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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21921 N Desert Park Court Maricopa, AZ 85138

$619,900

4 Beds

3 Baths

3,622 SqFt

Status Active Under Contract

MLS # 6756711

Property Type Single Family Residence

Price Type --

Located right on the #1 fairway of The Duke at Rancho El Dorado Golf Course is this gorgeous 2-story home! 4 bed, 4 bath plus a separate office. Step through your front courtyard patio and come see all the amazing features of this home. As you enter into the foyer, to the left you have a private office that can also be used as an additional guest room. To the right of the foyer is the living room area with high, soaring ceilings above creating an open airiness surrounding you. Built in fireplace and massive over-sized windows for plenty of natural light. Up just a few steps is for formal dining area for formal parties or family Sunday dinners. The floor plan of this home flows through and through. A very spacious kitchen area with lots of storage space, walk-in pantry, a kitchen is island with eat-up seating. An eating nook and wet bar area between the kitchen and great room provide a great space for entertaining your friends and family, or just relaxing after a days hard work. Circle around to the hallway and you'll find a guest bedroom on the main level, along with a full bath and laundry area which leads you out to the 3-car garage. Go up the stairs and jut to the right is a large, master suite, with two walk-in closets, private sitting area, and exit out to your private balcony. Master bath with double sink vanities, a separate garden-style soaking tub and shower and private toilet room. An additional two guest rooms on the upper level as well, both with en-suite baths and walk-in closets. The back yard is an entertainer's paradise! A private pool with a sun-bathing deck and waterfall feature. Extended patio area surrounds the pool for plenty of space. A covered patio area with an above-ground spa. Your very own putting green to take in some practice before you head out to the golf course. A outdoor bar area with a tiki-hut cover and lots of seating complete with a built-in BBQ. To top off you have a private, separate fireplace to just enjoy the beautiful Arizona sunsets. Golf course views from the entire back yard area. Desert landscaping in both the front and back yards for easy care and maintenance. Enjoy a round at the local golf course and other amenities that the community has, including walking/biking paths, community park and children's playground areas. This home has it all for you and is ready for your move-in!

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4611 S Boulder Court Gilbert, AZ 85297

$619,900

3 Beds

2.5 Baths

2,350 SqFt

Status Active

MLS # 6748381

Property Type Single Family Residence

Price Type --

This beautiful 3-bedroom, 1-loft, 2.5-bath house is located in the highly desirable Vista Del Oro subdivision. The spacious floor plan features a large living room, dining area, family room, and a fabulous eat-in kitchen. The master bedroom includes a master bath and a walk-in closet, and there is also a convenient laundry room. The open-concept kitchen and family room feature high ceilings, enhancing the home's spacious feel. The large backyard is perfect for creating your dream outdoor space and has room to build a pool and more. The house also includes a 2-car garage. It is close to the freeway, shopping, entertainment, and schools. This home offers both comfort and accessibility. Additionally, the exterior is freshly painted.

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18225 W Mackenzie Drive Goodyear, AZ 85395

$619,900

4 Beds

3.5 Baths

3,625 SqFt

Status Active

MLS # 6694848

Property Type Single Family Residence

Price Type --

Welcome home to this fantastic Sedella beauty! Sparkling pebble-tec play pool with waterfall. Professionally landscaped backyard with tons of pavers and large covered patio. Open & spacious floorplan. Formal entry. Living room. Formal Dining. Huge rear family room opens into spacious eat-in kitchen. Raised panel cabinets, granite counters w/ tile backsplash, huge island, upgraded stainless appliances. & huge walk-in pantry. Office/Den. Upstairs has large open loft. Master suite has his/her closets, garden tub & walk in shower. Two bedrooms w/ Jack/Jill bath, 4th bedroom & another full bath. Upstairs laundry. Located on almost 1/4 acre lot. Room for RV gate and HOA allows RV Parking! This home is beautiful & located near tot lot & near big community park.

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7754 W Laurel Lane Marana, AZ 85658

$619,900

3 Beds

2.5 Baths

2,113 SqFt

Status Active

MLS # 6742597

Property Type Single Family Residence

Price Type --

Nestled in the gated Blue Agave at Dove Mountain community, this stunning home offers a luxurious yet serene lifestyle. Surrounded by scenic hiking and biking trails, golf courses, and majestic mountain views, it's also conveniently close to shopping and dining. The open floor plan includes 3 bedrooms, 2 1/2 bathrooms, and a spacious garage. The gourmet kitchen features elegant cabinetry with pull-out shelves, a pantry, a quartz island, and upgraded appliances. The primary suite boasts a large walk-in closet, a spa-like bathroom with dual vanities, and a rainfall shower. Outdoors, enjoy entertaining around the beautiful pool with view fencing or unwind in private spa.

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8613 W Carole Lane Glendale, AZ 85305

$619,900

5 Beds

3 Baths

2,841 SqFt

Status Active Under Contract

MLS # 6733464

Property Type Single Family Residence

Price Type --

RARE ideal haven to call home or elegant Assisted Living/Group Home*Previously licensed assisted living home w/ fire sprinkler system this remarkable 1story is flexible enough to suit your desires so everyone has their own space*Thoughtful layout*Spacious rooms*Sep. living spaces*Accessibility touches*Furnishings can be included*Matching S/S Appliances w/ Dual Ovens*Kitchen island w/ Bar Seating*W/I Pantry*Impressive Primary Ensuite*XL covered Patio w/ 2 Lrg Glass sliding doors*Fully landscaped oversized backyard w/ RV parking*Built-in BBQ*Lemon tree*Covered Porch w/ Rose bushes*Security door*Security cam wiring*XL laundry room*Washer/Dryer/Water Softener included*Built-in desk*F/P*Surround Sound wiring in Fam room & Patio*High ceilings*Abundance of cabinet space*Ceiling fans*3car Garage+ *Already set up for assisted living or group home makes the licensing process more streamlined* ~LOCATION LOCATION LOCATION~ *Conveniently located near SO MUCH! *Less than 2 miles from: Westgate, 101 Freeway, Desert Diamond Casino, shopping center, outlet mall, etc. *Very short walk to the neighborhood park ~KEY HIGHLIGHTS~ *Meets stringent standards for Assisted Living or Group Home *5 Higher-End Private Bedrooms *Fire sprinkler system installed with monitoring *All appliances included + Furnishings (if desired) *Huge backyard with built-in BBQ, RV Parking, covered patio *Terrific layout, desirable neighborhood, ideal location It's easy to see why this spacious single-story home within a walkable, lovely neighborhood in an amazing location, will swiftly attract discerning buyers. Do not miss out while you have the chance!

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10223 W Sheridan Street Avondale, AZ 85392

$619,900

5 Beds

3 Baths

2,290 SqFt

Status Active

MLS # 6711637

Property Type Single Family Residence

Price Type --

Wow! 5 bed 3 bath Avondale Private Ranch. 1.4 acre Ranch in a very private part of town. Bring your horses and toys.This is a one of a kind home for the family.

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8014 E Plata -- Mesa, AZ 85212

$619,900

4 Beds

2 Baths

2,532 SqFt

Status Active

MLS # 6732961

Property Type Single Family Residence

Price Type --

Single story home on a corner lot that offers a split floor plan, with large open kitchen which features stunning soft glide cabinets, top of the line stainless appliances with built-in oven and microwave, large island, pendent lighting. The spacious master suite overlooks the backyard with a walk-­in closet that is truly larger than most bedrooms. RV Gate. Solar swimming pool panel owned. Located across the street from the park & walking trails & just minutes from the 60 & 202 fr-ways and San Tan Village.

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20406 N Tanglewood Drive Sun City West, AZ 85375

Open House

$619,900

2 Beds

2.5 Baths

2,575 SqFt

Status Active

MLS # 6700503

Property Type Single Family Residence

Price Type --

Highly updated 2/2.5 Cottonwood with 2575 SqFt of comfortable living space on a large 18400 SqFt Cul-de-sac lot*Front patio with pavers*Artificial turf in front and back*Custom double door entry with security doors*Fresh paint inside and out*Plantation shutters*Wide baseboards*6 panal doors*New underlayment 2020~Dining/Living room combo with wood floors*Kitchen offers newer cabinets, countertops and appliances~1/2 bath next to kitchen*Master bedroom with bay window, walk-in closet, carpet floors and bath with tall dual sink vanity, granite tops, tile floors and walk-in shower*Guest suite with carpet floors & bath with newer tall vanity, quartz top and walk-in shower*Room addition with bamboo floors*Exterior with 2 covered patios*

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14627 W Larkspur Drive Surprise, AZ 85379

Open House

$619,900

3 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6737365

Property Type Single Family Residence

Price Type --

MASSIVE PRICE REDUCTION. Let's make a deal! fully custom upgraded. 3 bedroom, 2.5 bathroom with attractive curb appeal and 3 car garage in desirable Marley Park! Discover an inviting interior with plenty of natural light, beautiful wood-look floors t/o, trending palette, modern fireplace, & upgraded lighting/ceiling fans. Prepare your favorite meals in the stunning chef's kitchen with ample white cabinets, quartz counters/backsplash, SS appliances, walk-in pantry, large waterfall island with breakfast bar, and a dining area with plantation shutters. Shows like a ''Model'' home! The spacious master bedroom boasts a private ensuite with quartz counters, dual sinks, custom walk-in shower with tile and marble and sizable walk-in closet. The Jack & Jill bathroom also has quartz counters. ...and custom tiled shower. All bathrooms have upgraded tile flooring, toilets and mirrors. Relax in the backyard with a covered paver patio and easy-care landscape with artificial turf. Conveniently located just a few minutes from shopping, dining, parks, and more!

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19766 W Heatherbrae Drive Litchfield Park, AZ 85340

$619,800

4 Beds

3 Baths

2,585 SqFt

Status Active

MLS # 6733049

Property Type Single Family Residence

Price Type --

***SELLER IS OFFERING BUYER $10,000.00 IN CLOSING COST CONCESSIONS WITH A FULL PIRCED OFFER***Discover the charm of Verrado living in this stunning home, just a short walk from shopping and dining, and conveniently located 2 miles from the I-10 and 3 miles from the 303. This residence boasts one of the neighborhood's most popular floor plans, featuring 9+ foot ceilings for a spacious ambiance throughout. The primary bedroom is thoughtfully separated from the other three bedrooms, ensuring privacy. Two of the additional bedrooms share a Jack and Jill bathroom, accessed through a versatile ''teen room'' area, which could also serve as an ''in-law'' suite. The fourth bedroom is located down the hall, providing further flexibility. The expansive kitchen is perfect for entertaining, equipped with a gas stove, dual ovens, and a built-in microwave. You'll lov oversized island and ample cabinet space for all your culinary needs. The kitchen seamlessly connects to the great room, making it an ideal spot for gatherings with family and friends. Step outside through the double sliders to enjoy the backyard's lap pool, built in 2023 and pre-plumbed for gas heating. The home is also outfitted with numerous electrical outlets and pre-wired ceiling fans throughout. Additional insulation was added during construction to help keep cooling costs low during peak months. This property comes with an assumable VA loan with a balance of approximately $370,000 at an attractive 2.9% interest rate. Don't miss this opportunity to experience the best of Verrado living!

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1927 W Yellowstone Way Chandler, AZ 85248

$619,500

3 Beds

2.5 Baths

1,956 SqFt

Status Active Under Contract

MLS # 6753990

Property Type Single Family Residence

Price Type --

Discover upscale living in the highly sought-after gated community of Villa Del Lago, nestled within the tranquil Ocotillo HOA. This stunning 3-bedroom, 2.5-bathroom single-family home offers an open-concept kitchen, dining, and family room—perfect for entertaining. The gourmet kitchen offers beautiful white cabinets with hardware, upgraded glass tile subway backsplash, neutral quartz counters, a large island with seating, stainless steel appliances, gas cooktop, and a walk-in pantry. The spacious primary suite includes a sitting area, dual vanities, a step-in shower, soaking tub, and a walk-in closet. Enjoy your private, low-maintenance backyard with upgraded pavers, covered patio, and mature landscaping. The Villa Del Lago community amenities include a heated pool, spa, tennis courts... , pickleball courts, and a picturesque lake-side entertaining area. Located just minutes from shopping, dining, top-rated schools, and major employers like Intel, this home offers the perfect combination of convenience and luxury. This home has been so meticulously maintained and lovingly cared for. Don't miss out on an opportunity to own a wonderful home in beautiful Ocotillo!

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5100 E Rancho Paloma Drive Unit 2085 Cave Creek, AZ 85331

$619,500

2 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6739610

Property Type Townhouse

Price Type --

Luxurious almost new townhome in a gated community where you can kick back and relax in a stylish space. Furniture available on a separate bill of sale. All cabinets have handles installed. Ceiling fans in all rooms. Kitchen has reverse osmosis drinking water. Laundry has an added shelf. Walk in shower in primary. Fiber gigabit internet so working from home and online streaming is easy and enjoyable. Tesla universal EV charger wall mounted in garage. Great mountain views. Large balcony. Home is pet and smoke free. Community pool, spa, gym, barbecue and lots more. This community is about 5 minutes from Sprouts, Walmart and Frys stores. Cave Creek Recreational are is 10 minutes away and perfect for hiking, biking and horseback riding. Home has friendly neighbors.

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