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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16986 W Artesia Drive Surprise, AZ 85387

Open House

$531,000

2 Beds

2 Baths

1,950 SqFt

Status Active

MLS # 6725589

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. 55+ years age-restricted property. Welcome to your dream home. Upon entering, you'll find a modern kitchen with a central island, perfect casual dining. Stainless steel appliances and a accent backsplash add to its charm. The primary bedroom offers a luxurious retreat with a large walk-in closet for all your storage needs. The primary bathroom features double sinks for efficient morning routines. Step outside to a covered patio, ideal for outdoor relaxation. Adjacent is a private in-ground pool, inviting you to cool off on hot days. The fenced-in backyard ensures privacy. Recent partial flooring replacement maintains its aesthetic appeal and durability. Make this house your sanctuary!

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10013 S 57th Drive Laveen, AZ 85339

$530,990

5 Beds

4.5 Baths

3,131 SqFt

Status Active Under Contract

MLS # 6730728

Property Type Single Family Residence

Price Type --

Beautiful Brand New Corner Home in a Highly Desirable Central Location - Ready to close in 35 days or less! Featuring countless upgrades such as 9' ceilings, Shaw - Milan - Surf 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White cabinets. Energy-efficient features throughout, Programmable thermostat, gas heater, gas range. Spacious walk-in closet in owners suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! Minutes from downtown Phoenix in a master-planned community featuring walking trails, greenbelts, neighborhood parks and playgrounds. Conveniently located off the Loop 202 and near schools, shopping and dining!

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9987 W Verde Lane Avondale, AZ 85392

$530,750

4 Beds

3 Baths

2,006 SqFt

Status Active

MLS # 6742575

Property Type Single Family Residence

Price Type --

Popular San Jacinto Floor Plan, 4 Bedrooms, 3 Baths, 2,006 sq ft. 9 Foot Ceilings, Tankless Gas Water Heater, Spray In Foam Insulation, Paver Driveways, Post Tension Foundations, Ceiling Fans Included in all Bedrooms and Greatroom, Window Coverings Included, 16 Seer AC Unit, Buyer May Still Select Cabinets, Countertops, Flooring and Appliances. Close To Shopping, Great Schools and Restaurants. New Acclaim Community Offers a Community Pool, Pickle Ball Courts, Playgrounds, Bocci Ball Courts, Corn Hole Courts and Large Grass Areas.

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5136 W Wescott Drive Glendale, AZ 85308

$530,500

4 Beds

3 Baths

1,919 SqFt

Status Active

MLS # 6715599

Property Type Single Family Residence

Price Type --

This exquisite 4-bedroom, 3-bathroom home features a generous open floor plan, perfect for both entertaining and everyday living. The second floor includes a loft area and a delightful balcony overlooking the backyard sanctuary. This serene outdoor oasis is with mature trees, vibrant plants, and a peaceful koi pond, offering an ideal setting for large gatherings or quiet relaxation. Experience the perfect blend of comfort and beauty. This north glendale home is just 1 mile from the 101 and just steps to Mid-Western University. Come see this well maintained home today.

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20033 W Turney Avenue Litchfield Park, AZ 85340

$530,000

3 Beds

2 Baths

2,270 SqFt

Status Active

MLS # 6751119

Property Type Single Family Residence

Price Type --

Beautiful newer home with great upgrades. 3 bedrooms with a den, 2 bathrooms, 2 car garage and North/South facing. Paver drive and sidewalk lead into soaring 11 foot ceilings and luxurious wood plank tile to a gourmet kitchen with upgraded tall white cabinets, gas stove, stainless steel appliances and quartz counter tops. Open living and dining concept, ceiling fans, curtains, and blinds make it feel like home. Luxurious Master bath with full glass walk in shower, huge closet and mirrors and two sinks. Edison light fixtures give a soft touch. 2 Enormous glass sliding doors open to a backyard with endless possibilities, a short walk to 2 huge grassy parks complete with shaded tables. Verrado is one of the biggest master planned communities around with multiple amenities. Come see it t

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11024 N 165th Avenue Surprise, AZ 85388

$530,000

5 Beds

4.5 Baths

3,131 SqFt

Status Active

MLS # 6719139

Property Type Single Family Residence

Price Type --

Discover pride of ownership in this stunning two-story home nestled in the desirable Sycamore Farms neighborhood! With a bright, spacious layout, plush carpeting, chic tile floors, and modern recessed lighting, this home immediately feels inviting. The kitchen is a chef's dream, featuring pristine white cabinetry, elegant granite countertops, and stainless steel appliances, all centered around a stylish island with a breakfast bar. Whether you're whipping up a feast or enjoying a casual meal, this space is perfect for it all. Upstairs, a versatile loft awaits your creative touch—think home office, playroom, or cozy reading nook. The luxurious primary suite is a true retreat, complete with a private bathroom and a spacious walk-in closet that makes organization a breeze. Step outside to your low-maintenance backyard, a blank canvas ready for your personal touch, all while enjoying spectacular mountain views. Sycamore Farms offers delightful community parks, playgrounds, and trails, plus easy access to Loop 303, the new Northern Parkway, and I-10. And don't forget the nearby Village at Prasada, featuring shops, dining, and entertainment. Don't miss the chance to make this exceptional home your own and start crafting new memories today!

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3996 N Huntington Drive Florence, AZ 85132

$530,000

4 Beds

3 Baths

2,865 SqFt

Status Active

MLS # 6747275

Property Type Single Family Residence

Price Type --

This country home is the largest 1-story model ''the Butte'' now being sold in the master-planned community, Anthem Parkside at Merrill Ranch in the Arcadia neighborhood. The neighborhood has a beautiful Troon Golf course that is open to the public with ''The Grill'' restaurant. Anthem Parkside offers all the amenities a home owner could desire, plus more. In addition to golf, there is tennis, pickle ball, indoor and outdoor basketball, softball, volleyball, LA Fitness-style gym, Olympic-size swimming pool, water park/slide and a lake stocked for fishing. There is an outdoor Amphitheater for performances and seasonal festivals, K-12 schools and a new daycare facility. Check out Area Report in Docs: Medical, 2.8m; Restaurants, less than 5 m; Groceries, 1.9m; K-8 schools, 1.8m. This 1-story corner lot home includes 2 full suites with ensuite bathrooms and walk-in closets. 2 more bedrooms with an additional hall bathroom and den/flex room between them. There is a separate large office/library, chefs kitchen and dining room. Living room has a beautifully-tiled, custom built wall with romantic lighting and electric fireplace that heats the entire great room. The house has an extended two car garage with a water-softener and custom ceiling storage installed. Dual zone R-410A Lennox air conditioners for those hot Arizona summers. The property was professionally landscaped with artifical turf, hardscape, plants, irrigation, custom front gate, paved driveway and covered stone front and back patios facing sunrise and sunsets. A turfed and fenced dog run on the side of the home is perfect for your furry friends. A sparkling clean hot tub has been professionally maintained on the property and is included, along with all like-new appliances.

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2185 N Beverly Place Buckeye, AZ 85396

$530,000

3 Beds

2 Baths

1,849 SqFt

Status Active

MLS # 6757551

Property Type Single Family Residence

Price Type --

Exceptional living awaits in this beautiful single story home located in the heart of Verrado. You will feel the magic of what this neighborhood has to offer. Stepping into the home you will feel invited by the open concept floor plan. The kitchen has SS appliances, granite counters and a pantry. There is ample space for entertaining. This is a split floor plan offering you privacy. Entering into the oversized backyard you will have your very own oasis. BBQ station right outside from the kitchen, and the turf and pavers make this very low maintenance. The gazebo offers comfort where you can enjoy a fire and watch the sunset over the mountains. The park is right out the front door. You can also enjoy all of the other parks, restaurants, shopping, golfing and hiking.

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121 E Monte Way Phoenix, AZ 85042

$530,000

3 Beds

2 Baths

2,029 SqFt

Status Active

MLS # 6759647

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the beautiful area of South Phoenix! This completely remodeled property offers a perfect blend of modern comfort and spacious living. Situated on a large lot with convenient access for vehicles, including ample space for big toys. The main residence features 3 spacious bedrooms and 2 baths. The open-concept living space is designed for both entertaining and everyday living, showcasing contemporary finishes and ample natural light. But that's not all! This property also boasts a charming casita in the back, complete with 1 bed and 1 bath, making it a perfect rental opportunity or a welcoming space for guests. This additional living area has been completely remodeled to match the stylish aesthetic of the main house.

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22794 N Leachman Court Maricopa, AZ 85138

$530,000

4 Beds

2.5 Baths

2,998 SqFt

Status Active Under Contract

MLS # 6712661

Property Type Single Family Residence

Price Type --

Your own private oasis awaits! This stunning 4-bedroom home boasts a sparkling pool, spacious quarter-acre lot, and the ultimate convenience of solar panels - all located on a quiet cul-de-sac street. Move right in and start living! Step through the grand entrance and be greeted by formal living and dining areas, perfect for entertaining. Then, flow seamlessly into the expansive family room, ideal for creating lasting memories. Unwind and relax! Imagine sliding open the doors and stepping out to your fully landscaped backyard paradise. Take a dip in the pool, or unleash your inner chef on the barbecue. Need extra storage? No problem! This home features an RV gate, providing ample space for all your toys and treasures. Downstairs Den could be Bedroom #5!!!

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527 E Taylor Street Tempe, AZ 85288

$530,000

4 Beds

2 Baths

1,985 SqFt

Status Active

MLS # 6756043

Property Type Single Family Residence

Price Type --

This delightful 4-bedroom, 2-bath home is ready for new owners! Step into the welcoming living room, featuring a calming color scheme and stylish wood-look flooring. The inviting eat-in kitchen boasts plenty of wood cabinetry with elegant crown molding, a pantry, durable tile flooring, and sleek stainless steel appliances. The generous main bedroom offers a walk-in closet and a luxurious ensuite with dual sinks and a multi-functional shower is equipped with body jets for a spa-like retreat. Outside, the backyard offers an open patio perfect for gatherings, along with convenient alley access. Don't miss this fantastic opportunity!

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10654 E Forge Avenue Mesa, AZ 85208

$530,000

5 Beds

2.5 Baths

2,038 SqFt

Status Active

MLS # 6757652

Property Type Single Family Residence

Price Type --

The search is over! This charming 5-bed, 2.5-bath home features a 2-car garage, RV gate, and newly installed energy-efficient windows and solar panels. The living room offers soaring vaulted ceilings, wood-look flooring, and a cozy fireplace. Enjoy the bright eat-in kitchen with clerestory windows, granite counters, white cabinetry, stainless steel appliances, a pantry, and a breakfast bar. The versatile den is ideal for a home office (5th room). The main bedroom includes a private bathroom with dual sinks and a walk-in closet. The spacious backyard boasts a covered patio and a swimming pool. Plus, a Target-anchored, mixed-use center is planned nearby for added convenience. Make it yours today!

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