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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16601 S 34th Way Phoenix, AZ 85048

$769,000

3 Beds

3 Baths

2,317 SqFt

Status Active

MLS # 6715177

Property Type Single Family Residence

Price Type --

Exceptional waterfront residence in Ahwatukee's highly coveted Lakewood Community! Tastefully updated & upgraded! 3 full bedrooms + downstairs den/office and bath! Kitchen offers granite counters & stainless steel appliances & views of the lake! Master suite also offers spectacular views of the lake & private balcony! The master also has a sitting area for relaxing or home gym space! Remodeled, spacious master bath has barn door entrance, new dual sink vanity & separate shower & jetted tub! New windows in 2022! Lakewood offers ramadas w/ picnic tables & BBQ grill, 2 tot lots, swing set, 2 Lakes w/ 4 boat docks, catch & release fishing, walking paths & bike lanes! South Mountain Park nearby for year round hiking, & mountain biking. Award winning Kyrene Schools & Desert Vista High!

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5743 S Crowley -- Mesa, AZ 85212

$769,000

2 Beds

2.5 Baths

2,686 SqFt

Status Active

MLS # 6721139

Property Type Single Family Residence

Price Type --

Welcome to this Elegant 2686 Sqft, 2 Bedroom +Den, 2.5 bath, 3 car garage Gem in the highly sought after 55+ Encore at Eastmark community! Step inside through the custom security door and you will be greeted with 10 ft. ceilings, 8 ft. doors, tasteful light 12x24 tile throughout the main living, custom white shutters and recessed lighting! Double doors lead to the well-appointed den featuring wood laminate flooring, ceiling fan and shutters. Adjacent to the den sits the spacious secondary bedroom boasting an oversized arched window with shutters, private ensuite and walk-in closet. Passing the open dining room you will step into the gorgeous gourmet kitchen featuring an oversized kitchen island with breakfast bar, tasteful pendant lighting, light quartz countertops, a stainless steel sink with RO system, soft water throughout the home, 42 soft close white shaker cabinets with lower pull out drawers, stainless steel appliances, built in oven and microwave, a five burner gas cooktop, built in microwave, Carrara marble backsplash, large walk in pantry with space for a mud room! The intimate courtyard extends your entertaining space and boasts a covered alum wood pergola, soothing water feature and mature foliage for extra privacy. The great room has been extended 4 feet allowing for extra living space and features surround sound. The owners suite presents a large soaking garden tub with neutral tile surround, separate shower with tile surround, sitting bench and glass doors, two separate vanities, a large walk in closet, linen closet and water closet. If you are looking for a hobby/storage room, the oversized laundry room features a wall of upper and lower white cabinets for ample storage! The well-manicured backyard sits on an oversized lot and features a covered patio with 4 foot extension, prewire for ceiling fans, epoxy flooring, synthetic grass with paver border, mature foliage, paver pathway to the courtyard and a shed for additional storage.

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10722 E Palladium Drive Mesa, AZ 85212

$769,000

4 Beds

3.5 Baths

2,800 SqFt

Status Active

MLS # 6707650

Property Type Single Family Residence

Price Type --

SELLER OFFERING UP TO 3% CONCESSIONS. Luxury in the Heart of the Tech Corridor. Two Primary Suites, 3-car tandem gar, chef's kitchen, spa bath, 4 bed, 3.5 bath, bonus room w/custom glass & no carpet. Paver porch & new custom screen welcome your guests in style. 5-star back yard w/artificial turf, pergola. water feature-North-facing & an entertainer's dream. Chef's kitchen has 49 cabinets double-stacked to the ceiling, double ovens, additional work/prep/nook, massive island & pantry. Open floor plan to accommodate any need. All interior walls insulated for sound, Minka Aire fans throughout ( top-rated as silent), 10' ceilings, 8' doors, Epoxy Garage Floor, Mini-Split A/C Storage Galore & Wired for EV charging station. Too many upgrades to list. No expense spared. This is a must-see home.

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4528 E Hobart Street Mesa, AZ 85205

$769,000

5 Beds

3 Baths

2,418 SqFt

Status Active

MLS # 6732669

Property Type Single Family Residence

Price Type --

Welcome to your new exquisite resort-style home with a stunning backyard paradise. Take a dip in the heated pool and enjoy cozy conversations under the stars by the adobe-style fireplace. Fire up the outdoor grill & sizzle your ribs to perfection. Inside You'll find grand arched entryways, an eat-in kitchen with a breakfast bar, game room with pool table, and gorgeous backyard oasis with a heated pool, grill, and firepit Incredible property on close to 1/3 acre in Mesa. Property is an active Airbnb and can be sold furnished and without guests/tenants.

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19501 E Camina Plata -- Queen Creek, AZ 85142

$768,000

4 Beds

2 Baths

2,095 SqFt

Status Active Under Contract

MLS # 6747645

Property Type Single Family Residence

Price Type --

Welcome to this inviting 4-bedroom, 2-bathroom farmhouse horse property with a spacious 3-car garage, set on a lush 1.074-acre lot. Home features a warm, comfortable atmosphere with an open floor plan that connects the kitchen and living room to a serene backyard. Enjoy mature shade trees, a well-kept lawn, and a large covered patio perfect for relaxing and taking in the mountain views. Bring all your toys, No HOA! Conveniently located near the Sonoqui Wash Trail, this charming farmhouse offers a perfect blend of comfort and charm, making it a place you'll love to call home.

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13195 W Golden Puma Trail Peoria, AZ 85383

$768,000

4 Beds

3 Baths

2,414 SqFt

Status Active

MLS # 6727941

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning one-year-old residence is nestled in an award-winning master-planned community, known for its exquisite design and luxurious amenities. The heart of the home is a spacious, modern kitchen that seamlessly opens to the great room, creating the perfect space for entertaining and family gatherings. New stainless appliances, huge island, and ample storage provides everything you need and want. Enjoy breathtaking views from your own backyard on a prime view lot. Featuring a travertine stone patio and low maintenance artificial grass. The home also features a 3-car tandem garage, providing ample space for vehicles and storage. Don't miss the chance to own a slice of paradise in this highly sought-after community w/even more amenities to enjoy!

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20963 E Mayberry Road Queen Creek, AZ 85142

$767,500

5 Beds

4 Baths

3,158 SqFt

Status Active Under Contract

MLS # 6714401

Property Type Single Family Residence

Price Type --

Be prepared to fall in love with your next home on Mayberry. This amazing location is in close proximity to everything that Queen Creek has to offer. The brand new Costco is right down the street as well as all the shopping and dining options at Queen Creek Station all while being located within an award winning school district. This thoughtfully designed home has the right upgrades in all the right places. This floor plan is very functional with the master bedroom downstairs along with an additional full bedroom and bath on the main level. The additional 3 bedrooms and 2 baths along with the loft are located upstairs which provides great separation for privacy. The upgraded kitchen is the heart of this home with higher end shaker cabinets with soft close drawers, tile backsplash, undercount lighting, stainless steel appliances, custom lighting, butlers pantry and walk-in pantry as well. Enjoy your beautiful kitchen while overlooking your great room and your backyard oasis. Step outside to your sparkling blue saltwater pool with in-ground cleaning and variable speed pump, surround sound speakers (inside and out), built-in bbq, artificial turf and a mister system. A few additional upgrades to consider are: tray ceilings in the kitchen/great room, mudroom, cabinetry in laundry, soft water loop/softener, Do not miss your opportunity to call this beauty your next home!

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3057 W Mescal Arroyo Road San Tan Valley, AZ 85144

$767,000

6 Beds

4 Baths

3,285 SqFt

Status Active

MLS # 6677522

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this stunning property! The natural color palette throughout creates a soothing atmosphere. The kitchen features a center island and a nice backsplash. The master bedroom boasts a walk-in closet for added storage. Other rooms offer flexible living space for your needs. The primary bathroom includes double sinks and good under sink storage. Step outside to the fenced backyard with a private in-ground pool and a covered sitting area for entertaining. Don't miss out on this opportunity to own your dream home!

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9808 S 37th Drive Laveen, AZ 85339

$766,402

4 Beds

3.5 Baths

2,966 SqFt

Status Active

MLS # 6709041

Property Type Single Family Residence

Price Type --

Charming new, single-level home in Laveen's new neighborhood, Ridge at Whispering Hills. Located at the base of South Mountain, Whispering Hills offers easy access to recreation, walking and biking paths, and private gated access. The 4 bedroom home features designer selections throughout including an executive kitchen with double ovens, Delicatus white granite in the kitchen, white painted cabinets, and two tone paint, natural tan and snowbound. Other features include an extended primary suite, a frameless walk-in shower, a shower at the secondary bath, a garage service door for the attached 3 car garage, and upgraded tile and carpet throughout.

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24710 N 27th Place Phoenix, AZ 85024

$766,000

4 Beds

2.5 Baths

2,733 SqFt

Status Active

MLS # 6713863

Property Type Single Family Residence

Price Type --

Inside Photo's show current paint and if re-painted**Seller to credit $7,500.00 towards Buyers closing cost at the close of escrow**Gorgeous two-story home nestled in the desirable community of Desert Peak with mountain views and indoor-outdoor resort-style living. This spacious 4 bedrooms/2.5 bathrooms with 1 bedroom/den & 1/2 bath located downstairs flows seamlessly from room to room. Head upstairs to a large loft, master suite & bath, 2 bedrooms & second bathroom. Large master suite with walkout patio to enjoy the Arizona sunsets, master bathroom vanity has double sinks, separate shower, relax while soaking in the jetted garden tub. Nice size master walk-in closet will check all your boxes! Loft that you can use as a game room, office or whatever your heart desires. Gorgeous eat-in-kitchen is fit for entertaining and features granite counter tops, island for extra prep & storage, stainless steel appliances, gas stove, two wall convection ovens, R/O drinking water system. Ceiling fans & all windows throughout are tinted to help keep energy cost down. Resort-style desert oasis backyard features covered patio, tile and cool decking throughout the back yard, sparkling gas heated pool and relax in the hot tub under the stary nights. This home is ideally located less than a few minutes from Route 101 & 51, premier dining, shopping, entertainment and much more. This home is truly a must see! Don't miss your chance to own this distinctive home and start making heart warm memories with your friends and family!

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2142 W Hide Trail Phoenix, AZ 85085

$765,106

4 Beds

3.5 Baths

2,718 SqFt

Status Active

MLS # 6727818

Property Type Single Family Residence

Price Type --

Move in ready home! Popular Virtue 493 plan with primary suite downstairs. Spacious great room open to the gourmet kitchen with gas cooking, stainless steel appliances, upgraded luxury vinyl plank flooring, and stained maple cabinets. Easy maintenance with front and side yard landscaping included! The Retreat collection at Union Park features multiple parks, community pool, and rec center. Conveniently located with quick access to schools, shopping, restaurants, all the conveniences of urban town living.

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1067 E Seminole Drive Phoenix, AZ 85022

$765,000

3 Beds

2.5 Baths

2,972 SqFt

Status Active Under Contract

MLS # 6734387

Property Type Single Family Residence

Price Type --

Nestled near the base of the Lookout Mountain Preserve this home features 3 beds/2.5 baths plus an office/den bonus room and is everything you've been looking for! Upon entry you are greeted by a sizable formal family room that is filled with natural light, enhanced by soaring ceilings, and a formal dining space with brand new wood floors. As you make your way to the heart of the home, you will find an open concept kitchen featuring granite countertops, stainless steel appliances, a separate beverage fridge and an extended island with barstool seating for five. The kitchen seamlessly flows into the cozy family room, equipped with a fireplace and french doors that open up to your backyard oasis. Step outside to your covered patio, lush mature landscaping, built-in grill, a pergola great for alfresco dining, and a putting green. This private retreat is designed to be enjoyed! Upstairs, you'll find a spacious primary suite that boasts its own cozy fireplace and private balcony. The primary ensuite features a generous walk-in closet, jacuzzi tub, separate walk-in shower and a double vanity with granite countertops providing ample storage. Also upstairs you will find a flexible bonus room that can serve as a den or office as well as two additional spacious guest bedrooms filled with natural light and a guest bathroom featuring double vanities, granite countertops, a walk-in shower and sleek finishes. From the home's remarkable features, to the convenient access to the best that Moon Valley has to offer, this home is a can't-miss!

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