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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10265 W Columbus Avenue Avondale, AZ 85392

$535,024

3 Beds

2.5 Baths

2,379 SqFt

Status Active

MLS # 6639423

Property Type Single Family Residence

Price Type --

MLS#6639423 Ready Now. Embark on the epitome of single-story living with the refined 45-RM2 floorplan at Parkside Almeria, showcasing 3 bedrooms, 2.5 baths, and a flex room. The great room seamlessly merges with the dining area, creating a unified space for gatherings and daily activities. The kitchen boasts a gourmet setup with a GE Cafe gourmet gas cooktop, 42'' upper cabinets, and elegant white quartz countertops. Find tranquility in the spacious primary suite, a serene retreat within the home. Step into outdoor living on the expansive covered patio, ideal for al fresco dining. This residence is a testament to thoughtful design and detail. Structural options include: gourmet kitchen, paver front porch, reverse osmosis rough in, pre plumb for laundry sink, gas line for future dryer, and soft water loop with complete system. great amenity area with community pool, Basketball court, pickle ball courts, playground and ramada. Fun for everyone!

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7312 S 13th Place Phoenix, AZ 85042

$535,000

5 Beds

3 Baths

2,629 SqFt

Status Active

MLS # 6736749

Property Type Single Family Residence

Price Type --

Price Reduced, newer 5 Bedroom, 3 full bath plus loft home, beautiful, decor, spacious two story popular Moonstone floor plan. Open concept, large living and kitchen area. This home has tons of upgrades, real wood floors, upgraded Kitchen appliances countertops, cabinets and backsplash. One bedroom downstairs with full bath, upstairs loft, large guest rooms, large laundry room located upstairs, Primary bedroom as very big walk-in closet, bathroom has walk-in shower. This home sits on a corner lot, long covered patio, decorative pavers in backyard. Playground area in neighborhood. Hurry before its gone!

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42971 W Ocean Breeze Drive Maricopa, AZ 85138

$535,000

3 Beds

3 Baths

2,251 SqFt

Status Active

MLS # 6742951

Property Type Single Family Residence

Price Type --

Looking for a luxurious place to call home? You've found it! This property, located in the 55+ gated community of Province, boasts 3 bedrooms, 2.75 bathrooms, a den, a pool, a spa and a casita! Stepping into the backyard, you'll love spending time in this private backyard, which includes a covered patio, a ramada with a BBQ and exterior bar. The newly glass-tiled pool and spa with water features are very inviting.The solar cover gives you year-round enjoyment. Access to the greenbelt from your backyard makes it easy to get outside and enjoy the amazing community!

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8534 N 43rd Drive Glendale, AZ 85302

$535,000

4 Beds

2 Baths

2,316 SqFt

Status Active Under Contract

MLS # 6739407

Property Type Single Family Residence

Price Type --

Fully remodeled 4 bed 2 bath block home with a refinished pebble tech diving pool. New AC/Furnace, all new roof, gourmet kitchen with large kitchen island, new soft close upgraded cabinets, quartz counters, designer backsplash, farmhouse trough sink with commercial sprayer, stainless appliances, upgraded tile throughout home, new plush carpeting/padding in bedrooms, all new dual pane vinyl windows and slider doors, upgraded baseboards, slate tiled fireplace, LED recessed lights, upgraded lighting, ceiling fans, modern black door handles, new interior/exterior paint, new Water heater, resurfaced pool cool decking, updated landscaping/drip/water systems, RV parking, extended concrete driveway, and so much more to see in person!!

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1716 Alpine Meadows Lane Unit 103 Prescott, AZ 86303

$535,000

2 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6748530

Property Type Apartment

Price Type --

Ideally located condominium in the desirable community of Alpine Villas in sought-after Hassayampa. 1795 sqft. offering single level living with convenient stair lift already installed. Attached 2-car garage, 2 bedrooms, 2.5 bathrooms, and a covered back patio - the perfect size for a Prescott retreat for fun vacations, for Prescott golf weekends, or forever! With downtown Prescott's shops, restaurants, art galleries, and famous Whiskey Row only 2.6 miles away, and numerous hiking trails nearby, this getaway is ideally situated for anyone who is hoping to enjoy the best that the Prescott area has to offer. Optional social and/or golf memberships available at the nearby Capital Canyon Club.

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42988 W Misty Morning Lane Maricopa, AZ 85138

$535,000

2 Beds

2.5 Baths

2,312 SqFt

Status Active

MLS # 6751407

Property Type Single Family Residence

Price Type --

Welcome Home to your very own desert oasis in the Award Winning Active Adult Community of Province. This meticulously cared for home has a sprawling, oversized homesite with a serene park setting for enjoying those amazing Arizona sunsets. Spectacular outdoor space with an extended paver patio, tranquil water feature with mature landscaping offering a private outdoor living space perfect for entertaining. Inside this exquisite home you have 10' ceilings with elegant coffered ceilings at the front entry and the owner's suite. Luxurious cabinetry throughout with elegant granite countertops, custom tile backsplash and top of the line appliances. Huge walk in butlers pantry provides wonderful storage as well as lower pull outs in all kitchen cabinets. Brand new HVAC just installed this year including all new duct work and upgraded insulation offering a superior energy efficient home. Spectacular custom stone entertainment wall with floating shelves provides a beautiful focal point in your family room. Your exceptional owner's suite includes gorgeous plantation shutters and a french door out to your beautiful backyard. Be prepared to be amazed by your designer closet with exceptional storage offering three built in hampers and an ironing board. Additional features in this home include: three custom security doors, built in cabinets and epoxy floors at the garage, tile floors throughout the entire home, built in desk and upper cabinets at the den, built in cabinet and utility sink at the laundry room including the front load washer and dryer. This home is truly a one of a kind. ***Some furniture is available on a separate bill of sale.

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7465 E Osage Avenue Mesa, AZ 85212

$535,000

5 Beds

3 Baths

1,947 SqFt

Status Active Under Contract

MLS # 6758697

Property Type Single Family Residence

Price Type --

Welcome to this stunning 1,947 sqft, 5-bed, 3-bath home in the highly desirable tree-lined streets of Morrison Ranch! Every space is thoughtfully designed, creating a warm, inviting atmosphere that feels like home from the moment you step in! Upgraded throughout, it features luxury ceramic tile, granite kitchen countertops, GE stainless steel appliances, and a gas range. The smartly laid-out kitchen offers 42'' soft-close maple cabinets for style and convenience. With a freshly painted exterior, a soft water system, a new water heater (2021), a brand-new RO system, artificial turf, manicured trees, this low-maintenance, move-in-ready home blends style and functionality in a PRIME location!

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1800 Royal Oak Circle Prescott, AZ 86305

$535,000

4 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6760843

Property Type Single Family Residence

Price Type --

Your weekend getaway or your forever home. Hidden in the quiet pines in the sought after subdivision of Kingswood. Listen to the breeze rustling through the tall pines, This home boasts 4bd, 2ba, newer LPV flooring, new metal deck support with no maintenance composite deck, newer dishwasher, brand new SS stove and refrigerator. Tankless hot water heater. Buyer to verify property boundaries, square footage and schools.

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14291 W Kiowa Trail Surprise, AZ 85374

$535,000

3 Beds

3 Baths

2,114 SqFt

Status Active

MLS # 6753589

Property Type Single Family Residence

Price Type --

Nestled in the heart of Sun Village, a tranquil adult golf course community, this stunning 2 Bed / 2 Bath / 2 Car Garage residence with a 1/1 casita offers the ultimate retreat for golf enthusiasts and those seeking a relaxed lifestyle. *Golf Course Views* Enjoy breathtaking views of the lush green fairways and picturesque water features from the comfort of your own private patio. *Luxurious Features* Spacious open floor plan with vaulted ceilings and large windows. Plantation shutters throughout the home. Spacious kitchen with stainless steel appliances, plenty of storage cabinets and luxury quartz counter tops.Master suite soaking tub, dual vanity sink with separate sit up vanity area and large walk in closet. *Community Amenities* - 18-hole championship golf course - Clubhouse with restaurant, bar, and social events - Fitness center, swimming pool, and tennis courts - Walking trails and scenic lakeside views - Close proximity to local shopping, dining, and entertainment Don't miss this incredible opportunity to live life to the fullest in a serene and picturesque setting.

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4556 W South Butte Road San Tan Valley, AZ 85144

$535,000

3 Beds

2 Baths

2,281 SqFt

Status Active

MLS # 6758251

Property Type Single Family Residence

Price Type --

This stunning 3-bedroom, 2-bath home offers the perfect blend of comfort and style. Step into an open-concept layout featuring a gourmet kitchen with granite countertops, a large island, and stainless steel appliances, ideal for entertaining. The spacious living area flows seamlessly into the outdoor oasis, where you'll find a sparkling heated pool and spa, perfect for relaxing on sunny days. The main suite boasts a cozy sitting area and an en-suite bathroom with dual sinks, a separate tub, and a shower for ultimate luxury. When you include the finished 3 car garage with cabinets and epoxy flooring, this home checks all the boxes! Spend everyday waking up to mountain views.

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17518 W Desert Sage Drive Goodyear, AZ 85338

New

$535,000

4 Beds

2 Baths

2,013 SqFt

Status Active

MLS # 6761843

Property Type Single Family Residence

Price Type --

Nestled in the exclusive Golf Village of Estrella, this single owner pool home offers breathtaking Sonoran Desert views. Situated on a prime lot adjacent to the Jack Nicklaus-designed golf course, you'll enjoy the perfect blend of comfort & tranquility. Step inside to find a spacious, floor plan featuring 4 bedrooms & a open concept kitchen with staggered cabinets, pantry & two-tier island with a breakfast bar with patio. The separate formal living area & family room provide ample space for entertaining. Outside, a refreshing pool invites you to relax & soak up the sun while enjoying stunning mountain vistas. The beautifully landscaped backyard features a covered patio plus easy access to trails & entertainment. Don't miss this opportunity to make this your own private desert paradise! Estrella is a master-planned community designed for comfort and convenience. Here's what makes Estrella the perfect place to make your home: Troon-Managed Golf Course: Tee off at the Golf Club of Estrella, a Nicklaus-designed course managed by the prestigious Troon Golf. Your Estrella HOA fees cover an extensive range of amenities, allowing you to experience resort-style living every day: Water Activities: Explore the lakes with paddleboats, sailboats, and kayaks offered by the Yacht Club. Starpointe Resident's Club: This 24,000 sq ft recreation center boasts a waterpark, gym, lap pool, game rooms, and a teen club, something for everybody. Presidio Resident's Club: This 18,500 sq ft facility features a heated pool, splash pad, demo kitchen, Community Garden, Cantina and a state-of-the-art workout area. Pickleball & Trails: Enjoy friendly competition on the neighborhood pickleball courts, or explore the scenic FINS trail system for hiking and biking adventures. Enjoy a variety of restaurants, medical and dental offices, and various services right at your fingertips. Estrella offers an exceptional lifestyle with upscale amenities, and convenient access to day to day services.

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6565 E Thomas Road Unit 1068 Scottsdale, AZ 85251

$535,000

2 Beds

2 Baths

1,161 SqFt

Status Active Under Contract

MLS # 6750424

Property Type Townhouse

Price Type --

Urban lifestyle townhome! SINGLE LEVEL, GROUND FLOOR, and a 2 car attached garage, GATED, in Scottsdale. Built in 2017, this residence is freshly painted and features real hard wood floors throughout, an open kitchen-family room concept, and is set in a great quiet location at the back of the community. Enjoy a spacious primary bedroom with a walk-in closet, inside laundry and stainless appliances. The community is in great walking distance to Old Town Scottsdale, with restaurants, shops, nightlife, and Papago park. Only minutes away from Arizona Country Club and the highly regarded Arcadia Community.

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