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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1288 W Dexter Way San Tan Valley, AZ 85143

$545,000

5 Beds

3 Baths

3,055 SqFt

Status Active

MLS # 6760710

Property Type Single Family Residence

Price Type --

Welcome to this stunning 5-bedroom, 3-bathroom home in the desirable Circle Cross Ranch! Perfectly designed for entertaining, this spacious layout features a welcoming den and a separate dining room, making holiday gatherings a breeze. The convenience of a full bedroom and bathroom on the main floor offers flexibility for guests or family. Enjoy the ease of a low-maintenance backyard with desert landscaping and lush turf, perfect for outdoor relaxation. With a generous 3-car garage, this home has everything you need. Don't miss out on this incredible opportunity!

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19941 W Turney Avenue Litchfield Park, AZ 85340

$545,000

4 Beds

2 Baths

1,920 SqFt

Status Active

MLS # 6751930

Property Type Single Family Residence

Price Type --

Welcome to your new home in the highly sought-after Verrado community, If you're looking for pride of ownership, look no further! This home features a modern open-concept layout with upgrades throughout. Inside, you'll find 4 generously sized bedrooms with premium carpeting, 2 bathrooms with upgraded vanities and a gourmet kitchen featuring upgraded cabinets and countertops—ideal for culinary enthusiasts and entertaining guests. Outside you'll find a spacious oasis pool with water feature and a large outdoor patio setting including a built in Gas Grill perfect for gatherings. OWNED Solar, $130 a month fixed loan payment, system is only 3 years old and balance is almost half paid off. Owners have had $0 in APS bills over last 12 months. Other Features include prewires for surround sound, a Christmas package to make it easy to hang your exterior holiday lighting, storage racks in garage, water softener and tankless water heater. Known for its top-notch amenities and vibrant atmosphere Verrado has plenty of things to offer including golf, dog parks, community pools & splash pad, fitness center, top rated schools, and Main Street where you will find grocery, shops, and dinning options.

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6736 E Vaquero Circle Hereford, AZ 85615

$545,000

3 Beds

2.5 Baths

2,068 SqFt

Status Active

MLS # 6750363

Property Type Single Family Residence

Price Type --

This stunning 3br+ office,2.5bth, 3 car garage 2068ft 2yr new home siting on 1.422acers with its open floor plan and spectacular views which you can enjoy from your just completed fully landscaped back yard with patio, real grass and fire pit area. Block wall surrounds the back yard for your privacy and offers RV gate for easy access. This is a must see home. Come by now to see it before its to late.

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17311 N Havasupai Drive Surprise, AZ 85374

$545,000

2 Beds

2 Baths

2,130 SqFt

Status Active

MLS # 6759458

Property Type Single Family Residence

Price Type --

Welcome to your new home in Sun City Grand, an active adult community! This energy-efficient gem features a 3-car garage, mature landscaping, and a charming courtyard. Step inside to a spacious great room with serene backyard views, accented by tile and wood-look flooring. The open den offers flexibility as a study or office. The impeccable kitchen boasts recessed lighting, stainless steel appliances, granite countertops, an island, breakfast bar, pantry, and abundant cabinetry. The main suite impresses with plush carpet, a sunny bay window sitting area, dual sinks, and a walk-in closet. The secondary bedroom offers direct outdoor access. Enjoy al fresco dining on the extended covered patio. Don't wait to see this exceptional property today!

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32547 N 133rd Drive Peoria, AZ 85383

$545,000

3 Beds

2 Baths

1,991 SqFt

Status Active

MLS # 6755595

Property Type Single Family Residence

Price Type --

Come be a part of the elevated desert living w/ epic mountain views in the desirable community of Northpointe at Vistancia! Built in 2021, this 3 Bed + 2 Bath + Den has an open seamless floor plan, which makes it perfect for entertaining. Large multi-panel sliding glass door leads you to your relaxing, low maintenance backyard w/ covered patio, gas stub, artificial turf & view fence of the gorgeous mountain views. 2.5-car garage has epoxy flooring, upper storage, soft water system & tankless water heater. The Sovita Club is walking distance & features a resort-style pool, catering kitchen, fitness studio, a multi-use turf court, basketball court, kids playground, resident entertaining & gathering spaces. The award-winning community of Vistancia is a master-planned development that includes gorgeous modern homes, numerous parks & hiking trails, community centers & golf courses, commercial & retail shops, along with incredible rolling hills & desert landscape all around! The future 320-acre 5 North at Vistancia commercial core is coming soon. Vistancia has ranked as the #1 Master Planned Community in AZ for 11 years in a row (2014-2024)! Resort-style living at its best. Come & see why!

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2153 E La Costa Drive Chandler, AZ 85249

$545,000

3 Beds

2 Baths

1,701 SqFt

Status Active Under Contract

MLS # 6758765

Property Type Single Family Residence

Price Type --

This beautifully maintained residence boasts a recently renovated kitchen and bathrooms featuring elegant quartz countertops, brand-new appliances, and stylish wood tile flooring throughout. The open-concept kitchen seamlessly flows into the great room, adorned with ample windows that offer stunning views of the landscaped backyard. The home is finished with upgraded 4'' baseboards, fresh paint, and lots of storage. The spacious primary bedroom is bathed in natural light and includes an ensuite with a soaking tub, separate shower, and a large walk-in closet. The backyard offers a private oasis with lush trees surrounding the pool, providing both shade and seclusion. Recently updated in 2024, the PebbleTec pool and cool deck surround enhance the outdoor experience.

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27366 W Escuda Drive Buckeye, AZ 85396

$545,000

2 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6753544

Property Type Single Family Residence

Price Type --

Popular Haven model on a PREMIUM CORNER LOT! This exquisite home has over $100k in upgrades, including the elevation package w/ stone veneer, 2' extension to back of house, extended laundry rm & golf cart garage. This is a RARE find as it is the ONLY home in this section of the community that backs the greenbelt. The wrought iron view fencing at the backyard gives way to the open grassy area, desert-belt, walking paths, & mountain views. The builder positioned this home on the lot to give maximum privacy, larger side yards, & superb curb appeal. In addition, the homeowner added a $21k landscape package in the front & back yards that features easy maintenance desert landscaping w/ drip irrigation, pavers at the courtyard, the block wall was extended to allow additional privacy at the court yard, & an additional gate was installed to allow access from both side yards. Elegance ensues as you enter the home with features like the 12x24 neutral color tile, 9' ceilings, 8' doors & private walk-out courtyard off the kitchen. The kitchen features beautiful taupe colored shake-style cabinets w/ upgraded crown moulding, Gialio Cream granite counters (w/ extension for breakfast bar), tile backsplash, under-mount sink, & stainless steel appliances. This great-room concept floor-plan is light & bright w/ lots of windows and doors allowing for the natural light. The living room is spacious and allows for any furniture arrangement. It includes an entertainment wall w/ built-ins, along with windows looking out to the back yard & courtyard. The den/office, currently setup as a crafting room, also shares a wall & window that overlooks the courtyard. The spacious master bedroom is split from the other rooms in the house and overlooks the backyard. The attached bathroom has split vanities, double sinks, walk-in tile shower, private toilet room, & a large walk-in closet (with extra shelving added for storage). Sun City Festival has some of the best facilities, amenities, clubs & a well maintained golf course available to their homeowners and is a well-known destination for retirees.

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6607 E Snowdon Street Mesa, AZ 85215

$545,000

3 Beds

2.5 Baths

2,445 SqFt

Status Active Under Contract

MLS # 6733741

Property Type Single Family Residence

Price Type --

Beautiful 2 story home in the sought after Red Mountain Ranch community. Offering 3 bedrooms, 2.5 bathrooms plus a large loft. As you enter you are greeted with vaulted ceilings and a sweeping staircase. This spacious floorplan boasts travertine and woodlike tile flooring throughout the downstairs. Eat-in Kitchen with island opens to cozy family room with real wood burning fireplace and seperate dining room, perfect for entertaining family and friends. The formal living/bonus room is framed with elegant bay windows. Upstairs, you'll find a versatile loft area, 2 bedrooms, a full bathroom with dual sinks, and a large primary suite with an en-suite bathroom. The primary bathroom features dual sinks, a separate soaking tub, and shower. New Roof in 2020, New Top-Quality Sunscreens 2020, Interior Painted 2024 The HOA covers the front yard landscape and low maintenance backyard. Red Mountain Country Club offers an 18-hole Championship Golf Course, Tennis, Pickleball Courts and Gated Park, Pool/Spa, and Fitness Center with an optional membership fee. Conveniently located just minutes from the Tonto National Forrest with Hiking and Biking Trails and just 15 minutes to Saguaro Lake and the Salt River, 20 minutes to Sky Harbor and Williams Gateway Airports, Scottsdale, and close to Shops, Restaurants. Schedule your private showing today.

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5908 W Leiber Place Glendale, AZ 85310

New

$545,000

3 Beds

2 Baths

1,761 SqFt

Status Active

MLS # 6763468

Property Type Single Family Residence

Price Type --

This 3-bedroom, 2-bathroom corner lot home is located in an exclusive gated community, offering panoramic mountain views and a prime location, making it ideal as a primary home or investment property. The home features fully Owned Solar, so you'll appreciate the reduced electricity costs while contributing to a sustainable future. The interior showcases an open floor plan with tall ceilings, and a tasteful combination of sleek stained concrete and plush carpet. The kitchen boasts laminate counters, wood cabinets, a kitchen island, and a breakfast bar. Your stunning backyard is complete with a covered patio, sparkling pool, spa, water feature, pavers, outdoor gas fireplace and lush plants. The property also includes a 2-car extended garage, RV gate, and RV parking for added convenience!

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3695 S 180th Lane Goodyear, AZ 85338

New

$545,000

5 Beds

3.5 Baths

3,553 SqFt

Status Active

MLS # 6763204

Property Type Single Family Residence

Price Type --

*OWNED SOLAR INCLUDED IN HIGH DEMAND, SPACIOUS FLOORPLAN!* Low maintenance exterior, upgraded interior packaged into the 5 bedroom + downstairs office + upstairs loft floor plan you have been dreaming of.. LIKE NEW! Upon entering you will enjoy the neutral and fresh color palette with a spacious den making for a perfect office space tucked ahead of and a formal flex space with soaring ceilings for dining/seating, billiards/bar, entertaining or more. Don't go upstairs just yet, instead head back to the great room offering your main living space boasting surround sound speakers and abundant natural light! Create delicious recipes in the kitchen equipped with dark stainless steel appliances, a walk-in pantry, large island w/seating, granite counters, and plenty of cabinets.... The expansive split master suite gives ample privacy and boasts a retreat with two vanities, a soaking tub, step-in shower, walk-in closet, and finished backyard views. Upstairs, you'll find the large loft which overlooks the downstairs but features custom safety built-ins so the kids can play without you having to worry. The 4 big bedrooms upstairs are complimented with 2 bathrooms including a Jack & Jill. The finished backyard offers extended paver patio and lush turf, relax under the covered patio, around a firepit, or gaze at the stars laying on the grass area. This is the home you've been looking for!

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18146 W Tina Lane Surprise, AZ 85387

$545,000

3 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6760891

Property Type Single Family Residence

Price Type --

This charming three bedroom + den offers many upgrades. Flex room can be used as an office. Tile in main traffic areas. Granite countertops; gas cooktop; large pantry; Eat in kitchen/great room. Wall oven and microwave; Backyard has custom built in bbq, sink and bar seating with ample outlets. Custom seating around the fire pit area with integrated planter boxes and separate irrigation system. Pavers in patio area for those beautiful Arizona evenings. RV garage with hydraulic lift and extra storage area. Home has an additional double wide RV gate for more RV parking.Currently, third bedroom is used as a home based hobby room, so excuse the clutter.Two 220v outlets in garage. Copper hardline for air with hose reel conveys; Lift in garage is negotiable Workbench and overhead storage convey

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894 W Straford Avenue Gilbert, AZ 85233

New

$545,000

4 Beds

3 Baths

2,146 SqFt

Status Active

MLS # 6763750

Property Type Single Family Residence

Price Type --

Located near the heart of Downtown Gilbert, this meticulously maintained home has SO MUCH to offer! Newer 5-ton AC Unit, Exterior & Interior Texture/Paint, Plush Carpet, Granite Countertops, Garage Door, High-Grade Stainless-Steel Appliances... ALL REPLACED BRAND NEW in 2022. Pebbletec Swimming Pool in a Spacious Backyard with Covered Patio. The high ceilings in the entryway have a welcoming appeal, and the downstairs bedroom (currently used as a den/play area) has access to a full bathroom. RV Gate with extra slab parking in addition to the 2-car garage for your toys and trucks, SO CLOSE to the Lively Heritage District with some of the best restaurants in the area. This is the one you've been waiting for. Come see it today!

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