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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1954 W Sienna Bouquet Place Phoenix, AZ 85085

$859,990

5 Beds

4.5 Baths

3,018 SqFt

Status Active

MLS # 6752480

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. Move-in October. Two-story Prato floorplan with first-floor owner's suite featuring a glass walk-in shower, plus an additional first-floor suite. Chef kitchen with Whirlpool gas cooktop, white cabinets, and quartz countertops. Upgraded tile and carpet, center slider for indoor-outdoor flow, upstairs suite with added bathroom, Smart Home technology, soft water loop, and front yard desert landscaping with main line to the backyard.

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1946 W Sienna Bouquet Place Phoenix, AZ 85085

$859,990

4 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6752490

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. Move-in October. Popular two-story Prato floorplan with 2.5 car garage. First-floor owner's suite with glass walk-in shower, chef kitchen with Whirlpool gas cooktop, 42'' white cabinets, and quartz countertops. Features include French doors at the den, laundry sink and cabinets, upgraded tile and carpet, center slider for outdoor living, an upstairs suite with added bathroom, and Smart Home technology. Desert landscaping in the front yard.

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22608 E Stacey Road Queen Creek, AZ 85142

$859,990

3 Beds

2.5 Baths

3,203 SqFt

Status Active

MLS # 6732029

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. Welcome to the Enchantment series, situated in the exclusive gated area of the desirable Harvest community. Perfectly located across from swimming pools, a catch-and-release lake, and a park, this home offers a tranquil escape while remaining close to shopping and entertainment. The oversized kitchen, island, and pantry cater to all your entertaining needs, while the expansive L-shaped patio is an entertainer's dream. Don't miss out on this exceptional opportunity.

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20091 E Robin Road Queen Creek, AZ 85142

$859,900

5 Beds

4 Baths

2,881 SqFt

Status Active Under Contract

MLS # 6749792

Property Type Single Family Residence

Price Type --

This stunning home is a true oasis, perfect for families and those seeking a multi-generational living arrangement. Enjoy the luxury of a backyard designed for entertaining and relaxation, featuring a covered patio, sparkling pool with a slide & waterfall, & an in-ground trampoline surrounded by synthetic grass. The spacious kitchen is a chef's dream, with granite countertops, ample cabinet and counter space, a gas cooktop, a large island, and stainless appliances. It's ideal for hosting family and friends. The in-law suite, complete with an en-suite bathroom, offers privacy and comfort. The master bedroom is located on the opposite end of the hall, providing additional separation. A den/office with a projector and screen is included, perfect for home theater or work-from-home needs. Don't miss this incredible opportunity to live in this sought-after tree lined community of Queen Creek Station.

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3233 E Bluebird Place Chandler, AZ 85286

$859,900

5 Beds

4.5 Baths

3,778 SqFt

Status Active

MLS # 6740385

Property Type Single Family Residence

Price Type --

This exquisite 5-bedroom, 4.5-bathroom home is a perfect blend of luxury and comfort. The bedrooms feature brand new, plush carpeting, creating a cozy and inviting atmosphere. The heart of the home is the spacious kitchen, complete with a stylish island, sleek stainless steel appliances including a microwave, range, and dishwasher. The kitchen seamlessly flows into the family room, making it an ideal space for entertaining and family gatherings. Step outside to enjoy the sparkling pool, offering a refreshing retreat on warm days. This home combines modern amenities with elegant design, providing an exceptional living experience.

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17357 E La Pasada Drive Fountain Hills, AZ 85268

$859,900

3 Beds

2.5 Baths

2,151 SqFt

Status Active Under Contract

MLS # 6663155

Property Type Single Family Residence

Price Type --

Opportunity knocks! Home just reduced way below current appraised value! Owner has a new project to sink his teeth into. This is the perfect time to get a professionally designed home at a fraction of the certified appraisal. Home has been redesigned inside and out! Including expanded living room area, expanded eat in kitchen, primary closet space and new private courtyard with built in seating bar to take advantage of the world class views. Expanded paver driveway that has been re sloped to accommodate lower profile vehicles. The private backyard resort includes view decks as well as an outdoor kitchen and relaxation area. Professionally designed to give it a modern desert retreat feel... Inquire about primary bedroom walk in closet option

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20218 E Palm Beach Drive Queen Creek, AZ 85142

$859,900

4 Beds

2 Baths

2,350 SqFt

Status Active

MLS # 6736094

Property Type Single Family Residence

Price Type --

Back on the market do to buyers contingency expired and they were not able to sell there home!! Experience the allure of this stunning horse property situated on over 1 acre in Queen Creek, with no HOA—so you can bring all your toys! This home features a spacious 4-car garage and an RV gate, setting the stage for endless possibilities. Step inside to find an inviting interior adorned with beautiful tile flooring, soaring vaulted ceilings, a soothing color palette, recessed lighting, and an abundance of natural light. The chef's kitchen is a dream come true, showcasing elegant white cabinets, granite countertops, wall ovens, stainless steel appliances, a pantry, a stylish tile backsplash, double islands, and a breakfast bar—perfect for culinary enthusiasts.

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5508 N 83rd Drive Glendale, AZ 85305

Open House

New

$859,900

4 Beds

3 Baths

4,253 SqFt

Status Active

MLS # 6761122

Property Type Single Family Residence

Price Type --

Find your peace in the center of the action in Glendale, AZ! This stunning 4-bedroom, 3-bathroom residence spans over 4,253 sq. ft. on an expansive 18,350 sq. ft. lot, within the security of a cul-de-sac. The exterior has it all! Enjoy the private courtyard off the main entrance, a sparkling pool, and tranquil koi pond. Entertain with the built in grill, fire pit, and massive backyard. Then move inside to the Great Room with an oversized kitchen island, granite countertops, gas cooktop, and plenty of room for seating. For movie lovers, the dedicated home theater comes complete with a Klipsch surround sound system and projector, offering an immersive cinematic experience. The spacious primary suite includes a private balcony, en-suite bathroom, and 2 walk-in closets. This large, unique home also comes with central vac to make everyday maintenance a breeze. Located near parks, shopping, and dining, this home perfectly combines luxury, comfort, and convenience truly an oasis waiting for you!

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7566 W Gelding Drive Peoria, AZ 85381

Open House

$859,900

3 Beds

3.5 Baths

2,531 SqFt

Status Active

MLS # 6660598

Property Type Single Family Residence

Price Type --

** QUICK MOVE-IN HOME***3.99% FIRST YEAR RATE / 5.99% FIXED* On an 8,048 sq/ft lot sits a beautiful 2531 sq/ft home. nestled in a small, gated enclave. 3 bedrooms, 3.5 bathrooms including a multi-gen suite!! 10' ceilings, 8' doors, a gourmet kitchen with LG appliances including wall ovens, huge multi-sliding glass doors, custom low volt, and electrical packages. Pecan 66'' cabinets, oversized island with quartz counters, wood look plank tile; custom front yard landscaping that includes a paver driveway. All selections have been completed. 3-car split garage.

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6105 W Kimberly Way Glendale, AZ 85308

$859,500

6 Beds

4 Baths

4,128 SqFt

Status Active

MLS # 6731137

Property Type Single Family Residence

Price Type --

**PRICE DROP* Plus $5,000 towards your closing costs. Executive style home! New paint & carpet. Walk in through the massive double doors to a formal living room and dining room. Follow the travertine stone flooring to the great room and chef's kitchen with overwhelming amounts of cabinets, some with pull-outs. Built in ovens and gas cooking. Breakfast nook with view of serene grass backyard and pool area. Master bedroom ensuite and 2 other bedrooms on the 1st floor. Check out the exquisite lighting throughout. Laundry is on 1st floor next to the walk-in pantry. Upstairs are the other 3 bedrooms and 2 baths. Game room could be another bedroom if needed. Outside is a gorgeous pool with waterfall and changing light colors along with the built in heated spa. Fruit trees too!

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19021 W Lawrence Road Waddell, AZ 85355

$859,246

4 Beds

3.5 Baths

3,197 SqFt

Status Active

MLS # 6726645

Property Type Single Family Residence

Price Type --

An 11' ceiling at the Family Room and 16' Multi Sliding Glass Door, making this home perfect for the indoor/outdoor living that is so desired in Arizona. You can enjoy the bright and cozy feel of the Sunroom located off the Dining Room or venture out onto the large Extended Patio to enjoy the outdoors. Located on a Corner homesite, this special plan has many highly desirable upgrades, such as the Extended Family Foyer with Backpack Rack and upper cabinets which helps to keep belongings organized, Manhattan Drywall Finish with Square Drywall Corners and mitered Base Boards, Super Shower in Owner's Suite, Gourmet Kitchen with Gas Cooktop, upgraded cabinets and countertops, along with a custom backsplash and walk in pantry. Too many additional upgrades to list, make this home a Must See!

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Rio Verde AZ 85263

$859,000

2 Beds

2 Baths

1,544 SqFt

Status Active

MLS # 6644064

Property Type Single Family Residence

Price Type --

Located in the heart of prestigious Trilogy at Verde River, this stunning Resort Collection home has it all!! It is highly upgraded and sits on one of the most spectacular Homesites in the Resort Collection Section of the Trilogy Community. Relax and enjoy the panoramic views of the Lake and the Golf Course!

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