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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19962 N 108th Avenue Sun City, AZ 85373

Open House

$565,000

3 Beds

3.5 Baths

2,243 SqFt

Status Active

MLS # 6753115

Property Type Single Family Residence

Price Type --

This stunning lakefront residence offers 3 bedrooms and 3.5 baths, featuring ceiling fans, tile flooring with carpeted bedrooms. The kitchen has a spacious island, granite countertops, custom cabinets with an RO system and pull out cabinets. Newer HVAC system. The large master bedroom includes double vanities, instant hot water, a soaking tub, and a spacious walk-in closet. The second bedroom provides access to the Casita with a tub and toilet for added privacy. Outside, a covered patio equipped with a roll-down solar screen allows you to enjoy the picturesque Arizona sunsets. Plus, there's access to fishing and walking paths right from your back door. Ventana Lakes is an active adult community with 9 lakes for fishing, walking trails, clubs, and activities with golf and shopping near by

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2133 N Atwood -- Mesa, AZ 85207

Open House

$565,000

2 Beds

2 Baths

1,379 SqFt

Status Active

MLS # 6759727

Property Type Townhouse

Price Type --

Escape to your own Desert Oasis! This radiant 2 bed, 2 bath retreat in the coveted Mountain Bridge Community is ready to welcome you home. Built in 2017, this light-filled haven features a split floorplan, modern upgrades & abundant storage, including built-in garage cabinets. The kitchen is a chef's dream w/stainless steel appliances, generous pantry & ample counter space. The oversized laundry room & private grassy backyard backing to a scenic desert wash offer extra comfort. HOA covers roof & exterior paint making it a perfect lock-and-leave option. Mountain Bridge is an award-winning master-planned community w/extensive amenities- pools, fitness centers, tennis, pickleball & basketball courts, plus playground putting green. Bella Via adds its own private pool, spa, clubhouse & more!

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1671 E Redfield Road Gilbert, AZ 85234

Open House

New

$565,000

4 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6762046

Property Type Single Family Residence

Price Type --

Discover your oasis at 1671 E Redfield Road in the prestigious, quiet community of Sonoma Ranch in Gilbert. The open floor plan features vaulted ceilings and a beautiful built in fireplace that's perfect for family gatherings. The gourmet kitchen is a chef's delight, equipped with quartzite countertops, stainless steel appliances with a Wolf ventilation hood, a large stunning island, and custom cabinetry. Each window is installed with designer blackout cellular shades to help keep the house cool and energy efficient. The primary suite offers ample space with dual vanities and a walk in closet with a built in wardrobe. This home has an owned solar system that helps keep energy costs down. Retreat to the private backyard, where you can relax under the brand new pergola. Close to top rated schools, shopping, dining and easy access to freeways, this property is Gilbert living at its finest!

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5827 S Del Rancho -- Mesa, AZ 85212

Open House

$565,000

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6721619

Property Type Single Family Residence

Price Type --

Welcome to this charming single-level home with a modern aesthetic, offering 3 bedrooms and a resort-style backyard. As you approach, you'll fall in love with the paver stone driveway and the inviting covered courtyard at the entrance. Step inside this stunning home and be greeted by high-end window blinds, a gorgeous color scheme, and beautiful upgrades throughout. The kitchen is a chef's delight, featuring quartz countertops, stainless steel gas appliances, a stylish tile backsplash, and a waterfall island with pendant lights and a breakfast bar. The great room is perfect for entertaining, boasting surround sound, a stylish built-in fireplace, a ceiling fan, and an extended-length sliding door that seamlessly blends indoor and outdoor living. The primary suite is a luxurious retreat with a lavish ensuite bathroom, framed mirrors, a walk-in closet, and a tiled rain shower. The second bedroom is immaculate, offering a comfortable and inviting space. The laundry room is thoughtfully designed with ample cabinets for storage. The third bedroom, with its double-door entry and beautiful wardrobe, is perfect for a guest room! The backyard is a dream come true, featuring an expansive covered patio with a ceiling fan and a pool with a travertine deck, perfect for enjoying sunny days and starry nights. Plus a workstation/desk by garage entrance. This home is truly a dream come true, combining modern elegance with comfort and style.

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12465 W Claremont Street Litchfield Park, AZ 85340

Open House

$565,000

3 Beds

2 Baths

1,826 SqFt

Status Active

MLS # 6754322

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This immaculate single-story residence, in a gated community, offers 3 spacious bedrooms, 2 upgraded bathrooms, 2 car garage with an attached RV garage—ideal for storing all your toys. Situated on a premium corner lot with just one neighbor, privacy and space abound. Step inside to discover a gourmet kitchen complete with matching upgraded appliances, a gas range, and a massive walk-in pantry, making it a haven for any home chef. The open-concept layout seamlessly connects living, dining, and kitchen areas, perfect for entertaining or relaxing in style. The backyard features a large gazebo, real grass and plenty of additional space to customize your own desert oaisis! Enjoy the best of Arizona living with easy access to the Cardinals Stadium and all the exciting amenities of Westgate, just 10 minutes away! This home truly stands out with its luxurious post-builder upgrades, perfect for the discerning buyer.

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2235 W Aston Drive San Tan Valley, AZ 85144

Open House

$565,000

4 Beds

2.5 Baths

2,553 SqFt

Status Active

MLS # 6711865

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this beautiful property with a natural color palette that creates a serene atmosphere throughout the home. The kitchen features a center island for extra counter space, while the primary bedroom boasts a walk-in closet for ample storage. The primary bathroom offers a separate tub and shower, double sinks, and good under sink storage. Step outside to the fenced backyard, complete with a private in-ground pool and covered sitting area. Fresh interior paint and partial flooring replacement in some areas make this home move-in ready. Don't miss out on this fantastic opportunity!

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7524 S Lone Pine Place Gold Canyon, AZ 85118

$564,999

4 Beds

2 Baths

1,913 SqFt

Status Active

MLS # 6750439

Property Type Single Family Residence

Price Type --

The sellers are relocating out of state, so this move-in-ready home is available for a quick closing! Featuring a unique and sought-after split-floorplan, this property offers ample privacy and personal space. The backyard is a standout, showcasing stunning desert and mountain views that stretch as far as the eye can see. This is one of the few homes in Peralta Canyon with a pool, spa, and waterfall feature, all on a tranquil west-facing mountain view lot. Designed for entertaining, the spacious layout includes an open great room that seamlessly extends through wide glass patio doors to a large, pergola-covered extended patio. Built just 5 years ago, the home boasts numerous modern upgrades, including abundant canned lighting, stylish pendant lights above the oversized kitchen island, neutral ceramic and wood tile flooring, granite countertops, a generous pantry, and stainless-steel appliances. The pool and spa are less than a year old, and the home features a super-efficient tankless water heater and an owned water softener. With ample storage throughout, the property is also conveniently located within walking distance to the local elementary school and less than 10 miles from highly-rated public charter schools.Peralta Canyon is known for its proximity to hiking trails, world-class golf courses, and lakes for kayaking and boating. Nearby amenities include dining options, medical and urgent care facilities, grocery stores, and more. This home offers the perfect blend of serene, picturesque living with easy access to city conveniences.

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11934 W Parkway Lane Avondale, AZ 85323

$564,995

5 Beds

3 Baths

2,370 SqFt

Status Active

MLS # 6741556

Property Type Single Family Residence

Price Type --

Explore this dynamic Raleigh home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; an impressive guest suite; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; an expansive great room with center-meet doors leading onto a charming covered patio; a beautiful primary suite showcasing an immense walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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16400 W Avenida Del Sol -- Surprise, AZ 85387

$564,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6686225

Property Type Single Family Residence

Price Type --

4 bed 3 bath Elev B 2570 SQ FT 2 Car Garage. Has Gourmet Kitchen, Deluxe Master bath with walk in shower. Garage service door, 10ft ceilings at entry. Gas cooktop/range, Gas stub at Patio, 42'' White upper cabinets with 2-1/2'' molding. Wood looing tile through out and carpet in bedrooms.

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16348 W Avenida Del Sol -- Surprise, AZ 85387

$564,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6727605

Property Type Single Family Residence

Price Type --

This home features a lovely Guest Suite as well as dramatic 10' ceilings throughout and a tray ceiling at entry; a gourmet kitchen with quartz countertops, 42'' cabinets, a spacious open great room with a multi-slide door; a beautiful primary suite with a generous walk-in closet. The walk-in shower features a rain shower head. This home offers stylish pavers at driveway/walkway.

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16380 W Avenida Del Sol -- Surprise, AZ 85387

$564,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6701706

Property Type Single Family Residence

Price Type --

The gorgeous Cassandra floor plan offers 10-foot ceilings with a tray at entry, gourmet kitchen with quartz countertops and 42 inch cabinets, a huge walk-in pantry, a multi-slide door at great room and a slider at Nook, walk-in Shower with rain shower, and pavers at driveway/walkway, the lot is nearly 8000 square feet and it is North/South exposure.

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16355 W Avenida Del Sol -- Surprise, AZ 85387

$564,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6718951

Property Type Single Family Residence

Price Type --

This home features a lovely Guest Suite as well as dramatic 10' ceilings throughout and a tray ceiling at entry; a gourmet kitchen with quartz countertops, 42'' cabinets, a spacious open great room with a multi-slide door; a beautiful primary suite with a generous walk-in closet. The master bath features a drop-in tub and a shower. This home offers stylish pavers at driveway/walkway.

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