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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31170 N Trail Dust Drive San Tan Valley, AZ 85143

$728,000

5 Beds

3 Baths

3,128 SqFt

Status Active

MLS # 6706780

Property Type Single Family Residence

Price Type --

Your dream home is here! This gorgeous 5-bed, 3-bath residence is complete with a 3-car garage, RV gate, stone accents, and a meticulously maintained front yard. The great room showcases high ceilings, plantation shutters, and Travertine flooring. Host dinner gatherings in the formal dining room. The impeccable eat-in kitchen boasts granite counters, ample wood cabinetry with crown moulding, pendant/recessed lighting, a stylish tile backsplash, SS appliances, a pantry, and an island with a breakfast bar. Double doors lead to the main bedroom, offering balcony access for a breath of fresh air, a cozy sitting nook, an ensuite with dual sinks, and a walk-in closet. The backyard features a covered patio, a warm fire pit, a gazebo with a built-in BBQ, and a refreshing pool. Make this gem yours

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7130 Geronimo Road Pinetop, AZ 85935

$728,000

3 Beds

2 Baths

1,919 SqFt

Status Active

MLS # 6744085

Property Type Single Family Residence

Price Type --

Charming single-level cabin in Pinetop Country Club, offering 1,919 sq. ft. of living space with vaulted ceilings throughout. Located directly across from the 17th green and 18th tee box, this 3-bedroom, 2-bathroom home provides stunning golf course views. The kitchen is a chef's delight, featuring chiseled edge granite countertops, a double oven, and a farm sink. Inside, two spacious living areas are perfect for gatherings, and a pool table adds extra entertainment. Enjoy the cool mountain air on both the front and back covered decks. Situated on a 0.49-acre corner lot, the property includes updated bathrooms and flooring (2022), and a large two car garage. Being sold partially furnished. Surrounded by tall pines!

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140 E Rio Salado Parkway Unit 209 Tempe, AZ 85281

$728,000

2 Beds

2 Baths

1,818 SqFt

Status Active

MLS # 6684843

Property Type Apartment

Price Type --

Step into luxury with this beautifully upgraded condo, situated in one of the most prestigious properties in the heart of Tempe. With just a five-minute drive to the airport and easy access to all areas of the Valley, it's convenience is at your fingertips. Enjoy the vibrant lifestyle of Tempe with a variety of entertainment, shopping, and dining options just a walk or bike ride away. Minutes from ASU, A-Mountain hiking trails, Tempe Marketplace, and Tempe Town Lake with exciting new developments are on the horizon, including additional shopping and expanded transportation options. Bridgeview offers an all-inclusive lifestyle, with HOA fees covering utilities (trash, sewage, water, gas), exterior maintenance, pool/spa, outdoor courtyard areas, and fitness center.

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22875 E Mayberry Road Queen Creek, AZ 85142

$727,966

3 Beds

3 Baths

2,533 SqFt

Status Active

MLS # 6653107

Property Type Single Family Residence

Price Type --

You'll love this very charming ''Sequoia'' plan. ''Seller to pay 20K towards financing to buy down interest rate''. The home includes a Gourmet Kitchen w/ SS Chimney Hood, Beautiful 42'' cabinets, Granite C-top & Tile backsplash,, Tankless Water Heater, Service Garage Door , Atrium Door to patio, ''16 SEER RATING FOR AC '' ENERGY STAR HOME ! All this in BARNEY FARMS the newest Premiere Master Planned Community in Queen Creek, w/ RESORT like atmosphere, LAKE COMMUNITY w/ an large Amenity Center, fountains , 2 large Community Pools, Aquatic Center, Pickle Ball, Bocce Ball, Sand Volleyball, full court basketball , fishing ''catch and release'' kayaking, canoeing, walking trails thru-out. Barney Farms also has KMB K-6 School in the community. A MUST SEE !!

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4200 W Acer Lane Show Low, AZ 85901

$726,840

3 Beds

3 Baths

1,844 SqFt

Status Active

MLS # 6749195

Property Type Single Family Residence

Price Type --

This is a virtual spec to be built on currently vacant lot. The spacious 1844sf floor plan is perfect for a single family home. Have this 3 bedroom plan with excellent standard features built for $726,840. This is a lot and home package and we have builders ready to finance the project. Estimated build time is 12 months from HOA approval. If you would prefer a custom home be designed for that lot, we can help with that too, other floor plans and lots are available. Located in the highly desirable Torreon community, this home offers the best of both worlds - a quiet and peaceful setting, with convenient access to nearby amenities. Don't miss the opportunity to make this stunning property your own. Make your dream home a reality - We can modify or change this plan as needed.

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9848 E Sunburst Drive Sun Lakes, AZ 85248

$726,000

4 Beds

2.5 Baths

3,166 SqFt

Status Active

MLS # 6752239

Property Type Single Family Residence

Price Type --

Immaculately cared for 4BR, 2.5BA home within walking distance of the clubhouse in the exclusive active adult community of Oakwood in Sun Lakes. Great curb appeal, N/S facing lot. Expansive LR/DR with vaulted ceilings greets you as you walk in this charming property. The spacious kitchen features a large island, perfect for entertaining, oak cabinets, granite counters and a breakfast area. Family room off kitchen can accommodate large furniture and overlooks the serene backyard. Enormous primary suite with plenty of room for a sitting area, large bathroom with separate shower and tub and long dual sink vanity. A bonus 4th bedroom on the main floor could also be an office, den or craftroom. Privacy of the upstairs has 2 large bedrooms and a full bath: perfect for your out of town guests Long covered north facing back patio in a private, walled backyard with mature vegetation. 2 newer AC units and a full 3 car garage. Oakwood boasts golf, pools, tennis, pickleball and so much more!

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17747 W Colter Street Litchfield Park, AZ 85340

$725,237

4 Beds

3.5 Baths

3,704 SqFt

Status Active

MLS # 6736158

Property Type Single Family Residence

Price Type --

MLS#6736158 Ready Now! The Hampton is a 2-story floor plan with 3,704 sq. ft., featuring 4 bedrooms, 3.5 bathrooms, a 3-car split garage, game room, primary suite retreat, study, dining area, and a courtyard. Welcome to your dream home. From relaxing in your private courtyard to the grand staircase in the foyer, this floor plan is designed for luxury. The spacious owner's suite has its own foyer leading to a primary bath with split vanities and a large walk-in closet. The primary suite retreat enhances your private haven. All bedrooms are upstairs, ensuring privacy from the active first level. This floor plan could be perfect for your next move. Structural options included: gourmet kitchen, garage service door, gas line to backyard. Design upgrades include: white cabinets, back mist granite tile.

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1533 W Flower Circle Phoenix, AZ 85015

$725,000

3 Beds

3.5 Baths

2,375 SqFt

Status Active

MLS # 6749592

Property Type Single Family Residence

Price Type --

Highly sought after ''inner circle'' of the North Encanto Historical district will not disappoint! This beautifully remodeled 3 bed 3.5 bath gem is move in ready. Inside, you'll find inviting features such as wood-look floors, cozy family room with a charming candle fireplace. The kitchen boasts stainless steel appliances, espresso cabinets, a walk-in pantry, and sleek quartz counters. Unwind in the main suite, featuring a barn door to a chic bathroom with dual sinks and a walk-in closet. A bonus room with a walk-in closet can serve as guest quarters or flex room. The spacious backyard is perfect for outdoor activities. The property also includes 3 carport spaces and a detached garage. What's not to like? Don't miss out on this opportunity!

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2008 W Lucky Lane Queen Creek, AZ 85144

$725,000

4 Beds

3 Baths

2,766 SqFt

Status Active Under Contract

MLS # 6714419

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades! This beautiful Modern Farmhouse is located on a 1.25 ACRE of Horse Property. Gourmet Kitchen w/ WOLF Appliances, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless-Steel Microwave & Oven, & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, Modern Glass Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! $5,000 to Buyer at Close of Escrow which shall be used towards Buyer installing a water filtration system. Estimated completion date Oct/Nov.

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8025 S Jefferson Avenue Casa Grande, AZ 85193

$725,000

4 Beds

4 Baths

2,459 SqFt

Status Active

MLS # 6734049

Property Type Single Family Residence

Price Type --

Experience the future of homeownership with this 2023 Net Zero Smart Custom Home, where you can say goodbye to water, gas, and power bills. Nestled on a tranquil 1.48-acre lot in Pinal County, this eco-friendly haven offers the ultimate in sustainable living, all with no HOA fees. Perfectly situated just minutes from the I-10 freeway, this property combines convenience with serenity. The open design seamlessly blends the living, dining, and kitchen areas, creating a spacious and inviting atmosphere ideal for both everyday living and entertaining. This home is a technological marvel, featuring 30 high-efficiency 450W solar panels and two 18kW backup batteries, ensuring you're always powered up. The Rannai water heater, triple low-E windows, thermal bridging, and top-tier insulation contribute to its impressive energy efficiency. Built on a robust 24'' foundation, this home also boasts numerous upgraded finishes and a charming wrap-around porch, perfect for enjoying the serene surroundings. The property includes a shared well, an advanced energy solar system, and a septic system, providing you with complete off-grid living. There's ample space and opportunity to bring your toys and horses, making it ideal for those who love outdoor activities and equestrian pursuits. Located just miles from LCID Motors, Attesa Motorsports Complex, and other exciting upcoming projects in Casa Grande, this home is perfectly positioned for both relaxation and adventure. Please follow the provided directions for your visit, as GPS may not be reliable in this area. Take advantage of the seller's willingness to carry the loan on this remarkable property and embrace a lifestyle of sustainability and tranquility

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1874 E Dava Drive Tempe, AZ 85283

$725,000

4 Beds

2 Baths

2,445 SqFt

Status Active

MLS # 6739730

Property Type Single Family Residence

Price Type --

Must see. Nicely renovated in 2022 with expensive shaw flooring throughout the house. marble shower, smart can lights in master bedroom, living room , kitchen and hallway. Kitchen has been fully upgraded with all brand new appliances and Quartz countertop. Come and see the luxurious upgrades in person. Seller and agent are related

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2126 W Red Fox Road Phoenix, AZ 85085

$725,000

3 Beds

3 Baths

2,198 SqFt

Status Active

MLS # 6737901

Property Type Single Family Residence

Price Type --

This home checks all the boxes! Single level, elegant finishes, ideal floor plan, and more. This home in Fireside at Norterra is open, bright, and feels like new. With three bedrooms and an office, you have room to spread out. Enjoy cooking in the open concept kitchen complete with a fabulous walk in pantry and butler's pantry area to prepare meals. Special updates: New HVAC in 2024 and new water heater in 2023. Come by and make this your home today.

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