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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603 E Reno Ridge Circle Payson, AZ 85541

$544,000

3 Beds

2 Baths

1,520 SqFt

Status Active

MLS # 6760639

Property Type Single Family Residence

Price Type --

This gorgeous well loved single level home is located in a cul-de-sac with picturesque shade trees and wlcoming front entryway. Inside you'll find three bedrooms two bathrooms and wood floors leading you through your new home. The living room offers a warm fireplace to enjoy holidays together. The new stainless steel appliances and ample cabinet space in the kitchen make it an ideal space for anyone that likes to cook.At the back of the home there is a sunny Arizona room ideal for morning coffee or entertaining friends over looking the fenced in back yard. The bedrooms have lots of space for a growing family or guests coming into visit. The master offers an oversized walk-in shower and lots of counter space. HVAC is state of the art and with a storage shed in the back and tons of storage in the garage this home is a must see!

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314 W Christopher Point Payson, AZ 85541

$544,000

3 Beds

2 Baths

1,814 SqFt

Status Active

MLS # 6674697

Property Type Single Family Residence

Price Type --

Great single level home in the popular Payson Pines Neighborhood that backs National Forest! This 3 bedroom, 2 bathroom home features 1,814 sq. ft., a 2 car garage and beautiful landscaping. The living room has vaulted ceilings, tile floors, a nice gas fireplace and an open floor plan for easy entertaining. The kitchen has plenty of cabinet space, a pantry, ample counter space with a kitchen island, and a breakfast bar. The master bedroom features a large walk-in closet, oversized vanity, and a walk-in shower. Your favorite spot will be the covered patio in the backyard, it's the perfect spot to enjoy the beautiful weather in Payson wile being right next to the gorgeous Tonto National Forest!

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1716 Alpine Meadows Lane Unit 1005 Prescott, AZ 86303

$544,000

2 Beds

2 Baths

1,687 SqFt

Status Active Under Contract

MLS # 6684001

Property Type Single Family Residence

Price Type --

Fabulous lock & go quiet & immaculate corner unit. Live on one level. Has 2-car garage with plenty of storage units & metal work table, along with newer tankless water heater & elevator access. Or take the stairs & enter a spacious open concept unit situated with southern exposure allowing beautiful views & natural light & bright areas from most windows. Surround sound throughout. Kitchen remodeled with newer quartz countertops, frig, neutral backsplash, sink/faucet, garbage disp, & lighting. Stove stubbed for gas. In laundry rm w/d convey. A spacious living rm has gas fireplace as focal point of room, custom paint & beautifully decorated window coverings. Relax in the screened-in balcony facing east to keep you cool in summer months. Some furniture conveys if buyer prefers. Den in next rm has built-in bookshelves in excellent shape and could also be used as a 3rd bedroom when guests arrive. Small desk for your computer or paperwork needs is adjacent to the formal dining room with gorgeous lighting and wood flooring. Primary is large with comfortable sitting area & en suite full bath. Guest bedroom is split from primary with nearby bath & newer step-in shower unit. This is the Autumn Sage plan & such a cozy unit all year round with Capital Canyon Club amenities with restaurant, fitness room, outdoor pool, with trails, wildlife and views.

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16753 W Palisade Trail Lane Surprise, AZ 85387

$544,000

3 Beds

2 Baths

2,014 SqFt

Status Active

MLS # 6703748

Property Type Single Family Residence

Price Type --

Located in a quiet cul-de-sac, this Borgata sits on a 12,241 SF lot, offering privacy and a peek of the golf course. This home exudes simplicity w/ white walls and original fixtures, awaiting your personal touch. 4' extended Master BR has a lovely bay window. Maple cabinets and GE fridge (2023) in Kitchen; upgraded 16x16 floor tile; Upgraded laundry center w/cabinets & sink, Hotpoint W/D (2017); preventative termite treatment 2018; exterior paint 2018; Extended garage for larger cars & golf cart space. Roof inspected 2023, no issues.50 gallon H2O-2023! Inviting extended cov'd patio, w/tranquil water feature, perfect for enjoying AZ weather. Patio flat roof coating (2023), PVC irrigation (2020). South facing orientation ensures ample sunlight all day.

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11655 E Yavapai Drive Dewey, AZ 86327

$544,000

3 Beds

2 Baths

1,961 SqFt

Status Active

MLS # 6726219

Property Type Single Family Residence

Price Type --

The seller says this lovely house has 3.3 acres with views all around it and a covered back deck overlooking a terraced backyard with 180-degree view of the Mingus Mountains, the City of Dewey, and the City of Humboldt or sit on the covered front area and view the Bradshaw and Spud Mountains. This home invites you to bring your personal touch and imagination to decorate this 3-bedroom, 2 bathrooms plus office,1961 sq ft home with a pellet stove (to warm it up) in the living room and an all-house fan (to cool it down) as well as ceiling fans throughout. The kitchen comes with a gas range, microwave, refrigerator, dishwasher, and reverse osmosis system; the cabinets are 100% Old Hickory hardwood soft close with granite countertops, and an island, also with the Old Hickory and double cabinets for more storage, all with soft close. Find yourself sitting in the Dining Room looking out the bay window at the Mountains or utilizing the Island or bonus room to entertain guests. The laundry room has both gas and electric hookups and demands a water heater. There is a water softener in the attached 2-car garage. Other amenities as follows: More.. Asphalt driveway New roof in 2023 with OWNED solar installed Sky lights for natural lighting in cathedral ceilings Large entry door Master bedroom fits king size bed, walk-in closet, and walk in shower Covered patio with BBQ propane hook up and cement picnic table 2 car attached garage with storage, fold down ladder to attic storage 2.5 car detached garage with storage and workshop area 1 covered carport with storage area and/or covered area to store your toys 5 total covered spaces and RV dump Mature fruit trees currently with fruit

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14228 N 21st Street Phoenix, AZ 85022

$544,000

4 Beds

2 Baths

2,000 SqFt

Status Active Under Contract

MLS # 6738798

Property Type Single Family Residence

Price Type --

WOWZA!! Back on Market with new finishes, new look and ready for new owner. We received multiple offers and seller decided to pull it off the market and renovate. Now, this transformed home is the best buy in the entire area. It's the next best thing to a new home but in an established area with amazing mountain views. Move right in ASAP and begin entertaining and enjoying your spacious 3 bedroom plus oversized bonus room that could easily be converted to a 4th bedroom, casita, en-suite or whatever your heart desires. Seller utilized the space as a music room. The rear yard off of the oversized covered patio is nice and shaded, plus the newer turf is great for that low maintenance living. The tree house and trampoline can convey as well.

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11830 S Eagleman Drive Phoenix, AZ 85044

Open House

$544,000

4 Beds

2 Baths

1,802 SqFt

Status Active

MLS # 6719825

Property Type Single Family Residence

Price Type --

Experience this beautifully remodeled four-bedroom home on an expansive lot! Enjoy your private backyard oasis with a mature Banyan tree, a gazebo, artificial turf, a TuffShed, and a recently replastered swimming pool. Inside, the family room, great room, and vaulted dining area seamlessly flow into the open-concept kitchen. Recent updates include new flooring, baseboards, a modern kitchen and bathrooms, dual-pane windows, and stylish fixtures. The AC unit is from 2020. Located close to Costco, Sam's Club, Lifetime Fitness, and various grocery stores in Ahwatukee, Tempe, and Chandler, plus the highly-regarded Kyrene School District. Convenient freeway access makes commuting to Sky Harbor and downtown Phoenix easy, with both just over ten minutes away.

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7020 E Belleview Street Scottsdale, AZ 85257

Open House

$544,000

4 Beds

2 Baths

1,602 SqFt

Status Active

MLS # 6721582

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Presenting a beautiful property. This home welcomes you with a calming neutral color scheme that enhances its charm. Inside, newly painted walls create a modern and fresh atmosphere. The kitchen boasts stainless steel appliances, perfect for cooking enthusiasts, adding a touch of contemporary elegance. Recently replaced flooring combines functionality with style, ensuring the home is move-in ready. Outside, the freshly painted exterior enhances curb appeal and requires minimal upkeep. A covered patio in the backyard is perfect for entertaining or relaxation, while a fenced yard offers privacy and security. This upgraded home seamlessly blends comfort, style, and practicality, making it a must-see. Don't miss out on the opportunity

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9726 W Albeniz Place Tolleson, AZ 85353

$543,990

5 Beds

4.5 Baths

3,131 SqFt

Status Active Under Contract

MLS # 6701782

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Under Construction - Est Completion August. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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3131 N Central Avenue Unit 5013 Phoenix, AZ 85012

$543,000

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6612521

Property Type Apartment

Price Type --

*Construction Completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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1404 E Hall Street Tempe, AZ 85281

$543,000

4 Beds

2 Baths

1,600 SqFt

Status Active

MLS # 6687313

Property Type Single Family Residence

Price Type --

Great Tempe/ASU Location! - 4BR 2BA + Office - Updated - The Best Priced Blocks to ASU - Dual Pane Windows Throughout - Irrigated Rear Yard - Block Contruction - North/South Facing - NO HOA!

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17810 W Encinas Lane Goodyear, AZ 85338

$542,990

4 Beds

3.5 Baths

2,873 SqFt

Status Active

MLS # 6758524

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, &/or price adjustments. The popular Prato floor plan offers 4 spacious bedrooms, 3.5 baths, a den, and an upstairs ensuite. Highlights include a tiled owner's shower, soft water loop, gas stubs, an extended rear, and an 8' garage door. Premier Calm Design finishes, ceiling fan prewires, can lighting, and a stair railing add to its appeal. Energy-efficient and ready in November.

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