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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70 E Kennedia Drive Queen Creek, AZ 85140

$734,900

2 Beds

2.5 Baths

2,173 SqFt

Status Active

MLS # 6745068

Property Type Single Family Residence

Price Type --

This exquisite 2018 Genova plan is a must-see, offering luxurious upgrades throughout. The open-concept great room flows seamlessly into a stunning gourmet kitchen, complete with an expansive quartz island, 5-burner gas cooktop, stainless steel appliances, fridge with built-in Keurig, and professionally selected backsplash and cabinets. The dining area and great room perfectly complement the kitchen, highlighted by a breathtaking rolling wall of glass that leads to a beautifully designed backyard with pavers and an outdoor gas fireplace, ideal for entertaining. Both spacious bedrooms feature en-suite bathrooms and ample closet space, while an open den off the front entry provides additional versatility. Elegant shutters are throughout the home. Start living the good life at Encanterra!

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20523 W Rosewood Lane Buckeye, AZ 85396

$734,900

2 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6755637

Property Type Single Family Residence

Price Type --

Discover unparalleled elegance in the coveted Cardinal Floorplan by K. Hovnanian Homes, nestled in the vibrant Victory District of Verrado. This award-winning 55+ Active Adult community offers an array of world-class amenities, including golf, pickleball, tennis, a state-of-the-art workout facility, spa, multiple pools (lounge, hot tub, lap), bocce ball, and an active social calendar with clubs, hiking, biking, and dining options. Step inside to experience a thoughtfully designed open-concept layout that features soaring cathedral ceilings and a spacious kitchen boasting ample storage, an expansive island, and premium stainless steel appliances. The home's interior exudes a perfect blend of modern luxury and comfort. The backyard is a private paradise, designed for both relaxation and entertaining. Enjoy Arizona's beauty year-round with travertine decking, a raised fire pit area, a custom rock wall, elevated planters, and lush artificial turf. The serene water feature and strategic uplighting create a tranquil ambiance that's sure to impress your friends, family, and guests. Embrace the Victory Lifestyle and schedule your private tour of this exceptional property today.

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2607 W Gray Wolf Trail Phoenix, AZ 85085

$734,900

4 Beds

2.5 Baths

2,711 SqFt

Status Active

MLS # 6684270

Property Type Single Family Residence

Price Type --

This move-in ready home offers 4 bedrooms & den & 2.5 baths in 2700 SqFt with an open great room floor plan & spacious upstairs loft. The kitchen features staggered maple cabinetry, granite counters, stainless appliances, walk-in pantry & island with breakfast bar & pendant lighting. Sliding doors lead out from the dining area to covered patio with surround sound & gas stub for BBQ, extended paver patio with a sparkling pool with a water feature, perfect for relaxing and entertaining. The master retreat is on the main level & has a bay window and private bath with dual sink, granite vanity, oversized tiled shower & walk-in closet. 3 secondary bedrooms are upstairs & all have walk-in closets. Other features include a 3 car tandem garage . A Must see

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19003 W Lawrence Road Waddell, AZ 85355

$734,745

4 Beds

3.5 Baths

2,624 SqFt

Status Active

MLS # 6705904

Property Type Single Family Residence

Price Type --

Modern Farmhouse exterior to the spacious Entry leading into the expansive Family Room with 12' Ceilings this home definitely has the all the right space in all the right places. Enjoy indoor/outdoor entertaining with the 12' multi sliding glass door from the Family room to the large covered patio. This 4 bedroom, 3.5 bath home includes an oversized Study with a closet for additional storage that would be perfect when working from home. The Owner's Suite has a luxurious Walk In Shower. The Utility Room and Family Foyer offer extra storage and organization of your belongings with the included backpack rack. This Gourmet Kitchen includes a walk in pantry, gas cooktop, upgraded cabinets and countertops with a custom backsplash. In addition, upgraded flooring, 2X6 construction

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3041 N 70th Street Scottsdale, AZ 85251

$734,700

1 Bed

1 Bath

744 SqFt

Status Active

MLS # 6418157

Property Type Single Family Residence

Price Type --

DO NOT Disturb tenants. This property is part of a development opportunity and is listed in conjunction with 3 adjacent parcels.

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18014 N 44th Place Phoenix, AZ 85032

$734,700

4 Beds

2 Baths

2,336 SqFt

Status Active

MLS # 6709830

Property Type Single Family Residence

Price Type --

This Stunning former model home offers both location and privacy, situated at the end of a cul-de-sac next to a serene common area. Boasting four bedrooms and two baths, and a private pool with a large waterfall. Great for entertaining. This home features an open floor plan with high ceilings and a beautiful kitchen that will delight any chef. Custom wood shutters adorn the entire home, while additional amenities include a split floor plan, screened in porch, dog run, fenced play area with a large shade tree. Conveniently located near the 101 and 51 freeways, Kierland commons, and Desert Ridge shopping. Enjoy the new Reimagine PV! Close to Mayo Hospital. This home is a must-see that will exceed your expectations.

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613 E Harmony Way Queen Creek, AZ 85140

$734,162

2 Beds

2.5 Baths

2,124 SqFt

Status Active

MLS # 6720370

Property Type Single Family Residence

Price Type --

This home WON Best On Tour on the Queen Creek Home Tour! Welcome to your new home, complete with a custom SECRET DOOR and a laundry ''cubby'' from the primary closet! This Captivate model has undergone over 100k in upgrades since the current owners purchased, including: custom electric fireplace, full landscaping including front and back turf, brick pavers and a pergola, garage epoxy and cabinets, updated kitchen to include quartz counters/backsplash, and OWNED SOLAR! When you decide to venture out, you won't have to journey far to find resort-style living with the 60,000 sq foot clubhouse and 18 hole championship golf course, and other amenities that will have you feeling like you're always on vacation! Don't miss out on this beauty!

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1490 W Laurel Avenue Gilbert, AZ 85233

$734,000

4 Beds

3 Baths

3,013 SqFt

Status Active

MLS # 6697678

Property Type Single Family Residence

Price Type --

Welcome to this charming spacious 4-bedroom 3 bathroom home in a quiet gated lake community in Gilbert. It boasts spacious interiors flooded with natural light. Enjoy the modern comforts of an updated kitchen, elegant living areas and serene backyard. Community skiing lake and putt & putt golf course. Nestled in a prime location, close to amenities and walking distance to elementary school.

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10935 E Tahoe Avenue Mesa, AZ 85212

$733,978

5 Beds

4 Baths

3,314 SqFt

Status Active

MLS # 6622556

Property Type Single Family Residence

Price Type --

MLS#6622556 Ready Now! The Revere at La Mira Expedition Collection greets you with the beautiful courtyard and an inspiring spiral staircase and large foyer. The spacious formal dining connects to the butler's pantry and into the large kitchen. The gourmet kitchen with island and adjoining breakfast room overlooks the gathering room. There is also a guest bedroom with full bath down! Upstairs, you will find a game room, three secondary bedrooms, two full baths, a laundry room and the private owner's suite. Owner's bath features dual vanities, a spacious walk-in closet, and a separate tub/shower. Structural options include: added bed 5 in place of study, multi-slide door, 220 Volt outlet on dedicated circuit in the garage, shower in lieu of tub at secondary bath, softer water loop and paver driveway and walkway.

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23369 N 73rd Way Scottsdale, AZ 85255

$733,000

2 Beds

2.5 Baths

2,353 SqFt

Status Active

MLS # 6736275

Property Type Townhouse

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this stunning property featuring a cozy fireplace and a soothing natural color palette throughout. The spacious kitchen boasts a center island and a beautiful backsplash, perfect for preparing and enjoying meals. The primary bedroom offers a walk-in closet for ample storage space. The primary bathroom includes a separate tub and shower, double sinks, and good under sink storage. Don't miss out on this incredible opportunity to make this house your home! The Community has a pool, spa, BBQ area and workout facility.

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34320 N Sandpiper Trail Queen Creek, AZ 85144

$732,588

3 Beds

3 Baths

2,770 SqFt

Status Active

MLS # 6722507

Property Type Single Family Residence

Price Type --

Welcome to this brand new home in Emblem at Oro Ridge. This home boasts 3 bedrooms, an office, 3 bathrooms, a 3 car tandem garage, and beautiful upgraded throughout. The gourmet kitchen is gorgeous with stainless steel appliances, Urban Taupe Cabinets, Quartz countertops, and a breakfast bar at the kitchen island. You will love the upgraded flooring throughout and the barn doors on the hobby room! Do not miss out on this gorgeous home!

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6802 E Beverly Lane Scottsdale, AZ 85254

Open House

$732,499

3 Beds

2 Baths

1,428 SqFt

Status Active

MLS # 6742060

Property Type Single Family Residence

Price Type --

Imagine living just minutes from Scottsdale Quarter, where you can enjoy some of the valley's best restaurants, world-renowned golf courses, and premier shopping. Welcome to your dream home—a perfect blend of classic charm and modern comforts, all with the freedom of no HOA restrictions. Situated on a delightful corner lot, this residence features low-maintenance turf, a graceful shade tree, a two-car garage, and an inviting front porch. Inside, you'll be greeted by a spacious open layout bathed in natural light from vaulted ceilings. The calming color palette, stylish recessed lighting, chic fixtures, and wood-plank tile flooring set an elegant tone, complemented by a stunning wooden panel wall fireplace. The gourmet kitchen is a chef's dream, boasting quartz and butcher block countertops, a stylish tile backsplash, white cabinetry, and an island with a breakfast bar. The main retreat includes a walk-in closet, a refined ensuite with dual sinks, a glass shower, and direct access to the backyard. Pool is heated, water heater and windows were replaced in 2020. Roof, HVAC, and pool equipment are less than 10 years old. Experience the charming, low-maintenance lifestyle you've always wanted. Schedule your showing today!

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