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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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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2404 S 124th Drive Avondale, AZ 85323

$540,000

5 Beds

3 Baths

2,939 SqFt

Status Active

MLS # 6710339

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning two-story residence, built in 2021, offers nearly 3,000 square feet of luxurious living space with 5 spacious bedrooms and 3 beautifully appointed bathrooms. The open-concept floor plan seamlessly blends the living, dining, and kitchen areas, creating an inviting space for entertaining and everyday living. Step outside to your large backyard, a private oasis with no back or front neighbors, ideal for outdoor activities and relaxation. Conveniently located just minutes from the I-10 freeway, you'll have easy access to a wide array of dining, shopping, and entertainment options. This

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19013 W Oregon Avenue Litchfield Park, AZ 85340

$540,000

3 Beds

3 Baths

2,111 SqFt

Status Active

MLS # 6719850

Property Type Single Family Residence

Price Type --

Must See!! Significant upgrades, Ideal for family and entertaining, Open Concept, Modern kitchen with quartz countertops, tiled back-splash, staggered cabinets, large walk-in pantry. Slider doors which opens to backyard, backyard kitchen, with grill, sink, flat stove, refrigerator, a place for a TV, with large bar. Cozy master, complete with modern bathroom, with his & her sinks and closets, garden tub, and tiled shower, 3 or 4 bedrm. 2 additional full baths, large laundry room. 3 car garage both with epoxy floors, built in garage cabinets in 2 car garage. Water softener, remote controlled sun blinds on covered backyard patio, Jacuzzi in backyard. This is Home!!

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20434 N 92nd Lane Peoria, AZ 85382

$540,000

4 Beds

3 Baths

2,144 SqFt

Status Active

MLS # 6750375

Property Type Single Family Residence

Price Type --

Welcome to your Dream Home located in the serene community of Dove Mountain Ranch. This stunning, well maintained home includes 4 bedrooms, 3 bathrooms, separate living room & the great room off the kitchen! Enjoy entertaining under the covered patio overlooking the fenced pool & backyard appointed with citrus trees & grassy areas. Only 2 neighboring properties (behind/to the east) boarder this spacious home. The gourmet kitchen features new SS appliances, granite counters, breakfast bar, recessed lighting and more. 2-Car Garage with Built-in cabinets. Low maintenance, desert landscaping front yard. Convenient access to shopping, entertainment, parks, hiking, & fishing, freeways. 16 miles to TSMC plant. This delightful property is primed for immediate occupancy. Take a tour today!

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1495 E Black Diamond Drive Gilbert, AZ 85296

$540,000

3 Beds

2 Baths

1,724 SqFt

Status Active

MLS # 6759186

Property Type Single Family Residence

Price Type --

Presenting this charming residence nestled on a prime golf course lot in the highly desirable Western Skies Estates offering picturesque views. Enjoy unmatched privacy with only one neighbor to the east. The home boasts high ceilings, separate family and dining room, neutral palette flooding the space with natural light. The eat-in kitchen, featuring granite countertops, large island, breakfast bar and updated finishes, flows seamlessly into the family room—perfect for daily living and entertaining. Step outside to a serene backyard oasis with a pool, built-in BBQ, and covered patio. Minutes from San Tan Village Mall, restaurants, entertainment and top-rated Gilbert schools, this home is ideal for full-time residents or a lock-and-leave lifestyle. Don't miss out on this rare gem!

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321 W Betsy Lane Gilbert, AZ 85233

$540,000

3 Beds

3 Baths

2,104 SqFt

Status Active

MLS # 6750563

Property Type Single Family Residence

Price Type --

**Please use Booties provided** Become the proud owner of this coveted corner lot residence! The living room has vaulted ceilings, blinds for privacy, a bay window, and cozy carpeting. The family room is perfect for spending quality time with loved ones. The kitchen is well-equipped with plenty of cabinetry, built-in appliances, a pantry, and a peninsula with a breakfast bar. Upstairs, a versatile loft space is ideal for an office or additional living area. Double doors lead to the plush main bedroom, complete with an ensuite with dual sinks and a walk-in closet. Outside, the backyard offers a covered patio, natural turf, and ample space for creating your dream outdoor oasis!

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10625 E Sebring Avenue Mesa, AZ 85212

$540,000

3 Beds

3 Baths

1,788 SqFt

Status Active

MLS # 6752450

Property Type Single Family Residence

Price Type --

Welcome home to this beautiful 3 bedroom, 3 FULL bathroom stunner set in the middle of the award-winning community of Eastmark! Modern touches throughout this open-concept living space make it an entertainer's dream clad with updated shaker cabinets, granite countertops, and built in appliances. The master bathroom has both an oversized shower and tub separate from the other two bedrooms that both have their own FULL bathroom. A low-maintenance backyard of pavers and turf along with a 3 car tandem garage only sweetens the deal on this beauty! What can be said about the stunning neighborhood of Eastmark that hasn't already made it the talk of the town?! Amenities include a resort-style pool, walking trails, farmer's market, skate park, fishing pond, and so much more! Don't miss out!

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15151 N Frank Lloyd Wright Boulevard Unit 1076 Scottsdale, AZ 85260

New

$540,000

3 Beds

2 Baths

1,500 SqFt

Status Active

MLS # 6763129

Property Type Apartment

Price Type --

Welcome to this impeccable modern first-floor, 3-bedroom, 2-bath condo, nestled in a highly desirable, tranquil, gated community. This home boasts a spacious living/dining room, a remodeled kitchen with sleek stone countertops, stainless steel appliances, modern cabinetry and more updates, Both the primary ensuite and guest bath have been tastefully updated, featuring contemporary luxurious finishes and fixtures. This condo features a rare coveted enclosed Arizona room for relaxing or entertaining year-round. A perfect blend of contemporary style and function. Head outside to enjoy the community's resort-like amenities steps away, including 4 sparkling pools, 5 spas, a tennis court, and beautifully landscaped grounds. Nature enthusiasts will love the biking and walking trails that wind through the area, offering endless outdoor adventures. Walkable to top restaurants and shopping and easy access to the 101.

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15622 W Jenan Drive Surprise, AZ 85379

$540,000

4 Beds

3.5 Baths

3,065 SqFt

Status Active Under Contract

MLS # 6752474

Property Type Single Family Residence

Price Type --

Immaculate! Make yourself at home in this highly desirable 4 bedrm, 3.5 bath, w/additional den & loft. Step into 9' ceilings, formal dining, & great room. Kitchen offers 42'' cabinets (dove-tail construction), elegant granite & glass tile backsplash, enormous island, pendant lights, stainless cooktop, micro, double ovens, dishwasher, refrigerator, & pantry. Master includes two walk-in closets, separate tub, shower, dual sinks. Relax under covered patio w/extended (Marbella) paver patio and pergola overlooking beautiful pool, synthetic turf, & landscaping. Laundry w/plumbing for sink, cabinets, Soft Water system conveys. 2nd bedrm w/private bath, security system, 2'' wood faux blinds, large secondary bedrms, front porch, 3 car garage extended, dual RV gate paved, extend paved driveway.

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3406 E Menadota Drive Phoenix, AZ 85050

$540,000

3 Beds

2.5 Baths

1,814 SqFt

Status Active

MLS # 6710477

Property Type Single Family Residence

Price Type --

Conveniently located near Highway 101 and Route 51, this corner lot 2-story home offers a Loft: Perfect for a home office, game room, or additional living space. Open Living Area: The open-concept design creates a welcoming and airy ambiance, ideal for both relaxing and entertaining. Unfinished Backyard: A blank canvas ready for your personal touch—whether it's a garden, play area, or outdoor entertainment space. RV Gate: Provides easy access and storage for your recreational vehicle. Recent flooring updates.

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11424 N 146th Avenue Surprise, AZ 85379

$540,000

4 Beds

2.5 Baths

3,064 SqFt

Status Active

MLS # 6755966

Property Type Single Family Residence

Price Type --

Welcome to this beautifully refreshed home situated on a sprawling 12,000 sq. ft. lot in the highly desirable, gated Copper Canyon Ranch Mountain Community. This spacious property boasts multiple flex spaces, perfect for customizing to your lifestyle needs, and a 3 car garage for all your storage and parking solutions. Inside, you'll find brand-new paint throughout, new electrical fixtures, and new flooring and baseboards on the first floor, giving the home a fresh, modern feel. All appliances seen in the listing convey at closing, and the property is equipped with a water softener for a seamless move-in ready experience. Lastly, enjoy the serene surroundings with a family park within the community, providing a peaceful, family-friendly atmosphere.

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15169 N 176th Drive Surprise, AZ 85388

$540,000

4 Beds

3 Baths

2,615 SqFt

Status Active Under Contract

MLS # 6760348

Property Type Single Family Residence

Price Type --

This beautifully maintained 4-bedroom, 3-bathroom 3 car garage home situated on an oversized lot in a prime location this home is a true gem, boasting a range of upgrades and features throughout. As you arrive, you'll notice the fresh new paint and stucco exterior, giving the home exceptional curb appeal. Inside, the gourmet kitchen has been tastefully updated, offering sleek countertops, and ample cabinet space—perfect for any home chef! The spacious layout includes a convenient full bedroom and bath on the main floor, The home also includes a new AC unit, and cordless light-filtering shades, offering both style and privacy ensuring cool comfort through the hottest months. Step outside to your private backyard oasis featuring a refreshing heated saltwater pool—perfect for relaxing or entertaining. Close to schools, parks, shopping and more. With pride of ownership evident throughout, this home is move-in ready and offers a fantastic living experience. Don't miss your chance to make it yours!

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