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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864 E Riviera Place Chandler, AZ 85249

$539,000

3 Beds

2 Baths

2,032 SqFt

Status Active

MLS # 6760329

Property Type Single Family Residence

Price Type --

Welcome to Lagos Vistoso, Chandler's exclusive gated Lake community!! This home features a 3 bedroom and 2 bath with a huge Great room. Kitchen with ample cabinets, Granite countertops and a gas stove for the chef in your home. Spacious formal dining area to enjoy family meals. Say goodbye to carpet as this home has 20'' tile in all rooms. Spacious Master bath has double sinks, King sized shower and a Garden style soaking tub to relax. The Master suite also offers a massive closet space. Large pool size backyard with brand new low maintenance artificial turf and large covered patio to relax.

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13234 W Hummingbird Terrace Peoria, AZ 85383

$539,000

2 Beds

2 Baths

1,443 SqFt

Status Active

MLS # 6756875

Property Type Single Family Residence

Price Type --

Welcome to your new home! This two bedroom, two bathroom open-concept home is a former model home of the builder! This coveted neighborhood of Trilogy at Vistancia home boasts plank tiled floors, oak cabinets, granite countertops, gas range, stainless steel appliances, and pull-out drawers. The primary bedroom suite showcases granite countertops and a tiled backsplash, a double vanity, an enormous tiled shower with included bench seat. Enjoy the covered patio and low-maintenance landscaping with connected outdoor gas bbq that conveys. Washer, dryer, fridge all convey as well. This C43 section of only a few homes includes HOA-maintained front yard for beautiful curb appeal with zero effort! Minutes from shopping, restaurants and all the amenities that Trilogy offers: the Mita Clubhouse, Trilogy Dog Park, Golf Club, and more, this house won't stay on the market for long!

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8702 E Boise Street Mesa, AZ 85207

$539,000

3 Beds

2 Baths

1,570 SqFt

Status Active

MLS # 6723511

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom 2 bath remodeled home sits on a large corner lot with great curb appeal. Custom RV gate with a slab to park your RV, large patio's in the front and back of the home to enjoy the Arizona weather, 2 car garage with a large driveway for parking. The list of upgrades to this home are to many to list you must come see for yourself. Home is located near shopping, restaurants, golfing and the 202 and US 60 freeway for easy access to get around the valley. Rare find come and take a look.

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10544 W Prairie Hills Circle Sun City, AZ 85351

$539,000

3 Beds

2.5 Baths

2,386 SqFt

Status Active

MLS # 6690729

Property Type Single Family Residence

Price Type --

E X Q U I S I T E golf course residence. Inside, you'll find a perfectly flowing layout showcasing clean lines in favor of a sleek & modern design. Soothing palette, high ceilings with exposed beams, neutral tile & wide plank vinyl flooring, recessed lighting are features you'll love! The stunning New kitchen boasts quartz counters, gray shaker cabinets with custom accents, SS appliances, custom island. End your busy day in one of the two primary luxurious master suites. Lavish spa-like bathrooms, custom vanities, expansive custom showers with large rain shower heads. Large custom closets in each room. Host fun gatherings in this delightful backyard while enjoying the exquisite golf views of endless blue skies. Make this gem yours. This home is a 10!

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14328 W Libra Drive Eloy, AZ 85131

$539,000

2 Beds

2 Baths

1,537 SqFt

Status Active

MLS # 6631149

Property Type Single Family Residence

Price Type --

TRULY ONE-OF-A-KIND HORSE PROPERTY! If you dream of getting away from hectic city life, then this is the place for you! 7 acres of clean air and mountain views surround this quality built, beautiful custom home. The home and garage were built with 2x6 construction, and include solid foam insulation, the attic has 14in solid foam insulation. The home has 9ft tongue and groove wood ceilings w/ Viga's. There is a charming 2-sided propane fireplace between the living room and primary bedroom for those cozy winter days and nights. There is locking security window screens and doors for peace of mind while you're away and stained-glass appointments throughout. There is beautiful travertine tile in the primary bathroom and beautiful textured concrete floors throughout the rest of the home. BEAM central vacuum. Oversized extended garage. The property is completely fenced and cross fenced with pipe and horse fencing and has an automatic security gate entrance. The 1221 sq ft horse shelter has 4 stalls with an automatic watering system. Front and back porches have rough sawn wood ceilings and beams. There is also a 12x32 ft RV canopy, 2 10x10 sheds and 1 Conex container for additional storage. The owners have truly loved their winters here, calf roping, off roading on their quads and giving jeep tours to winter visitors that have become life-long friends. They hope to find buyers that will love it as much as they have.

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16450 E Ave Of The Fountains -- Unit 23 Fountain Hills, AZ 85268

$539,000

3 Beds

2.5 Baths

1,635 SqFt

Status Active

MLS # 6748905

Property Type Townhouse

Price Type --

Very charming furnished residential property offering a warm & welcoming atmosphere with its great room featuring a wood-burning fireplace, creating a cozy focal point for all gatherings. Kitchen has been tstefully remodeled with newer cabinets, granite counters, breakfast bar adding a convenient dining space. The loft has a functional office space, proving a dedicated workspace within the home. Two bedrooms and a full bath upstairs. Master bedroom is situated on the main floor. Shower & double sinks in master bath. Everyone in the subdivision can enjoy the convenience & relaxation of a heated ccommunity pool & spa. Unfurnished, listed price is $529k.

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42813 N 43rd Drive New River, AZ 85087

$539,000

4 Beds

3 Baths

2,546 SqFt

Status Active

MLS # 6738541

Property Type Single Family Residence

Price Type --

This spotless home has inviting curb appeal with stone accents and a welcoming front porch. 2 new HVAC units!! Inside, the great room impresses with soaring ceilings, neutral palette, clerestory windows, and tile flooring creating a bright and airy space. The kitchen features granite counters, wood cabinetry, pendant/recessed lighting, stainless steel appliances, walk-in pantry, and breakfast bar. A dining room, office, and guest room complete the downstairs. Upstairs, find fresh carpet and loft w/ balcony access for an outdoor retreat. The spacious main bedroom includes an ensuite with dual sinks, a jetted tub, and walk-in closet. The backyard is perfect for entertaining with covered patio, fire pit, and built in BBQ. Enjoy Anthem amenities like pools, gym, parks, pickle ball and tennis

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6610 N 15th Avenue Phoenix, AZ 85015

New

$539,000

3 Beds

2 Baths

1,593 SqFt

Status Active

MLS # 6763343

Property Type Single Family Residence

Price Type --

Central Phoenix living at its finest. REMODELED 3 bed, 2 bath stunning home! Kitchen, Living Room and Dining open space concept, excellent for gathering/entertaining. The kitchen has QUARTZ countertops, large island and ample storage throughout. Enjoy AZ's sunset scenery, from your new covered patio and fenced-in backyard. The house is conveniently located close to easy freeway access, light rail and shopping. Must see HOME!

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5714 W Cinder Brook Way Florence, AZ 85132

$539,000

3 Beds

2 Baths

2,387 SqFt

Status Active

MLS # 6755249

Property Type Single Family Residence

Price Type --

Welcome to this stunning 3-bedroom, 2-bathroom home in the highly sought-after Anthem at Merrill Ranch 55+ community! This beautifully upgraded & Furnished residence features an open and split floor plan, perfect for both entertaining and everyday living. The extended master bedroom offers a serene retreat, while the large master bathroom is designed for ultimate relaxation. Step outside to enjoy the covered back patio, complete with sun screens to enhance your outdoor experience. The expansive lot provides plenty of space for recreation and relaxation. Car enthusiasts will appreciate the 3-full car garage, featuring epoxy flooring, insulation, and a dedicated workshop area. Don't miss the chance to make this exceptional home your own in a vibrant community that offers a wealth of amenities!

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5409 N Saint Andrews Drive Lakeside, AZ 85929

$539,000

3 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6734473

Property Type Townhouse

Price Type --

Beautiful home in the Mountain Gate development . This home is move-in model home condition. With all the upgrades. Located in Lakeside in the tall pines and gated community. The home has 2,073 Square feet with 3 Bedrooms 2 Bathrooms and a 2 Car Garage. Hardwood floors, beautiful granite countertops, custom kitchen with gas cooktop range. Tile and granite bathrooms. Nest smart home with security cameras and thermostat, back up generator. The HOA maintains roofs, streets including snow removal, gate and fencing, home exterior & decks of townhomes, landscaping & trash collection.

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3636 E Paradise Lane Phoenix, AZ 85032

$539,000

4 Beds

2 Baths

2,054 SqFt

Status Active Under Contract

MLS # 6733186

Property Type Single Family Residence

Price Type --

Seller Concessions Available!!! This charming single-story Phoenix home has been well cared for and is ready for a new owner! 4 bedrooms plus a den/office. The kitchen offers stainless steel appliances along with a spacious island with breakfast bar seating. A cozy fireplace adorns the living room adjacent to the den. Updated LVT flooring, newer water heater, dual pane windows, and Owned Tesla Solar panels! Outside, an oversized, covered patio overlooks a sparkling diving pool and lush grassy area, perfect for enjoying Arizona's sunshine. In a fantastic location - just over a block to a large city park, adjacent to miles of bike path, close to Paradise Valley Schools, and convenient for shopping/dining/freeways. You'll fall in love with this one fast!

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16614 S 14th Place Phoenix, AZ 85048

$539,000

3 Beds

3 Baths

2,283 SqFt

Status Active Under Contract

MLS # 6714015

Property Type Single Family Residence

Price Type --

Charming home in Ahwatukee. Easy access to Loop 202 and easy commute to Chandler tech companies. Lots of restaurants and shopping in the Ahwatukee area. Nice cool pool for you to relax in during the hot summer months. Come take a look today!

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