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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10342 E Naranja Avenue Mesa, AZ 85209

$540,000

4 Beds

3 Baths

1,937 SqFt

Status Active

MLS # 6745336

Property Type Single Family Residence

Price Type --

Rare opportunity to own a Blandford home in the highly sought-after Mulberry neighborhood of East Mesa. This 4 bed, 2 bath corner lot home features a gorgeous kitchen island and a den. Easy access to the 60 & 202 freeways, putting you just 25 minutes from Sky Harbor Airport. Enjoy the tranquility of a well-established community with the convenience of nearby shopping, dining, and entertainment. This won't last!

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2169 E Hazeltine Way Gilbert, AZ 85298

$540,000

4 Beds

2 Baths

1,734 SqFt

Status Active Under Contract

MLS # 6730134

Property Type Single Family Residence

Price Type --

Welcome to this delightful home in the serene Adora Trails! Discover a spacious great room with vaulted ceilings, a soothing palette, tile flooring, and sliding doors leading to the backyard for seamless indoor-outdoor living. The eat-in kitchen is equipped with granite countertops, pendant/recessed lighting, pristine white cabinetry with crown moulding, SS appliances, a pantry, and a two-tier peninsula with a breakfast bar. You'll also find a den ideal for an office or study. The main bedroom features soft carpeting, an ensuite with dual sinks, and a walk-in closet. Venture outside to the enchanting backyard, boasting a covered patio, stylish pavers, artificial turf, a relaxing spa, a gazebo equipped with electricity, and breathtaking mountain views. The AC unit is 3 years old, with newer water softener and water filtration and irrigation system. Gazebo comes with electricity perfect for family gatherings. Spa conveys! The garage door system with camera is only one year old (Manual and Wifi controlled). Home offers tankless water heater and water treatment system in addition to the water softener. A must see!

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235 S San Luis Rey Trail Casa Grande, AZ 85194

$540,000

4 Beds

3 Baths

2,444 SqFt

Status Active

MLS # 6712897

Property Type Single Family Residence

Price Type --

This highly desirable 4-bedroom gem is looking for its new owners! Prepare to be impressed by a fabulous interior showcasing archways, tile flooring, stylish light fixtures, and a formal dining room. Spacious great room is adorned with pre-wired surround sound, perfect for relaxing while watching your favorite movies. Open-concept kitchen boasts a plethora of white cabinetry, granite counters & backsplash, a pantry, stainless steel appliances, a two-tiered center island with a breakfast bar, and a breakfast nook with sliding glass doors to the back patio. Wood-look floors, an ensuite with dual sinks, and a walk-in closet complete this bright primary retreat. Wow! Generous-sized backyard offers a covered patio and a refreshing pool with rock waterfall. This value will not last long!

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3131 N Central Avenue Unit 3022 Phoenix, AZ 85012

$540,000

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6619473

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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1227 E Bruce Avenue Gilbert, AZ 85234

$540,000

4 Beds

3 Baths

2,050 SqFt

Status Active

MLS # 6748718

Property Type Single Family Residence

Price Type --

Seller will replace all carpet and padding for buyer with new carpet and pad at COE or give credit towards flooring of buyers choice. Welcome to your slice of paradise in the highly sought-after Lakeview Terrace at Wind Drift. This beautiful home is nestled between two majestic Gold Water Pines, offering abundant shade and a stunning curb appeal. As you approach, you'll be greeted by soaring vaulted ceilings fresh exterior paint, and an inviting ambiance that makes you feel right at home.The open and spacious floor plan seamlessly connects the living and dining areas, creating a warm yet expansive atmosphere. The large windows flood the space with natural light, enhancing the home's inviting charm. The kitchen is a chef's delight, featuring granite countertops, stainless steel appliances and modern cabinetry in warm tones. The eat-in kitchen, living room, and picturesque backyard are elegantly unified by tile flooring that extends to the covered patio, perfect for seamless indoor-outdoor living. The first floor includes a well-appointed bedroom, a full bathroom, and a convenient laundry room. Upstairs, you'll find two additional bedrooms connected by a Jack and Jill bathroom. One of these bedrooms, with its double doors, is currently utilized as an office or study, providing flexible living options. The primary suite is a true retreat, boasting double entry doors, vaulted ceilings, a combination of carpet and tile flooring, a walk-in closet, a soaking tub, a shower, and a double vanity. Step out onto the private, shaded balconya must-see feature of this home. This exceptional property is ideally located near Freestone Park, the Gilbert Recreation Center, and within walking distance of Gilbert High School.

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245 N Aztec Trail Wickenburg, AZ 85390

$540,000

3 Beds

2 Baths

1,654 SqFt

Status Active

MLS # 6751433

Property Type Single Family Residence

Price Type --

Nestled in a tranquil cul-de-sac within a sought-after neighborhood, this meticulously maintained 3-bedroom, 2-bath home offers a harmonious blend of comfort and style. With a thoughtfully designed split floor plan, you'll appreciate the privacy of the master suite, featuring a luxurious bathroom with a separate tub and shower. The property sits on nearly half an acre, adorned with mature landscaping that enhances the home's picturesque curb appeal. Enjoy the expansive outdoor space, perfect for gardening, play, or simply unwinding in your private retreat. A standout feature of this residence is the enclosed Arizona Room, providing an additional 390 square feet of versatile living space that is seperatley cooled/heated—ideal for a sunlit office, playroom, or cozy lounge. Kitchen and dining area were just painted and new appliances installed! There is a 3-car garage for your vehicles and storage needs. Home also offers a 18x30 foot covered RV parking space and a 10x14 Tuff shed. Homeowner just had the roof underlament replaced and that material has a 50 year warranty. This warranty is transferable to the new owners. Sellers also added a new driveway that gives easy access to the RV Carport. Leaf filters were recently added to the gutters on the back of the home.

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4567 S Joshua Tree Lane Gilbert, AZ 85297

$540,000

4 Beds

2 Baths

1,692 SqFt

Status Active

MLS # 6733167

Property Type Single Family Residence

Price Type --

**Remodeled Home in Coronado Ranch with Pool/Spa & an RV Gate can be Yours!** This 4bd/2bath Home Features: an Open Floorplan, Wood Plank Tile, Engineered Wood Plank Flooring & New Carpet throughout, 2-Tone Interior Paint, Custom Lighting, Fixtures & Fans, Recessed Lighting, Dual Pane Windows, Updated Bathrooms, Chef's Dream Kitchen with Beautiful Cabinetry, Spectacular Granite Countertops, Basin Sink, Pendant Lighting, SS Appliances, Pantry & an Island w/ a Breakfast Bar! Your Backyard Oasis is perfect for Entertaining & features: Pebble Tec Pool & Spa, Covered Patio, Custom Landscape & an RV Gate for extra storage of those Recreational Toys! 4th Bedroom/Flex Room is perfect for a Large Office or Home Gym. Great Location, Great Schools, Shopping, Restaurants & Golf all nearby!!!

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1414 E Stanford Avenue Gilbert, AZ 85234

$540,000

3 Beds

2 Baths

1,644 SqFt

Status Active

MLS # 6716549

Property Type Single Family Residence

Price Type --

Great Location in Gilbert! NON-HOA. Two car garage. 3 year old Trane AC unit. Electric Water Heater, 50 gallon, replaced 01/2024. Beautiful, mature, Ficus tree shades the front of this home. Enter the front door to the Formal Living Room/dining room. Continue into the open kitchen and Family Room. The kitchen has Hickory cabinets, Stainless steel sink, SS appliances, and a kitchen island. The eat in kitchen is expanded with a Bay Window. The Family Room has a wood burning fireplace. Enter the primary bedroom through the double doors. Don't miss the walk-in closet. Planter shelves and custom walk-in shower with drying area and window bench. Single, vessel sink (but the plumbing is still existing for dual sinks) Vaulted ceilings and ceiling fans. 2'' Faux blinds. The backyard is an Oasis Screened in Arizona Room to enjoy the breezy evenings. Pebble-tec pool expanded patio areas. Double gate on East side of home and expanded concrete for extra parking on West side (same side as garage) Built in garage cabinets. Non-HOA Community. Water softener loop. Fresh interior paint in the main areas of the home making it light and bright.

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15057 W Minnezona Avenue Goodyear, AZ 85395

$540,000

4 Beds

2 Baths

2,289 SqFt

Status Active

MLS # 6724420

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 4-bed, 2-bath home in Palm Valley! Providing a split 3-car garage, RV gate, extended driveway, & a manicured landscape. Inviting interior features vaulted ceilings, tons of natural light, designer paint, and tile flooring w/plush carpet in bedrooms. With separate living & family rooms, this home offers versatile spaces for both relaxation and entertainment. The eat-in kitchen boasts SS appliances, granite counters, ample wood cabinetry, recessed lighting, a pantry, and a center island. Hallway w/built-in desk & overhead cabinets! Main bedroom has an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Enjoy the fantastic backyard showcasing a covered patio, pavers, firepit area, artificial turf, lush lawn, string lights, & a sparkling pool! Just WOW!

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19436 S 208th Place Queen Creek, AZ 85142

$540,000

3 Beds

2.5 Baths

2,185 SqFt

Status Active

MLS # 6728562

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home featuring an efficient great room floor plan with three bedrooms and 2.5 baths. The interior boasts elegant granite countertops, upgraded cabinetry, designer flooring, GE stainless steel appliances, and window coverings throughout. Located at the southeast corner of Ellsworth and Germann Roads, this home is conveniently close to Phoenix-Mesa Gateway Airport, golfing, shopping, and dining. Gateway Quarter offers a fantastic community environment with a park featuring a ramada, basketball court, balance beams, climbing boulders, tree house, slide, and more. Don't miss your chance to call this exceptional property your home in the desirable location.

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9120 W Roma Avenue Phoenix, AZ 85037

$540,000

4 Beds

2.5 Baths

2,579 SqFt

Status Active

MLS # 6651100

Property Type Single Family Residence

Price Type --

Seller is offering $5,000 in closing cost assistance! Essentially Brand New, 4BR + Den + Loft, 2.5BA, 2-story home located in a gated community. This amazing home has all brand new carpeting, a large open Great Room, including separate den, 1/2 bath, tons of storage areas downstairs. The kitchen features stone countertops, breakfast bar, gas range/stove top, microwave, dishwasher, refrigerator and upgraded cabinets. The large master suite has a walk-in closet, double sink vanity and large shower. Gated community for privacy. Easy to maintain desert landscaping, covered patio and backyard is beautifully landscaped with pavers, stone and plants. Lots of the newest technology, for your convenience/safety. Easy access to the 10 and 101 freeways, close to shopping/restaurants and sports venue

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4691 S Palacio Way Gold Canyon, AZ 85118

$540,000

4 Beds

2 Baths

2,013 SqFt

Status Active

MLS # 6632448

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome home to this stunning property. With a natural color palette throughout, this house exudes a sense of tranquility and serenity. The master bedroom boasts a spacious walk-in closet, providing ample storage for all your wardrobe essentials. In addition to the master suite, you'll find other rooms that offer flexible living space. The primary bathroom features a separate tub and shower, perfect for unwinding after a long day. With double sinks and good under sink storage, you'll have plenty of space to keep all your toiletries organized. Step outside to your private oasis, complete with a fenced-in backyard and a refreshing in-ground pool. The covered sitting area is ideal for outdoor entertaining or simply relaxing and enjoyi

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