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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25413 W Pueblo Avenue Buckeye, AZ 85326

$559,000

3 Beds

2 Baths

1,747 SqFt

Status Active

MLS # 6697259

Property Type Single Family Residence

Price Type --

Discover comfort and opportunity with this charming 3 bed, 2 bath home in Northwood Park. On a spacious 1-acre lot, this property offers endless possibilities for building a pool, keeping horses, and storing all your toys and RVs. The cozy dining and living area features wood-look tile flooring, high ceilings, and a neutral palette. The practical kitchen provides ample cabinet and counter space, a pantry, and stainless steel appliances. Unwind in the comfortable primary bedroom with soft carpet, a bay window, a walk-in closet, and a private ensuite with dual sinks. The expansive backyard has irrigation rights, to ensure a reliable source of water for landscaping, gardening, and any agricultural activities, even in dry seasons.

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8741 S 167th Drive Goodyear, AZ 85338

$559,000

3 Beds

2 Baths

2,030 SqFt

Status Active

MLS # 6718833

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the stunning Estrella Mountain Ranch master planned community! Nestled at the foothills of the Estrella Mountains, this immaculate Kendrick Model with a premium lot single-story residence boasts 3 bedrooms, 2 bathrooms, and an array of premium features. Key Features:

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9818 W Pontiac Drive Peoria, AZ 85382

$559,000

4 Beds

2.5 Baths

2,045 SqFt

Status Active

MLS # 6730793

Property Type Single Family Residence

Price Type --

Beautiful home in stunning northern Peoria checks ALL the boxes! Completely REMODELED and offering an incredible open and bright floorplan with vaulted ceilings featuring 4 bedrooms, 2 1/2 baths and 2045 square feet to enjoy. Stunning open-concept chef's island kitchen with shaker-style soft close designer cabinets with gorgeous quartz counters, upgraded high-end stainless-steel appliances including a NEW smooth-gas cook top, double wall oven, refrigerator and dishwasher. Custom interior paint, new flooring, newer water heater & A/C. Incredible private pool newly treated and with new sand filter pump 2024.This remarkable neighborhood location provides convenient access to Parkridge dog and children's parks, mountain preserves, outstanding schools, and easy freeway access!

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1656 N Ventura Lane Tempe, AZ 85288

$559,000

3 Beds

2.5 Baths

1,528 SqFt

Status Active

MLS # 6766827

Property Type Single Family Residence

Price Type --

****Beautifully Remodeled 3-Bedroom,2.5-Bathroom Home in Prime Tempe Location***Offers a comfortable living space, nestled just 2.5 miles from Old town Scottsdale and adjacent to the beautiful Papago Mountains. This home offers convenience and beauty in one of the most desirable areas in Tempe. This bright and spacious home features modern finishes throughout, including an updated kitchen with stainless steel appliances and quartz countertops. Porcelain tile flooring with oak wood design, the large living area offers a cozy family room with an updated fireplace. The upstairs houses generously sized bedrooms. Two car garage with additional storage space, and newly installed Polyaspartic flooring. This home also offers easy access to Sky Harbor Airport, major highways, restaurants & shopping. **Community amenities**Enjoy access to a community pool, bike/jog paths, and a well maintained common area. Come see it today!

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715 W Oregon Avenue Phoenix, AZ 85013

$559,000

3 Beds

2 Baths

1,624 SqFt

Status Active

MLS # 6764804

Property Type Single Family Residence

Price Type --

Welcome home to this charming 3 bed, 2 bath home in the heart of Central Phoenix, featuring a new roof, new AC and a freshly painted exterior! Upon entering the home you are greeted by an eat-in kitchen that boasts stainless steel appliances and refinished cabinets and countertops. Next to the kitchen is a cozy living area filled with natural light providing ample space for entertaining and/or dining. Off the living area is a bonus room/den featuring new carpet and a cozy brick-inlay fireplace. Conveniently tucked away is the utility/storage closet that includes an additional refrigerator and a washer and dryer. The primary bedroom boasts new vinyl wood flooring, two closets and an updated bath featuring a new vanity with modern fixtures, new Zellige tile in the shower, and charming charming Cotto tile flooring. Finishing the tour you will find two additional spacious bedrooms and an updated full bathroom that includes a shower-tub combo and a vanity offering generous counter space. Outside you can enjoy a beautifully landscaped yard with a shaded patio, perfect for outdoor gatherings, a storage shed and a back gate with direct access to Colter Park. This home is a rare finddon't miss your chance to own this adorable classic in Central Phoenix!

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1867 S Seton Avenue Gilbert, AZ 85295

$559,000

4 Beds

2 Baths

2,085 SqFt

Status Active

MLS # 6760671

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Beautiful single story turn key home sits on a corner lot in much sought after Lyon's Gate. NEW 2023 A/C UNIT ! Fabulous floor plan invites spacious living w/ 4 bed/2 bath, family, & living & dining rooms. 18'' Tile in all the right places. Brand new carpet in the bedrooms & lots of natural light. The family room opens to the kitchen & allows conversation easily among family & friends. Kitchen boasts SS appliances & generous amount of gorgeous upgraded cherry cabinets, granite counters, & breakfast bar. Primary bedroom has ensuite w/ dbl sinks, a large closet, separate toilet room, a walk-in shower, & deep soaking tub. Extended double car garage. Covered patio & brand new turf so no watering required ! Community pools, basketball, tennis courts and club house !

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820 W 19th Street Tempe, AZ 85281

$559,000

3 Beds

2 Baths

1,574 SqFt

Status Active

MLS # 6768660

Property Type Single Family Residence

Price Type --

A great opportunity to own this perfect home in Tempe close to ASU. 3/2 with an extra bonus room (Arizona Room) AND a 220 sq ft detached workshop/shed with AC/Heat and running water. This can easily be converted to a guest suite, 4th bedroom, tiny house, man cave, she shed etc. Possibilites are endless! This home really has it all. Backyard features a RV gate that is custom double wide, pavers, artificial grass, patio etc. Must see! North/South exposure. Kitchen has granite countertops, kitchen island, and stainless appliances. You will not be dissappointed!

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2513 W Darrow Street Phoenix, AZ 85041

$559,000

4 Beds

2.5 Baths

3,399 SqFt

Status Active Under Contract

MLS # 6746712

Property Type Single Family Residence

Price Type --

Spacious 4bedroom/ 2.5 bath property features open-concept design perfect for modern living. The master bedroom is conveniently located downstairs, offering added privacy and accessibility. Situated on a large lot with a backyard overlooks stunning mountain views, this home provides a peaceful retreat with plenty of outdoor space.

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20410 W Shadow Street Buckeye, AZ 85396

$559,000

4 Beds

2.5 Baths

2,474 SqFt

Status Active Under Contract

MLS # 6710545

Property Type Single Family Residence

Price Type --

Very Verrado home now available! This community was built on tree lined streets front porch sitting while you over look a grass field with your kids, pets or neighbors playing a game right off the front porch. This home is all that! enjoy 8 months of weather on the front porch or find comfort in a meticulously maintained property with 4 beds 2.5 baths and a loft! Master bedroom is located downstairs providing cool summers and easy access. Shutters and custom trim cover the windows adding style and privacy, a fresh and clean kitchen await. located right across from Woods park, walking distance to main st and walking distance to high school. come check out this VERY VERRADO front porch dream of a property!

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14108 W Lisbon Lane Surprise, AZ 85379

$559,000

5 Beds

3 Baths

3,675 SqFt

Status Active Under Contract

MLS # 6742027

Property Type Single Family Residence

Price Type --

Discover this HUGE beautifully remodeled 5 bed 3 bath gem nestled in the heart of Surprise. As you pull up, you'll notice a 3 car garage with extra parking in front of a RV gate that has a gigantic concrete pad that extends to the back of the property. There, you'll find a HUGE covered patio, tastefully designed low maintenance yard and a gas stub for your future BBQ. As you step inside you'll be greeted by a great room that seamlessly connects to a beautifully updated kitchen, huge family room with surround sound and a bathroom and bedroom that would be perfect for a mother-in-law setup or office. Upstairs, you'll find an oversized loft perfect for family or game nights, HUGE master bedroom with a HUGE walk in closet, 3 other bedrooms with walk in closets and a bathroom Recent updates include new interior and exterior paint, new flooring, new quartz countertops, new baseboards, tile backsplash in the kitchen, ceiling fans, fixtures, etc.. With all the space and parking, this home would make a great multi-generation setup or a perfect Family forever home. Come take a look before it's gone!

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432 S Marina Street Prescott, AZ 86303

$559,000

3 Beds

2 Baths

2,325 SqFt

Status Active Under Contract

MLS # 6744960

Property Type Single Family Residence

Price Type --

Seize the Opportunity to Live in Historic Downtown Prescott. This charming vintage home, built in 1924 and zoned for Multi-Family use, offers multiple possibilities and is just 3 blocks from the iconic Courthouse Square in the heart of Prescott. Enjoy panoramic views stretching from Thumb Butte to Granite Mountain and the twinkling Prescott city lights. Step inside to the living room, where large picture windows highlight the stunning views and nostalgic wood floors evoke the charm of yesteryear. A built-in bookshelf wall separates the living room from the renovated kitchen, which features granite countertops, a double-basin porcelain sink, stainless steel appliances including a smooth-top electric range and dishwasher, under-cabinet lighting & pantry cabinets that add modern convenience. The entry level also boasts 2 bedrooms and 1 full bathroom. One bedroom has parquet floors, while the other features wood floors and a single French door leading to the backyard. The entire upper level is dedicated to the master suite, complete with a bathroom featuring a tiled counter and walk-in shower, a den/office with wood floors, and the master bedroom with an original built-in chest of drawers. The basement offers versatile space, ideal for a hobby room, playroom, workshop, or storage. The property also includes a greenhouse, perfect for those with a green thumb, and a front courtyard corner where you can enjoy your morning coffee. Unwind with a glass of wine on the deck as the sun sets, or relax on the paver patio and savor summer fruits from the peach tree and grapevines. With ample space in the backyard to build a garage or workshop, this property combines historic charm with modern amenities and endless possibilities. Don't miss your chance to own a piece of Prescott's history.

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5625 W Milada Drive Laveen, AZ 85339

$559,000

3 Beds

2 Baths

2,109 SqFt

Status Active

MLS # 6755175

Property Type Single Family Residence

Price Type --

Welcome to Paseo Pointe, where mature landscaping and beautiful views create the perfect backdrop for your new home. Tucked away in a serene cul-de-sac with breathtaking mountain vistas, this MOVE-IN READY residence offers a split-floorplan with three spacious bedrooms, 2.5 baths, and a flexible double-door den that's ideal for a home office. The heart of the home is the expansive great room, seamlessly connecting to the kitchen and dining area—perfect for both entertaining and everyday living. Cook effortlessly with top-of-the-line Thor appliances, including a 5-burner gas range. The kitchen features granite countertops, a large prep island, custom backsplash, walk-in pantry, and dark cabinets with crown molding and dovetail pull-out slider drawers for easy storage. Stay comfortable year-round with the advanced 3-zone HVAC system and eco-friendly Nest thermostats. Enjoy the luxury of a reverse osmosis system for pure, clean water, and benefit from energy savings with leased solar panels. Appreciate how meticulously clean this home is! There is consistent neutral tile flooring throughout, 9ft ceilings, fresh interior paint and multiple closets for all your storage needs. Step outside to your own personal oasis: a covered patio ideal for relaxation and a heated pebble-tech pool designed for year-round enjoyment. The 2.5-car garage comes with a generous concrete side parking pad and RV gate, perfect for storing your haulers and toys. Enjoy the convenience of a 20-minute drive to Phoenix Sky Harbor Airport, just 1 mile commute to Loop 202 Freeway and a 5 minute car ride to multiple grocery stores and shopping. Benefit from the added ease of walking distance to local schools and bike/walking paths throughout the neighborhood. Don't miss the chance to make this TURN-KEY home yours!

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