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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4308 N 79th Street Scottsdale, AZ 85251

$610,000

2 Beds

2 Baths

1,565 SqFt

Status Active

MLS # 6735820

Property Type Single Family Residence

Price Type --

Welcome to this charming 2-bedroom, 2-bathroom patio home located in the highly desirable Villa San Marcos Community, only ½ mile from Old Town Scottsdale. Spanning 1,565 square feet, this residence features a wide-open floor plan with RAISED ceilings and two atriums that bathe every room in an abundance of natural light. As you enter, you'll be greeted by an expansive living room that flows seamlessly into the upgraded eat-in kitchen. This culinary space boasts cherry cabinets, a large kitchen island, stainless steel appliances, granite counters, and a casual dining area, perfect for everyday meals and entertaining. The large back patio offers ample space for relaxation, morning coffee and gatherings. Both the primary suite and secondary suite have their own private patios ensuring.. ...ensuring comfort and privacy for all occupants. Recent upgrades include, new roof, new Bosch quiet dishwasher, new disposal and new carpeting in primary. Convenience is further elevated with an included washer and dryer. Situated in the well-maintained Villa San Marcos Community, residents enjoy access to a clubhouse with a heated pool and spa. This property is ideally located 1/2 mile to Old Town Scottsdale, providing easy access to freeways, world class restaurants and shopping, and miles of greenbelt with walking/biking paths. This home truly doesn't disappoint, offering both comfort and convenience in a PRIME LOCATION. You won't find lower HOA fees in Scottsdale for this incredible location. Seller is willing to offer concessions specifically to help buyer with interest rate buy-down.

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2328 E Laurel Lane Phoenix, AZ 85028

$610,000

3 Beds

2 Baths

1,619 SqFt

Status Active

MLS # 6724018

Property Type Single Family Residence

Price Type --

Beautifully remodeled 3-bedroom, 2-bathroom property with mountain views. The open floor plan features a kitchen with new white cabinets, stainless steel appliances, quartz countertops, and an island. The large family room is perfect for gatherings. The bathrooms boast custom-designed showers. This house has everything you've dreamed of and more.

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26511 N Thornhill Court Peoria, AZ 85383

$610,000

3 Beds

2.5 Baths

1,950 SqFt

Status Active

MLS # 6728282

Property Type Single Family Residence

Price Type --

This is a beautiful, professionally designed model home that you won't want to pass up! This is the Ashton Woods Oasis floorplan, with the lot situated in a cul-de-sac with great views. This home includes several upgrades to start with a pavered driveway and entry, epoxy coated garage floor, water softener, and a solar system! Moving inside you will find the upgraded lighting throughout, built-in speakers, modern accent trim walls, master walk-in shower with rain shower faucet, upgraded laundry room with cabinets, counter and sink, and a 4-panel sliding door, that provides abundant natural light, and invites you to the covered patio. The backyard is aesthetically landscaped with pavers, artificial turf, and tile beneath a pergola creating perfect space to enjoy the outdoors.

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2323 N Central Avenue Unit 906 Phoenix, AZ 85004

$610,000

2 Beds

2 Baths

1,456 SqFt

Status Active

MLS # 6703380

Property Type Apartment

Price Type --

Near downtown major employers & health/academic - Banner Hospital, St. Joseph, Barrow + Creighton and UA med schools & ASU downtown! High-rise panoramic views in midtown Phoenix - Lock & Leave resort lifestyle. Mountains, twinkling city lights, BIG sunset ambiance, sparkling pool below. This extensively remodeled quality condo features huge greatroom & tall ceilings. Perfect for live-work-hosting. Upgraded ventilation. Modern custom cabinetry. Lots of storage. Spacious chef's kitchen, quartz countertops. HUGE double Electrolux ICON professional refrigerator/freezer. Built-in wine cooler, oven/microwave, mirrored bar, hooded range. Custom lighting/dimmers. Outlets for art lighting. 2 bedrooms, 2 BA, upgraded closets. Reduced property taxes (historic designation). HOA covers many amenities.

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15002 S 46th Place Phoenix, AZ 85044

Open House

$610,000

4 Beds

2.5 Baths

2,095 SqFt

Status Active

MLS # 6749101

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your dream home! This beautifully renovated property features neutral colors throughout for an elegant touch. The remodeled kitchen is a chef's delight with shaker cabinets, stainless steel appliances, a stylish backsplash and a center island. The primary bedroom includes a spacious walk-in closet. The primary bathroom offers a custom tile shower and double sinks for added conveniece. Enjoy the covered patio in the fenced backyard. Don't miss out on this beautiful home!

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16050 W Laurel Lane Surprise, AZ 85379

Open House

New

$610,000

3 Beds

2 Baths

2,467 SqFt

Status Active

MLS # 6760467

Property Type Single Family Residence

Price Type --

This home is a SHOW STOPPER! Are you aching for a home that is even better than new? This beauty has EXTENSIVE upgrades and you will be wowed!!! Luxurious kitchen with a HUGE island for entertaining! Beautiful cabinets, backsplash, granite, GE appliances all included! High end finishes everywhere! Home has 3 bedrooms + Den + Formal dining or bar room (current use). Bedrooms are split for great privacy. Gorgeous wood look tile in all the main areas and carpeting in the bedrooms. The 10 foot ceilings make the home feel even more spacious! Washer and dryer convey with the property. Front & backyard have all new landscaping. The oversized 2 car garage has a showroom floor. Stunning neighborhood and amazing location. Minutes to Prasada, the new dining and shopping complex!

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9539 E Thornbush Avenue Mesa, AZ 85212

$609,999

3 Beds

2.5 Baths

2,044 SqFt

Status Active Under Contract

MLS # 6724990

Property Type Single Family Residence

Price Type --

Prepare to experience luxurious desert living in this highly-customized dream home in Cadence. This home's aesthetic and craftsmanship are sure to impress. Nestled on an interior lot, this popular Camelia model has it all. The fresh remodel brings luxe finishes and modern appeal, in an open concept floorplan. A generous kitchen offers amazing space to prep and enjoy meals with classic espresso finish cabinetry, quartz linen counters, apron sink, walk-in pantry, stainless steel appliance package (range/oven + dishwasher new in '24) and island with seating. Home is outfitted with 10' ceilings, picture windows and new professionally-installed white oak luxury vinyl plank flooring with new baseboards in the main living space. The extraordinary primary suite offers a spa experience with a custom walk-in shower with rain head enveloped in herringbone mosaic tile complimented with black hex shower floor. Bath is further enhanced with modern pine wood trimmed walls, anti-fog mirrors, luxury bidet/toilet (warm + clean settings) and color-optional LED lighting graces the shower and vanity areas. Upstairs loft offers flex space for play or work. A picture-perfect powder room off the formal entry offers playful wallpaper and designer details. Secondary bedrooms have neutral carpeting and ceiling fans. The rear yard is impeccably designed around a 2021 contemporary pool built by Premier Pools & Spas with Baja shelf, umbrella sleeve, app-controlled LED color wheel light and variable speed pump, stone accent wall, soothing water feature and travertine coping (pool fencing is removable, if desired). Travertine decking and paver walkway connect the covered patio and sprawling synthetic lawn area. Additional upgrades include: tankless water heater, 2 wood blinds. Solar offers security from higher electric bills. Cadence offers residents grand amenities including: 2 water slides, a salt water lap pool, splash pad, a spa and cabanas. 12,000 sq ft clubhouse features state-of-the-art fitness center that hosts yoga + spin classes, teen game room, event center and outdoor dining areas with fire pits & seating. Plenty of room to roam with walking trails, 6 parks with playgrounds + pavilions and an enclosed dog park. Community also offers tennis, basketball, bocce and volleyball courts. From holiday celebrations to concerts in the park, there is always something exciting happening.

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1236 E Campus Drive Tempe, AZ 85282

$609,999

4 Beds

2 Baths

1,756 SqFt

Status Active

MLS # 6750684

Property Type Single Family Residence

Price Type --

A stunning single-family home located in the heart of Tempe has 4-bed, 2-bath with 1756 sqft, 2 car garage, and covered patio. Brand new windows. You will be greeted by a bright & airy floor plan that's perfect for entertaining. The spacious living room features soaring ceilings, large windows that let in plenty of light, a cozy fireplace with beautifully decorative tile from floor to ceiling that's perfect for chilly nights. The kitchen comes with stainless steel appliances, quartz countertops & brand-new shaker cabinets. Brand new vinyl wood & carpet flooring throughout the home. Enjoy the fully upgraded, spa like bathrooms with high end shower system, framed mirrors, shower niche, & custom vanities. No HOA. Walking distance to parks and bike paths. Don't miss out!

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4813 W Stargazer Place Laveen, AZ 85339

$609,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6700009

Property Type Single Family Residence

Price Type --

The Deacon plan includes an attached RV garage, plus two tandem garage bays! Inside, a well-appointed Gourmet kitchen with a walk-in pantry is flanked by a great room and a dining room with covered patio access. You'll also appreciate an elegant primary suite with a private bathroom and ample walk-in closet space. A mudroom, a convenient laundry and a flex room.

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10516 S 48th Glen Laveen, AZ 85339

$609,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6728647

Property Type Single Family Residence

Price Type --

This Deacon home includes an attached insulated RV garage, plus two tandem garage bays! Inside, a well-appointed gourmet kitchen, gas stove, quartz countertops, with a walk-in pantry that is flanked by a great room and a dining room with center-meet doors with covered patio access. You'll also appreciate an elegant primary suite with a private bathroom with deluxe shower #2 and ample walk-in closet space. A mudroom, a convenient laundry, and a flex room will complete the plan.

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10512 S 48th Glen Laveen, AZ 85339

$609,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6728638

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to this charming Pomona home with 10' ceilings throughout. A spacious great room is at the heart of the open layout, adjacent to a roomy nook and an impressive gourmet kitchen, 42'' white shaker cabinets, quartz countertops, gas stove, with a walk-in pantry and center island. This home will be built with a space to use for a study or formal dining room. The lavish primary suite offers a generous walk-in closet, a private bath with deluxe shower #2, and double sinks. A convenient laundry and covered patio are also included.

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4836 W Stargazer Place Laveen, AZ 85339

$609,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6679937

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to the charming Pomona plan. A spacious great room is at the heart of the open layout, adjacent to a roomy nook and impressive gourmet kitchen with a walk-in pantry, center island, Stainless steel appliances. This home will be built with either a study and Guest suit option complete with separate living room, wet bar and separate laundry. There is also an additional bedroom and full bathroom, The lavish primary suite offers a generous walk-in closet and a private bath with double sinks and oversized walk-in shower. A convenient laundry and covered back patio are also included. This home will also feature a 3-car garage and 10ft ceilings.

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