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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5111 W Greenway Road Glendale, AZ 85306

$534,900

4 Beds

2 Baths

2,409 SqFt

Status Active Under Contract

MLS # 6729437

Property Type Single Family Residence

Price Type --

Quality FULL remodeled 4 bed 2 bath block home with a pebble tech pool and OWNED Solar!! Loaded with upgrades such as NEW AC/Heating Unit, dual pane vinyl energy windows and slider, all new modern flat interior wall texture, great room floorpan with a gourmet kitchen, custom tiled backsplash, stainless appliances, gas range, quartz counters, large sit at kitchen island, LED recessed lights, ceiling fans, designer tiled master showers with glass slider door, new bathroom vanities with his and her sinks, double sinks in second bathroom, tiled fireplace, real wood beams in large family room, upgraded outlets/rocker switches, extended covered patio, new cool decking, all new exterior low maintenance landscaping on automatic watering system, newer roof, large laundry room with built in cabinets, new interior and exterior paint, this is a must see in person home!!

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9613 E Keats Avenue Mesa, AZ 85209

$534,900

3 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6722823

Property Type Single Family Residence

Price Type --

And, we are back with new photos and a new price. Welcome to Augusta Ranch! An established neighborhood with a golf course, walking paths and park space. This homes has a living room, family room, eat-in kitchen, 3 bedrooms plus a den. Kitchen features plenty of cabinet space with pull out drawers, granite counter tops, convection microwave, *gas range/stove.*(Pls see remarks)And a reverse osmosis system. Tile through out the house. The oasis backyard features a heated dive pool, bbq, pergola, covered patio with ceiling fans, TV and well landscaped. Main bedroom has a sliding door to the pool, walk-in closet. Main bath features double sinks, a tiled walk in shower. Come see this beautiful one level home in a very popular sub-division!

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7240 N Dreamy Draw Drive Unit 113 Phoenix, AZ 85020

$534,900

2 Beds

2.5 Baths

2,209 SqFt

Status Active

MLS # 6738480

Property Type Single Family Residence

Price Type --

Back on the Market! Welcome to 7240 N. Dreamy Draw Drive, Unit 113, a detached home with incredible potential located in the desirable Legends at Dreamy Draw community. This 2 bedroom, 2 bathroom plus Loft property offers over 2,200 square feet of living space and is ready for your personal touch. Step inside to discover an inviting interior featuring a spacious and functional layout, high ceilings, and an abundance of natural light. The living spaces are thoughtfully designed to provide a warm and welcoming atmosphere. The well-appointed kitchen is equipped with matching appliances, granite countertops, and ample cabinet space. Perfect for preparing meals and entertaining guests. Step outside to your private patio, where you can enjoy your morning coffee, it's the perfect spot for outdoor relaxation. Residents of this community also enjoy amenities such as gated access, a sparkling swimming pool, and well-maintained common areas. The community is designed to offer a resort-like living experience while offering easy access to shopping, dining, entertainment, and outdoor recreation. Enjoy the best of Phoenix living with the tranquility of a picturesque neighborhood. Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available on this home via the Community Promise Program.

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9464 E Olla Avenue Mesa, AZ 85212

$534,900

3 Beds

2 Baths

2,308 SqFt

Status Active

MLS # 6747022

Property Type Single Family Residence

Price Type --

THIS IS IT, AND PRICED RIGHT! 3 LARGE BEDROOMS PLUS A DEN, 2 FULL LARGE BATHROOMS. LARGE BACK YARD IS READY FOR YOUR POOL. ENJOY LARGE FAMILY GATHERINGS IN THE OPEN CONCEPT GREATROOM AND KITCHEN AREA. COME AND SEE YOUR NEW HOME TODAY!

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25942 N Desert Mesa Drive Surprise, AZ 85387

$534,850

5 Beds

4 Baths

3,803 SqFt

Status Active Under Contract

MLS # 6730552

Property Type Single Family Residence

Price Type --

3K paint credit for interior paint! New Trane AC unit! Welcome to this gorgeous home in Desert Oasis boasting a 3-car garage and RV gate. This well-thought-out layout boasting 5 bedrooms, 4 bathrooms, a bonus room, a formal dining room, and a large upstairs loft has no wasted space! The kitchen has been recently remodeled and showing off granite countertops, high-end stainless steel appliances, stylish backsplash, white cabinetry. Plus, a walk-in pantry and kitchen island with a breakfast bar. There is one bedroom downstairs perfect for a guest room! Upstairs are the remaining bedrooms, a spacious loft, and a conveniently placed laundry room. The primary suite is generous in size with a double door entry and a ensuite bathroom with a dual sink vanity, and a separate shower and tub. The remaining bedrooms are move-in ready and one of the bedrooms has a private ensuite bathroom! Outside in the backyard is an immaculate scene with mountain views, artificial grass, and a large covered patio with a large multi-purpose concrete pad. Desert Oasis is a desirable community in Surprise close to the freeway for easier access to dining, shopping, and entertainment options.

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9239 E Spiral Avenue Mesa, AZ 85212

$534,667

3 Beds

2.5 Baths

1,810 SqFt

Status Active

MLS # 6755709

Property Type Single Family Residence

Price Type --

BRAND NEW MOVE IN READY HOME! This DAVIDSON plan includes a DELUXE gourmet kitchen, white cabinets, black pulls, granite counter tops, subway tile backsplash, upgraded tile and carpet flooring, and Apple Pod Smart Home Kit. READY SEP!

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1060 W Finch Drive Queen Creek, AZ 85140

$534,617

3 Beds

2 Baths

1,858 SqFt

Status Active

MLS # 6752111

Property Type Single Family Residence

Price Type --

Ready October 29th!! Corner lot Next to all the amenities and park area. 3 Bedrooms plus DEN with 8ft slider, Granite counter tops, Rich Brown Cabinets with Nickel hardware, Subway tile backsplash, LVP and upgraded carpets!! Great sized backyard with extended covered patio to enjoy. Just steps away from all the amazing Amenities North Creek has to offer.

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5027 W Walatowa Street Laveen, AZ 85339

$534,524

3 Beds

2.5 Baths

2,609 SqFt

Status Active

MLS # 6742411

Property Type Single Family Residence

Price Type --

Discover an incredible New Home community, with stunning floor plans! This 2,609 sq ft new build features 3 bedrooms, a downstairs flex room, and an upstairs loft. With 2 full baths and a powder room. Enjoy wood plank flooring throughout the main level, except for the cozy flex room and bedrooms. The kitchen is a chef's delight with a quartz island, upgraded cabinets, and gourmet stainless steel appliances, all opening to a spacious great room and dining area. Entertain effortlessly with an 8' slider leading to a large backyard on an oversized lot. Nestled near Carver & South Mountain, enjoy hiking, biking, trails, and soak in breathtaking views. Currently under construction & ready Fall 2024, the seller offers interest rate and closing cost assistance. **PHOTOS ARE OF A MODEL HOME**

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1553 W 5th Place Tempe, AZ 85281

$534,500

3 Beds

2 Baths

1,518 SqFt

Status Active

MLS # 6739317

Property Type Single Family Residence

Price Type --

Pictures don't do justice! Come view this remodeled home with its new upgrades and contemporary colors. The kitchen features sleek countertops and cabinetry with plenty of space for hosting any gatherings. New appliances with this magnificent kitchen. Indulge in updated bathrooms with high-end fixtures, elegant tiled showers and floors, and chic vanities. Situated in a quiet residential area, this home offers convenient access to excellent schools, parks, shopping, and dining, all while providing a tranquil suburban lifestyle. Minutes from the 202, 101, 60 and the ASU campus along with everything else the vibrant city of Tempe has to offer!

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4906 W Brown Street Glendale, AZ 85302

$534,423

4 Beds

3 Baths

2,281 SqFt

Status Active

MLS # 6745122

Property Type Single Family Residence

Price Type --

Located in North Central Glendale, convenient to everything. Gorgeous, open plan with bedroom & full bathroom downstairs. 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. Mission stair railing upstairs and downstairs. Bright, open feel. 8′ garage doors. Designer finishes include: 42'' Benton Birch, Flagstone shaker style cabinets. Kitchen comes with modern 4 inch hexagon, ''Trance'' back-splash, ''White sand'' quartz counters & 12x24 ''Sunset Falls'' tile floors. Ask us about our financing promotions!!! Home will be ready this August.

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18002 W Vogel Avenue Goodyear, AZ 85338

$534,206

4 Beds

3 Baths

2,841 SqFt

Status Active

MLS # 6744327

Property Type Single Family Residence

Price Type --

CITRUS PARK - COMMUNITY POOL W. SPLASH PADS in phase 2, which is estimated to be completed summer 2025 - This home has 4BR+Loft+Study/3BA/3car Tandem Garage. BR/BA downstairs - Great Room overlooks LARGE Backyard with EXTENDED COVERED PATIO!! Gourmet Kitchen has 42'' White Painted Cabinets over WHITE QUARTZ Counters with LARGE KITCHEN ISLAND! VERY Spacious Primary Bedroom with an even LARGER BATHROOM. Loft and Study upstairs offer extra space for different needs. GREAT NEIGHBORHOOD with PICKLEBALL-3 KID PLAYGROUNDS-BBALL COURT, and Pool coming next Summer!

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2921 W Plum Hollow Drive Anthem, AZ 85086

$534,000

2 Beds

2 Baths

1,803 SqFt

Status Active

MLS # 6702565

Property Type Single Family Residence

Price Type --

Live the Anthem Dream in this Resort-Style Oasis! Mountain Views, Guard-Gated Community, and Endless Amenities This stunning 2-bedroom residence with new roof and exterior paint! Den (easily convertible to a 3rd bedroom) offers the ultimate Anthem Country Club lifestyle. Unwind amidst breathtaking mountain vistas, just behind the exclusive Anthem Country Club guard gates. World-class golfing, delectable dining, sparkling community pools, and parks are all at your fingertips. Step outside the gates to Anthem Park, where lakes, charming trains, and endless activities await. Designed for Entertaining. The home's open floor plan seamlessly blends style and functionality. Live the Anthem Dream in this Resort-Style Oasis! Short walk to Persimmon club house. Mountain Views, Guard-Gated Community, and Endless Amenities New roof and new exterior paint! This stunning 2-bedroom residence with a den (easily convertible to a 3rd bedroom) offers the ultimate Anthem Country Club lifestyle. Unwind amidst breathtaking mountain vistas, just behind the exclusive Anthem Country Club guard gates. World-class golfing,delectable dining, sparkling community pools, and parks are all at your fingertips. Step outside the gates to Anthem Park,where lakes, charming trains, and endless activities await. Designed for Entertaining The home's open floor plan seamlessly blends style and functionality. The inviting great room boasts a beautiful tiled feature wall with floating shelves, new wood-like flooring throughout, and modern plantation shutters. Whip up culinary masterpieces in the bright kitchen adorned with crisp white cabinets and a built-in wine fridge. Unwind in Paradise The private primary suite transforms into a spa-like retreat with its completely updated bathroom. Flexible living is yours with the den, easily convertible to a third bedroom to suit your needs. Outdoor Escape The oversized homesite provides the perfect canvas for creating your own Arizona dream. Imagine starlit evenings spent under the covered patio, surrounded by mature landscaping and a lush green turf lawn. This Anthem gem offers too much to list! Don't miss your chance to experience resort-style living year-round.

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