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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2132 Quail Court Page, AZ 86040

$625,000

4 Beds

4 Baths

2,358 SqFt

Status Active

MLS # 6699099

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This charming Santa Fe-style abode boasts 4 beds and 4 baths, perfect for your family's comfort. With a spacious two-story layout, every corner exudes warmth and character. Hard flooring throughout ensures easy maintenance, while granite countertops elevate the kitchen and bathrooms with timeless elegance. Embrace the Southwest vibes and make cherished memories in this inviting sanctuary.

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22915 E Estrella Road Queen Creek, AZ 85142

$625,000

3 Beds

2 Baths

1,814 SqFt

Status Active Under Contract

MLS # 6706234

Property Type Single Family Residence

Price Type --

Excellent opportunity in the highly sought after Queen Creek community of Spur Cross! This 3 bedroom, 2 bathroom almost 1,900 Sf. home offers a ton of extras, including a 45' RV garage! Spacious layout boasts neutral two-tone paint, as well as plank tile throughout the entire home. Lutron smart lighting, built in surround speakers in living room and patio, smart thermostat and LED lighting under cabinets in kitchen and much more! Kitchen offers white/grey calacatta gold quartz countertop with white cabinets and farmhouse pendant lights. Large kitchen island with breakfast bar overlooking great room - perfect for entertaining. Master bedroom offers walk-in closet, dual sinks and stone-tiled master shower with frameless doors. Beautiful backyard with heated pool, fake turf and gazebo!

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4284 E Erie Street Gilbert, AZ 85295

$625,000

4 Beds

4.5 Baths

3,168 SqFt

Status Active

MLS # 6732241

Property Type Single Family Residence

Price Type --

Gorgeous Mediterranean Style 3,168 Sq Ft Home. Built in 2017 in an Upscale Gilbert Community. Low Maintenance Lot Features Artificial Turf, Rock Landscape, & Pavers. The First Floor Features Spacious Open Living Space for a Game Room/Den with a Half Bath, Patio Access, and 2-Car Garage with Included Water Softener. The Mid-Level 2nd Floor Features Very Large Open Floor Plan with Spacious Living Room, Huge Gourmet Kitchen, Breakfast Bar, Dining Area with Double Patio Doors Opening to Large Balcony. The Mid-Level also has a Bedroom, Full Hall Bath & Laundry Room. The Top-Level 3rd Floor Features the Owner's Suite with Large Primary Bedroom, Spa Inspired Bathroom & Walk-In Closet. Top-Level Also has 2 Junior Suites with Private Bathrooms. Enjoy the Community Pool, Park & Basketball Court. Shop & Dine at Cooley Station, Verde and Upscale Santan Village.

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8270 N Hayden Road Unit 2037 Scottsdale, AZ 85258

$625,000

2 Beds

2 Baths

1,640 SqFt

Status Active Under Contract

MLS # 6697274

Property Type Townhouse

Price Type --

** SELLER OFFERING a $10,000 CONCESSION TO BUYER !! ** -- Location, location, LOCATION! This is a rare opportunity to own property in the heart of McCormick Ranch! This 2/2 unit is one of only a few that have a bonus LOFT & second balcony w/ peekaboo views of Marguerite Lake. Complete new interior paint & all new carpet. Light & bright w/ vaulted ceilings & a gas fireplace in the great room. Main covered patio is off main living area. The community is gated, quiet & pristine w/ endless walking trails & direct lake access. Beautiful community pool & spa as well. Best of all, you are just STEPS from two Mercados with some of Scottsdale's most popular restaurants & shopping. Also in an incredible school district! This unit has it all...Welcome Home!

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20329 E Mockingbird Drive Queen Creek, AZ 85142

$625,000

3 Beds

2.5 Baths

2,320 SqFt

Status Active Under Contract

MLS # 6718384

Property Type Single Family Residence

Price Type --

Welcome to your dream home in beautiful Queen Creek! This stunning SINGLE LEVEL home offers a perfect blend of comfort and style, featuring 3 spacious bedrooms, 2.5 bathrooms, and a versatile den, ideal for a home office. Step inside to discover an open floor plan with luxurious granite countertops, a gas cooktop, and a custom fireplace with an elegant mantle. The kitchen is a chef's delight, complete with ample cabinet space and MODERN appliances, ensuring all your culinary needs are met. The Jack and Jill bathroom provides convenient access between two of the bedrooms, making it perfect for families or guests. Additional STORAGE throughout the home ensures you have plenty of space for all your belongings. Outside, you'll find a backyard oasis with a sparkling POOL, mature trees, and LUSH plants, and low maintenance TURF, creating a serene retreat for relaxation and entertaining. The pergola offers a shaded area for outdoor dining or lounging, making it a perfect spot for enjoying Arizona's beautiful weather. This home is located in a vibrant community that boasts a pool, parks, and bocce ball courts, offering endless opportunities for recreation and socializing. You'll also appreciate the convenience of being close to all the new shopping and dining options in Queen Creek, making it easy to enjoy everything this growing area has to offer. Don't miss the chance to make this exceptional home your own. Schedule a showing today and experience the perfect combination of luxury, comfort, and convenience!

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5857 S Feliz -- Mesa, AZ 85212

$625,000

5 Beds

3 Baths

2,371 SqFt

Status Active

MLS # 6729988

Property Type Single Family Residence

Price Type --

Welcome to your new home in the highly sought after Cadence at Gateway community! This 5 bed/3 bath home built in 2022 has it all. The great room boasts tall ceilings and natural light with low maintenance wood-look tile and a gorgeous kitchen featuring contemporary cabinets and quartz countertops complete with modern finishes. Upgraded floorplan includes a full bath and bedroom on the first floor. Relax in your backyard oasis complete with an above ground spa, turf, and custom pergola. The second floor has four bedrooms including a spacious primary bedroom with a generous walk-in closet. The Cadence at Gateway community has amenities including resort style pools, state-of-the-art fitness center, playgrounds, and more. Don't miss your opportunity to call this move-in ready home yours!

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18387 W Verbena Drive Goodyear, AZ 85338

Open House

$625,000

3 Beds

2.5 Baths

2,713 SqFt

Status Active

MLS # 6673460

Property Type Single Family Residence

Price Type --

Welcome to this stunning 3-bedroom, 2.5-bath home, featuring an office space that could easily transform into a 4th bedroom. Upon arrival, you will be drawn to the beautiful mountain views around the house, and visible through the expansive glass slider in the great room. Step into your backyard oasis, where Arizona's outdoor charm unfolds with no neighbors to obstruct your view. This backyard haven is made for entertaining and outdoor enthusiasts, whether hosting weekend barbecues or unwinding by the inviting fire pit under the stars. The heart of this home, the entertainer's kitchen, boasts granite countertops, a chic backsplash, stainless steel appliances, and a convenient gas range. Each bedroom offers ample space for comfort and relaxation, while the tastefully updated (MORE) bathrooms exude a sense of cherished refinement. Nestled within the master-planned community of Estrella, residents gain access to an array of amenities. From tranquil lakes and extensive hiking and biking trails to two residents' centers, fitness facilities, dining options, shopping outlets, and numerous parks, this locale offers a lifestyle of convenience and leisure. Don't let this extraordinary opportunity slip away to own a piece of Arizona's paradise. Embrace the unparalleled comfort and luxury this home presents, and seize the chance to elevate your living experience.

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10425 S 47th Lane Laveen, AZ 85339

$624,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6699959

Property Type Single Family Residence

Price Type --

The Darius plan provides a sophisticated and accommodating single-story layout. In addition to a lavish primary suite boasting a generous walk-in closet and a private deluxe bath with oversized walk-in super shower, this dynamic home includes an impressive guest suite with a living room and wet bar—perfect for multi-generational living. You'll also enjoy a spacious great room with an adjacent covered patio and a well-appointed kitchen offering a center island and a walk-in pantry. a study, 2 additional bedrooms with Jack and Jill bathroom, A powder room and 3 car garage.

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10433 S 47th Lane Laveen, AZ 85339

$624,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6720330

Property Type Single Family Residence

Price Type --

Boasting an open layout ready-made for entertaining, the Pinecrest plan centers around an expansive great room with multi slide doors that open to a covered patio, a dining nook and an impressive gourmet kitchen boasting a convenient island, white shaker cabinets, quartz counters, black matte fixtures throughout, and a walk-in pantry. The elegant primary suite is adjacent, showcasing an immense walk-in closet and a private bath with deluxe walk-in shower. This home has 10' ceilings, luxury vinyl plank flooring, tiled baths, and carpeted bedrooms. Two additional bedrooms, a study, and convenient laundry room round out the plan.

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21849 E Saddle Court Queen Creek, AZ 85142

$624,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6730780

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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21856 E Saddle Court Queen Creek, AZ 85142

$624,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6730743

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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35231 N Danburite Court San Tan Valley, AZ 85144

$624,995

3 Beds

3.5 Baths

2,373 SqFt

Status Active

MLS # 6623955

Property Type Single Family Residence

Price Type --

Your dream home is waiting. Two-toned cabinets create a dramatic effect in the kitchen. The casual dining area and living room are adjacent to the kitchen and provide an intimate setting. The expansive flex room is conveniently placed off the foyer, providing plenty of space for entertaining. The home is loaded with extras, including a highly desirable casita. Experience the luxury you've always wanted!

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