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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2220 W Chisum Trail Phoenix, AZ 85085

$583,990

3 Beds

2.5 Baths

1,967 SqFt

Status Active

MLS # 6736441

Property Type Single Family Residence

Price Type --

**This is a to be built listing, this home is ready for personalization and can be built on your choice of homesite. This is an advertisement of our base price for this elevation** Welcome to Ashton Woods at Union Park at Norterra - community blends the timeless charm of historic neighborhoods with the vibrancy of in-town living. Ownership in Union Park includes access to The Post with a family and kid's pool, playgrounds, parks, basketball, pickle ball courts and event lawns. Ashton Woods at Union Park is conveniently located to major employment, the 17 and 101 freeways, and within walking distance to the shopping and entertainment destination, Norterra. The classic downtown feel of this neighborhood is truly one-of-a-kindwhich features outstanding community amenities, convenient access to the 17 freeway and shopping. The open concept Peralta plan is highly sought after and with 3 bedrooms and 2.5 baths. There is still time to design and personalize your structural features and finishes! This home includes an open concept kitchen with granite countertops, 42'' upper cabinets, and stainless steel appliances with a gas range. Amazing spa like primary suite with dual vanities, separate water closet and ample linen storage. This floorplan is accompanied by sizable secondary bedrooms and comes standard with with 9' ceilings on both floors, front yard landscaping maintained by the HOA, paver driveway, and much more! Energy Star home for remarkable comfort, energy efficiency and environmental sustainability!

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22693 E Saddle Way Queen Creek, AZ 85142

$583,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6740821

Property Type Single Family Residence

Price Type --

**This is a TO-BE-BUILT LISTING, this home is ready for personalization and can be built on your choice of homesite. This is an advertisement of our base price for this elevation and lot premiums may apply** Welcome to Ashton Woods newest community in Queen Creek - Madera Marquis - which features outstanding community amenities and convenient access to the 24 freeway and shopping. The open concept Jade plan features 3-car tandem garage, butler's pantry at the kitchen, 4 bedrooms and 3.5 baths, formal dining room with structural option to add a separate den, 12 ft slider and more! This home includes an open concept kitchen with granite countertops, 42'' upper cabinets, and stainless steel appliances. Amazing spa like primary suite with dual vanities and ample linen storage. This floorplan is accompanied by sizable secondary bedrooms and comes standard with 10' ceilings, front yard landscaping, paver driveway, dual sinks at primary bath, and much more! ~There is a minimum option spend requirement on new build homes, please reach out to the sales office for additional details.~

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22940 E Lords Way Queen Creek, AZ 85142

$583,990

4 Beds

3 Baths

2,234 SqFt

Status Active

MLS # 6678780

Property Type Single Family Residence

Price Type --

Welcome to Madera, our beautiful community nestled in Queen Creek! Experience serene living with easy access to the 24 Freeway and nearby shopping. Step into this delightful quick move-in home, boasting 4 bedrooms, a guest retreat, and 3 full bathrooms. The Sunflower floorplan offers a spacious kitchen with a large island, pantry, and expansive dining and Greatroom areas, ideal for entertaining guests or enjoying quality family time. Embrace the elegance of our Roosevelt Signature Collection Palette, featuring 6 x 36 tile floors in the main living areas, plush carpeting in the bedrooms, stylish gray 42'' shaker upper cabinets with cabinet hardware, and stunning Blanca Typhoon granite kitchen countertops paired with Costa Clara Cloud tile backsplash.

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3757 S Hibiscus -- Mesa, AZ 85212

$583,945

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6664611

Property Type Single Family Residence

Price Type --

MLS#6664611 Ready Now! Welcome to The Edmonton at Hawes Crossing, a charming single-story abode showcasing 4 bedrooms, 2 baths, a 2-car garage, and two dining areas. Upon arrival, the foyer effortlessly guides you to the dining and kitchen space, providing ample room for culinary delights. Step into an open and inviting casual dining and great room area, seamlessly connecting to the outdoor living space and backyard, perfect for hosting gatherings. The spacious primary suite boasts a private bathroom with double sinks and a walk-in closet, ensuring comfort and convenience. Structural options include: 8 ft interior doors, pavers front porch, driveway and entry walks, garage service door, extended owner's suite, soft water loop, and gas line for future outdoor kitchen.

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13965 W Woodbridge Avenue Goodyear, AZ 85395

$583,900

4 Beds

3 Baths

2,645 SqFt

Status Active

MLS # 6730972

Property Type Single Family Residence

Price Type --

Spacious 2650 sq ft single story home located at the end of a quiet culdesac in beatiful Palm Valley. 4 bedrooms 3 bathrooms with a den that can be used as a 5th bedroom. Huge main bedroom with walkin closet. Huge granite top kitchen with over plenty of cabinets, walk in pantry and huge island countertop overlooking a huge great room and backyard. Formal dining rm across from kitchen. Full access to Palm Valley comm Rec center huge pool club house basketball etc. This home has been a rental property for many years and owners want to retire. Home is in great shape and may need some tlc. Owner may give some discount or give a cash credit back to buyer at COE for justified tlc. All offers will be reviewed. Seller may carry short term with 10% down with approved application.

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14910 W Dreyfus Street Surprise, AZ 85379

$583,890

4 Beds

2.5 Baths

2,728 SqFt

Status Active

MLS # 6725590

Property Type Single Family Residence

Price Type --

Sellers are OFFERING CONCESSIONS to buyer! Come Fall IN LOVE with this gorgeous 4 bedroom (plus a loft), 2.5 bath home with OWNED Solar (NO LOAN/LEASE) & a POOL! This fabulous floor plan boasts a large dining area with a butler's pantry leading into an amazing gourmet kitchen (which opens to a cozy family room) with a plethora of espresso cabinets, recessed & pendant lighting, granite counters, SS appliances, drop in gas cook top, walk in pantry and kitchen island. And luxury viny plank (NO CARPET)throughout the home! The master ensuite boasts dual sinks, separate tub & shower. You will enjoy the vacation style backyard with its covered patio, green grass, POOL & entertainment area! This is a MUST SEE!!!

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34390 N Cherrystone Drive San Tan Valley, AZ 85144

$583,705

4 Beds

3 Baths

2,489 SqFt

Status Active

MLS # 6749505

Property Type Single Family Residence

Price Type --

Beautiful new build, 4 bedrooms plus flex/den, 3 full bathrooms, European kitchen layout, stainless steel appliances, gas cooktop, 8' Interior doors, Owner's bath Oasis. 12' Multislide at great room.

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20377 W Terrace Lane Buckeye, AZ 85396

$583,500

4 Beds

3 Baths

2,725 SqFt

Status Active

MLS # 6753236

Property Type Single Family Residence

Price Type --

This impeccably maintained 4 bedroom 3 bathroom home is located in the heart of the highly sought after Verrado community. Verrado boasts championship golf course, community facilities such as pool, community center, full gym, tennis, pickle ball courts., countless hiking paths and trails for all levels of hikers, the now famous stairs of Verrado, Main street area with restaurants, grocery store, coffee shop, and more. The interior of this home includes custom 2 tone paint, gourmet kitchen with staggered 42'' upper cabinets with crown molding, granite counters, stainless steel appliances, huge walk-in pantry, abundant storage through-out, 8ft interior doors, 10ft flat ceilings, private courtyard off dining room, huge owners suite w/en-suite bath including dual vanities, walk-in shower... and separate soaking tub, very large walk-in closet, there is a separate bedroom and full bath that is perfect for an in-law or guest suite. Well appointed backyard with fruit trees, grass area, paver walking paths and lounging area.

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2522 N 11th Street Phoenix, AZ 85006

$583,500

3 Beds

2 Baths

1,111 SqFt

Status Active

MLS # 6742322

Property Type Single Family Residence

Price Type --

Negotiable 2/1 buy down! Discover your dream home in the Coronado Historical District. This newly renovated gem features new windows, flooring, and tile throughout. The stunning kitchen boasts custom Euro-style cabinetry, quartz countertops, and new stainless steel appliances. Enjoy updated bathrooms and an enclosed laundry room with cabinetry and a built-in seating area, perfect for an artist studio or more. Open French doors for seamless indoor-outdoor entertaining in the courtyard. The home also offers a brand-new roof with a 10-year warranty, a new hot water heater, turf grass, and front-yard irrigation. Located on a quiet street, yet close to downtown, Roosevelt Row, and Phoenix Country Club. Modern comfort meets historic charm!

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5100 E Rancho Paloma Drive Unit 2089 Cave Creek, AZ 85331

$582,990

2 Beds

2 Baths

1,990 SqFt

Status Active

MLS # 6624190

Property Type Apartment

Price Type --

Now is a great time to take a look at this former model home. The home has 2 bedrooms plus a den, 2 bathrooms, and a large, covered patio with beautiful views of Black Mountain, and the well landscaped pool area. The finishes include 42-inch slate cabinets, white quartz kitchen countertops, with slate flooring and GE Stainless Steel appliances. The home has 9-foot ceilings with 8-foot slider doors, and lots of windows to take in the mountain/pool views. Amenities include a Resort Style pool, and spa, Finess Center, BBQ Gas Grills, and a fire pit with a picnic gazebo.

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4230 W Palace Station Road New River, AZ 85087

$582,500

4 Beds

2 Baths

1,799 SqFt

Status Active

MLS # 6747349

Property Type Single Family Residence

Price Type --

Don't miss this one! Stunning single story Barbaro model home on a premium corner lot in sought after Circle Mountain Ranch! 4 bedrooms, 2 baths and just under 1800 SF. Split floor plan with a bright and open concept main living space. The kitchen boasts granite countertops, stainless steel appliances, walk-in pantry, gas range and opens to the spacious great room with tile flooring, ceiling fan, recessed lighting, multiple windows and neutral tones. Primary retreat with double door entry, ceiling fan, carpet, walk in closet, en suite bath w/ dual sinks. Low maintenance landscape, block wall, extended paver patio & cover and turf! Additionally, this home is equipped with smart home technology. Enjoy all of the wonderful amenities Anthem has to offer - walking/hiking paths, parks, shopping, dining, golf & more all with EZ freeway access.

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104 N 3114 -- Vernon, AZ 85940

$582,000

2 Beds

2 Baths

1,866 SqFt

Status Active

MLS # 6713245

Property Type Single Family Residence

Price Type --

Tucked away in the White Mountain landscape, this custom-built, full-log cabin offers a perfect blend of rustic charm and modern updates on an expansive 10.57-acre lot. Featuring 2 spacious bedrooms, 2 bathrooms, and a grand loft, this home provides ample space for relaxation and enjoyment. Step outside to enjoy the covered porch and open deck, perfect for soaking in the natural beauty that surrounds you. The property is heavily treed, creating a private, tranquil setting. Inside, admire the beautiful hardwood floors and exposed logs that highlight the cabin's craftsmanship. The charming, updated kitchen is equipped with modern amenities, perfect for any culinary enthusiast. The exterior of the cabin has been recently refreshed, and the floors have been carefully refinished by hand, ensuring this home is move-in ready. Animal lovers will appreciate the fact that the property is already set up for your furry friends. Come experience comfort in this White Mountain retreat.

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