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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6603 E Cibola Circle Prescott, AZ 86303

$699,999

3 Beds

2.5 Baths

3,296 SqFt

Status Active Under Contract

MLS # 6691004

Property Type Single Family Residence

Price Type --

Here is nearly 3400 Sq Ft of Quality construction with Panoramic VIEWS of the Bradshaw Mountains, Bill Williams, Mingus, San Francisco Peaks, & the Stoneridge Golf Course with hard surfaced access so you can keep your toys clean!!! Featuring an Open/Split Floor Plan with 3 Bedrooms, 2.5 Bathrooms, 2 Car Drive under Garage + 32' x 32' Detached 2.5 Car Garage in addition to Formal Dining Room & Huge Rec Room. Home has Excellent Curb Appeal with New Exterior Paint & Newer Roof, & Sun Screens. Upon entering find Beautiful ¾'' Oak Flooring, 2 Tone Paint, Ceiling Fans, Central Vac, Skylights, Carpet in Bedrooms, & Tile flooring in Bathrooms. Kitchen is well appointed with Oak Cabinetry, Corian Countertops, New Stainless Steel Appliances Inc. Fridge, Convection Oven, Dishwasher, Micro, & has Eat In Kitchen Area. Master is Spacious with Dual Sinks, Large Shower, Crown Molding, & Huge Walk-In Closet. Other amenities include New boiler for Energy Efficient Radiant In Floor Heating, Jacuzzi Jetted Tub, Security Screen Door, Laundry off Master w/Washer & Dryer Conveying + Lower Laundry Room, Office w/Powder Room, 6 Person Hot Tub on Lower Patio, & has a strong 1.7 GPM Well with 300 gallon Storage Tank that has never been an issue.

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6351 E Waltann Lane Scottsdale, AZ 85254

Open House

$699,999

3 Beds

2 Baths

1,587 SqFt

Status Active

MLS # 6755121

Property Type Single Family Residence

Price Type --

Looking for a MOVE IN ready home in the magic zip code of 85254? THIS IS IT! Welcome to Waltann Ln .. an updated 3 bedroom, 2 bath home ready for you to bring your clothes, put up your feet, relax and enjoy. With an open floor plan .. but plenty of separate spaces .. a fantastic kitchen that overlooks the backyard and den .. and perfectly sized bedrooms .. this home is perfect as a primary home, a home away from home or as an investment property. In the backyard, you'll find a refreshing play pool, an above ground hot tub, fire pit and a fantastic covered patio for some al-fresco dining. With NO HOA, easy access to the 101 and 51 and minutes from the amazing shopping and dining at Kierland, Scottsdale Quarter and Desert Ridge .. Waltann Ln is sure to be the one.

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21656 E Roundup Way Queen Creek, AZ 85142

$699,995

4 Beds

3 Baths

2,980 SqFt

Status Active

MLS # 6735845

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Pearce plan that boasts a smartly designed layout. The main floor features a spacious great room and an eye-catching gourmet kitchen with a gas cooktop, 42'' upper cabinet and quartz counter tops, a built-in pantry, an extensive center island and adjacent dining room with covered patio access. A first floor bedroom and full bathroom add a separate space for guests or office use and a mudroom provide added convenience. The second floor offers a laundry room, a large loft and three bedrooms, including a relaxing primary suite with a private bath and expansive walk-in closet. In addition to a 2-car garage, you'll also love the possibilities that come with a 40' attached RV garage! Options include the gourmet kitchen feature and deluxe master bathroom upgrades. With additional amenities like a tankless water heater for efficiency and a charming paver driveway, this home harmoniously blends convenience and sophistication

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21777 S 197th Street Queen Creek, AZ 85142

$699,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6693019

Property Type Single Family Residence

Price Type --

Welcome to West Park Estates! This open Cassandra home features 3 bedrooms, 2 and a half bathrooms as well as an oversized study. The kitchen has been fully upgraded and allows a luxurious view from the multi slide door to the rear covered patio. You will find upgraded interior selections throughout- Outside, you will discover a 3 car garage with an RV gate. All homes located within this community are single story. Home is currently under construction.

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21665 E Roundup Way Queen Creek, AZ 85142

$699,995

3 Beds

2.5 Baths

2,890 SqFt

Status Active

MLS # 6702773

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Pearce plan boasts a smartly designed layout, with the main floor featuring a spacious great room and an eye-catching kitchen with a built-in pantry, center island and adjacent dining room with covered patio access. A powder room, flex room with storage space and a mudroom provide added convenience. The second floor offers a laundry room, a large loft and three bedrooms, including a relaxing primary suite with a private bath and expansive walk-in closet. In addition to a 2-car garage, you'll also love the possibilities that come with a 40' attached RV garage! Options include the gourmet kitchen feature and deluxe master bathroom upgrades. With additional amenities like a tankless water heater for efficiency and a charming paver driveway, this home harmoniously blends convenience and sophistication.

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35925 N 30th Drive Phoenix, AZ 85086

$699,995

4 Beds

2 Baths

2,350 SqFt

Status Active

MLS # 6754194

Property Type Single Family Residence

Price Type --

Experience luxury living in this newly remodeled home featuring brand-new cabinets, state-of-the-art appliances, and elegant countertops. The remodeled bathrooms offer a spa-like retreat, while the spacious 3-car garage provides ample storage. Enjoy the benefits of a water softener and relax in the sparkling pool or chip & putt with your private putting green. Nestled in a prime Phoenix location, you'll have easy access to top-rated schools, shopping, dining, and entertainment.

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19447 S 209th Place Queen Creek, AZ 85142

$699,995

3 Beds

3 Baths

2,352 SqFt

Status Active

MLS # 6747733

Property Type Single Family Residence

Price Type --

Discover this stunning, highly upgraded 3 bed + den, 3 bath single level home in the desirable Gateway Quarter community. With its modern design, luxurious amenities, and serene backyard oasis, this home offers the perfect blend of style, comfort, and convenience. Step inside to be greeted by a spacious and open floor plan featuring a gourmet kitchen with stainless steel appliances, granite countertops, and a waterfall edge. The master suite offers a walk-in closet, dual vanity, and a spa-like step-in shower with a rain head. Secondary bedrooms, one with an en suite bath, provide ample space for family or guests. Modern tile floors throughout, plantation shutters, and executive height vanities with quartz counters complete the interior. Unwind in your private backyard retreat featuring a covered patio, a self-cleaning SALTWATER pool (complete with a water feature), and palm and citrus trees. The property includes full irrigation for easy care and backs up to a wash with no rear neighbors! This home is highly upgraded and offers many modern amenities, including a new A/C unit installed in August '23. Conveniently located near Phoenix-Mesa Gateway Airport, golfing, shopping, and dining, this home provides the perfect blend of comfort, style, and convenience.

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11249 N Blakely Street Surprise, AZ 85388

$699,995

2 Beds

2.5 Baths

2,503 SqFt

Status Active

MLS # 6690577

Property Type Single Family Residence

Price Type --

INTRODUCING THE WAYLAND SPANISH HOME AT STERLING GROVE GOLF & COUNTRY CLUB IN BEAUTIFUL SURPRISE, ARIZONA! LOCATED IN THE AGE-RESTRICTED 55+ ACTIVE ADULT COMMUNITY IN STERLING GROVE. THIS DESIREABLE GREAT ROOM OPEN FLOOR PLAN HAS 10' FOOT CEILINGS AND WONDERFUL VIEWS! CHEF'S KITCHEN WITH GAS COOKTOP, BUILT-IN WALL OVEN AND MICROWAVE, SOFT CLOSE CABINETS, BACKSPLASH, KITCHEN ISLAND, QUARTZ COUNTERTOPS, AND FORMAL DINING. OFFICE/STUDY ROOM WITH BARN DOOR IS EQUIPPED WITH A MURPHY BED AND CAN BE USED AS A 3RD GUEST ROOM. SPACIOUS MASTER BEDROOM! MASTER BATHROOM WITH HIS AND HER SINKS, WALK-IN TILED SHOWER AND WALK-IN CLOSET. BEDROOM #2: ENSUITE WITH SHOWER/TUB COMBO. OUTBACK, ENJOY OUTDOOR LIVING! PRACTICE ON YOUR 4 HOLE PUTTING GREEN, RELAX IN YOUR REFRESHING THERAPEUTIC HOT TUB OR JUST SIT BACK AND TAKE IN THE VIEWS! Sterling Grove Golf & Country Club is a Gated Community w/24 Hour Guard Post. Great Opportunity to Enjoy on a daily basis so many Wonderful Amenities and Beautiful Views of the White Tank Mountains, Lakes, Ponds and Gorgeous Greens on your Walks, Jogs, Bike Rides! Amenities: TROON Managed Jack Nicklaus Design 18 Hole Golf Course, Tennis Courts, Pickleball Courts, Country Club, Resort Style Pools, Fitness Center, Spa, Restaurants, and Much More!

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3852 E Andre Avenue Gilbert, AZ 85298

$699,995

5 Beds

2.5 Baths

3,005 SqFt

Status Active Under Contract

MLS # 6731962

Property Type Single Family Residence

Price Type --

Take in everything Gilbert Arizona has to offer. Picture yourself golfing on the pristine Seville Golf Course, with lush fairways and stunning views. After a day on the green, come home to unwind in your luxurious retreat. Imagine stepping through a grand front door greeted by a majestic spiral staircase that leads to endless possibilities. This 5-bedroom haven offers an expansive, sunlit floor plan perfect for gatherings and cozy evenings. The sparkling swimming pool in the lush backyard beckons for summer fun and relaxation. Living in this vibrant community means enjoying top-notch amenities, social events, and a welcoming atmosphere that makes every day feel like a vacation. Your story begins here, Welcome Home!

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662 E Coho Drive San Tan Valley, AZ 85140

$699,990

4 Beds

2.5 Baths

2,838 SqFt

Status Active

MLS # 6744265

Property Type Single Family Residence

Price Type --

Welcome to Edgewood Estates in the vibrant Queen Creek Corridor. This Frankfurt plan showcases our stylish Classic 'Looks' interior designs. The open kitchen is a dream, featuring White cabinets, sleek quartz countertops, and top-of-the-line stainless-steel Bosch appliances. The great room boasts an 12ft' sliding glass door that connects indoor and outdoor living. With an activity room and a home office, you'll have versatile spaces for entertaining, unwinding, or working from home. The Primary Suite offers a luxurious retreat, complete with freestanding tub and designer touches in the bath.^^Up to 3% 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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702 E Coho Drive San Tan Valley, AZ 85140

$699,990

4 Beds

3.5 Baths

2,744 SqFt

Status Active

MLS # 6752379

Property Type Single Family Residence

Price Type --

Stunning single-story home with 4 bedrooms and 3.5 baths. Enjoy a convenient home office off the foyer, a cozy media room with double barn doors, and a stylish kitchen with dark blue cabinets, quartz counters, and stainless-steel appliances. The spacious great room boasts a 12ft sliding door and vaulted ceiling. The split plan includes a serene primary suite with a resort-like bath and walk-in closet. Plus, an activity room between two bedrooms is perfect for gaming and fun. The 3-car tandem garage provides ample storage. This home is a perfect blend of elegance and functionality! ^^Up to 3% 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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25919 N 23rd Avenue Phoenix, AZ 85085

$699,990

3 Beds

3 Baths

2,618 SqFt

Status Active

MLS # 6718323

Property Type Single Family Residence

Price Type --

This Spanish style Pinnacle floorplan with covered front porch and pavers offers a 2-story Floorplan with 2618 square feet, 4 bedrooms, 3 bathrooms and a 2-car garage. This is our only floorplan with a bedroom and full bathroom on the main floor. Open concept great room with kitchen featuring stainless steel appliances including 5 burner gas cooktop, under cabinet microwave/hood combo, wall oven and microwave and dishwasher against charcoal stained shaker style cabinet. Cabinet extras throughout including trash/recycling pullout, champagne bronze cabinet hardware, and more. Quartz countertops and tile backsplash in kitchen. 8' interior doors, 4-1/4'' baseboards throughout. 4-foot gate at rear of side yard. Gas stub for BBQ at side yard. Modified master bath; includes walk-in shower with linen closet and executive height vanities with shaker style cabinets. Shower to include clear glass enclosure and cultured marble surrounds. Electrical upgrades include ceiling fan prewire, separate switch pendant light prewires over kitchen island, upgraded vanity lights and more. 6x36 ceramic tile throughout first floor, and in laundry and secondary bath. Primary bathroom to include 12x24 tile. Upgraded carpet and pad on stairs, in loft and bedrooms. Low voltage and plumbing upgrades throughout. And so much more! Union park offers Tree-lined streets, pedestrian-friendly sidewalks and a 5,500 sf recreation center with resort style pool an kiddie pool, shaded ramadas, parks, gathering areas, pickleball courts and basketball. Close to I-10, 101 and 303. Walking distance to restaurants, movies, entertainment and shopping.

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