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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2663 E Hickory Street Gilbert, AZ 85298

$530,000

3 Beds

2 Baths

1,572 SqFt

Status Active Under Contract

MLS # 6755565

Property Type Single Family Residence

Price Type --

Stunning single-level 3 bed + den home offers exceptional custom details throughout. The open floor plan is highlighted by beautiful wood plank tile floors, plantation shutters, custom wood walls & accents throughout along w/ modern matching hardware & light fixtures which provide warmth & character in every corner. Den features built-in cabinets perfect for a home office or creative space. So many elegant details make this home move in ready. The kitchen boasts a wrapped island, gas stove top, gorgeous backsplash which matches the drop zone, & an eat in kitchen. The closet off the kitchen has been converted to additinal pantry space for added convenience. The backyard is an entertainer's dream, featuring a Marbella stone sunbathing pad, paver area perfect for a cozy fire pit, retaining wall, beautiful always green artificial turf & desert hardscape. Primary bedroom features added sunscreens to protect the backyard's artificial turf from UV rays. The garage is equipped w/ built-in cabinets, upper storage racks, & a side utility door for added functionality. Additional highlights include an electrical outlet in the eaves for easy holiday lighting & a water softener. Experience the perfect combination of modern comfort & timeless style, all with unbeatable mountain views. Home comes complete w/ washer, dryer & refrigerator. Adora Trails is not just a neighborhood; it's a vibrant community w/ a plethora of amenities. Residents enjoy walking trails, a clubhouse w/ a full gym & studio room where live classes are taught. A kitchen & meeting rooms are also available for use. There are many parks throughout & an on site elementary school. The pool features lap lanes, a wading area w/ splash pad & is heated during the winter months allowing year round swimming. The community hosts numerous events, fostering a strong sense of camaraderie among neighbors. Come see why so many are calling Adora Trails home.

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4240 E Del Rio Street Gilbert, AZ 85295

$530,000

3 Beds

2 Baths

1,892 SqFt

Status Active Under Contract

MLS # 6759049

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bedroom, 2-bathroom home offering 1,892 sq. ft. of beautifully designed living space. Step inside to find an elegant interior featuring neutral paint tones and laminate flooring throughout. The spacious den provides a perfect space for work or relaxation. The open eat-in kitchen boasts Corian countertops, a convenient breakfast bar, and ample storage. Retreat to the huge primary bedroom, complete with a lovely bay window for added natural light. Outside, the low-maintenance backyard is perfect for gatherings and features a paver patio, firepit, and tasteful landscaping. Plus, enjoy the convenience of an RV gate and driveway for all your recreational needs!

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3267 E Tyson Street Gilbert, AZ 85295

$530,000

3 Beds

2.5 Baths

1,781 SqFt

Status Active Under Contract

MLS # 6756140

Property Type Single Family Residence

Price Type --

This charming two-story residence boasts a spacious and functional layout, perfect for both families and investors and is in close proximity to A-rated Gilbert schools, dining, shopping and entertainment. The open-concept living and dining areas are enhanced by gorgeous wood-like flooring that adds warmth and elegance. The kitchen features sleek granite countertops, stainless steel appliances and ample cabinetry for storage. Upstairs offers a loft that could be utilized as a work space and three generously sized bedrooms as well as a laundry room. As you step outside you will notice a low-maintenance backyard with a sparkling private oasis pool. This home is truly move-in ready whether you're looking for a family home or an investment property, don't miss the opportunity!

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13216 W Cottontail Lane Peoria, AZ 85383

$530,000

3 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6761978

Property Type Single Family Residence

Price Type --

This is the best value in the Valley for a home with an RV GARAGE! And the car lift is included, which allows you to keep 4 cars garaged and as an added bonus the garage is heated/cooled! The rest of the house is exceptional too. Sparkling pool with water feature, carpet and tile in all of the right places, and open floor plan. This is sure to sell fast so stop and look at it today!

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18053 W Rimrock Street Surprise, AZ 85388

$530,000

4 Beds

2.5 Baths

2,608 SqFt

Status Active

MLS # 6761924

Property Type Single Family Residence

Price Type --

This lovey 4-bedroom, with a resort like backyard and pool, 2.5-bath residence features a spacious 3-car garage and owned solar. The living/dining room boasts high ceilings, a neutral palette, and attractive wood-look ceramic tile flooring. The inviting great room has sliding doors leading to the backyard for seamless indoor-outdoor living. The kitchen comes with granite counters with matching backsplash, abundant wood cabinetry with crown molding, recessed lighting, SS appliances, a pantry, and an island with a breakfast bar. The versatile den is ideal for an office or playroom. The main bedroom includes wood-look flooring, an ensuite with dual sinks, and a walk-in closet. Relax in the backyard, complete with a covered patio and refreshing pool. Make this gem yours today!

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3911 E Marconi Avenue Phoenix, AZ 85032

$530,000

3 Beds

2 Baths

1,548 SqFt

Status Active Under Contract

MLS # 6752525

Property Type Single Family Residence

Price Type --

Welcome to this charming single-level home nestled in a quiet, well-manicured neighborhood! This bright and open floor plan is enhanced by vaulted ceilings and an abundance of natural light pouring in through large windows. The well-cared-for oasis backyard is a true highlight, featuring a beautiful sparkling pool surrounded by swaying palms—perfect for relaxation and entertaining. The spacious master suite offers a serene view of the pool, with convenient backyard access directly from the bedroom. The home also includes ample guest rooms and a welcoming eat-in kitchen area, ideal for enjoying your morning coffee. This home is MINUTES away from the new Paradise Valley Mall and is ready for you to make it your own!

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10923 N 117th Place Scottsdale, AZ 85259

$530,000

2 Beds

2 Baths

1,270 SqFt

Status Active Under Contract

MLS # 6755553

Property Type Townhouse

Price Type --

Discover this super clean, beautifully remodeled townhome in Scottsdale, offering 2 spacious bedrooms and 2 modern bathrooms. The home features high ceilings and an open layout, letting in tons of natural light. Recent updates include new countertops throughout, fresh exterior paint, stylish fixtures, and brand-new appliances. Inside, you'll find upgraded flooring, baseboards, door casings, and shutters, along with a custom backsplash and recently refinished cabinets. The primary bath is enhanced with a sleek, new shower. Large rooms, and skylights contribute to a bright and airy feel. Corner unit with only one shared wall. This move-in-ready home is perfect for enjoying the best of Scottsdale living!

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14000 N 94th Street Unit 1048 Scottsdale, AZ 85260

$530,000

2 Beds

2.5 Baths

1,803 SqFt

Status Active Under Contract

MLS # 6756565

Property Type Townhouse

Price Type --

Don't miss this incredible opportunity to own in one of the area's most desirable gated communities, Bella Vista!! Experience luxury living in 85260. 2 bedroom, 2.5 bathroom, 1,803 sqft end unit. Features include granite counters with stainless steel appliances, cherry/glass cabinets, and marble tile, gas fireplace, craft/flex room downstairs, upstairs loft/office space, two covered enclosed patios, and 2-car garage. Enjoy community amenities including two large pools with bbq area, fitness center. Perfectly located near the breathtaking McDowell Mountains for endless hiking and biking opportunities, and even equestrian trails! Location truly is PRIME here!

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2209 W Osage Avenue Mesa, AZ 85202

New

$530,000

3 Beds

2 Baths

1,522 SqFt

Status Active

MLS # 6762827

Property Type Single Family Residence

Price Type --

TASTEFULLY REMODELED! Why wait when you can move right into this charming home nestled on a prime corner lot. Providing 3 beds, 2 baths, RV gate, & 2 carport spaces. The immaculate interior showcases clean lines that promote a modern feel! Fresh neutral paint, carpet & wood-look flooring, tons of natural light, plantation shutters, and recessed lighting are some features worth mentioning. The large living & dining room is paired with sliding doors to the back, while the inviting family room boasts a fireplace. The renewed kitchen has SS appliances, quartz counters, flat-panel cabinetry, and a breakfast bar. Main bedroom includes a walk-in closet & an ensuite w/dual sinks. Enjoy the spacious backyard with an extended covered patio & NEWLY RESURFACED diving pool! The storage shed is a plus! ENJOY! The pool has been completely Resurfaced with a new tile line!

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6565 E Thomas Road Unit 1049 Scottsdale, AZ 85251

New

$530,000

2 Beds

2 Baths

1,161 SqFt

Status Active

MLS # 6762760

Property Type Townhouse

Price Type --

Beautiful, single level, 1st floor unit in the gated Scottsdale community of Diamante. The Front entrance offers a private courtyard & patio. upon entry the home provides open concept living with 10-foot ceilings and an abundance of natural light. The home was thoughtfully designed and built in 2017 but recent updates include, new paint, custom wood window treatments, new ceiling fans and new washer. The resort style pools & luxurious amenities at Diamante are phenomenal and the location is ideal. Just minutes to Old Town Scottsdale, Arcadia & Sky Harbor Airport. This luxury, low maintenance property makes a fantastic primary residence, or 2nd home/investment property.

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9611 E Foster Avenue Sun Lakes, AZ 85248

$530,000

2 Beds

2.5 Baths

1,885 SqFt

Status Active

MLS # 6753301

Property Type Single Family Residence

Price Type --

Introducing you to a beautiful home w/2 master bedrooms in the Adult Sun Lakes Community! This one-story gem features 2 garage w/workshop area and a separate golf garage. Spend relaxing mornings or sunsets in the ample courtyard. Come inside to find a bright, open layout boasting a powder room for guests and an office. The wide-open kitchen showcases an island w/breakfast bar, granite counters, a walk-in pantry, wood cabinets, and SS appliances. Both main retreats include its own bathroom and a walk-in closet! One of the main bedrooms has French doors leading to the backyard! Resort-like backyard offers a sparkling pool, a covered patio and an outdoor bar with Ramada. Get ready to fall in love! All furniture available separate bill of sale, turn key! Rent income $3500+

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1712 S Hardy Drive Tempe, AZ 85281

$530,000

4 Beds

2 Baths

1,978 SqFt

Status Active

MLS # 6744803

Property Type Single Family Residence

Price Type --

Looking for a place to call home? This fabulous 4-bedroom residence in Tempe is perfect for you! You will be greeted by a recently remodeled interior showcasing tile flooring, graceful archways, fresh neutral palette, ceiling fans, and window blinds. Discover an inviting living room, formal dining room, and a large family room equipped with a brick fireplace ideal for chilly winter months. Built-in appliances, pass-through window, plenty of cabinets, and recessed lighting complete this lovely kitchen. Continue onto the primary bedroom, offering plush carpet and a private ensuite with an enclosed glass shower. Finally, the easy-care backyard includes a relaxing covered patio and pavers. Don't let this amazing deal slip by. Move-in ready!

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