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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20262 W Hollyhock Street Buckeye, AZ 85396

$679,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6717221

Property Type Single Family Residence

Price Type --

Part of the Modern Living collection, The Darius provides a sophisticated and accommodating ranch-style layout. In addition to a lavish primary suite with a roomy walk-in closet and attached double-sink bath with an upgraded deluxe tile shower-this home includes a second primary suite with an adjacent living room, perfect for multi-generational living. You'll also enjoy a 3-car garage, a study, a great room with an adjacent covered patio-featuring multi-slider doors, two additional bedrooms that share a jack and jill bathroom, and an inviting gourmet kitchen with a generous island, built-in pantry, 42'' white cabinets with matte black pulls, quartz countertops, tile backsplash, GE Plus stainless-steel appliances with chimney hood and 36'' gas cooktop and an adjacent dining nook. This home has contemporary square casing throughout, 9 x 35 tile flooring with carpet only in the bedrooms, matte black hardware. lighting and faucet packages throughout, pendant lighting at the kitchen island, and a full wet bar with upper and base cabinets in the guest living room. In addition, 10 ft ceilings, two-tone paint, ceiling fan prewires in the bedrooms, great room, study and covered patio, soft water loop in the garage, laundry sink pre-plumb, garage service door, paver driveway and walkway, front yard landscaping and exterior coach lights are also included. This home is situated on an 8760 square foot lot with a double side gate.

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20253 W Hollyhock Street Buckeye, AZ 85396

$679,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6717566

Property Type Single Family Residence

Price Type --

Part of the Modern Living collection, The Darius provides a sophisticated and accommodating ranch-style layout. In addition to a lavish primary suite with a roomy walk-in closet and attached double-sink bath with an upgraded deluxe tile shower-this home includes a second primary suite with an adjacent living room, perfect for multi-generational living. You'll also enjoy a 3-car garage, a study, a great room with an adjacent covered patio-featuring multi-slide doors, two additional bedrooms that share a jack and jill bathroom, and an inviting gourmet kitchen with a generous island, built-in pantry, 42'' white cabinets with brushed nickel pulls, quartz countertops, tile backsplash, GE Plus stainless-steel appliances with chimney hood and 36'' gas cooktop and an adjacent dining nook. This home has 9 x 35 tile flooring with carpet only in the bedrooms, brushed nickel hardware, lighting and faucet packages throughout, pendant lighting at the kitchen island, and a full wet bar with upper and base cabinets in the guest living room. In addition, 10 ft ceilings, two-tone paint, ceiling fan prewires in the bedrooms, great room, study and covered patio, soft water loop in the garage, laundry sink pre-plumb, garage service door, paver driveway and walkway, front yard landscaping and exterior coach lights are also included. This home is situated on a 9070 square foot, North facing corner lot with a double side gate.

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844 W Flatiron Trail Apache Junction, AZ 85120

$679,990

4 Beds

3 Baths

2,833 SqFt

Status Active

MLS # 6750737

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 Ravenna floor plan features a stylish single-story layout with four bedrooms and a versatile flex space, perfect for an office, TV room, or study. Complete with front yard landscaping, this home will be ready for occupancy by October. Ideally located near community parks, grocery stores, and dining options.

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18172 W Devonshire Avenue Goodyear, AZ 85395

$679,900

4 Beds

2.5 Baths

2,322 SqFt

Status Active

MLS # 6751190

Property Type Single Family Residence

Price Type --

Sedella is an RV friendly community where toys are welcomed. This 4-bed, 2.5-bath semi custom home features: PAID OFF SOLAR, BRAND NEW Trane A/C unit installed and OWNED HALO 5 water filtration syst.,Freshly painted inside and out, front & backyard pavers, custom RV gate, Chef's Kitchen Appliances(Thermador), granite counters, oversized island. Great Room offers an outstanding view to the backyard with custom automated shades. Primary Suite has walk in shower & separate vanities. Split Floor plan,vinyl plank flooring in all the right places. Take in the mountain views from the oversized backyard. Enjoy the real grass, beautiful palm trees and evenings sitting around the fire-pit. Mini split in 2 car garage. Custom cabinetry and freshly painted walls in both garages.

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3609 W Summit Walk Drive Anthem, AZ 85086

$679,900

3 Beds

2.5 Baths

2,663 SqFt

Status Active

MLS # 6749025

Property Type Single Family Residence

Price Type --

Best in class Majesty Model, outstanding features abound... Shows like a model. New paint and new wood look tile floor throughout. Great Kitchen with Granite Counters and Huge Island, new gas range, upgraded pullout cabinets and large pantry. From the private gated courtyard entry this home shows like a model! Main bedroom features great walk-in closet, and an upgraded bath with Separate tub and shower and his and hers vanities. This open floorplan features a huge kitchen over-looking the family room. The family room has surround sound in place. A great home office looks out on to the private gated courtyard and make this one of Anthem's best! Did I mention completely paid off solar system...

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3629 W Amerigo Court Anthem, AZ 85086

New

$679,900

5 Beds

3 Baths

3,389 SqFt

Status Active

MLS # 6760593

Property Type Single Family Residence

Price Type --

COVETED UPGRADED GEM IN PRIME LOCATION WITH POOL!!! Featuring a flowing floor plan w/ wide open kitchen boasting quartz counters, upgraded cabinetry, stainless and black appliance ensemble & walk-in pantry, upgraded flooring throughout, full bedroom/ bath (w/ shower) downstairs, amazing speak easy bar area as you enter the home, huge primary suite w/ impressive spa-like bath boasting double sinks, separate glass enclosed shower/ soaking tub & massive closet, low maintenance backyard w/ incredible oversized pool with waterfall, extended pool decking & room for additional touches. Ideally located in award winning Anthem community w/ awesome parks, schools, shopping, dining & entertainment options nearby! COME CHECK IT OUT TODAY!!!

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4111 E Acoma Drive Phoenix, AZ 85032

$679,900

4 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6736169

Property Type Single Family Residence

Price Type --

Located on a quiet part of Acoma, this beautifully remodeled home offers a blend of tasteful design and comfortable living. Permitted addition in 2021 includes an open and inviting master bedroom that features a luxurious bathroom equipped with double sinks, a spacious shower, walk-in closet, and water closet. The living and kitchen area is an entertainer's dream with a built-in bar, 12 foot waterfall island, and ample space for gatherings. Step outside to the backyard, ideal for hosting friends and family, that also includes a hot tub. This home was updated with brand new duct work, AC unit, electrical systems, roof, and plumbing, all completed in 2021. This move-in-ready property is perfect for those seeking a stylish and functional living space.

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1412 N Bernard -- Mesa, AZ 85207

$679,900

4 Beds

3 Baths

2,752 SqFt

Status Active

MLS # 6703900

Property Type Single Family Residence

Price Type --

Step into luxury living with this stunning 3-bedroom plus den, 3-bathroom oasis boasting breathtaking mountain views. Nestled in a serene neighborhood, this home offers more than just comfort—it offers an experience. As you enter, natural light floods the spacious den, perfect for a home office or cozy reading nook. Glide into the heart of the home, where a chef's kitchen awaits, adorned with granite countertops, an expansive island, and top-of-the-line appliances. Whether you're whipping up a gourmet meal or hosting a gathering, this kitchen is your culinary sanctuary. Easy access to the 202. Relaxation knows no bounds in the master suite, complete with its own ensuite bathroom and a private patio overlooking the pool and majestic mountains beyond. Two additional bedrooms offer ample space for family or guests, each designed with comfort in mind. Step outside into your personal paradise, where a sparkling pool awaits refreshment on warm summer days. Entertain under the stars on the expansive patio, or simply soak in the tranquil ambiance of the surrounding landscape. Convenience meets luxury with the addition of an RV gate, providing easy access for all your outdoor adventures. Whether you seek relaxation, adventure, or simply a place to call home, this property offers it all. Live the lifestyle you deserveschedule your showing today.

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13332 W Palo Verde Drive Litchfield Park, AZ 85340

$679,900

5 Beds

3.5 Baths

4,464 SqFt

Status Active

MLS # 6654021

Property Type Single Family Residence

Price Type --

Step into your own haven in Litchfield Park! This exquisite residence, nestled in a prestigious gated community just a stroll away from top-notch schools, welcomes you with open arms. New Turf landscape for both front and rear yards provides for more time to relax with friends and family. The custom leaded glass front door sets the tone for the elegance that awaits inside. Discover a harmonious blend of spacious living and refined aesthetics with 5 generously-sized bedrooms, 3.5 baths, and ample space for the whole family. Revel in the details, from the sleek tile and easy-care laminate flooring, along with a spacious 3-car garage and new RV gate, add a touch of luxury to everyday living. Picture yourself unwinding on the extended patio, overlooking a picturesque backyard oasis complete with a sparkling swimming pool, and breathtaking mountain views. This home is not just beautiful but also functional, boasting an enormous chef inspired kitchen with island, stainless steel appliances and double wall ovens. It's a turnkey masterpiece! The grand main suite is a retreat within itself and deluxe ensuite bathroom with dual vanities, soaking tub and separate shower. Experience the grandeur that awaits in every corner of this remarkable residence! Your dream home is ready for you! Litchfield Park is a picturesque city nestled in the West Valley of the Phoenix metropolitan area. Known for its tree-lined streets, manicured lawns, and a mix of historic and modern architecture, the city offers residents a serene and welcoming environment. The city hosts various events and festivals throughout the year, fostering a strong sense of community among its residents. The Wigwam Resort, a historic landmark in the area, adds to the city's appeal with its luxurious amenities and world-class golf courses. There are countless beautiful parks and green spaces as well as the Wildlife World Zoo, Aquarium & Safari Park, both located nearby, offering an exciting adventure for families and animal lovers. Foodies will enjoy the vast range of dining options from cozy cafes to upscale fine dining.

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8351 E Monte Avenue Mesa, AZ 85209

$679,900

2 Beds

2 Baths

2,920 SqFt

Status Active

MLS # 6679154

Property Type Single Family Residence

Price Type --

This Extraordinary home offers wide open living space. Open kitchen to family room to large eating area is entertaining and family orientated. Home also offers a formal dining area. The Double Master Bedroom set up for both family and guests. A third bedroom/den gives even more space when needed. The kitchen has a Breakfast bar, plus an island. Appliances are top of the line Kitchen Aide including the trash compactor. The granite counter tops are beautiful. Upgraded tile flooring with carpet in all the right places. The huge main master is a suit with plenty of room. The home sits on an oversized lot offering the owner to set up a resort style entertaining. Larger two car garage with cabinets & workshop with room to park the golf cart. Sunland Village East Offers loads of activities and events. Low HOA Fee of $825 annually.

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16190 W Granada Road Goodyear, AZ 85395

$679,900

4 Beds

3.5 Baths

2,861 SqFt

Status Active

MLS # 6705327

Property Type Single Family Residence

Price Type --

This is NOT the standard cookie cutter community! This is location in the Gorgeous Palm Valley Community of Goodyear. Unique Modern Cottage Elevation with Stone & stunning architect ** Courtyard Entrance with massive paver sitting area ** Enter into the home foyer to soft neutral paint color ** Sitting area off the main entrance can be used as flex/entertainers area ** Functional Triple Split Floor plan ** Bedroom 1 off the entry has walk in closet ** Large Master Bedroom with access to backyard, Seperate Dual Sink/Vanity, Walk in Shower, Garden Tub, Dual Entry Closet ** Bedroom 3 with Ensuite can be used as a second Master/MIL Suite ** Bedroom 4 sizable with standard closet ** Kitchen area is HUGE nestled with eat in dining area & large great room ** Beautiful Warm Wood Cabinets, Massive Rich Granite Island, Travertine Backsplash, Whirlpool Appliances, Gas Stove with Butlers Area & Walk in Pantry ** Shutters & Ceiling Fans Throughout ** Great Room with 7 point surround sound & Modern Gas Fireplace with heat ** Six Panel Doors & Brushed Nickel Hardware ** Large laundry room located conveniently in the center of the home room to add additional fridge of more storage ** Home has LOTS of storage options ** French Doors to Backyard extended patio, citrus trees, gutters, gas fire pit and seating area, extended paver patio with outdoor kitchen, barbecue grill, fountain water feature, outdoor lighting, custom grass landscape design, private RV gate **

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22834 N 24th Street Phoenix, AZ 85024

Open House

$679,900

4 Beds

2.5 Baths

2,145 SqFt

Status Active

MLS # 6756465

Property Type Single Family Residence

Price Type --

Beautifully updated 2-story home featuring 4 bedrooms, a loft, 2.5 bathrooms, and a 2-car garage. Enjoy the privacy of a gated pool and spa with no neighbors behind. The spacious master suite is filled with natural light and boasts a sliding barn door leading to the ensuite bathroom, which includes dual sinks, a large glass shower, and a walk-in closet. The open-concept family room offers ample living and dining space, flowing seamlessly into the kitchen with an island, stainless steel appliances, counter-to-ceiling tile backsplash, and a large walk-in pantry with a butler's pantry. Additional highlights include a convenient downstairs laundry room with extra storage and unique yellow metal lockers. Located near the shopping & dining of Desert Ridge & High Street, this home is also steps away from Mountain Trails Middle School and Boulder Creek Elementary, both top PV School District school. Move-in ready and designed for modern living!

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