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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3832 E Stanford Avenue Gilbert, AZ 85234

$537,500

4 Beds

2.5 Baths

2,039 SqFt

Status Active

MLS # 6714499

Property Type Single Family Residence

Price Type --

Wonderful 4 Bed, 2.5 Bath Home in Carol Rae Ranch Community! Boasting a spacious layout and adorned with wood-look tile flooring, the main level features a open kitchen with granite island and counters, ideal for both casual meals and entertaining guests. Upstairs, find generously sized bedrooms providing ample privacy and comfort for all, and brand new neutral carpet! The outdoor oasis awaits with a pristine pool, perfect for leisurely afternoons and gatherings. With its move-in ready condition and access to community amenities, including parks and walking trails, this residence offers an unparalleled blend of convenience and luxury. Don't miss your chance to call this gem your home!

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18011 W Westpark Boulevard Surprise, AZ 85388

$537,500

4 Beds

2 Baths

2,167 SqFt

Status Active Under Contract

MLS # 6719028

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER - This pristine 4-bed, 2-bath home w/ a 3-car garage is packed w/ upgrades! Highlights include fresh two-tone interior paint & new bedroom carpets in 2024, a new HVAC unit & water heater in 2020, & OWNED solar panels. The exterior was painted in 2021, & new wood-like tile was installed in high-traffic areas & the primary bedroom. The open floor plan features high ceilings & a spacious, beautiful kitchen. The backyard is a private oasis w/ a built-in BBQ area, Travertine counters, a covered pergola for shaded gatherings, and a stunning pool w/ a slide for endless fun. Conveniently located near the 303, shopping, schools, parks, hiking, & new restaurants, adding convenience to your lifestyle.

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4016 E Gail Court Gilbert, AZ 85296

$537,500

3 Beds

2.5 Baths

1,874 SqFt

Status Active

MLS # 6724450

Property Type Single Family Residence

Price Type --

Amazing location in the heart of Gilbert! Your new home is here! Located on a quiet Cul-De-Sac, this Corner Lot property has it all!! A Grassy Front Yard and a lovely Front Porch greet you to this two-story home. The split floor plan includes a formal living room, a spacious family room, 2.5 baths, 3 bedrooms upstairs, and a charming loft. Beautiful eat-in kitchen comes with maple cabinets, track lighting, a pantry, and stainless steel appliances. The laundry room is located upstairs for all your convenience. Delightful primary bedroom features a full bath with a walk-in closet to store all your belongings. Peaceful and serene backyard is great for relaxing afternoons with its green grass and covered patio w/paver extended. The home shows New and has been freshly painted with new Wood Faux Blinds thru-out the home. Perfectly located in Garden Community and in walking distance to Sports Courts and Community Pool and Spa.

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23063 E Starflower Drive Queen Creek, AZ 85142

$537,106

4 Beds

3 Baths

2,164 SqFt

Status Active

MLS # 6731999

Property Type Single Family Residence

Price Type --

Ready for an end of the year move-in. Our popular Sepia plan boasts 4 bedrooms, 3 full bathrooms plus a flex room all on one level. Upgraded designer finishes include, white shaker cabinets, matte black hardware, quartz in kitchen, gourmet kitchen, with 8ft interior doors, 12ft center slider and wood-look tile throughout.

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3426 S 177th Avenue Goodyear, AZ 85338

$536,990

4 Beds

3.5 Baths

2,621 SqFt

Status Active

MLS # 6751940

Property Type Single Family Residence

Price Type --

This beautiful single story home is the talk of the town and ready for you! Features 4 bedrooms, 3.5 bathrooms and Dining room! Everyone will embrace this inviting home! The open concept gathering area is spacious and comforting. Featuring 42'' upper cabinets, quartz countertops and neutral tones throughout. 9ft ceilings, 8ft interior doors, stainless steel appliances and an extended covered patio. Don't forget the highly desirable attached 3-car garage! Just a short stroll away, you'll find a delightful play park, providing endless opportunities for outdoor recreation and fun. Conveniently located near the I10, shopping and dining options.

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7914 N 80th Avenue Glendale, AZ 85303

$536,125

5 Beds

3 Baths

2,082 SqFt

Status Active

MLS # 6761645

Property Type Single Family Residence

Price Type --

Welcome to Ambra conveniently located in desirable Glendale, minutes to shops, restaurants, entertainment and the 101 Hwy! This Orinoco plan home is beautifully designed with our curated Loft inspired interior selections. The kitchen features 42'' white cabinets with brushed nickel hardware, quartz countertops, and convenient breakfast bar. The great room is perfect for relaxing or entertaining. The split floorplan makes the primary suite a quiet retreat away from the secondary bedrooms. Beautiful faux wood tile flooring and cozy carpet in bedrooms complete this move-in ready home! ^^^Up to 5% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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1685 Early Spring Lane Sierra Vista, AZ 85635

$536,070

4 Beds

2 Baths

2,051 SqFt

Status Active

MLS # 6638904

Property Type Single Family Residence

Price Type --

New In-Town Community! 2051 sf, 4br/2ba home with 3-car garage on an over 1/4 acre in-town lot and walking distance to stores & schools. Kitchen features Grey painted cabinets with hardware, soft-close, and 5x5 backsplash, granite countertops throughout with under cabinet lighting, pendant lights over the island. Bathrooms feature executive height cabinets, tile shower wall surrounds. Wood look tile throughout with upgraded carpet and pad in the bedrooms with 3.25'' baseboard. Primary suite has large walk-in closet and double sinks. Pre-wires and bracing for ceiling fans & wall mount tv, plumbed for soft water with fridge/freezer outlet in garage. Front yard irrigation with timer. Energy Star Certified, HERS Rated & Environments for Living Guaranteed Home.

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3740 E Surrey Avenue Phoenix, AZ 85032

$536,000

3 Beds

2 Baths

1,267 SqFt

Status Active

MLS # 6734366

Property Type Single Family Residence

Price Type --

Discover luxury living in this newly renovated home showcasing high-end upgrades throughout. Step into a haven of modern elegance, where every detail has been meticulously curated to offer both comfort and sophistication. The spacious interior boasts designer light fixtures, and new shaker cabinetry that elevate the ambiance to new heights. Entertain effortlessly in the high-end kitchen equipped with new state-of-the-art appliances and granite countertops, perfect for culinary enthusiasts. Relax in the spa-like bathrooms featuring deluxe finishes and stylish tile work. Each bedroom offers ample space and natural light, creating a serene retreat. Outside, enjoy private outdoor spaces ideal for al fresco dining or simply unwinding in the fresh air. The large, landscaped backyard has ample space to build the pool of your dreams. Located in a desirable neighborhood, just a stone's throw away from the newly redesigned PV mall, this home combines timeless charm with contemporary amenities, promising a lifestyle of unparalleled luxury. Don't miss the opportunity to make this exquisite property your new home. Upgrades include in wall indoor/outdoor Bluetooth audio system, new roof, new redesigned kitchen with pot filler and partially plumbed for gas, new bathrooms, new dual pane windows, new stucco, new ac unit, new flooring, new water heater and so much more.

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6508 S Farmer Avenue Tempe, AZ 85283

Open House

$536,000

4 Beds

2 Baths

2,138 SqFt

Status Active

MLS # 6752618

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this stunning property, boasting an elegant neutral color paint scheme throughout. The kitchen shines with all stainless steel appliances, elevating the culinary experience. The primary bedroom is a haven of comfort with double closets and a generous walk-in closet. Step outside to a private oasis featuring a covered patio, perfect for entertaining or relaxing. The fenced-in backyard is a gem with a private in-ground pool, providing a resort-like feel right at home. No HOA plus an RV gate. This property is a perfect blend of style and convenience, waiting for you to make it your own.

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9421 E Cedar Waxwing Drive Sun Lakes, AZ 85248

$535,900

2 Beds

2 Baths

2,202 SqFt

Status Active

MLS # 6715698

Property Type Single Family Residence

Price Type --

Welcome to this beautifully renovated home exuding modern charm and elegance. Step inside to discover fresh interior paint enhancing the inviting ambiance, while new carpet and flooring add a touch of luxury underfoot. The kitchen dazzles with stainless steel appliances and stunning quartz countertops, complemented by freshly painted cabinets for a sleek finish. With two bedrooms and two baths, including an open floorplan and vaulted ceilings, this residence offers spaciousness and comfort perfect for relaxation or entertaining guests. Don't miss the opportunity to make this meticulously updated home yours!

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320 E 4th Avenue Eagar, AZ 85925

$535,500

3 Beds

2 Baths

2,227 SqFt

Status Active

MLS # 6711013

Property Type Single Family Residence

Price Type --

A charming and unique 3 BR, 2 BA home is waiting for you! A gorgeous primary bedroom with a walk-in closet, and modern primary bath with separate shower and tub. There is a covered Jacuzzi for two that allows you to relax and take in the beauty of the 0.57 acre property, complete with fruit trees, chicken coops, and pens set up for farm animals. Brag about your great meals in a well-designed kitchen with upgraded GE Cafe Collection appliances, a farmhouse sink, breakfast bar, and a charming heating stove that adds additional character to the home. Stress less about utilities in this well-insulated home that boasts mini-splits for A/C and heat for efficiencies, as well as an ETS fully insulated 4-car garage and shop to get creative in. All of this centrally located in the heart of Eager!

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4912 W Brown Street Glendale, AZ 85302

$535,367

4 Beds

3 Baths

2,177 SqFt

Status Active

MLS # 6756487

Property Type Single Family Residence

Price Type --

Ask about our financing incentives!! Located in North Central Glendale, convenient to everything!! Gorgeous open plan with bedroom & full bathroom downstairs!! Wonderful gourmet kitchen includes tons of cabinets, LARGE ISLAND, and walk-in pantry for all the space required to live comfortably!! Plus, a grand primary suite, second-floor laundry room. Two-tone interior paint. Mission stair railing upstairs and downstairs. 8' garage doors. Designer finishes include: 42'' Benton Birch Cabinets with hardware. Kitchen comes with modern back-splash, Quartz counters & ''Trumpet Grey'' 18x18 tile floors!!! Home is Move-in Ready!

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