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.

Whats 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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23974 N 171st Drive Surprise, AZ 85387

$599,995
3 Beds
2.5 Baths
2,510 SqFt
Status Active
MLS # 6678831
Property Type Single Family Residence
Price Type --
Dominic plan boasts an open, inviting layout for entertaining. At the heart of the home is a spacious great room that flows into a sunny kitchen with a center island, dual walk-in pantries and an inviting breakfast nook. A luxurious owner's suite features an immense walk-in closet and attached bath with double sinks, and is separated from two additional bedrooms for privacy. Other highlights include a teen room and a relaxing covered patio.

10051 E Toledo Avenue Mesa, AZ 85212

$599,995 - 3Br/2Ba -  for Sale in Cadence At Gateway Phase 3 Parcel T, Mesa
Open House
$599,995
3 Beds
2 Baths
1,944 SqFt
Status Active
MLS # 6681022
Property Type Single Family Residence
Price Type --
Nestled in the Master Planned Community of Cadence you will enjoy all the amenities beyond your neighborhood. You will have access to community parks, pool, playground, and community center. You will love everything about this home. The gourmet kitchen makes a statement with its premium finishes, upgraded cabinets, and stainless steel appliances. Embrace relaxation in the sun-filled great room that is bursting with natural light and is adjacent to the kitchen and casual dining area. Highlights of this home include quartz countertops, black stacked kitchen cabinets with glass, and a 12 foot multi panel pocket sliding door. The community is situated just minutes away from shopping, dining, and entertainment.

25923 N 23rd Avenue Phoenix, AZ 85085

$599,990
3 Beds
2.5 Baths
2,052 SqFt
Status Active
MLS # 6757138
Property Type Single Family Residence
Price Type --
Welcome to the Ridgeline plan, offering 2,052 square feet of elegant living space with a charming farmhouse exterior. As you approach the upgraded turf front yard landscape and step onto the pavers at the covered entry and into the home, the paint grade mission stair rail adds a touch of craftsmanship while the 8' interior doors adorned with modern satin nickel 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 Della Terra quartz which are complimented by the white 2x6 herringbone backsplash. A large single basin stainless steel sink with a spot resistant stainless Moen Sleek kitchen faucet completes this chef's dream kitchen. All bathrooms and the kitchen feature white shaker cabinets, satin nickel hardware and Moen Gibson 8 brushed nickel premium finish faucets atop 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 Oregon Rovere 8x36 wood look tile, while the primary bathroom boasts a decorative Dal Tile Memoir 12X12 tile in Jewel Grey. 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.

12368 W Trumbull Road Avondale, AZ 85323

$599,990
3 Beds
2.5 Baths
2,560 SqFt
Status Active
MLS # 6696582
Property Type Single Family Residence
Price Type --
FORMER MODEL HOME in the master planned community of Alamar w/tons of DESIGNER UPGRADES throughout! FANTASTIC curb appeal w/paver driveway, stone columns + full landscaping! This energy efficient home features a GOURMET kitchen w/BEAUTIFUL white maple cabinets, stone countertops, herringbone tiled backsplash, GOURMET gas range + GE stainless appliance suite! PRIVATE primary bedroom w/ensuite bath w/extended shower + glass enclosure! Step outside to the fully landscaped back yard OASIS w/pergola, faux grass + built-in BBQ!! Hard flooring in main living areas, coffered ceilings in foyer/primary bedroom + so many more upgrades throughout! Located in Alamar w/LAKE, pool, splash pad, parks, pickleball, tennis, basketball and MORE! Views of Estrella Mountain Regional Park! WELCOME HOME!

20239 W Catalina Drive Buckeye, AZ 85396

$599,990
4 Beds
2.5 Baths
2,561 SqFt
Status Active
MLS # 6655095
Property Type Single Family Residence
Price Type --
It's the beautiful Cinnabar with 4 bedrooms, 2.5 baths, 3 car tandem garage. Brick pavers at drive, walk and entry. Large multi slide door off the great room that leads out to the covered patio. Stainless steel gas appliance package with a 30'' cooktop, wall oven and glass canopy hood. Barnett ''Linen-off white'' cabinets with 42'' kitchen uppers, pull out trash drawer with two bins. DT Quartz countertops in evening gray in kitchen and at the enhanced kitchen island. Upgrade flooring includes EMS Beaumont 7x24 Bosso tile in all areas of the home except bedrooms/closets with 5'' baseboards and door casings. Tile surrounds at tub and shower in owner's bath. Dual sinks at bath 2, gas stub for future BBQ, Pre-plumb for soft water and so much more. Estimated completion Feb/March 2024.

14244 W Banff Lane Surprise, AZ 85379

$599,990
5 Beds
3 Baths
3,675 SqFt
Status Active
MLS # 6737438
Property Type Single Family Residence
Price Type --
*****Total of up to $16K to BUYERS***** *Up to $10K Seller Concession with the right offer / Home also qualifies for up to $6k Lender credit to buy down rate or reduce buyers cash to close*. This Home is perfect for entertaining on its massive corner oversized lot, sparkling pool, huge great room & Kitchen area. Offering a generous sized owners suite with an enormous walk-in closet providing ample space for you and your partner. Oversized Loft leading to 3 additional bedrooms on the upper level. The 5th bedroom located on the first floor would be perfect as a mother-in-law suite or home office. All new Stainless steel Frigidaire Gallery appliances (not shown in pics). Large backyard with Sparkling pool, garden area with a Green house & Garden boxes. DO NOT MISS OUT on this AMAZING HOME!

8021 W Northview Avenue Glendale, AZ 85303

$599,990
4 Beds
2 Baths
2,291 SqFt
Status Active
MLS # 6706511
Property Type Single Family Residence
Price Type --
Experience Luxury living at its finest in this stunning 4-bedroom, 2-bathroom home nestled in the prestigious Orangewood Ranch community. Boasting a spacious three-car garage and mere minutes away from the Glendale arena, convenience meets elegance in this meticulously crafted residence. Step into a custom kitchen adorned with top-of-the-line appliances and a dazzling backsplash, perfect for culinary enthusiasts and entertainers alike. Admire the intricate decorative woodwork adorning the walls, adding a touch of sophistication to every room. Welcome to your dream home, where every detail exudes charm and refinement. Purchase this home the exclusive Rad program starting at 2% below current market rate call for more details.

236 S 165th Avenue Goodyear, AZ 85338

$599,990
4 Beds
3 Baths
2,675 SqFt
Status Active
MLS # 6716653
Property Type Single Family Residence
Price Type --
It's the spacious Jade floor plan with 4 bedrooms + study, 3 full baths. Pavers at drive, walk and entry. Multi slide door off the great room. Stainless steel gas appliance package with 30'' cooktop, wall oven and glass canopy hood. Sonoma maple slate (gray) cabinets with 42'' kitchen uppers, pull out trash drawer with two bins. Himalaya white granite countertops in kitchen and at the enhanced kitchen island. Dual sink at bathroom 3. Upgrade flooring DT Avery 12x24 tile in all areas of the home except bedrooms/closets. 8' tall garage door with openers, garage service door and so much more. Estimated completion August.

9807 W Cedar Drive Sun City, AZ 85351

$599,988
3 Beds
2 Baths
1,979 SqFt
Status Active
MLS # 6747649
Property Type Single Family Residence
Price Type --
Professionally designed, professionally remodeled from the studs out, meticulously maintained, and lovingly lived in -on the inside this home is the next best thing to a new-build while on the outside it's a ''sleeper,'' retaining the timeless and unassuming charm of its established, original 55+ Sun City neighborhood. The owners had a vision to redesign this home as a vacation destination for their out-of-state family and friends. It was imagined and built to combine stunning visuals with both a casual and comfortable feel. It's practical for a retired couple of two, and equally as practical when all the kids (with all your grandkids) fly in. From 2016 through 2019, this home received the ultimate Cinderella make-over. Click on ''More'' for a sample of the exhaustive list of updates. New plumbing throughout; completely new electrical including recessed lighting and hard-wired smoke detectors to keep you safe; new drywall with rounded corners, high ceilings, and a beautiful Santa Fe texture that makes the walls look plastered; all one tile from the inside laundry room through the kitchen, closets and bathrooms to all three (or four) bedrooms; new bathrooms with uniquely designed, extra-large, travertine showers and chair-height toilets just to make life a little easier; new show-stopper expanded entertainer's kitchen with three ovens, a butler's pantry/laundry room with removable desk, and a 10 foot beverage center with built-in wine cooler, and a whopping 9-and-a-half foot by 5 foot quartz island and two quartz sinks; new dual-pane, Milgard windows; and a new roof with 38 panels of low $ leased solar on a contract that never goes up. Even the formal dining room has an added closet and removable built-in desk, so it can be used for a 4th bedroom, a den , or to sit the whole family for holiday meals. But wait, we still have the outdoor space: step through an over-sized sliding door from the kitchen, from the great room, or from the primary bedroom onto a vast (59'x14') covered patio large enough for five tables of eight, built-in cabinets, and a cornhole set up. There, your eye is immediately drawn to a stunning, propane heated, Pebble-tech pool with a salt system, an in-floor cleaning system, and a marble-topped, raised, and a huge 14-foot-long hot tub with spillway. This show-piece pool sits in an over-sized yard with 6-foot, stucco privacy wall, and it sits next to a gorgeous, granite-topped, 9 foot outdoor kitchen that includes a fridge and a 36 workstation sink with disposal. Finally, the two car garage also has room for up to two golf carts while an extra slab was poured next to the drive way to provide extra, off-street parking. If you're looking for a way to entice the kids to visit and/or a home professionally designed for entertaining, this home was built for you. You should come see.

4827 Raven Circle Happy Jack, AZ 86024

$599,950
3 Beds
2.5 Baths
2,760 SqFt
Status Active
MLS # 6674098
Property Type Single Family Residence
Price Type --
Beautiful log cabin located in Happy Jack, escape the heat and busyness of your life. This great home sits on an acre with pines, oaks and junipers, great 3/4 wrap covered composite deck. Main floor has beautiful hardwood floors, vaulted ceiling, great brick fireplace, master bedroom/bath, office/den or extra living area, great room and an amazing kitchen and dining area. Great wood plank stairs lead upstairs to 2 bedrooms, bath and a great cozy playroom for the kids. This custom home offers many upgrades on the kitchen cabinets, windows, wood beams and more. You will fall in love sitting inside looking at the great interior or sitting on the covered patio watching the wildlife and listening to the peacefulness of Happy Jack. Bring your buyers, motivated seller.

8141 W Harmony Lane Peoria, AZ 85382

$599,950
3 Beds
2 Baths
2,082 SqFt
Status Active Under Contract
MLS # 6733168
Property Type Single Family Residence
Price Type --
Discover this beautifully designed home in the coveted Fletcher Heights neighborhood, complete with a tenant in place through April 2025—making it a prime investment opportunity. The open floor plan, with elegant porcelain plank flooring and a calming color palette, is perfect for entertaining. The chef's kitchen features a custom 48-inch Pro Style Dual Fuel Range, granite countertops, a walk-in pantry, all-new appliances, and an oversized island with seating for six. The master retreat includes a private spa room with a 70-inch soaker tub, a stunning tile shower, and custom dual walk-in closets. French doors lead to a private patio and a newly resurfaced saltwater pool with a rock waterfall. Guests can enjoy two spacious bedrooms, or one can be converted into an executive office. The modern guest bath, stylish laundry room, and bonus living room complete the package. Located in a quiet, well-maintained neighborhood with low HOA fees and close to shopping and dining, this Fletcher Heights home is a must-see!

441 E Carson Drive Tempe, AZ 85282

$599,950
4 Beds
2.5 Baths
2,348 SqFt
Status Active
MLS # 6727492
Property Type Single Family Residence
Price Type --
* TEMPE STUNNER * AMAZING CURB APPEAL * EXQUISITELY REMODELED * OVERSIZED BACKYARD * NO HOA * 4 BED * GAME ROOM * 2.5 BATH * 2 CAR GARAGE * NO CARPET * DESIGNER FINISHES * QUARTZ COUNTERS * NEW CABINETS * NEW FLOORING * FRESH PAINT * NEW ROOF * NEW HVAC * NEW SIDING * CONVENIENT TEMPE LOCATION * CLOSE TO ASU * CLOSE TO INTEL * CLOSE TO HONEYWELL * CLOSE TO 60 * CLOSE TO I-10 * CLOSE TO 101 * GET IT BEFORE ITS GONE! *

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