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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12446 W Via Caballo Blanco -- Peoria, AZ 85383

$662,000

4 Beds

3 Baths

2,375 SqFt

Status Active

MLS # 6750137

Property Type Single Family Residence

Price Type --

BETTER THAN NEW! Beautiful 4 bedrooms, 3 bathrooms + a bonus/flex room! Professionally landscaped & lighted, artificial turf, gas fire pit, Over $30,000 spent on professional landscaping! Overhead storage in 3 car tandem garage with WI-FI opener, tankless water heater, 5 BURNER GAS STOVE,, 48'' cabinets, pantry, Quartz, hanging pendant lights, high 10' ceilings, extra tall 8' panel doors, ceiling fans, dual pane, sunscreens, smart thermostats, LED's t/o, Ring*, custom security screen door, keyless Wi-Fi door lock. Split floorplan, Primary bath boasts large shower & 2 walk-in closets, double vanities. Whole-house fire sprinklers, rain gutters, Awesome location next to greeenbelt. APS is $127/month on equalizer plan. Easy commute to TMSC plant and a short drive to the new Fry's

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25985 W Tonopah Drive Buckeye, AZ 85396

$662,000

5 Beds

4 Baths

4,067 SqFt

Status Active

MLS # 6755613

Property Type Single Family Residence

Price Type --

Welcome to this stunning, massive home located in the desirable Festival Foothills community! Boasting over 4,000 sq. ft., this spacious property features 5 bedrooms and 4 full bathrooms, including 2 luxurious master suites and a convenient downstairs bedroom and full bath—perfect for guests or multi-generational living. The large, entertainer's kitchen is ideal for hosting, with ample space and two pantries, including a walk-in. Enjoy a variety of living spaces with a formal sitting room, living room, and an upstairs loft, offering plenty of room for relaxation or activities. Step outside to your own private oasis, complete with a beautiful pool and spa, highlighted by a rock waterfall slide. The home also features owned solar panels—no payments required—adding incredible energy efficiency! Also includes new hot water heater and water softener system. With no carpet downstairs, ample functional storage throughout, and a 3-car garage, this home is both elegant and practical. Don't miss out on this extraordinary home, it won't last long!

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18373 W Devonshire Avenue Goodyear, AZ 85395

Open House

$662,000

3 Beds

2.5 Baths

2,322 SqFt

Status Active

MLS # 6747749

Property Type Single Family Residence

Price Type --

Welcome to your beautiful new home located in the truly desirable and highly sought after community of Sedella in the rapidly growing city of Goodyear Arizona. Pulling up to this incredible home, you will be immediately greeted by the flawless curb appeal boasting a fully pavered driveway entering into two separate garages - one two car and another separate one car garage - both with epoxy flooring. Walking through the front door you'll be greeted by this one of a kind floor plan. Introducing the Broadmoor model! This 3 bedroom, 2 ½ bath, 2,322sq/ft expansive model literally has everything you have ever dreamed of!! Featuring a large extended modern kitchen with quartz countertops, an oversized waterfall edge island, new dishwasher, new faucet, new garbage disposal, gas range with stainless steel hood, built in double ovens, built in microwave, French door refrigerator(INCLUDED), and more cabinetry than you can possibly imagine, storage will never be an issue again! Touring through the rest of the home you will be overwhelmed with luxury and upgrades including but not limited to 12' ceilings in all living areas, 8' doors throughout, wood slat blinds throughout, energy efficient low E KIitchen windows, Shiplap wall in living room, high end fans & fixtures, new carpet, and custom built in closets throughout every room in the home! As you walk through either your living room or master bedroom pocket sliding glass doors, you will be astounded by an extended covered patio with a custom stone wall gas fireplace, HUGE grassy area surrounded by Indian Ficus for extra added privacy. This is indoor-outdoor living at its very best! Did we mention that your new home also comes with a separate Pavillion detached from the covered patio. The Pavilion is fully equipped with electric, shelving, built in bar, new bar fridge, and pavers.This is literally an entertainer's dream! Owners even strategically placed foliage at every window to create a private oasis. If you stayed with me this long, we might as well lay out a few extra upgrades that may not be as sexy but still necessary when picking the perfect home and this is THE PERFECT HOME! Owners recently added a new A/C compressor, new washer and dryer(INCLUDED!), new exchange tank water heater, new irrigation lines, new turf side yard which is perfect for pets or children's play area, new grout patio, new bar tile & stucco work, tile & grout cleaned throughout home, and a new shower head in master bath. Many furnishings may be included on a separate bill of sale! Homes like this go FAST!!!! Buyer to verify all facts and figures listed in MLS.

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33309 N Maverick Mountain Trail San Tan Valley, AZ 85144

$661,755

4 Beds

3 Baths

2,837 SqFt

Status Active

MLS # 6713882

Property Type Single Family Residence

Price Type --

Beautiful new single-story home in Sentinel at Oro Ridge. Featuring 4 bedrooms, 3 bathrooms, and an attached 3 car garage, this luxurious home is loaded with designer selections. The Executive Kitchen has a Banco diamond sink, backsplash, and a 12' multi panel sliding glass door. Highlights throughout the home include Sonoma painted harbor cabinets with 42'' uppers, quartz countertops, wood look tile, and upgraded carpets. 12' ceilings can be found in the great room. There is also a separate tub/shower with an enlarged tub. The attached 3 car garage features a garage service door. In the back yard there is a gas line installed to the patio for a future BBQ and pavers at the driveway and front porch in the front yard. Enjoy walking and biking paths, a playground, and more!

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3131 N Central Avenue Unit 4015 Phoenix, AZ 85012

Open House

$661,517

2 Beds

2 Baths

1,363 SqFt

Status Active

MLS # 6576911

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. Enjoy the views over the pool and exterior common areas from the interior of this condo. 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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19781 S 231st Way Queen Creek, AZ 85142

$661,003

3 Beds

3 Baths

2,290 SqFt

Status Active

MLS # 6583849

Property Type Single Family Residence

Price Type --

READY FOR MOVE IN!! 5 BEDROOM, 3 BATH 10 'CEILINGS, GOURMET KITCHEN LAYOUT, UPGRADED CABINETS, QUARTZ KITCHEN TOPS, TILE FLOORING, 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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2983 E Cherry Hill Drive Gilbert, AZ 85298

$660,990

4 Beds

2 Baths

2,128 SqFt

Status Active

MLS # 6747433

Property Type Single Family Residence

Price Type --

BRAND NEW KB HOME! This beautiful single-story home seamlessly combines functionality and comfort, featuring 9-ft. ceilings, a spacious great room and porcelain tile flooring spanning the entire home. The gourmet kitchen boasts a large center island, quartz countertops with pendant light prewiring, a stunning tile backsplash and stainless-steel appliances including a built-in KitchenAid® double wall oven and separate gas cooktop. The primary bath features a walk-in shower and separate 42-in. garden tub, a dual-sink vanity, and an enclosed water closet. Additional features of this home include a tankless water heater, soft water loop, ceiling fan prewiring in the great room and bedrooms, and a gas stub in the back yard for a future BBQ.

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5709 S Dante -- Mesa, AZ 85212

$660,986

3 Beds

2.5 Baths

2,290 SqFt

Status Active

MLS # 6745163

Property Type Single Family Residence

Price Type --

MLS#6745163 Ready Now! Discover the stunning Hillary Expedition Collection. This single-level home offers 2,290 square feet of well-designed living space, including 3 bedrooms, 2.5 baths, a private study, and a spacious 3-car garage. The heart of the home is its open-concept design, featuring a large gathering room, a chef-inspired island kitchen, and a welcoming dining area. Sliding glass doors seamlessly connect the living space to the extended covered back patio and finished backyard. The two secondary bedrooms share a convenient Jack &Jill bath, while a private study is thoughtfully positioned near the front entry.

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7445 W Quail Track Drive Peoria, AZ 85383

$660,755

3 Beds

2.5 Baths

2,051 SqFt

Status Active

MLS # 6734111

Property Type Single Family Residence

Price Type --

Corner lot, no back neighbor-ready to call home in October 2024. Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of similar spec home, options may vary-home is under construction**

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7450 W Quail Track Drive Peoria, AZ 85383

$660,600

4 Beds

3 Baths

2,084 SqFt

Status Active

MLS # 6755370

Property Type Single Family Residence

Price Type --

Corner lot, North/South, October completion! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Tamarron' floorplan features 4 full bedrooms with a study, 3 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of model home, options may vary-home is under construction*

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6231 E Kelton Lane Scottsdale, AZ 85254

$660,000

2 Beds

2.5 Baths

2,037 SqFt

Status Active

MLS # 6756144

Property Type Single Family Residence

Price Type --

Single level Open Floorplan in a Highly Desirable Neighborhood. This 2037 sq ft Patio Home offers Two Primary Bedrooms and an additional Den with half bath. Eat-in Kitchen, Formal Dining, and large Great Room with Fireplace, Wet Bar and access to a private patio with gated access to the expansive grassed common area. Second bedroom features en-suite bath. Recent remodel includes new energy efficient Windows, Window Coverings, All new Stainless Steel Appliances, Roof, Gutters, Water Softener, Reverse Osmosis, and complete remodel of guest suite bathroom. North South exposure. Quiet well manicured neighborhood with community pool and walking paths. Lots of storage.

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7668 E Pleasant Run -- Scottsdale, AZ 85258

New

$660,000

2 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6758723

Property Type Single Family Residence

Price Type --

McCormick Ranch: Scottsdale's Premier Location! Located in the highly sought-after Pleasant Run subdivision, this turn-key home is ready for you—just bring your suitcase and laptop! Homes rarely come on the market in this area, and this one offers a spacious, open floor plan with NO INTERIOR STEPS. It features 2 bedrooms, 2 baths, a cozy fireplace in the living room, and a 2-car garage. The quiet, low-maintenance patio offers privacy with high walls, accessible from both the living room and the primary bedroom. The home is filled with natural light thanks to skylights throughout. All furniture is available with the home, making moving in a breeze! Enjoy the community amenities, including a pool, spa, tennis, and pickleball courts. The location is unbeatable: The garage has fresh epoxy floors. The Jacuzzi tub is sold AS IS. 20+ restaurants within walking distance Close to shopping, Diamondbacks spring training, resorts, casino, and nightlife 5 minutes from Loop 101 10 minutes to The Block, The Pavilions, Gainey Ranch, and The Entertainment District Bike to Tempe Town Lake or along the Discovery Trail (25 miles of scenic paths) Stroll around the beautiful lakes or golf at McCormick Ranch Golf Course. The possibilities are endless in this fantastic location!

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