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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27 N Muleshoe Road Apache Junction, AZ 85119

$545,000

3 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6616674

Property Type Single Family Residence

Price Type --

Nestled on a sprawling 1.25-acre expanse, 27 N Muleshoe Rd is a harmonious fusion of classic Eastern U.S. architectural charm and Arizona's breathtaking desert beauty. Completed in 2022, this freshly minted, two-story abode offers an unobstructed and incredible view of the grand Superstition Mountains, is just 2 minutes from the US 60, and minutes away from trailhead access to the Superstition Mountains. Step inside to discover a modern haven, outfitted with sleek stainless steel appliances and luxurious leather granite countertops. Natural skylights punctuate the space, bathing the interiors in warm, ambient light. The luxury wood laminate flooring underfoot adds a touch of elegance and warmth, seamlessly connecting each room. For those who value both design and practicality, the home also features a spacious 2-car garage, ensuring convenience meets style. Revel in the liberty of no HOA constraints, granting you autonomy to truly make the space your own. Beyond its scenic vistas, the lot provides ample storage, ensuring all your recreational vehicles and adventure gear have a place. From hiking, biking, and horse riding to tranquil stargazing, the surroundings transform into an explorer's paradise. Marrying New England's timeless allure with state-of-the-art amenities, each corner of the home radiates elegance intertwined with practicality, setting the stage for a lively yet serene lifestyle. Built with meticulous attention to detail, the home promises the comfort of low-maintenance, contemporary living. For those yearning for a life where sophistication meets nature's wonders, 27 N Muleshoe Rd in Apache Junction, AZ, awaits.

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21802 E Camina Plata -- Queen Creek, AZ 85142

$545,000

3 Beds

2 Baths

1,870 SqFt

Status Active

MLS # 6751117

Property Type Single Family Residence

Price Type --

VIABLE UPGRADES GALORE!!! This 3 bdrm property nestled in the Villages at Queen Creek is the perfect, super-economical home, located minutes away from incredible shopping, restaurants and parks. Recently added was a new Trane 5-ton 18-seer A/C unit, a full solar system, shutters & sunscreens throughout. All these extremely reduce utilities. The open concept floorplan boasts white shaker cabinetry and a center island, all with quartz countertops. Also added, were extra cabinetry with a high-end Wolf steam oven, for the healthiest of cooking. In the garage is a 50k grain softener, beautiful epoxy flooring, overhead storage and extra electrical. BUT WAIT, there's more, .....but too much to list. Come see this amazing home before it's gone. You will absolutely love it.

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1667 Little Pine Trail Forest Lakes, AZ 85931

$545,000

3 Beds

1 Bath

1,125 SqFt

Status Active

MLS # 6710888

Property Type Single Family Residence

Price Type --

Mogollon Rim Retreat! Discover ''The Rim Life,'' a charming cabin that embodies the ideal Mogollon Rim Country lifestyle. Nestled in the premier cool weather getaway of Forest Lakes Estates, this lovely cabin offers every amenity needed for a tranquil escape. The well-equipped island kitchen opens to a spacious great room featuring a cozy wood-burning stove, perfect for creating lasting memories with family and friends. Enjoy the serene views from the covered front porch or the expansive, high-quality covered deck at the back, overlooking a picturesque grassy meadow. The property includes a large detached garage with a workbench, providing ample space for your fishing boat, UTV, and all your mountain adventure toys. Built with quality 2'' x 6'' wood frame construction, blown-in insulati and a durable metal roof, this cabin is in excellent condition. Situated on a one-acre site adorned with towering native Ponderosa Pines, the property also features a beautiful Sunset Maple tree and several fruit trees, including Gala Apple, Fuji Apple (dwarf), Rainier Cherry, and Bing Cherry. This home is being sold furnished, just bring your suitcase and begin creating memories! Located atop the Mogollon Rim, Forest Lakes Estates is surrounded by the Sitgreaves National Forest recreation area, offering endless outdoor pursuits. Enjoy ultimate privacy and breathtaking scenery, with frequent visits from deer, elk, wild horses, and other wildlife. Just minutes away, you'll find lakes and streams teeming with fish, providing excellent fishing opportunities. This beautiful cabin provides year-round access and four distinct seasons, with an average summer high temperature in the mid-70s. Imagine owning your own private retreat in the world's largest stand of Ponderosa Pine trees, with the world's best summer weather, just a scenic two-hour drive from the sweltering heat of Metro Phoenix. Don't miss your chance to claim this cool country lifestyle. See The Rim Life Cabin today and start making your dream a reality!

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2 E Muriel Drive Phoenix, AZ 85022

$545,000

4 Beds

2 Baths

2,414 SqFt

Status Active

MLS # 6618222

Property Type Single Family Residence

Price Type --

Charming 4-Bedroom Brick Home with a Dream Backyard in Phoenix!** Welcome to this spacious and inviting 4-bedroom, 2-bathroom home located at 2 E Muriel Dr, Phoenix, AZ 85022. This beautiful brick property boasts over 2400 square feet of living space, perfect for a growing family or those who love to entertain. Step inside and discover a bright and open floor plan, ideal for modern living. A large living area with plenty of space for relaxing and gathering with loved ones. A well-equipped updated kitchen with ample counter space and cabinetry. Four bedrooms, offering privacy and comfort for everyone. Two bathrooms, providing convenience for residents and guests But the true star of the show is the backyard! This fully fenced outdoor space is perfect for creating your own desert oasis and entertaining friends and family. Take a dip in the sparkling pool, complete with a thrilling water slide for added fun. Afterward, fire up the outdoor grill and enjoy a delicious BBQ on the patio or deck. The exterior of the home is equally impressive, with a charming brick facade that adds to the property's curb appeal. The front yard features low-cost desert landscaping, saving you money on water bills and upkeep, while still offering a beautiful and low-maintenance aesthetic. Location, Location, Location! This fantastic home is minutes away from everything you need for an enjoyable Arizona lifestyle. Desert Ridge: Immerse yourself in the excitement of Desert Ridge, offering world-class shopping, dining, and entertainment options. Pointe Golf Club: Hone your golfing skills or enjoy scenic views at the nearby Pointe Golf Club. Schools and Colleges: The property is conveniently located near excellent schools and colleges, ensuring a quality education for all ages. Employment Hub: Enjoy the convenience of being close to employment opportunities at Fortune 500 companies. Scenic Beauty: Take in the breathtaking beauty of the surrounding desert landscape. Easy Access: This property boasts easy access to major freeways, including I-17, AZ Route 101, and AZ Route 51, allowing for effortless commutes throughout the Phoenix area. Don't miss your chance to own this move-in-ready gem! This property is priced to sell at $550,000, making it an incredible value.

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14344 W Morning Star Trail Surprise, AZ 85374

$545,000

3 Beds

3 Baths

2,409 SqFt

Status Active

MLS # 6732251

Property Type Single Family Residence

Price Type --

Come and see this freshly remodeled 2 Bed / 2 Bath / 2 Car Garage with a 1/1 casita in the beautiful community of Sun Village. Through the front doors you are welcomed by soaring vaulted ceilings, brand new paint and new luxury vinyl floors. The open floor plan leads you into your brand new kitchen. Perfect for cooking and entertaining the kitchen boasts brand new white shaker cabinets, gorgeous quartz countertops with matching backsplash, brand new stainless appliances and a large sit up island. New light fixtures and door hardware throughout the home give it a modern feel. Plantation shutters throughout the home. Master suite is stunning with its brand new tiled shower, soaking tub, dual vanity sink with separate sit up vanity area and large walk in closet. Guest bath is also new with a beautiful white subway tiled shower and new vanity. Plantation shutters throughout the home. Brand new 5 ton A/C unit and a BRAND NEW ROOF!! Outback there is a huge patio perfect for entertaining. Mature low maintenance landscaping. Don't miss out on this gem. Come and see it today!!

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18366 W Tina Lane Surprise, AZ 85387

$545,000

4 Beds

3.5 Baths

3,167 SqFt

Status Active

MLS # 6639968

Property Type Single Family Residence

Price Type --

Wow Wow! 4+ bedroom 3.5 bath home located in the community of North Copper Canyon. Split master suite featuring, private toilet room, spacious walk-in closet and stand-in shower. . Kitchen features beautiful large island with breakfast bar, black appliances adding great kitchen view, pantry, built-in microwave, large Great views of the surrounding mountains and city light views as well. Community pool, soccer field, basketball parks, dog park and play areas. No neighbor's in the back... Great Community. This home come with Solar panels - very low electricity bill help to manage your monthly budget better. What you are thinking.... spacious home waiting for you.

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15091 N 90th Drive Peoria, AZ 85381

$545,000

4 Beds

3 Baths

2,310 SqFt

Status Active

MLS # 6749105

Property Type Single Family Residence

Price Type --

Come see this beautiful home in the highly desirable Desert Harbor community located in Peoria, Arizona. This spacious 4 bedroom, 3 full bath home is on a premier lot with lake views. Key features: lake view, spacious living room, and family room, vaulted ceilings, and new granite through out the entire house. The Desert Harbor neighborhood has top ranked schools, convenient shopping, and easily accessible freeways. Bonus: Receive a flooring credit with a strong offer.

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3660 S Acacia Drive Chandler, AZ 85248

$545,000

3 Beds

2 Baths

1,442 SqFt

Status Active

MLS # 6718737

Property Type Single Family Residence

Price Type --

Welcome home! Discover this single-level, split-plan gem in the highly sought-after Ocotillo Community. This residence features a spacious great room floor plan with 3 bedrooms, 2 bathrooms, and a 2-car garage. Highlights include an RV gate, a recently installed roof (2 years old), new windows along the back of the house, and brand-new carpet throughout. The crystal-clear pool and spa are perfect for summer relaxation. The Ocotillo community offers a 27-hole championship golf course, pickleball and tennis courts, and miles of scenic walking paths. Come see this beauty today. Spa heater to convey in AS-IS condition.

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21139 N 266th Avenue Buckeye, AZ 85396

$545,000

2 Beds

2 Baths

1,885 SqFt

Status Active

MLS # 6719675

Property Type Single Family Residence

Price Type --

EXTENDED SANCTUARY MODEL on the GOLF COURSE WITH SCENIC VIEWS! 1,885 sqft, 2 Bedrooms, 2 Bathrooms + Den & 4 ft extended garage are sure to impress. Upon arrival you will be Greeted by the welcoming Courtyard. The tastefully appointed Chef Lux Kitchen features Quartz counters, Backsplash, Gas cooktop, Pull-out shelves, Soft Close drawers, Walk-in Pantry, Reverse Osmosis & updated SS Appliances. The Spacious floorplan offers Plank Tile flooring throughout. Owner's suite features Walk-in closet, Dual sinks, & Golf Course views! The Central Vacuum System makes home maintenance a breeze! The Garage offers a Sink, Workbench, Cabinets, Non-slip flooring Tiles, Tankless Water Heater & Whole House Water Filtration system. 50-AMP RV outlet, Updated interior & exterior Paint and so Much More!

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2041 E Patrick Lane Phoenix, AZ 85024

$545,000

4 Beds

2.5 Baths

1,967 SqFt

Status Active Under Contract

MLS # 6696242

Property Type Single Family Residence

Price Type --

The search is over! This inviting 4 bedroom, 2.5 baths residence is complete with a 2-car garage and a meticulously maintained front lawn. The living room showcases soaring vaulted ceilings, a neutral palette, and attractive wood-look flooring. The great room has plenty of windows for ample natural light, a blend of carpet and tile flooring, and sliding doors that leads to the backyard. Cook delicious meals in the kitchen, equipped with built-in appliances, abundant wood cabinetry, a pantry, and a center island. The cozy main bedroom offers an ensuite with dual sinks and a walk-in closet. Enjoy quiet afternoons in the backyard, featuring a covered patio, a fire pit for evenings under the stars, a storage shed, and plenty of space to craft your dream oasis. Make this gem yours!

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4526 S Terrace Road Tempe, AZ 85282

$545,000

4 Beds

2 Baths

1,732 SqFt

Status Active

MLS # 6719875

Property Type Single Family Residence

Price Type --

Beautifully remodeled 4 bedroom home in the heart of Tempe. Modern finishes inside with ceramic tile floors, granite counters, soft close cabinets, walk-in pantry, breakfast bar, Pella sliding doors, newer windows and stainless appliances. 3 bedrooms have walk-in closets. The spacious master bedroom has 3 mirrored floor to ceiling closets. Backyard features a refreshing pool for cooling off, and large covered patio. Convenient to shopping, dining, airport, ASU & quick access to 3 freeways.

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72 N 163rd Drive Goodyear, AZ 85338

$545,000

5 Beds

3 Baths

2,984 SqFt

Status Active

MLS # 6722906

Property Type Single Family Residence

Price Type --

1st floor bedroom and 1st floor full bath convenient for guests. Family room is in the center of this home. Formal dining room is off kitchen and formal living. Kitchen has upgraded stainless steel appliances, island with seating, dining area and door to covered patio. Laundry room includes a front load washer and dryer plus additional room for a second refrigerator. Fabulous staircase leads to large loft area. Oversize primary suite has room for a sitting area to relax after a long day. 3 more bedrooms and 2nd floor full bath. Solar Owned

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