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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6886 W Mazatzal Drive Peoria, AZ 85383

$744,000

4 Beds

2.5 Baths

2,909 SqFt

Status Active

MLS # 6680694

Property Type Single Family Residence

Price Type --

Beautiful Sonoran Mnt Ranch home with mountain views all around with North /South exposure. Home has 4 Bedrooms, 2.5 Bath a large kitchen with granite countertops which opens to family room. Flex room off family room perfect for an office or play room. Gated courtyard for privacy and large front sitting area and fountain. Owners Suite is oversized, large bath room with separate tub and shower and large walk in closet. Garage is a 2-1 split and no step to give them extra depth. The backyard has a play pool with waterfall and a built in BBQ. Home has Solar 2021 installed 17.6 KWp system.

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2153 S Woodland Hills Lane Pinetop, AZ 85935

$744,000

4 Beds

2.5 Baths

2,450 SqFt

Status Active

MLS # 6734471

Property Type Single Family Residence

Price Type --

This cabin is nestled in the tranquil beauty of the White Mountains. This remarkable 4-bedroom, 2.5-bathroom home spans 2,400 square feet and offers an unparalleled blend of comfort, luxury, and outdoor adventure. As you approach the home, you're greeted by a charming front porch, perfect for savoring morning coffee while taking in the crisp mountain air. Step inside to discover a spacious and inviting interior designed for family gatherings and relaxation. The open floor plan seamlessly connects the living, dining, and kitchen areas, creating a warm and inviting atmosphere. Hardwood floors, vaulted ceilings, and large windows throughout the home enhance the sense of space and natural light. The heart of the home is the gourmet kitchen, complete with granite countertops, stainless steel appliances, and ample cabinet space. Whether you're preparing a casual breakfast or a gourmet dinner, this kitchen is sure to inspire your culinary adventures. Adjacent to the kitchen, the dining area offers plenty of room for family meals and entertaining, with views of the surrounding pine trees. The living room is the perfect place to unwind after a day of exploring the mountains. Sink into plush sofas around the stone fireplace, which creates a cozy ambiance on cool evenings. Large windows and doors open onto the expansive back patio, extending the living space outdoors. Outdoor enthusiasts will delight in the array of recreational amenities in Pinetop. Explore the nearby Woodland Lake, just a short walk from the property, where you can enjoy kayaking, fishing, and scenic hiking trails. The lake area also offers facilities for frisbee golf, pickleball, and baseball, ensuring there's always something to do for active families. The master bedroom is a peaceful sanctuary featuring its own electric fireplace. The master suite has his and her walk-in closets. The en-suite bathroom boasts a luxurious jetted tub, dual sinks, and a separate shower. Three additional well-appointed bedrooms provide ample space and comfort for family members or guests. The upstairs loft bedroom features a large closet, cabinet, and two nooks. This property is an active AirBnB and recently received the Best of the White Mountains 2023 award for Best Motel/Cabin/Lodge/B&B. Don't miss your chance to make this your next home or vaction home in the White Mountains. Owner/Agent

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3237 W Via Dona Road Phoenix, AZ 85083

$743,990

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6717870

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!!!!! This single-level home showcases Lennar's signature Next Gen® suite ideal for multigenerational living. The suite includes a one-car garage, separate entrance, living space, kitchenette, bedroom and bathroom. In the main home, an open floorplan allows for effortless transition between the Great Room, kitchen and dining room, with access to the covered patio through sliding glass doors. The luxe owner's suite is situated at the back of the home, while two secondary bedrooms are comfortable and private retreats. Some photos are of the actual home and some are renderings of a model home.

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20955 E Mayberry Road Queen Creek, AZ 85142

$743,000

5 Beds

4 Baths

3,158 SqFt

Status Active

MLS # 6712015

Property Type Single Family Residence

Price Type --

Discover this inviting 5-bedroom, 4-bathroom residence offering a perfect blend of luxury and comfort, ideal for both relaxation and entertaining. Nestled in a tranquil neighborhood, the home boasts a spacious and inviting layout with plenty of natural light throughout. The heart of the home is the upgraded kitchen, featuring top-of-the-line stainless steel appliances, custom cabinetry, a prep kitchen, oversized pantry, chef's stove, 2 ovens and elegant quartz countertops. It seamlessly flows into a cozy family room, creating an open-concept space perfect for gatherings. Upstairs you will find the large loft perfect for movie nights and 3 generously sized bedrooms with walk in closets and one bedroom with an attached bathroom. On the first floor the primary suite is a true retreat, complete with an en-suite bathroom featuring a walk-in shower, dual vanities and a dressing table. The fifth bedroom, also on the first floor, is the perfect retreat for guests with access to a semi-private bathroom. Step outside to your private oasis! The travertine tile patio is perfect for outdoor dining and lounging, overlooking a sparkling pool that promises endless summer fun. The beautifully landscaped yard offers a serene escape, perfect for both relaxation and entertaining guests. Additional features include a three car tandem garage, a spacious laundry room and a separate entry from the garage. This meticulously maintained home is move-in ready, offering a luxurious lifestyle in a sought-after location minutes away from Queen Creek Marketplace, area dining and quick access to local freeways. Neighborhood amenities include 2 large parks, green space, community grills, pickle ball and basketball courts. Don't miss the opportunity to make this exceptional property your own! This home is agent-owned.

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7400 W Quail Track Drive Peoria, AZ 85383

$742,250

5 Beds

3 Baths

2,837 SqFt

Status Active

MLS # 6748512

Property Type Single Family Residence

Price Type --

October Completion-North/South Exposure. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Stork' floorplan features 5 full bedrooms plus a game room and a multipurpose room, 3 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Home is under construction, photos show spec home from a different community, options will vary**

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9050 W Tonopah Drive Peoria, AZ 85382

$742,000

5 Beds

3.5 Baths

4,011 SqFt

Status Active

MLS # 6727804

Property Type Single Family Residence

Price Type --

***HOME WARRANTY INCLUDED*** ***Seller Offering Concessions to BUYER with acceptable offer.*** Welcome To Your DREAM HOME!! Presenting A Beautiful DREAM HOME In Spectacular Dove Valley Ranch! Resort Backyard With Sparkling Pool WOW! You Must Come Take The Tour of This Beautiful DREAM HOME! Five Large Spacious Bedrooms And Loft. Storage Everywhere. Beautiful Private Dream Master Suite Downstairs With Private Patio. You'll LOVE The 3 CAR GARAGE...And The Large Concrete Pad At RV Gate. Your Search Is Over! Come See This AMAZING DREAM HOME TODAY!!

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8404 W Palo Verde Drive Glendale, AZ 85305

$741,929

5 Beds

3 Baths

3,268 SqFt

Status Active

MLS # 6755753

Property Type Single Family Residence

Price Type --

MLS#6755753. October completion! The Breckenridge at Stonehaven Voyage. This spacious one-story floorplan has it all! The welcoming front porch entry leads to an impressive foyer. A cozy guest bedroom with walk-in closet and nearby full bath are conveniently located just off the foyer. A home office with views of the kitchen creates a connected space to stay productive. The expansive island overlooks the casual dining and gathering room. Tucked away for privacy, two additional bedrooms each with walk-in closets share a hall bath. The plush owner's suite includes a Large walk-in closet and spa-like bath complete with soaking tub and separate shower. Structural options included: bedroom 5 in lieu of dining, expanded laundry in lieu of tandem, pre plumb for laundry sink, gas line for future dryer, gas line for future outdoor kitchen, and RV gate.

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11246 S 219th Lane Buckeye, AZ 85326

$740,000

4 Beds

3 Baths

2,396 SqFt

Status Active

MLS # 6745493

Property Type Single Family Residence

Price Type --

A brand new 4 bed, 3 bath ranch style home in Buckeye is now for sale! Nestled on an oversized 1 acre lot, this luxurious 2396 sf home features a 2 car side garage. Inside you will find a spacious dining & living area w/elegant wood-look tile flooring, pre-wired surround sound, and neutral palette throughout. The gorgeous kitchen is comprised of white cabinetry w/granite counters, a pantry, pendant lighting, SS appliances, and an island complete w/a breakfast bar. The primary bedroom boasts a walk-in closet and a private ensuite w/dual sinks & a sliding barn door. PLUS! Attached next generation casita w/private entrance and its very own kitchen! (extra income as a rental) Also including a backyard covered patio where you watch the beautiful sunsets , this home has it all!

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29414 N 223rd Drive Wittmann, AZ 85361

$740,000

3 Beds

2.5 Baths

2,526 SqFt

Status Active

MLS # 6624080

Property Type Single Family Residence

Price Type --

FINAL OPPORUNITY! FINANCE INCENTIVES RAT! E BUYDOWN FIXED 4.875% JUST UNDER ONE-ACRE! NEW HOME, MOVE IN READY! 2526sqft single level home, 3-bedroom, Flex, 2.5 bath. 3 car tandem plus attached RV garage 15x52 w/ 14FT door at RV garage insulated and air conditioned! All tile no carpet! Open kitchen, beautiful white cabinets to the ceiling at kitchen, black door hardware, extended kitchen island, gourmet stainless steel appliances, impressive walk-In shower all tile and more! Privacy, privacy, privacy! Surprise Estates the ultimate sanctuary. We are located just outside the city of Surprise, with quick access to major freeway. Live better why wait!

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33618 W Encinas Lane Tonopah, AZ 85354

$740,000

6 Beds

3.5 Baths

3,536 SqFt

Status Active Under Contract

MLS # 6697818

Property Type Single Family Residence

Price Type --

New Custom Built Acre Home, that has not been lived in. The home features a split floor plan with 6 bedrooms* Open and spacious Kitchen and living room* All Tile Flooring* Granite Countertops* Ceiling fans in every room* Jack n Jill Bathroom* Foam insulation* Synthetic Stucco* Water softener plumbing* Spacious Laundry room* 3 car garage* Come and see the home today!! Buyer and Buyers agent to verify all pertinent information.

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11054 E Utopia Avenue Mesa, AZ 85212

$740,000

6 Beds

4.5 Baths

3,133 SqFt

Status Active

MLS # 6737956

Property Type Single Family Residence

Price Type --

Discover elegance in this 2023 Toll Brothers home with 6 bedrooms and 5 bathrooms. Spanning 2936 sq ft, it features a first-floor in-law suite and primary suite, perfect for multi-generational living. The gourmet kitchen boasts quartz countertops, a stylish backsplash, a gas range, and a walk-in pantry. An upstairs loft offers versatile living space. The landscaped, pet-friendly backyard includes antimicrobial turf, mini putting green and an upgraded panoramic slider for seamless indoor-outdoor living. With $78k in premium upgrades, this home offers luxury without the hassle of building from scratch. Book your tour today!

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23494 N 167th Lane Surprise, AZ 85387

$740,000

5 Beds

3 Baths

2,848 SqFt

Status Active

MLS # 6670550

Property Type Single Family Residence

Price Type --

Prepare to meet your forever home! This stunning corner lot residence is conveniently situated across from Asante Community Park, offering an ideal family-friendly setting. Unwind in your custom sparkling pool, designed with your utmost comfort in mind, featuring both heating and cooling systems for year-round enjoyment. With over 2,800 sqft you are given plenty of opportunity to create everlasting memories with your loved ones. Discover a hidden treasure within the home, a secret workshop integrated with the fifth bedroom, delivering an undeniable 'wow-factor'. You are not going to want to skip this home!

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