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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11515 E Utopia Avenue Mesa, AZ 85212

$614,990

4 Beds

3 Baths

2,474 SqFt

Status Active

MLS # 6749773

Property Type Single Family Residence

Price Type --

''Welcome to ''''The Pearl,'''' a stunning four-bedroom, three-bathroom farmhouse-style home featuring a guest retreat. With 10-foot ceilings and 8-foot doors, this home boasts an open, airy feel. The great room opens to a covered patio through a 4-panel center slider, perfect for indoor-outdoor living. The gourmet kitchen includes a 36-inch gas cooktop, shaker cabinets with hardware, a tile backsplash, and quartz countertops. Upgrades abound, including 6''''x36'''' wood-look tile in the main areas, and upgraded bathroom lighting, faucets, and fixtures. Experience luxurious living in this beautifully designed home. ''

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16405 W Desert Mirage Drive Surprise, AZ 85388

$614,990

4 Beds

3 Baths

2,623 SqFt

Status Active

MLS # 6754285

Property Type Single Family Residence

Price Type --

Topaz - with 4 bedrooms + study and 3 full baths. Multi slide door off the great room that leads out to the extended covered patio. Stainless steel gas appliance package with 30'' cooktop, wall oven, micro, and hood. Barnett Maple ''Boulder-(Gray) cabinets with 42'' kitchen uppers, pull out trash drawer with two bins. AZT Hana Sky quartz countertops in kitchen and at the enhanced kitchen tops. Stainless steel under mount single bowl sink in the kitchen. DT Broxburn Gray 6x24 plank floor with 5'' baseboards and 3 1/4'' door casings. 8' garage door with two remotes and so much more. Estimated completion October.

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25916 N 22nd Lane Phoenix, AZ 85085

$614,990

3 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6755309

Property Type Single Family Residence

Price Type --

Welcome to the Ridgeline plan, offering 2,052 square feet of elegant living space with a charming Craftsman exterior. As you step onto the pavers at the covered entry and into the home, the paint grade mission stair rail adds a touch of traditional craftsmanship while the 8' interior doors adorned with matte black door hardware. This home's kitchen and great room open up to a spacious outdoor space with a gas stub for BBQ, ensuring the possibilities of effortless outdoor entertaining. The heart of the home, the kitchen, features stainless steel GE appliances including an under-cabinet hood, a built-in gas cooktop with five burners, and a built-in wall oven and microwave with trim kit. The kitchen features white painted shaker cabinets featuring 42'' uppers and 3'' crown at the perimeter. The kitchen countertops are adorned with Della Terra slate grey quartz which are complimented by the Dal Tile - Brickworks 2x8 backsplash. A large single basin stainless steel sink with a Moen Spring kitchen faucet completes this chef's dream kitchen. All bathrooms and the kitchen feature two-tone black and champagne bronze cabinet pulls. Moen Gibson 8 widespread matte black premium finish faucets offer a beautiful contrast to the white cultured marble countertops with rectangular sinks. Throughout the downstairs and in bath 2 and the laundry upstairs, you'll find durable Dal Tile Hill House Natural 6x36 wood look tile, while the primary bathroom boasts AZ Tile Reside Matte Beige 12X24 tile. The primary bath also features an enlarged primary bath shower, perfect for unwinding after a long day. Moving upstairs, Shaw Kennfield carpet in the shade Ecru providing comfort and warmth. All flooring is elegantly trimmed with upgraded 4 ¼ baseboards. This home is complemented by a soft water loop located in the garage for added convenience. Union Park offers Tree-lined streets, pedestrian-friendly sidewalks and a 5,500 sf recreation center with resort style pool an kiddie pool, shaded ramadas, parks, gathering areas, pickleball courts and basketball. Close to I-10, 101 and 303. Walking distance to restaurants, movies, entertainment and shopping. Don't miss your opportunity to own this beautifully designed new construction home where luxury meets functionality.

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20252 W Catalina Drive Buckeye, AZ 85396

$614,990

3 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6747909

Property Type Single Family Residence

Price Type --

Start packing - It's the Jade floor plan with 3 bedrooms + study, 3 baths and 3 car garage. 12'x8 sliding glass door off the great room. Large walk in shower at owner's bath. Stainless steel gas appliance package with a 30'' cooktop, wall oven, and canopy hood. Additional kitchen cabinets in Sonoma Maple Linen cabinets -off white cabinets with 42'' kitchen uppers and pull out trash drawer. AZT Twany Evening gray quartz countertops in kitchen. Upgrade flooring includes SHW Cedar Grove carpet and Beaumont Olmo 7x24 plan tile in all areas of the home except bedrooms and closets. Upgrade 5'' baseboards with 3 1/4'' door casings. Dual sinks at bath 3, soft water loop, gas stub for future BBQ. Garage service door, 8' garage door and garage door opener and two remotes.

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11458 E Utah Avenue Mesa, AZ 85212

$614,990

4 Beds

3 Baths

2,474 SqFt

Status Active

MLS # 6731502

Property Type Single Family Residence

Price Type --

Welcome to ''''The Pearl,'''' a stunning four-bedroom, three-bathroom farmhouse-style home featuring a guest retreat. With 10-foot ceilings and 8-foot doors, this home boasts an open, airy feel. The great room opens to a covered patio through a 4-panel center slider, perfect for indoor-outdoor living. The gourmet kitchen includes a 36-inch gas cooktop, charcoal shaker cabinets with hardware, a tile backsplash, and quartz countertops. Upgrades abound, including 6''''x36'''' wood-look tile in the main areas, and upgraded bathroom lighting, faucets, and fixtures. Experience luxurious living in this beautifully designed home.

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4549 S Venus -- Mesa, AZ 85212

$614,990

4 Beds

3 Baths

2,668 SqFt

Status Active

MLS # 6750123

Property Type Single Family Residence

Price Type --

Welcome to this stunning Verbena floorplan that is a four-bedroom, three-bathroom oasis, nestled on an expansive lot with no neighbors behind! This modern desert gem boasts an upgraded exterior that exudes sleek sophistication, perfectly complementing the surrounding landscape, and features 8ft doors throughout that add a touch of grandeur. Inside, you'll be greeted by the warmth of stunning wood-like tile flooring, perfectly paired with crisp white cabinets, creating a contemporary chic atmosphere. With 2,668 square feet of living space, this beautiful home offers ample room for relaxation, entertainment, and everyday living. Plus, it comes fully equipped with a washer, dryer, fridge, and blinds, making it move-in ready! The expansive lot provides a serene backdrop for outdoor living, perfect for soaking up the sun or enjoying a peaceful evening under the stars, all while reveling in the tranquility and privacy this incredible property gives. The home is nestled in the heart of Eastmark, one of Arizona's most high sought-after community! You won't want to miss this one.

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6920 W Tether Trail Peoria, AZ 85383

$614,990

4 Beds

2 Baths

2,614 SqFt

Status Active

MLS # 6751526

Property Type Single Family Residence

Price Type --

Mountain View Oasis in Terramar Discover your dream home in the heart of Terramar, Peoria. 4-bedroom, 2-bathroom plus a FLEX room that can be customized to meet your needs. This residence offers the perfect blend of comfort and convenience. Nestled on a corner lot with partial mountain views, you'll have easy access to hiking, biking, and other outdoor activities. Step inside to find a spacious and inviting interior featuring two living areas perfect for entertaining guests or simply relaxing. A gas fireplace to create a cozy ambiance on winter evenings. The primary bedroom is a private retreat with a separate exit to the backyard patio, with additional bedrooms on the other side of the home. A private pool is a must after this record hot summer. Relax and unwind in your own backyard oasis, complete with water feature and updated travertine tile. Big ticket updates include: new AC units (2020), fresh exterior paint (2019), and a high-efficiency pool pump (2023). With its prime location, modern amenities, and stunning mountain views, this home is a must-see.

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28856 N 165th Place Scottsdale, AZ 85262

$614,900

4 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6692142

Property Type Single Family Residence

Price Type --

NEW BUILD on one acre lot with stunning mountain views!!! This split floor plan 4 bedroom, 2 bath 1,795 sq ft home features shaker cabinets, quartz countertops, new stainless steel appliance package, covered front and back patios with incredible surrounding mountain views. 2x6 constructions, blown insulation, stucco finish, and extended length garages. Off roading, hiking & biking near by. No HOA! Home is complete. Current water supplied by Dynamite Water.

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3043 E Rose Lane Phoenix, AZ 85016

$614,900

2 Beds

2 Baths

1,185 SqFt

Status Active

MLS # 6696353

Property Type Townhouse

Price Type --

This charming, newly renovated 2 bed, 2 bath townhome is situated on the prestigious Biltmore golf course and offers amazing views and amenities. The kitchen opens to the family room overlooking the patio and course. The bedrooms and baths are separated offering privacy. The community offers a swimming pool, spa, guard gate and tennis court. Plenty of room for parking between the single private garage and the covered public one.

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451 E Cascada Road Litchfield Park, AZ 85340

$614,900

5 Beds

2 Baths

2,016 SqFt

Status Active Under Contract

MLS # 6710424

Property Type Single Family Residence

Price Type --

NEW LOWER PRICE! In ''The Park'' in Litchfield Park, a beautiful, remodeled residence featuring 5 spacious bedrooms. The inviting living room, complete with wood-look floors and neutral colors, it sets a welcoming tone. Create memories in the cozy family room. Galley kitchen is a chef's delight, boasting a tray ceiling, mosaic tile backsplash, stainless steel appliances, granite counters, recessed lighting, and beautiful white cabinets. Enjoy calm nights in the main bedroom which includes plush carpeting, direct backyard access, and a private bathroom with dual sinks and a walk-in closet. A backyard for relaxation and entertaining, featuring a covered patio, attached Ramada, a storage shed, and ample space for lively barbecues. With no HOA this home is a true gem, ready to be yours

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21225 W Wilshire Drive Buckeye, AZ 85396

$614,900

4 Beds

2.5 Baths

2,322 SqFt

Status Active

MLS # 6713534

Property Type Single Family Residence

Price Type --

Discover your dream home in the coveted Sienna Hills! This stunning 4-bedroom, 3-bathroom gem with a den features a modern design and an open floor plan, perfect for both family life and entertaining. The gourmet kitchen is a chef's delight, boasting contemporary appliances, a large island, sleek tile backsplash, quartz countertops, and ample cabinetry. Step outside to your private oasis with a fully landscaped yard and a luxurious heated pool, perfect for year-round enjoyment. The home also offers a three-car tandem garage, solar system for energy savings, and double gates to conveniently park your toys. Nestled on a desirable corner lot, this home is an absolute must-see!

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27229 N 103rd Avenue Peoria, AZ 85383

$614,900

4 Beds

3 Baths

2,119 SqFt

Status Active

MLS # 6721942

Property Type Single Family Residence

Price Type --

Welcome to Northlands Encore in beautiful North Peoria, best value for the money in the area, here the skies are bigger and the sunsets are like none you've ever seen. Step outside every morning and view the colorful skyline with the Calderwood Butte in the backdrop, plus with the trail head right down the street you'll get the full enjoyment of this very special home in a very special community. Step inside this stylish and move-in-ready Sapphire Model by Taylor Morrison, with 2119 sq.ft. of interior living space, 4 Beds PLUS Den + 3 Baths and a 2 CAR Garage. Open concept main living area with a light gray color pallet, rich wood look porcelain tile floors, barn-wood shiplap accent wall in living room, updated carpet in 2023, can lighting, white trim, blinds and doors. Kitchen features beige/cream granite countertops and island, bright white cabinets, black vintage cage pendant lighting, stainless steel appliances and a walk-in pantry for all your storage needs. Step into your master suite, light and bright with master bath, featuring double sinks, espresso vanity, large stand up shower with seating, separate toilet room and walk-in closet. 3 additional bedrooms and two full bathrooms plus a spacious Den with french doors that would make a great office or library. Step outdoors, take a deep breath and enjoy your private mountain views. With a spacious back yard that checks all the boxes, covered patio, large green space, and a side yard with a storage shed. There truly is nothing to do except move in and live your absolute best life. Neighborhood mountain views and trails, close proximity to 303 freeway access, 10 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. A list of updates and floor-plan are available in the documents tab.

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