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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17219 W Vacaville Street Surprise, AZ 85388

$749,995

4 Beds

3.5 Baths

2,721 SqFt

Status Active

MLS # 6648240

Property Type Single Family Residence

Price Type --

This Pennrose is located in an all ages neighborhood and has front yard landscaping and travertine front porch to welcome you home. With 4 bedrooms, 3.5 baths and 3 car tandem garage. When you enter the home there is a bedroom with attached bath for your guest. Then you enter the living and kitchen area with white cabinets nice sized island with stainless steel appliances with a statement backsplash. Multi Panel Slider that goes out to the oversized patio for entertaining. Upstairs is the primary bedroom with larger bath and two additional bedrooms and loft. This home is an amazing completed home for a growing family that will love all that we offer, pools, tennis, pickleball, 18 hole putting green, fitness center, and restaurants.

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11462 E Utopia Avenue Mesa, AZ 85212

$749,990

6 Beds

4.5 Baths

4,179 SqFt

Status Active

MLS # 6735295

Property Type Single Family Residence

Price Type --

''Introducing this stunning six-bedroom, 4 1/2 bathroom home with an office and loft, boasting 10-foot ceilings on both levels. The famhouse style exterior features a paver driveway and inside the home features 8-foot doors with satin nickel handles. With a 4 Panel Center slider off the great room, the space is bathed in natural light. Inside, find 8 x 36'' wood-look tile throughout the main areas and 4 1/4 inch baseboards. The primary bathroom showcases an enlarged shower, separate soaking tub, and dual vanities. Brushed nicke bath faucets and upgraded vanity lighting adorn all bathrooms. The kitchen is a chef's dream with a 36-inch gas cooktop, separate wall oven, built-in microwave, painted shaker cabinets with hidden trash pull-out, satin nickel cabinet hardware, quartz countertops, and designer tile backsplash. This home is the epitome of luxury and comfort.

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22689 E Roundup Way Queen Creek, AZ 85142

$749,990

5 Beds

4.5 Baths

4,142 SqFt

Status Active

MLS # 6694908

Property Type Single Family Residence

Price Type --

Welcome to your dream home with our stunning Diamond Floor Plan! This spacious two-story home boasts 4,127 sq ft of luxurious living space, featuring 5 oversized bedrooms and 4 1/2 bathrooms, perfect for accommodating your growing family or hosting guests. Step into the expansive great room, highlighted by a breathtaking 4-panel slider that seamlessly merges indoor and outdoor living. The kitchen is a culinary paradise, equipped with built-in appliances, elegant white and natural stained shaker cabinetry, quartz countertops, a tiled backsplash, and polished nickel hardware. Indulge in premium interior finishes including wood plank tile floors in the main living spaces, upgraded plush carpeting in the bedrooms, loft, and a dedicated office space. Pamper yourself in the upgraded bathrooms adorned with stylish fixtures and lighting. Additional convenience items include a double gate, garage service door, and soft water pre plumb. Nestled in the vibrant community Madera near the new Frontier Family Park, this home offers access to an array of amenities including a sparkling pool, hot tub, pickleball, bocce ball courts, basketball court, playgrounds, and more!

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8672 E Edgemont Avenue Scottsdale, AZ 85257

$749,990

3 Beds

2 Baths

1,749 SqFt

Status Active

MLS # 6739133

Property Type Single Family Residence

Price Type --

This stunning 3-bedroom, 2-bathroom is bathed in natural light, featuring a kitchen with stainless steel appliances, a spacious island with a breakfast bar, elegant granite countertops, and custom cabinetry. The luxurious master suite is a private retreat, complete with a sitting room, a large walk-in closet, and a lavish bath that boasts double sinks, a soaking tub, and a glass shower. The spacious extra bedrooms offer plenty of room for family or guests. The backyard also includes a large storage unit, an extended covered patio, and convenient RV gate and parking. No HOA. Ideally located near Old Town Scottsdale, 101 freeway, ASU, downtown Phx, and soon-to-come Whole Foods.

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19749 S 231 St. Way Queen Creek, AZ 85142

$749,988

4 Beds

3.5 Baths

3,048 SqFt

Status Active

MLS # 6707641

Property Type Single Family Residence

Price Type --

PRICE WAS REDUCED FROM ORIGINAL PRICE OF $784,988!! GREAT ROOM PLAN, W/LOFT, MAIN BEDROOM IS DOWNSTAIRS, ATRIUM DOORS LEADING TO BACK PATIO, 4-BEDROOM, 3.5 BATH, 3- CAR GARAGE, UPGRADED 42'' CABINETS, GRANITE KITCHEN TOPS, 10' CEILINGS, GOURMET KITCHEN LAYOUT, HERRING BONE DESIGN FLOOR TILE, TANKLESS GAS WATER HEATER, WATER SOFTENER, ETC... ALL THIS, IN THE NEW PREMIER MASTER PLAN COMMUNITY IN QUEEN CREEK, FEATURING A 22 ACRE LAKE. THIS IS THE CENTERPIECE OF THE COMMUNITY. KAYAKING AND CANOEING, AQUATIC CENTER WITH LAP AND SPORT POOL SPLASH PAD, BOCCE BALL, PICKLE BALL, BOARDWALKS AND RAMADAS THROUGHOUT AND MUCH MORE.. THE HOME INCULDES 2'' FAUX WOOD BLINDS, CEILING FANS, TANKLESS WATER HEATER+++ KATHERING MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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1302 E Coronado Road Phoenix, AZ 85006

$749,988

4 Beds

3 Baths

2,012 SqFt

Status Active

MLS # 6668279

Property Type Single Family Residence

Price Type --

Welcome to this meticulously renovated residence nestled in downtown Phoenix, where modern luxury harmonizes with the timeless allure of original brick accents. This fully remodeled home stands as a testament to meticulous attention to detail and thoughtful design. Upon entering, you're greeted by a sense of warmth and sophistication that permeates throughout the space and open-concept living. The integration of original brick elements throughout the house adds a touch of character and history, perfectly complementing the contemporary finishes & fixtures. Boasting four bedrooms & three baths, this home offers ample space for comfortable living and entertaining. One of the bedrooms features kitchen setup, providing a versatile option for a mother-in-law suite or an income generating option

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14021 N 29th Street Phoenix, AZ 85032

$749,950

5 Beds

3 Baths

2,686 SqFt

Status Active

MLS # 6753590

Property Type Single Family Residence

Price Type --

Imagine a home nestled on a hillside, designed to maximize its breathtaking McDowell Mountain views. As you step inside, the open-concept living area greets you with high, vaulted ceilings and natural wood flooring. The kitchen is a chef's dream, with double ovens, a large central island, and a breakfast nook that opens to your backyard oasis. The master suite is a sanctuary of its own, with vaulted ceilings, and French doors leading to a private balcony that extends out towards the mountains. Downstairs bedroom is perfect for guests or aging family members! Peaceful, unified architecture area; a safe neighborhood with convenient access to freeways, events, and hospitals.

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4820 E Williams Drive Phoenix, AZ 85054

$749,950

3 Beds

2 Baths

1,878 SqFt

Status Active Under Contract

MLS # 6750212

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-level 3 bedroom, 2 bathroom home in the highly sought-after Desert Ridge neighborhood. With no interior steps, this home offers a seamless living experience. The gourmet kitchen is a chef's dream, featuring a professional stainless steel appliance package, granite countertops, and a custom granite backsplash design. You'll appreciate the abundant cabinetry, including a lazy susan, a convenient RO system, and a breakfast bar that opens to the inviting family room. The split floor plan offers privacy, with a spacious primary suite behind double doors. The ensuite bath boasts a separate glass shower, a soaking tub, double vanities, and a walk-in closet. The additional bedrooms are generously sized, providing ample space for family or guests. Step outside to your private backyard oasis with a lush lawn, covered patio, built-in BBQ, and an above-ground spaperfect for relaxing or entertaining. The oversized 3-car garage includes built-ins for extra storage and a convenient side door for easy backyard access. Situated just minutes from the JW Marriott Golf Resort and Spa, High Street, and Desert Ridge Marketplace, you'll enjoy the convenience of nearby parks, golfing, schools, dining, and shopping. This home is truly a gem in Desert Ridge! *List of upgrades and updates available in the Docs tab.

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2993 E Shannon Street Gilbert, AZ 85295

New

$749,950

5 Beds

4 Baths

3,249 SqFt

Status Active

MLS # 6760494

Property Type Single Family Residence

Price Type --

STUNNING! 5 bed/4 Bath+Loft +Downstairs Den. Designer Upgrades, Resort-Style Yard. No Expense Spared! Plantation Shutters Throughout, Newer Flooring/Int. Paint, Main Floor Bedroom w/Ensuite Bath for Guests. Spacious Floorplan with Tall Ceilings & Clerestory Windows. Kitchen w/Quartz Counters, Island, Pantry, NEW BOSCH APPLIANCES! Enormous Loft and Main Bedroom w/Retreat Area large enough for office, Custom Cal. Closets. Additional 3 Beds up w/hall bath & Juliette Balcony. Are you ready for this yard? High End PebbleTec Pool with LED Changeable Lights, 2 Cascade Waterfalls, Stamped Concrete Patio, side yard with Syn. Grass. TRANE HVAC Unit w/Nest Thermo., Gar. Door WIFI connect, Spray Foam in Attic. North/South Lot near Pocket Park, 3 Community Pools, Low HOA and close to Gilbert Amenities

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20580 S 226th Street Queen Creek, AZ 85142

$749,900

5 Beds

3.5 Baths

4,125 SqFt

Status Active

MLS # 6749504

Property Type Single Family Residence

Price Type --

''Honey, stop the car!'' This one-year-new dream home in Ashton Wood's Madera community, located in the sought-after 'Maquis' neighborhood, is exactly what you've been searching for! Rarely available and move-in ready, this spacious two-story gem sits on the largest Diamond Model lot in the area. On the first level, you'll find two large offices or flex rooms, conveniently situated between the kitchen, family room, and a half bath. The second level features five generously sized bedrooms, three bathrooms, and a spacious loft. With numerous high-value upgrades, this property offers exceptional value. Enjoy beautifully maturing landscaping in both the front and back yards. The home includes an electric vehicle charging outlet, soft-water pre-plumb, a $9,000 Wi-Fi-enabled water... softener, 3-car tandem garage and an RV gate. Inside, you'll find an enlarged primary bedroom shower, 10-foot ceilings on both floors, custom blinds in every room, tinted rear windows, and brand-new appliances, including a refrigerator, washer, and dryer. Additional upgrades include matte black cabinet handles and door hinges, new light fixtures, and a fresh coat of interior paint. Living in the Madera community means access to fantastic amenities like a sparkling pool, hot tub, pickleball and bocce ball courts, a basketball court, playgrounds, and more. Located in vibrant Queen Creek, this home is conveniently close to shopping, dining, Frontier Park, Pecan Lake Entertainment, Queen Creek Marketplace, and the Queen Creek Olive Mill. Plus, you'll have easy access to the 24 Freeway and Phoenix-Mesa Gateway Airport. Don't miss your chance to own this exceptional home!

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29449 N 130th Drive Peoria, AZ 85383

$749,900

2 Beds

2 Baths

2,111 SqFt

Status Active

MLS # 6745133

Property Type Single Family Residence

Price Type --

The search is finally over! This charming home features a 2-car garage, paver driveway, striking stone facade, and low-maintenance desert landscape. Venture into a living room with high ceilings, clerestory windows, a neutral palette, tile flooring, and a cozy fireplace. The kitchen comes with granite counters, plentiful wood cabinetry, recessed lighting, built-in appliances, a walk-in pantry, and a large island with a breakfast bar. The spacious main bedroom offers an ensuite with dual vanities, patio access, and his and hers closets. You'll also find a casita with separate access, perfect for visiting loved ones, game room, hobby room, or office. The backyard boasts a covered patio, an exterior fireplace, a built-in BBQ, and a sparkling pool. Make this gem yours today!

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16336 W Indianola Avenue Goodyear, AZ 85395

$749,900

3 Beds

2.5 Baths

2,082 SqFt

Status Active

MLS # 6745872

Property Type Single Family Residence

Price Type --

This beautiful residence is in the active 55+ Pebblecreek Community and offers the perfect blend of style and comfort. With over $90,000.00 in upgrades, the main house features 2 bedrooms, 2.5 baths and a den. The den has a murphy bed and closet, providing a flexible space for as a 3rd bedroom or home office. The charming, attached casita includes a full bath, counterspace and is ideal for guests or a private retreat. This home has an open layout with neutral tile floors and an abundance of natural light. The kitchen showcases wood cabinetry with crown molding, built-in appliances, granite countertops, an updated mosaic backsplash and an island with a breakfast bar for casual dining. The primary bedroom is a serene haven, featuring plush carpet, bathroom has dual sinks and a large walk-in close. The backyard is perfect for relaxation, boasting a large pergola covered patio and an open area to enjoy your outdoor oasis. This home offers comfort, style, and a welcoming community, don't miss the opportunity to make it yours!

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