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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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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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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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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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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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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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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24040 N 172nd Avenue Surprise, AZ 85387

$624,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6731904

Property Type Single Family Residence

Price Type --

Experience luxury in The Pomona, located on a prime corner cul-de-sac lot with stunning mountain views. This home features a guest suite, a three-car garage, and a gourmet kitchen featuring Quartz countertops -end appliances. Enjoy 10-foot ceilings, a deluxe primary bathroom with a massive super shower, 3 car garage, paver driveway, and 16-foot multi-slide doors that open to an oversized 9,500 sq ft lot.

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23997 N 172nd Avenue Surprise, AZ 85387

$624,995

3 Beds

2.5 Baths

2,734 SqFt

Status Active

MLS # 6732038

Property Type Single Family Residence

Price Type --

Welcome to Estates at Asante, a beautiful community with surrounding views to enjoy! This community offers single story homes with floor plans you will love, like our beautiful Julia plan! This home sits on an oversized, cul de sac, corner lot with mountain views. Once you walk inside the Julia, the extended entry leads to an expansive gourmet kitchen with an extended Quartz center island and 42'' cabinets; a large Butlers Pantry with a wetbar, breakfast nook and great room with a 15ft center meet slider, for indoor and outdoor entertaining. In addition, there is a formal dining room with adjacent covered courtyard off to the side of the home accessible by the center meet doors! This home is set up with 3 bedrooms, 2 and half bathrooms, 3 car garage with additional storage. Welcome to the home of your dreams!

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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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