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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642 W Scott Avenue Gilbert, AZ 85233

$539,900

4 Beds

2 Baths

1,899 SqFt

Status Active

MLS # 6715499

Property Type Single Family Residence

Price Type --

Located a short distance from downtown Gilbert, this 4 bed 2 bath home WITH 3 CAR GARAGE is calling your name! BRAND NEW AC UNIT!! Spacious, clean, open floor plan showcases plenty of natural light with vaulted ceilings. The kitchen is the centerpiece of the floor plan complete with granite countertops, huge kitchen island with seating for 4, RO system, stainless steel refrigerator, ample dining space, and looks over the backyard perfectly. The large master bedroom features a walk in closet, double sinks, separate tub and shower. Enjoy Arizona sunsets from the comfort of your covered patio with pavers overlooking your lush green backyard. The high efficiency solar offsets the monthly electrical bill entirely!

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15674 W Montecito Avenue Goodyear, AZ 85395

$539,900

4 Beds

2.5 Baths

3,083 SqFt

Status Active

MLS # 6744433

Property Type Single Family Residence

Price Type --

A fantastic 4 bed, 2.5 bath residence is now on the market! Stunning curb appeal, a manicured landscape w/lush grassy areas, and 3 garage spaces are just the beginning. Inside you will find spacious dining & living areas w/soft carpet in all the right places and warm palette throughout. The fabulous eat-in kitchen is equipped w/everything you'll need for home cooking, wood cabinetry w/crown molding, a pantry, granite counters, built-in appliances, and a peninsula w/a breakfast bar. Relax & unwind in the primary bedroom, a private sitting room w/double doors, Romeo/Juliet style balcony access, a walk-in closet, and a full ensuite w/dual sinks. Also including an expansive backyard w/a covered patio and well-laid pavers, this home has it all! WOW- see pictures of potential pool 3D rendering! Premium oversized LOT! Location, Location - -LOCATION!!!!!! Home is Absolute Turn Key and has been barely lived in. the Pride of homeownership shows on this one. What are you waiting for- go see today! See pictures for possible pool rendering for HUGE entertaining back yard. Great entertainers delight home with high end surround sound. Lot Large enough for possible RV Gate on East side of house (with HOA approval).

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3335 W San Cristobal Road San Tan Valley, AZ 85144

$539,900

3 Beds

2.5 Baths

2,165 SqFt

Status Active

MLS # 6575201

Property Type Single Family Residence

Price Type --

Beautifully Landscaped Master Planned Community by Fulton Homes. Located within minutes of major shopping, restaurants, and freeways. Promenade is at the base of the San Tan Mountains. There are Six Parks throughout the community, one of which is an Aquatic Center with a 7,400 square foot pool. Full basketball and sand volley ball courts. Bocce ball court, pickle ball court, and corn hole are available. Ramada's, Tot Lots, BBQ's, an entry waterfall, and acres of landscaped and grass areas make Promenade your Oasis in the Desert. Some of the photos are of the Model Home since the listing is still under construction. We look forward to meeting you soon.

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1822 N 164th Drive Goodyear, AZ 85395

$539,900

2 Beds

2 Baths

1,673 SqFt

Status Active

MLS # 6707720

Property Type Single Family Residence

Price Type --

Welcome to the 55+ guard-gated PebbleCreek! Nestled on a prime lot adjacent to a common area, this beautiful home boasts charm inside & out. Offering 2 beds, 2 baths, mature landscape, and a 2.5-car & golf cart garage. Discover an inviting interior showcasing plantation shutters, two-tone paint, tons of natural light, & tile flooring w/plush carpet in bedrooms. Perfect for entertaining, you'll love the desirable open layout! The impressive kitchen features SS appliances, granite counters, tile backsplash, recessed & pendant lighting, ample cabinetry w/crown molding, and an island w/breakfast bar. Need space for a home office? The versatile den awaits! Main bedroom has an ensuite with dual sinks & a walk-in closet. Outback, you have an extended covered patio to relax or enjoy BBQ. Act now!

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2293 S 161st Avenue Goodyear, AZ 85338

$539,900

3 Beds

2.5 Baths

2,719 SqFt

Status Active

MLS # 6683546

Property Type Single Family Residence

Price Type --

Located within the Welcoming Sarival Village neighborhood, this charming home offers 2719 sq ft, 3 bedrooms 2.5 bath w/ additional office & loft area. New Main A/C Unit & Furnace. Close proximity to schools & lush parks, it stands as an idyllic haven for anyone seeking both a nurturing environment & easy access to recreational facilities. Upon entering, you are greeted by an inviting layout designed to foster togetherness & relaxation. The spacious family room & living area bathed in natural light, serves as the perfect gathering spot for quality time w/ loved ones. Adjoining this central space lies a fully-equipped kitchen, boasting stainless steel appliances, walk-in pantry, granite countertops w/ ample counter space, tons of cabinet space for culinary endeavors & shared meals. Tucked away on the upper level are multiple cozy bedrooms, each offering a private retreat for family members to unwind and recharge. The master suite exudes tranquility, featuring a luxurious en-suite bathroom, w/ two sinks, vanity, soaking tub & generous closet space for added convenience. Additional bedrooms provide versatility to accommodate children, guests, or serve as dedicated home offices or hobby rooms. For those in need of storage solutions, the home provides ample closets throughout, as well as additional garage cabinets capable of housing recreational equipment, seasonal decor, & more. Some of the home updates for your comfort, include: Newer Exterior paint, newer water heater, large wine fridge, water softener & sunscreens. But wait, Your enjoyment does not end there, an oversized back patio invites you to entertain & enjoy a Luxurious, sparkling pool w/swim up built in table area & lush mature landscaping, that envelops the beauty of the unhindered backyard distant mountain view, & no houses behind! Included as a bonus to your outdoor oasis a jacuzzi awaits you on those cooler nights, or long days. Even more, a dog run or extended side yard for additional purposes. Beyond the confines of the home, the neighborhood further enhances its appeal, with sidewalks perfect for evening strolls & surrounding community parks, restaurants, shopping & entertainment which embodies the quintessential suburban dream, making it an ideal setting for raising a family filled with love, laughter, & cherished memories. Come & see for yourself, your Dream Home Awaits! PS. If you love Spring Training, Nascar, Motorbiking, Hiking, golfing, dog parking.. All of these activities are within minutes of this Beautiful Home!

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7508 S 20th Street Phoenix, AZ 85042

$539,900

4 Beds

3 Baths

2,634 SqFt

Status Active

MLS # 6668528

Property Type Single Family Residence

Price Type --

Spectacularly remodeled 4 bdrm/3 bath home w/ additional large upstairs suite that has its own private entrance, fireplace, bathroom, & large closet - perfect for older children, guests, or possibly even as a rental. New patio doors open to a HUGE lot w/ multiple covered patios, a pergola, a BBQ, a storage shed, & even an outdoor sink. New kitchen w/ beautiful cabinets & quartz counters. Multiple rooms incl. the master bedroom have high vaulted ceilings. Large wood-burning fireplace in living room w/ stone from floor to ceiling. Brand new SS appliances convey to buyer. New, luxury vinyl floors throughout. All 3 showers are newly tiled. All new fixtures + ceiling fans! Fresh paint in/out. OWNER/AGENT.

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2933 E Blue Ridge Way Gilbert, AZ 85298

$539,900

4 Beds

2.5 Baths

1,974 SqFt

Status Active

MLS # 6746402

Property Type Single Family Residence

Price Type --

Visit this home and see what is so inviting about Shamrock Estates. Located ½ block away from CTA Freedom and boasting an 11,000+ sq ft pie shaped lot that backs to a sunken greenbelt that offers great privacy! Exterior paint completed '21, fresh interior paint (8/24), brand new carpet (8/24), cabinets freshly painted (8/24)!!!! 4 bed, 2.5 bath + loft, primary bedroom downstairs w/ remaining 2nd bedrooms up w/ huge loft!!!! Backyard is massive w/ pebble finished pool w/ waterfall feature, RV gate and view fencing extended patio! Kitchen complete w/ gas oven, brand new microwave, S/S dishwasher, crown molding on the tastefully painted cabinets. Move in ready home in an amazing subdivision w/ multiple greenbelts, walking trails, parks and award winning school!

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5909 N 195th Drive Litchfield Park, AZ 85340

$539,900

4 Beds

3 Baths

2,272 SqFt

Status Active

MLS # 6732101

Property Type Single Family Residence

Price Type --

Move-In Ready with $35,000 in Upgrades - No Need to Wait on New Construction! Why wait months for a new build when you can move into this like-new home now, packed with high-end upgrades that would cost you thousands more with new construction? This stunning property comes with a water softener system, reverse osmosis system, beautifully upgraded lighting, flooring, and custom closets! The fully landscaped backyard is an entertainer's dream, featuring a 6-person master spa, ambient lighting, and a cozy fire pit. Plus, the natural gas lines are already in place for your outdoor cooking needs. You'll love the no-neighbor privacy behind your home, offering serene, unobstructed views. Located within the highly sought-after Verrado school district, this home provides access to top-rated education. The community also boasts scenic walking paths and a playground, making it ideal for families. Skip the stress, delays, and extra costs of new construction - this home is ready for you now, with luxury finishes and outdoor features you won't find at this price in a new build. Don't miss your chance to enjoy a faster, easier move into the home of your dreams!

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6920 W Getty Drive Phoenix, AZ 85043

$539,900

4 Beds

2.5 Baths

3,195 SqFt

Status Active

MLS # 6744876

Property Type Single Family Residence

Price Type --

Experience comfort and style in this awesome two-story home! Come inside to find a welcoming living room with a high ceiling and abundant natural light, perfect for receiving guests. Durable tile flooring, plantation shutters, and neutral paint can't be left unsaid. The family room is ideal for intimate gatherings! The eat-in kitchen showcases a center island, crown moulding in cabinets, granite counters, and SS appliances. Discover a main retreat boasting a full bathroom with a dual sink vanity, a separate tub/shower, and a walk-in closet. The low-maintenance backyard has a covered patio, a lovely paved seating area, a fire pit, and a synthetic grass area. You won't be disappointed!

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13218 W Castle Rock Drive Sun City West, AZ 85375

$539,900

3 Beds

2 Baths

2,330 SqFt

Status Active

MLS # 6759179

Property Type Single Family Residence

Price Type --

Fully remodeled 3BR house with high end upgrades on oversized lot located on semi-cul-de-sac with mature fruit trees in amazing active adult 55+ community of Sun City West. Open split floor plan with separated master quarter and guest bedrooms area, featuring Chef's kitchen with huge waterfall style island ideal for entertaining events and plenty of storage. Designer style bathrooms with curb less access walk in showers and featured rain shower heads. All bedrooms have walk in closets. Durable waterproof luxury vinyl plank floor in entire house. All doors and windows have been replaced. New roof was installed in January 2024 with active warranty. New HVAC ductwork, new plumbing lines including new water heater and most of electrical system has been replaced during renovation

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25660 S Howard Drive Sun Lakes, AZ 85248

$539,900

3 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6710555

Property Type Single Family Residence

Price Type --

Move-In Ready Remodeled Home with Modern Features in a Prime Location. 40+ community , The home is adorned with dual pane windows, providing abundant natural light while enhancing energy efficiency and sound insulation. A new roof ensures peace of mind and protection from the elements, adding to the overall quality and value of the property. Conveniently situated near the Cottonwood Club House, restaurant, and pool, this home offers easy access to a vibrant community hub where you can socialize, dine, and relax with friends and neighbors. Enjoy the convenience of nearby pickleball and tennis facilities, perfect for staying active and enjoying the outdoors.

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379 E Las Puertas Lane San Tan Valley, AZ 85140

Open House

$539,900

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6750768

Property Type Single Family Residence

Price Type --

Amazing opportunity to live in a gorgeous beautifully Valletta model! Spacious and open floor plan, great home for entertaining or as a fantastic investment opportunity!!! Many upgrades that you must see! Beautiful wood/like tile throughout the home adds a touch of warmth to make this feel like home! The kitchen is a chef's dream with gorgeous quartz countertops and sleek white cabinets. The secondary bedroom and bath offers privacy for your overnight guests and the open den / office offers extra space separate from the main living area. The luxurious master bath offers an upgraded tiled shower and walk in closet! Fenced rear yard and patio offers your private entertaining area or just relaxing. This is a must see!!

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