Programmable Thermostat. Septic and private water.

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2514 S Rita Lane Tempe, AZ 85282

$545,500

3 Beds

2 Baths

1,658 SqFt

Status Active

MLS # 6752266

Property Type Single Family Residence

Price Type --

Fantastic Tempe Location! 3BR 2BA + Office/Den - Updated - Dual Pane Windows - 2020 Bathrooms - 25-Year Roof Warranty (new in 2007) - 2016 Trane AC - 2020 New Plumbing - Pebble Tec Pool - Block Construction - Vaulted Ceilings w/ Wood Beam Accents - Close to ASU, Shopping, and Freeways. NO HOA!! See It Soon!!

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2600 E Carmichael Street Unit 1 Coolidge, AZ 85128

$545,000

4 Beds

2 Baths

2,164 SqFt

Status Active

MLS # 6752331

Property Type Single Family Residence

Price Type --

Welcome to your future dream home! This proposed new construction offers an exciting opportunity to create the perfect living space designed for your lifestyle. Once contracted, this thoughtfully designed floor plan will be built to meet the highest standards of quality and modern design. This stunning 4-bedroom home is highlighted by spacious walk-in closets in each bedroom, offering ample storage. The home also features a two-car garage for convenience and added storage options. The heart of the home is an open-concept kitchen, living, and dining area, creating an inviting space for everyday living and effortless entertaining. Designed with a strong focus on indoor-outdoor living, the home boasts direct access to outdoor spaces from the dining room, living room, and the luxurious primary suite, allowing you to fully embrace the beauty of your surroundings and enjoy seamless transitions between indoor comfort and outdoor relaxation. This home combines modern elegance with functional living, perfectly suited for those who value contemporary design and a connection to nature. The compact yet spacious layout is ideal for easy living without sacrificing style. To begin the process, Adair Homes must be contracted for construction. The buyer will first purchase the lot from the seller, and then engage a builder specializing in build on your own lot projects. You'll work directly with the builder to select the floorplan, elevation, and finishes to customize the home to your preferences. For added convenience, the builder's preferred lender can streamline the financing process with a single loan that covers the lot purchase, site improvements, home construction, finishes, and the long-term mortgage. The entire construction timeline is estimated to take up to 12 months from the time the new home construction contract is signed, offering a realistic timeframe for bringing your vision to life. This is a unique opportunity to build your custom home in a setting that combines the best of modern living and nature. Don't miss out on the chance to create a home that is truly yours!

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5404 W Walatowa Street Laveen, AZ 85339

$545,000

4 Beds

3 Baths

2,216 SqFt

Status Active

MLS # 6730594

Property Type Single Family Residence

Price Type --

Seller to contribute up to $10,000 towards buyers cc or buy down w/ an acceptable offer! Start living in this 2023-built home nestled on a corner lot in the desirable community of Tierra Montana. Inside, you'll find a soft, modern color palette, wood-look flooring, and a spacious, bright, and airy great room floor plan designed for entertaining. It also features a formal dining area for gourmet meals and a versatile den ideal for a home office or extra living space. The kitchen is a chef's delight, equipped with stainless steel appliances, a wall oven, expresso-stained cabinets, quartz counters, and a center island with pendant lights over the breakfast bar. Relax in the main suite, complete with a private bathroom that includes dual sinks, a garden tub, and a walk-in closet. Step outside to a landscaped, serene backyard with a covered patio, artificial turf, and a paver patio perfect for enjoyable barbecues. The home has all appliances, including a washer, dryer, and insulated garage, and the owners did $60,000 worth of upgrades at build time. This gem is minutes from Carver & South Mountain; enjoy hiking, biking, and trails, and soak in breathtaking mountain views. This is a must-see home!

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416 Bury Court Rio Rico, AZ 85648

$545,000

4 Beds

3.5 Baths

3,202 SqFt

Status Active

MLS # 6761588

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in the scenic beauty of Rio Rico! This stunning 4 BR/3.5 bath home offers an abundance of upgrades. Situated in a serene 4.87-acre parcel, this home provides the perfect blend of tranquility & convenience. Upon stepping inside the residence you will be captivated by its charm, & meticulous attention to detail. The large windows & high vaulted ceilings add a sense to the space & natural light creating an inviting atmosphere throughout. This beautiful home has 2 a/c units, an office, bar, breakfast room, formal dining area, living & family room. Plenty of room for family & friends to gather inside or outside. The custom-built kitchen has plenty of cabinetry with pull-out drawers and Corian countertops, a gas stove-top, a pantry closet, and a breakfast nook with a bay window. The master bedroom has a large bathroom with a dual vanity, tub, and walk-in closet. The 517 sq. ft. two-car garage has additional space for storage. The fully landscaped front yard has a circular driveway with an inviting fountain. The landscaped rear yard offers a wraparound patio and the best scenic views of miles away. This home gives you the best of both worlds inside and outside. Only minutes away from Historic Tubac, art galleries & boutiques, shopping & golf resort/spa. Easy access to the freeway.

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14218 W Riviera Drive Surprise, AZ 85379

$545,000

4 Beds

2.5 Baths

2,538 SqFt

Status Active

MLS # 6755990

Property Type Single Family Residence

Price Type --

4 bdrm-2.5 bath home w/ bonus room & loft space! Soaring cathedral ceilings w/ an open floor plan & tons of natural light. Downstairs flex room w/ walk-in closet offers versatility for a 5th bdrm. Primary bdrm w/ French doors, water closet, walk-in closet, and sep tub & shower. WATER HEATER '23, POOL PUMPS-FILTER-DECK '23, 2 NEW ACs '22, FLOORING '22, AUTO YARD WATERING SYSTEM '22, GARAGE EPOXY '21, PRIMARY BATH '21, SOLAR '16 all ensures this home is move-in ready! Sparkling pool w/ water feature, extended patio, pergola w/ electricity & grassy area is perfect for weekend gatherings! This home combines style & practicality, ideal for families & entertainers. The friendly neighborhood adds to the charm. Residents enjoy walking their dogs & sparing an occasional cup of sugar.

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8402 W Mary Ann Drive Peoria, AZ 85382

$545,000

3 Beds

2 Baths

1,735 SqFt

Status Active Under Contract

MLS # 6743824

Property Type Single Family Residence

Price Type --

Beautiful, energy-efficient home in Fletcher Heights! Its charm starts with a 3-car garage, RV gate, & a desert landscape. Fabulous interior showcases a large great room paired with a designer palette, archways, tons of natural light, & wood-look flooring. The impressive kitchen boasts SS appliances, granite counters, subway tile backsplash, white shaker cabinetry, a pantry, recessed lighting, & a butcher block island. The versatile den can be an office or formal dining room! Main bedroom has an electric fireplace, a walk-in closet, and an ensuite with dual sinks & a separate tub/shower. Other bedrooms with plush carpet. Laundry room includes a sink & cabinetry. Enjoy the entertainer's backyard offering a covered patio, well-laid travertine, & a refreshing pool w/rock waterfall! Just WOW

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7597 W Fetlock Trail Peoria, AZ 85383

$545,000

4 Beds

3 Baths

2,200 SqFt

Status Active Under Contract

MLS # 6757687

Property Type Single Family Residence

Price Type --

Welcome to this stunning single level 4-bedroom, 3-bathroom home nestled in a desirable gated community in Rock Springs. The property features a beautiful, modern kitchen opening to the expansive family room. The inviting backyard includes a charming gazebo and low-maintenance artificial turf, perfect for relaxation and entertaining. Enjoy access to community amenities such as parks, a playground, and scenic walking paths. Additional highlights include solar panels owned outright, fresh paint throughout, and a spacious 2-car garage. This home blends comfort and convenience in a vibrant neighborhood.

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