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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31969 N 117th Avenue Peoria, AZ 85383

$584,990

3 Beds

2 Baths

1,486 SqFt

Status Active

MLS # 6755500

Property Type Single Family Residence

Price Type --

Acacia - We're building this home in the beautiful new community of Mystic in Peoria. Large walk-in shower at owner's bath with tile surrounds and floor. Pavers at drive, walk and entry. Kitchen upgrades include stainless steel gas appliance package with a 36'' cooktop, wall oven, microwave and glass canopy hood. Sonoma Maple Slate (Gray) cabinets with soft close doors & drawers, pull out trash drawer. AZT Hana Sky quartz countertops at kitchen. Upgrade flooring includes AZT 12x24 Sand Matte tile in all areas of the home except beds/closets. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 3

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25931 N 23rd Avenue Phoenix, AZ 85085

$584,990

3 Beds

2.5 Baths

1,976 SqFt

Status Active

MLS # 6758025

Property Type Single Family Residence

Price Type --

Welcome to the Peralta plan, offering 1,992 square feet of elegant living space with a charming Farmhouse 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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4529 S Venus -- Mesa, AZ 85212

$584,990

4 Beds

3 Baths

2,668 SqFt

Status Active

MLS # 6750214

Property Type Single Family Residence

Price Type --

''Welcome home to this stunning Verbena, this 4-bedroom, 3-bathroom home spans 2,668 sq ft, offering spacious and well-designed living areas. Each of the four bedrooms is generously sized, providing comfort and privacy. A versatile loft adds extra living space, perfect for a home office, playroom, or entertainment area. Inside, you'll find luxurious finishes, including wood-like tile flooring throughout, adding warmth and elegance to the home. The kitchen is a chef's dream, featuring granite countertops, sleek white shaker cabinets, and top-of-the-line appliances. The upgraded Chatmans exterior enhances the home's curb appeal, making it stand out in the neighborhood. This home is truly move-in ready, with a washer, dryer, fridge, and blinds all included. A key bonus is the serene privacy with no neighbors behind the property, creating a peaceful and private backyard retreat. This home combines style, space, and convenience, making it the perfect place to call home.

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4353 N 203rd Avenue Buckeye, AZ 85396

$584,990

2 Beds

2 Baths

1,670 SqFt

Status Active

MLS # 6736276

Property Type Single Family Residence

Price Type --

This home is our Gorgeous Bernstein plan! Designed with our Loft 'Looks' selections providing a curated interior offering stunning finishes. Your spacious kitchen features an oversized island, quartz counters, 42 '' upper cabinets and GE profile stainless steel appliances. The open great room with coffered ceilings is perfect for entertaining. A bonus room is ideal for relaxing, working from home or as an additional bedroom. The primary suite includes resort like bath with no-step shower and walk-in closet. Plan you visit today! ^^Up to $20K can be applied towards closing cost OR short / long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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31783 N 130th Avenue Peoria, AZ 85383

$584,990

3 Beds

2.5 Baths

2,258 SqFt

Status Active

MLS # 6720372

Property Type Single Family Residence

Price Type --

The single-story McDowell offers a formal entry and hall with a tray ceiling, creating a welcoming atmosphere for your guests. Whip up gourmet recipes in your centrally located kitchen that opens to a great room for you and your family to enjoy. With a private primary bedroom located away from secondary bedrooms for maximum privacy. A centralized study for home office needs is perfect for hybrid workers and students. Located within the highly sought after Vistancia masterplan - residents will enjoy access to two recreation centers - Mountain Vista Club and the Foothills Center - that provide year-round activities and have four swimming pools and two waterslides between them. Seller will pay 6% of the base price of the home in buyers closing costs with fully price offer.

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9351 W Deanna Drive Peoria, AZ 85382

$584,900

4 Beds

2.5 Baths

2,126 SqFt

Status Active

MLS # 6756025

Property Type Single Family Residence

Price Type --

Amazing Home within Dove Valley Ranch Community! The Home Offers 4 Bedrooms, 2.5 Baths and Sparkling Pool! Close to Schools, Shopping and Freeway! Seller is offering a 2% concession towards Buyer(s) closing costs or loan fees. Seller is currently remodeling home.

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13373 W Blackstone Lane Peoria, AZ 85383

$584,900

2 Beds

2 Baths

1,827 SqFt

Status Active Under Contract

MLS # 6754207

Property Type Single Family Residence

Price Type --

Don't pass up this lightly lived in Vibrant model built in 2019. It has the desired N/S exposure and is exquisitely landscaped. 2 Bedrooms and 2 highly upgraded bathrooms await you. The chef will fall in love with the upgraded kitchen package featuring a 5 burner gas cooktop w/stainless steel range hood, a separate electric convection oven and built in microwave. Stainless steel appliances, granite counter tops, designer backsplash, cabinets galore and a pantry round out the kitchen. Interior was recently painted and the main living area has neutral plank tile . A 4 panel glass slider leads you to the picturesque, private patio with travertine pavers and synthetic grass. Garage has epoxy floors, storage cabinets and a work bench. Home is wired for surround sound and has a smart alarm sys.

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29449 N Sorrento Drive Peoria, AZ 85383

New

$584,900

2 Beds

2 Baths

1,835 SqFt

Status Active

MLS # 6761271

Property Type Single Family Residence

Price Type --

Welcome to the Adult Community of Trilogy of Vistancia. This Shea built home is the Vibrant Model and features charming stone accents and entry paver details. As you walk inside, you'll see the pride of ownership is throughout. It features an open-concept layout with living, dining and kitchen flowing easily together. The kitchen features designer cabinetry, tile backsplash, granite countertops, pendant lighting, pantry and a full stainless steel appliance package. The master bedroom offers plenty of room for large furniture and includes a walk-in closet, along with a master bathroom featuring dual sinks and a walk-in shower. The secondary bedroom is separate from the master and conveniently located near the additional bath. The den / office features multiple areas of built in cabinets. It could also be converted to a third bedroom or formal dining. The laundry room is complete with washer, dryer, lower and upper cabinets, and additional hobby / craft area. The backyard is an absolute delight and perfect for entertaining with a full covered patio. Additional features include plantation shutters throughout and a central vacuum system which has additional connections for the garage. Trilogy at Vistancia combines luxurious amenities with a vibrant social atmosphere.

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670 Daniel Place Prescott, AZ 86303

$584,900

3 Beds

2.5 Baths

1,909 SqFt

Status Active

MLS # 6745278

Property Type Single Family Residence

Price Type --

Welcome to your dream home, just 1.2 miles from Prescott's iconic Courthouse Square and its vibrant monthly events. Nestled on a peaceful cul-de-sac, this well-built gem offers an elevated 'forever' view, with your backyard opening to the serene 80-acre Acker Park. Enjoy easy access to hiking trails, lush vegetation, and an amphitheater, all with the majestic Granite Mountain and Thumb Butte as your backdrop. A brand-new roof was installed in June 2024, ensuring lasting quality and peace of mind. With no HOA, you'll also appreciate the convenience of an attached oversized garage—perfect for extra storage or a workshop. The expansive unfinished basement is a blank canvas, ready for your creative touch. Whether you seek a tranquil retreat or a space to entertain, this home offers stunning stunning views, starlit nights, and refreshing breezes from either of the two balconies. This home truly has it all!

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21121 E Superstition Drive Queen Creek, AZ 85142

$584,900

3 Beds

2.5 Baths

2,553 SqFt

Status Active Under Contract

MLS # 6755910

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Queen Creek , Arizona built by the renowned Shea Homes. This stunning single - level residence boasts 3 spacious bedrooms 2.5 bathrooms plus a den a thoughtfully designed split floor plan , a 3 car garage , chefs kitchen that will delight the culinary enthusiasts in you. As you approach the home you will be greeted by its charming curb appeal that offers ample space for your vehicles and storage needs. Step Inside and you immediately be captivated

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3131 N Central Avenue Unit 5022 Phoenix, AZ 85012

$584,900

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6420046

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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26964 N 104th Lane Peoria, AZ 85383

$584,900

4 Beds

3 Baths

2,605 SqFt

Status Active

MLS # 6733026

Property Type Single Family Residence

Price Type --

Welcome to Northlands Encore in North Peoria, the best value for the money in the area, where the skies are bigger and the sunset glow fills the sky with radiant pink, orange, and purple. Step outside every morning and view the beautiful Calderwood Butte out your front door, with private backyard mountain views and the trail head right down the street, you'll get the full enjoyment of this very special home in an extraordinary community. Step inside this move-in ready 2-story Amethyst Model by Taylor Morrison, with over 2605 sq. ft. of living space, 4 BED + LOFT + 3 BATH, and a 2 CAR temp controlled garage. NEW CARPET was just installed in the living room and throughout the entire 2nd level! The main level features an open concept main living area, light and bright neutral color pallet throughout, white trim, blinds, and doors. Convenient main-level bedroom and full bath, currently used as a home gym. Open concept kitchen and dining area with light gray tile floors, can-lighting, contrasting twilight cabinets, dark gray granite countertops and island, a stainless steel GE appliance package, and a walk-in pantry for all your storage needs. The upper level features a large open loft, which can be used as another living space, office, or game area. Master suite with full master bath, featuring a tub and shower combo, double sinks, and a walk-in closet. Split floor plan with 2 additional bedrooms and a full bathroom. Step out back and take a deep breath, with no back neighbors and beautiful mountain views. Large, brick paver covered patio w/fan, outdoor kitchen w/ serving area for dining outdoors, centered green space with a play area to the side. SOLAR will be paid at closing! Neighborhood and property mountain views, close proximity to 303 freeway access, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. A list of full updates available in the documents tab, there truly is nothing to do except move in.

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