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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34327 N Sandpiper Trail San Tan Valley, AZ 85144

$700,911

3 Beds

2.5 Baths

2,553 SqFt

Status Active

MLS # 6726633

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous home in Emblem at Oro Ridge boasting a well thought out great room floorplan, and a 3 car tandem garage with service door! The gourmet chefs kitchen is stunning with quartz countertops, a waterfall kitchen island with a breakfast bar, Urban Coffee Cabinets, stainless steel appliances, and a pantry. The primary suite is spacious with a lavish ensuite featuring a dual sink vanity, walk-in shower, and a walk-in closet. Bedrooms 2 and 3 are spacious! Plus a den! The backyard is huge!

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1227 W Golden Ore Pass Apache Junction, AZ 85120

$700,208

5 Beds

4 Baths

3,488 SqFt

Status Active

MLS # 6740174

Property Type Single Family Residence

Price Type --

Discover the exceptional difference in your home-buying experience! Welcome to Mariposa at Blossom Rock, where our 2-story Skylar design is under construction now. Open-concept floor plan featuring huge and welcoming kitchen that flows into a bright, spacious great room that opens up to your private, covered outdoor room. Downstairs office and additional flex room. Convenience of the 4-car garage with 5 spacious bedrooms, 4 luxurious baths, a great room with a dining area, this home has room for everything! Plus, we're including $43,000 in stunning upgrades to make this home truly special, and we're offering special financing to help. Home completion is estimated in October 2024

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37520 W Padilla Street Maricopa, AZ 85138

$700,208

4 Beds

3.5 Baths

3,240 SqFt

Status Active

MLS # 6695735

Property Type Single Family Residence

Price Type --

Rancho Mirage 23 offers new single-family luxury homes in the fast-growing city of Maricopa, with access to neighborhood parks, walking paths and a community fishing lake. This incredible single-story home features 3,240 square feet, a tandem 3-car garage and 10' ceilings. The kitchen is decked out with stacked cabinetry, gourmet appliances and quartz countertops. The split floorplan is perfect for a family with 3 of the bedrooms adjacent to the Activity Room. This home is currently under construction and will be ready for its new owners this summer! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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3002 W Josiah Trail Queen Creek, AZ 85144

$700,000

4 Beds

3 Baths

2,481 SqFt

Status Active

MLS # 6750855

Property Type Single Family Residence

Price Type --

Welcome to this beautifully maintained 4-bedroom, 3-bathroom home with an office/den which is nestled in the mountains of San Tan Valley, AZ. This spacious property boasts a modern open floor plan, with a gourmet kitchen featuring upgraded kitchen cabinets and quartz countertops. The large master suite offers a private retreat with a walk-in closet and luxurious ensuite bathroom with a claw foot soaking tub. Enjoy the expansive views of the valley from the living room and outdoor patio. The large 1.25 acre backyard is perfect for entertaining, storing your RV and many endless possibilities. Located in a quiet, family-friendly neighborhood, where your home is the last home on the street which is perfect for your added privacy. This home is a must-see!

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13312 S 331st Avenue Arlington, AZ 85322

$700,000

2 Beds

1 Bath

973 SqFt

Status Active

MLS # 6717388

Property Type Single Family Residence

Price Type --

Charming 2-bedroom residence in Arlington is now for sale! Nestled on an oversized 2.9-acre lot with a corral for horse keeping, this is sure to be the home for you! Inside, you'll find perfect-sized living and dining areas. The large kitchen provides a breakfast bar. Both bedrooms have closets for convenience. Don't miss the spacious Arizona room, ideal for hosting lively gatherings without worrying about the weather. This fully fenced property offers carport parking, stalls, and storage sheds. What are you waiting for? Act now!

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2152 E Cathy Court Gilbert, AZ 85296

$700,000

4 Beds

3 Baths

2,291 SqFt

Status Active

MLS # 6758842

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This freshly painted 4-bedroom, 3-bath gem is perfect for anyone looking to enjoy comfort and style. Step inside to discover brand-new tile flooring throughout, giving the home a fresh, modern feel. The spacious eat-in kitchen boasts designer cabinet finishes, sleek granite countertops, and a large pantry—ideal for those who love to cook and entertain. The expansive master suite offers a private retreat, complete with a huge master bath featuring a luxurious walk-in shower. Additionally, there's a versatile den and office space, perfect for work or relaxation. Outside, unwind by the pool while soaking in the stunning Arizona sunsets or immerse yourself in the hot tub on those cool AZ winters nights. The low-maintenance artificial turf and a sizeable side yard provide plenty of outdoor space without the hassle. For some peace of mind, updated new pool pump system, new roof and new carpet. Come see this beautiful home, make it your home sweet home.

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4151 E Campbell Avenue Gilbert, AZ 85234

$700,000

5 Beds

3 Baths

3,705 SqFt

Status Active

MLS # 6726991

Property Type Single Family Residence

Price Type --

Amazing residence in Rancho Collene is on the market! This 5-bedroom beauty showcases an excellent curb appeal, a 3-car garage, an RV gate, and RV parking. The interior boasts a split level with separate living areas that promote privacy, yet its half walls allow an open feel. The living room is bright & airy thanks to its abundance of windows & vaulted ceiling. The dining provides a space for holiday feasts. The fabulous kitchen features a plethora of wood cabinetry, granite backsplash & countertops, SS appliances, and an island w/breakfast bar. The sunken family room is massive & has a recessed featured wall. Upstairs, you'll find a large bonus room. The huge owner's suite has a walk-in closet and a full ensuite with dual sinks, a make-up vanity, a step-in shower, and a soaking tub. The convenient bedroom downstairs is ideal for guests or in-laws. The expansive backyard offers a covered patio and tons of room for entertaining. Don't miss this fantastic opportunity!

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7710 E Gainey Ranch Road Unit 245 Scottsdale, AZ 85258

$700,000

2 Beds

2 Baths

954 SqFt

Status Active

MLS # 6752928

Property Type Townhouse

Price Type --

Experience life in a beautifully renovated 2 Bedroom 2 Bathroom condo in the heart of Scottsdale behind the gates of Gainey Ranch. Enjoy a completely stripped down to the studs remodel with an open concept Kitchen Dining and Living Room combination. 9-foot ceilings with wood-look. Aquaguard laminate flooring throughout. Spacious Main Bedroom with fully renovated walk-in closet Main Bathroom combination. Second bedroom with remodeled built-in desk in addition to a full adult soaker tub in the second bathroom. Detached single car garage with Electric vehicle charger installed. Minutes from TPC, Westworld, Old Town Scottsdale, Scottsdale Fashion Square, and Kierland/Scottsdale Quarter. A full remodel completed in 2022 on the community center with a state of the art fitness center, wine room, covered patio, and entertaining space for parties. Enjoy the community lap pool and the luscious landscape that surrounds this community. Gainey Ranch is steps away from the Shops at Gainey, which provides many fun dining and social activities. In addition, enjoy a round of golf at the Gainey Ranch Golf Club or a day at the Hyatt Gainey Ranch spa.

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744 E Betsy Lane Gilbert, AZ 85296

$700,000

5 Beds

3 Baths

2,629 SqFt

Status Active

MLS # 6758989

Property Type Single Family Residence

Price Type --

Nestled in a prime central Gilbert location, this lovely 5-bed, 3-bath home, built in 2020, offers an open-concept greatroom highlighted by 9' ceilings and expansive windows that exude lots of natural light. The beautiful kitchen boasts cooling gray-tone cabinets, quartz counters, stainless steel appliances, backsplash, breakfast bar island, and a walk-in pantry. Upstairs, enjoy a large loft and a comfortable master suite with oversized walk-in closet, double sinks, and walk-in shower. Three large secondary bedrooms and a loft upstairs and one bedroom with full bath downstairs. The relaxing backyard has a covered patio, turf, paver seating area, landscape lighting, and string lights. Close to shopping, dining, A-rated schools, & freeways, offering the perfect place to make your new home

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3401 Big Sky Drive Wickenburg, AZ 85390

$700,000

2 Beds

2.5 Baths

2,394 SqFt

Status Active

MLS # 6746343

Property Type Single Family Residence

Price Type --

Welcome to your slice of paradise in Wickenburg Ranch! This delightful 2 bedroom, 2 1/2 bathroom home is a treasure, with a den and formal dining room for the dinners and parties you've been dreaming about. For the home chefs out there, the kitchen is a dream come true. The gas cooktop is perfect for whipping up gourmet meals, and the layout is so open and inviting, you'll never have to miss out on the fun happening in the living room. This home is all about giving you that bright, airy feeling, with lots of space to live, laugh, and make memories. The views from the owner's suite, living room, kitchen and backyard are the kind you'll want to wake up to every morning and unwind to each evening. You'll love Wickenburg Ranch and being part of a community that's all about enjoying life!

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3201 W Lois Lane Flagstaff, AZ 86001

$700,000

3 Beds

2.5 Baths

2,058 SqFt

Status Active Under Contract

MLS # 6725397

Property Type Single Family Residence

Price Type --

NO HOA! VACATION RENTALS WELCOME! Enjoy easy access to downtown, the Snow Bowl and endless trails all while being treated to magnificent views. This 3bd + loft offers a split floorplan placing the primary bedroom with en suite on the main floor with close access laundry. The seamless flow connects the kitchen, dining & living areas creating a central hub for daily activities and gatherings. Great sun exposure to the south yard for healthy summer gardens or store gear and toys out of site through the extra wide gate. The North yards is lush with blue spruce and other native vegetation that serves as a live foreground to the majestic San Francisco peak views. Whether you're hitting the slopes in winter, hiking through spring blossoms, enjoying summer festivals, or taking in the fall foliage, this home offers the perfect retreat for every season.

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8361 E Via De Viva -- Scottsdale, AZ 85258

$700,000

2 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6705758

Property Type Townhouse

Price Type --

McCormick Ranch single story townhome in PRIME Del Norte Gardens subdivision complete with community pool, tennis/pickleball and plenty of greenbelts throughout the Ranch. This home has been lovingly cared for and presents in a true Arizona Southwest fashion with custom hand painted tiles, saltillo flooring in main areas, wonderful covered patio spaces. A perfect lock and leave winter retreat. Updates include: AC (2022), water heater (2016), roof (2017). Enjoy the McCormick Ranch lifestyle!

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