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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2432 E Fawn Drive Phoenix, AZ 85042

$535,000

3 Beds

2 Baths

1,902 SqFt

Status Active Under Contract

MLS # 6742700

Property Type Single Family Residence

Price Type --

This exceptional home, located in the prestigious gated community of Mountain Trails East in Phoenix, blends comfort, luxury, and convenience. Spanning 1,900 square feet, it features three bedrooms, an office/flex space, and two bathrooms, offering ample room for comfortable living. The spacious living area, illuminated by natural light and adorned with exquisite finishes, is perfect for entertaining. The chef-inspired kitchen, equipped with top-of-the-line appliances, sleek countertops, and generous storage, makes meal preparation a pleasure. The serene master suite includes a lavish ensuite bath, creating a private retreat. Beautiful Swim/Spa. The home is ideally situated near shopping, entertainment, and dining options. This property is a must see

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4146 W Diana Avenue Phoenix, AZ 85051

$535,000

4 Beds

2 Baths

2,056 SqFt

Status Active

MLS # 6754333

Property Type Single Family Residence

Price Type --

Fully remodeled corner lot 4 bed 2 bath block home with pool and no HOA! Beautifully upgraded kitchen with quartz counters, designer tiled backsplash, stainless appliances, trough sink, new dual pane vinyl windows and sliders, upgraded tile flooring throughout home, lush carpet in 3 smaller bedrooms, tiled walk in master shower, his and her sinks, quartz bathroom counter tops, tiled shower surround in 2nd bathroom with double sinks at vanity, dual flush energy efficient toilets, large covered patio with extended remote controlled shade cover, new shingle roof, new AC unit, fully refinished pebble tech pool with in floor cleaning and new water line tile, new water heater, modern lighting, led recessed lights, ceiling fans, blinds, newly painted interior/exterior, mature desert landscaping

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23406 S 225th Street Queen Creek, AZ 85142

$535,000

3 Beds

2 Baths

1,710 SqFt

Status Active

MLS # 6745930

Property Type Single Family Residence

Price Type --

Welcome to your beautiful 2019-built home, featuring 3 spacious bedrooms and 2 modern baths, both which have had showers upgraded in 2023. Step into the heart of the home—this stunning kitchen features an oversized island perfect for meal prep and entertaining. Adorned with elegant granite countertops, it provides ample space and a sleek design that is functional and beautiful. Enjoy no back or side neighbors when stepping into your backyard. A plant lovers dream offering an extended patio, elegant gazebo, turf, raised flower beds, and a variety of fruit trees. Relax and enjoy the calming experience of being immersed in your jet streaming hot tub. Located near walking paths and just a short distance from the community pool, you'll have the perfect blend of comfort and luxury.

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1716 Alpine Meadows Lane Unit 404 Prescott, AZ 86303

$535,000

2 Beds

2 Baths

1,785 SqFt

Status Active

MLS # 6755679

Property Type Townhouse

Price Type --

Luxury Hassayampa Condo located on The Capital Canyon Golf Course in the Gated community of Alpine Villas. This end/corner unit provides additional privacy and views of the open space and a peak-a-boo view of the golf course. First floor level entry living includes an open floor plan with a updated kitchen, half bath, fireplace, covered/screened in porch and 2 car garage. Upstairs has a spacious master suite, second bedroom and a second full bath with an open loft space for an office or flex space. Great location with a short drive to downtown Prescott and walking distance to Prescott trail system. Memberships are available to Capital Canyon Golf and Social Club! Light fixture in entry does not convey.

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10414 E Sunnydale Drive Sun Lakes, AZ 85248

$535,000

2 Beds

2 Baths

2,156 SqFt

Status Active

MLS # 6718908

Property Type Single Family Residence

Price Type --

Why downsize for your retirement home? This house has huge rooms and an expanded garage for the handyman. It has formal dining yet is still chic with highly upgraded granite counters in the kitchen which face the massive great room. The walk-in shower is party-size and the sinks are split, his and hers. A king-size bed will easily fit in the primary which also features two walk-in closets. Guests and relatives will revel in their vast space and enjoy a large closet with built-ins. Magnificent ash trees shade the west side of the house and dense foliage softens the outdoor ambience. Do not pass up this opportunity.

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3350 Big Sky Drive Wickenburg, AZ 85390

$535,000

2 Beds

2 Baths

1,570 SqFt

Status Active

MLS # 6736128

Property Type Single Family Residence

Price Type --

COMFORT, STYLE and EFFICIENCY! 2/BR 2/BA popular JUNIPER model spanning 1570 sq. ft. FEATURING OWNED SOLAR! (Your neighbors will be envious of your electric bills!) Situated on OVERSIZED lot, nestled near a common space and shaded by mature trees. Many Kitchen Upgrades Include: Granite Counters with Upgraded Tile Backsplashes, S.S. Appliances, Gas Cooktop, Wall Oven and WALK-IN PANTRY. Owners Suite IS Roomy! Dual Sinks, Walk-in Closet and Private Toilet Room. For added Convenience, Laundry Room has WASHER/DRYER, Sink, loads of Storage. Owned WATER SOFTENER/ REVERSE OSMOSIS. The Outdoor Retreat Space is PERFECT for Entertaining/Relaxing with covered Patio and UPGRADED Easy Care Landscaping. Easy to View at a Moments Notice.

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11011 N 92nd Street Unit 1018 Scottsdale, AZ 85260

$535,000

2 Beds

2.5 Baths

1,585 SqFt

Status Active

MLS # 6759436

Property Type Townhouse

Price Type --

Experience luxury living in this beautifully designed townhome, ideally situated in one of Scottsdale's desirable gated communities. This spacious home features 2 bedrooms, an upstairs loft, 2.5 bathrooms, and a 2-car garage. Enjoy the modern kitchen with all appliances included, and relax on two private balconies offering beautiful views. The large back patio is perfect for entertaining. Plus, the community offers a sparkling pool and unbeatable proximity to Scottsdale's top dining, shopping, and entertainment venues. A perfect blend of elegance and convenience—come take a look for yourself! You will love it!

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862 Wells Fargo Drive Williams, AZ 86046

$535,000

3 Beds

3 Baths

1,533 SqFt

Status Active Under Contract

MLS # 6734112

Property Type Single Family Residence

Price Type --

Incredible 2 unit property available backing National Forest with all the convenances of city services. The main home is a 2 bedroom 2 bath custom dream finished hickory cabinets, butcher block countertops, built in shelving and hardwood floors throughout. The guest suite is a self sufficient unit with its own kitchenette, private entrance, bed/bath and deck. Its a perfect space for a rental unit or family member. The backyard starts with an enclosed Arizona room and features wide open forest views, a greenhouse style storage space and an expansive trex deck. Built in 2020 this home is clean and move in ready with most furnishings being negotiable. No HOA. Guest Suite unit is an active AIRBNB, may not always be available to look at. Buyer could rent out both units or one or the other.

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17916 W Addie Lane Surprise, AZ 85374

$535,000

3 Beds

3 Baths

1,962 SqFt

Status Active

MLS # 6720088

Property Type Single Family Residence

Price Type --

Arizona traditions 55+ community! THIS BEAUTY STANDS OUT WITH *SPECIAL* FEATURES! 2 bedroom + den + 2 baths main house, AND 1 bedroom, 1 bath, DETACHED CASITA! 2277 total approx. square feet includes main house (1962 sqft) + casita (315 sqft).. 3 CAR GARAGE! 2 car side is extended and has built in cabinets. Open design/ island kitchen, DBL ovens, electric cooktop, extended cabinets/pull out shelves/pantry/xtra storage! Massive great room with high ceilings exits to large covered patio & built in BBQ grill makes entertaining easy! CORNER LOT! Split bedrooms. Den or office off interior entryway. Partial interior fresh paint. Guard Gated community; par 70 golf course, (with membership options), neighborhood center, community center sports bar, 3 pools, bocce ball, soft ball, pickle ball!

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36026 W Indianola Avenue Tonopah, AZ 85354

$535,000

4 Beds

2.5 Baths

2,332 SqFt

Status Active

MLS # 6738452

Property Type Single Family Residence

Price Type --

Don't miss out on this beautiful 1-acre home that is turn-key ready! All the extras were thought of when it was built! The house has 400 AMP for a future shop for all the toys. It also has an over-sized garage to store the everyday autos. Enjoy the amazing sunsets and entertain family and friends on the large back porch. Granite countertops throughout the house. The master bathroom has a custom shower and oversized jetted tub with separate toilet room. Master bedroom has an extra-large walk-in closet. The kitchen is set up for entertaining or family gatherings. Too much to list! I haven't even spoken about the location yet! This home is located in one of the most sought-after areas in Tonopah! More pictures coming soon.

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9313 S 39th Drive Laveen, AZ 85339

$535,000

4 Beds

3 Baths

2,272 SqFt

Status Active

MLS # 6740145

Property Type Single Family Residence

Price Type --

This beautiful Sage floor plan features a large open great room, and has many luxury features such as White Knight Granite counter tops, Sonoma Maple Truffle cabinets, and upgraded 6 x 24 plank tile flooring. Great floor split floor plan with 4 bedrooms plus a large Den. Desirable lot in a cul-de-sac that backs into a quiet street with only one neighbor on one side. Home needs a little TLC and all bedrooms need new carpet

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172 E Catalina Lane San Tan Valley, AZ 85140

$535,000

2 Beds

2 Baths

1,432 SqFt

Status Active Under Contract

MLS # 6731008

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 2-bedroom, 2-bathroom gem spans 1,432 square feet and sits on a 0.132-acre lot, complete with a spacious 2-car garage. Step inside to an inviting open floorplan bathed in natural light, featuring elegant wood-like tile and plush carpet flooring. The exquisite custom details throughout the home add a touch of luxury to every corner. The kitchen is a chef's delight, equipped with stainless steel appliances, upgraded cabinets, a large island with breakfast bar seating, and gleaming granite countertops. It seamlessly flows into the dining area and the expansive living room & surround sound with b/in speakers. Master retreat offers a sanctuary with a full bathroom, double sinks, and a resort-style custom-tiled shower. Your guests...CONTINUE READING.. will feel at home in the second bedroom, which also boasts a beautifully custom-tiled bath-shower combo. Convenience is key with an indoor laundry room that provides ample storage space. Step outside to your backyard oasis, featuring a custom built in water feature and an extra-large covered patio with a fan, perfect for entertaining or enjoying a quiet evening with family. The beautiful desert landscaping adds to the charm and low-maintenance appeal of this outdoor haven. Don't miss the opportunity to make this exceptional property your forever home! Encanterra Golf & Country Club is one of the nicest and the most affordable country clubs in the valley! Four pools!!! There are 2 resort style pools with walkup bar, negative edge pool & more. There are also two indoor/outdoor lap pools & jacuzzi. Amazing 18 hole Tom Lehman championship golf course & pro shop! Plenty of sports & activities; 4 tennis courts, 8 pickleball courts, Bocce ball, biking/walking paths, state of the art fitness center w/ personal training, movement studios for yoga, Pilates, Zumba, core conditioning & more. There are a ton of social clubs to join too. Amazing full service Palma Kitchen + Tap restaurant plus additional café's. Enjoy time at the salon/spa that offers massages, skin care, nail salon & more! You will never have to leave your own neighborhood for all of your social & wellness needs!

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