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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20246 W Catalina Drive Buckeye, AZ 85396

$569,990

4 Beds

2.5 Baths

2,224 SqFt

Status Active

MLS # 6655649

Property Type Single Family Residence

Price Type --

It's our very popular Crimson. 3 bedrooms + den, 2.5 baths and a 3 car garage. 12x8 sliding glass door that leads out to the extended covered patio. Bay window at owner's suite. Stainless steel gas appliance package with a 30'' cooktop, wall oven and hood. Tahoe Maple Slate (dark gray) cabinets throughout with 42'' kitchen uppers, trash drawer. AZT Della Terra quartz Linen ( off white) countertops in kitchen including the enhanced kitchen island. Undermount single bowl kitchen sink. Upgrade flooring includes EMS Riverside Firenza 20x24 tile in all areas of the home except bedrooms/closets. 5'' base boards and door casings throughout the home. Dual sinks at bath 2, Garage service door, 8' tall garage doors and so much more. Estimated completion in Feb/March.

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20240 W Catalina Drive Buckeye, AZ 85396

$569,990

3 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6655730

Property Type Single Family Residence

Price Type --

Amethyst floor plan with 3 bedrooms, 3 baths and a 3 car garage. This home is stunning and has has plenty of storage space including all bedrooms have walk in closets. Multi slide door at the extended covered patio. Pavers at drive, walk and entry. Gas appliance package in stainless steel, 30'' cooktop, microwave and canopy hood. Tahoe Maple Painted Boulder ''Gray'' cabinets throughout. Bianco Typhoon Polished granite tops in kitchen and owner's bath. Stainless steel under mount single bowl kitchen sink. Flooring includes EMS Riverside Yaris 20x24 in all areas of the home except bedrooms/closets. 5'' base boards/door casings. Dual sinks at bath 2. Gas stub for future BBQ. Garage service door, 8' tall garage doors with with two remotes. Estimated completion April.

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20134 W Luke Avenue Litchfield Park, AZ 85340

$569,990

3 Beds

2.5 Baths

2,224 SqFt

Status Active

MLS # 6728705

Property Type Single Family Residence

Price Type --

It's the very spacious Crimson with 3 bedrooms, flex space, 2.5 baths and 3 car tandem garage. 8' gate. Multi slide door that leads out to the extended covered patio. Stainless steel gas appliance package with a 36'' cooktop and canopy hood and wall oven. Boulder (Gray) cabinets with 42'' kitchen uppers, three drawers ILO of doors in the kitchen and roll out shelf in pantry. AZT Hana Sky Quartz countertops in kitchen and owner's bath. 8' tall interior doors. Flooring includes DT Broxburn Gray 6x24 plank tile in all areas of the home except beds/closets. Dual sinks in bath 2, stub out for future BBQ, soft water loop and so much more. Estimated to be completed in September.

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25536 S 227th Street Queen Creek, AZ 85142

$569,990

3 Beds

2.5 Baths

2,224 SqFt

Status Active

MLS # 6716617

Property Type Single Family Residence

Price Type --

Crimson with 3 bedrooms + kids retreat area, 2 baths + powder bath, 12'x8' sliding glass door that leads out to the extended covered patio. Pavers at drive, walk and entry. Stainless steel gas appliance package with 30'' cooktop, wall oven and canopy hood. Sonoma Maple slate (gray) cabinets with 42'' kitchen uppers, pull out trash drawer. Himalaya white granite countertops in kitchen, enhanced kitchen island and owner's bath. Stainless steel undermount single bowl sink. Upgrade flooring includes EMS Baccarat 12x24 tile in all areas of the home except bedrooms/closets. Dual sinks at bath 2, soft water loop. Owner's bath has a drop in tub and tile shower surrounds and so much more. Estimated completion December.

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4808 N 24th Street Unit 828 Phoenix, AZ 85016

$569,950

2 Beds

2 Baths

1,249 SqFt

Status Active

MLS # 6745724

Property Type Apartment

Price Type --

Magnificent South and SW facing corner residence. Enjoy mountain, city and garden terrace views from every room. One of the most popular floor plans in the building! Features include; upgraded wood vinyl flooring throughout, designer paint and accent lighting as well as a split bedroom floor plan for maximum privacy. Master offers ensuite bath, walk in closet and downtown views. Guest bedroom includes walk in closet and sitting/den area. Kitchen has beautiful, upgraded granite counters, bar seating, stainless steel appliances and stylish backsplash. A spacious living area leads to an outdoor covered balcony with garden planters. Perfect for enjoying nightly Phoenix sunsets. TWO prime side by side parking spaces and storage.

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22443 E Munoz Street Queen Creek, AZ 85142

$569,950

3 Beds

2 Baths

2,301 SqFt

Status Active

MLS # 6731713

Property Type Single Family Residence

Price Type --

Welcome Home! Situated in the coveted Meridian neighborhood this property comes highly upgraded and professionally designed. Stunning laminate flooring throughout, marble kitchen backsplash, oversized island and new carpet freshly installed. All upgraded pendants and dining lighting is included, also pre-wired for surround sound. This is a 3 bedroom plus spacious office/playroom and 2 bath home. Front and back yard are connected to an automatic watering system for easy maintenance. Post tension slab included along with tankless water heater. Meridian offers lots of green spaces, parks and a luxury community pool.

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4323 W Lapenna Drive New River, AZ 85087

$569,947

4 Beds

3 Baths

3,097 SqFt

Status Active

MLS # 6726997

Property Type Single Family Residence

Price Type --

DESERT LIVING AT ITS BEST! 4BR/3BA PLUS LOFT HOME WITH 3,097 SF LIVING SPACE IN THE GORGEOUS COMMUNITY OF ANTHEM! GOURMET KITCHEN WITH GAS COOK TOP, DOUBLE OVENS, BREAKFAST BAR, STAINLESS STEEL APPLIANCES & PANTRY. LARGE PRIMARY SUITE WITH GENEROUS WALK-IN CLOSET, DOUBLE VANITY, GLASS SHOWER & SEPARATE SOAKING TUB. RELAXING STONE FIREPLACE IS PERFECT FOR THOSE CHILLY DESERT EVENINGS. OPEN FLOOR PLAN WITH LARGE OVER SIZED ROOMS INCLUDING UPSTAIRS LOFT THAT IS THE PERFECT BONUS ROOM. ENERGY EFFICIENT DUAL ZONE AC CONTROL. BEAUTIFULLY LANDSCAPED YARD WITH COVERED PATIO, BUILT-IN BBQ, TURF GRASS & RAISED PLANTERS MAKING THIS AREA THE PERFECT OUTDOOR RETREAT. GARAGE INCLUDES BUILT IN GARAGE CABINETS AND EXTRA STORAGE SPACE. THIS ONE WONT LAST!

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5912 W Bushwood Way Florence, AZ 85132

$569,900

2 Beds

2 Baths

2,039 SqFt

Status Active

MLS # 6755790

Property Type Single Family Residence

Price Type --

ENJOY THE STUNNING VIEWS OF THE 8TH FAIRWAY of Poston Butte Golf Course with this gorgeous ''Pursuit'' model in Sun City Anthem at Merrill Ranch. This meticulously maintained home offers an abundance of upgrades that includes an outdoor living space that offers a paver entry w/sitting area, extended paver patio w/putting green, where all putts are good, and surrounded by beautiful landscape. Your new home is just as stunning inside with details that include upgraded LVP flooring throughout , reclaimed WY fence wood accent walls, French doors and Murphy bed for optional 3rd bedroom, simulated wood beam accents in great room and surround sound. Take advantage of the tremendous SOLAR SAVINGS w/23 panels producing 8.5kw of OWNED SOLAR and mini-split A/C in the garage. The Chefs kitchen... features true staggered upgraded cabinetry w/pull out shelves, pots/pans drawers, gas cooktop French door refrigerator, tiled backsplash, under cabinet and pendent lights over the spacious island. Additional features include a Roman walk-in shower with floor to ceiling tile in the primary en-suite, 4' extended garage and cabinets, epoxy garage floor, insulated garage, water softener, tankless water heater and a service door that leads to the exterior garbage corral. Some furniture available on a separate bill of sale...A MUST SEE HOME!! Merrill Ranch also offers the Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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4808 N 24th Street Unit 826 Phoenix, AZ 85016

$569,900

1 Bed

1 Bath

1,095 SqFt

Status Active

MLS # 6756542

Property Type Apartment

Price Type --

The best spot in town! This fully renovated condo now for sale in Optima Biltmore! Spacious dining meets living areas bathed in natural light. Featuring elegant wood-look flooring, stylish light fixtures, and neutral palette throughout. The gourmet kitchen is equipped granite counters, stainless steel appliances, and custom backsplash. End your busy day in the grand primary bedroom, boasting a walk-in closet w/built-in closet system perfect for storing your belongings. The pristine bath showcases dual sinks for added convenience. You'll also find a covered balcony w/mesmerizing mountain & city views! Enjoy various Community amenities, such as a rooftop terrace, a refreshing pool, and a fitness center. Conveniently located close to various restaurants, shopping spots, and entertainment

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5414 N Scottsdale Road Eloy, AZ 85131

$569,900

3 Beds

3.5 Baths

2,709 SqFt

Status Active Under Contract

MLS # 6653533

Property Type Single Family Residence

Price Type --

Updated home with Guest Casita, private bath & entrance. This home is spacious and comfortable with an updated courtyard at front entrance. The house has 3 bedrooms, 3.5 baths, den and a mud room off the laundry/garage entrance. Entertainers and chef's dream kitchen, open floor plan, tons of granite counter and Maple cabinet space, full wall natural gas fireplace and upgraded tile. Newer stainless-steel appliances. Matching granite back splash. Garage has epoxy floors, AC and a custom golf cart space hidden inside (can easily park 2 golf carts in this space) with golf cart charger for easy use & extended garage. Outside on the oversized Patio you will find a built-in fire pit with seating & pavers. The patio has open views with stunning western sunsets. Patio has gas hook up for BBQ. New extended patio tile. All new PVC in front & back. Water feature is included. Patio/yard lights on a timer. Fridge in mudroom stays. Casita has its own heating/cooling system. Utility sink in the laundry room. Garage cabinets are negotiable as well as all furnishings. Garage has a utility door. New 8' doors added to the den for privacy. All new lights on the exterior. New mirrors and shower floor in the primary bath. Exterior and interior recently painted. All furnishings available for purchase on a separate bill of sale.

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18325 W Port Au Prince Lane Surprise, AZ 85388

New

$569,900

4 Beds

2 Baths

2,757 SqFt

Status Active

MLS # 6761764

Property Type Single Family Residence

Price Type --

You will love this one-story home with solar panels and a blue pool! Sweet curb appeal, 3-car garage, and welcoming front porch exude charm and comfort. Inside, be greeted by a formal living/dining room with a soft carpet, perfect for receiving and entertaining guests. Bay windows, designer paint, ample linen closet, and vaulted ceilings can't be left unsaid. The eat-in kitchen has stainless steel appliances, a stylish backsplash, a walk-in pantry, wood cabinets, Corian counters, and a two-tier island w/breakfast bar. The delightful interior also offers a sizable den/office and a family room boasting a media niche and fireplace! Private bathroom and walk-in closet in the main bedroom for convenience. Fabulous backyard features a covered patio, grass area, and fenced pool. RV gate too!

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4043 N Smithsonian Drive Florence, AZ 85132

New

$569,900

3 Beds

2.5 Baths

2,467 SqFt

Status Active

MLS # 6762591

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION, LOCATION! Enjoy the tour and views of this stunning 3 bedroom, 2.5 bath ''Endeavor'' model. The PREMIUM WASH LOT and outdoor living space offers gorgeous sunrises and private Sonoran desert views from the extended paver patio, surrounded by beautiful mature landscape. The home is just as beautiful inside with details that include a gourmet kitchen featuring upgraded staggered cabinetry w/roll-out trays, gas cooktop, beautiful granite countertops, tile backsplash, pendant lighting, RO system, water softener, tankless hot water, NEW A/C unit, impressive entry door, laundry/garage cabinets, entertainment center, solar and MUCH MORE! The primary suite features matching granite and cabinets, soaking tub w/separate shower and a large walk in closet. A MUST SEE HOME! Enjoy our Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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