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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10017 E Mountain View Road Unit 2064 Scottsdale, AZ 85258

$540,000

2 Beds

2 Baths

1,446 SqFt

Status Active

MLS # 6651749

Property Type Apartment

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LOCATION, LOCATION, LOCATION!!! RARELY coming on the market! Large 1,446 sq ft corner upstairs condo with 2 bedrooms and 2 bathrooms. This condo has an awesome balcony view overlooking lush green laguna, water fountains and close to the pool. Recently remodeled kitchen, newer A/C unit, water heater, kitchen appliances, wooden shutters, laminate flooring. Second guest bathroom was recently updated with new walk-in shower, flooring, and vanity. Condo has 1 garage and 1 covered carport. Only minutes away from Mayo Clinic, HonorHealth hospital, Scottsdale Police Headquarters, Talking Stick Resort and Casino , Salt River baseball fields, many restaurants, stores, medical offices, grocery stores, etc. YOU WILL LOVE THIS PLACE .

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7351 W Palo Brea Lane Peoria, AZ 85383

$540,000

3 Beds

2.5 Baths

2,519 SqFt

Status Active

MLS # 6738686

Property Type Single Family Residence

Price Type --

This charming two-story home in the gated Sonoran Mountain Ranch community offers a blend of comfort and convenience. It features three spacious bedrooms, 2.5 baths, and a dedicated office/den for work or study. The oversized loft area provides additional flexible living space. The living room showcases elegant stonework, while the kitchen boasts a large island with granite countertops and a stylish backsplash. Enjoy beautiful mountain views and easy access to the community pool, enhancing your lifestyle in this desirable location.

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2511 W Queen Creek Road Unit 350 Chandler, AZ 85248

$540,000

2 Beds

2 Baths

1,350 SqFt

Status Active Under Contract

MLS # 6739552

Property Type Apartment

Price Type --

INVESTORS HEAVEN! Ready to rent, FULLY FURNISHED, upgraded, and excellent reviews on VRBO. Lakeside resort style living in the heart of downtown Ocotillo. Located in the most desirable building in the complex with stunning lake views from the entire unit and the covered balcony. Tandem extra parking space included. Kitchen boasts bright natural light and white quartz counter tops. Extremely spacious primary bathroom includes walk in shower, walk in closet, and double sinks. Lakeside resort style living offers fitness center, steam rooms, cabanas, bbq pits, game room, heated pool/spa. Easy access to major highways I-10,101, and 202.

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3004 W Perdido Way Phoenix, AZ 85086

$540,000

3 Beds

2.5 Baths

2,091 SqFt

Status Active Under Contract

MLS # 6686276

Property Type Single Family Residence

Price Type --

Located in the heart of the I17 Job growth corridor just miles away from the TSMC chip plant this home is perfect for families looking for great schools or investors that want to own in a master plan with no rental restrictions. Enjoy the natural desert beauty, rolling foothills and awesome sunrises of Tramonto. With close proximity to desert hiking and walking trails, great shopping and restaurants, acres of beautiful public parks and easy freeway access to work as well as simple drives to destinations like Sedona or Lake Pleasant, this community offers an amazing lifestyle. The home has an open bright floor plan, high ceilings, oversized bedrooms & closets and a resort style pool and backyard. EV outlet, water softener, upgraded flooring are the icing.

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17525 W Desert Sage Drive Goodyear, AZ 85338

$540,000

5 Beds

3 Baths

2,950 SqFt

Status Active

MLS # 6727901

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 5-bed, 3-bath home is an entertainer's paradise, featuring luxurious amenities that will delight both friends and family. The outdoor oasis boasts French doors that lead to a breathtaking pebble tech pool, surrounded by a cool deck perfect for hot summer days. Enjoy a cool retreat under the large covered patio equipped with a ceiling fan, or cozy up by a fire pit on chilly evenings. The lush grass backyard is perfect for outdoor activities. Inside, you'll find spacious living areas including a HUGE bonus room that can be used as a game room, media room, or extra living space. Ceiling fans throughout the home ensure comfort in every room, and the neutral colors make it easy to personalize. The chef's kitchen features an open layout with elegant granite countertops. A large kitchen island provides plenty of space for meal prep and casual dining, while ample storage is available with the spacious pantry. The luxurious master suite offers a separate shower/ tub, glass block accents, and dual sinks for a spa-like experience. Additional highlights include a front yard with low-maintenance desert landscaping, garage with epoxy floors, and ample cabinet storage. Location, Location, Location!!! Estrella has over 50 miles of hiking and biking trails, pools, lakes, yacht club, work out facility, heated lap pool, water slides, major retail and restaurants and much much more!

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5040 E Shomi Street Phoenix, AZ 85044

Open House

$540,000

3 Beds

2 Baths

1,926 SqFt

Status Active

MLS # 6754972

Property Type Single Family Residence

Price Type --

This is a beautifully professionally remodeled and updated home. EVERYTHING has been done with all the latest on-trend features. New kitchen, granite counters, Breakfast Bar, new stainless steel appliances. All new LVP flooring, spacious open Great Room Floorplan with fireplace. Formal Dining or Breakfast space, 3 generously sized bedrooms, primary has a terrific walk in closet. All new baths and tile work, AC, Roof, updated landscaping and a Fantastic Arizona Room which is vented for additional usable space. New vinyl dual pane windows for added efficiency. Don't miss out on this beauty in a great neighborhood with close proximity to everything you need. Move in Ready!

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21420 N Verde Ridge Drive Sun City West, AZ 85375

Open House

$540,000

2 Beds

2 Baths

1,669 SqFt

Status Active

MLS # 6753975

Property Type Single Family Residence

Price Type --

THIS GOLF COURSE BEAUTY WILL KNOCK YOU OUT! Live like you're on vacation every day in prestigious Sun City West. Home is nicely laid out with good sized rooms and has been meticulously cared for by seller. Home is the whole package with triple pane/tinted windows and PAID FOR SOLAR! Popcorn has been removed, wide custom baseboards. Roof re done in 2021, newer AC in 2020 and extra insulation makes this home ''CERTIFIED ENERGEY EFFICENT'' Stunning large lot, with views of mountains and pretty green golf course! Go now and see what Sun City West has to offer. Great price and low property taxes make this a true gem!

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18824 W Denton Avenue Litchfield Park, AZ 85340

Open House

$540,000

4 Beds

3 Baths

2,843 SqFt

Status Active

MLS # 6643245

Property Type Single Family Residence

Price Type --

Welcome home! Listed below appraised value this 4-bed, 3-bath home has attractive curb appeal with stone accents, OWNED SOLAR, and a welcoming front porch. Fall in love with the great room showcasing high ceilings, recessed lighting, a neutral palette, and wood-look flooring. In the kitchen you'll find quartz counters, grey shaker cabinets, a sleek tile backsplash, SS appliances, chic pendant lighting, a walk-in pantry, and a central island with a breakfast bar. A cozy loft is ideal for an office or a media room. The main bedroom is complete with soft carpeting, a walk-in closet, and a private bathroom with dual sinks. Host fun gatherings in the backyard, featuring a covered patio, low-maintenance artificial turf, pavers, and a charming ramada. This value won't disappoint!

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5973 W Mercury Way Chandler, AZ 85226

Open House

$540,000

4 Beds

2.5 Baths

2,018 SqFt

Status Active

MLS # 6728199

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 4 bedroom, 2.5 bathroom, 2-story home in the desirable Kyrene School District. Inside you will find new paint throughout including the kitchen cabinets and bathroom cabinets. The open floor plan connects the living, dining, and kitchen areas, making it perfect for entertaining and family gatherings. The kitchen has beautiful granite countertops, a large island and plenty of storage space. Outside, the low-maintenance front and back yard offer easy upkeep, allowing you to spend more time relaxing and less time on chores. Conveniently located near the I-10, 101, and 202, Intel and other Fortune 500 companies.

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16031 W Cameron Drive Surprise, AZ 85379

Open House

$540,000

3 Beds

2 Baths

2,467 SqFt

Status Active

MLS # 6736914

Property Type Single Family Residence

Price Type --

Seller's concessions! Pristine condition home! Pass through hallway to large open concept. Great room, kitchen and dining area exceptional. 83 inch TV with sound system, Samsung refrigerator with 6 personalized panels. Beautiful stainless steel hood over center island. Dining area could accommodate large dinner parties. Primary bedroom is in back of home with oversized shower and double vanity. Plantation shutters on all windows except 2 front bedrooms. Wonderful space in backyard for entertaining includes hot tub with pergola roof, sitting area and synthetic grass area. Green Belt directly behind house. Solar owned. Short drive away you'll find Prasada Center and 303 for easy commute.

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1537 W Impala Avenue Mesa, AZ 85202

Open House

$540,000

4 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6713851

Property Type Single Family Residence

Price Type --

Look no further! This beautiful home sits on a corner lot and features 4 bedrooms 2 bathrooms a 2.5 car garage, RV gate, and low maintenance landscaping. Discover a sunken living room offering a stunning stone fireplace which opens to formal dining. Through the French doors you'll love the cozy, inviting family room which opens to the light and bright kitchen where you have granite counter tops and mosaic tile backsplash along with large windows and backyard views. Primary bedroom includes French doors to the back, a walk-in closet, and a private bathroom w/extra outdoor access. The backyard is an entertainers dream with two covered patios, fire pit, putting green, and a sparkling pool, this space promises year-round enjoyment. All this in an unbeatable location. Conveniently located to freeways, dining, shopping, schools, golfing, Sky Harbor Airport and much more. Come take a look for yourself!!

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1337 W Latham Street Phoenix, AZ 85007

Open House

$540,000

3 Beds

1 Bath

1,149 SqFt

Status Active

MLS # 6725924

Property Type Single Family Residence

Price Type --

Built in 1930, this historic ranch boasts character and charm. Step through the front entry to find curved archways, hardwood floors, and natural light throughout. The formal dining room and kitchen feature artistic tile floors, quartz countertops, and modern green cabinets. Beyond the kitchen, the remodeled attached laundry room holds plenty of additional pantry space. The interior plumbing was updated in 2021, which included a full bathroom remodel aside from the historic original tub. Through the back doors, a sprawling backyard awaits complete with artificial turf, a large patio, bistro lights, and a storage shed. Located in the desirable FQ Story Historic Neighborhood, below the I-10, this is a true downtown Phoenix home.

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