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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3318 N Brighton -- Mesa, AZ 85207

$665,000

3 Beds

2.5 Baths

2,150 SqFt

Status Active

MLS # 6704321

Property Type Single Family Residence

Price Type --

This is the one! Discover is a delightful complete remodeled home, 3-bedroom, 2.5-bath residence featuring a 2-car garage and a charming desert landscape. The living/dining room boasts soaring ceilings, a soothing palette, and elegant wood flooring. The inviting family room includes a cozy fireplace, a dry bar, and sliding doors leading to the backyard. The kitchen offers a breakfast nook, white shaker cabinets, recessed lighting, a stylish tile backsplash, new appliances, a pantry, and a peninsula with a breakfast bar. The loft adds a flexible space for various uses. The main bedroom provides balcony access, a walk-in closet, and an ensuite with dual sinks. Enjoy sipping on your favorite drink on the balcony with breathtaking mountain views. The backyard showcases a covered patio, pavers, a view fence, and a refreshing pool. Make this gem yours!

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8826 E Kael Street Mesa, AZ 85207

$665,000

3 Beds

2 Baths

1,842 SqFt

Status Active

MLS # 6736264

Property Type Townhouse

Price Type --

Don't miss your chance to experience turn-key resort living in award winning Mountain Bridge. Situated on a corner lot w/ fabulous views of the Superstition Mts, this popular Model 3 Villa features a split floorplan w/ upgrades & designer touches throughout. Entertainers will love the large kitchen with 42in cabinets & SS appliances. Make sure to check out the closet built-ins to maximize space & the new custom cabinets in the MB for added storage. The highlight of the home is the Blandford ''Disappearing Wall of Glass'' showcasing your incredible views. Want privacy? No problem. Custom shades descend w/ the touch of a button. As part of the Bella Via enclave you'll also have access to your own private fitness area and pool in addition to the main community amenities.

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3145 W Sandra Terrace Phoenix, AZ 85053

$665,000

4 Beds

3 Baths

3,601 SqFt

Status Active

MLS # 6736381

Property Type Single Family Residence

Price Type --

Discover the perfect home in a super convenient location! This beautifully maintained residence offers 4 spacious bedrooms, a huge den, and 3 bathrooms. Enjoy 3 expansive living rooms, one with a cozy fireplace, and a grand great room, ideal for family gatherings and entertaining. The heart of the home is the spacious island kitchen, perfect for meal prep and family time. Step outside to a huge backyard, ideal for children, gardening, or hosting get-togethers. Plus, enjoy the convenience of a 3-car garage. With 3,601 sqft of living space, this home provides ample room for everyone. Don't miss the opportunity to make this incredible home yours.

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6565 E Thomas Road Unit 1033 Scottsdale, AZ 85251

$665,000

3 Beds

2 Baths

1,569 SqFt

Status Active

MLS # 6751077

Property Type Townhouse

Price Type --

Ultimate Resort Style Loft Living meets the Best of Old Town Scottsdale Amenities. Centrally Located Poolside Upgrade with the Most Spectacular Resort Views of Greenery, Mature Palm Trees and Crystal Blue Pool/Spa Galore. Open Contemporary Concept with Wide Plank Pre-Engineered Wood Floors, Splendid Master Split, Storage, RO Drinking Water System plus a Whole Loft Style Water Softener, Upgraded Master Closet, Upgraded Thicker Glass and Glass Door for Both Bathrooms, Added Attic Insulation, Refrigerator, Whole Entire Condo and Garage Just Painted, and Nest A/C Thermostat. This Urban Community is Completely Dog Friendly, Gated, Grills to Cook with Space to Entertain your Guest, Multiple Pools, and Paths to Walk to Town. Come Check Out This Show Stopper with the Ease of Easy Living!

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3128 E Cheryl Drive Phoenix, AZ 85028

$665,000

4 Beds

3 Baths

2,195 SqFt

Status Active

MLS # 6734743

Property Type Townhouse

Price Type --

Built in 2019, lock & leave, ready to move in, Mountain views & a convenient location to so much, what more could you ask for? Artisan Duette is a TH community (which lives & feels like single family homes because of the construction) of 22 homes that are tucked away in the Phoenix Mountain Preserve neighborhood. This fabulous home features 4 bedroom (plus loft), 3 bathrooms & 2 car garage. One bedroom/bath downstairs. Light & bright w/ 9' & 10' ceilings, 5'' baseboards, smooth textured walls, modern lighting etc... are just some of the upgrades. A chefs kitchen w/ tons of storage, SS appliances, pull out drawers in pantry, quartz counters & spacious island opening to the living areas. 10' sliding doors open to low maintenance covered patio & yard w/ private gate to common area. auto services & shopping are within walking distance. PV Mall Reimagined, Trader Joes, Costco etc... are nearby. You will want to live here!!

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9829 E Adam Trail Hereford, AZ 85615

$665,000

5 Beds

3 Baths

2,935 SqFt

Status Active

MLS # 6671182

Property Type Single Family Residence

Price Type --

Beautiful 2935 sqft home + 3.5 car garage, 4 covered porches, 3 full baths, 5 bedrooms & 2 propane fireplaces.Home is on 24 acres (subdividable) + 8 additional,adjacent acres to form your 32-acre paradise.Peaceful, secluded, w/ abundance of mesquite trees. Many windows allow for a bright & airy feel w/ mountain views.Great climate known for blue skies, sunsets & star-filled nights. Located in the 3 Canyons community: offers security, low traffic & ensures only site-built homes.Great for long walks, bike & horseback riding. 3 horses per 8 acres allowed. Equestrian easement bordering property.2x6 fully sheathed ext. framing. 10ft ceilings in 5 bedrooms, halls and garage. Vaulted ceilings in main living areas. Master bath has a 6 foot jet-tub, steam bath/shower & built-in dressing table.

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1102 W Bethany Home Road Phoenix, AZ 85013

$665,000

3 Beds

2 Baths

1,851 SqFt

Status Active

MLS # 6720880

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION! Welcome to this stunning mid-century modern house, meticulously remodeled within the last five years to offer the pinnacle of contemporary comfort and style. In the historic neighborhood of Phoenix, close to freeways, shopping and downtown nightlife, this beautiful residence boasts three bedrooms and two bathrooms, each thoughtfully designed with quality finishes. Upon entering through the vintage front door, you're greeted by an airy and inviting interior. The spacious living areas feature a smart thermostat ensuring optimal comfort year-round. The elegant kitchen is a chef's dream, featuring quartz countertops, an oversized island, and a gas top stove, perfect for culinary creations and entertaining guests. The master bedroom is a retreat unto itself, complete with a luxurious ensuite bathroom featuring a bidet for added convenience. Throughout the house, you'll find touches of sophistication, from the tasteful lighting fixtures to the sleek cabinetry. Outside, the landscaping is both low-maintenance and aesthetically pleasing, with real grass in the front and back yards for your children and pets to enjoy, framed by brick pavers. A professional local artist was commissioned for the mural that graces the backyard, creating a serene backdrop for relaxation and outdoor gatherings within the privacy of the newly added fence. A unique highlight of this property is the sustainable shipping container converted into a spa and lounging area. This innovative addition provides a tranquil space to unwind and rejuvenate, adding to the allure of the oversized yard that offers ample space for recreation. Overall, this house seamlessly blends modern amenities with timeless charm, offering a sanctuary for those who appreciate both comfort and style in every detail of their home.

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20235 W Hollyhock Street Buckeye, AZ 85396

$664,995

4 Beds

3 Baths

2,890 SqFt

Status Active

MLS # 6698318

Property Type Single Family Residence

Price Type --

Designed for entertaining this ranch style Julia plan model home offers airy 10'' ceilings. Once inside an extended entry leads to an expansive gourmet kitchen with 42'' white cabinetry with brushed nickel cabinet pulls, quartz countertops, tile backsplash, GE Plus stainless-steel appliances with a chimney hood and 36'' gas cooktop, an extended island, a breakfast nook, and a great room that includes an additional flex space. French doors lead from the dining nook out to an extended patio that runs the length of the great room. Inside a Butler's pantry with wet bar leads to a large walk-in pantry and a formal dining room leads to an adjacent covered courtyard off to the side of the home. This home offers two bedrooms that share a jack and jill bathroom, both with walk-in closets. A fourth bedroom and third bathroom complete the home. The primary bedroom includes a private bath with walk-in closet, dual vanities and a tile shower. In addition, this home has 12x 24 tile in all bathrooms, upgraded carpet in the bedrooms only and wood laminate flooring in the remaining areas of the home. This home also includes two-tone paint, ceiling fan prewires in all bedrooms, great room and covered patio, pendent lighting above the kitchen island, upgraded light fixtures in the dining room, nook and entry way, exterior coach lights and a paver driveway and walkway and front yard landscaping. A two car plus one car side turn garage is also included. This home is situated on a North facing 8760 square foot lot.

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25928 N 22nd Lane Phoenix, AZ 85085

New

$664,990

3 Beds

2.5 Baths

2,567 SqFt

Status Active

MLS # 6758375

Property Type Single Family Residence

Price Type --

Located across from Heirloom Park, this Alta floor plan offers stylish curb appeal with the Spanish Farmhouse elevation, pavers at the walkway and driveway, and front yard turf and desert landscaping package. The interior features 2567 square feet on 2 levels, 3 bedrooms 2.5 bathrooms, and 2 car garage. Open concept floorplan with 9-foot ceilings and 8-foot doors. The kitchen features quartz countertops, silver grey painted shaker style cabinets with matt black hardware, stainless steel gas 5-burner cooktop, under cabinet hood, wall oven and microwave and 5 cycle dishwasher. Primary with on-suite bathroom featuring modified shower with marble surround, matching shaker style cabinets, and walk-in closet. Spacious laundry room located upstairs near bedrooms. Split concept bedroom layout with 2 bedrooms and a full bath on the opposite side of the upstairs loft from the primary suite. 6x36 natural wood look tile and upgraded carpet and pad. Ceiling fan prewires in bedrooms and pendent light prewires with a separate switch over the island in the kitchen. There is also a 4-panel sliding glass door to the side yard and gas BBQ stub. Tree-lined streets, pedestrian-friendly sidewalks, and a 5,500 sf recreation center with resort-style pool and kiddie pool, shaded ramadas, parks, gathering areas, pickleball courts and basketball. Close to I-17, 101, and 303. Walking distance to restaurants, movies, entertainment, and shopping.

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22730 E Roundup Way Queen Creek, AZ 85142

$664,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6751475

Property Type Single Family Residence

Price Type --

This 2,623 sq ft single-story Jade plan features 4 bedrooms, 3.5 baths, and an expansive great room with a 4-panel sliding glass door. The kitchen is a chef's delight with a gourment kitchen, Hana Sky Quartz countertops, and white 42'' shaker cabinets. Enjoy modern finishes like wood plank tile floors in the living areas, upgraded carpet in bedrooms, and stylish mixed metal accents with black and gold touches. The primary bathroom features designer flooring and a tiled shower. The home also features 10' ceilings, 8' doors, a double gate, & a tankless water heater. Marquis at Mader offers a pool, spa, pickleball, bocce ball, basketball, playgrounds, and easy access to Frontier Family Park.

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42239 N Golden Trail San Tan Valley, AZ 85140

$664,990

5 Beds

3.5 Baths

2,744 SqFt

Status Active

MLS # 6714389

Property Type Single Family Residence

Price Type --

Discover beautiful Edgewood Estates in the Queen Creek Corridor. This elegant home with 5-bedroom, 3.5-baths, is meticulously crafted with our Classics interior ''Looks'' selections. Entertain effortlessly in the open great room and kitchen where stunning grey double stack cabinets harmonize with upgraded stainless steel Bosch appliances. A media room adds an extra area to relax or a home office. Embrace sustainability with solar prewire and an EV charger outlet makes this home certified as a Department of Energy ''Zero Energy Ready Home''. Make sure to see this this Quick move-in home soon!! ^^Up to 5% 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 restrictions apply.

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9951 S Centennial Road Apache Junction, AZ 85120

$664,990

4 Beds

3.5 Baths

3,344 SqFt

Status Active

MLS # 6750717

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 Casoria floor plan presents a sophisticated two-story layout featuring four bedrooms, an upstairs loft, and a versatile flex space perfect for an office, TV room, or study. Enhanced by professionally landscaped front yard, this home will be ready for occupancy in October or November. Ideally situated near community parks, grocery stores, and a variety of restaurants.

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