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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4831 E Annette Drive Scottsdale, AZ 85254

$640,000

2 Beds

2 Baths

1,670 SqFt

Status Active

MLS # 6679110

Property Type Single Family Residence

Price Type --

The prestigious gated community of Belmont at Triple Crown. A one owner, light, and bright single level home with no steps. The Bold Forbes model was offered in a 2- and 3-bedroom floorplan. If desired, the flexible bonus room can be converted to an additional bedroom. Open kitchen with ample cabinetry. Large primary with dual sinks and walk-in closet. New roof (2022). New interior paint and carpet. LED lighting and plantation shutters throughout. Covered patio for dining and entertainment. Low maintenance landscaping. Garage with epoxy floors and additional storage. Community pool and spa, clubhouse kitchen, BBQ, and workout room. Close to top rated schools, Mayo, Kierland, Desert Ridge, Scottsdale Quarter, restaurants, shops, and entertainment. Easy access to the 101, 51 and PHX airport

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3424 E Wyatt Way Gilbert, AZ 85297

$640,000

5 Beds

2.5 Baths

3,094 SqFt

Status Active

MLS # 6731650

Property Type Single Family Residence

Price Type --

PRICE REDUCED!! HOME IN GILBERT'S DESIREABLE SAN TAN RANCH! 2 story, open concept floorplan with 5 Bedrooms +a huge Loft. Freshly painted interior with updated wood look tile throughout. The upgraded bright, white, eat in Kitchen has newer marble counters, stainless appliances with gas range & hood, farmhouse sink, island, custom tile backsplash, pantry & opens to spacious Great Room. Huge 1st level primary bedroom with separate door to backyard pool! Entertain guests in the Formal Dining Room. Upstairs find an enormous Loft & 4 very spacious Bedrooms with Hall Bath. Sparkling pool with water feature finishes off this great family home. Just needs a little more TLC & you will have an exceptional family home in a great Gilbert location for a value price!

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15413 W Alexandria Way Surprise, AZ 85379

$640,000

4 Beds

3 Baths

2,906 SqFt

Status Active

MLS # 6713660

Property Type Single Family Residence

Price Type --

A must see. This 4-bed, 3-bath home in Marley Park! Displaying a 2-car garage, manicured landscape, & a cozy front porch. Fabulous interior features tons of natural light, designer paint, & wood-look tile flooring w/carpet in bedrooms. Discover the welcoming living room, formal dining room, and an inviting family room that opens to the kitchen! SS appliances, granite counters, a walk-in pantry, mosaic tile backsplash, a breakfast bar, & staggered cabinetry w/crown Moulding make up the culinary space. Main bedroom has outdoor access and an ensuite with two vanities, separate tub/shower, & a walk-in closet. Laundry room w/sink & cabinetry. Side patio for a morning coffee! Enjoy the entertainer's backyard with a covered patio, pavers, firepit, hot tub, & a refreshing pool & owned solar.

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21386 E Kingbird Drive Queen Creek, AZ 85142

$640,000

5 Beds

3 Baths

2,654 SqFt

Status Active

MLS # 6699836

Property Type Single Family Residence

Price Type --

Looking for a new build but do not want to wait?? Nestled in the serene surroundings of Queen Creek, this property is a blend of modern luxury and comfort, set against the backdrop of spectacular mountain views. With no one behind to obstruct your view this home is a rare find. This exquisite home boasts five spacious bedrooms, and three bathrooms, with a generous interior space of 2648 sq. ft. The moment you step inside you will be greeted with an open floor plan blending living, dining and kitchen areas perfect for entertaining and family gatherings. The kitchen is a chefs dream featuring sleek grey shaker cabinets, Antique Bianco granite countertops, state of the art appliances, including Samsung Bespoke smart fridge. Lighting is upgraded with Pottery Barn fixtures. See more.. Premier primary bathroom with custom tile surround. This smart home comes equipped with the technology offering convivence at your fingertips. Exterior is just as amazing with real grass, sprinkler system, and inviting pavers in the back yard. This home has a full bedroom and bathroom downstairs as well. Community has a heated pool and park with playground right across the street. Home comes with upgraded Samsung Duo washer and dryer as well as a full clothes steamer in the laundry room.

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18410 W Pioneer Street Goodyear, AZ 85338

Open House

$640,000

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6753104

Property Type Single Family Residence

Price Type --

Come see this versatile property that offers an enclosed RV garage & a wonderful place to call home! In addition to 3 bedrooms, this great room floor plan also offers flex space that can be used as a game room, work out area or office. Enjoy spacious green parks, walking paths & a quiet neighborhood. This well-kept open floor plan is sure to please with it's upgraded kitchen featuring stylish cabinets, tiled backsplash, roomy kitchen island & Quartz countertops. The insulated garage is also enhanced w/ mini splits to cool your work space, has an overheight area, & an extended length for a variety of enclosed parking options as well as custom cabinets/storage rack. Other features include: extended paver driveway which leads to a concrete pad behind the utility gate, & back patio pavers! Bonus misc items: RV garage portion measurements are 40 ft in length and 14ft tall door with 16ft clear height, large walk-in tile shower in master, tiled 2nd bath shower, water softener, 2 year old water heater, whole house surge protector, wired fiber optics for improved efficiency and speed of telecommunications services/internet transmission, sun shades on sun bearing windows, custom tint on Arcadia doors and east facing windows. 

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5413 S Tatum Lane Gilbert, AZ 85298

Open House

$640,000

4 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6757753

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautifully designed home, offering a neutral color paint scheme that complements any decor. The kitchen is a chef's dream with a functional island, all stainless steel appliances and an accent backsplash adding a touch of elegance. The primary bedroom features a spacious walk-in closet, perfect for your wardrobe needs. The primary bathroom is a haven of comfort with double sinks. Outside, a covered patio awaits for your relaxation, leading into a fenced-in backyard providing privacy and space for outdoor activities. This home is a perfect blend of style and comfort waiting for you to make it yours.

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15418 W Big Sky Drive Surprise, AZ 85374

Open House

New

$640,000

2 Beds

2.5 Baths

2,318 SqFt

Status Active

MLS # 6760536

Property Type Single Family Residence

Price Type --

Welcome to the Adult Community of Sun City Grand! Discover an incredible single-level home, displaying a desert front yard and a 2-car garage. The immaculate interior features a spacious living/dining room, pre-wired surround sound, plantation shutters, tile flooring, a media niche, and a cozy fireplace. The kitchen is fully equipped with a gas cooktop, a wall oven, recessed lighting, solid surface counters, rich wood cabinetry, an island with a breakfast bar, and a breakfast room with a bay window. Don't miss the sizable den with built-in cabinets and a desk! Primary retreat has plush carpeting, a pristine ensuite, a walk-in closet, and outdoor access. Enjoy delightful BBQs in the peaceful backyard, showcasing a covered patio, seating area, and built-in BBQ. This gem will not disappoint!

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3357 E Derringer Way Gilbert, AZ 85297

Open House

$640,000

4 Beds

2.5 Baths

2,834 SqFt

Status Active

MLS # 6731094

Property Type Single Family Residence

Price Type --

A giant price reduction, on a one of a kind floor plan that feels like 3,500 sq. ft. An upstairs game room that's large enough for ping pong or billiards, a walk-in pantry that's big enough to get lost in, every bedroom has a walk in closet, the pool and a back yard are designed to host all your friends and family. Seller's change of plans means that sound you hear, is opportunity knocking. Do you want a lower interest rate? Let's talk about how the seller can make that happen for you. You'll love the gleaming floors (installed in 2024), newly painted rooms, plantation shutters, &/ a large back patio. All this plus an impeccable eat-in kitchen, great room, and a formal living room. Spend relaxing afternoons along w/your loved ones in the wonderful backyard, featuring a covered patio, a cozy firepit, & a sparkling blue pool! This value won't disappoint!

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10640 E Michigan Avenue Sun Lakes, AZ 85248

$639,999

2 Beds

2 Baths

1,833 SqFt

Status Active Under Contract

MLS # 6745443

Property Type Single Family Residence

Price Type --

Take pride in residing in this unique haven nestled in the gated Adult Community of Sun Lakes! Starting w/ a 2-car garage, paver driveway, & a gated courtyard. Fabulous interior boasts wood-look tile flooring, vaulted ceilings, upscale ceiling fans, & skylights that bathe the space in natural light. Desirable open floor plan is designed for entertaining! SS appliances, plenty of cabinets w/crown moulding, a prep island w/a breakfast bar, tile backsplash, & a bay window in the breakfast nook complete this spotless kitchen. Main retreat offers outdoor access, an ensuite w/dual sinks, designer tile shower, & a walk-in closet. The secondary bedroom & the dedicated den have plantation shutters. Serene backyard, w/ its covered patio & stunning lake views, is the perfect spot for get-togethers.

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16022 S 11th Place Phoenix, AZ 85048

$639,999

2 Beds

2.5 Baths

1,558 SqFt

Status Active

MLS # 6753651

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Ahwatukee, where luxury meets tranquility! This beautifully updated residence boasts a complete renovation with modern finishes and meticulous attention to detail. Step inside to discover a fresh, contemporary vibe enhanced by brand new tile flooring and plush carpet throughout. The heart of the home, the kitchen, has been transformed with sleek modern shaker cabinets, elegant quartz countertops, and state-of-the-art stainless steel appliances, including a coveted wine fridge. Every detail, from the new electrical fixtures to the stylish new doors and paint, reflects quality craftsmanship and a commitment to comfort. The best part...the backyard opens directly onto a serene lake, offering breathtaking water views and a peaceful retreat at your doorstep. Additional updates include a brand-new roof, ensuring peace of mind and durability for years to come. Don't miss this rare opportunity to own a stunning, move-in-ready home with an unbeatable lakeside location.

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22237 E Desert Hills Court Queen Creek, AZ 85142

$639,998

5 Beds

3.5 Baths

3,549 SqFt

Status Active

MLS # 6704971

Property Type Single Family Residence

Price Type --

5 BED 3.5 BATH in the HEART of QUEEN CREEK! Minutes from shopping, parks, schools AND THE NEW AQUATIC CENTER! This beauty offers over 3500 square feet of fabulous downstairs living space with primary & 2 additional bedrooms, laundry room, den and open living and kitchen area accented by custom stone walls, espresso cabinets and beautiful granite countertops. Upstairs expands the entertaining options with an open loft and separate bar / game area, 2 additional bedrooms and full bathroom. Possibilities are endless in this well maintained home with manicured backyard including new 8 person hot tub, pergola and fire pit. Located on a cul de sac lot, this home will not disappoint!

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20254 W Hollyhock Street Buckeye, AZ 85396

$639,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6718219

Property Type Single Family Residence

Price Type --

Welcome Home to the Estates at Arroyo Seco, our newest Buckeye Community. This Deacon floorplan includes an attached RV garage, plus a tandem two car garage, a 220 V 50AMP, pre-plumb for utility sink, soft water loop, garage service door and an RV cleanout. Inside a well-appointed gourmet kitchen with 42'' upper white cabinets, brushed nickel cabinet pulls, quartz countertops, tile backsplash and GE Plus Stainless-steel appliances with a chimney hood and 36'' gas cooktop, also includes a walk-in pantry and is flanked by a great room and a dining room with center meet sliding doors leading out to a covered patio. You'll also appreciate the versatile flex-room, two secondary bedrooms with shared access to a full bath with dual vanities, and a primary suite with a private bathroom featuring a deluxe tiled shower with rain shower, dual vanities and ample walk-in closet space. A mudroom and walk-in laundry room round out the interior of the home. This home also includes two-tone paint, 9 x 35 tile flooring throughout and carpet in the bedrooms only. Ceiling fan prewires at all bedrooms, great room, flex room and covered patio; a gas stub at the patio; pre-plumb for a sink at the laundry room; pendant lighting at the kitchen island; exterior coach lights; paver driveway and walkway and front yard landscaping complete the home. This home is situated on an 8760 square foot South facing lot with a double side gate.

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