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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10118 E Trent Avenue Mesa, AZ 85212

$730,000

4 Beds

3.5 Baths

2,794 SqFt

Status Active

MLS # 6751202

Property Type Single Family Residence

Price Type --

Welcome to this stunning Toll Brothers home nestled in the premier community of Cadence! With its impressive curb appeal and an inviting, bright, and airy floor plan, this residence is designed for both comfort and style. Step inside to discover an open-concept layout that seamlessly connects the elegant kitchen to the living area. The gourmet kitchen boasts pristine white cabinetry, a generous breakfast bar, a large center island, and a walk-in pantry, all complemented by stainless steel appliances. Expansive windows and soaring ceilings flood the space with natural light, creating a warm and welcoming atmosphere. This living area effortlessly transitions to a backyard oasis, complete with a covered patio and a spacious play area featuring lush artificial turf. The main level also includes a versatile flex space that can serve as an office, den, or formal dining area, along with a private full bedroom and bathroom, ideal for guests or extended family. Venture upstairs to find an oversized loft that offers additional living space, along with a generously sized primary bedroom complete with a walk-in closet, dual sinks, and a walk-in shower. Two additional bedrooms share a well-appointed bathroom, and the convenience of a laundry room rounds out this functional second level. This home combines modern living with thoughtful design, making it the perfect retreat for any lifestyle. Don't miss the opportunity to make it yours! Cadence features an 8 acre park with a 12,000 sq ft club house that features a fitness center gym and meets the needs of every family. member! Enjoy the community pool, tennis courts, basketball courts and playground just to name a few ammenties. Conveniently located by shopping restaurants and easy freeway access!

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1431 S Wayne Drive Chandler, AZ 85286

$730,000

4 Beds

3 Baths

2,669 SqFt

Status Active

MLS # 6753818

Property Type Single Family Residence

Price Type --

The search is finally over! Take a look at this gorgeous 4 bed, 3 bath residence showcasing spacious 3-car garage in Arizona Estates! Inside, you will find a bright living/dining area featuring bountiful natural light, soothing palette, wood-look floors, & recessed lighting. The stunning kitchen boasts a plethora of white shaker cabinets, stylish light fixtures, granite counters/backsplash, black SS appliances, a walk-in pantry, & a peninsula with a breakfast bar. Fabulous loft is perfect for an entertainment area! Main bedroom enjoys a lavish ensuite with dual sinks, soaking tub, & a walk-in closet. Spend relaxing afternoons in the wonderful backyard with extended seating area, green grass, & endless blue skies. You must see it! Owned Solar! The search is finally over! Take a look at this gorgeous 4 bed, 3 bath residence showcasing spacious 3-car garage in Arizona Estates! Inside, you will find a bright living/dining area featuring bountiful natural light, soothing palette, wood-look floors, & recessed lighting. The stunning kitchen boasts a plethora of white shaker cabinets, stylish light fixtures, granite counters/backsplash, black SS appliances, a walk-in pantry, & a peninsula with a breakfast bar. Fabulous loft is perfect for an entertainment area! Main bedroom enjoys a lavish ensuite with dual sinks, soaking tub, & a walk-in closet. Spend relaxing afternoons in the wonderful backyard with extended seating area, green grass, & endless blue skies. You must see it! Owned Solar!1

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1407 E Artemis Trail San Tan Valley, AZ 85140

$730,000

2 Beds

2.5 Baths

2,173 SqFt

Status Active

MLS # 6663044

Property Type Single Family Residence

Price Type --

Stunning, extremely well kept 2-bedroom, 2.5-bath home in gated Encanterra, with a den and a 3-car garage. Granite countertops, updated kitchen appliances in 2023 includes new Sub Zero refrigerator. Updated master bath, beautiful wood flooring, outdoor fireplace and built in gas grill. Must be seen to appreciate its condition and cleanliness. Fully landscaped back yard with turf, watering system, & view to the common area. Built-in garage cabinets, tankless water heater and water softener. Transferable lifetime window warranty. Enjoy Encanterra's golf course & workout center. Multiple pools, spas, sport courts, pickle ball, parks, tot lots, amazing restaurant and club house.

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20136 E Domingo Road Queen Creek, AZ 85142

$730,000

4 Beds

3 Baths

2,897 SqFt

Status Active

MLS # 6747916

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis! This exquisite resort-style home blends luxury and comfort, offering a perfect retreat for relaxation and entertainment. Spacious Open Floor Plan: The heart of this home features an expansive living areas bathed in natural light, thanks to the large sliding glass doors that seamlessly connect the indoor and outdoor spaces. Beautiful Kitchen boasts sleek cabinetry, a generous island ideal for meal preparation and a breakfast nook for casual dining. Step outside to your private paradise, complete with a sparkling pool, gazebo, built in BBQ while surrounded by lush landscaping and mature citrus trees. This outdoor oasis is perfect for summer gatherings or serene evenings under the stars. Additional Property Features: Trane 5 ton Variable Speed AC Unit AZ Trim Lights All Around 10ft Screen Doors Luxurious Upgraded Showers Beautiful Closets Door Chime Custom Pool Cover PentAir Easytouch Smart Pool Jacuzzi Hook-up Prime Location: This home is situated in a desirable neighborhood, close to shopping, dining, and recreational activities. Don't miss the opportunity to own this luxurious resort-style home that combines modern elegance with comfort.

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10053 E Seismic Avenue Mesa, AZ 85212

$730,000

3 Beds

2.5 Baths

2,462 SqFt

Status Active

MLS # 6698479

Property Type Single Family Residence

Price Type --

Welcome to your dream home in coveted Eastmark community! This stunning 3 bed, 2.5 bath residence boasts 2,462 sqft of modern luxury. Dive into relaxation with your own private pool or unwind on the covered patio. Built in 2018, it showcases contemporary finishes throughout. Enjoy the convenience of a 3-car tandem garage. Plus, indulge in all the perks of Eastmark living, from parks to community events. Don't miss out on this perfect blend of comfort and convenience!

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2410 W Aloe Vera Drive Phoenix, AZ 85085

$730,000

4 Beds

2.5 Baths

2,739 SqFt

Status Active

MLS # 6732990

Property Type Single Family Residence

Price Type --

Step inside this gorgeous 4 bedroom 2 1/2 bath home that shows like a model. Upon entering through the custom decorative steel door, you will be greeted by a large open, light and bright living & dining room with high ceilings. Enjoy the expansive kitchen with its large island and plenty of cabinets for the storage we all crave. If you don't like carpet, then this is the home for you, new LVT throughout most of the home, with tile in all the right places. The primary bedroom is large and bright with a walk-in closet, dual vanities and large tub. The owners spared no expense adding extra cabinets throughout. Plantation shutters and blinds on all the windows makes this a move in ready home. The community pool is just blocks away, best of all someone else takes care of it. Let's not forget about the solar system, your APS bill will be less than $50.00 per month, your APS bill will be less than $50.00 per month some months you will even receive a credit, best of all the 2 HVAC systems are newer. Enjoy the 2 different community pools and splash pad areas, perfect for cooling off. Hurry, this one will not last!

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2323 N Central Avenue Unit 301 Phoenix, AZ 85004

$730,000

3 Beds

2 Baths

1,812 SqFt

Status Active

MLS # 6681477

Property Type Apartment

Price Type --

Owners offering seller credit for rate buy down, HOA fees or whatever Buyer(s) wish, so what are you waiting for? This unit is move in ready and priced to SELL! One of only a handful of 3 bedroom units and features floor-to-ceiling views with wrap-around balconies, this stunning home offers sweeping views of the valley from every room. This home features an updated & expanded kitchen with a large island, tons of cabinetry & wall ovens that would make Julia Child swoon. Primary bedroom features sweeping views of Camelback Mountain, walk-in closet & beautifully appointed bath. The 2 ancillary bedrooms are equally impressive & EACH feature tons of storage & direct balcony access! Wood-look tile throughout, this is the ultimate in easy living. Amenities galore, Regency is like living in a resort with heated pool, new gym, ROC Room and staff including 24/7 door personnel, porters, on-site manager and a full maintenance staff, too. Lock-and-leave lifestyle like no other, your taxes are also half off*. And the HOA covers AC, heat, water, sewer, trash, full staff, blanket insurance and more.

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2626 N 19th Avenue Phoenix, AZ 85009

$730,000

3 Beds

3 Baths

2,226 SqFt

Status Active

MLS # 6725672

Property Type Single Family Residence

Price Type --

Nestled in the charming & highly sought-after Encanto Estates, this stunning 3-bedroom, 3-bathroom home offers an unparalleled living experience. The property sits on an expansive lot over 15,000 sq ft, providing ample space for outdoor activities & relaxation. The large pool is perfect for cooling off during hot Phoenix summers & offers a great spot for gatherings with family & friends. This home also boasts a 4-car tandem garage, providing space for cars & storage. Encanto Estates is known for its unique blend of mid-century modern architecture, & this home is no exception. Experience the charm & elegance of a home designed with both style & functionality in mind. With its prime location & beautiful design, it offers a unique opportunity to own a piece of Phoenix architectural history

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2363 W Detroit Place Chandler, AZ 85224

$730,000

6 Beds

3 Baths

3,321 SqFt

Status Active Under Contract

MLS # 6713527

Property Type Single Family Residence

Price Type --

Motivated seller! This home in the Heart of Chandler with top schools and only minutes away from Chandler Fashion Square Mall. Gorgeous upgrades and beautiful pool. Quiet Cul-de-sac lot next to greenbelt. Four large bedrooms & a loft upstairs, plus a large den/office or 5th bedroom downstairs plus 3 walk in closets gives plenty of room and storage for everyone. Gorgeous granite countertop in kitchen and bath rooms. Kitchen boasts large island, walkin pantry, dine-in-kitchen and formal dining. Beautiful travertine floor is in kitchen, living room, dining room and family room. Backyard enjoys a sparkling pool, covered patio, grassy play area, and fruit trees. Close to shopping, retail, restaurants & freeway access.

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677 W Hemlock Way Chandler, AZ 85248

Open House

New

$730,000

4 Beds

2 Baths

2,090 SqFt

Status Active

MLS # 6760655

Property Type Single Family Residence

Price Type --

From the minute you step into this gorgeous 4BR 2B single level home, you know you have arrived! Light & airy open floorplan, luxury vinyl plank flooring, wood accented pillars, niches & ambient fireplace, creates an inviting environment for gatherings or a quiet evening at home. The kitchen is the heart of this home, attention to detail is evident w/a plethora of timeless white cabinetry w/glass fronts. Quartz countertops, tile backsplash, stunning hood, high end stainless steel appliances, induction cooktop, & built in wine rack. Popular split floorplan, luxurious primary suite w/door to pool, walkin closet w/built ins, WC. All this located in the heart of the upscale community of Ocotillo, surrounded by great schools, golf, winding roads, lakes, shopping & dining. More.. Three bedrooms on the other side in this split floorplan are off the kitchen. New windows in key locations. Lots of natural light throughout, dual sliding doors lead out to the patio, pool and views of the greenbelt, lots of grass, you don't have to mow! Easy maintenance yard. Three car garage, lots of room for your toys. The third garage bay, split has a built in workspace. Smart lights, Ring, 2 Trane units (2019). This is the good life. See full list of upgrades in documents tab. Info on induction cooktop: Induction is really taking over the gas range market. Chefs are opting for induction, because it responds even faster than gas, quick response was the reason they loved gas, uses less energy, saving them $$$. It also, boils water in record time, surface doesn't get hot, so the kitchen stays cooler and the cooktop is easier to clean, food doesn't burn on. It works through a magnetic connection with the cookware. Cast iron works great, and many pots and pans you already have, or look for INDUCTION ready on new cookware. A quick test with a magnet, if the magnet connects, its ready!

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761 W Superstition Dr Drive Queen Creek, AZ 85140

$729,900

4 Beds

2.5 Baths

2,616 SqFt

Status Active

MLS # 6757488

Property Type Single Family Residence

Price Type --

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23109 N Cardenas Drive Sun City West, AZ 85375

$729,900

3 Beds

2.5 Baths

2,726 SqFt

Status Active

MLS # 6756398

Property Type Single Family Residence

Price Type --

This is a beautiful spacious Alameda Model (2726sq ft) home. It has 3 bedrooms w/2.5baths, enter into the Living/Dining Rm A wall of windows looks out at your gorgeous private yard. To the left is your modern Kitchen w/Blk SS Appliances & Blk Granite Counters w/custom backsplash. Adjacent to the Kitchen is the Family Rm- great for entertaining guests. On the opposite side of the home is the Primary Bdrm Suite - spacious and bright. A Split Floor plan w/2 guest rooms + a Office/Den and a Powder Rm. The yard is Private, it looks out at the Walking Paths & is raised well above them for Privacy. The yard is spectacular - there is a built in SPA, under a Pergola, built in BBQ w/hot plate & Frig. The patio has an Electric Awning, Electric Sun Shade, & Arizona Mist Sys - YOU MUST see this home

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