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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7729 E Kimsey Lane Scottsdale, AZ 85257

$544,900

3 Beds

2 Baths

1,008 SqFt

Status Active

MLS # 6718987

Property Type Single Family Residence

Price Type --

Amazing opportunity to own in a quaint Cul-De-Sac with direct views of the lake, park, mountains, and greenbelt. This home is located on a larger corner lot with swimming pool, 3-hole putting green, & 2 separate areas for entertainment. Walking/biking paths, basketball courts, lakeside living with minutes of Rio Salado Golf Course, ASU, Old Town Scottsdale & Tempe Market Place.

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2420 W Blue Sky Drive Phoenix, AZ 85085

$544,900

4 Beds

2 Baths

1,777 SqFt

Status Active

MLS # 6742347

Property Type Single Family Residence

Price Type --

Welcome to this delightful 4-bedroom, 2-bath home in Dynamite Mountain Ranch! The open-concept living/dining room boasts vaulted ceilings, a soothing palette, and plush carpeting throughout. The great room is ideal for relaxing evenings with loved ones. The impeccable kitchen features abundant wood cabinetry, sleek track lighting, built-in appliances, a pantry, and an island with a breakfast bar for quick meals or morning coffee. Retreat to the main bedroom, which offers a peaceful escape with an ensuite that includes dual sinks and a walk-in closet. Venture outside to the covered patio in the backyard, perfect for outdoor dining or simply enjoying the beautiful Arizona weather. Make this gem yours today!

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11604 S 53rd Avenue Laveen, AZ 85339

$544,900

4 Beds

3 Baths

2,775 SqFt

Status Active

MLS # 6742762

Property Type Single Family Residence

Price Type --

This BEAUTIFUL FORMER MODEL home built in 2020 is OVERFLOWING w/over $158K in DESIGNER upgrades! GOURMET kitchen w/gas cooktop, quartz countertops, dove gray maple cabinets + stainless appliance suite! Head upstairs to the large loft/game room! PRIVATE owner's suite w/ensuite bath w/BIG walk-in shower! UPSTAIRS laundry w/sink and cabinets! GORGEOUS backyard OASIS w/pergola! Enjoy the mountain views! So many UPGRADES throughout! Don't miss this GREAT opportunity! Great shopping/ restaurants nearby! WELCOME HOME!

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1417 S Chaparral Boulevard Gilbert, AZ 85296

$544,900

3 Beds

2.5 Baths

1,989 SqFt

Status Active

MLS # 6738671

Property Type Single Family Residence

Price Type --

Amazing former model home located in Gilbert's Higley Park community, this 3-bedroom home offers comfort and convenience. With a spacious master bedroom, upgraded kitchen, and cozy living area, it's move-in ready. Directly across from the community amenities including pool, splash pad, and park, and top-rated schools and local businesses, such as Agritopia are easily accessible. Recent updates include a new A/C unit, carpet, water heater, paint, toilets, garage door opener, and flooring. Perfect for families or investors, this home is a must-see in a prime location.

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9262 W Hedge Hog Place Peoria, AZ 85383

$544,900

3 Beds

2 Baths

2,039 SqFt

Status Active

MLS # 6741139

Property Type Single Family Residence

Price Type --

Great property in move in condition. Meticulous sellers & it shows. Newly painted inside w/spacious open floor plan, private primary split, gourmet kitchen showcasing upgraded counters, subway tiles, pantry, cherry cabinetry and s/s appliances, neutral flooring t/o plush carpeting, granite in baths, newer designer blinds, newer contemporary lighting, 3 car garage,w/ great cabinets & epoxy flooring. Newly painted outside w/front yard landscaping redesigned & rear yard featuring new pavers,patio tiles & artificial turf. Irrigation system replaced in 2022. Home sealed for pests 2023. 2024 Tankless hot water heater & filtration installed. Private corner lot close to shopping, dining, top rated schools & mountain views as well! Do not miss this home.

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15017 S 25th Way Phoenix, AZ 85048

Open House

$544,900

3 Beds

2 Baths

1,647 SqFt

Status Active

MLS # 6757676

Property Type Single Family Residence

Price Type --

Model Perfect Single level in MPR. Great open floorplan!! Remodeled Kitchen and baths feature Stone Creek cabinets, granite countertops and upgraded fixtures. Entire interior freshly painted August 2024. Large Master suite with spa like bath. Custom cabinets in master closet. Two good sized secondary bedroom and remodel hall bath. Good size back yard with mature landscaping front and back. Custom built in cabinets in garage with pull down ladder for storage. HOA features 3 community pools and spas, tennis court, volleyball, and playground. Home in walking distance to school and community area. Great Mountain Park Location. Move in ready home!!!

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3524 W Paradise Lane Phoenix, AZ 85053

Open House

$544,900

4 Beds

2 Baths

2,276 SqFt

Status Active

MLS # 6706650

Property Type Single Family Residence

Price Type --

Welcome home to this beautiful single story home just 20 min from TSMC plant. N/S facing with no HOA, exterior and interior freshly painted you walk up to a front patio, parking for all your toys, fully redone dive in pool, 4 bedroom 2 bathroom with huge open bright living area. Solar covers electricity bills

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7725 W Dreyfus Drive Peoria, AZ 85381

$544,899

3 Beds

2.5 Baths

2,204 SqFt

Status Active

MLS # 6710745

Property Type Single Family Residence

Price Type --

Looking for an immaculate home? Check out this beautiful 3 bedroom, 2.5 bathroom home located in Peoria close to many local amenities. This amazing home has two Trane AC units which were installed in August 2022, Anderson Windows throughout, an Anderson Front Door with sidelights, and shutters in the home for improved energy efficiency. The kitchen has ample space with maple cabinets throughout, double oven, wine storage holder, and breakfast bar overlooking the family room. The family room has a wet bar with maple cabinets and wood burning fireplace, making it perfect for entertaining guests. Enjoy the formal dining area for get togethers or the separate living room/game room area with its own wood burning fireplace. Both rooms have upgraded lighting fixtures. Enjoy the updated living room/game room, stairway, and primary bedroom flooring which is 3/4 inch engineered wood flooring giving it an excellent touch. Head upstairs where all 3 bedrooms are located, but you will be amazed with the huge primary bedroom. The primary bathroom has a separate heated jacuzzi tub, double closets, tile shower, and private bathroom area. Enjoy the natural light with the primary bathroom skylight. With plenty of space to accommodate, head outside through the upgraded French Doors to the backyard oasis which has a built-in BBQ area with plumbing, 4-burner grill with a seer section, an extra burner for cooking, outdoor fan, and lights for evening cooking. Stay cool under the pergolas covering the BBQ area or enjoy a nice swim in the crystal-clear Pebble Tec pool with in-floor cleaning system. Enjoy the various fruit trees, artificial turf, and pots and planters throughout the backyard. Do not miss seeing this home!

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17641 W Mission Lane Waddell, AZ 85355

$544,750

5 Beds

3.5 Baths

2,915 SqFt

Status Active

MLS # 6750691

Property Type Single Family Residence

Price Type --

This Gorgeous NEW home has so much to offer! Primary bedroom on the 1st floor 2,915 square feet, 5 bedrooms, 3.5 bathrooms, HUGE LOFT and a 2- car garage! Est to close September. This home features a modern, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, quartz counter tops, new, energy efficient stainless steel appliance package, and 9' ceilings throughout. It also includes a soft water loop, dual pane low-E windows, multi-zone thermostat, window coverings and a smart home system. The exterior features front desert landscaping, a covered patio and generous backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping.

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21281 E Superstition Drive Queen Creek, AZ 85142

$544,693

4 Beds

2.5 Baths

2,325 SqFt

Status Active

MLS # 6716004

Property Type Single Family Residence

Price Type --

GORGEOUS NEW 2024 home in Jorde Farms with over $50k in upgrades! Front yard landscaping! GOURMET kitchen with Arctic White cabinets, quartz countertops and stainless Whirlpool appliances including gas range! Center island/breakfast bar! Open concept great room + dining room open to the kitchen! 4 bedrooms, 2.5 baths + loft! Upgraded paint, baseboards, interior doors, flooring, hardware, fixtures + more! Pre-plumbed soft water loop! Porch with tumbled pavers! Located in the BEAUTIFUL Accent at Jorde Farms community that is planned to feature a pool, walking paths, and community parks, providing plenty of ways for neighbors to connect and enjoy the outdoors. Close to SO many wonderful restaurants/shopping! WELCOME HOME!

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25690 N Burgundy Way Paulden, AZ 86334

$544,000

3 Beds

2 Baths

1,728 SqFt

Status Active

MLS # 6695664

Property Type Single Family Residence

Price Type --

Take pleasure in panoramic views, a 30 x 50 detached garage/shop, attached 2 car garage and 2 acres of possibilities! Mature trees, level lot and large fenced back yard. Enjoy your morning coffee on the front porch of this wonderful ranch style home! Kitchen features custom maple cabinets, granite countertops, oversized island and great views from the kitchen sink. Tile flooring in all the right places & 9 ft ceilings throughout. Spacious primary suite, dual sinks and jetted tub. Enjoy endless views from the back covered patio or hot tub. Shop provides many possible uses and features a 14 foot roll up door, 16 foot ceilings & 5 inch thick concrete foundation with metal roof. Wonderful neighborhood, prime location and well-maintained. Bring your RV, trailers, toys and horses. Welcome home!

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7876 N Siesta Sunset Lane Prescott Valley, AZ 86315

$544,000

3 Beds

2 Baths

1,836 SqFt

Status Active

MLS # 6755355

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the Pronghorn Ranch community, perfectly situated on a large .33-acre knuckle cut cul-de-sac lot. Enjoy the peace of mind that comes with a brand-new roof and the efficiency and style of new Anderson sliders and windows throughout the home. Natural light floods the space, enhanced by skylights and 10' high ceilings, creating a bright and airy atmosphere. The open-concept design and split floor plan provide both functionality and style, making this home perfect for modern living. The kitchen is a cook's delight, featuring cabinets with convenient pullout drawers, ideal for easy organization. Relax in the living area with the built-in surround sound, or step outside to the back patio to take in the breathtaking sunsets. Mature landscaping and trees add to the charm of this property, while plantation shutters offer timeless elegance. Located just a stone's throw from the park, this home is in a prime location for both convenience and tranquility. And...the appeal doesn't stop at the property line! Living in this amazing community means access to a heated year-round pool and spa, seasonal pool and spa, multi-court for tennis, pickle-ball and basketball, putting green, community barbecue grills, 24/7 fitness center, and a multipurpose fitness room for yoga and dance classes. Plus, the fun never ends with all-year-round concert and event celebrations. Don't miss the chance to make this light and bright home in a vibrant community yours!

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