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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

19014 W Ocotillo Road Waddell, AZ 85355

$699,990

4 Beds

2.5 Baths

2,713 SqFt

Status Active

MLS # 6739962

Property Type Single Family Residence

Price Type --

It's the beautiful Granada floor plan with 4 bedrooms, 2.5 baths. Very spacious floor plan with a 12x8 sliding glass door off the extended covered patio. Pavers at drive, walk and entry. Stainless steel gas appliance package with a 36'' cooktop, wall oven, microwave. Sonoma Maple Linen-off white cabinets with matte black T-bar hardware, 42'' kitchen uppers, pull out trash drawer with two bins. Upgrade flooring includes EMS-Ravenna Olmo 7x22 plank tile in all areas of the home except bedrooms and closets. 5'' upgraded baseboards and 3 1/4 door casings throughout. Soft water loop, gas stub for future BBQ. Two tone interior paint - whiskers. Garage service door, 8' tall garage door with two openers and so much more. Estimated completion November.

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42151 N Golden Trail San Tan Valley, AZ 85140

$699,990

4 Beds

2.5 Baths

2,838 SqFt

Status Active

MLS # 6744217

Property Type Single Family Residence

Price Type --

Welcome to Edgewood Estates located in the Queen Creek Corridor. This Frankfurt plan is designed with our Classic 'Looks' interior designs! Effortlessly create culinary delights in the open kitchen featuring exquisite Quill-stained maple cabinets, quartz counters and upgraded stainless-steel Bosch appliances. The great room's extra-large sliding glass door seamlessly brings the outdoors in. Enjoy versatile spaces with an activity room and home office, perfect for entertaining, relaxing, or working from home. Indulge in the Primary Suite, with 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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20147 W Mulberry Drive Buckeye, AZ 85396

$699,990

3 Beds

2 Baths

2,397 SqFt

Status Active

MLS # 6678219

Property Type Single Family Residence

Price Type --

It's our Carmona floor plan sitting on a LARGE lot with over 12,360 sq. ft. and an 8' gate. 3 bedrooms, study, 2 baths, 2 car with storage area. 12'x8' sliding glass door that leads out to the extended covered patio. Stainless steel gas double oven appliance package with a 36'' cooktop and canopy hood. Sonoma Maple Painted ''Linen-off white'' cabinets with 42'' kitchen uppers and pull out trash drawer. DT Quartz Evening Gray countertops with a stainless steel undermount single bowl sink. Upgrade flooring includes EMS Beaumont 7x24 Bosso tile in all areas of the home except beds/closets. 5'' base boards and 3 1/4'' door casings. Dual sinks at bath 2. Owner's bath has tile surrounds at tub and shower. Garage service door, Stub out for future BBQ. Estimated completion May.

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866 W Flatiron Trail Apache Junction, AZ 85120

$699,990

4 Beds

3 Baths

2,607 SqFt

Status Active

MLS # 6750774

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Livorno floor plan offers a stylish single-story design with four bedrooms, an All Gen suite, and a spacious flex area ideal for an office, TV room, or study. The home includes front yard landscaping and will be ready for occupancy in October. Conveniently located near community parks, grocery stores, and a variety of dining options.

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6728 N 190th Drive Waddell, AZ 85355

Open House

$699,990

3 Beds

2.5 Baths

2,397 SqFt

Status Active

MLS # 6739349

Property Type Single Family Residence

Price Type --

It's the very spacious Carmona on a large lot. 3 bedrooms + study, 2.5 baths, Multi slide door perfect for entertaining off of your extended covered patio. Large walk in shower at owner's bath. Brick pavers at porch, drive, and walk. 8' tall garage door opener with two remotes, garage service door for easy access to the backyard. Stainless steel gas appliance package with 36'' cooktop and canopy hood for the cook in the family. Slate (gray) cabinets with 42'' kitchen uppers and pull out trash drawer. AZT Himalaya white granite tops in kitchen and at the enhanced kitchen island. Upgrade flooring includes 5'' base boards and 3 1/4'' door casings throughout the home. EMS Novales 12x24 Astra tile in all areas of the home except bedrooms and closets. Estimated completion September.

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5865 N 207th Avenue Buckeye, AZ 85396

$699,990

2 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6743831

Property Type Single Family Residence

Price Type --

This Cactus Wren floorplan offers a large open great room with vaulted ceilings, a separate dining area, and a wonderful kitchen with quartz counters, a full tile backsplash and GE Profile SS appliances that include double ovens, 5 burner cook-top, dishwasher, built-in microwave and a French door fridge! 2 bedrooms plus a den and 2 bathrooms. Indoor laundry room has a sink and a walk-in linen closet. The 12' multi-slide door in the great room leads you out to your covered patio where you can enjoy your 46' deep fully landscaped backyard that backs to the golf course! Enjoy views of the fairway to your right and the Estrella Mountains in the distance!! This home is ready to make your own! Up to $30K can be applied towards closing cost OR short / long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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14052 W Cambridge Avenue Goodyear, AZ 85395

$699,990

5 Beds

3 Baths

3,145 SqFt

Status Active Under Contract

MLS # 6750297

Property Type Single Family Residence

Price Type --

Move-in ready T.W. Lewis property with a heated pool and spa! This one-story gem greets you with manicured landscaping, a stone-accented facade, and a gated courtyard. Light and bright interior has a rotunda foyer, pre-wired surround sound speakers in the right rooms, durable tile floors, arched doorways, plantation shutters in the bedroom windows, and modern light fixtures. The ample living/dining room and spacious family room with a built-in media niche are perfect for entertaining! Chef's eat-in kitchen offers a butler's service area, granite counters, a walk-in pantry, SS appliances, travertine backsplash, crown moulding in cabinets, and a center island w/two-tier breakfast bar. Homes in this neighborhood rarely see the market! Don't miss your opportunity! Delightful main retreat boasts backyard access and an ensuite with two vanities, a separate tub/shower, and a large walk-in closet. Cabinetry, mudroom, washer, and dryer included in the laundry room! Don't miss the bonus room with a pet's door, concrete flooring, and more cabinets! Private and serene backyard features a covered patio, putting green, built-in BBQ, heated spa, and refreshing blue pool. This value won't disappoint!

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2933 W Tumbleweed Drive Phoenix, AZ 85085

$699,990

4 Beds

3 Baths

2,422 SqFt

Status Active

MLS # 6733414

Property Type Single Family Residence

Price Type --

Discover your North Phoenix oasis in this upgraded split-level gem! Boasting 4 bedrooms, 3 full bathrooms, and a versatile den convertible into a 5th bedroom, this home promises comfort and style at every turn. Modern upgrades abound, featuring wood plank-style tile, coffered ceilings, 8' doors and custom lighting throughout with fresh paint and new carpet. Enjoy a gourmet kitchen with granite countertops, custom glass tile backsplash, upgraded cabinets, and stainless steel appliances including a gas range with double ovens. Entertain effortlessly with a great room wired for surround sound, pre-wired TV mounts, and a three car garage with epoxy/chip coated floor for easy maintenance. Plus, an OWNED solar system ensures energy efficiency and cost savings. You don't want to miss this one!

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2213 W Virgil Drive San Tan Valley, AZ 85144

$699,990

3 Beds

2 Baths

1,870 SqFt

Status Active

MLS # 6707507

Property Type Single Family Residence

Price Type --

Bordering the picturesque backdrop of San Tan State Park, this Arizona oasis offers a harmonious blend of luxury and natural beauty. Breathtaking views and sunsets can be seen unobstructed by other homes and properties not only from the spacious back patio, but also through the living room bay window and gourmet kitchen. The kitchen features an oversized island that opens to the living room and tall, warm wood cabinets complete with crown molding, soft close doors and drawers, topped with premium granite countertops. Sheltered beneath a steel 60 ft x 24 ft, 5 stall vehicle shade, your vehicles will find relief from the Arizona sun and can accommodate not only cars, but also trailers, equipment, horses or any other outdoor items. Buyer to verify all material facts and measurements. The garage is not just a storage space; it's a well-equipped workshop, featuring insulated walls, a dedicated mini-split system that provides 648 square feet of air-conditioned space, 220v DeWalt air compressor with metered compressed airline connections, and a 200-amp subpanel with multiple 220v outlets for heavy duty equipment. The main bedroom serves as a private retreat, with a convenient door leading to the back patio. While the main bathroom offers a spa-like experience with a walk-in shower with elegant tile work from floor to ceiling, a private lavatory and walk-in closet. The additional bedrooms are oversized which can easily accommodate a king-sized bed with plenty of space for other large furniture. The back patio can be accessed from the leaving room leading to fenced backyard with a spanning with ample space for outdoor activities and relaxation. Adjacent to it lies a generous fenced side yard complemented by a shaded chicken coop measuring 20 ft x 10 ft with 8 nesting boxes. This property is more than just a home; it's a sanctuary where luxury meets functionality and natural beauty.

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18593 E Ranch Road Queen Creek, AZ 85142

$699,986

5 Beds

3 Baths

2,553 SqFt

Status Active

MLS # 6751752

Property Type Single Family Residence

Price Type --

Do not miss this beautifully remodeled 5 bedroom, 3 bath home in masterplanned community of Cortina in Queen Creek! Sitting on a corner lot, across from one of the community parks, the curb apeal is unmatched with new professional landscaping. The front porch is perfect for your morning coffee, watching the kids play or chatting with the neighbors. Walk inside and you are greeted by an open, light and bright floorpan! Just remodeled with new tile, upgraded carpet, cabinet doors, countertops, paint, fixtures, hardware and more! This dream kitchen offers lots of storage with white shaker cabinet doors, gorgeous quartz countertops and black accessories. Look out over the large island to the great room, with plenty of space for a large kitchen table, sectionals, couches or more! Perfect for spending quality family time or for entertaining. The primary suite is spacious and private with a spa like en suite! Offering Corian surrounds, separate tub and shower and a walk in closet with ample storage! The secondary bedroom with it's own en suite offer privacy for guests, or would be a perfect home office space! The split floorpan perfectly offers 3 more large bedrooms and bathroom. Out back is a true oasis with all new turf, plants and enough stamped concrete for dining or lounging! Do not miss out, schedule your appointment today!

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5615 E Scarlet Street Mesa, AZ 85215

$699,950

3 Beds

2.5 Baths

2,321 SqFt

Status Active

MLS # 6710707

Property Type Single Family Residence

Price Type --

This versatile 3-bedroom home offers a flexible floor plan perfect for various lifestyles, featuring three showers, a multi-use den, extra storage, and incredible discounts! Move-in ready in a gated community with nearly 50% open space, this home includes an upgraded iron entry door, sliding Wall of Glass in the great room, plank tile flooring, and a gourmet kitchen with KitchenAid gas appliances, Regal White self-close cabinets, Quartz countertops, and under-cabinet lighting. The master bath features a 7' frameless glass shower. Additional highlights: 8' interior doors, 10' ceilings, high-tech wiring, gas BBQ stub, soft water loop, and extra recessed lighting. Backs to open space.

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6232 N 19th Street Phoenix, AZ 85016

$699,950

2 Beds

2 Baths

1,646 SqFt

Status Active Under Contract

MLS # 6754830

Property Type Single Family Residence

Price Type --

Truly stunning home (the only free-standing home in Estate Monterra) with a beautiful custom backyard! Inside you'll find soaring beamed ceilings in the great room with an inviting gas fireplace. Updated kitchen with gas cooking & S/S appliances and custom stacked cabinetry w/ ample storage. 2 built-in office spaces off the kitchen as well as a convenient TV room. Spacious primary bedroom features soaring ceilings w/ clerestory windows, walk-in closet and large primary bath w/ custom cabinetry and plenty of counter space. Large 2nd bedroom w/ ensuite bath. Oversized 2 car garage with 2 storage rooms & much more. This home has been tastefully updated throughout by the owner in addition to a $250,000 remodel by the previous owner. Hurry, this one of a kind home won't last long!

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