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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10461 E Simone Avenue Mesa, AZ 85212

$535,000

3 Beds

2.5 Baths

2,063 SqFt

Status Active

MLS # 6753479

Property Type Single Family Residence

Price Type --

Beautiful home located in the highly sought after neighborhood of Eastmark. This 3 bedroom, 2.5 bath, features a split, open floor plan with a 3 car garage! Walking up to the home you will notice the beautifully paved drive and walkway leading up to the front door. This space is large enough for a bench or quaint table to welcome guests. Once you enter inside, you are welcomed into the grand hallway. To your left you will see the secondary bedrooms and bathroom. A unique feature of this space is that each bedroom has its own vanity space, an entrance into the bathroom, and a walk in closet. As you continue down the hall, you will see the half bathroom to your left and mudroom/laundry space to your right. At the end of the hall, you come to the combination kitchen/dining and living room. The gourmet style kitchen is complete with custom lighting, upgraded cabinets, beautiful white tiled backsplash, ample cabinet and counter space, a grand center island, matching stainless steel appliances, gas range, expansive walk-in pantry and reverse osmosis system. The dining space offers plenty of room for a large dining table, making this space perfect for hosting. This combination living/dining space contains several windows that open to the backyard space, bringing in plenty of natural lighting. At the back of the home, you will discover the primary bedroom and bath. This space is complete with dual vanities, a large walk-in shower, and a considerably sized walk-in closet. Another uniquely perfect feature of this home is the entrance from the primary bedroom into the laundry space, adding a touch of convenience. The backyard space is finished with a covered patio and attached pergola awning, offering plenty of desired shade.

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17440 W Eugene Terrace Surprise, AZ 85388

$535,000

5 Beds

3 Baths

1,967 SqFt

Status Active

MLS # 6744457

Property Type Single Family Residence

Price Type --

Seller Concessions Offered! Welcome home to this stunning 5 bedroom, 3 bath home, built in 2022 with upgrades galore! The light and bright interior offers plantation shutters, wood-look tile flooring, and perfectly flowing open common areas. Create delicious meals in the immaculate kitchen showcasing stainless steel appliances, large pantry, a breakfast bar, wood cabinetry, and quartz countertops. The primary bedroom has its own backyard access and a bathroom with upgraded supershower, dual sinks, and a walk-in closet. Three secondary bedrooms have easy access to the Jack & Jill bathroom for added convenience! Host fun summer gatherings in the backyard featuring a covered patio, fenced pool and spa combo with natural gas heating system, a built-in natural gas BBQ, and view fencing. Garage features plenty of built in cabinets, soft water loop, and a 220V outlet. Permanent exterior holiday lighting features a spectrum of vibrant colors that can be easily programmed using your phone app. Decorate for every holiday and celebrate your favorite sports teams on game day! Don't miss your chance at this great home!

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4301 N 21st Street Unit 25 Phoenix, AZ 85016

$535,000

3 Beds

2.5 Baths

1,958 SqFt

Status Active Under Contract

MLS # 6725153

Property Type Townhouse

Price Type --

Welcome to this beautifully updated 3-bedroom, 2.5-bathroom townhome at Heights at Glenrosa. This home boasts modern enhancements such as canned lighting and plantation shutters throughout, creating a bright and inviting ambiance. The primary bathroom has been tastefully remodeled with a glass-enclosed shower and a sleek vanity featuring contemporary fixtures. Newly installed carpeting adds comfort, complemented by fresh interior and exterior paint for a pristine look. The HVAC system, recently updated, ensures year-round comfort. Situated in the most prime location a mile away from Biltmore Fashion Park, this townhome offers convenient access to local amenities, shopping, dining, and entertainment.

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17730 W Redwood Lane Goodyear, AZ 85338

$535,000

2 Beds

2.5 Baths

2,323 SqFt

Status Active

MLS # 6707949

Property Type Single Family Residence

Price Type --

!! REDUCED for a QUICK SALE!! Indulge in luxury with this exquisite 2 bed, 2.5 bath retreat in the esteemed CantaMia community at Estrella Mountain Ranch. Marvel at the RARE opportunity to assume a loan at an UNBEATABLE rate of !!! 2.375% !!! ensuring financial ease and peace of mind from day one. Upon entry, be captivated by a charming courtyard with SPA, hinting at the elegance within. The seamless open concept floor plan features a spacious great room, upgraded kitchen, custom shutters and an enchanting outdoor oasis for stylish entertaining or serene relaxation.Enjoy a life of leisure with low-maintenance landscaping, leaving ample time to explore the resort-style amenities of CantaMia. Dive into the Village Center's offerings, including a fitness center, indoor/outdoor pools, and a rejuvenating spa Nearby, discover tennis courts, pickle-ball, bocce ball, and more for active pursuits. Outside the community, relish access to the prestigious Starpointe Residents Club and championship golf courses, ensuring endless excitement and relaxation. Freshly painted in spring 2023, this home epitomizes turnkey luxury, awaiting its fortunate new owners. Don't miss the chance to experience the pinnacle of Arizona living - schedule your showing today! Agents see listing tab for details on assumable loan.

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4140 N 21st Street Unit 5 Phoenix, AZ 85016

$535,000

3 Beds

2.5 Baths

2,027 SqFt

Status Active

MLS # 6719540

Property Type Townhouse

Price Type --

Freshly painted & new carpet, this townhome is priced to move! Located in a quaint & quiet complex w/only 8 units, this townhome offers that single family feel without the maintenance. End unit, 3 beds, 2.5 baths & attached 2 car garage. Open floor plan w/tile flooring, gas fireplace, newer AC, shutters & separate laundry room w/sink. The kitchen has a plethora of cabinets, granite counters, large island, stainless appliances & pantry. Upstairs you'll find a HUGE primary bedroom w/large walk in closet & ginormous shower w/2 shower heads! Down the hall you'll find 2 more bedrooms, both w/walk in closets & full bathroom. 1/2 bath on main floor. Plenty of storage on both levels. Private patio w/common area access. With a walk score of 70, you're conveniently close to all Phoenix has to offer

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7608 W Sweetwater Avenue Peoria, AZ 85381

$535,000

3 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6753779

Property Type Single Family Residence

Price Type --

Total Remodel**Single Story with 3 Bedrooms/2 Bathrooms/2 Car Garage**Private Pool**Shaker Cabinets**Tile Backsplash**All Fans/ Lighting Fixtures Newer**Recessed Lighting**Plumbing Fixtures Replaced**Shaker Style Cabinets Handcrafted by Cabinet Maker**Vaulted Ceilings**Painted Inside and Out**Vinyl Plank Flooring**Fireplace in Family Room**Open Kitchen**Tile Roof Redone 2024**HVAC Unit Replaced 2024**Very Nice Remodel**

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1291 S Ponderosa Drive Gilbert, AZ 85296

$535,000

4 Beds

2 Baths

1,888 SqFt

Status Active

MLS # 6621489

Property Type Single Family Residence

Price Type --

Well maintained home in Higley Park with beautiful upgrades and energy efficient with OWNED OUTRIGHT SOLAR for LOW electric bills! No loan or lease to assume. Up to $4000 LENDER CREDIT available to go towards buyer's closing costs! This lovely home features 4 bedrooms and 2 baths. Seller will add a door to 4th bedroom. As you enter you will love the spacious living room & open concept GREAT ROOM with kitchen, dining, and the family room. There are tile floors in all the main rooms, a soft color palette, newer kitchen appliances, & an upgraded primary bathroom with a custom tiled shower. Custom lighting & ceiling fans in most rooms. HVAC replaced in 2022. Awesome entertainers backyard with pavers, a large bar, grill, gazebo, fire pit, & water feature. Close to shopping, dining & the 202.

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3202 W Thude Drive Chandler, AZ 85226

$535,000

4 Beds

2 Baths

2,079 SqFt

Status Active

MLS # 6727057

Property Type Single Family Residence

Price Type --

Enjoy peace of mind - the roof was replaced in 2019, newer dual-pane windows (2020), newer AC (2021), modern, vinyl flooring throughout (2019), newer water heater (2020), garage door (2024) & interior paint (July 2024)! The modern kitchen boasts recent upgrades such as new cabinets, quartz counter tops and sink (2024)! Lavish in the updated master bathroom featuring newer master shower (2020) and granite counter tops. Convenient location with easy access to 101 freeway! Enjoy countless retail & restaurant options at nearby Chandler Fashion Center Mall! Desert Breeze Park nearby also features a man made lake, tennis & volleyball courts, baseball & softball fields, ramadas, children's playground & train ride! Also close to Chandler Sunset Library. Hurry before this opportunity is gone!

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122 N Sunaire -- Mesa, AZ 85205

$535,000

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6745712

Property Type Single Family Residence

Price Type --

Discover this 3 bedroom/2.5 bath fully remodeled home located in the heart of the city. Step inside to find new tile flooring, new modern lighting, and fresh neutral color paint throughout. New white shaker kitchen is equipped with new stainless steel appliances, new quartz countertops, and new fixtures. New washer and dryer installed, bathrooms fully upgraded, new ceiling fans, and many other upgrades. Large backyard lot plus storage room/guest house. Sellers looking to sell and close quickly!

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18465 N Falcon Lane Maricopa, AZ 85138

$534,999

4 Beds

3 Baths

2,686 SqFt

Status Active

MLS # 6742148

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This impressive 4-bedroom, 3-bathroom residence spans just under 2700 square feet and offer a perfect blend of luxury and functionality. The heart of the home features stunning custom dark kitchen cabinets, with lots of storage, beautiful tile backsplash and wow take a look at the high-end granite counters. this creating a gourmet custom kitchen design. Enjoy the open-concept design with 10-foot ceilings, oversized patio door that elevates the entire space. Need a dedicated workspace? The wall-designed home office is perfect for productivity and creativity. With a spacious 3-car tandem garage, and convenient double gate, you'll have all the room you need for vehicles and outdoor gear. This home offers the ultimate in comfort and convenience. Thank you

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5332 W Manzanita Drive Glendale, AZ 85302

$534,995

3 Beds

2 Baths

2,078 SqFt

Status Active

MLS # 6762110

Property Type Single Family Residence

Price Type --

Explore this inspired Agate home, ready for quick move-in! Included features: a covered entry; a corner kitchen boasting 42'' upper cabinets, stainless-steel appliances, a center island and an adjacent dining room; a large open great room; an elegant primary suite showcasing a large walk-in closet, 4x16 stacked shower tile, and double sinks; a central laundry; two additional bedrooms and one additional bathroom; a wonderful flex room, covered patio and a 2-car garage. This home also features matte black hardware throughout, 9x35 stone tile flooring, quartz kitchen countertops, 2 panel doors, and ceiling fan prewire in all bedrooms, great room, and patio. You'll also find a stainless-steel side by side refrigerator, tankless gas hot water heater, garage coach lights, front yard landscaping and pavers at the driveway and entryway. Home has a December completion.

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12318 W Marguerite Avenue Avondale, AZ 85323

New

$534,995

4 Beds

3 Baths

2,380 SqFt

Status Active

MLS # 6762728

Property Type Single Family Residence

Price Type --

The must-see Elderberry plan boasts ample space for entertaining. On the main floor, you'll find an open dining area, an expansive great room, a convenient laundry and a well-appointed kitchen with a center island and walk-in pantry. An impressive primary suite, located just off the great room, showcases an immense walk-in closet and a private bath. Upstairs, discover an airy loft, a storage area and two secondary bedrooms.

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