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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3655 E Trinity Lane Chandler, AZ 85286

$534,000

3 Beds

2.5 Baths

1,928 SqFt

Status Active

MLS # 6735890

Property Type Single Family Residence

Price Type --

PRICE RELIEF: Beautiful, freshly painted, 1928 SF home in the gated Inspiration community at Layton Lakes. 3 bedrooms plus loft, 2.5 baths with upgraded Chef's Kitchen featuring 36'' Shaker Cabinets, Granite countertops, stainless steel appliances and gas range, upgraded flooring and cost saving solar system. Luxury bathroom package includes resort style, walk-in shower with bench and rain head in Master bath, gas stubs in laundry and on upgraded patio featuring multi-hewed brick pavers and astro turf yard. Window blinds, new ceiling fans throughout and more! Inspiration at Layton Lakes features a clubhouse, heated pool and jacuzzi just steps away. Layton Lakes provides ball fields, playgrounds, basketball, tennis and pickle ball courts and a splash pad for you and your kids to enjoy. Owners save $200 - $300/ month on electric bills owing to the solar power system installed on 3655's roof. Before and after electric bills are available to verify savings. Solar Purchase Agreement details provided in document tab and attached to SPDS.

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33465 N North Butte Drive San Tan Valley, AZ 85144

$534,000

3 Beds

2.5 Baths

2,209 SqFt

Status Active

MLS # 6746447

Property Type Single Family Residence

Price Type --

$15K price reduction!! Seller is offering a 2-1 Buydown with full price offer! Nestled on a quiet street with no rear neighbors, the property backs to a picturesque greenbelt, offering privacy and tranquility. Inside, nearly $140,000 in renovations have transformed this home into a masterpiece of design. The gourmet kitchen, complete with an 8-burner gas stove and custom quartz countertops, is a chef's dream. Spa-inspired bathrooms feature pebble stone showers and smart-touch mirrors. Custom details and a cohesive design create an inviting ambiance throughout. Step into your private backyard paradise. The revitalized pool, adorned with a triple-fountain water feature, provides a refreshing escape The extended paver patio, complete with a cozy firepit, sets the stage for unforgettable gatherings. Lush artificial turf and accent lighting create a serene backdrop for relaxation and entertainment. This home offers more than just beauty; it's designed for modern living. A newer HVAC system, upgraded windows, and water filtration systems ensure comfort and efficiency. Every detail, from fixtures to textures, has been carefully curated to achieve a timeless balance of classic elegance and contemporary style. Experience the epitome of refined living in Queen Creek. Discover the perfect blend of tranquility and luxury.

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12621 N 41st Place Phoenix, AZ 85032

$534,000

3 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6733229

Property Type Townhouse

Price Type --

Excellent location! Approximately 1/3 mile to the new PV Reimagined and three minutes to the I51 Freeway.. SINGLE LEVEL 3 bedroom / 2 full bath townhome with two car garage, private backyard in the gated community of Las Haciendas. Vaulted ceiling with exposed wood beam, beehive fireplace in the living room, eat in kitchen and spacious bedrooms. French doors in the living room and primary bedroom. Lush, gated courtyard entry and many additional amenities such as granite counter tops , stainless appliances, dual convection oven, jetted tub, Kohler toilets and upgraded fixtures. Desirable community with 2 pools, spas and tennis. Shopping and dining galore with Costco, Target, Aldi,Sprouts, REI, In-N-Out, Chick-fil-A, Cold Beer & Cheeseburgers and many more right in the neighborhood!

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3346 E Rochelle Street Mesa, AZ 85213

$534,000

4 Beds

2.5 Baths

2,105 SqFt

Status Active

MLS # 6687626

Property Type Single Family Residence

Price Type --

Charming two-story home in Lehi Crossing with stunning Mountain Views from the backyard. Features include new neutral carpeting, upstairs laundry, four bedrooms, 2.5 bathrooms, and a 2-car garage. Enjoy the tranquility of this gated community with easy access to the 202 freeway. The backyard boasts orange trees and low maintenance turf, along with PAID SOLAR panels. Ample storage under stairs and freshly painted interior complete this inviting home!

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12016 N 61st Avenue Glendale, AZ 85304

$534,000

4 Beds

2.5 Baths

2,598 SqFt

Status Active

MLS # 6655591

Property Type Single Family Residence

Price Type --

BACK ON MARKET BUYER COULD NOT PERFORM. Seller wants the House sold and is open to all offers, FHA ASSUMABLE LOAN AT 5.125% Listed under appraised value of 575,000 Instant Equity. NO HOA! don't miss out on this opportunity, Stunning Tudor-style home! Located in the desirable Copperwood Subdivision. This spacious 4BD, 2.5 bath property has everything! Step inside, you'll be greeted by a vaulted ceiling and beautiful tile and wood flooring throughout. The upgraded gourmet kitchen features granite countertops, hardwood cherry cabinets and ample storage space. Entertain in the formal dining room, or unwind in the living room, or family room. During the colder months cozy up with 3 fireplaces, including one in the master bedroom. Retreat-like Master bedroom boasts a sitting area, walk-in closet, bathroom with spa-like tub, and separate shower. Outside, you'll find a covered patio, refreshing pool and spa, alongside a built-in BBQ area, NO HOA! features includes front yard desert landscaping requiring minimal maintenance, while the backyard combines desert landscape with artificial grass providing a versatile outdoor space. Not to mention, RV parking, backyard storage shed, and a spacious 2 car garage.

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4607 W El Caminito Drive Glendale, AZ 85302

$534,000

4 Beds

2 Baths

2,120 SqFt

Status Active

MLS # 6732866

Property Type Single Family Residence

Price Type --

What a beautiful energy-efficient haven in Glendale! Enter through the custom double doors to discover an inviting living room, formal dining room, and a desirable great room paired with recessed lighting. Fresh neutral palette promotes a welcoming ambiance, complimented by tile flooring, skylights, and ceiling fans. Upgraded kitchen boasts plenty of white shaker cabinets, subway tile backsplash, SS appliances, and quartz counters. Venture to the romantic main retreat equipped with plantation shutters, a walk-in closet, and a pristine ensuite with a designer tile shower. Weekend gatherings will never be boring in the spacious backyard, offering a covered patio, pergola, sparkling pool, and above-ground spa perfect for year-round enjoyment. This rare find is ready to be called your home!

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645 W Flintlock Way Chandler, AZ 85286

$534,000

3 Beds

3.5 Baths

2,565 SqFt

Status Active

MLS # 6711934

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to a true gem that stands out from the crowd. This home radiates style from every angle, starting with its neutral color scheme that provides the perfect canvas for any decor style. The primary bedroom offers a spacious walk-in closet for all your storage needs. Culinary enthusiasts will love the kitchen, featuring a walk-in pantry and sleek kitchen island for meal prep. Stainless steel appliances add to both the aesthetic and functionality. Retreat to the primary bathroom with double sinks for added convenience. Relax on your covered patio, extending your living space. The fenced backyard ensures privacy as you enjoy the peaceful surroundings.

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18611 N 22nd Street Unit 48 Phoenix, AZ 85024

$534,000

4 Beds

2.5 Baths

2,399 SqFt

Status Active

MLS # 6739432

Property Type Single Family Residence

Price Type --

This lovely 2,399 sq. ft, two-story home has four spacious bedrooms, 2 1/2 baths, a huge loft and tons of storage You'll love the new two-tone paint inside, updated lighting & new flooring that adds a modern touch throughout. Roof was replaced July 2024. Newer HVAC and appliances (less than three years old) make this home move in ready. Outside, enjoy a beautifully landscaped backyard with artificial turf, mature greenery, and a soothing fountain—perfect for relaxing or entertaining. With a two-car garage and ample parking for four additional cars, there's plenty of space for everyone. There is abundant storage both inside and out to keep everything organized.

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16239 S 43rd Place Phoenix, AZ 85048

$534,000

3 Beds

2.5 Baths

1,836 SqFt

Status Active

MLS # 6748819

Property Type Single Family Residence

Price Type --

Beautifully Remodeled Home in the Heart of Ahwatukee! This stunning 3-bedroom, 2.5-bathroom two-story home is located in a peaceful cul-de-sac. The fully remodeled interior features brand-new flooring, fresh paint, and a modern color scheme throughout. The open and bright living spaces are filled with natural light, with soaring ceilings and easy access to the backyard through sliding glass doors. The stylish kitchen includes stainless steel appliances, sleek countertops, upgraded LED lighting, and a charming bay window in the breakfast nook. Upstairs, the luxurious master suite offers an updated en-suite bath and walk-in closet. Two additional bedrooms provide ample space. The backyard features a cozy deck, perfect for outdoor dining and relaxing... Located in a desirable area known for its top-ranked schools, this home is close to parks, shopping, and dining. Don't miss the opportunity to own this beautifully remodeled property in a prime location.

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11300 N Casa Dega Drive Unit 1058 Surprise, AZ 85388

$533,995

2 Beds

2.5 Baths

1,854 SqFt

Status Active

MLS # 6647427

Property Type Townhouse

Price Type --

Welcome to this beautifully landscaped, all-ages gated master planned community featuring an active lifestyle with golf, clubhouse activities, pools, sport courts, professional spa, and an on-site restaurant and bars, this Villa features 2 bedrooms and 2.5 bathrooms and a 2 car garage. A welcoming entrance offers views of the home's distinct hardwood floors and luxurious finishes. The stunning kitchen is highlighted by a designer backsplash, modern cabinets, and upgraded countertops. Be the ideal host with a conveniently located first-floor primary bedroom that is perfect for guests. Stay organized with a convenient mud room right off of the garage.

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17783 W Encinas Lane Goodyear, AZ 85338

$533,990

4 Beds

3.5 Baths

2,873 SqFt

Status Active

MLS # 6758533

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, &/or price adjustments. The Prato floor plan offers 4 bedrooms, 3.5 baths, a den, and an upstairs ensuite. Features include a glass walk-in spa shower with a rain shower head, soft water loop, gas stub, 8' garage door, and extended rear. Premier Fresh Design finishes, ceiling fan prewires, can lighting, and a stair railing add to its charm. Ready in November—come see it today.

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4938 W Weeping Willow Way Laveen, AZ 85339

$533,703

3 Beds

2 Baths

2,305 SqFt

Status Active

MLS # 6762282

Property Type Single Family Residence

Price Type --

Amazing one-story home on an oversized lot. Home has 3 bedrooms, 2 baths, & a teen suite living area. Home is appointed with wood plank tile throughout the home except the bedrooms, Upgraded slate gourmet kitchen cabinets & Stainless appliances with double ovens, designer hood & quartz counters in the kitchen. Experience the large great room / kitchen area. 12' sider off the back of the home to the oversized back yard. The Owners suite has a separate soaking tub and shower with quartz vanity tops. Secondary bedrooms share a ''teen Suite'' living area that is perfect for a Gameroom, workout room or play area. Photos are of the model home with the same teen suite option.; Home will be completed Jan. 2025.

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