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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573 E Citrus Hollow Way Queen Creek, AZ 85140

$706,228

2 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6567505

Property Type Single Family Residence

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Indulge in the epitome of refined living with this exquisite 2 bed, den, 2 bath home, boasting over 1,900 sq. ft. of luxury and elegance. From the moment you step inside you'll notice this Nice plan has detail found throughout. The heart of the home is a culinary enthusiast's dream - a gourmet kitchen that exudes sophistication with its pristine white cabinets and an impressive array of high-end stainless steel appliances. Whether you're whipping up a quick breakfast or preparing a lavish feast, this kitchen is sure to inspire your inner chef. The thoughtfully upgraded baths elevate your daily routine to a spa-like experience, featuring tasteful finishes and modern fixtures. Imagine unwinding in the serene ambiance of your master bath after a long day. This home is ready for you!

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44533 N 44th Drive Phoenix, AZ 85087

Open House

$706,122

4 Beds

2.5 Baths

2,745 SqFt

Status Active

MLS # 6723527

Property Type Single Family Residence

Price Type --

This gorgeous split foor plan with entry courtyard boasts 4 bedrooms/2.5 baths. Gorgeous grey plank flooring with white cabinets, modern backsplash and quartz countertops. Open floor plan with retreat and flex room. Ready for move in. Must see!!

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2967 E Cherry Hill Drive Gilbert, AZ 85298

$705,990

5 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6746041

Property Type Single Family Residence

Price Type --

This two-story home features an open floor plan with an 8-ft. entry door and 9-ft. first floor ceilings. The spacious great room opens to a charming covered back patio, perfect for entertaining. The kitchen boasts a large center island, quartz countertops, a gorgeous tile backslash, and sleek KitchenAid® appliances. The first level includes an open den, powder room and bedroom with full bath. Moving upstairs, the spacious loft is the perfect spot for family movie nights. The primary suite boasts an expansive closet, and the primary bath features a walk-in shower, extended dual-sink vanity, and two linen closets. Please note: The photos displayed are of a model home and may not represent the actual property. Please verify specific features and details.

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13567 W Steed Ridge Road Peoria, AZ 85383

Open House

$705,982

4 Beds

3.5 Baths

2,952 SqFt

Status Active

MLS # 6738906

Property Type Single Family Residence

Price Type --

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3131 N Central Avenue Unit 5018 Phoenix, AZ 85012

$705,917

2 Beds

2 Baths

1,419 SqFt

Status Active

MLS # 6568565

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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1261 E Springfield Place Chandler, AZ 85286

$705,900

3 Beds

3 Baths

2,245 SqFt

Status Active

MLS # 6745550

Property Type Single Family Residence

Price Type --

One of a kind.. Your Madison Park Dream Home Awaits! Nestled in the heart of Chandler's sought-after Madison Park community, this stunning 2020-built home offers unparalleled privacy—no rear or front neighbors! Step inside to discover over $100K in professional designer upgrades that deliver style and luxury unmatched at this price point. The open-concept floor plan, combined with exquisite finishes, sets a new standard in refined living. Imagine cooling off in the community's sparkling pool while enjoying the vibrant amenities Chandler has to offer, top-rated schools, trendy dining, and premier shopping! Chandler is known for its dynamic community events, world-class parks, and thriving tech industry. Experience a lifestyle where every detail is designed to impress. Don't miss this on

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23148 E Carriage Way Queen Creek, AZ 85142

$705,615

5 Beds

4 Baths

2,767 SqFt

Status Active

MLS # 6701318

Property Type Single Family Residence

Price Type --

BRIGHT GREAT ROOM, LOFT PLAN WITH MASTER DOWN, 5-BEDROOM, BEAUTIFUL FINISHES! SPA SHOWER IN MASTER, UPGRADED CABINETS, GRANITE KITCHEN TOPS W/ TILE BACKSPLASH, GOURMET KITCHEN LAYOUT, UPGRADED VANITIES IN BATHS, PLANK TILE FLOORING EVERYWHERE, EXCEPT BEDROOMS AND LOFT. ALL THIS, IN THE NEW PREMIER MASTER PLAN COMMUNITY, IN QUEEN CREEK, FEATURING A 22 ACRE LAKE. THIS IS THE CENTERPIECE OF THE COMMUNITY. KAYAKING AND CANOEING, AQUATIC CENTER WITH LAP AND SPORT POOL SPLASH PAD, BOCCE BALL, PICKLE BALL, BOARDWALKS AND RAMADAS THROUGHOUT AND MUCH MORE.. THE HOME INCULDES 2'' FAUX WOOD BLINDS, CEILING FANS, TANKLESS WATER HEATER+++ KATHERINE MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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27824 N 256th Avenue Wittmann, AZ 85361

$705,000

4 Beds

3 Baths

2,571 SqFt

Status Active

MLS # 6777584

Property Type Single Family Residence

Price Type --

Beautiful 4Bd/3Ba home. Modern white exterior paint and gorgeous low maintenance desert front landscaping. Tile throughout house with quartz countertop. Large open floor plan with plenty of cabinets and kitchen island. 50 solar panels on roof with lots of space on 1 acre lot for activities and horse corral in backyard. 220 volt at back SW corner block wall fencing with power along whole block wall. 17-foot RV gate on side.

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7537 N 83rd Drive Glendale, AZ 85305

$705,000

4 Beds

3.5 Baths

3,240 SqFt

Status Active

MLS # 6752114

Property Type Single Family Residence

Price Type --

Stunning single story home that's located in a gated community, Orangewood Ranch! Spacious home offers, 4 bedrooms plus activity room, 3.5 bathrooms, and an open den. Designer finishes throughout such as 42'' cabinets, upgraded flooring, stainless steel appliances, and granite countertops and fresh paint throughout. The open concept floor plan has a natural feel, with 10 ft ceilings and 8 ft tall doors. An entertainer's dream with a luxury 15 ft multi slide glass door in the living room leading to the patio for indoor-outdoor living. The oversized lot provides plenty of room for your imagination with lots of space to build a pool. Great location close to entertainment and shopping including Cardinals Stadium, WestGate, Desert Dimond, and ParkWest.

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24815 N 106th Drive Peoria, AZ 85383

$705,000

4 Beds

3 Baths

2,725 SqFt

Status Active Under Contract

MLS # 6736237

Property Type Single Family Residence

Price Type --

A beautiful 4 bed, 3 bath residence in Tierra Del Rio is now on the market! Nestled on a premium cul-de-sac corner lot and featuring a 3 car tandem garage, low-care front yard, and an RV gate, it's sure to be the home for you! SOLAR for savings. Discover a spacious open floor plan w/elegant wood-look flooring, dazzling light fixtures, and trending palette throughout. The chef's kitchen is comprised of espresso cabinetry w/crown moulding, a pantry, granite counters, stylish backsplash, stainless steel appliances, and an island complete w/a breakfast bar. Upstairs you'll find a cozy loft w/soft carpet, where you can spend a relaxing Sunday afternoon! The primary bedroom boasts a walk-in closet and a private ensuite w/dual sinks. Don't forget about the cozy open den, ideal for a lounge area. Finally, the expansive backyard includes a covered patio, natural turf, pavers, a lovely pergola, and a fenced pool! What are you waiting for? Act now!

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3798 E Latham Court Gilbert, AZ 85297

Open House

$705,000

4 Beds

3 Baths

3,070 SqFt

Status Active

MLS # 6661352

Property Type Single Family Residence

Price Type --

Final Price Reduction! Former Model Home, Original Owner, Pride of Ownership, Look No Further! Located on a Cul De Sac Street with N/S Exposure in the Wonderful Community of Coronado Ranch. This Property includes many upgrades including Granite Countertops, 2 Fireplaces, Upgraded Flooring, Stair Railing, Cabinets, Tile, Fixtures, Vaulted Ceilings, Paint, Large Master Bedroom with Walk in Closet, Kitchen with Walk in Pantry, Breakfast Nook, Dining Room, Family Room, French Doors, Surround Sound, Window Treatments and so many more. Home has Oversized 3 Car Garage and Courtyard with plenty of room for parking or for the kids to play. Outstanding Opportunity to Own this Wonderful Home!

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10789 W Yearling Road Peoria, AZ 85383

$704,900

5 Beds

4 Baths

2,909 SqFt

Status Active

MLS # 6718312

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Peoria! This stunning 2,909 square foot residence offers a perfect blend of elegance and functionality. Step inside to be greeted by soaring vaulted ceilings, tile floors, and beautiful granite countertops, enhancing the spacious and modern feel of this home. With five generously sized bedrooms, an office, and a loft, there is plenty of room for everyone. Including a secondary bedroom and full bath on the ground floor, perfect for guests! Outside, the backyard oasis features a sparkling pool and low-maintenance artificial turf, ideal for relaxation and entertaining. The property also boasts solar panels, making it both eco-friendly and cost-efficient. Backing up to a serene wash and with only one neighboring house, this home offers exceptional privacy. paved covered patio or hangout on the grass lawn before cooling off in the large pool that includes a basketball hoop for lots fun! This home also includes leased solar. This property is also a short drive from plenty of restaurants, activities, grocery stores, shopping and golf courses. This property will go fast!

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