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.

Whats 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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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.

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

45 Gila Drive Bisbee, AZ 85603

$545,000
3 Beds
2 Baths
2,650 SqFt
Status Active
MLS # 6696796
Property Type Single Family Residence
Price Type --
HUGE PRICE REDUCTION! Motivated seller. All reasonable offers will be considered. This beautiful and grand Bisbee ranch-style solid block home is set on exquisite grounds with big views and is an entertainer's dream - both inside and out! Interior features include a large family room with bar, two fireplaces, a formal dining room and eat-in kitchen, beautiful travertine tile floors, dual HVAC units, and space, space, space! Outside you'll find large peaceful patios, fenced yards, natural-gas BBQ, 2-room developed outbuilding (currently offices), 4-car tandem garage, irrigated landscaping, and gorgeous trees all on just under an acre of land. This expansive home has been loved and well cared for by the same family for decades, and this is reflected in the quality of the features and the condition of the property. You must see this home! Buyer to verify all facts/figures.

1107 S Western Drive Payson, AZ 85541

$545,000
3 Beds
2 Baths
1,701 SqFt
Status Active Under Contract
MLS # 6698283
Property Type Single Family Residence
Price Type --
Steph inside this charming 3 bedroom, 2 bath home situated on almost an acre lot in the Rodeo Ranches Community conveniently located by the Green Valley Park and the Payson Golf Course! You will be greeted by a warm and inviting area, bathed in the natural light making it feel bright and airy! The open floor plan connects the living room, dining area and kitchen, adding to the warmth of this space is a wood burning fireplace in the dining area. This split floor plan has 2 bedrooms and a full-size bathroom on one side and separate from these two bedrooms is the primary bedroom that is spacious and bright with a very large ensuite, large walk-in shower and large walk-in closet. ALL ON ONE LEVEL, VIEWS AND ALMOST AN ACRE LOT! Definitely a must see!

12423 W Morning Dove Drive Sun City West, AZ 85375

$545,000
2 Beds
2 Baths
2,133 SqFt
Status Active
MLS # 6726050
Property Type Single Family Residence
Price Type --
Great for pool lovers, this upgraded, move-in ready home shows pride of ownership. Located in the active adult community of Sun City West, the property has plenty of bells and whistles. An elevated corner lot with backyard gate and block fencing features a gorgeous PebbleTec salt water pool, set for year-round enjoyment. Inside are all tile floors, vaulted ceilings, crown molding, an open family/kitchen/dining room and split bedrooms. Both bathrooms have walk-in showers with quartz walls. Kitchen has quartz countertops, SS appliances, ample cabinets. Added storage in utility room. With ceiling fans throughout, dual pane windows, sunscreens, owned solar panels and no HOA, home is energy efficient and budget friendly. Epoxy floors and lots of cabinets in garage. Dog friendly.

10542 E Simone Avenue Mesa, AZ 85212

$545,000
3 Beds
3 Baths
2,178 SqFt
Status Active
MLS # 6725571
Property Type Single Family Residence
Price Type --
This incredible single-story residence will surely impress you! Charming curb appeal with a well-maintained front yard, stone detailing, a 2-car garage, & a cozy front porch. Come inside to find an inviting hallway that ushers you to the desirable open layout filled with abundant natural light. The home exudes elegance with its high ceilings and soothing paint tones complemented by tile and wood-style flooring. The gourmet kitchen is fully equipped with granite counters, recessed lighting, a walk-in pantry, staggered wood cabinetry w/crown molding, & an island w/a breakfast bar. Main retreat has a walk-in closet & a private bathroom w/dual sinks & a step-in glass shower. Retreat to the perfectly sized backyard adorned with a covered patio & synthetic lawn. This gem will not disappoint!

1 E Lexington Avenue Unit 701 Phoenix, AZ 85012

$545,000
2 Beds
2 Baths
1,261 SqFt
Status Active
MLS # 6710948
Property Type Apartment
Price Type --
Luxury Resort Urban Living in the heart of MIdtown. One Lexington offers unparalleled city light views along with mountain views. The buildings construction of concrete & steel gives residents unique advantages over other condos in Midtown Phoenix. Including easier cooling in the summer and more effective heating in the winter. This well maintained community features a gorgeous heated salt water pool & spa with plenty of seating and cabanas. Enjoy nights by the fire pit with the ambiance of string lights. An exceptional workout facility located on-site. Have larger parties in the 24/7 Lounge and meetings in the beautiful Conference Room. This home features exposed ductwork, 11-foot ceilings & stunning modern finishes throughout. The concierge service and security give peace of mind

1425 Hand Cart Trail Lakeside, AZ 85929

$545,000
3 Beds
2.5 Baths
1,753 SqFt
Status Active
MLS # 6666115
Property Type Single Family Residence
Price Type --
This BEAUTIFUL, SPOTLESS and MOVE-IN READY MASTERPIECE on a peaceful pine-covered culdesac lot (nearly ½ acre) in the heart of Pinetop/Lakeside with NO HOA checks ALL the boxes! Updated and well-appointed offering a wealth of desirable features and charm in a turn-key package for the discerning buyer. Incredible open and bright floorplan with expansive glulam beams and vaulted ceilings with a relaxing red-brick fireplace features 3 bedrooms, a spacious loft and 2 1/2 baths with 1753 square feet to enjoy. Stunning open-concept kitchen designed for serious cooking highlighted with hardwood oak cabinetry, brushed nickel hardware, gorgeous granite counters, subway tile backsplash and high-end stainless appliances including a five-burner gas range, built-in microwave, stainless side-by-side refrigerator with multiple drawers and a stainless dishwasher with the perfect pantry. Durable engineered wood plank flooring across most of the home. Fresh interior paint, wood-stain package throughout with wood stair railing, wood window sills, dual-pane windows, 2 wood blinds, wood shutters, newer water heater, newer A/C furnace, WiFi thermostat, alarm system prewire, updated fixtures and ceiling fans further enhance the home and provide comfortable living. Owner's retreat conveniently located on the main floor with the adjacent laundry room that includes the washer and dryer. Adding to the magic, the home is protected by a hard-wearing metal roof with a professional gutter system. Incredible oversized culdesac lot surrounded by tall Ponderosa Pines and Oaks with a sizable front covered porch and a French door that leads out to a generously-sized rear deck and a fenced yard including a convenient storage shed. You will also appreciate the roomy two-car garage with 10' high ceilings and ample space to store your SUV and all your additional outdoor gear. Located in the 400-million-acre White Mountains of eastern Arizona, Pinetop/Lakeside is Arizona's best kept secret, a four-season paradise that has been voted America's Best Cabin Region by readers of Cabin Life magazine. In the spring and summer, anglers and those who appreciate water are delighted with approximately 50 alpine lakes and 800 miles of cold, refreshing streams and rivers. Fall offers great opportunities to see the leaves change colors, seeing abundant wildlife, and an opportunity to experience relative solitude on the uncrowded extensive forested trail systems ideal for hiking, biking, horseback riding, quading and more. Finally, when the snow falls, cabin-goers relish the nearby backcountry snowshoe and Nordic ski trail systems and there's sledding, snowboarding and outstanding alpine skiing at Sunrise Park Resort with three majestic mountains to explore. This is an exceptionally rare opportunity to own a very special home in the White Mountains of Arizona. Make it yours today.

434 W Thompson Place Chandler, AZ 85286

$545,000
3 Beds
2 Baths
1,698 SqFt
Status Active
MLS # 6716859
Property Type Single Family Residence
Price Type --
Beautiful 3 bedroom, 2 bath home in desirable Chandler neighborhood. Spacious owners suite with sitting area, luxurious bathroom with walk-in shower, dual sinks and large walk-in closet. Open kitchen with island, breakfast bar and granite countertops. Backyard boasts a covered patio and Pebbletech pool with water feature. Home has many upgrades, including new HVAC system, 2021, roofing, 2023. Recently added attic insulation and interior paint. Easy access to 101 and 202 freeways. Location can't be beat, close to restaurants, shopping, schools and parks! Listing agent is related to seller. Freezer in kitchen does not convey. Elipticlal machine in owners suite will convey if buyer would like. Countertop microwave in kitchen will convey.

1873 W Calle Del Norte -- Chandler, AZ 85224

$545,000
3 Beds
2 Baths
1,541 SqFt
Status Active Under Contract
MLS # 6736222
Property Type Single Family Residence
Price Type --
Welcome to this charming one-level home in Chandler, offering comfort and modern amenities with no HOA. Step inside to find a spacious layout perfect for easy living. The new AC ensures cool comfort during hot Arizona summers. The backyard is a private oasis, featuring an updated pool, which was upgraded to Pebble Tech in 2018 and converted from chlorine to salt. Enjoy the lush feel of low-maintenance turf grass, and host gatherings on the oversized patio complete with an outdoor kitchen. The backyard landscape and outdoor kitchen were renovated in 2022. This home blends convenience and luxury, providing the perfect setting for indoor-outdoor living. Don't miss this opportunity to own a beautifully updated property in a prime location.

11333 N 92nd Street Unit 1131 Scottsdale, AZ 85260

$545,000
2 Beds
2 Baths
1,364 SqFt
Status Active
MLS # 6752140
Property Type Apartment
Price Type --
Indulge in resort-style living with this move-in-ready single-level casita in the heart of North Scottsdale. Meticulously cared for, this property offers comfort and charm. Enjoy luxurious amenities, including heated pools, a spa, lighted tennis courts, and access to scenic hiking, biking, and trails. The open floor plan features split bedrooms and a versatile third bedroom/den/office. The home radiates with thoughtful details and custom touches, such as a premium Wolf appliance package. Every inch of this casita has been lovingly restored, from the reclaimed column from Ohio to the bespoke doors sourced from various locations across the country, each threshold handcrafted to custom specifications. This home is a lovingly restored gem, offering a unique blend of elegance and character.

9506 E Monterey Avenue Mesa, AZ 85209

$545,000
4 Beds
2 Baths
1,912 SqFt
Status Active
MLS # 6696251
Property Type Single Family Residence
Price Type --
Seller may consider buyer concessions if made in an offer. Welcome to this beautiful home with a neutral color paint scheme, fresh interior paints, and new flooring throughout. The property's charm extends to the kitchen with its practical island, all stainless steel appliances for a sleek modern look. Retreat to the comfort of the primary bedroom boasting a generous walk-in closet, an bathroom designed to provide a spa-like atmosphere with double sinks, as well as a separate tub and shower. When the indoor charm is not enough, step out to the fenced-in backyard, ready for all-season enjoyment featuring a private in-ground pool and a patio perfect for relaxation. The low maintenance landscaping adds an extra charm keeping the property's exterior looking fresh and appealing with minimal eff

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