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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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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9921 E Tiburon Avenue Mesa, AZ 85212

$539,999

4 Beds

3 Baths

2,248 SqFt

Status Active

MLS # 6708016

Property Type Single Family Residence

Price Type --

Brand New! Built in 2021 & gently used, this Mesa home offers wood-look tile flooring, a neutral pallet, upgraded carpet in bedrooms & loft, & soaring ceilings. The open kitchen boasts white shaker cabinetry, quartz countertops, stainless steel appliances & an island. 1 full bedroom & bathroom are located downstairs. Upstairs you will find a convenient laundry room & a large loft ideal for a game room, sitting area, or office. Primary retreat with an impressive ensuite with dual sinks & a walk-in shower. Private backyard with a covered patio, turf, & travertine deck. Also featured, a 2-car garage & a water softener. You'll love the quiet community of Cadence at Gateway with amenities like a community pool, clubhouse, sports courts, & a workout facility!

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4218 W Palace Station Road New River, AZ 85087

$539,999

4 Beds

3 Baths

1,951 SqFt

Status Active

MLS # 6756456

Property Type Single Family Residence

Price Type --

This charming 4-bedroom, 3-bathroom, home in the vibrant Anthem Community offers 1,951 sq ft of comfortable living. The family room is perfect for gatherings, while the primary bedroom features a walk-in closet and full ensuite bathroom for your convenience. The interior is airy and bright, with ceramic plank tile flooring that beautifully complements the neutral paint tones, and dual-pane windows enhancing the light-filled ambiance. The kitchen is a chef's delight with granite countertops, a breakfast bar, and ample cabinet space. Step outside to a covered patio overlooking a low-maintenance desert landscape, accented with beautiful pavers. The community offers fantastic amenities, including a children's playground, clubhouse, heated pool, and workout facility, making it the perfect home

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16535 W Lilac Street Goodyear, AZ 85338

$539,999

5 Beds

3.5 Baths

2,764 SqFt

Status Active

MLS # 6753259

Property Type Single Family Residence

Price Type --

Welcome to my Lilac St home. This property offers both comfort and convenience, featuring five bedrooms, three and a half bathrooms, updated kitchen countertops, newer tile, newer carpet, newer baseboards, and newer interior paint, also comes with a newer 2022 pebble-tech pool, hot tub, and updated backyard. Great neighborhood with schools and parks within walking distance. Don't miss out on this opportunity to own a fantastic home.

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19742 W Turney Avenue Litchfield Park, AZ 85340

$539,999

3 Beds

2 Baths

1,874 SqFt

Status Active

MLS # 6715935

Property Type Single Family Residence

Price Type --

Living in Verrado is not just living in a house, it is a greater sense of community. If you are looking for a newer construction home in Verrado, look no further! This farmhouse style home built by Toll Brothers in 2021 is unique. Walking in the door you will be captivated by the open concept, a large island, and multi-sliding door that tucks away inside the wall. Lots of storage around the home. Step outside into the backyard and enjoy all the shade while spending time on the huge porch. Enjoy the large backyard, fully landscaped with real grass! Upgraded interior with neutral colors, bold finishes with black hardware. 3 large bedrooms, 2 bathrooms, a spacious living space and a huge laundry room make this home very welcoming. Only lived in for a few months total. Almost new!

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620 S Laveen Drive Chandler, AZ 85226

$539,999

4 Beds

2 Baths

2,004 SqFt

Status Active

MLS # 6726937

Property Type Single Family Residence

Price Type --

Owner Financing Possible. Rare just remodeled 4 Bed, 2 Bath, 2 Car with 10,032 sqft private backyard & an outdoor kitchen. NO HOA or headaches, very quiet neighborhood! Hurry, 2,004 sqft homes like these with huge lots do not last in Chandler. Home has a 486 sqft addition to create an Arizona room. House itself has new roof, vaulted ceilings, walk-in primary closet and huge off primary office/2nd closet. Double sink primary bath/lighted mirror. New appliances in the kitchen. Formal living & dining rooms. New LVP flooring, granite counter tops & fresh paint inside/out. Recessed lighting. Kyrene Schools. Easy access to large parks, Chandler Fashion Center, dining, shopping, movies. Jump on the lower 202, 101 and 10 easily from this location.

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22831 N 103rd Lane Peoria, AZ 85383

$539,999

4 Beds

2 Baths

2,134 SqFt

Status Active

MLS # 6731668

Property Type Single Family Residence

Price Type --

WELCOME TO PEORIA.THIS HOME COMES W/ RV GATE, 3 CAR GARAGE & EXTENDED CONCRETE SLAB FOR ALL YOUR AUTOS. GREAT LOT SIZE 8,198 SQFT. COVER PORCH ENTRY. INSIDE IT BOASTS W/VOULTED CELLINGS, SPECIOUS LIVING RM, UNIQUE ARCH DESIGN THAT WILL TAKE YOU INTO KITCHEN W/ LARGE ISLAND, W/ LOTS OF WINDOWS & WINDOW COVERINGS. LAMINATE FLOORING THROUGHOUT,NO CARPET AT ALL. FANS T/O, COVER PATIO, NICE SIZE YARD. COME VISIT, MAKE THE OFFER.

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747 E Pasture Canyon Drive San Tan Valley, AZ 85143

$539,999

5 Beds

3 Baths

3,313 SqFt

Status Active

MLS # 6742691

Property Type Single Family Residence

Price Type --

Stunning modern 5BD+3BATH+LOFT+3 CAR GARAGE. Recently upgraded outdoor patio that's been transformed into an entertainers paradise, complete with built-in trampoline, artificial turf, and a cozy fire pit. Come home to gorgeous luxury vinyl plank flooring throughout the downstairs, with a kitchen that boasts matching stainless steel appliances, and the coveted gas range! Downstairs also includes 1 bedroom/office room with a bathroom down the hall. This home also features a large loft upstairs, excellent for converting to a spare room, or a bonus/playroom. Don't forget to relax in the primary sweet showcasing gorgeous barn doors, and a double vanity. Johnson Ranch includes access to 3 community pools. multiple playgrounds, picnic pavilions, basketball courts, volleyball courts, and an 18 hole golf course.

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5402 N Rattler Way Litchfield Park, AZ 85340

$539,999

4 Beds

2.5 Baths

2,984 SqFt

Status Active

MLS # 6748373

Property Type Single Family Residence

Price Type --

Wigwam Creek North. Spacious, highly sought after floor plan features 4 bedrooms+loft+den, 2.5 baths, gorgeous designer upgraded kitchen with recently added high end stainless steel appliances, Dining Room, impressive living room with 20+ foot soaring ceilings w/ remote control shades. Master Bedroom is spacious w/ a HUGE walk-in closet, garage has epoxy flooring w/ work area, alarm system. Designer paint, upgraded fixtures, and accents throughout. Backyard features a covered patio and well manicured grassy area. Only 3 houses down to neighborhood park w/ basketball courts, loads of play equipment to make your family happy!

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11915 S 184th Avenue Goodyear, AZ 85338

$539,999

3 Beds

3 Baths

2,020 SqFt

Status Active

MLS # 6741892

Property Type Single Family Residence

Price Type --

Pre-Paid Solar! This Goodyear home is a standout find in the prestigious gated golf course community of Estrella. Inside, you'll be welcomed by warm neutral tones of stone and elegant architectural arches, complemented by stylish flooring and rich espresso cabinetry in the open chef's kitchen. Entertaining is a breeze with stainless steel appliances, upgraded granite countertops, a stone backsplash, and a spacious walk-in pantry. This 3-bedroom, 3-bath home is filled with sophisticated details, including impressive guest accommodations with walk-in closets. The owner's suite features an upgraded tile shower and a large closet with direct access to the laundry room. Enjoy the benefits of a prepaid solar lease. Tree-lined streets and resort-like amenities include resident gyms, lakes, clubhouses, and a Troon-managed golf course designed by Nicholas.

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5320 W Manzanita Drive Glendale, AZ 85302

New

$539,995

3 Beds

2 Baths

2,078 SqFt

Status Active

MLS # 6762193

Property Type Single Family Residence

Price Type --

Explore this inspired Agate home, ready for quick move-in on a corner lot! Included features: a covered entry; a corner kitchen boasting 42'' upper cabinets, quartz countertops, pendant lights, 3x6 subway tile backsplash, and a stainless-steel appliance suite, a center island and an adjacent dining room; a large open great room; an elegant primary suite showcasing a large walk-in closet, 4x16 tile in the primary shower, and double sinks; a central laundry; two additional bedrooms and one additional bathroom; a wonderful flex room, covered patio and a 2-car garage featuring 8' door height, soft water loop, and a garage service door. This home also features satin nickel hardware throughout, 9x35 stone tile flooring in main areas, carpeted bedrooms, 2 panel doors, and ceiling fan prewire in all bedrooms, great room, and patio. You'll also find a tankless gas hot water heater, garage coach lights, front yard landscaping and pavers at the driveway and entryway.

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5350 W Manzanita Drive Glendale, AZ 85302

$539,995

4 Beds

3 Baths

2,078 SqFt

Status Active

MLS # 6761651

Property Type Single Family Residence

Price Type --

Explore this inspired Agate home, ready for quick move-in! Included features: a covered entry; a corner kitchen boasting 42'' upper cabinets, stainless-steel appliances, a center island and an adjacent dining room; a large open great room; an elegant primary suite showcasing a large walk-in closet, 4x16 stacked shower tile, and double sinks; a central laundry; a spacious flex room; three secondary bedrooms and two additional bathrooms; a wonderful, covered patio and a 2-car garage. This home also features matte black hardware throughout, 9''x35'' stone tile flooring, 2 panel doors, quartz kitchen countertops, and ceiling fan prewire in all bedrooms, great room, and patio. You'll also find a stainless-steel side by side refrigerator, tankless gas hot water heater, garage coach lights, front yard landscaping and pavers at the driveway and entryway. December completion date!

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