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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3131 N Central Avenue Unit 4012 Phoenix, AZ 85012

Open House

$678,917

2 Beds

2 Baths

1,419 SqFt

Status Active

MLS # 6599088

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom+ den condo is one of the larger two bedroom floor plans and offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Spacious balcony to capture the amazing views while outside as well. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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14023 W Monte Vista Road Goodyear, AZ 85395

Open House

$678,900

5 Beds

3 Baths

2,976 SqFt

Status Active

MLS # 6684108

Property Type Single Family Residence

Price Type --

** Buyers couldn't perform ** Welcome home! This magnificent 2-story residence is awaiting new owners! Offering a 3-car tandem garage, artificial turf, & a cozy front patio. Spacious open layout boasting tall ceilings, plantation shutters, recessed & chic light fixtures & sleek wood-plank tile flooring. Gourmet kitchen provides SS appliances, granite counters, tile backsplash, handsome shaker cabinetry with crown molding, an oversized walk-in pantry & a large island with a breakfast bar. Upstairs, the bright loft is ideal for a family room. The main bedroom has plush carpeting, an ensuite with dual sinks, a soaking tub, a step-in glass shower, & a walk-in closet. Escape to the backyard paradise, highlighting a covered patio, an extended pergola, pavers & a refreshing pool. Visit it now!! Pool was recently inspected by the pool company and everything is running perfectly!!

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5009 E Baker Drive Cave Creek, AZ 85331

$678,000

3 Beds

2 Baths

2,286 SqFt

Status Active

MLS # 6696407

Property Type Single Family Residence

Price Type --

BACK ON THE MARKET. BUYER DID NOT PERFORM. This gorgeous single level home in the sought-after community of Tatum Ranch features 3 bedrooms, 2 bathrooms, a 3 car garage and a 1/4 acre lot. It has been impeccably maintained and improved by the current Owners. The spacious floor plan includes an updated kitchen with alder cabinets, granite countertops, stainless steel appliances and an island, perfect for entertaining with family and friends. The adjoining family room with vaulted ceilings looks out to the private backyard with a covered patio. Enjoy the mature fruit and shade trees while relaxing in the huge backyard. The primary suite has a separate entrance and a sitting area. The home only has a neighbor on one side. Parks, walking trails, shopping and schools are all close by

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21521 S 215th Place Queen Creek, AZ 85142

$678,000

5 Beds

3 Baths

3,595 SqFt

Status Active

MLS # 6531657

Property Type Single Family Residence

Price Type --

New Carpet and New Interior and Exterior Paint are COMPLETED. Rare To Find. Beautiful Former Model House w/ Private Pool & Basement. Large Adorable Kitchen with lots of Cabinet space and build in desk. 5 Bedroom w/ Den PLUS Large BASEMENT. Grass Front and back yards with private pool. Beautiful Master bedroom with separate walk-in Shower and Spa Tub. Very Low maintenance front and back yard. PLEASE WATCH Video!!

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4725 E Grandview Road Phoenix, AZ 85032

$678,000

4 Beds

2 Baths

2,418 SqFt

Status Active Under Contract

MLS # 6739197

Property Type Single Family Residence

Price Type --

Wonderful opportunity to make this conveniently located home yours. Spacious 4Bed/2Bath home with formal floor plan & vaulted ceilings on N/S lot. Roof 2020, HVAC 2020. Eat in kitchen with island, granite countertops SS appliances that opens onto a spacious family room with fireplace. Large bedrooms including primary bedroom with Arcadia door out to back yard, walk-in closet plus an additional closet. Large backyard with covered patio, grass area & diving pool (plaster 2012). Just north of the newly reimagined PV, which will include an expansive central park & community gathering place situated amongst dining, entertainment, & retail experiences. Just minutes from Kierland Commons, Scottsdale Quarter and Westin Kierland Resort and Golf Club as well as the 51 and 101 freeways.

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10476 W Harmony Lane Peoria, AZ 85382

Open House

$677,990

4 Beds

3 Baths

2,021 SqFt

Status Active

MLS # 6754249

Property Type Single Family Residence

Price Type --

Our Gorgeous BLUEBIRD MODEL is for SALE!!! This Single level, Beautiful Great Room Floor Plan with TONS of upgrades and interior finishes will be ready for you in November! Just in time for fall gatherings! Our Bluebird offers 4 bedrooms, 3 full baths with an office/den. 10' ceilings 8' Doors- Huge Patio slider with gas range, backsplash, white quartz counter tops with our beautiful white cabinet package, stainless steel appliances, tankless water heater, R/O sleeve, soft water loop, and many more upgrades. Don't miss your opportunity to live in Camino A Lago!

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2444 W Rowel Road Phoenix, AZ 85085

Open House

$677,475

4 Beds

3.5 Baths

2,511 SqFt

Status Active

MLS # 6743070

Property Type Single Family Residence

Price Type --

NEW HOME - DREAM LOCATION! This home at Aster in Union Park includes 2,511 sq ft of living space, 4 bedrooms, 3.5 bathrooms, and a 2-car large garage. Interior design features include Elevated C design upgrades, including 42'' Burlap cabinets, quartz countertops, custom backsplash, large island, 6x36'' tile, stainless-steel gas range kitchen appliances, single bowl sink. All bathrooms have quartz countertops with Kohler undermount sinks. Quality and Energy efficiency includes tankless hot water heater, Tech Shield roof barrier and blown in wet cellulose insulation. EVO smart home technology included. Union Park, residents can indulge in amenities including a pool, clubhouse, playgrounds, pickleball and basketball courts.

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44529 N 44th Drive Phoenix, AZ 85087

$677,336

3 Beds

2.5 Baths

2,394 SqFt

Status Active

MLS # 6723522

Property Type Single Family Residence

Price Type --

New home ready for move in. Single-story Calrosa floorplan with Territorial style exterior. This open floor plan features three bedrooms plus a flex room that can serve as a home office, game room or sitting area. The owner's suite has a spacious walk-in closet and bathroom with two separate vanities, separate tub and tiled shower. The spacious kitchen features stainless steel wall oven with gas cooktop, and a large island with ample sitting space. The stylish cabinetry in a creamy white tone is complemented by upgraded quartz countertops and wood color plank tile. Great home with spacious sitting and socializing areas. Home warranty included.

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13849 S 179th Avenue Goodyear, AZ 85338

$675,999

4 Beds

2 Baths

2,399 SqFt

Status Active

MLS # 6652406

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Estrella Mountain Ranch! This high efficiency, turn-key, stunning 4 bedroom 2 bathroom residence comes with a one-of-a-kind, exquisite backyard that backs up to the park. This dream home is complete with an outdoor kitchen, gas fire pit, and gas fire pillars alongside a large Salt Cell Pebble Granite pool. The patio is surrounded by fixed outdoor misters for your comfort in the AZ summers., along with 3 mobile outdoor patio misters to move around at your leisure. This immaculately clean and crisp home has been upgraded with incredible detail. Newly painted interior paint throughout the home (including all closets and kitchen pantry). It's beautifully painted with 4 different shades of calming gray and each bedroom has a tasteful colored accent wall to make the room come alive. Newly upgraded Crystal Ceiling Fans were installed in the master bedroom and master bathroom, Harbor Breeze Ceiling Fans were added to every other room, in addition to a gorgeous modern lighting fixture in the media room. Newly installed Porcelain Wood Tile throughout kitchen, dining, and living room. Upgraded Energy Efficient Plantation Shutters adorn every window, along with custom Energy Saving Solar Screens, and a brand new Goettl 2.5 ton A/C unit accompanied by a new furnace (installed Dec 2023). Upgraded R-38 attic insulation to help lower electricity bills, brand new energy efficient GE kitchen appliances, including a dual convection oven, Kinetico water softener, and new Kinectico R/O Reverse Osmosis System(with 3-year warranty) for great tasting water from the sink. Newly installed commercial stainless steel sink with commercial kitchen faucet and commercial Waste King Garbage disposal. Newly remodeled walk-in guest shower with new Kohler shower head with hand wand upgraded Kohler Santa Rosa compact single flush toilets in both bathrooms along with upgraded Rainhead x-large dual shower head with wand in the master bathroom. A brand new hot water tank was installed on 7/2023. Added digital locks to the back door for safety and convenience, along with upgraded door locks and handles throughout the home, magnetic doorstops were also added to every door for safety. Security glass was added to the front door, along with 2 newly installed Ecobee thermostats with Alexa. The garage door opener was also upgraded to a direct drive. The large den has been converted into an extra bedroom or you can use it for your home office. Too many upgrades to list Must see to experience this perfect home for you and your loved ones. This home won't be on the market for long.

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22701 E Saddle Way Queen Creek, AZ 85142

$675,990

5 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6740882

Property Type Single Family Residence

Price Type --

**This is a TO-BE-BUILT LISTING, this home is ready for personalization and can be built on your choice of homesite. This is an advertisement of our base price for this elevation and lot premiums may apply** Welcome to Ashton Woods newest community in Queen Creek - Madera Marquis - which features outstanding community amenities and convenient access to the 24 freeway and shopping. The open concept Diamond plan is highly sought after floorplan with 5 bedrooms and 3.5 baths. Options for structural upgrades include adding a a sixth bedroom, two additional bathrooms, 12'' sliding glass door and so much more. This home includes an open concept kitchen with granite countertops, 42'' upper cabinets, and stainless steel appliances. Amazing spa like primary suite with dual vanities, ample linen storage and separate tub and shower. This floorplan is accompanied by an oversized den and sizable secondary bedrooms with walk in closets. This home comes standard with 9' ceilings, front yard landscaping, paver driveway, and much more! ~There is a minimum option spend requirement on new build homes, please reach out to the sales office for additional details.~

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25305 N 75th Lane Peoria, AZ 85383

$675,990

4 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6751304

Property Type Single Family Residence

Price Type --

Brand new community in North Peoria! This stunning single story home offers 2,219 sq ft of functional living space with 4 bedrooms, 3 bathrooms, and a 2.5 car tandem garage. The open concept kitchen is perfect for entertaining and features an Island, walk-in pantry, and stainless steel appliances. It also offers our Roosevelt Palette which includes sarsaparilla 42'' cabinets, carrara breeze quartz kitchen countertops, white mosaic kitchen backsplash, and 6x24 wood looking plank tile in all the common areas, and brushed nickel plumbing fixtures. The great room offers a 4 panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. This home also features a paver driveway, 8 foot interior doors, soft water loop and much more! Great location close to dining, freeways, parks, and entertainment!

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44 N Main Street Unit 175 Greer, AZ 85927

$675,000

3 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6704028

Property Type Single Family Residence

Price Type --

Call David Newman. LEASE PURCHASE OPTION AVAILABLE Nestled in the serene beauty of Greer, Arizona, this enchanting cabin is one of only three on the Little Colorado River. Enjoy fishing for rainbow trout from your front lawn & watching them swim at night. Kids can tube down the river. In the fall, listen to elk bugling and admire the vibrant leaves. Conveniently located near two restaurants and walking trails, this cabin offers relaxation and adventure. Managed by the Lost Resort, it also generates over $25k income. In 2023, the cabin was updated with Replaced logs, stripped, and Painted exterior New washer and dryer Fresh interior paint New furnace plumbing hardware & water heater Painted and varnished deck All-new linens Fully furnished, this cabin is ready to enjoy or rent come up one in a lifetime.

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