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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1556 E Dover Circle Mesa, AZ 85203

$535,000

3 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6751144

Property Type Single Family Residence

Price Type --

Come see this beautiful 3-bedroom 2-bathroom home with a diving pool in the heart of Mesa. This home is in a NON-HOA neighborhood and is nicely updated, unique, and move in ready. As you enter the home there is polished brick flooring in the walkways, kitchen, and dining areas. There is a sunken living room with custom built-in cabinets and a picture window. The large dining room is perfect for family dinners. The nice, updated kitchen has white cabinets, lots of counter space, stainless steel appliances, and looks over into the great room so that you can be part of the entertainment. The great room has new vinyl flooring, a nice fireplace, exposed wood beams, vaulted ceilings, and lots of room for family and friends to gather. The primary bedroom also has new luxury vinyl flooring and an ensuite complete with dual closets, tile shower, and an updated vanity. There is a direct exit to the back patio and pool. The hall bathroom is nicely updated with a new vanity and tile tub/shower combo. The other two bedrooms are good-sized and have new LVP flooring. Enjoy the great Arizona weather on your back patio and yard. There is a nice diving pool, perfect for those hot summers. Don't miss the Gazebo and RV gate and grass area for kids and pets to play. The laundry room is just off the great room and has extra storage and a folding table. This home is close to great schools, shopping, freeways, parks, and much more. It is a must see. Call today.

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235 S Monterey Street Gilbert, AZ 85233

New

$535,000

3 Beds

2 Baths

1,418 SqFt

Status Active

MLS # 6761918

Property Type Single Family Residence

Price Type --

SUPER CUTE 3 BR PLUS DEN HOME JUST MINUTES FROM THRIVING DOWNTOWN GILBERT! MATURE LANDSCAPING AND SYNTHETIC GRASS GREETS YOU AT THE CURB. ENTER INTO GREAT ROOM FLOORPLAN WITH UPGRADED VINYL FLOORING ALL OPEN TO BEAUTIFUL KITCHEN WITH GORGEOUS GRANITE, TILED BACKSPLASH AND LARGE PANTRY. THE PRIMARY BEDROOM OFFERS PLENTY OF ROOM AND THE UPDATED BATHROOM WITH TILED SHOWER IS SURE TO IMPRESS. STEP OUT BACK ONTO COVERED PATIO OVERLOOKING FENCED REMODELLED POOL AND SYNTHETIC GRASS, ALL VERY PRIVATE. THE DEN/OFFICE COULD WORK AS A 4TH BEDROOM. THE ROOF AND AC ARE NEWER AND THE BLOCK CONSTRUCTION MAKES FOR A VERY ENERGY EFFICIENT HOME. DON'T MISS THE HUGE LAUNDRY ROOM IN GARAGE, LARGE ENOUGH FOR A SMALL SHOP. SELLERS ARE BEING RELOCATED AND HATE TO LEAVE THIS AMAZING HOME IN PERFECT LOCATION.

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9018 E Stoney Vista Drive Sun Lakes, AZ 85248

$535,000

2 Beds

2 Baths

1,676 SqFt

Status Active Under Contract

MLS # 6752941

Property Type Single Family Residence

Price Type --

Welcome to Sun Lakes Oakwood, a premier 55+ active adult community featuring this beautiful, single-family home with 1,676 sq ft of thoughtfully upgraded living space. Located just 2 houses away from a scenic walking path. This home boasts 2 spacious bedrooms & 2 bathrooms. Primary bedroom offering newly installed patio access. Primary bathroom has been fully remodeled for modern comfort. The recently updated kitchen includes new cabinetry, granite counters, natural gas cooking & new appliances, each with two years remaining on their service agreement. Additional upgrades throughout the home include a Green Water System with non-salt whole-home filtration, updated lighting & ceiling fans, and new energy-efficient dual-pane low-e windows. The north facing backyard is a personal oasis, enclosed by a wrought iron fence, featuring a larger lot with a full irrigation system. Enjoy outdoor living under the expansive 44' pergola-covered patio with a built-in natural gas BBQ. The greenhouse with a removable cover with in-ground & trellis irrigation system provides a perfect setup for gardening enthusiasts. The home's exterior was recently painted, with a new AC/heating system, roof underlayment & gutter system installed in 2022. The proximity to all the incredible amenities of Sun Lakes, including golf, tennis, pickleball, pools, fitness, and a wide array of clubs and social activities!

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8611 E Onza Avenue Mesa, AZ 85212

$535,000

4 Beds

2 Baths

2,089 SqFt

Status Active Under Contract

MLS # 6743422

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 4-bed, 2-bath home in Eastridge! A 3-car garage, RV gate, & a manicured landscape are just the beginning. Fabulous interior showcases tons of natural light, a designer palette, tile & soft carpet t/out, and vaulted ceilings that add to the airy feel. You'll LOVE the formal living room and an open-concept family room with surround sound & French doors to the back, making entertaining a bliss! The kitchen boasts SS appliances, granite counters & backsplash, newer hardware, a pantry, wood cabinetry w/crown molding, & a prep island w/breakfast bar. Vaulted ceilings and newer lighting throughout the house. Enter the main bedroom to find a bay window and an ensuite with dual sinks, separate tub/shower, & a walk-in closet. The rest of the bedrooms are generously sized. Go out through the laundry room to a spacious garage. Shelves for convenience, newer garage door openers and plenty of lighting. Newer water heater last three years, newer doors, knobs and hinges, new digital door pad, newer exterior paint. Discover the tranquil backyard with a full-length covered patio, lush lawn, & a water feature! This gem won't disappoint!

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2616 S Tobin -- Mesa, AZ 85209

$535,000

4 Beds

2.5 Baths

2,236 SqFt

Status Active

MLS # 6733880

Property Type Single Family Residence

Price Type --

Welcome to the highly desired community of Mulberry in East Mesa! This beautiful 4-bedroom, 2.5-bath home boasts an open floor plan with an office space on the main level. The open-concept living area is filled with natural light. The gourmet kitchen features modern appliances, granite countertops, and a large island. The master suite is a true retreat with a luxurious en-suite bath, and walk-in closet. Mulberry offers amenities for an active lifestyle, including pickleball and tennis courts, two community pools, a clubhouse, and multiple parks. Come check out this lovely home in one of East Mesa's top communities.

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4176 W Gail Drive Chandler, AZ 85226

$535,000

3 Beds

2 Baths

1,372 SqFt

Status Active

MLS # 6758798

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated 3-bedroom, 2-bathroom home, featuring brand-new flooring and a stunning modern kitchen. With vaulted ceilings and new windows, this home offers a bright and open feel, perfect for comfortable living and entertaining. The spacious master suite includes an updated master bath, providing a luxurious retreat. The low-maintenance backyard is equipped with turf and a sparkling pool, ideal for relaxing on sunny days. This north-south exposure home is perfectly positioned for optimal light and energy efficiency. Located in a vibrant community, you'll have access to two parks, a multifunction sports court, pickleball courts, a playground, and two additional community pools. Don't miss out on this move-in ready home!!

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830 N Cholla Street Chandler, AZ 85224

$535,000

3 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6741500

Property Type Single Family Residence

Price Type --

Step into this beautifully updated home, where modern upgrades meet classic comfort in the desirable Anderson Springs neighborhood. With a brand-new kitchen, a breakfast bar to enjoy the view into the pool, refreshed bathrooms, and new flooring throughout, this home is move-in ready and waiting to welcome you. The heart of the home is the newly renovated kitchen, featuring freshly new cabinets that add a touch of charm. The kitchen flows seamlessly into the living and dining areas, making it the perfect space for both everyday living and entertaining. Vaulted ceilings enhance the sense of space, while the fresh interior paint throughout gives the home a bright and welcoming feel. The master suite is a true retreat, offering a spacious walk-in closet and a luxurious master bath. Unwind in the separate soaking tub, or refresh yourself in the walk-in shower. Dual sinks provide convenience and a touch of elegance. The guest bathroom is equally impressive, featuring stylish mosaic tile that adds character and a modern flair. Outside, the backyard is your personal oasis. A sparkling pool invites you to cool off on hot days, while the covered patio and charming gazebo create the perfect setting for relaxation and gatherings with friends and family. Imagine summer afternoons spent lounging by the pool or hosting barbecues under the shaded gazebo. Located in the picturesque Anderson Springs community, this home offers the best of both convenience and tranquility. Enjoy leisurely walks to the nearby lake, or take advantage of the proximity to shops, restaurants, and the grocery storeall just a short stroll away. This home truly has it all: modern updates, a prime location, and a backyard made for enjoyment. Don't miss your chance to make it your own. Contact us today for a tour!

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1402 W Cheyenne Drive Chandler, AZ 85224

$535,000

4 Beds

2 Baths

1,739 SqFt

Status Active

MLS # 6760901

Property Type Single Family Residence

Price Type --

Check out this amazing home in Chandler with NO HOA! This 4-bedroom, 2-bathroom house comes with a private pool, perfect for cooling off in the summer. The spacious kitchen is equipped with stainless steel appliances. Enjoy the vaulted ceilings in the living areas or entertain in the beautifully landscaped backyard with a sparkling pool. The primary suite offers comfort and plenty of closet space. The additional bedrooms provide flexibility for guests or a home office. This home is located in a desirable neighborhood, close to shopping, dining, and top-rated schools. Plus, the pool has recently been redone and plastered. Don't miss out on this fantastic opportunity!

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5736 E Lawndale Street Mesa, AZ 85215

$535,000

3 Beds

2 Baths

1,833 SqFt

Status Active

MLS # 6755271

Property Type Single Family Residence

Price Type --

This Beautiful Low Maintenance single-story home at Apache Wells overflows with charm. It has graceful archways, vaulted ceilings, potting shelves, wood-plank tile floors, open concept living & kitchen with SS apppliances, Granite counters, tile backsplash, under cabinet lightins & recesses lighting...All lighting is LED. Wonderful private walled/gated travertine Tile patio with extended solid insulated roof, Master suite is a private sanctuary with Tile Shower, Garden Tub, Dual sinks, Walk-in closet and Private toilet. Third bedroom or office/den has plenty of light and a large closet. This home comes equipped with ample storage inside and out! Garage has built in work bench and cabinets. Enjoy NEW whole house water conditioning system, Easy to clean stone coat garage Floor, driveway and walkways. NEW Screens, Blinds, toilets, locks and dishwasher. The garage is also equipped with a 240V outlet for RV or electric vehicle. You will see this house has been taken care of and is waiting for someone to enjoy all the benefits of this home and community!

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14204 W Charter Oak Road Surprise, AZ 85379

$535,000

4 Beds

2 Baths

2,166 SqFt

Status Active

MLS # 6757642

Property Type Single Family Residence

Price Type --

IMMACULATE DESIGNER SHOWCASE HOME! 4 LARGE ROOMS AND 2 FULL BATHS. STEP INTO A LARGE FOYER LEADING TO LARGE GOURMET KITCHEN WHICH IS OPEN TO THE GREAT ROOM WITH WINDOWS ACROSS THE BACK WITH THE VIEW OF THE BEAUTIFUL CUSTOM POOL WTIH STACKED STONE WALL AND WATER FEATURE AND TRAVERTINE SURROUNDED BY PLANTS AND LOTS OF SPACE FOR YOUR GATHERINGS. KITCHEN WITH GRANITE COUNTERS-S/S APPLIANCES-GAS COOKING-SPLIT FLOOR PLAN. EXTRA LARGE MAIN SUITE AND CUSTOM WALK IN CLOSET-HIGH CEILINGS.18'' TILE IN ALL THE RIGHT PLACES-THREE CAR GARAGE AND RV GATE WITH EXPANDED PAVER DRIVE WAY PARKING. TESLA SOLAR SYSTEM ONLY $65.79 PER MONTH. EXPECT TO BE IMPRESSED!

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22882 E Marsh Road Queen Creek, AZ 85142

$535,000

3 Beds

2.5 Baths

2,005 SqFt

Status Active

MLS # 6752341

Property Type Single Family Residence

Price Type --

Three bedrooms PLUS den and a three car tandem garage backing the beautiful Schnepf Farms property! Discover the charm of a trendy newer built home without the wait - in a lake community with catch & release fishing and two heated pools. Your new home has tile throughout all the common areas, and a thoughtfully-designed floor plan that maximizes space and comfort. In this meticulously-kept home, you'll love the large laundry room and XL formal dining space! Upgraded kitchen offers a gas stove and built-in microwave. Split floor plan and open-plan living/kitchen allows for both privacy when you need it and space to gather when you want to - the best of both worlds! Living room ceiling is pre-wired for speakers! Your new home is nestled in a newer master-planned community, and one of the most sought-after areas in all of Queen Creek. Situated in the town's agri-tainment (agricultural entertainment) district, here you'll enjoy an ideal blend of suburban and rural living. While just minutes away you'll find Queen Creek's premier shopping and dining options, across the road you'll enjoy the state of Arizona's most beloved agri-tourism destinations - Queen Creek Olive Mill and Schnepf Farms. The Harvest community's exceptional amenities include a two inviting heated pools, a splashpad, scenic neighborhood trails, inviting fire pits, community lake, gathering areas and more.

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940 N Bison Golf Court Show Low, AZ 85901

$535,000

3 Beds

2 Baths

1,575 SqFt

Status Active

MLS # 6714740

Property Type Single Family Residence

Price Type --

Beautiful 3-Bedroom, 2-Bathroom Home on Golf Course in Gated White Mountains Community Welcome to your dream home in the heart of the White Mountains! This residence is nestled within a secure, gated community and sits directly on a beautifully manicured golf course. The open-concept living area is filled with natural light and features a cozy fireplace, perfect for relaxing evenings. The master bedroom offers a peaceful retreat with an en-suite bathroom. Step outside to your private deck where you can enjoy tranquil views of the lush golf course, perfect for morning coffee or entertaining guests. Situated in the White Mountains, you'll have easy access to outdoor activities such as hiking, skiing, and golfing, as well as local dining and shopping! Home may come partially furnished too!

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