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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2351 W Toledo Place Chandler, AZ 85224

Open House

$750,000

4 Beds

2.5 Baths

3,321 SqFt

Status Active

MLS # 6752612

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this remarkable residence featuring a spacious 3-car garage in Castille! New carpet, freshly painted bedrooms, custom walk-in closet for corner bedroom, and remodeled pool/backyard. Enjoy cozy nights at home by the charming fireplace in the family room! The well-appointed kitchen boasts white cabinetry, granite counters, a chic mosaic backsplash, stylish light fixtures, built-in appliances, & an island complete w/a breakfast bar. Discover a convenient loft providing the perfect spot for a reading area! The main bedroom showcases soft carpet & a private bathroom w/dual sinks. Host memorable gatherings in the amazing backyard including a swimming pool & a covered patio! Don't miss out!

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2706 E Gooseleg Way Lakeside, AZ 85929

$749,999

4 Beds

2 Baths

2,582 SqFt

Status Active

MLS # 6629011

Property Type Single Family Residence

Price Type --

New construction home. Ready for Certificate of Occupancy. Pictures are a bit messy due to finishing up construction. 2582 sq ft. 3 bed 2 bath. Office room. Extra sitting room/game room that can also be a 4th bedroom. Wood fireplace. Trex deck. T&G on front and back porch. Natural gas. Extra solid foundation and insulation. Multi-level- large bedroom above garage. Whirlpool bathtub in master bath. Split vanities in master bath. Upgraded Whirlpool kitchen appliances. Smart gas range. Waterproof flooring throughout home. 2 1/2 car oversized garage. Plenty of room for 2 vehicles and a side by side! 1 acre lot. Beautiful home in the pines! Make an offer!

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4232 W Porter Lane Queen Creek, AZ 85144

$749,999

4 Beds

2.5 Baths

2,697 SqFt

Status Active

MLS # 6745613

Property Type Single Family Residence

Price Type --

You choose, Backyard BLOCK WALL or a permanent 1% rate buydown with preferred lender! oac. NO HOA! Brand new high end construction. Built to be the most energy efficient homes on the market. Spray foam insulation with solid 2x6 construction keep your energy bills lower. Amazing 4 bedroom 2.5 bathroom with open split floorplan. Upgraded kitchen cabinets and appliances with stunning large waterfall island. Huge pantry with outlets for appliances and a built in beverage center included. Tall ceilings and upgrades throughout this home make it one of our most popular floorplans. Huge 3 panel sliding window opens up to your massive backyard with so much potential on this 1.25 acre lot. This house is fully move in ready with custom front yard landscaping included and wont last long!

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2162 E Carla Vista Place Chandler, AZ 85225

$749,999

5 Beds

3.5 Baths

3,135 SqFt

Status Active

MLS # 6743061

Property Type Single Family Residence

Price Type --

Discover this stunning 5-bedroom, 3.5-bath home ready for its new owners in Chandler! Enter into a spacious living/dining area with soaring ceilings. The flow of natural light through the large windows adds to the inviting ambiance, making this room a focal point for family life. The large kitchen flows seamlessly into the family room, perfect for gatherings. A main-level bedroom and bath offer an ideal home office or guest suite. The oversized master suite features a luxurious bath with a soaker tub, separate shower, and double sinks. Upstairs, a cozy loft awaits your relaxation. The kitchen boasts granite countertops, a pantry, breakfast bar and study nook, with plantation shutter windows. Step outside to your private backyard with a covered patio, lush greenery, and built-in BBQ...

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7042 E Portland Street Scottsdale, AZ 85257

$749,999

4 Beds

3.5 Baths

2,380 SqFt

Status Active

MLS # 6700625

Property Type Single Family Residence

Price Type --

Nestled within Scottsdale's coveted North 70 gated community, this home offers luxurious living in a spacious 4-bedroom, 3.5-bathroom home. This immaculate residence features upgraded flooring, generously sized bedrooms, and spa-like baths that promise relaxation. The chef-inspired kitchen is an entertainer's delight, equipped with top-of-the-line appliances and perfect for hosting gatherings. The upstairs loft provides versatile a living space, complemented by upstairs laundry for added convenience. Enjoy beautiful views of Camelback from the primary bedroom. Situated on one of just ten oversized lots, the backyard boasts upgraded pavers and artificial grass for easy maintenance. Residents enjoy gated home access as well as a community pool. Come experience its charm firsthand!

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18922 W Clinton Street Surprise, AZ 85388

$749,999

3 Beds

2.5 Baths

2,936 SqFt

Status Active Under Contract

MLS # 6740432

Property Type Single Family Residence

Price Type --

WIth over 150K invested in the back yard you can't beat this price! For the buyer that wants it all and ready to go. Loaded with upgrades and better than new. RV garage with passthrough rear garage door, 2 RV gates, and a paver driveway! Fresh elegant wood-look flooring and neutral palette with thoughtful/classy fixtures. Prepare delicious meals in this gorgeous kitchen, comprised of white cabinetry w/crown moulding, a pantry, quartz counters, and tasteful lighting, subway tile backsplash, SS appliances, and an island w/a breakfast bar. Upstairs you will find a cozy loft where you can spend a relaxing Sunday evening! Primary bedroom has large walk-in closet and spacious bathroom with a large modern shower. Resort style yard with a BI-BBQ and huge 2023 automated pool!! Don't forget about the cozy open den, ideal for an office or reading nook. Finally, the wonderful backyard includes a covered patio, seating area, artificial turf, and a sparkling blue pool! What are you waiting for? Act now!

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2927 W Sousa Drive Anthem, AZ 85086

$749,999

4 Beds

2 Baths

2,547 SqFt

Status Active

MLS # 6705456

Property Type Single Family Residence

Price Type --

Your turnkey and fully renovated single-story home featuring 4 beds & 2 baths awaits! You'll only need to bring your suitcase! Step inside to discover a beautifully updated interior boasting an open concept floor plan. Entertain in style with this amazing spacious backyard that includes a built-in BBQ, synthetic turf and travertine pavers. There is plenty of room to relax. Enjoy the convenience of an oversized 3-car garage. Residents will have access to the community center offering a gym, waterpark, pools, fitness facilities, pickleball, and more. This completely remodeled beauty won the best home on tour award as voted by many local Realtors! Furniture is available for purchase on a seperate bill of sale. Motivated seller. Show it today! Don't miss out on this incredible opportunity!!

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2209 E Windsor Avenue Phoenix, AZ 85006

$749,999

3 Beds

3 Baths

2,444 SqFt

Status Active

MLS # 6723859

Property Type Single Family Residence

Price Type --

What a GEM! Comfort meets modern elegance in this beautiful home nestled on a large lot. Featuring a manicured landscape w/natural grass & mature trees, it offers a tranquil setting. Discover a desirable open layout paired with chic light fixtures, neutral palette, & tile flooring w/plush carpet in bedrooms. The kitchen boasts SS appliances, quartz counters, subway tile backsplash, white shaker cabinets, and an island w/breakfast bar. Two main bedrooms! One includes French doors to the back, and both feature a barn door that opens to the ensuite with dual sinks & a walk-in closet. You'll LOVE the peaceful backyard! A covered patio, artificial turf, elevated paver patio, & a hot tub complete the picture. PLUS! This value has a 2-car garage & 2 RV gates on both sides of the house. Just WOW!

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20715 S 217th Way Queen Creek, AZ 85142

$749,995

4 Beds

3 Baths

2,980 SqFt

Status Active

MLS # 6744329

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch! This Pearce plan is located on an extra large lot. It boasts a smartly designed layout, with the main floor featuring a spacious great room and an eye-catching gourmet kitchen with a built-in pantry, center island and adjacent dining room with extended covered patio access. A first floor bedroom and full bathroom add separate space for guest or office use and a mudroom provide added convenience. The second floor offers a laundry room, a large loft and three bedrooms, including a relaxing primary suite with a private bath and expansive walk-in closet. In addition to a 2-car garage, you'll also love the possibilities that come with a 40' attached RV garage! A charming paver driveway and exterior stone elevation harmoniously blends convenience and sophistication.

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11029 E Ulysses Avenue Mesa, AZ 85212

$749,995

6 Beds

5 Baths

3,132 SqFt

Status Active

MLS # 6708170

Property Type Single Family Residence

Price Type --

With an idyllic blend of comfort and elegance, this move-in ready home perfectly fits your lifestyle. Overlooking the great room and accompanied by a casual dining area, the gorgeous kitchen is the perfect environment for entertaining guests with wraparound counter space and a sprawling central island. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. Come experience your dream home by scheduling a tour.

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11040 E Ulysses Avenue Mesa, AZ 85212

$749,995

4 Beds

3 Baths

2,936 SqFt

Status Active

MLS # 6740337

Property Type Single Family Residence

Price Type --

With an open-concept floor plan and expertly designed finishes, this move-in ready home is perfect for the way you live. The beautiful foyer welcomes you home with stunning views of the main living space and rear yard. The open-concept kitchen and great room provide the ideal space for entertaining. Just minutes from everyday conveniences, this community is perfectly situated for your family's daily routine.

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5045 W Top Hand Trail Laveen, AZ 85339

$749,995

3 Beds

2.5 Baths

2,740 SqFt

Status Active

MLS # 6728574

Property Type Single Family Residence

Price Type --

Entertaining is easy in the Harley plan, which boasts a well-appointed kitchen with a walk-in pantry and center island. You'll also appreciate a dining area and an adjacent great room overlooking a covered patio. This home will be built with a study, . A spacious primary suite with an attached bath and walk-in closet is separated from two secondary bedrooms for privacy. Additional features include a gourmet kitchen and a deluxe primary bathroom

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