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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15528 W Poinsettia Drive Surprise, AZ 85379

Open House

$539,900

4 Beds

3.5 Baths

3,212 SqFt

Status Active

MLS # 6717545

Property Type Single Family Residence

Price Type --

Seller will PAY 1 year of HOA dues upfront. Stunning home located on a large corner lot. Inside, tile floors & a neutral color palette create a warm, inviting atmosphere. The living room is cozy, & perfect for relaxation. The large great room, is ideal for entertaining. Kitchen features white cabinetry, SS appliances, granite counters, a pantry, & a center island with a breakfast bar. A spacious loft is ideal for a media center. Primary bedroom is upstairs, Guest suite is downstairs, they offer privacy and luxury, each with an ensuite that includes dual sinks, soaking tubs, & walk-in closets. Every additional bedroom has walk-in closets. Sizeable laundry room with lots of storage is upstairs. Outside enjoy a covered patio, BBQ, artificial turf, shed & a 2 year old fenced-in pool.

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3941 W Salter Drive Glendale, AZ 85308

Open House

$539,900

3 Beds

2.5 Baths

1,975 SqFt

Status Active

MLS # 6756371

Property Type Single Family Residence

Price Type --

PRIME LOCATION with OWNED SOLAR! Spacious 3-Car Garage! Discover this stunning two-story home that perfectly blends style, functionality, and location! Situated in a highly sought-after area, this property is a gem that offers both convenience and comfort. The home boasts an open floor plan with a versatile flex space on the main floor, ideal for an office, formal living room, or whatever suits your lifestyle. Upstairs, you'll find a cozy loft, three spacious bedrooms, two full bathrooms, and a large laundry room for added convenience. The master suite is a private retreat with dual sinks, a generous linen closet, and a thoughtfully designed layout. The heart of the home is the upgraded kitchen, featuring a central island, beautiful staggered Maple Smoke cabinets with crown molding, and sleek granite countertops. Perfect for entertaining and everyday living! Step outside to the backyard, complete with a covered patio, offering a great space for relaxation or hosting gatherings. The garage also opens to the backyard for easy moving. The yard is also an ideal play area for children. Additional upgrades include premium carpet, ceramic tile flooring, and must-have appliances - the washer, dryer, RO system, water softener, and refrigerator are all included! With owned solar panels, you'll enjoy energy efficiency and cost savings. This home is move-in ready and won't last long at this price! A perfect fit for families looking for a great community and modern living. Don't miss out!

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16916 E Alamosa Avenue Fountain Hills, AZ 85268

Open House

$539,900

3 Beds

2 Baths

1,548 SqFt

Status Active

MLS # 6748638

Property Type Single Family Residence

Price Type --

Charming single level house in quiet neighborhood. No HOA, spacious lot. Vaulted ceilings, newer vinyl windows throughout, updated baths, large indoor laundry with utility sink. All tile floors, no carpet! Desert landscaping front and back. Close to schools, shopping and parks.

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20306 W Turney Avenue Buckeye, AZ 85396

$539,396

3 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6755185

Property Type Single Family Residence

Price Type --

This home is our beautiful Clyde floorplan expertly designed with our Loft look designer curated interior. Your sophisticated kitchen is appointed with a large island, quartz countertops with a subway tile backsplash and GE profile stainless steel appliances with wall oven. Enjoy your beautiful great room with coffered ceiling and 7.25'' baseboards throughout. Additional upgrades include pendant lighting, ceiling fans, 2'' blinds and Owned Solar!!! ^^^Up to $20K can be applied towards closing cost OR short / long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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17993 W Vogel Avenue Goodyear, AZ 85338

$539,324

4 Beds

2 Baths

2,841 SqFt

Status Active

MLS # 6739845

Property Type Single Family Residence

Price Type --

CITRUS PARK - GATED COMMUNITY POOL W. SPLASH PADS in phase 2, which is estimated to be completed summer 2025 - This home has 4BR+Loft+Study/3BA/3 Tandem Garage. BR/BA downstairs - Great Room overlooks LARGE Backyard with FULL EXTENDED COVERED PATIO!! Kitchen has 42'' ''FLAGSTONE'' Stained Cabinets over Fresh WHITE QUARTZ Counters with LARGE KITCHEN ISLAND!! Spacious Primary Bedroom with an even LARGER BATHROOM.. HUGE Walk-in SUPER SHOWER w. Full Glass Wall, Tile Surrounds and Mud Set Tile floors!! Loft and Study upstairs offer extra space for different needs. GREAT NEIGHBORHOOD with PICKLEBALL-3 KID PLAYGROUNDS-BBALL COURT, and Pool coming next Summer!!!

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15775 E Us 60 Highway Gold Canyon, AZ 85118

$539,000

2 Beds

1 Bath

1,150 SqFt

Status Active

MLS # 6559727

Property Type Single Family Residence

Price Type --

Looking for horse property that is fenced with covered stalls and an arena already to go? This property has just that. There are 3 parcels being sold as one that equals just over 4 acres, includes access road. The home was built in 1954, it has 2 bedrooms and 1 bath. The back entrance has a covered patio area. There are several out-buildings on the property including a tack room, tool shop, outdoor bbq area, and trailer home. The property backs up to State Trust Land, saddle up your horses and ride for miles. There is a well on the property currently serving the property to the north, but the line has a separate shut off. Pinal County shows the address in Apache Junction - but the property is east of Gold Canyon on US 60. Buyer to verify all facts and information important to them.

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35935 N 138th Place Scottsdale, AZ 85262

$539,000

3 Beds

2 Baths

1,639 SqFt

Status Active

MLS # 6744467

Property Type Single Family Residence

Price Type --

UNDER CONSTRUCTION! Expected completion in November. This stunning new home sits on over an acre of land and offers a beautiful open concept with a split floor plan. It features 3 bedrooms and 2 baths, with a large kitchen that boasts 6x36 tile floors, elegant Prairie Maple Regal White Cabinetry, granite countertops, stainless steel appliances, and a spacious kitchen island. The expansive master suite includes a large tiled shower, beautiful granite countertops, spray foam insulation, and a generous walk-in closet. Enjoy the serene desert oasis with breathtaking 360-degree mountain views. No HOA! Ready for move-in soon!

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14130 W Bent Tree Circle Litchfield Park, AZ 85340

$539,000

3 Beds

2 Baths

2,188 SqFt

Status Active

MLS # 6699735

Property Type Single Family Residence

Price Type --

After the passing of his beloved wife, the seller has found this spacious home to be more than he needs. He hopes to find a new owner who will appreciate and care for this beautiful property as much as they did. Impeccable Home Retreat! This stunning residence offers formal living and dining areas, a cozy family room with fireplace, and a spacious kitchen with ALL APPLIANCES INCLUDED, EVEN THE REFRIGERATOR! Highlights include custom tile backsplash, Corian countertops, and ample cabinet space. The split master bedroom features a large bathroom with walk-in closet, separate tub and shower, and double sinks. Enjoy custom shutters throughout and a laundry room with WASHER/DRYER INCLUDED. The oversized 2-car garage boasts epoxy flooring and built-in cabinets. Outside, find a covered patio with built-in BBQ grill and a tranquil private area. Perfect for intimate gatherings! Welcome to your new sanctuary! Keep the APS-owned solar panels with no lease and no payments or have them removed...your choice!

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3009 Anika Way Hereford, AZ 85615

$539,000

4 Beds

3 Baths

2,478 SqFt

Status Active

MLS # 6705909

Property Type Single Family Residence

Price Type --

Highly sought after location in Ramsey Canyon! An amazing NEW custom home on 1.2 ac. This roomy 2487sqft 4 bed 3 bath home features: an open great room with 10' ceilings, spacious kitchen , granite countertops, electric cook top, formal dining room, living room, comfortable size bedrooms, large windows for natural light, vinyl flooring throughout, large Master bedroom has glass patio doors that open onto the back covered patio. Front yard has amazing view of the mountains including the waterfall. Master bath has a soaking tub, walk-in shower, double sinks, granite countertops, large walk-in closet with shelving. Allowance for interest rate buy down & or closing costs credit negotiable with price. Nestled at the foot of the mountains, come enjoy the best year round climate! Allowance for interest rate buy down & or closing costs credit negotiable with price. Call now for your private tour.

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23670 N 160th Court Surprise, AZ 85387

$539,000

3 Beds

3 Baths

2,159 SqFt

Status Active

MLS # 6742266

Property Type Single Family Residence

Price Type --

MOVE-IN READY! Beautiful corner cul-de-sac Fulton home. 3 bedrooms 3 bathrooms with a den/study. Bedrooms are all separated for privacy. This open floor plan is perfect for entertaining and has upgrades throughout the home. Open kitchen has a large granite island, SS appliances, gas cook top, R/O water system, tankless water heater. Family room has a fireplace. Walk into a spacious master bedroom with a large walk-In shower. Double sinks & spacious master closet. This 3 car tandem garage has epoxy floors with smart garage door opening for your security. Walk-outside to a brand new spa with spacious patio and grass area for our little fury love one's. Great place to relax after a long day. BBQ with the family relax in top of the line spa & enjoy living the true Arizona lifestyle!

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274 Mountain View Drive Lakeside, AZ 85929

$539,000

4 Beds

2.5 Baths

2,016 SqFt

Status Active

MLS # 6745288

Property Type Single Family Residence

Price Type --

This charming family home, with 4 bedrooms and 2.5 baths, offers plenty of room for both family and guests. Nestled on .46 of an acre in the heart of Lakeside, it perfectly blends convenience with serene, spacious living. Located near schools, walking trails, and shopping, the property features a fenced yard—ideal for pets and outdoor enjoyment—as well as two inviting living areas perfect for gatherings and relaxation. The open back porch is a great place to start the day, or watching kids and pets play in the sweeping backyard. The two-car garage provides plenty of room for your vehicles and toys. Situated on a peaceful street, this home offers privacy while remaining close to all that Lakeside has to offer, including outdoor adventures and local amenities.

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13327 W Blue Bonnet Drive Sun City West, AZ 85375

$539,000

2 Beds

2 Baths

2,565 SqFt

Status Active

MLS # 6753318

Property Type Single Family Residence

Price Type --

Welcome Home! This expansive residence is bathed in natural light (N/S Exposure), perfect for entertaining and family gatherings. The formal living room features coffered ceilings, plantation shutters, and hardwood floors, complemented by a thoughtful split floor plan. The eat-in kitchen showcases granite countertops, a tray ceiling, and stainless steel appliances, seamlessly flowing into the Arizona Family Room. Outdoor living space is ABUNDANT, offering low maintenance/ water landscaping. Each bedroom includes walk-in closets and direct access to the patios. Additionally, the home is equipped with an 8.4 kW solar system! Sun City West Recreation includes 4 pools & recreation centers, in addition to the 7 optional golf courses. The expansive backyard, w/ it's covered patio, is the perfect place for spending quality time w/friends and loved ones! What are you waiting for? Act now!

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