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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12027 N 65th Avenue Glendale, AZ 85304

$540,000

4 Beds

2.5 Baths

2,608 SqFt

Status Active Under Contract

MLS # 6740219

Property Type Single Family Residence

Price Type --

PICTURES COMING SOON. Offering 10k in seller concessions. Giant Corner Lot, almost 1/3 of an Acre with a Beautiful Pebble Tec Pool, Outdoor Cooking and Entertaining Space. 3 Car Garage and RV Gate for your projects and toys. Freshly Painted Interior and Exterior. Very Spacious Interior boasting an open living room and dining room space with additional Family Room and brick fireplace, separate AZ room space for potential work from home space. 4 bedrooms and 3 bathrooms offers plenty of space for everyone. The garage is temperature controlled with a swamp cooler and home has a new dishwasher. Newer Pool Pump. No HOA. This home is ready for it's next owners to put in their personal touches and is priced to sell.

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6909 E Lobo Avenue Mesa, AZ 85209

$540,000

4 Beds

2.5 Baths

2,016 SqFt

Status Active

MLS # 6758986

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 2.5-bath home located in a desirable Mesa neighborhood! The curb appeal of this two-story home immediately draws you in with its charming Spanish-style roof and well-maintained landscaping, including lush artificial turf for easy upkeep. Inside, the spacious living areas boast high ceilings, an inviting fireplace, and an open-concept layout, perfect for entertaining. The kitchen features modern stainless steel appliances, white cabinetry, and a large island, making it a chef's dream. The generous bedrooms offer plenty of natural light, while the primary suite includes a walk-in closet and en-suite bathroom for added comfort. Step outside to the backyard oasis, where a large, covered patio overlooks a beautifully manicured yard, ideal for outdoor gatherings and relaxation. This home also features energy-efficient solar panels, providing long-term savings on utility bills and reducing your carbon footprint. Located near excellent schools, parks, and shopping, this property offers convenience and style in a prime location. Don't miss your chance to make this Mesa gem your next home!

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19820 N Cherry Tree Lane Sun City, AZ 85373

$540,000

3 Beds

2 Baths

2,780 SqFt

Status Active

MLS # 6752548

Property Type Single Family Residence

Price Type --

LOCATION*LOCATION*LOCATION* AMAZING WILLOWBROOK GOLF COURSE LOT WITH WATER VIEW * FULLY FENCED **ONE OF THE LARGEST HOMES IN SUN CITY** ROOM TO SPREAD OUT** WIRED MEDIA ROOM** UPDATED KITCHEN AND BATHROOM ** NEW CARPET IN BEDROOM** PRIVATE HOT TUB ROOM WITH VIEWS** RV GATE** TONS OF STORAGE INSIDE AND OUT** NEWER ROOF** QUIET STREET IN POPULAR PHASE 3** CLOSE TO RESTAURANTS** SHOPPING **MEDICAL **TRULY ONE OF A KIND PROPERTY**

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5708 E Grandview Street Mesa, AZ 85205

$540,000

4 Beds

2 Baths

2,175 SqFt

Status Active Under Contract

MLS # 6751232

Property Type Single Family Residence

Price Type --

Take a look at this light and bright very spacious 4 bedroom, 2 bath Alta Mesa home! Skylights brighten both the big living and and family rooms. The kitchen is a large galley style with stainless appliances, granite counters and abundant storage. You'll appreciate the large master bedroom with walk-in closet and adjoining master bath with dual sinks and separate tub and shower. There are 3 additional bedrooms that share the recently partially updated 2nd bath also with dual sinks. Homeowner has spent 84K over the past 5 years on improvements including a pool, large Arizona Room, and roomy and shady private back yard(see in documents tab)! Close to Shepherd Jr High & Aquatic center, Mendoza Elem school and the Alta Mesa golf course.

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10204 W Lawrence Lane Peoria, AZ 85345

$540,000

5 Beds

3 Baths

2,661 SqFt

Status Active

MLS # 6749433

Property Type Single Family Residence

Price Type --

The 2-story home is located on a large corner lot next to a beautifully landscaped park! The home features 5 bedrooms, 3 full baths with an upgraded backyard. The kitchen features built-in appliances, recessed lighting, granite counters, ample white cabinetry, and breakfast bars for morning conversations. 3 car garage with one garage transformed into a home gym. Located minutes away from the State Farm building, West Gate entertainment center, tons of great restaurants to choose from.

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1001 W Tulane Drive Tempe, AZ 85283

New

$540,000

3 Beds

2 Baths

1,463 SqFt

Status Active

MLS # 6761876

Property Type Single Family Residence

Price Type --

Don't Miss Out On This Amazing Tempe Home That Offers So Much * No HOA & On A 17,554 Sq Ft Lot * This Great 3 Bdrm & 2 Bath, Plus Bonus Den/Office is 1463 Sq Ft * This Move-In-Ready Single Level Home was JUST Freshly Painted on most of the Interior & Ext was Painted in 2020 * HUGE Master Bedroom with Bonus Sitting Room * N/S Exp * Extended Patio & Private Fenced Pebble-Tech Pool * Bonus Room/Den with 220V Outlet * Open Kitchen that's been Remodeled in 2021(Island Stay's) with SS Appliances * Whole Home Water System & RO * The Huge Back Yard has Multiple RV Parking Places & RV Gate & 30amp Service & Lots' of Mature Tree's * This Is a Tempe Treasure You Won't Want to Miss Out On * Close to Parks & Freeways

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9063 E Winchcomb Drive Scottsdale, AZ 85260

$540,000

3 Beds

2 Baths

1,258 SqFt

Status Active

MLS # 6751329

Property Type Townhouse

Price Type --

Welcome to your new home in the heart of Scottsdale! Located in a desirable low-maintenance townhome community, this updated 3-bedroom, 2-bath single-level offers a new flat roof w/ a blend of comfort & style. The beautiful grassy front yard is well cared for by the HOA, providing excellent curb appeal. Inside, you'll love the welcoming interior featuring a vaulted living room ceiling & updated flooring throughout. The kitchen comes w/ a cozy breakfast nook and beautiful quartzite countertops. The primary suite includes a private exit to the backyard, dual sinks, and a standalone shower with an updated rain shower head. The private backyard has Saltillo tile flooring, making it perfect for relaxation and outdoor entertaining. This is a great north Scottsdale location near the 101 freeway This home is in a great north Scottsdale location near the 101 freeway, restaurants, and shopping. These townhomes are ideal for all types of living, whether you're an investor, a first-time home buyer, a seasonal owner, or a full-time resident. Don't miss out on this amazing opportunity to own a piece of Scottsdale living at its finest!

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18527 W Caribbean Lane Surprise, AZ 85388

$540,000

6 Beds

3.5 Baths

3,042 SqFt

Status Active

MLS # 6757461

Property Type Single Family Residence

Price Type --

Searching for your dream home? Look no further! With a little work this could be it. This 6-bedroom, 3.5-bathroom beauty features paid-off solar panels and new AC units installed in 2020. The property boasts excellent curb appeal with a 3-car garage, desert landscaping, and striking stone veneers. Step inside to find, tile flooring, and a welcoming living room ideal for entertaining guests. The spacious great room includes sliding doors that open to the backyard. You'll love the eat-in kitchen, with granite countertops, a stylish tile backsplash, a breakfast bar, and a pantry. The bright primary bedroom an ensuite bathroom with dual sinks and a walk-in closet. Outside, the backyard is perfect for relaxation and fun, featuring a patio, swimming pool and spa, and ample green space.

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3220 Aster Drive Prescott, AZ 86305

$540,000

3 Beds

2 Baths

1,738 SqFt

Status Active

MLS # 6760448

Property Type Single Family Residence

Price Type --

Welcome to your new sanctuary in Sandretto Hills! This delightful single-level home combines classic charm with contemporary convenience, offering a perfect blend of style & comfort for modern living. Step inside to an inviting open floor plan that effortlessly connects the living, dining, and kitchen areas. The spacious living room provides the ideal space for both relaxation and entertaining. The kitchen, featuring upgraded SS appliances and ample cabinetry, is a chef's dream. The home boasts 3 generously sized bedrooms, including a serene master suite with a private en-suite bathroom and a walk-in closet. Each additional bedroom is thoughtfully designed with comfort in mind, offering flexibility for a home office or guest room. Outside, you'll find a private oasis for outdoor enjoyment

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5036 E Roy Rogers Road Cave Creek, AZ 85331

$540,000

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6761155

Property Type Single Family Residence

Price Type --

This cute home opens into the great room , you have an open den and three bedrooms New laminate flooring & New carpet in bedrooms . New stainless appliances in kitchen &b a great walk in pantry in kitchen. .Storage cabinets in garage

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2243 W Montebello Avenue Phoenix, AZ 85015

$540,000

3 Beds

2 Baths

1,825 SqFt

Status Active Under Contract

MLS # 6756367

Property Type Single Family Residence

Price Type --

Upgrades galore & great location! A relaxing space for everyone at this home. Your quarter acre, (10,000+) sq ft paradise awaits with the luxuries of an extremely convenient location. Walking distance to the light rail, 5 min to shopping, 5 min to GCU, 15 min to ASU, just east of I-17. Completely remodeled, nothing spared and super cared for by the owners. Gorgeous, sparkling pool, warm and meticulously groomed yards, gourmet kitchen, outdoor dining space, 5'x10' kitchen island, matching granite throughout, including bathrooms. Forno stove, top of the line appliances, luxury vinyl plank floors throughout, modern fireplace, new windows with transferable warranty, shutters, storage, storage & more storage. 3 page upgrade list will be sent to all inquirers!

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3118 E Northridge Street Mesa, AZ 85213

New

$540,000

3 Beds

2 Baths

1,872 SqFt

Status Active

MLS # 6757965

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-level home, boasting 1,872 sq ft of living space and perfectly situated on a generous 9,936 sq ft CORNER lot. Enjoy the Arizona lifestyle with a private pool and spa, perfect for relaxing or entertaining guests. Step inside to an open and inviting floor plan, featuring three spacious bedrooms and two full baths. The bright and airy living spaces are designed for comfort and functionality, ideal for both daily living and hosting gatherings. The outdoor space is a true retreat with no HOA restrictions, offering endless possibilities for personalizing your outdoor living. Whether you want to relax by the pool, soak in the spa, or create your dream garden, this yard has it all!

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