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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36076 N Vidlak Drive San Tan Valley, AZ 85143

$689,500

4 Beds

3.5 Baths

3,939 SqFt

Status Active

MLS # 6750864

Property Type Single Family Residence

Price Type --

Wow! Almost 4000 livable square feet. This home features 4 Bedrooms plus A Den, A Loft and An Entertainment/Game Room, 3.5 Baths and a Split 3 Car Garage. Very Nice Home that is Ready for you. Granite Countertops in Kitchen. White Staggered Shaker Cabinets with Pull Handles. Gas Cooktop. Mosaic Backsplash. Big Walk In Pantry. Center Island with Breakfast Bar. Stainless Steel Appliances. Refrigerator, Washer & Dryer are All Included. Tall Baseboards Throughout. Wood Like Flooring along with Beautiful Carpeting. Inviting and Manicured Backyard with Views.

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4013 S Santa Rita Place Chandler, AZ 85249

$689,500

3 Beds

2 Baths

2,258 SqFt

Status Active

MLS # 6741310

Property Type Single Family Residence

Price Type --

Your wait is over. This single level home is tucked behind the gates of the charming community of Quail Springs in Chandler. Impeccably maintained by the original owner, this property features 3 bedrooms, an office, 2 bathrooms, and a 3 car garage. Situated on an ideal cul-de-sac lot with an extended driveway making it convenient for your guests. Meritage knocked it out of the park with this Truman floor plan. The eat-in kitchen offers so much space and opens to the great room and formal dining. This open concept is perfect for both entertaining and casual family living. The kitchen boasts upgraded cabinetry with crown moulding, granite counters, stainless appliances including a GAS range, and RO system. When you visit the home, take a moment to stand in the kitchen and look around. With the modern updated lighting along with the appealing design and styling of the space, you will think you are in a model home. You will enter the backyard here where you will appreciate the clean and low maintenance landscaping! Each of the bedrooms offer a peaceful vibe and sense of coziness. The primary bedroom overlooks the backyard and features a spa-like bath with dual sinks, a garden style tub and walk-in shower, and a spacious walk-in closet. The other bedrooms are ample in size and share a full size bath. The office makes a great work from home space! The laundry room is just off the garage and has cabinets to keep things organized and tidy. The color palette is neutral throughout. The updated lighting and plantation shutters add the finishing touches! The pride of ownership is unparalleled. Quail Springs is located close to great shopping, dining, easy freeway access and top ranked schools!

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3025 W Sentinel Rock Road Phoenix, AZ 85086

$689,500

5 Beds

2.5 Baths

3,178 SqFt

Status Active

MLS # 6692680

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the prestigious Tramonto Community! This expansive 2-story home boasts 5 bedrooms, 2.5 baths, and over 3200 square feet of thoughtfully designed space sits on one of the best corner view homesites in the community. Sellers infused personality into the kitchen, making meal prep a joy. Smart appliances become your sous chefs, while marble countertops and a custom backsplash provide the perfect platform for your culinary creations. Step inside and be greeted by the elegance of imported Italian slate flooring that flows throughout the first floor. A cozy fireplace warms the living room, while the soaring ceilings in the great room create an air of grandeur. The first floor offers a versatile layout, perfect for entertaining. There's a formal liv Welcome to luxury living in the prestigious Tramonto Community! This expansive 2-story home boasts 5 bedrooms, 2.5 baths, and over 3200 square feet of thoughtfully designed space sits on one of the best corner view homesites in the community. Sellers infused personality into the kitchen, making meal prep a joy. Smart appliances become your sous chefs, while marble countertops and a custom backsplash provide the perfect platform for your culinary creations. Step inside and be greeted by the elegance of imported Italian slate flooring that flows throughout the first floor. A cozy fireplace warms the living room, while the soaring ceilings in the great room create an air of grandeur. The first floor offers a versatile layout, perfect for entertaining. There's a formal living room, a dining room, and a light-filled great room with a 20-foot ceiling. The primary suite is a luxurious retreat, featuring a large walk-in closet, a separate fully upgraded shower and soaking tub, and dual custom vanities. Upstairs, three additional bedrooms and a game loft provide ample space for the whole family as well as a second floor outdoor seating area to enjoy the Arizona sunsets Don't miss your chance to own this stunning piece of Tramonto!

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20712 W Pasadena Avenue Buckeye, AZ 85396

$689,463

2 Beds

2 Baths

2,236 SqFt

Status Active

MLS # 6743347

Property Type Single Family Residence

Price Type --

Our very popular Goldfinch floorplan situated on a corner lot with some peak mountain views! This home features 2 bedrooms plus a den and 2 bathrooms. The large open great room is a favorite with its 20' multi-slide glass door and vaulted ceilings! The kitchen offers an island that can seat 6, GE Profile SS appliances include double ovens, 5 burner cooktop, built-in microwave, dishwasher and a French door fridge, quartz counters and a beautiful tile backsplash! The master suite is light and bright, and the master bathroom offers dual vanities, an oversized tiled shower with a bench seat, and the large walk-in closet has plenty of room for your things! Come see all that this home has to offer in beautiful Victory at Verrado! Up to $15K 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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403 W Palomino Drive Tempe, AZ 85284

$689,000

3 Beds

3 Baths

2,639 SqFt

Status Active Under Contract

MLS # 6728827

Property Type Single Family Residence

Price Type --

Take a look at this remodel 2-story home with 3 car garage and extended driveway. New flooring, Kitchen, inside and outside paint, bathrooms fixtures. Inside you'll find an open living area/entry with formal dining, tall, vaulted ceilings, and lots of natural light. The kitchen has stainless steel appliances, tons of cabinet storage space, a breakfast bar, and breakfast nook with a wide window. In the primary bedroom upstairs you'll find French doors, high vaulted ceilings, a HUGE walk-in closet with built-in shelving, dual vanity, a sizable tub & shower, and access to a lovely balcony. The backyard features a covered patio and a paved space for a spa or fire pit. The home is conveniently located by the I-10, AZ-202, 101 & 60 for easy commuting and in close proximity is the Ken McDonald Golf Course, IKEA, numerous parks, the Tempe Sports Complex

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726 W Townley Avenue Phoenix, AZ 85021

New

$689,000

3 Beds

2 Baths

2,034 SqFt

Status Active

MLS # 6759811

Property Type Single Family Residence

Price Type --

Stunning Home in Seventh Avenue Estates - Discover this exceptional residence in the sought-after gated community of Seventh Avenue Estates. Dramatic 12-foot ceilings throughout, the open floor plan enhances the sense of space and light. The expansive split main bedroom features a luxurious bathroom with both a walk-in shower and a separate tub. Each bedroom offers generous walk-in closets, and plantation shutters add a touch of elegance. The gourmet kitchen is a chef's dream, showcasing extensive slide-out cabinets, granite countertops, and premium GE Profile appliances. The breakfast bar opens to the living room, which boasts a gas fireplace. A spacious dining area is ideal for hosting dinner parties. Enjoy the outdoors with two sets of French doors leading to a paver patio.

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4648 Cactus Wren Road Wickenburg, AZ 85390

$689,000

2 Beds

2.5 Baths

2,150 SqFt

Status Active Under Contract

MLS # 6710663

Property Type Single Family Residence

Price Type --

Nestled in the picturesque Wickenburg Ranch, this exquisite home offers a perfect blend of modern amenities and serene desert living. Featuring 2 spacious bedrooms and 2.5 well-appointed bathrooms, the home is designed with an open floor plan that seamlessly integrates a large, flexible space, ideal for a home office, additional living area, or entertainment room. The upgraded kitchen is a culinary haven, boasting a breakfast bar, a large island with ample seating, and state-of-the-art appliances, ensuring every meal is a delight to prepare and enjoy. Custom shutters adorn the windows, providing both privacy and an elegant touch to the home's interior. Step outside to the fully fenced yard, where beautiful desert landscaping creates a tranquil retreat. The backyard is perfect for both relaxation and entertaining, featuring a cozy fire pit and a covered patio where you can enjoy the stunning desert sunsets. This home is a true gem in Wickenburg Ranch, offering a lifestyle of comfort, convenience, and natural beauty.

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131 E Jackshoe Trail Payson, AZ 85541

$689,000

4 Beds

3.5 Baths

3,000 SqFt

Status Active

MLS # 6629698

Property Type Single Family Residence

Price Type --

This piece of heaven is only minutes to Woods Canyon lake & the town of Payson. 1.5 hr from Mesa. Situated on an acre overlooking the Mogollon Rim & especially crafted to host family-friends + all rec toys ANY time of season. Ready to move in with ample space to entertain. This versatile floor plan boast all living on one floor w/ an additional walk out basement w/ a full bath & endless possibilities. Modern conveniences have been well thought-out including a lift, a brand new kitchen fridge, charming fireplaces in the great room & primary suite, heating/cooling system + vaulted ceilings with tongue & groove + wood beams & picture windows to take in the views. Large lot with separate garage , fire pit + quad storage, covered parking and much more. 3000 SF under roof + 1 acre of privacy!

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7319 E Arlington Road Scottsdale, AZ 85250

$689,000

2 Beds

2 Baths

1,781 SqFt

Status Active Under Contract

MLS # 6728425

Property Type Townhouse

Price Type --

Motivated Seller ready to sell you this property inside the thriving community of La Jolla Blanca! This community features tennis courts for your exercise, walking paths and calming trees that invite a peaceful path for homeownership. Inside the community where the property is located, you are welcome to explore a view of Camelback Mountain before you enter your two car garage, ready for move-in property! Recent price improvement for a new buyer, ready to go.

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22782 E Stacey Road Queen Creek, AZ 85142

$689,000

5 Beds

3.5 Baths

3,013 SqFt

Status Active

MLS # 6693700

Property Type Single Family Residence

Price Type --

Vibrant space & large windows make this 5 bed, 4 bath+ study and retreat home your dream home. The impressive gourmet kitchen provides the perfect environment for cooking & entertaining with oversize quartz island, shaker cabinets, designer-appointed tile backsplash & GE stainless appliances including 5 burner gas cooktop. Enjoy Arizona sunsets & weekend afternoons on covered patio with views from your family room through large energy efficient windows. Retire in style in the spa-like owner's retreat featuring a large walk-in closet, tiled walk in shower & upgraded quartz tops. Plank tile flooring, upgraded carpet and 8' doors throughout. EXTENSIVE NEW HOME WARRANTY. See you soon!

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6401 E Lewis Avenue Scottsdale, AZ 85257

$689,000

3 Beds

3 Baths

1,755 SqFt

Status Active

MLS # 6652844

Property Type Single Family Residence

Price Type --

This spacious house featuring new quartz countertops, located on a corner lot with freshly painted interiors and exteriors. This home boasts of two living spaces and an open floor plan, perfect for entertaining. Ideally located near shopping, dining, and Old Town Scottsdale, in a quiet neighborhood. Situated on a generously sized lot in a great neighborhood with no HOA. Don't miss the opportunity to make this house your home. Embrace the comfort, style, and functionality it offers. Discover the perfect blend of modern living and timeless charm!

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117 E Canyon Way Chandler, AZ 85249

$689,000

4 Beds

3 Baths

2,723 SqFt

Status Active Under Contract

MLS # 6700134

Property Type Single Family Residence

Price Type --

Highly desirable gated community of Fulton Ranch! With 4b3b & den, split floor plan, this north-south exposed home has the perfect blend of comfort and convenience. As you enter the first floor, you're greeted by a cozy bedroom complete with an attached bathroom for convenience and privacy. The spacious bonus room, designed as a versatile space for gathering and entertaining. Continuing through the first floor, you'll discover an inviting open-concept living room seamlessly connected to the kitchen. With its open design, the large kitchen with granite countertops and walk-in pantry allows for easy interaction with guests while cooking and encourages a sense of togetherness. The living room with its four glass door panels offers a harmonious blend of indoor comfort and outdoor spaces Retreat to the expansive master bedroom upstairs, which features double sinks, private toilet, tub, shower and spacious walk-in closet. Large loft, splitting master from other bedrooms, provides versatile living space for various activities. The other two bedrooms and full bathroom & spacious storage, continue to occupy the right side, offering comfortable living spaces for occupants. Community pool, playground, easy access to dining, shops, entertainment, freeways, and top rated schools, and so much more!

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