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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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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11242 E Enrose Street Mesa, AZ 85207

$765,000

4 Beds

2 Baths

2,466 SqFt

Status Active Under Contract

MLS # 6746466

Property Type Single Family Residence

Price Type --

Seize the opportunity to own this corner lot property with an incredible view of the mountain area! Live in a ranch-style home with stone accents, a 3-car garage w/an extended driveway, & an RV gate. The delightful interior boasts 8ft interior doors, wood floors, soothing palette, upscale ceiling fans, & sliding doors merging the inside and outside activities! The bright great room is perfect for receiving guests! The spotless kitchen exhibits ample 42in high white cabinetry w/crown moulding, granite counters, SS appliances, a pantry, & both the center island & peninsula have a breakfast bar. Get some good night's sleep in the primary suite w/patio access, & a private bathroom w/dual sinks, designer's tile shower w/glass block window, & a walk-in closet. More storage in the garage Resort-like backyard features a covered patio, a pergola, a spa, & sparkling blue pool. Don't miss this unique find! Call now!

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8019 N 73rd Street Scottsdale, AZ 85258

$765,000

3 Beds

2 Baths

2,140 SqFt

Status Active

MLS # 6744276

Property Type Single Family Residence

Price Type --

Discover the perfect Scottsdale Jewel Box in the exclusive Santo Tomas neighborhood, surrounded by multi-million dollar estates. This fully detached 3-bedroom, 2-bath home has been extensively renovated, offering modern luxury and energy efficiency with a new A/C (2024) and solar panels. Step inside to a bright, airy kitchen featuring white cabinetry and granite countertops. The 2023 renovations include beautifully updated bathrooms, a new front gate, and a covered patio ideal for outdoor living. Throughout the home, you'll find new flooring, fresh paint, updated baseboards, ceiling fans, and added skylights that flood the space with natural light. Enjoy the convenience of a 2-car garage with an epoxy floor, built-in storage cabinets, and direct entry to the home. Additional upgrades include a new washer and dryer, a ring doorbell, a stylish new entry door, custom closet systems, elegant Cantera stone pillars, and new canned lighting. The home also features new window treatments and a tankless water heater for modern comfort.This Scottsdale gem offers the perfect blend of style, convenience, and locationready for you to make it your home!

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8203 N 173rd Avenue Waddell, AZ 85355

$765,000

4 Beds

3.5 Baths

3,310 SqFt

Status Active

MLS # 6755926

Property Type Single Family Residence

Price Type --

Move-in ready, highly desirable Delfino model in Granite Vistas! Located on a premium corner lot, this gorgeous home offers amazing curb appeal, striking stone detailing, RV garage and an extended driveway. The impeccably designed interior boasts extra tall ceilings, plantation shutters, plank tile flooring, and a sizable living room perfect for a formal dining area that is great for hosting and entertaining. The great room is adorned with an accent wall, tray ceilings and recessed lighting t/out. The stunning gourmet kitchen is fully equipped with a gas cooktop, a wall oven, and a farmhouse sink, quartz countertops, soft-close cabinetry, oversized waterfall island and large walk-in pantry. Dual primary bedrooms, one on the main floor with walk-in closet and its own bathroom. Venture upstairs to find a cozy loft ideal for a reading nook, home office or game room. The sizable primary bedroom has an extra-large bathroom with dual sinks with lots of counter space and a separate vanity area. The upstairs laundry room is oversized with a farm sink, extra counter space and cabinetry. The home's elegance extends outdoors to the serene backyard with a covered patio, pavers, outdoor lighting and low maintenance turf. There's extra space on the side of the home, perfect for a pet area or storage. The RV gate is a bonus, leading to a paver side yard great for extra parking. This home has too many extras to mention Tour this home today to see everything this home has to offer. List of upgrades: *RV Garage *RV Gate *GFCI outlets outside of RV Garage *15X40, 14ft. high garage door *Mini split in RV Garage *RV dump station *50 Amp electrical *Hose bib *Epoxy flooring *Sunscreens *Tray ceilings *Lots of storage *Plantation shutters *Upgraded Ceiling fans *Farmhouse sink in kitchen and laundry *Oversized Quartz island with waterfall edges *Gas stub for firepit *Upgraded electrical panel *Security cameras *Rain gutters *Pigeon mitigation system

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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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2850 E Azalea Drive Chandler, AZ 85286

$765,000

4 Beds

2.5 Baths

2,478 SqFt

Status Active Under Contract

MLS # 6749886

Property Type Single Family Residence

Price Type --

A stunning remodel just completed. This beautiful single level home with 4 bedrooms, 2.5 baths and 3 CG, located on a corner lot and showcases a luxurious kitchen with a large island with quartz countertops and large sink. All cabinets updated with paint, new tiles flooring throughout the house and wood laminate in all bedrooms, new baseboards throughout. The master bathroom and 2nd bathroom were a 100% remodel with new shower, tile, toilet, counter-tops and shower. Fresh paint throughout the house including doors, ceiling and garage.

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