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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6981 State Route 260 Lane Show Low, AZ 85901

$705,000

3 Beds

2 Baths

1,851 SqFt

Status Active

MLS # 6744472

Property Type Manufactured Home

Price Type --

Endless possibilities for horse enthusiasts! Nestled on 5 acres in the scenic White Mountains, just off Hwy 260, this property offers both comfort and potential. The main residence is a well-maintained 3-bedroom, 2-bath manufactured home with vaulted ceilings, a spacious kitchen, and a large front deck, perfect for enjoying the tranquil surroundings. Additionally, there's a 900 sq ft Quonset hut with 1 bedroom, 1 bath, a cozy kitchen, and a wood-burning stove—ideal for guests or as a rental opportunity. The property also includes a 900 sq ft metal garage, an 8x25 storage container, and a private well with two storage tanks. Whether you're looking to create a peaceful retreat or a functional horse property, this estate has the space and amenities to make your vision a reality.

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8487 W Washington Street Peoria, AZ 85345

$705,000

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6733259

Property Type Single Family Residence

Price Type --

Prime Mixed-Use Property in Downtown Peoria! Discover this modern 2017 custom-built home perfect for both living and business! Located in the heart of downtown Peoria, this 1,832 sqft property offers residential comfort and commercial potential. The open floor plan features granite kitchen countertops, an island, white cabinetry, and stainless steel appliances. Enjoy ceramic tile flooring, neutral paint, and dual-pane windows with sunscreens. The master suite includes a walk-in closet and tiled shower. With four large bedrooms, two with built-in desks, and an entertainer's backyard complete with a gazebo and pavers, this home is designed for comfort and style. Additional features 2-car garage with epoxy flooring, an in-ground safe, and a surveillance system. Business-ready

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1446 E Monte Vista Road Phoenix, AZ 85006

$705,000

4 Beds

3 Baths

1,977 SqFt

Status Active Under Contract

MLS # 6700496

Property Type Single Family Residence

Price Type --

Explore this main home with 3 bedrooms and 2 bathrooms, complemented by a separate 1 bedroom, 1 bathroom casita in Phoenix's Coronado Historic District. The main residence boasts engineered hardwood floors and a modern kitchen equipped with contemporary finishes. Nearby, the casita offers a private space for guests or serves as a quiet home office. The outdoor area is ready for relaxation and entertainment with a private jacuzzi and a cozy fire pit area, surrounded by durable artificial grass. This property blends functionality and comfort in a historic neighborhood, ideal for those seeking a home with traditional charm and modern conveniences.

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22664 E Happy Road Queen Creek, AZ 85142

$704,958

4 Beds

3.5 Baths

2,965 SqFt

Status Active

MLS # 6735583

Property Type Single Family Residence

Price Type --

This is a brand new Quick Start Home under construction in Queen Creek, with a Ranch Elevation. The Kelly plan includes 4 bedrooms, 3.5 baths, Flex Room, 3 car garage. Gourmet Kitchen appliances that include a gas cooktop with a built-in oven/microwave and dishwasher. Owner's Bathroom includes a separate shower with a freestanding tub. Move-in anticipated for October/November. Included in the Emerald Collection are 10 foot ceilings, 8 foot interior doors and paver driveways and front porches. Please ask about our special financing incentives with Mattamy Home Funding.

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18429 E Swan Drive Queen Creek, AZ 85142

$704,900

6 Beds

3.5 Baths

4,170 SqFt

Status Active

MLS # 6697698

Property Type Single Family Residence

Price Type --

Amazing Home within Cortina Master Plan Community! This Home offers 6 Bedrooms, 3.5 Baths, Formal Dinning Room, Living Room, Great Room, Office, 4 car tandum garage and Sparkling Pool. Seller has currently remodeled the home. Close to Schools and Shopping. Seller is offering a 2% concessions towards Buyers closing costs or interest rate buy down. A Must See!

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10789 W Yearling Road Peoria, AZ 85383

$704,900

5 Beds

4 Baths

2,909 SqFt

Status Active

MLS # 6718312

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Peoria! This stunning 2,909 square foot residence offers a perfect blend of elegance and functionality. Step inside to be greeted by soaring vaulted ceilings, tile floors, and beautiful granite countertops, enhancing the spacious and modern feel of this home. With five generously sized bedrooms, an office, and a loft, there is plenty of room for everyone. Including a secondary bedroom and full bath on the ground floor, perfect for guests! Outside, the backyard oasis features a sparkling pool and low-maintenance artificial turf, ideal for relaxation and entertaining. The property also boasts solar panels, making it both eco-friendly and cost-efficient. Backing up to a serene wash and with only one neighboring house, this home offers exceptional privacy. paved covered patio or hangout on the grass lawn before cooling off in the large pool that includes a basketball hoop for lots fun! This home also includes leased solar. This property is also a short drive from plenty of restaurants, activities, grocery stores, shopping and golf courses. This property will go fast!

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9775 W Sammy Place Peoria, AZ 85383

$704,500

5 Beds

3 Baths

3,305 SqFt

Status Active Under Contract

MLS # 6743788

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home on a huge corner lot located in the gated community of Pleasant Valley! This home has a well-thought-out floorplan with 4 bedrooms, 3 bathrooms, an office, living and dining room. The spacious kitchen features a charming fireplace. Upstairs you will find the generously sized primary suite boasting both a front balcony and a back balcony that overlooks the pristine backyard. The ensuite has a dual sink vanity, a soaking tub, a separate shower, and a huge walk-in closet. The downstairs laundry room includes cabinets and a sink! The resort-style backyard features a dreamy, refreshing pool and spa, and is designed perfectly with lush green grass, a plethora of space, and an expansive covered patio finished with remote-controlled shades that surround the patio The Pebble tech pool has in-floor cleaning and a beautiful rock waterfall. There is an RV gate, 3 car garage complete with a storage loft, garage cabinets, and service door! The AC units were replaced 6 years ago. This home is beautiful!

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23148 E Carriage Way Queen Creek, AZ 85142

$703,615

5 Beds

4 Baths

2,767 SqFt

Status Active

MLS # 6701318

Property Type Single Family Residence

Price Type --

BRIGHT GREAT ROOM, LOFT PLAN WITH MASTER DOWN, 5-BEDROOM, BEAUTIFUL FINISHES! SPA SHOWER IN MASTER, UPGRADED CABINETS, GRANITE KITCHEN TOPS W/ TILE BACKSPLASH, GOURMET KITCHEN LAYOUT, UPGRADED VANITIES IN BATHS, PLANK TILE FLOORING EVERYWHERE, EXCEPT BEDROOMS AND LOFT. 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+++ KATHERINE MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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5723 S Granite Street Gilbert, AZ 85298

$702,733

5 Beds

3 Baths

2,640 SqFt

Status Active

MLS # 6710208

Property Type Single Family Residence

Price Type --

Brand new ranch-style home in Vireo at Waterston Central! This lovely 2-story home boasts 5 spacious bedrooms, 3 bathrooms, and an attached 2 car garage. The interior of the home is loaded with designer selections. The Gourmet kitchen features a 30'' gas cooktop, backsplash, and Della Terra quartz countertops. There is pendent pre wiring above the kitchen island and speaker pre wiring in the great room. Upgrades include the carpet, cabinetry, and bath light fixtures. The home is on a soft water loop. Waterston Central offers a gated and private entrance as well as a community pool.

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3640 W Summerside Road Laveen, AZ 85339

$701,438

3 Beds

2.5 Baths

2,346 SqFt

Status Active

MLS # 6709054

Property Type Single Family Residence

Price Type --

Newly built 3 bedroom, 2.5 bathroom home in Whispering Hill's Ridge community. Single story living with an executive kitchen featuring double ovens and Della Terra Quartz Arabescato Como countertops. Designer features throughout. Benton white painted cabinets, upgraded paint in Snowbound, upgraded tile and carpet, a multi-slider in the great room, and an extended outdoor living space and primary suite. Other highlights in the home are a frameless walk-in shower, a shower at the secondary bath, and raised vanity heights at all bathrooms. The home has an attached 3-car garage with a service door. The exterior of the home includes a 8' double gate, pavers at the outdoor living space, and a gas line in the backyard. Located near South Mountain.

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5816 E Rose Garden Lane Phoenix, AZ 85054

Open House

$701,370

3 Beds

2.5 Baths

2,120 SqFt

Status Active

MLS # 6725430

Property Type Townhouse

Price Type --

IGNORE DAYS ON MARKET HOMES ARE ALMOST DONE PICTURES COMING SOON! Nestled in the hustle and bustle of the gorgeous community of Talinn at Desert Ridge you will find a charming floorplan welcoming a family ready to start their next journey. This 3 bed 2.5 bath with a den and a loft gives you more than enough space to grow! Having quartz countertops, white cabinets and wood-like tile helps keeps the home trending every year! Make this home your home in September when we finish construction, don't wait as this will go fast.

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1114 W Meseto Avenue Mesa, AZ 85210

$701,000

4 Beds

2 Baths

2,408 SqFt

Status Active

MLS # 6693275

Property Type Single Family Residence

Price Type --

Great location! New water heater 2024. Beautiful Pool! 3 car garage, 2408 Sqft, 4 Bed 2 bath in a prime location! This energy efficient 4 bedroom home! Lovely façade, mature landscape, and gated courtyard. Enter through the custom double doors to a welcoming living room, formal dining room, and a large family room complemented by a floor to ceiling brick fireplace. Inviting foyer, archways, tile and carpet flooring, plantation shutters, designer paint, and vaulted ceilings are attributes that can't be left unsaid. The kitchen provides stainless steel appliances, granite counters, a bay window, plenty of cabinets and cupboards with crown molding, and a peninsula that adds to the counter space. Bright main retreat will impress you with outdoor access, a private ensuite with dual sinks! Continue onto the wonderful backyard featuring a covered patio, pergola, storage shed, and a refreshing pool perfect for warm summer days. This beauty is the one you're looking for!

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