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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3476 E Longhorn Drive Gilbert, AZ 85297

Open House

$624,000

3 Beds

2 Baths

2,164 SqFt

Status Active

MLS # 6674275

Property Type Single Family Residence

Price Type --

Welcome back to the market! $80K, nearly completely remodeled interior features brand new kitchen including cabinets, countertops, backsplash, sink, & LG ThinQ appliances. New bathrooms including vanities, toilets, tile, and showers. All new floors, doors, baseboards, and ceiling fans. Come see this stunning 3 bd plus den / 2 ba beauty with its open floor plan and turnkey appeal, ideally located in San Tan Ranch on a large, corner lot. Exterior features include pool w/ brand new 20-yr PebbleTec, newer backyard turf, low maintenance front yard (2023), covered patio, 2 car garage, RV gate & parking, plus owned & fully paid solar, whole house saltless water softener. HVAC (2021). exterior paint (2021), and complete roof underlayment (2023). So much to love about this new home - see you soon!

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13382 W Blackstone Lane Peoria, AZ 85383

$623,900

2 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6754736

Property Type Single Family Residence

Price Type --

BEAUTIFULLY upgraded VIBRANT shows Pride of Ownership is move-in ready for you! This lovely home w/NEUTRAL palette thru-out features w/WIDE PLANK tile flooring, split tilt PLANTATION shutters, WALL OF GLASS in Great Rm opens to the PROFESSIONALLY designed R/yard with built-in BBQ, gas FIREPIT, ext. PAVER patio & ARTIFICIAL turf! Gorgeous kitchen features HIGH-END cabinetry, GOURMET GE appliances: w/5 burner COOKTOP, built-in OVEN & SS/MONOGRAM hood. GRANITE c-tops & TILE b-splash complete the space. Primary suite/bath features SOLID core barn door w/full LENGTH mirror, dbl. vanities, UPGRADED shower w/DESIGNER tile, HEAVY glass door & SPACIOUS walk-in closet! Guest bath w/CHEVRON tile pattern, heavy GLASS door & Granite c-top. Spacious Den w/built-in cabinets for add'l storage needs. Laundry room includes upper cabinets & laundry tub. Garage features a 4 foot extension and add'l storage area large enough for golf cart, hobby space or sports equipment. Versatrack hanging wall storage. Additional home upgrades: Professionally landscaped front/year yard including paver walkway, wrought iron fencing in rear yard w/snake fencing, raised garden bed, French drains, PVC irrigation w/poly at hubs to plants, Meyer Lemon & Key Lime fruit tree. 4 large pots on drippers w/wall mounted trellis at front entryway. Owned water softener, great room pre-wired for surround sound including rear patio. Under-cabinet lighting kitchen cabinets, recycle center, custom pullouts, soft close drawers, GE French door refrigerator, LG front loader washer/dryer convey with home. TRILOGY AT VISTANCIA is a resort style 55+ active adult community in NW Peoria. Trilogy has 2 beautiful clubhouses, 2 heated outdoor pools, 1 heated indoor lap pool, 2 fitness centers, fitness classes, tennis courts, pickleball courts and bocce ball courts. Beautifully designed Gary Panks 18 hole Championship Golf Course including V's Taproom. Trilogy offers numerous fitness classes, hosted lifestyle events/trip and numerous clubs ie: STEM Club, History Club, Women's Club, Veteran's Club, Wine Club, Pickleball & Car Club just to name a few! ENJOY THE GOOD LIFE at TRILOGY VISTANCIA!

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26421 S 231st Way Queen Creek, AZ 85142

$623,819

4 Beds

3.5 Baths

2,696 SqFt

Status Active

MLS # 6673342

Property Type Single Family Residence

Price Type --

This is a brand new Quick Start Home under construction in Queen Creek, with a Desert Modern elevation. 4 bed, 3.5 bath, plus den. Stainless Steel Gourmet Whirlpool kitchen appliances include 36'' gas cooktop, stainless chimney hood, built-in microwave and oven, and dishwasher. White 42'' cabinets with upgraded wood-look tile and carpet. 12 ft center slide at great room, and tiled Owner's shower. Move in anticipated for Aug/Sept. Please ask about our generous financing incentives!

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4270 E Pony Track Lane San Tan Valley, AZ 85140

$623,500

4 Beds

2 Baths

2,166 SqFt

Status Active Under Contract

MLS # 6710505

Property Type Single Family Residence

Price Type --

This 4 bed, 2 bath plus a den, horse property has everything you've been looking for! Recently updated with white cabinets, granite counters, wood looking flooring in the main areas with carpet in the bedrooms. Vaulted ceilings with a wood back drop. Master Suite offers, dual sinks, large walk-in shower, and HUGE master closet. Extended 3 car garage with tons of storage. RV Gate with RV parking. Metal petina gates adds a nice touch to the country feel. Large horse turn out set up with cover. Extra Long covered patio. 1.25 acres with endless possibilities. Bring all your toys and four legged friends.

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5415 W Pontiac Drive Glendale, AZ 85308

$623,000

4 Beds

2.5 Baths

2,439 SqFt

Status Active

MLS # 6684020

Property Type Single Family Residence

Price Type --

Excellent LOCATION in Arrowhead Lakes. Million-dollar homes in the neighborhood. Close to shopping. Elegant 4 bedrooms with master suite on the first floor and lake/mountain views from the second floor.

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7453 E Almeria Road Scottsdale, AZ 85257

$623,000

3 Beds

2 Baths

1,498 SqFt

Status Active

MLS # 6738857

Property Type Single Family Residence

Price Type --

MUST SEE TODAY!!! Pride of ownership is shown in this fabulous turn-key residence nestled in Scottsdale! Discover an impressive interior showcasing tile flooring, a soothing palette throughout, plantation shutters, and recessed lighting. The spotless kitchen is ready for you to cook your favorite meals, offering white shaker cabinets, sleek granite counters, stainless steel appliances, and a center island complete with a convenient breakfast bar for casual dining. The master bedroom boasts a sliding-door closet and a private bathroom for added comfort. Host fun gatherings in the wonderful backyard, including a covered patio and a sparkling swimming pool! This is truly a turn key property, ready to go. Only a mile from old town Scottsdale!

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20105 W Pinchot Drive Buckeye, AZ 85396

$621,990

3 Beds

3 Baths

2,835 SqFt

Status Active

MLS # 6715566

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!! This single-level home is host to two secondary bedrooms situated off the foyer with a convenient game room in between them, ideal for younger family members. At the back of the home, a generous open floorplan is shared between the Great Room, kitchen and dining room, offering access to a covered patio. The owner's suite and a fourth bedroom can be found in a private wing off the living and dining space. Photos are renderings of a model home, not the actual home.

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22953 S 207th Place Queen Creek, AZ 85142

$621,860

4 Beds

3 Baths

2,309 SqFt

Status Active

MLS # 6740939

Property Type Single Family Residence

Price Type --

MLS#6740939 December Completion! The Cambridge at Ellsworth Ranch Landmark is a single-story floor plan offering 2,474 sq. ft. of living space with 4 bedrooms, 3 bathrooms, a 2-car garage, and an exercise/flex room. A welcoming porch greets you at the front of the house. Upon entering, the foyer leads you down a hallway with secondary bedrooms and 2 full bathrooms on one side and a laundry room on the other. Continuing straight, you'll arrive at the spacious, open kitchen, great room, and dining area—a space sure to capture your heart. Structural options include: garage service door.

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2452 W Rowel Road Phoenix, AZ 85085

Open House

$620,990

3 Beds

2.5 Baths

1,964 SqFt

Status Active

MLS # 6720359

Property Type Single Family Residence

Price Type --

Welcome to your NEW HOME at Aster in Union Park! This home offers 1,964 sq ft of living space with 3 bedrooms, 2.5 bathrooms, and a 2-car garage. The primary bedroom has dual walk-in closets and a private deck. The Design features are the Enhanced package of upgrades including stone gray cabinets, granite countertop, custom backsplash, large island, stainless steel gas range and tile flooring. HOA includes Union Park Amenities, front yard landscaping & maintenance along with concierge trash pickup. Union Park residents will enjoy the abundance of amenities that include, resort styled pool and lounge areas, a 5800 sq ft clubhouse, pickleball court, basketball court, 12parks, playgrounds and walking paths. Easy access to 3 freeways within 10 minutes and 21 minutes to Airport.

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1781 E Vico Bella Luna -- Oro Valley, AZ 85737

$620,900

3 Beds

3 Baths

1,993 SqFt

Status Active

MLS # 6706136

Property Type Townhouse

Price Type --

Owner/Agent. This beautiful 2 story home is nestled at the base of the Catalina Mountains in the Exclusive Gated Community of La Reserve Villas. Featuring an Open floorplan w soaring ceilings, generous size Owner suite w separate vanities, walking closet/s, storage & more. 2 Guest Rooms w breathtaking views of the Mountains. Laundry Room w sink and abundant cabinetry. Contemporary Kitchen w Quartz countertops, SS Appl, Bkfast bar and RO system. Powder Room, recessed lighting, covered patio, Water Softener Sys, Rustic garage door/ epoxy floors, Tyvek Stucco and more. This luxury community borders Coronado Natl Forest & Catalina State Park. In close proximity to world-renowned resorts, golf courses shopping & restaurants, as well as Tucson's 'famous' Loop'': a 130-mile walking/biking path.

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1945 E Behrend Drive Phoenix, AZ 85024

New

$620,800

3 Beds

2 Baths

1,960 SqFt

Status Active

MLS # 6760080

Property Type Single Family Residence

Price Type --

Charming Fmly hm with Bonus Flex Rm! Ft security screen door! Open floorplan! Beautiful Tile floors, vaulted ceilings & arched doorway. Bright Kitchen has refinished cabinets, breakfast bar & secondary pantry storage-great for kitchen appliances! Mstr Bdrm has vaulted ceilings and plant decorator shelf. Private exit with security screen door leads to cozy patio & Inviting Salt Water Pebbletech Pool. Formal Dining Area has new Sliding Glass Doors leading to E facing 30-ft covd patio with Pull Down Sun Screens & Grill Pad. Great for Entertaining! Incredible ''Flex Room'' has vaulted ceiling, closet and private exit. Could easily convert to Income generating Guest Quarters, Mother In Law Suite or Game Rm. SOLAR! Side yd has Plum, Pomegranate & Kumquat trees! 5-Ton A/C installed in 2021. WO

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14835 W El Cortez Place Surprise, AZ 85387

$620,601

5 Beds

4.5 Baths

3,291 SqFt

Status Active

MLS # 6747473

Property Type Single Family Residence

Price Type --

Impressive Slate plan with the Owner's Suite on the first floor. Scheduled to be complete in November. Professionally designed with quartz countertops, wood-look tile, white cabinets, and so much more! Enjoy a large backyard and the many amenities Miravida has to offer like playgrounds, pickle ball courts, and picnic areas.

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