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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3516 N 103rd Avenue Avondale, AZ 85392

$655,956

4 Beds

2.5 Baths

3,456 SqFt

Status Active

MLS # 6639394

Property Type Single Family Residence

Price Type --

MLS#6639394 Ready Now! Welcome to the innovative 45-5 plan at Parkside Almeria, showcasing a sophisticated and functional design. This striking floor plan boasts 4 bedrooms, 2 full bathrooms, and 1 half bathroom. The 3-car split garage ensures convenience and abundant storage. At the core is the open kitchen, equipped with a GE Cafe gourmet cooktop, 42'' upper cabinets, and exquisite quartz countertops. Experience a blend of modern aesthetics and expansive living in this meticulously designed residence that harmonizes comfort and style. Step into a home that surpasses expectations, setting the standard for contemporary living. Structural options include: garage service door, soft water loop, two tone paint, gas line for future outdoor kitchen and soft water loop. great amenity area with community pool, Basketball court, pickle ball courts, playground and ramada. Fun for everyone!

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27210 N 74th Lane Peoria, AZ 85383

$655,335

3 Beds

2.5 Baths

2,051 SqFt

Status Active

MLS # 6734117

Property Type Single Family Residence

Price Type --

Prime 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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4730 S Emery -- Mesa, AZ 85212

$655,000

5 Beds

4 Baths

3,937 SqFt

Status Active

MLS # 6670989

Property Type Single Family Residence

Price Type --

*New List Price* This 5-bedroom 4 bath home that is priced to sell today. The main floor boasts both family and living rooms, an eat in kitchen with large island and walk in pantry. An oversized bedroom and a full bath are conveniently located on this main floor. There is a separate garage next to this room making a private entrance for the new homeowner. There is a large loft area upstairs which provides limitless possibilities. The over-sized primary suite is perfect for a stay-at-home vaca including a remodeled bathroom and sitting area. Don't miss the huge walk-in closet. The backyard is secluded and has mature trees that offer shade and lots of room to play or just relax.

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19930 W Virginia Avenue Buckeye, AZ 85396

$655,000

4 Beds

2.5 Baths

2,571 SqFt

Status Active

MLS # 6692605

Property Type Single Family Residence

Price Type --

5K towards buying down your rate! Come see this well-built custom home located on one full acre! CLEAN and well-cared for, with an open great room area as well as a private living room. Enjoy a large back patio, great for entertaining and positioned for cooler shade when you need it most. This spacious yard has trees and landscaping (all on an automatic watering system) with lots of room leftover to make it your own. Large 3 car garage, ample driveway/parking areas, 2 rv gates, and outbuilding/shop. Mature Citrus trees, Oranges, Grapefruit and Lemons. Large master suite with spacious closet and bathroom. The 4th bedroom may be used as an office etc as it has it's own separate entrance onto the back patio. Vacant & move-in ready!!!

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3161 S 183rd Drive Goodyear, AZ 85338

$655,000

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6706885

Property Type Single Family Residence

Price Type --

Discover your dream home in the desirable Las Brisas community of Goodyear, AZ! This elegant 3-bedroom, 2.5-bathroom residence features a versatile flex room/office and an upgraded RV garage with A/C mini splits and epoxy flooring. Boasting 2,390 sqft of living space on a sprawling 12,765 sqft corner lot, this property offers breathtaking views of the Estrella Mountains. Step inside to find a beautifully upgraded gourmet kitchen, complete with 42-inch upper cabinets, quartz countertops, and top-of-the-line appliances. The open-concept layout is enhanced by upgraded flooring and warm interior colors, creating an inviting atmosphere throughout. The living area is perfect for entertaining, with a multi-slide door that opens to a spacious back patio showcasing gorgeous views. The primary suite is a private retreat, featuring a deluxe walk-in shower and ample space. Enjoy added security and style with a main entrance security door and pavers. The upgraded ceiling fans throughout the home add to the comfort and elegance. Outside, the huge backyard is a blank canvas ready for your personal touchideal for family gatherings, outdoor cooking, or additional landscaping. The RV gates provide easy access and convenience for your recreational vehicles. Don't miss the opportunity to own this exceptional home with stunning mountain views and endless potential. Schedule a showing today and experience the luxury and charm of Las Brisas living!

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11785 N 143rd Drive Surprise, AZ 85379

$655,000

4 Beds

3.5 Baths

4,500 SqFt

Status Active

MLS # 6712003

Property Type Single Family Residence

Price Type --

MOUNTAIN GATE 2 Story w/ POOL IN PRIME LOCATION!! One of the largest homes in the exclusive gated community of Mountain Gate. Offering appx. 4,500 sq.ft. this is a great opportunity to purchase a 4 bed + 3.5 bath + 3 flex room home. Upon entering you are greeted with a spacious formal living room with electric fireplace & shiplap style accent wall. Across the entry way you find flex room 1 w/ wet bar area enclosed with French doors. The kitchen overlooks the family room & includes a gas stove w/ double ovens, an island w/ bar seating, and granite countertops. There is an additional built-in oven and microwave! The family room is a great gathering place w/ a gas fireplace & large barn door to separate it from flex room 2. NEW downstairs HVAC system recently installed! (10k value) Upstairs you find the owner's suite w/fireplace and spacious bathroom, additional bedrooms (3), bathrooms (2), and a LARGE loft (flex 3). The owner's suite bathroom has a his & hers sink area, jetted soaking tub, walk-in shower, separate toilet room, & large walk-in closet. Additionally, you will notice upgrades including plantation shutters throughout and arched doorways!! Downstairs laundry which has additional cabinets, countertop space for folding, and can accommodate a second refrigerator. The backyard is spacious with a large 5 ft. deep pool with steps. There is a built-in kitchen with grill perfect for cooking outdoors. The covered patio is complete with outdoor fireplace and sitting area. Part of the yard has grass which could be reseeded or could be a blank canvas for whatever you want to add! Owners will enjoy their peach and lemon trees! Storage shed on side yard will stay. This location couldn't be any better as it sits minutes from schools, shopping, fine dining, and more! The Villages at Prasada are minutes away, including favorite stores like Costco, Home Goods, Sprouts, and soon to be built Target.

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25260 S Cloverland Drive Sun Lakes, AZ 85248

$655,000

3 Beds

3 Baths

2,283 SqFt

Status Active

MLS # 6713354

Property Type Single Family Residence

Price Type --

Location, Location, Location...Popular customized Barcelona model with casita and 2.5 car garage on the finger lakes in the special active adult community of Palo Verde in Sun Lakes. Quaint gated courtyard, perfect for morning coffee. Open great room concept with enormous windows and slider looking over the serene water views. Kitchen has granite counters, pantry and ample cabinet space. Spacious master suite with sitting area and fireplace, sliders to patio, tub, walk-in shower and giant master closet with skylight. Spare bedroom with vaulted ceilings. Casita with full bathroom and walk-in closet. This one is all about the lake setting, and they don't come available often! Start enjoying gated Palo Verde with golf, tennis, pickleball, fitness center, walking paths and great restaurants.

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11050 E Ravenna Avenue Mesa, AZ 85212

$655,000

5 Beds

4 Baths

3,758 SqFt

Status Active

MLS # 6733261

Property Type Single Family Residence

Price Type --

Fabulous, move-in ready home, lovingly cared for by original owner. Enter the large mosaic foyer with its 27' ceiling, gaze upon the beautiful curved wrought iron staircase ascending to the large loft. Master suite is split from the OTHER 3 second level bedrooms and boasts a tranquil sitting room and huge master bath. Master bath reveals double sink vanities, large walk-in closet, soaking tub, private toilet room and a ''rain glass'' shower; all tiled and meticulously maintained. An en suite bedroom is one of the 3 other second level bedrooms. The first floor level has a full bedroom and bath, great for guests! Living room and dining room are open and spacious with great access to the large eat-in kitchen. Continue reading for more features.... Upgraded cabinets, travertine tile backsplash, granite counters, prep island/breakfast bar, SS appliances and a walk-in pantry. Family room is large and has a gas fireplace. Home is wired for speakers. Beautiful mature landscape front and back, with upgraded irrigation and new timer. The backyard has view fencing and backs to a protected desert wash and NO neighbors! You won't find a better value. Priced below comps!

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23871 N 167th Lane Surprise, AZ 85387

$655,000

4 Beds

3 Baths

2,646 SqFt

Status Active

MLS # 6733618

Property Type Single Family Residence

Price Type --

Nestled in a serene Asante neighborhood, this stunning home features 10-foot ceilings that enhance its grandeur. The eat-in kitchen, a chef's dream, boasts exquisite cabinets and quartz countertops, combining elegance with functionality. The split and open floor plan ensures privacy and a seamless flow between living spaces, perfect for entertaining and daily living. The charming casita, separate from the main house, includes a private entrance, full bathroom, fully-equipped kitchen, private garage access, laundry facilities, and a private patio, ideal for guests or extended family. Favorable solar lease terms keep energy bills low. This home is a true sanctuary of comfort and style.

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3680 S Ashley Place Chandler, AZ 85286

$655,000

4 Beds

2.5 Baths

2,767 SqFt

Status Active

MLS # 6750079

Property Type Single Family Residence

Price Type --

Enter into a realm of charm and style with this incredible 4-bed, 2.5-bath home in Markwood Community! A 3-car garage, RV gate, and mature landscape are worth mentioning. Perfectly flowing living & dining room offers soaring ceilings, bountiful natural light, and wood-look tile flooring in all the right places. Large great room has pre-wired surround sound, which is awesome for entertaining & everyday living. Well-appointed kitchen boasts abundant cabinets with crown moulding, granite counters, a two-tier island with a breakfast bar, SS appliances, a pantry, a ceiling pot rack, and a breakfast nook. Head to the main retreat, complete with outdoor access, an ensuite with dual sinks, make-up desk, enclosed glass shower, and a walk-in closet. Convenient loft is ideal for a recreation area! Stunning backyard is a true gem, showcasing a covered patio with ceiling fans, pergola, fire pit, built-in BBQ, and an impressive pool with rock waterfall. This amazing abode has it all!

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13369 E Kings Deer Road Parks, AZ 86018

$655,000

3 Beds

2 Baths

1,710 SqFt

Status Active

MLS # 6752465

Property Type Single Family Residence

Price Type --

This beautiful, custom, owner build, situated perfectly in the heart of Parks surrounded by tall Ponderosa Pines, is the mountain home you have been dreaming of! The front, sweeping, covered deck welcomes you in. Step inside and you will find tall ceilings, an abundance of natural light that gives you a bright and open floor plan. The kitchen features an oversized built in refrigerator, built in double oven with custom cabinets and a propane range stove. The spacious island at the center of the kitchen gives ample, additional counter space and room to gather around. The kitchen also features an eat-in space with room for your dinning table. Move over to the living room and cozy up by the beautiful fireplace on those winter evenings! The copious primary bedroom features an en-suite bathroom with dual sinks and a relaxing, custom built shower. Two, oversized additional bedrooms on the opposite side of the house give you all the privacy you could need. Large guest bathroom with a shower/tub combo. Separate laundry room that offers space for washing, drying and folding tucked away from the rest of the house. Oversized two car garage is attached to the house for ease of access during the mountain elements. The backyard has an additional covered deck to take in the beautiful country life Parks has to offer. The high producing well makes water access something you don't have to worry about! With county maintained roads and just minutes to the quaint Parks store, 15 miles to the town of Williams and 19 miles to Flagstaff, Parks is situated in the middle of it all! If you are dreaming of country life with easy access to the surrounding cities, come see what Parks Arizona has to offer!

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3453 E Milky Way Gilbert, AZ 85295

$655,000

5 Beds

2.5 Baths

2,708 SqFt

Status Active

MLS # 6753788

Property Type Single Family Residence

Price Type --

Beautiful 5-Bedroom Home with Modern Upgrades & Stunning Outdoor Space! Welcome to this spacious 5-bedroom, 3 bathroom home, packed with thoughtful upgrades that combine style, comfort, and functionality. Step inside to enjoy the comfort of a new A/C system and energy-saving certified window screens throughout the home. The centerpiece of the kitchen is an impressive large functional island with built-in refrigerators, complemented by a deep sink, and a water conditioner system, making it the perfect space for cooking and entertaining. The home also features custom room-darkening blinds for added privacy, and has been recently refreshed with new exterior paint. This well-kept property is move-in ready, providing you with comfort and peace of mind. Don't miss the opportunity to make this elegant and practical home yours!

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