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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7837 N 80th Avenue Glendale, AZ 85303

$544,990

5 Beds

3 Baths

2,082 SqFt

Status Active

MLS # 6737175

Property Type Single Family Residence

Price Type --

Brand new single level 5-bedroom home conveniently located in desirable Glendale! Minutes to shops, restaurants, entertainment and the 101 Hwy! This Orinoco plan is designed with our curated Loft inspired Looks interior selections including white 42' cabinets, quartz countertops, chrome cabinet hardware, upgraded wood look 6X24 gray tile in the living areas and carpet in bedrooms. Ready for an easy move in with a GE French door refrigerator, front load washer/dryer, and window blinds! ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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19339 W Valle Vista Way Litchfield Park, AZ 85340

Open House

$544,990

4 Beds

3.5 Baths

2,757 SqFt

Status Active

MLS # 6728162

Property Type Single Family Residence

Price Type --

Welcome home! This large family home boasts 4 bedrooms 3.5 bathrooms. Two bedrooms upstairs have an ensuite bathroom. Fully enclosed study downstairs. 3 car tandem garage. Located steps from the community park, a great setting for morning coffee on the covered front porch. A formal foyer and gallery hall leads to the stunning great room, ideal for holiday parties and family game nights. The open concept kitchen is a home chefs dream and the breakfast room is designed for optimal light and exterior views to the backyard. Speaking of the backyard, enjoy stunning views of the White Tank Mountains from the covered back patio. Located within IronWing, homeowners enjoy walking trails, a community park and a BBQ gathering area

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13124 W El Cortez Place Peoria, AZ 85383

$544,989

3 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6723298

Property Type Single Family Residence

Price Type --

Buyer able to take advantage of credits from both Seller and Preferred Lender at closing. Seller Credit to be 2% of sales price (estimated value $10,500) on a full-price offer, and may be lowered on a below-list price offer. Preferred Lender Credit to be up to 1% of loan amount (estimated value $3,500 - $5,000) and is not contingent on offer price. All Credit totaling an estimated of $14,000 to $15,5000 can be combined and used for any Buyer fee including 2/1 Buy-down, or Purchase Price Reduction. May NOT be used to pay any portion of the Down Payment. Reach out to Preferred Lender, The Goldberg Group at Barrett Financial Group to get pre-qualification more details about Lender Credits. Matt Goldberg (NMLS 1342195) Josh Goldberg (NMLS 216038).

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4224 S Crape Myrtle Court Sierra Vista, AZ 85650

$544,973

4 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6637184

Property Type Single Family Residence

Price Type --

We are proud to offer this exquisite Custom home! Spacious, exciting, with a touch of elegance this 4 bed/2bath is on a quiet cul de sac and over 1/2 acre lot. The open floor plan boasts modern lighting, fantastic kitchen with solid wood cabinets & soft close doors, 6cm granite counters, Frigidaire gas range, appliances, large island & under cabinet lighting, 8ft doors thruout, profiled crown molding & baseboards, 20X20 porcelain tile. Striking direct vent gas fireplace with custom brick veneer highlights the living area. A den/office area for the ''work at homers'' A huge 3 car garage w/insulated doors ready for the toys & cars& all this and more on a spacious lot ready for your pool! RV gate and parking with hookups available. Don't wait as this home is sure to please all who see it.

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2941 N 72nd Street Mesa, AZ 85207

$544,950

3 Beds

3.5 Baths

2,087 SqFt

Status Active

MLS # 6758495

Property Type Single Family Residence

Price Type --

Gorgeous single family home in gated mountainside community: This two-story has captivating mountain views and coveted pool side location. The spacious kitchen is upgraded with granite counters and stainless appliances, including a built-in double oven and cooktop. Breakfast bar opens to large great room featuring double patio sliders. Step outside to your private yard and tend the garden. The master features a private balcony with sweeping mountain views, a cozy reading nook and two separate walk-in closets, double vanities and soaking tub with tile surrounds. True guest suite with rare private bath. Convenient upstairs laundry with high efficiency washer/dryer. Speaker system and Nest thermostats throughout. Walking distance to schools, 202 & shopping.

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243 E Citrus Hollow Way Queen Creek, AZ 85140

New

$544,902

2 Beds

2 Baths

1,542 SqFt

Status Active

MLS # 6762968

Property Type Townhouse

Price Type --

Welcome to a brand new Evia model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

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18879 N Summerbreeze Way Surprise, AZ 85374

$544,900

2 Beds

2 Baths

2,019 SqFt

Status Active Under Contract

MLS # 6758564

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis! This stunning 2-bedroom, 2-bathroom home, complete with a 1-bedroom, 1-bath casita, is a sanctuary of comfort and style nestled in the heart of Sun City Grand. Step into the spacious, open-concept kitchen, boasting a large center island, built-in microwave, flat cooktop stove, and a stainless steel refrigerator. With room for both a kitchen table and bar-top seating, it's the perfect space for gathering with loved ones. The expansive dining and living areas offer ample space for multiple pieces of furniture and a grand dining table, ideal for hosting unforgettable dinners. Off the main living space, you'll find a cozy den or office—a perfect retreat for work or relaxation. The master bedroom is a true haven, designed to easily accommodate a king-size bed with plenty of room for additional furniture. The master bath is your personal spa, featuring dual sinks, a separate shower, a luxurious garden tub, and a spacious linen closet. The walk-in closet is truly impressive, offering plenty of storage for all your essentials. The second bedroom is just as inviting, with room to spare for those fun, creative furniture additions and the guest bathroom is wide and accessible, complete with convenient grab bars in the shower for added safety. A well-organized laundry room features ample space for a washer, dryer, utility sink, and cabinets for storage. The attached garage is equally functional, with built-in cabinets to keep things neat and tidy. Throughout the home, beautiful porcelain tile floors create a seamless, elegant look, while abundant natural light flows in through plantation shutters, giving the space a bright and airy feel. Step outside to the low-maintenance backyard, where you can relax on the spacious covered patio. It's perfect for outdoor dining and entertaining in complete privacy. The separate casita is an absolute gem, offering guests a welcoming retreat with a generous bedroom, bath, and adjacent storage space. Living in Sun City Grand means enjoying an unparalleled array of amenities: four championship golf courses, two luxurious clubhouses, a theater, two fitness centers, three outdoor resort-style pools, an indoor lap pool, tennis and pickleball courts, bocce ball, lawn bowling, dog parks, fine dining, and so much more. With walking and biking trails and a fishing lake, this is truly a community designed for vibrant, active living. This home isn't just a place to liveit's a lifestyle! Welcome home to Sun City Grand, where luxury, comfort, and endless recreation await.

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21146 W Sycamore Drive Buckeye, AZ 85396

$544,900

3 Beds

2.5 Baths

2,089 SqFt

Status Active

MLS # 6760160

Property Type Single Family Residence

Price Type --

Great opportunity to live in one of Buckeye's most sought-after communities! Located in the Main St District in Verrado, this home offers a delightful façade & a cozy porch. The impressive interior boasts a formal dining room, tall ceilings, tile flooring, and a spacious great room. The kitchen features wood cabinets, SS appliances, granite counters, and an island with breakfast bar. The primary bedroom hosts a bathroom with dual sinks & a walk-in closet. The balcony with an outstanding view of the White Tank Mnts. The bonus room on the main level can be an extra bedroom or an entertainment center. The cozy side yard has an extended paver patio. This fabulous gated community includes playgrounds, a pool, golf course, and a workout facility. What are you waiting for? Hurry to see!

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21182 W Sunrise Lane Buckeye, AZ 85396

$544,900

4 Beds

3.5 Baths

2,591 SqFt

Status Active

MLS # 6674091

Property Type Townhouse

Price Type --

*Golden opportunity* ENJOY Verrado's desirable Main St District & MTN views with 2 HOMEs in 1! Yes, your own separate casita! The main home's spacious great room welcomes you with high ceilings, abundant natural light, a soothing palette, blinds & durable tile flooring. The formal dining area is perfect for festive meals. The kitchen comes with ample wood cabinetry with crown molding, SS appliances, recessed lighting, a pantry, & an island with a breakfast bar. Upstairs, you'll find a loft ideal for an office or extra living space. The main bedroom is complete with plush carpeting, a walk-in closet, & an ensuite with dual sinks. The casita with a separate entrance, mini-kitchen, & private bathroom, is perfect for visitors, office or as a rental opportunity. The backyard features a covered patio, low-maintenance artificial turf and your own fruit trees. Just a block from Verrado's Main Street square, pools, & golf course. Make it yours today!

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17856 W Summerhaven Drive Goodyear, AZ 85338

$544,900

4 Beds

3 Baths

2,793 SqFt

Status Active

MLS # 6727891

Property Type Single Family Residence

Price Type --

Welcome to your dream home, this beautiful 4-bed, 3-bath home is just one block from Westar Elementary! New, neutral interior and exterior paint plus new plush carpeting upstairs. Huge master bedroom upstairs has ensuite with double sink vanity, separate tub/shower, & walk-in closet. Upstairs laundry! Three more bedrooms (2 w/walk in closets), a full bath with two sink vanity, plus a versatile loft area for office, study, or play area for the kids. Additional bedroom & full bath on main level is perfect for mother-in-law or teen space. Large room w/French doors can be used for private in-home office or additional lounge space for movie watching or gaming. The chef's kitchen boasts granite counters, cherry cabinets, island w/breakfast bar, gas stove, stainless steel appliances, and a walk-in pantry. An adjacent casual dining area and family room with plantation shutters is the perfect set up for friends & family to gather. Plus, a large dining and living area for formal occasions with beautiful travertine floor tiles throughout the main floor. Enjoy your backyard oasis featuring a covered patio, heated pool/spa (new pumps, filters, heater), and putting green! There's a park within walking distance, open space with mountain views across the street, 2-car garage, and new hot water heater. This home has it all! Location, Location, Location!!! Estrella has over 50 miles of hiking and biking trails, pools, lakes, yacht club, work out facility, heated lap pool, water slides, major retail and restaurants and much much more!

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4025 E Columbine Drive Phoenix, AZ 85032

$544,900

3 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6741685

Property Type Single Family Residence

Price Type --

Beautiful updated Single Level Patio/Town home in the sought after Gated community of Las Haciendas De Paradise Village! 3 bd split plan, 2 full updated baths, Granite Kitchen counter tops. Huge Great Room with Wet Bar & Wood burning Fireplace, Plantation Shutters, Windows Replaced,Newer flooring,(No Carpet or Steps), Gated Courtyard Entry, Desirable Corner lot, Separate Tub & Shower Mstr Bath, Nice backyard, 2 car garage with cabinets and separate storage room, New hot water heater, soft water system.,W/D, garage door. 2 Community pools, spa & tennis/pickle ball court.Fantastic PV location convenient to shopping, restaurants, & the 51 freeway. Right down the street from the new upscale building in progress that will feature more shopping & restaurants.

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1409 E Diamond Street Phoenix, AZ 85006

$544,900

2 Beds

2 Baths

1,087 SqFt

Status Active

MLS # 6731001

Property Type Single Family Residence

Price Type --

Discover the essence of Arizona's old-world charm in this exquisite home nestled in the heart of North Garfield Historic. This property is meticulously preserved to highlight its timeless architecture and desert allure and offers an unparalleled urban lifestyle experience. The main house boasts 2 bedrooms and 1 bath spread across nearly 1100 sq ft of comfortable living space. Highlights of the main house include upgraded appliances, a tankless water heater, custom closets, a stunning custom Talavera vessel sink paired with a mesquite vanity, a luxurious Travertine walk-in shower, and granite kitchen countertops. There's a spacious laundry room with additional pantry/storage space for convenience and a fully covered carport with a private gated, keyless, entrance to ... the backyard oasis and casita. Additionally, the fully furnished, keyless entry casita, affectionately known as the 'Blue Door Casita', features a generously sized living / bedroom area and a beautifully designed full bath complete with concrete tile and ample closet / storage space. Between both structures you will enjoy a total of 1400' of desert charm. Functioning as a turnkey short-term rental, this casita maintained a coveted five-star rating for over five years. Whether utilized as an income-generating asset or a private retreat, the casita offers full amenities: a soaking tub, marble vanity, separate electric water heater, and 2 mini-split cooling / heating units, to enhance its versatility and appeal. Significant updates under the current ownership encompass electrical, plumbing, roof, and HVAC systems, with detailed disclosures available for review. Recent enhancements include treated and re-sealed Saltillo tile flooring throughout the main house, newly installed exterior doors (July 2022) and a new roof (June 2024). Designed for low-maintenance living, the property features mature desert landscaping that provides privacy between dwellings. The backyard oasis is perfect for large gatherings or quiet evenings under the stars, complemented by custom Ocotillo rib designs adorning the porch, pergola, and window coverings. Immerse yourself in the rich history and allure of the Garfield Historic District. This exceptional home is within walking distance of Roosevelt Row (First Fridays/Art Walk), Gallo Blanco, and The Footprint Center. A classic southwestern style that seamlessly blends heritage with modern comfort, convenience, all while enjoy the vibrancy of downtown Phoenix.

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