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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1900 N Fray Marcos Lane Sierra Vista, AZ 85635

$539,900

3 Beds

2.5 Baths

2,293 SqFt

Status Active Under Contract

MLS # 6728346

Property Type Single Family Residence

Price Type --

SELLER OFFERING 2% ($10,798) IN CONCESSIONS FOR 2-1 BUYDOWN OR CLOSING COSTS. Exquisite, completely remodeled 3 bedrooms, plus den/office, 2 ½ bathroom home in the Ranchos Carmela Estates. nestled on a spacious 1.76-acre corner lot within a cul-de-sac surrounded by mountain views. Beautiful finishes throughout, showcasing meticulous attention to detail that will completely exceed expectations. The spacious, open concept, split floor plan features a modern design that harmoniously blends style and comfort. Savor the smooth continuity between each room that effortlessly allows for both relaxation and entertainment. Step outside to the expansive grounds where nature's beauty meets the comfort of home while you unwind on the covered back patio. Great for relaxation and entertaining.

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23440 N 21st Place Phoenix, AZ 85024

$539,900

3 Beds

2 Baths

1,550 SqFt

Status Active Under Contract

MLS # 6755532

Property Type Single Family Residence

Price Type --

Welcome to 23440 N. 21st Place, a 3-bedroom, 2-bathroom home located in the highly sought-after Mountaingate North community in North Phoenix! This bright & inviting residence is perfect for those seeking a blend of comfort and style. Step inside and be wowed by the high ceilings & abundant natural light that fill the space, creating a warm & welcoming atmosphere. The open kitchen is a dream for both cooking & entertaining, while the split floorplan ensures privacy & flexibility for everyone. Plantation shutters add a touch of elegance, and the mountain views provide a picturesque backdrop to your everyday life. With tons of storage, including built-in cabinets in the 2-car garage and epoxy floors for easy maintenance, you'll have plenty of room for all your essentials. Convenience is key with this location! You're just minutes away from freeways, Desert Ridge shopping, entertainment & dining options. Plus, you'll be in the highly-regarded Paradise Valley school district, making it an ideal location!

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17359 W Grant Street Goodyear, AZ 85338

$539,900

3 Beds

2.5 Baths

2,517 SqFt

Status Active

MLS # 6738718

Property Type Single Family Residence

Price Type --

Discover this beautiful single-story courtyard home in the Canyon Trails community. This home has 3 large bedrooms + den, perfect for a growing family or home office. The large kitchen has newer stainless steel appliances, pull-out pantry drawers, granite counters, and above-cabinet lighting. All appliances convey, including the refrigerator in the garage. This home includes a whole house RO system, water softener, misting system on back patio & epoxy floors in the garage and primary. The primary suite includes a custom closet, and the garage offers ample storage with cabinets and shelving. There are no two-story neighbors, ensuring privacy. Located near the 303 and I-10, don't miss out on this opportunity to own this remarkable home with a 3-car garage & abundant storage!

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701 N Apache Drive Chandler, AZ 85224

$539,900

3 Beds

2 Baths

1,760 SqFt

Status Active Under Contract

MLS # 6749161

Property Type Single Family Residence

Price Type --

Beautifully remodeled 3 bed, 2 bath, single level home situated on a large cul-de-sac lot within Karen Manor (No HOA). Charming curb appeal w/ virtually no maintenance needed & new automatic watering system. New exterior paint, & 2 car garage w/an extended driveway. Inside has an open floor plan w/ gorgeous wood like flooring throughout, living, dining, & sitting area w/ a cozy fireplace. The stunning kitchen boasts SS appliances, pristine custom cabinetry w/brass hardware, off white square tile backsplash, quartz countertops, an oversized island w/breakfast bar, & walk-in pantry. The primary bedroom features a luxurious ensuite bathroom w/dual sink, custom vanity, walk-in closet, designer fixtures & floor to ceiling Bedrosians tile in the shower. The sliding glass doors lead to the wonderful backyard equipped w/ sparkling pool, covered patio, & turf! Perfect for entertaining & relaxation. Brand new roof as of 2024 & all new windows throughout. Centrally located & just minutes away from the 202, 101 & 60. Just a bike ride away from multiple parks, & plenty of restaurants & shopping nearby.

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1838 S 173rd Drive Goodyear, AZ 85338

$539,900

4 Beds

3 Baths

2,549 SqFt

Status Active

MLS # 6757497

Property Type Single Family Residence

Price Type --

This stunning residence features 4 spacious bedrooms and 3 elegant bathrooms, and a loft, designed with comfort and style in mind. The heart of the home is the gourmet kitchen, showcasing beautiful wood cabinets, a chic mosaic backsplash, and top-of-the-line stainless steel appliances. The kitchen also boasts luxurious granite countertops, a generous pantry, and a large island, ideal for cooking and entertaining. The expansive primary bedroom is a true retreat, complete with a walk-in closet and a sumptuous en-suite bathroom featuring dual sinks and a separate shower. Step outside to discover your private oasis. The covered patio provides a perfect spot for relaxation, while the sparkling pool offers a refreshing escape. Enjoy al fresco dining at the built-in BBQ with bar, ideal for hosting any gatherings. With a 3-car garage and a thoughtfully designed layout, this home combines modern amenities with timeless appeal. 1-Year Full Home Warranty! Solar will be paid in full at close of escrow! Don't miss the chance to make this exceptional property yours!

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13549 W Paso Trail Peoria, AZ 85383

$539,900

3 Beds

3 Baths

2,258 SqFt

Status Active

MLS # 6755494

Property Type Single Family Residence

Price Type --

Check out this outstanding property in the booming NW Valley. Singel level, 3 bedms & 3 full baths, Kitchen is perfection with 42-inch cabinets & granite counters, kitchen island w/ gas stove/oven. Formal dining. Tile in the all the right places, new carpet and freshly painted. Bedrooms are great size with nice closet space. Master has huge shower & double sinks. Large great room w/ masssive rear slider leading to the backyard a with stone pavers, fountain & synthetic grass. Check out the 4 car tandem garage for plenty of storage & room for cars and toys. Added bonus, property has Solar with an assumable lease.

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3935 E Rough Rider Road Unit 1076 Phoenix, AZ 85050

$539,900

2 Beds

2 Baths

1,940 SqFt

Status Active

MLS # 6713482

Property Type Townhouse

Price Type --

Resort-style living, including 2 pools, hot tub, pickle ball, tennis, walking trails, volleyball court, workout center, open green space, and remodeled community center used for fun neighborhood activities. HOA covers water, sewer, trash, common areas. ALL INCLUDED with this move-in ready private corner unit townhouse. Open floor plan. Split bedrooms provide great privacy. Beautiful loft overlooks the great room and works perfectly for an office, game room, extra family room, or entertaining space. Primary bedroom will fit your king-sized furniture perfectly. Spacious two car garage and ample guest parking. Golf club, sports and nature trails nearby! Refrigerator, washer, and dryer convey.

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1213 N Raven -- Mesa, AZ 85207

$539,900

4 Beds

2 Baths

1,864 SqFt

Status Active

MLS # 6723415

Property Type Single Family Residence

Price Type --

4 bed 2 bath split-level home w/large lot, no neighbors behind & no HOA. This home is well-maintained, fresh paint, two master bedrooms, one up & one down. There is lots of entertaining space, with the family room off the kitchen & a great room w/dry bar on the lower level. The home has dual-pane vinyl windows featuring great views and allowing lots of light into the home. The kitchen has ample cabinets and a pantry. There is a diving pool surrounded by cool-deck, lots of room for entertaining with two deck patios for your outside activities. The home has additional storage under the deck & stairs. The two-car garage has storage cabinets & there is a large city-maintained park in the rear. The home is Close to schools, shopping, banking, 202 freeway, Salt River, lakes, hiking and biking. Across the street from Red Mountain Park with fishing, pickleball, disk golf, and soccer fields and close to Red Mountain Baseball Complex

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18157 W Las Palmaritas Drive Waddell, AZ 85355

$539,900

3 Beds

2 Baths

2,144 SqFt

Status Active

MLS # 6741143

Property Type Single Family Residence

Price Type --

VA ASSUMABLE LOAN! 2.75% interest rate! PREPAID Solar Lease! GORGEOUS MOUNTAIN VIEWS! Welcome to your dream home in Waddell! This stunning and meticulously maintained property boasts a PREMIUM LOT with breathtaking, unobstructed VIEWS of the majestic White Tank Mountains. The lush green GRASS and PERGOLA with outdoor BBQ area make for the perfect oasis in your backyard. Get ready to host the ultimate get-togethers with family & friends! The home itself is move-in ready and features a desirable split floor plan with 3 bedrooms / 2 baths, providing the utmost PRIVACY and comfort for you & your loved ones. The 3 car EXTENDED GARAGE offers ample storage space for all your toys and hobbies. And with BRAND NEW APPLIANCES and FLOORING, you can simply unpack and start enjoying your new HOME! But that's not all - this home also comes with a PAID OFF SOLAR lease, saving you money on your energy bills! Imagine spending quiet evenings gazing at the FULL NIGHT SKY from your backyard with no obstructions. Simply magical! YARD WAS COMPLETELY REDONE IN 2022-2023 AT A COST OF $21,000 Located near the White Tank Regional Park, you'll have access to a wide variety of outdoor activities such as hiking, camping, and more. And with easy access to the 303, you can enjoy a quick commute to work while still enjoying the peaceful small town feel of Waddell. Don't miss out on the opportunity to call this amazing property your own.

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357 W Canyon Street Apache Junction, AZ 85120

$539,900

3 Beds

2 Baths

1,899 SqFt

Status Active

MLS # 6744802

Property Type Manufactured Home

Price Type --

This beautiful home surrounded by amazing Mountain Views and City Lights all from your very own porch. The 1.25 acres allows for the big garage/workshop big enough for the RV, toys and hobbies. Many upgrades in the inside of the home starting with the open spacious gourmet Kitchen with lots of counter space. Large Farm sink with beautiful cabinets and stainless-steel appliances. Open floor plan with tile laminate flooring through-out, a formal dining area, large bedrooms with walk-in closets. The Master bathroom has double sinks and a huge shower.

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22278 N 180th Drive Surprise, AZ 85387

$539,900

5 Beds

4.5 Baths

3,223 SqFt

Status Active Under Contract

MLS # 6714073

Property Type Single Family Residence

Price Type --

Expansive 5-bedroom, 4.5-bathroom home featuring a den, mother-in-law suite with a full bathroom, and a bonus room! Spanning an impressive 3,223 sqft, this residence offers abundant living space for all your needs. Enjoy the benefits of financed solar, ensuring energy efficiency. The covered patio overlooks a large premium lot with block fencing, providing privacy and space for outdoor activities. Additional features include a 3-car garage with an RV gate. The community amenities are top-notch, featuring a pool, pickleball courts, and more, making this home perfect for both relaxation and recreation!

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19206 N Palo Verde Drive Sun City, AZ 85373

$539,900

3 Beds

2 Baths

2,480 SqFt

Status Active

MLS # 6681900

Property Type Single Family Residence

Price Type --

BEAUTIFUL SUN CITY PROPERTY WITH GOLF COURSE VIEWS. HOME BOASTS 3 BEDROOMS, 2 BATHS, PLENTY OF SPACE FOR ENTERTAINING. GALLEY KITCHEN AND BAR AREA, FORMAL DINING AND LIVING AREAS, LARGE FAMILY ROOM WITH EXCEPTIONAL GOLF COURSE VIEWS. LARGE PRIMARY SUITE WITH PLENTY OF CLOSET SPACE AND BATH WITH WALK THROUGH SHOWER & DOUBLE SINKS. 2 MORE BEDROOMS, LAUNDRY ROOM AND EXTRA STORAGE SPACE. ENJOY THE VIEWS AND SUN CITY AMENITIES.

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